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260323.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, March 23, 2026, Vol. 30, No. 82 Headlines 1001 BEACH AVE: Case Summary & 10 Unsecured Creditors 1001 BEACH: Seeks Subchapter V Bankruptcy in New Jersey 101 W 55TH: Ronald Friedman Named Subchapter V Trustee 1291 INVESTORS: Seeks to Tap Fuller Law Firm as Bankruptcy Counsel 1592 BOSTON: To Sell Apartment Complex to Grant V. Jagt & B. Watson 23-74 29TH STREET: Has Deal on Cash Collateral Access 250 WYNAH: Gets Another Extension to Use Cash Collateral 28-30 RIVERDALE: Case Summary & Seven Unsecured Creditors 301 W NORTH: Court OKs Chicago Property Sale at Auction 3389 COUNTRY: Case Summary & One Unsecured Creditor 609 5TH JUNIOR: Voluntary Chapter 11 Case Summary 6501 PRINCETON: Seeks Chapter 11 Bankruptcy in Virginia 911 RESTORATION: Steven Nosek Named Subchapter V Trustee A'LEURER LLC: Gets Final OK to Use Cash Collateral A'LEURER LLC: Seeks to Employ J.M. Cook as Legal Counsel ACADIAN ASSET: Moody's Affirms Ba1 CFR & Alters Outlook to Positive ACCENDRA HEALTH: Fitch Withdraws All Ratings ACCUSERVE SOLUTIONS: Diameter Credit Marks $413,000 Loan at 68% Off ACEVEDO MEDICAL: Hires Sanabria and Associates LLC as Accountant ADVANCE CHIMNEY: Seeks Chapter 11 Bankruptcy in Pennsylvania ADVANTAGE SOLUTIONS: Moody's Confirms B3 CFR, Alters Outlook to Neg AHP HEALTH: Moody's Affirms 'B1' CFR, Alters Outlook to Stable ALBERT WHITMAN: Court Extends Cash Collateral Access to March 28 ALCOA CORP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Positive ALL PRO CONSTRUCTION: Seeks Subchapter V Bankruptcy in Alabama ALL SEASONS: Linda Leali Named Subchapter V Trustee ALLEGRO CLO V-S: Fitch Lowers Rating on Class F Notes to 'Bsf' ALTICE USA: Barings Global Marks $2.7MM Loan at 26% Off ALYSA HAMMONS: Fannie Mae Wants Receiver for Sacramento Property AMC ENTERTAINMENT: Secures $425MM Facility to Refinance Odeon Notes AMERICAN RESOURCES: Gets Extension for Listing Rule Compliance AMERIVET PARTNERS: Ares Strategic Marks $42M Loan at 17% Off APEX PAVERS: Case Summary & 20 Largest Unsecured Creditors APEX TURNKEY: Seeks to Tap DeMarco Mitchell as Legal Counsel ARC FALCON I: Moody's Affirms 'B2' CFR Amid Financing Transaction ARCANUM VENTURES: Seeks to Hire Allison Hooks as Tax Preparer ARTIFICIAL INTELLIGENCE: Cancels Share Increase After Reverse Split ASOCIACION HOSPITAL: Bid Rules for Hospital Operation Sale OK'd ASPEN JERSEY: Moody's Affirms 'B3' CFR, Outlook Negative ASSET ROOFING: Case Summary & 20 Largest Unsecured Creditors ATLAS CC HOLDING: S&P Upgrades ICR to 'CCC', Outlook Negative AVALIGN HOLDINGS: Ares Strategic Marks $1.7M 1L Loan at 34% Off AVALIGN HOLDINGS: Ares Strategic Marks $27.5M 1L Loan at 17% Off BAGBY INVESTMENT: Court Extends Cash Collateral Access to April 16 BANNER RIDGE: Felicitas Marks $7.9M Private Credit Loan at 59% Off BEACH-LASALLE PROPERTIES: Taps Desmond Hughes as Special Counsel BEELINE HOLDINGS: Partners With TYTL to Tokenize Home Equity BEINGWIZARD LLC: Hires Allison James Estates and Homes as Realtor BELWOOD INVESTMENTS: Seeks Ch. 11 Bankruptcy to Avert Foreclosure BEST CHEER: BG Law & Waldrep Firms Represent Silicosis Claimants BEYOND MEAT: Fails to Meet Nasdaq's Minimum Bid Price Rule BIA HOSPITALITY: Court OKs Rhinebeck Property Sale BOULDER RIDGE: Involuntary Chapter 11 Case Summary BRANDYWINE REALTY: S&P Lowers ICR to 'BB-' on Debt Maturity Risk BRC GROUP: Approves $700,000 FY 2025 Annual Bonus for CFO Yessner BRC GROUP: Cuts Debt by $37.9MM in Senior Note Transactions BRD LAND: Maynard Nexsen Represents Meritage Homes & Stanley Martin BRET'S TOWING: Gets Final OK to Use Cash Collateral BUBBLES AND BAKES: Mark Schlant Named Subchapter V Trustee C & S RESTAURANT: Michael Markham Named Subchapter V Trustee CAFE PASSE: Taps James Hentz dba Camber Accounting as Accountant CAI SOFTWARE: Barings Corporate Marks $2.0M Loan at 35% Off CALIFORNIA RESOURCES: Add-on Notes No Impact on Moody's 'Ba3' CFR CALUMET SPECIALTY: New Tack-on Notes No Impact on Moody's Caa1 CFR CAN TRAIL: Seeks Cash Collateral Access Thru Feb 2027 CANO ELECTRIC: Seeks to Employ Matthew W. Bourda as Senior Counsel CAROLINA CLEANING: Gets Interim OK to Use Cash Collateral CEDAR VALLEY: No Decline in Resident Care, 2nd PCO Report Says CERA TILE: Gets Court OK to Access Cash Collateral CHELSEA BUSINESS: Gets Interim OK to Use Cash Collateral CHOBANI HOLDCO II: Moody's Alters Outlook on 'B2' CFR to Positive COHERE BEAUTY: Monroe Capital ECLF Marks $2.6MM Loan at 60% Off CONSOLIDATED ENERGY: Barings Global Marks $5.4MM Bond at 29% Off COPPER RIDGE: Hires Dennis J. Spyra, Esq. as Bankruptcy Counsel CPW CORP: Seeks to Hire HarperWhitfield as Accountant CROWN BOILER: Seeks to Tap MazurKraemer Business as Local Counsel CYCLE MASTERS: Seeks Chapter 7 Bankruptcy in Pennsylvania DATAONLINE CORP: Monroe ECLF Marks $244,000 Loan at 30% Off DAWKINS GARDENS: Gets Interim OK to Use Cash Collateral DCA OUTDOOR: Seeks to Sell Excess Machinery & Equipment DELLA RAGIONE: Seeks Approval to Tap Tice Associates as Accountant DEXKO GLOBAL: Moody's Affirms 'B3' CFR, Outlook Remains Negative DIGGING DIRT: Has Deal on Cash Collateral Access DIVA BUILDERS: Patricia Fugee Named Subchapter V Trustee DIXIE GROUP: Adopts 2026 Incentive Compensation Plan for Execs DS FORDHAM: Seeks Chapter 11 Bankruptcy in New York ECHOSTAR CORP: To Decide on Chapter 11 Route by March 31 ELDORADO GOLD: Moody's Ups CFR to Ba3 & Alters Outlook to Stable ELITE LIFE: Seeks Subchapter V Bankruptcy in Alabama EPIKA FLEET: Monroe Capital Marks $4.7MM Loan at 38% Off ESAB CORP: Moody's Rates New Senior Unsecured Notes 'Ba1' F4 PHANTOM: Janice Seyedin Named Subchapter V Trustee FAT BRANDS: Chapter 11 Financing Pact Sends CEO on Leave FAT BRANDS: Committee Retains M3 Advisory Partners as Advisor FERRARI IMPORTING: Section 341(a) Meeting of Creditors on April 17 FORCE SEVEN: Seeks Chapter 11 Bankruptcy in New York FOSSIL GROUP: Ares Strategic Marks $2.3MM 1L Loan at 21% Off FRIENDS OF ROOSEVELT: Moody's Withdraws 'Ba1' Revenue Bond Rating FUNKO INC: Net Loss Hits $67.4MM, Extends Debt Maturity to 2027 GAINWELL ACQUISITION: Fitch Affirms 'B-' IDR, Outlook Stable GBS BARR: Hires Frank B. Lyon and Kimberly Nash as Legal Counsel GME SUPPLY: Barings Corporate Marks $2.7MM Loan at 23% Off GO FREEDOM: Kevin Neiman Named Subchapter V Trustee GOEASY LTD: Moody's Cuts CFR to B1, On Review for Further Downgrade GOOD CITIZEN: Gets OK to Use Cash Collateral GREEN MEADOW: Commences Chapter 11 Bankruptcy in Alabama GREENWICH RETAIL: Court Extends Cash Collateral Access to April 3 GSM OUTDOORS: S&P Alters Outlook to Stable, Affirms 'B' ICR GUADALUPE REGIONAL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable H&S COMMERCIAL: Gets OK to Use Cash Collateral HAN & JU: Case Summary & 15 Unsecured Creditors HEALTHCARE FOR ALL: Case Summary & 18 Unsecured Creditors HEART 2 HEART: Trustee Hires Johns & Associates as Legal Counsel HEN HOUSE: Seeks Approval to Tap James M. Joyce as Counsel HERITAGE SALVAGE: Gets Court OK to Use Cash Collateral HRONIS INC: Gets Interim OK for DIP Financing From Conterra HTI TECHNOLOGY: Barings Corporate Marks $1.4MM Loan at 29% Off IMMACULATE WINKS: To Employ Millennial Law as Legal Counsel INEOS GROUP: Barings Global Marks $117,520 Bond at 16% Off INSTANT BRANDS: 5th Cir. Upholds Chapter 11 Plan Contract Ruling INSTANT WEB: Cion Investment Marks $57.1M 1L Loan at 38% Off INTEGRATED ENDOSCOPY: Hires Wiezorek & Payne as Special Counsel IOTA MULTIFAMILY: Forum Real Marks $1M Preferred Equity at 22% Off IRON MOUNTAIN: Seeks to Hire Hacker Law Firm as Counsel JACKSON WALKER: US Trustee Withdraws Objection to Private Deals KENNEDY-WILSON INC: Moody's Affirms 'B2' CFR, Outlook Stable KITCHEN MAN: Gets Extension to Access Cash Collateral KK&G LLC: Commences Chapter 11 Bankruptcy in Alabama KK&G LLC: Steven Altmann Named Subchapter V Trustee KODIAK GAS: Fitch Assigns 'BB' Rating on Senior Unsecured Notes KODIAK GAS: Moody's Rates New Senior Unsecured Notes 'B1' KOSMOS ENERGY: Closes Public Offering of 112.1 Million Shares KOSTAS GOLFINOPOULOS: Jolene Wee Named Subchapter V Trustee KUBERA HOTEL: To Sell Berkeley Property for $14MM L&J INDUSTRY: Seeks Approval to Hire Miller Law Firm as Counsel LABL INC: Ares Strategic Marks $81.8MM 1L Loan at 37% LAMOUR COMMUNITY: Cash Collateral Hearing Set for March 24 LCPR SENIOR: Barings Global Marks $2MM Bond at 30% Off LEADERSHIP INC: Tamara Miles Ogier Named Subchapter V Trustee LIFE UNIVERSITY: Moody's Cuts Issuer & Revenue Bond Ratings to B1 LIFETIME BRANDS: S&P Affirms 'B+' ICR, Outlook Stable LIFTED TRUCKS: Monroe Capital ECLF Marks $488,000 Loan at 62% Off LINQTO INC: Seeks to Hire Scalar CA LLC as Valuation Advisor LOIS MIRIAM: Gets OK to Use Cash Collateral LOUISIANA LOCAL: Moody's Cuts Rating on 2019A Revenue Bonds to B3 LSB INDUSTRIES: Moody's Alters Outlook on 'B2' CFR to Positive LUCKY BUCKS: Cion Investment Marks $25.3MM Loan at 81% Off LURIN REAL: Hires Cushman & Wakefield U.S. Inc. as Broker LUX CREDIT: Cion Investment Marks $18.5M 1L Loan at 22% Off LYCRA COMPANY: Gibson Dunn Represents Ad Hoc Lenders' Group M.K. WEEDEN: Seeks to Extend Plan Exclusivity to July 13 M6 ETX II: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable MAD DUMPLINGS: Hires Tang & Associates as Legal Counsel MAIN STREET: Taps KapilaMukamal LLP as Plan Administrator MARINE'S GATE: Court OKs Bid Rules for New York Property Sale MARLEY SPOON: Runway Growth Marks $2.9MM Loan at 22% Off MARLEY SPOON: Runway Growth Marks $46.2M Loan at 22% Off MAZAIA HB: Files Emergency Bid to Use Cash Collateral MCDERMOTT INTERNATIONAL: Investment Marks $26.5MM Loan at 25% Off MCDERMOTT INTERNATIONAL: Source Marks $834,171 Loan at 25% Off MCDERMOTT TECHNOLOGY: Investment Managers Marks $1M Loan at 18% Off MDBZJGGS LLC: Commences Chapter 11 Bankruptcy in New York MEDIA RECOVERY: Barings Corporate Marks $2.6MM Loan at 22% Off MEDICAL SOLUTIONS: Barings Global Marks $1.4MM Loan at 80% Off MERLIN BUYER: S&P Rates New $100MM Revolver Credit Facility 'B-' MESA 78: Commences Chapter 7 Bankruptcy in Arizona MINCED MEAL: Scott Seidel Named Subchapter V Trustee MKEN ENTERPRISES: Gerard Luckman Named Subchapter V Trustee MODULAIRE GROUP: Barings Global Marks $1.5MM bond at 23% Off MOOCHO INC: Seeks Court Approval to Hire Zeichman Law as Counsel MORAVIAN MANORS: Fitch Affirms 'BB+' IDR, Outlook Stable MOUNTAIN RIDGE: Seeks to Hire Wright Lindsey as Bankruptcy Counsel MULTI-COLOR CORP: Hires PricewaterhouseCooper as Services Provider MULTI-COLOR CORP: Seeks to Tap PwC US Tax as Tax Services Provider MULTI-RACE HOUSING: Case Summary & 16 Unsecured Creditors MYSTICAL STARS: To Sell New Jersey Properties to Multiple Buyers NAPA MANAGEMENT: Barings Global Marks $1.2MM Loan at 31% Off NASH ENGINEERING: Trustee Sues Allstate over Asbestos Litigation NAVAJO SMILES: Section 341(a) Meeting of Creditors on April 14 NAVIERA ARMAS: Barings Global Marks $348,743 Bond at 23% Off NEARSHORENETWORKS INC: Taps Joseph G. Epstein PLLC as Legal Counsel NU STYLE: Court OKs Bid Rules for Construction Business Sale NXDT HOSPITALITY: Highland O&IF Marks $6.4MM loan at 26% Off OFFICE PROPERTIES: Proposes $310MM Settlement to 2029 Noteholders OLIVER FORREST: Appointment of Chapter 11 Trustee Sought ONECARE MEDIA: Commonwealth Credit Marks $10.5MM Loan at 68% Off OROVILLE HOSPITAL: CEO Resignation Faces Hurdle in Chapter 11 PALMETTO THERAPY: Christine Brimm Named Subchapter V Trustee PATHLOCK INC: Monroe Capital Marks $261,000 Loan at 49% Off PATHWAY VET: Moody's Cuts CFR to Caa3, Alters Outlook to Stable PCR AGAWAM: Gets Interim OK to Use Cash Collateral PENN ENTERTAINMENT: Moody's Rates New Senior Unsecured Notes 'B3' PHYSICAL INVESTMENTS: Roanoke Property Sale to Fast Track OK'd PINNACLE MEP: Ares Strategic Marks $952MM 1L Loan at 20% Off PLAZA 106: Seeks Cash Collateral Access PRETIUM PACKAGE: Barings Global Virtually Writes Off $2.7MM 2L Loan PRIMO BRANDS: Moody's Rates New $3.075BB 1st Lien Term Loan 'Ba3' PRINCE INTERNATIONAL: Barings Global Marks $4.4MM Bond at 67% Off PRIORITY WASTE: Ares Strategic Marks $41.3MM 1L Loan at 16% Off PRO CARPENTRY: Employs Andrew J. Bean as Litigation Counsel PROJECT CASTLE: Ares Strategic Marks $28.5MM 1L Loan at 36% Off PROJECT PIZZA: Gets Interim OK to Use Cash Collateral PROMAN AG: Barings Global Marks $2MM Bond at 35% Off PROSPECT MEDICAL: No Patient Care Concerns, 7th PCO Report Says PURSE LADIES: Seeks to Employ William G. Haeberle as Accountant QUEENS MEDICAL: Salvatore LaMonica Named Subchapter V Trustee RAPIDAIR: Barings CI Marks $1.1MM Loan at 51% Off RB MARKETPLACE: Taps Landrau Rivera & Assoc. as Bankruptcy Counsel RBT LOGISTICS: Gets Final OK to Use Cash Collateral REAGAN HOSPITAL: Moody's Affirms 'Ba1' Issuer & GOLT Ratings RED RIVER: Beasley Allen Loses Bid To Halt J&J Talc Case DQ Ruling ROUTE 95 WOOD: Seeks to Tap PDJ Accounting Services as Accountant RSBRMK LLC: Seeks Approval to Hire Mendel Moskowirz as Appraiser RYERSON HOLDING: Moody's Cuts CFR to B1 & Alters Outlook to Stable SABRE GLOBAL: Barings Global Marks $1MM Bond at 17% Off SABRE GLOBAL: Barings Global Marks $4MM Bond at 18% Off SAILORMEN INC.: Court OKs Bid Rules for Restaurant Sale SALT AND LIME: Case Summary & 11 Unsecured Creditors SAWMILL USA: Seeks Chapter 7 Bankruptcy in Alabama SEAMLESS QUALITY: Court Denied Cash Collateral as Moot SECURLY INC: Monroe Capital Marks $1.5MM Loan at 40% Off SELECT MEDICAL: Moody's Cuts CFR to 'B1', Outlook Stable SENSEONICS HOLDINGS: Eyes June Closing for European Asset Purchases SILK TOPCO: Barings Global Marks $1MM Corporate Bond at 21% Off SJW AUTOMOTIVE: To Employ A.Wever Advisory LLC as Accountant SKY-FRAME INC: Seeks to Sell Furniture & Vehicle at Auction SKYLINE HOLDING: To Sell Plainfield Property to Rondell Lewis SMITH CUSTOM: Amy Denton Mayer Named Subchapter V Trustee SOLIANT HEALTH: Bain Cap Marks $1.9MM 1L Loan at 18% Off SOUND INPATIENT: Moody's Ups CFR to Caa1 & Alters Outlook to Pos. SPINAL USA: Cion Investment Marks $1.1MM 1L Loan at 59% Off SPINAL USA: Cion Marks $904,000 1L Loan at 59% Off SPLASH BEVERAGE: Medterra Merger Includes $10.4MM Debt Repayment STANDARDAERO INC: Fitch Hikes LongTerm IDR to BB+, Outlook Stable STAPLES INC: Barings Global Marks $2.4MM Bond at 16% Off STOLI GROUP: Judge Allows Partial Claims Transfer in Chapter 11 STRATUS UNLIMITED: Barings PI Marks $715,979 Loan at 51% Off SV RNO PROPERTY 1: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable TELLICO RENTALS: To Employ Wallace Real Estate as Realtor TERRASTRAT GROUP: Gets Final OK to Use Cash Collateral TGI FRIDAY'S: Judge Clears Vote on Wind-Down Plan TOWER CAPITAL: Case Summary & Seven Unsecured Creditors TPD DESIGN: Section 341(a) Meeting of Creditors on April 24 TRANSCONTINENTAL INC: DBRS Cuts Issuer Rating to BB(high) TRAVELEX INTERNATIONAL: Barings Global Marks $4.9MM Bond at 32% Off TRUE HEALTH: Case Summary & 16 Unsecured Creditors TSWT ACQUISITION: Ares Strategic Marks $113,300 1L Loan at 22% Off TUTOR PERINI: S&P Upgrades ICR to 'BB-', Outlook Stable TWO JAYS: Court OKs Berlin Property Sale to Chad Robinette UMBRELLA ARMORY: Seeks Chapter 7 Bankruptcy in California UNCLE NEAREST: Seeks Chapter 11 Bankruptcy After CEO Sues Lender UNITI GROUP: Investment Managers Marks $148,804 Stock at 52% Off UNIVERSITY OF HAWAII: Moody's Cuts Rating on 2021A-1/2 Bonds to Ba2 URBAN RED: Natasha Songonuga Named Subchapter V Trustee VALCOUR PACKAGING: Barings Global Marks $1.19MM 2L Loan at 24% Off VARADERO SEA FOOD: Taps Homel Antonio Mercado Justiniano as Counsel VENTURE GLOBAL: Barings Global Marks $4.1MM Bond at 21% Off VERTEX SERVICE: Ares Strategic Marks $821,600 1L Loan at 29% Off VERUS SECURITIZATION 2026-3: Fitch Rates Class B-2 Notes 'B-sf' VILLAGE HOMES: To Sell Sunset House to Roger Wong for $530K VILLAGE ROADSHOW: Seeks to Extend Plan Exclusivity to July 10 VIRIDIS CHEMICAL: Gets Interim OK to Use Cash Collateral VSC POLARA: Barings Corporate Marks $1.7MM Loan at 21% Off VSM PROPERTIES: Seeks to Hire Wallace Real Estate as Realtor W&J SUBSHOPS: Gets Interim OK to Use Cash Collateral Until April 4 WENTHOLD EXCAVATING: Taps Welgaard CPAs & Advisors as Tax Preparer WILLIAM D. LEDFORD: Gets Final OK to Use Cash Collateral WIND POINT: Ares Strategic Marks $702,600 Loan at 19% Off WORKWAVE INTERMEDIATE: Ares Strategic Marks $1M 1L Loan at 16% Off XEROX HOLDINGS: Moody's Alters Outlook on 'Caa2' CFR to Negative XIANG HE YUAN: Voluntary Chapter 11 Case Summary ZOOTILITY CO: Gets Final OK to Use Cash Collateral ZYNEX INC: Court OKs Chapter 11 Plan to Reduce Debt by $50MM ********* 1001 BEACH AVE: Case Summary & 10 Unsecured Creditors ----------------------------------------------------- Debtor: 1001 Beach Ave LLC 35 South Chapman Road Doylestown, PA 18901 Business Description: 1001 Beach Ave LLC is a Brigantine, New Jersey-based company that owns a residential property and has offered it for lease. Chapter 11 Petition Date: March 18, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-12968 Debtor's Counsel: Jeffrey Kurtzman, Esq. KURTZMAN | STEADY, LLC 101 N Washington Avenue Suite 4A Margate City, NJ 08402 Tel: (215) 839-1222 Fax: (609) 482-8011 E-mail: kurtzman@kurtzmansteady.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Geralyn Touhill as sole member. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RBRTACA/1001_Beach_Ave_LLC__njbke-26-12968__0001.0.pdf?mcid=tGE4TAMA 1001 BEACH: Seeks Subchapter V Bankruptcy in New Jersey ------------------------------------------------------- On March 18, 2026, 1001 Beach Ave LLC filed for Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 1001 Beach Ave LLC 1001 Beach Ave LLC is a limited liability company established to hold title to real estate assets and manage related investments. Such entities are often created for specific properties or development projects. 1001 Beach Ave LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J., Case No. 26-12968) on March 18, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The Debtor is represented by Jeffrey Kurtzman, Esq., of Kurtzman Steady LLC. 101 W 55TH: Ronald Friedman Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Ronald Friedman, Esq., at Rimon, PC as Subchapter V trustee for 101 W 55th Restaurant, Inc. Mr. Friedman will be paid an hourly fee of $800 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Friedman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ronald J. Friedman, Esq. Rimon PC 100 Jericho Quadrangle, Ste. 300 Jericho, NY 11753 Email: ronald.friedman@rimonlaw.com About 101 W 55th Restaurant Inc. 101 W 55th Restaurant, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-10463) on March 4, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Michael E. Wiles presides over the case. Robert Leslie Rattet, Esq., at Davidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. 1291 INVESTORS: Seeks to Tap Fuller Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ 1291 Investors, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire The Fuller Law Firm, P.C. as attorneys. The firm's services include: (a) advise the Debtor with respect to its powers and duties; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate and to review but not to prepare the monthly operating reports required to be filed in the case; (e) negotiate and prepare on the Debtor's behalf a plan for reorganization, and all related agreements and/or documents and take any necessary action on its behalf to obtain confirmation of such plan; (f) advise the Debtor in connection with the possible sale or any possible refinance of its assets; (g) appear before the Court and the U.S. Trustee and protect the interest of the Debtor's estate before such courts and the U.S. Trustee; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The firm's attorneys will be paid at these hourly rates: Lars Fuller, Esq. $565 Joyce Lau, Esq. $495 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000, including the filing fee of $1,738 from the Debtor. Mr. Fuller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lars T. Fuller, Esq. Fuller Law Firm, PC 60 N. Keeble Ave. San Jose, Ca 95125 Telephone: (408) 295-5595 About 1291 Investors, LLC 1291 Investors, LLC is a California-based investment holding company engaged in managing and overseeing real estate and related investment assets. 1291 Investors, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50209) on February 11, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by Lars T. Fuller, Esq., of The Fuller Law Firm. 1592 BOSTON: To Sell Apartment Complex to Grant V. Jagt & B. Watson ------------------------------------------------------------------- 1592 Boston Street LLC and its affiliate, 1960 Dallas Street LLC, seek approval from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. Each Debtor is the owner of a single asset real estate property. Dallas owns 1960 Dallas Street, Aurora, CO 80010. Boston owns 1592 Boston Street, Aurora, CO 80010. Each property is a 32-unit apartment complex. On February 19, 2026, the Debtors employ Keller Williams Integrity Real Estate LLC And Michelle R. Glass As Real Estate Broker. The lienholders of the Properties are US Bank, Wilmington, and U.S. Bank National Association. On February 5, 2026, the Debtors entered into a Contract to Buy and Sell Real Estate, with Grant Van Der Jagt, Esq. and Brian Watson as the purchasers. Included in the sale are the apartments owned by West Macon Street LLC. The Macon Street apartments are located at 1451 Macon St., Aurora, CO 80010, 1433 Macon St., Aurora, CO 80010, and 1463 Macon St., Aurora, CO 80010. Macon Street is currently under receivership and a foreclosure sale is set for May 20, 2026. There are 97 apartment units in the sale transaction. The Purchasers have agreed to purchase the Real Estate Properties and Macon Street for $11,845,000.00. The purchase price is allocated as follows: -- 1960 Dallas Street, Aurora, CO 80010 $4,064,000.00 -- 1592 Boston Street, Aurora, CO 80010 $4,064,000.00 -- West Macon (1433, 1451, and 1463 Macon Street, Aurora, CO 80010: $3,717,000.00 The Purchasers are proceeding in good faith. The Debtors do not have to provide any cash at closing. All fees and closing costs that would be paid by the Debtors are being paid from the sale proceeds. About 1592 Boston Street LLC 1592 Boston Street LLC is a real estate holding company. 1592 Boston Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10135) on January 9, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Thomas B. McNamara is presiding over the case. The debtor is represented by Steven T. Mulligan, Esq., of Coan, Payton & Payne, LLC. 23-74 29TH STREET: Has Deal on Cash Collateral Access ----------------------------------------------------- 23-74 29th Street LLC asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor owns a 21-unit residential apartment building located at 23-74 29th Street in Astoria, Queens, New York, constructed in 1913 and situated in the Ditmars/Steinway neighborhood near the East River and LaGuardia Airport. Although the Debtor has occasionally had difficulty staying current on mortgage payments, at the time of the January 5 bankruptcy filing, the only overdue payment was the December 2025 mortgage installment. The immediate reason for filing Chapter 11 was an adverse judgment that led to a scheduled sheriff's sale of the property on January 7, which the bankruptcy filing effectively halted. Through the Chapter 11 process, the Debtor intends either to refinance or sell the property in order to resolve its financial obligations. The principal secured creditor is ConnectOne Bank, formerly known as First National Bank of Long Island, which holds a Restated Adjustable Rate Mortgage Note dated September 2, 2021 with an original principal of $3,050,000. The loan is secured by multiple related documents, including a Mortgage Consolidation and Modification Agreement, an Assignment of Leases and Rents, a General Loan and Security Agreement, and related UCC financing statements, all collectively referred to as the Loan Documents. The loan is also supported by a carve-out guaranty executed by Maria Alexandrakos. According to the lender's filed proof of claim, the total amount owed as of the Petition Date was $2,874,052, consisting primarily of a principal balance of approximately $2.81 million, accrued interest at 5.2%, default interest, a 1% prepayment premium, legal fees, late charges, and adjustments for escrow surplus. If the lender is determined to be oversecured, interest continues accruing at the contract rate unless a default triggers a higher rate of 10.2%. The lender asserts—and the Debtor acknowledges—that various forms of income generated from the property constitute cash collateral, including rents, deposit accounts, security deposits, accounts receivable, and other proceeds derived from the property. The Debtor argues that it cannot continue ordinary operations—such as maintaining the property, paying operating expenses, and preserving the value of the asset—without access to these funds. After negotiations, the lender agreed to consensual use of the cash collateral, subject to the terms of a Cash Collateral Stipulation. This stipulation allows the Debtor to use the cash collateral retroactively from the Petition Date and on an interim basis pending a final court hearing, provided the use complies with an agreed operating budget. As part of the adequate protection for the lender's secured interest, the Debtor will make monthly payments of $27,304 beginning February 1, representing principal, interest, and tax escrow obligations. Additionally, the lender will receive replacement liens on all property of the Debtor to the same extent and priority as its pre-petition liens, protecting it from any reduction in collateral value. The stipulation also grants the lender a priority administrative expense claim to compensate for any diminution in the value of its collateral during the bankruptcy case. The stipulation further establishes a “carve-out” allowing certain administrative expenses to be paid from the collateral despite the lender's liens. These include bankruptcy court filing fees, U.S. Trustee fees, limited compensation for a potential trustee (capped at $10,000), professional fees for the Debtor and any creditors' committee (capped at $75,000 in total), and commissions owed to the Debtor’s real estate broker if the property is sold. The replacement liens granted to the lender remain subject to this carve-out, as well as statutory fees owed to the U.S. Trustee and clerk of the court, and any previously perfected senior liens that may exist. A court hearing is scheduled for April 1. A copy of the motion is available at https://urlcurt.com/u?l=nonayx from PacerMonitor.com. About 23-74 29th Street LLC 23-74 29th Street LLC is a single-asset real estate company that owns and manages a residential property in Astoria, New York. 23-74 29th Street LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. E.D.N.Y. Case No. 26-40033) on January 5, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jil Mazer-Marino oversees the case. Kirby Aisner & Curley LLP is Debtor's legal counsel. 250 WYNAH: Gets Another Extension to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court, Northern District of Illinois, Eastern Division issued an order authorizing 250 Wynah Lane, LLC to use cash collateral pending a further hearing on March 28. The Debtor's right to use the cash collateral of its lenders continues under the terms of the initial order entered on June 23 until further order of the court. The order builds on prior rulings, including the June Cash Collateral Order and the November Cash Collateral Order, which previously authorized the Debtor's use of the lender's cash collateral. Until further court order, the Debtor may continue using cash collateral under the same terms and conditions set forth in the June Cash Collateral Order. The authorization remains in effect unless terminated or modified by the Court in accordance with that earlier order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/FtHKQ from PacerMonitor.com. About 250 Wynah Lane LLC 250 Wynah Lane, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 250 Wynah Lane sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07414) on May 14, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. is the Debtor's legal counsel. World Business Lenders, as lender, is represented by: Stephanie Mulcahy, Esq. Hinshaw & Culbertson, LLP 151 N. Franklin, Suite 2500 Chicago, IL 60606 Telephone: 312-704-3220 smulcahy@hinshawlaw.com Cape Cod Five Cents Savings Bank, as lender, is represented by: Sean P. Williams, Esq. Levenfeld Pearlstein, LLC 120 S. Riverside, Suite 1800 Chicago, IL 60606 Telephone: (312) 346-8380 swilliams@lplegal.com 28-30 RIVERDALE: Case Summary & Seven Unsecured Creditors --------------------------------------------------------- Debtor: 28-30 Riverdale Avenue, LLC FKA 28-30 Riverdale LLC 31 Whitlowe Rd. West Newton, MA 02465 Business Description: 28-30 Riverdale Avenue, LLC, based in Newton, Massachusetts, is a single-asset real estate company that owns and manages an industrial property at 28-30 Riverdale Avenue. Chapter 11 Petition Date: March 16, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-10558 Debtor's Counsel: Kate E Nicholson, Esq. NICHOLSON DEVINE LLC 21 Bishop Allen Drive Cambridge, MA 02139 Tel: (857) 600-0508 Email: kate@nicholsondevine.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Teresa Coppola-Jones as manager. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RCVQ36Y/28-30_Riverdale_Avenue_LLC__mabke-26-10558__0001.0.pdf?mcid=tGE4TAMA 301 W NORTH: Court OKs Chicago Property Sale at Auction ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has permitted 301 W North Avenue LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's primary asset is a mixed-use real estate development commonly known as the North Park Pointe Apartments, located at 301 W. North Avenue, Chicago, Illinois 60610, at the southwest corner between North Avenue and North Park Avenue in the Old Town neighborhood. The Property consists of a 7-story high-rise building with a partial 8th level, that contains 69 residential units and 4,268 square feet of retail space. The Court has authorized the Debtor to sell substantially all Assets at auction. The Sale process and Auction will be managed and conducted on behalf of the Debtor in all respects by C. Anthony Shippam, the Debtor's independent manager, who will also be fully authorized on behalf of the Debtor's estate to make all necessary decisions and assessments independently of the Debtor's management with respect to the sale of the Property, the Bidding Procedures and conduct of the Auction, including final determination of the highest and or best purchase offer at an auction if one is required. For the avoidance of doubt, all references to the Debtor in these Bidding Procedures which contemplate a decision to be taken or action to be authorized by the Debtor shall be read to mean a decision or action to be authorized by C. Anthony Shippam, independently of the Debtor's management. Any interested party may conduct due diligence in connection with the proposed Auction of the Property until the date and time set forth in the Sales Notice. The Debtor and its broker will provide access for all prospective purchasers to examine the Property for the purposes of making a bid thereupon. The Debtor and its broker shall make all accessible financial information available to any prospective purchaser who executes an acceptable confidentiality agreement. The Property shall be auctioned and sold on an "as is, where is" basis and without representations or warranties of any kind, nature, or description by the Debtor or its agents. The Auction of the Property will be conducted by the Debtor or its counsel at 10:00 a.m., prevailing Central Time, on May 5, 2026, in the offices of Debtor’s counsel, Much Shelist, P.C., 191 N. Wacker Drive, Suite 1800 Chicago, Illinois 60606. A hearing to approve the Sale will be held on May 13, 2026, at 10:00 A.M. to approve a sale of the Property to the Successful Bidder and the Alternate Successful Bidder. BDS III Mortgage Capital J LLC's purchase offer, as reflected in the Purchase Agreement, shall be the opening offer at the Auction and BDS shall be the opening bidder, unless the Debtor identifies an alternative opening bidder prior to the Auction to act as Stalking Horse. The initial acceptable bid for the Property shall be at least $27,100,000.00. The Minimum Overbid is subject to adjustment in the event an alternative Stalking Horse is selected. The bidding shall proceed in increments of not less than $100,000, provided that, the Debtor may in its sole and absolute discretion, upon consultation with BDS, establish other bidding increments at the Auction. At the conclusion of the Auction, the Debtor in consultation with BDS shall determine in its business judgment, which bid is the highest or otherwise best offer and shall announce which Qualified Bidder is the Successful Bidder. The Sale Approval Hearing will be held on May 13, 2026 to approve a sale of the Property to the Successful Bidder and, in the alternative, to the Alternate Successful Bidder, and to authorize the Debtor to execute such additional and reasonable documentation as is necessary to complete such sale of the Property, free and clear of all liens, claims, interests and encumbrances, with such liens, claims and encumbrances to attach to the proceeds of the sale. The Debtor is permitted to enter into an alternative purchase agreement with a Qualified Bidder (other than BDS), with the consent of BDS, that otherwise satisfies the Bidding Procedures set forth above and also allows such Qualified Bidder to replace BDS as the Stalking Horse. At the Auction, and subject to a hearing on any and all objections, the Debtor shall be entitled to sell the Property free and clear of all liens, claims, interests and encumbrances, consistent with the terms and conditions set forth in the Motion. About 301 W North Avenue 301 W North Avenue LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B), and its main property is situated at 1552 N. North Park Avenue, Chicago, IL 60610. 301 W North Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. N.D. Ill. Case No. 25-05275) on‚ April 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million to $50 million each. Honorable‚ Bankruptcy Judge‚ Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq. ROBERT GLANTZ MUCH SHELIST, P.C. BDS III Mortgage Capital G LLC, as creditor, is represented by Steven Yachik, Esq., William S. Gyves, Esq., Benjamin Feder, Esq., and Philip A. Weintraub, Esq., at KELLEY DRYE & WARREN LLP, in New York. 3389 COUNTRY: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: 3389 Country Club LLC 3389 Country Club Drive Glendale, CA 91208 Case No.: 26-12481 Business Description: 3389 Country Club LLC is a real estate holding company that owns a single-family property located in Glendale, California, specifically at 3389 Country Club Drive. Chapter 11 Petition Date: March 16, 2026 Court: United States Bankruptcy Court Central District of California Judge: Hon. Barry Russell Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd. Ste 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: matt@rhmfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hasmik Rose Alexanyan as managing member. The Debtor identified Oscar E. Toscano, Attorney at Law, based in Glendale, California, as its only unsecured creditor, citing an $85,000 claim for legal representation of Hasmik Rose Alexanyan and 3389 Country Club LLC in Case No. 26STCV06220, titled Hasmik Rose Alexanyan and 3389 Country Club LLC v. La H. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HWKIEIY/3389_Country_Club_LLC__cacbke-26-12481__0001.0.pdf?mcid=tGE4TAMA 609 5TH JUNIOR: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: 609 5th Junior Mezz LLC c/o TopRock Holdings 1330 Avenue of the Americas Ste 7008 New York, NY 10019 Business Description: New York–based 609 5th Junior Mezz LLC is a special-purpose financing entity associated with TopRock Holdings that participates in the mezzanine-level capital structure tied to the ownership and redevelopment of a mixed-use property at 609 Fifth Avenue in Manhattan. Chapter 11 Petition Date: March 18, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10579 Judge: Hon. Shireen A Barday Debtor's Counsel: Leo Jacobs, Esq. JACOBS P.C. 717 5th Avenue, fl 17 New York, NY 10022 Tel: (212) 229-0476 E-mail: leo@jacobspc.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million The petition was signed by Mark Taub as chief restructuring officer. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BSTTGXY/609_5th_Junior_Mezz_LLC__nysbke-26-10579__0001.0.pdf?mcid=tGE4TAMA 6501 PRINCETON: Seeks Chapter 11 Bankruptcy in Virginia ------------------------------------------------------- 6501 Princeton Drive, LLC, filed a voluntary Chapter 11 petition on March 17, 2026, in the Eastern District of Virginia. According to the filing, the Debtor reports debts of $1 million to $10 million owed to 1–49 creditors. About 6501 Princeton Drive, LLC 6501 Princeton Drive, LLC is a single asset real estate company. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va., Case No. 26-10630) on March 17, 2026. Estimated assets are reported at $1 million to $10 million, with estimated liabilities in the same range. Honorable Bankruptcy Judge Klinette H. Kindred oversees the case. 911 RESTORATION: Steven Nosek Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for 911 Restoration Services of Minneapolis, LLC. Mr. Nosek 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. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About 911 Restoration Services of Minneapolis 911 Restoration Services of Minneapolis, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-40768) on March 9, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Cameron A. Lallier, Esq., at Bassford Remele, PA represents the Debtor as legal counsel. A'LEURER LLC: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of North Carolina, Greensboro Division, granted the motion by A'leurer, LLC to use cash collateral and determine the extent of potential lien on the cash collateral. Based on public records, the Debtor found four UCC-1 filings that show a possible lien on the cash collateral held by SilverChef Rentals, LLC, LCF Group, Inc. and Liquidity Access, LLC. Under the final order, the court determined that the amount of assets held by the Debtor at the time of filing and, therefore constituting cash collateral, is $345.17. The court directed the Debtor to segregate the amount in counsel’s trust account as adequate protection for the lenders. The Debtor is prohibited from using those escrowed funds without court approval but may use other estate funds subject to bankruptcy rules. Meanwhile, creditors are allowed to later challenge the extent or priority of liens and seek additional protection, if necessary. The order is available at https://is.gd/7EAuV6 from PacerMonitor.com. A'leurer filed for Chapter 11 protection due to financial difficulties stemming from restaurant upfit costs, opening delays, and decreased weekly revenues. On Feb. 4, the Debtor filed the motion, identifying potential secured creditors based on public UCC-1 filings: SilverChef (holding first and second priority positions), LCF Group, and Liquidity Access. Following two interim hearings, the Debtor confirmed that, at the time of filing, it held only approximately $345 in cash with no accounts receivable, effectively limiting the amount of cash collateral subject to the alleged liens. About A'Leurer LLC A'Leurer LLC is a privately held limited liability company engaged in business operations. A'Leurer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00498) on February 2, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by J.M. Cook, Esq. of J.M. Cook, P.A. A'LEURER LLC: Seeks to Employ J.M. Cook as Legal Counsel -------------------------------------------------------- A'leurer LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire J.M. Cook of J.M. Cook, P.A. to serve as legal counsel. Mr. Cook will provide these services: (a) prepare on behalf of the Debtor, necessary applications, complaints, answers, orders, reports, motions, notices, plan of reorganization, disclosure statement and other papers necessary in Debtor's reorganization case; (b) assist the Debtor in evaluating the legal basis for, and effect of, the various pleadings that will be filed in the Chapter 11 case by the Debtor and other parties in interest; (c) perform all necessary legal services in connection with the Debtor's reorganization, including Court appearances, research, opinions and consultations on reorganization options, direction and strategy; (d) assist the Debtor in preparing the monthly operating reports and evaluating and negotiating the Debtor's or any other party's Plan of Reorganization and any associated Disclosure Statement; (e) commence and prosecute any and all necessary and appropriate actions and/or proceedings on behalf of the Debtor; and (f) perform all other legal services for the Debtor which may be necessary and proper in these proceedings and in keeping with his fiduciary duty. Mr. Cook will receive an hourly rate of $300 for legal work and $175 for paralegals. A retainer of $2,482 has been deposited with counsel to secure payment for fees and costs. J.M. Cook, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: J.M. Cook J.M. Cook, P.A. 5886 Faringdon Place, Suite 100 Raleigh, NC 27609 Telephone: (919) 675-2411 Facsimile: (919) 882-1719 E-mail: J.M.Cook@jmcookesq.com About A'LEURER LLC A’LEURER LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.C. Case No. 26-10160) on February 2, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. Judge Benjamin A. Kahn oversees the case. J.M. Cook, P.A. is Debtor's legal counsel. ACADIAN ASSET: Moody's Affirms Ba1 CFR & Alters Outlook to Positive ------------------------------------------------------------------- Moody's Ratings has affirmed Acadian Asset Management Inc.'s ("Acadian") Ba1 corporate family rating and its probability of default rating of Ba1-PD. The outlook has been changed to positive from stable. RATINGS RATIONALE The change to a positive outlook reflects the improvement in Acadian's key operating metrics and the progress in expanding the capabilities of Acadian into new asset classes. Debt-to-EBITDA, adjusted for capitalized lease obligations, was 1.3x at year-end 2025 which is lower than 1.9x one year ago due to debt reduction and the continued growth in EBITDA. The company has substantially grown assets under management (AUM) over the last two years, including diversifying AUM by adding a systematic credit capability to complement its systematic equity core offering, and expanding Enhanced and Extension equity, which helped Acadian generate positive net flows the last couple of years. Moody's considers all of these developments as directionally supportive of a strengthening credit profile. Acadian's Ba1 rating currently reflects the credit profile of a moderately sized asset manager with an elevated concentration in equity products. The company's credit profile is supported by moderate leverage and solid pre-tax profitability. Acadian has committed to a leverage profile below 2x debt-to-EBITDA, and has a demonstrated track record of actively managing leverage. Acadian has been generating strong net asset inflows, as it operates in the quant investing space, which has attracted greater investor interest than traditional active management strategies in recent years, and where the asset manager has a strong performance track record. Sustained distribution strength could be consistent with a higher rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could cause upward pressure on Acadian's ratings include: 1) improved business diversification; 2) organic asset growth driving revenue scale, earnings, and margins; 3) leverage sustained below 1.5x. Conversely, the ratings could face downward pressure if: 1) leverage is sustained above 2.5x; 2) there is a decline in revenue due to performance weakness or AUM instability; 3) deployment of balance sheet liquidity is not balanced between creditor and shareholder interests; and 4) there is an upsizing of the Acadian revolver that causes Acadian senior note subordination in Moody's Loss Given Default analysis. The principal methodology used in these ratings was Asset Managers published in May 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Acadian Asset Management Inc. is an asset manager with $178 billion of AUM as of December 31, 2025. Acadian focuses on managing global equities using a proprietary quantitative investment process including data and technology. ACCENDRA HEALTH: Fitch Withdraws All Ratings -------------------------------------------- Fitch Ratings has maintained Accendra Health, Inc.'s and its related subsidiaries' (collectively ACH) Long-Term Issuer Default Rating (IDR) of 'B' and senior secured debt rating of 'BB' with a Recovery Rating of 'RR1' on Rating Watch Negative (RWN), as well as maintained the senior unsecured debt rating of 'CCC+'/'RR6' on Rating Watch Evolving (RWE). The Rating Watches were maintained as the events that would resolve the watches have not occurred. Fitch has subsequently withdrawn all ratings. Fitch has chosen to withdraw the Ratings of Accendra Health, Inc. and its subsidiaries — Apria, Inc., Barista Acquisition I, LLC, Barista Acquisition II, LLC, and Byram Healthcare Centers, Inc. — for commercial reasons. Key Rating Drivers Elevated Leverage Following Divestiture: Fitch expects EBITDA leverage to remain above 5.0x through 2027, exceeding the negative rating sensitivity threshold. The elevated leverage reflects lower-than-anticipated debt reduction from the P&HS divestiture and EBITDA pressure from the loss of a large commercial payor. Fitch expects ACH to prioritize debt reduction, with net sale proceeds and FCF applied primarily toward debt repayment over the next couple years, though FCF generation may be constrained in 2026 by separation-related costs. FCF/debt should improve to above 5% in 2027 due to lower capex and separation costs. Near-Term Margin Pressure: Fitch-defined EBITDA margin is assumed to decline below 12.5% in 2026 primarily due to the commercial payor contract loss and manufacturer cost increases. FCF margin is assumed to be approximately 1.5% in 2026 as most separation costs are incurred. Fitch expects EBITDA margin to gradually improve to approximately 13% and FCF margin to be above 4% by 2028 as the company executes cost-reduction measures to mitigate stranded costs and normalize the cost structure, and as one-time separation-related expenses subside. Heightened Refinancing Risk: ACH faces a significant refinancing wall with its $450 million RCF ($204 million drawn) and $326 million Term Loan A both maturing in March 2027. Fitch expects to resolve the RWN upon the refinancing of these maturities and Fitch expects ACH to have sufficient operating cash flow to absorb higher debt servicing costs if refinanced on less favorable terms. Revenue and Supplier Concentration: ACH's pure-play positioning in home-based care improves margins but reduces business diversification and increases earnings volatility as revenues are more concentrated. The two largest commercial payors accounted for about 37% of 2025 revenue (23% and 14%, respectively). The loss of roughly 12% of revenue from certain contract terminations by the largest payor could take multiple years to replace given competition. Fitch also believes ACH faces notable supplier concentration with limited alternative sourcing options, constraining its ability to mitigate manufacturer cost increases and negotiate favorable pricing terms. Reimbursement Headwinds: CMS is relaunching the DMEPOS Competitive Bidding Program with bidding expected in late 2026 and execution by January 2028. The program's expansion into ACH's core categories (diabetes devices and urological and ostomy supplies) and more restrictive pricing methodology could pressure margins. While ACH generates about 80% of revenue from commercial payers, competitive dynamics may force pricing concessions in non-Medicare contracts as market rates decrease. ACH's scale, multi-state footprint and established referral networks position it better than smaller competitors to win contracts, but Medicare profitability will likely compress. Peer Analysis The home medical equipment and supplies market is highly fragmented and competitive. ACH competes primarily with large national DME providers such as AdaptHealth Corp. and Lincare Holdings Inc. (owned by Linde plc), along with numerous regional and local providers serving patients' homes. Compared with AdaptHealth Corp, ACH has a narrower geographic footprint, weaker profitability, and much higher leverage. Following the P&HS divestiture, ACH's increased business concentration increases its vulnerability to payer reimbursement changes and competitive pressures relative to larger, more diversified distributor peers. ACH's rating is lower than that of the larger, investment-grade rated distributor peers (including the pharmaceutical distributors) as a result of its scale, limited diversification and higher leverage. Fitch equalizes the ratings of ACH and its subsidiaries as the entities are co-borrowers under the facilities to reflect the cross-guarantees between the entities. Fitch’s Key Rating-Case Assumptions - 2026 revenue declines to $2.6 billion due to major commercial payor contract loss and 2027-2028 revenue grows at low-single-digit rates, primarily driven by volume; - Fitch-calculated EBITDA margin falls below 12.5% in 2026, reflecting the impact of commercial payor contract loss and manufacturer cost inflation, and margins improve to approximately 13% by 2028 through cost structure normalization; - Net capex is assumed between $100 million and $123 million per year; - FCF margin improves from around 1.5% in 2026 toward 4.5% in 2028 as restructuring and separation-related cash outflows decline; - Effective interest rate ranges from 6.2% to 6.5% over the forecast period, moving with SOFR; - Over $250 million in net proceeds from the P&HS sale applied to debt repayment in 2026, and subsequent FCF also directed toward debt reduction. No acquisitions or shareholder returns are assumed over the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool to produce the Standalone Credit Profile (SCP): - The business and financial profile factors are assessed as follows: Management (b+, lower), Sector Characteristics (bb+, lower), Market and Competitive Positioning (bb-, moderate), Diversification and Asset Quality (bb-, moderate), Company Operational Characteristics (bb-, moderate), Profitability (b, higher), Financial Structure (b, higher), and Financial Flexibility (b+, moderate). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis Fitch conducts a bespoke analysis to assign instrument ratings to issuers with IDRs of 'B+' and below. The recovery analysis assumes that Accendra Health, Inc. would be considered a going concern (GC) in bankruptcy and that the company would be reorganized rather than liquidated. The recovery analysis assumes the revolving credit facility will be fully drawn (with first lien debt totaling $1.3 billion) and the Receivables Sale Program will not be available during bankruptcy and will be replaced by an equivalent super-senior facility (assumed to be $105 million). Fitch estimates an enterprise value (EV) on a GC basis of $1.25 billion, based on a GC EBITDA of $250 million and a 6.0x EV multiple before a 10% deduction for administrative claims. The GC EBITDA assumes that ACH enters bankruptcy following liquidity exhaustion driven by revenue declines and margin compression from competition to around $250 million and that the restructuring would focus on the liabilities rather than operations thus the EBITDA upon emergence would be similar to that upon entrance. Fitch has revised these assumptions to reflect the sale of the PH&S segment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant revenue and EBITDA declines from payor contract losses, unfavorable reimbursement changes, or failure to execute cost reduction actions; - Increasing refinancing risk if 2027 maturities are not addressed at least six months in advance; - Gross EBITDA leverage sustained above 6.0x and (CFO-capex)/debt sustained below 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained revenue and EBITDA margin expansion driven by new payor contract wins, patient volume growth, improved product mix toward higher-margin categories, enhanced collection rates, and effective cost structure optimization; - Gross EBITDA leverage sustained below 5.0x and (CFO-capex)/debt above 3.0%. Liquidity and Debt Structure As of Dec. 31, 2025, ACH's liquidity sources include $282 million in cash on hand and $217 million availability under the $450 million RCF. ACH also has a Receivables Sale Program with a maximum capacity of $150 million, which is not included in Fitch's sources of liquidity. ACH's debt profile includes a $326 million Term Loan A and a $450 million RCF, both maturing in March 2027, with remaining debt due in 2029 and 2030. Fitch expects available cash and modest FCF to cover debt service through 2027, assuming the secured overnight financing rate remains around 3.5%. Issuer Profile ACH offers products and services for in-home care and delivery for diabetes treatment, home respiratory therapy, obstructive sleep apnea treatment and patient support services. The company supplies other home medical equipment and patient care product lines. 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 ACH. ESG Considerations ACH has an ESG Relevance Score of '4' for Management Strategy due to the recent significant pace of strategic change, inviting questions about the coherence and stability of the company's vision, 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. Following the withdrawal of ratings for ACH, Fitch will no longer be providing the associated ESG Relevance Scores. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Barista Acquisition I, LLC LT IDR B Rating Watch Maintained B LT IDR WD Withdrawn senior secured LT BB Rating Watch Maintained RR1 BB senior secured LT WD Withdrawn Accendra Health, Inc. LT IDR B Rating Watch Maintained B LT IDR WD Withdrawn senior unsecured LT CCC+ Rating Watch Maintained RR6 CCC+ senior unsecured LT WD Withdrawn senior secured LT BB Rating Watch Maintained RR1 BB senior secured LT WD Withdrawn Byram Healthcare Centers, Inc. LT IDR B Rating Watch Maintained B LT IDR WD Withdrawn senior secured LT BB Rating Watch Maintained RR1 BB senior secured LT WD Withdrawn Barista Acquisition II, LLC LT IDR B Rating Watch Maintained B LT IDR WD Withdrawn senior secured LT BB Rating Watch Maintained RR1 BB senior secured LT WD Withdrawn Apria, Inc. LT IDR B Rating Watch Maintained B LT IDR WD Withdrawn senior secured LT BB Rating Watch Maintained RR1 BB senior secured LT WD Withdrawn ACCUSERVE SOLUTIONS: Diameter Credit Marks $413,000 Loan at 68% Off ------------------------------------------------------------------- Diameter Credit Co. has marked its $413,000 loan extended to Accuserve Solutions, Inc. to market at $134,000 or 32% of the outstanding amount, according to Diameter Credit's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Diameter Credit Co is a participant in a Delayed Draw term loan extended to Accuserve Solutions, Inc. The Loan accrues interest at a rate of 9.09% SOFR + 5.25% per annum. The Loan matures on March 15, 2030. Diameter Credit Company is a corporate issuer in the leveraged finance market. The Fund is led by Joseph Carvalho as Trustee and Co-Chief Executive Officer (Principal Executive Officer) and Ben Pasternack as Co-Chief Executive Officer (Principal Executive Officer). The Fund can be reached at: Joseph Carvalho Diameter Credit Company 50 Hudson Yards, 66th Floor New York, NY 10001 Telephone: (212) 655-1419 About Accuserve Solutions, Inc. Accuserve Solutions, Inc. is a corporate borrower that has obtained delayed draw term loan financing, indicating it likely provides operational or technology-driven services supported by flexible credit facilities. ACEVEDO MEDICAL: Hires Sanabria and Associates LLC as Accountant ---------------------------------------------------------------- Acevedo Medical Center LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Sanabria and Associates LLC as accountants. The firm will render these services: a. assist in the preparation of financial information required for the bankruptcy filing; b. assist in organizing accounting records to comply with Bankruptcy reporting requirements and assist in documenting the reorganization plan; c. prepare monthly operating reports, necessary tax returns; and d. assist the Debtor in all matters related to court instructions, transactions, and or information requests of an accounting or financial nature. The firm's hourly rates are: Ramon J. Sanabria $225 Senior Accountant $125 Staff Accountant $75 Ramon J. Sanabria, CPA of Sanabria and Associates LLC assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Ramon J. Sanabria, CPA Sanabria and Associates LLC 122 Padial Street Caguas, PR 00725 Tel: (787) 473-7062 About Acevedo Medical Center Acevedo Medical Center LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-00406) on February 2, 2026, listing $500,001 to $1 million in both assets and liabilities. Judge Maria De Los Angeles Gonzalez presides over the case. Carmen D. Conde Torres, Esq. at C. Conde & Associates serves as the Debtor's counsel. ADVANCE CHIMNEY: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------ On March 13, 2026, Advance Chimney Sweeps, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. According to court filings, the debtor reports liabilities between $100,001 and $1,000,000 owed to 1–49 creditors. About Advance Chimney Sweeps, Inc. Advance Chimney Sweeps, Inc. is a Pennsylvania-based company providing chimney cleaning, inspection, and maintenance services for residential and commercial properties. Advance Chimney Sweeps, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20707) on March 13, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The Honorable Bankruptcy Judge handles the case. The debtor is represented by Edgardo D. Santillan, Esq. of Santillan Law, P.C. ADVANTAGE SOLUTIONS: Moody's Confirms B3 CFR, Alters Outlook to Neg ------------------------------------------------------------------- Moody's Ratings has confirmed Advantage Solutions Inc.'s (Advantage or the company) B3 corporate family rating following the completion of the debt exchange offer this week. Concurrently, Moody's confirmed the B3-PD probability of default rating and appended a limited default (LD) designation, changing it to B3-PD/LD from B3-PD. The existing rating on the remaining senior secured notes post-exchange has been downgraded to Caa2 from B3 for Advantage Sales & Marketing Inc. The existing B3 rating on the senior secured term loan was reviewed in the rating committee and remains unchanged and will be withdrawn as the debt will no longer be outstanding. The outlook was changed to negative from ratings under review. Previously, the ratings were on review for downgrade. These actions conclude the review for downgrade initiated on February 20, 2026. Moody's assigned B3 ratings to the proposed $559.1 million super priority senior secured notes due 2030 and $1.035 billion super priority senior secured term loan due 2030 issued by Advantage Sales & Marketing Inc., a wholly-owned subsidiary of Advantage. The company's speculative grade liquidity rating remains unchanged at SGL-3. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. On March 11, 2026, Advantage announced it closed on an exchange offer with creditors representing approximately $1.7 billion of debt maturing between 2027 and 2028. Under the transaction support agreement, Advantage exchanged the existing term loan and notes into new term loan and notes due 2030 with high participation rates of 99%+ on both offers. In connection with the exchange offer, Advantage solicited consents from note holders to eliminate substantially all covenants and release all collateral securing the debt. As a result, debt holders who did not participate in the exchange offer were subordinated to the new debt. The 2027 senior secured term loan is not expected to have a remaining stub balance and therefore would not be subject to subordination. The confirmation of the B3 CFR and revision of the outlook to negative reflects Moody's expectations that Advantage's earnings and profitability will be pressured in 2026 from declines in branded services and from revenue mix shifts towards the lower-margin experiential segment. As a result, Moody's expects that Advantage's credit metrics will remain weak through 2026 with debt/EBITDA sustained near 7x with flat to low single-digit revenue growth. The extension of the company's debt maturities to 2030 provides a more manageable timeline for the company to implement its productivity and profitability improvements including its multi-year IT transformation ending this year. Despite a 7.4% reduction (approximately $125 million), the new exchanged debt carries interest rates that are 175-250 basis points higher than the existing debt, leading to an increase in interest expense by around $20 to $25 million per annum and $10 million year-over-year in 2026. ESG considerations, specifically governance associated with financial strategy and risk management, were key drivers in the rating actions given the company's tolerance for high debt leverage and inconsistency with meeting financial targets. RATINGS RATIONALE Advantage's B3 CFR is constrained by elevated financial leverage, with debt/EBITDA of 6.9x at the end of 2025 pro forma for the debt exchange. Moody's expects that operating performance will continue to be pressured by lower demand for traditional marketing services from consumer packaged goods companies and retailers, and a weakening consumer macro environment that will drive lower commission revenue. Absent voluntary debt repayment, Moody's expects debt/EBITDA will remain flat in 2026 before improving in 2027 from earnings growth and debt repayment. Profitability as measured by EBITDA margin is expected to decline slightly to 6.5% in 2026 from revenue mix shifts and remain pressured through 2027. Revenue growth is projected to be flat to 2% from growth in experiential services offset by declines in branded services with retail services roughly flat. Moody's expects the company will focus on finalizing its IT transformation, improving labor productivity, and winning new business. At the same time, the rating considers Advantage's market-leading position as the largest sales and marketing agency (SMA) in the US, its base of large national accounts and broad service offerings and high customer retention rates. The SMA industry is primarily led by Advantage and its closest competitor, Acosta Holdings Corp. (B2 stable). Ongoing consolidation among mass retailers and consumer packaged goods space also creates more competition. The potential loss of a key customer poses a significant risk due to Advantage's high customer concentration, with its top five clients accounting for 22% of 2025 revenue. The B3 ratings on the new super priority senior secured notes and term loan reflect their ranking within the capital structure behind the ABL and minimal first loss support provided by the limited amount of stub debt and unsecured claims. The super priority senior secured term loan and notes rank junior to the company's $500 million ABL revolver and have a super priority lien on essentially all assets of the company, except for the ABL priority collateral (includes cash and receivables) to which they have a second lien. The old 2028 secured notes are rated Caa2 due to the subordination and significant amount of senior secured debt ahead of them in the capital structure. The old notes, which were senior prior to the exchange, have had all of their collateral released. The "/LD" designation reflects Moody's views that the debt exchange was a distressed exchange, which is a default under Moody's definitions, given weak trading prices, the implied loss to creditors in the form of extended maturities, and the subordination of the debt holders who do not participate in the exchange. The "/LD" designation will be removed in about three business days. Advantage's SGL-3 rating reflects the company's adequate liquidity profile, based on access to an unrated $500 million ABL revolving credit facility that was undrawn with $438 million available after letters of credit as of December 31, 2025. The company separately completed a maturity extension of its ABL facility to January 2030 concurrently with the debt exchange. Cash and cash equivalents of $240.9 million as of December 31, 2025 are expected to decline to around $120 million pro forma for the exchange including debt repayment, transaction costs, and related fees & expenses. Moody's expects the company will generate free cash flow of around $40 to $50 million in 2026 from improved working capital efficiency and lower project capital expenditures. Moody's expects that the company has sufficient domestic cash and cash flow to fund the near-term operational needs of the business, capital expenditures, and term loan amortization payments. The company's term loan is subject to a mandatory debt amortization payment of 2.5% or $26 million annually. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to $100 million, plus unlimited amounts subject to first lien net leverage ratio equal to or smaller than Amendment Date first lien net leverage ratio minus 1.00x. There is no inside maturity sublimit. The credit agreement is expected to prohibit the designation of unrestricted subsidiaries, preventing collateral "leakage" to such subsidiaries. No credit party may make any disposition of material intellectual property to any non-guarantor. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate or have the effect of subordinating the debt or liens unless such lenders can ratably participate in such priming debt. Incurrence of additional debt for the purpose of influencing any voting threshold is prohibited. All intercompany debt owed to non-guarantors and guarantees of non-guarantor debt must be unsecured and subordinated. The term loan is not subject to financial maintenance covenants. The ABL is subject to a 1.0x minimum fixed charge coverage ratio when availability falls below either 10% of the maximum borrowing amount or $25 million. The negative outlook reflects Moody's expectations that modest EBITDA declines over the next 12–18 months will weaken credit metrics, with debt/EBITDA rising to the high-6x range. While free cash flow is expected to improve in 2026 from lower restructuring charges and working capital improvements, it is likely to soften in 2027 as working capital normalizes and profitability declines. The outlook could be revised to stable if the company reduces financial leverage through earnings growth and debt reduction while maintaining positive free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded should Advantage demonstrate sustained revenue growth in the mid-single-digits percentage range, improving profitability rates, debt/EBITDA sustained below 6x, and good liquidity. The ratings could be downgraded if Advantage's revenue or earnings decline, debt/EBITDA is sustained around 7x, EBITA/interest expense is at or below 1x, or Moody's expects negligible free cash flow. An aggressive financial policy including share buybacks, dividends or acquisitions that weaken credit metrics and/or liquidity would also pressure ratings. Advantage Solutions Inc. (NASDAQ:ADV), headquartered in St. Louis, MO, is a business solutions provider to consumer packaged goods manufacturers and retailers. It provides outsourced sales, marketing and merchandising services, primarily in the US and Canada, and also in select markets abroad. Advantage has significant ownership concentration from institutional investors consisting of affiliates of CVC Capital Partners, Leonard Green & Partners, Centerview Capital, L.P., and Bain Capital. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AHP HEALTH: Moody's Affirms 'B1' CFR, Alters Outlook to Stable -------------------------------------------------------------- Moody's Ratings affirmed AHP Health Partners, Inc.'s ("AHP Health" dba "Ardent Health") B1 corporate family rating, B1-PD probability of default rating, Ba3 rating on backed senior secured bank credit facility and B3 rating for senior unsecured notes. AHP Health's speculative grade liquidity (SGL) rating remains SGL-1. At the same time, Moody's changed the outlook to stable from positive. The affirmation of AHP Health's ratings reflect Moody's expectations that the company will maintain solid credit metrics and very good liquidity. Moody's anticipates that the company will continue to operate with debt/EBITDA in the mid-to-high 3.0x range. The outlook change reflects the expectation of slower pace of deleveraging resulting from elevated professional fees and payor denials, which are likely to constrain the company's profitability in the next 12 months. RATINGS RATIONALE AHP Health's B1 CFR reflects the company's good scale with dominant position in the company's key markets. The rating benefits from the company's business model of working effectively with select not-for-profit health systems in joint venture partnership arrangements. AHP Health's rating is constrained by geographic concentration in Texas, Oklahoma and New Mexico, from where it derives more than 75% of its revenue. The company also has concentrated ownership structure with two investors owning approximately 75% of the company's shares. Other constraining factors include industrywide challenges of cost inflation and reimbursement pressures. The company has lowered its EBITDA guidance recently owing to elevated levels of professional fees and payor denials. Moody's expects that AHP Health will maintain very good liquidity over the next 12 to 18 months. As of December 31, 2025, the company's cash and cash equivalents totaled $709.6 million. The company also had $294 million available under its $325 million asset-based revolving credit facility (ABL). Moody's expects that AHP Health will generate free cash flow of $60-$70 million in the next 12 months. The ABL contains a springing minimum fixed charge coverage covenant of 1.0x that is tested when availability falls below the greater of $25.0 million or 10% of the ABL. Moody's do not expect the covenant on the ABL will be tested. Moody's also expects the company to remain in compliance with the three Ventas Master Lease financial covenants (portfolio coverage ratio greater than/equal to 2.2x, guarantor fixed charge ratio greater than/equal to 1.2x, and guarantor net leverage ratio less than/equal to 6.75x). The company's alternate liquidity options are limited, as the majority of its assets are encumbered by bank credit facilities. AHP Health's backed senior secured term loan B is rated Ba3, one notch higher than the B1 CFR. This reflects its priority position compared to first loss absorbing unsecured notes. The term loan has a second lien pledge on substantially all of the company's accounts and other receivables that are securing the $325 million ABL facility (unrated). The senior unsecured notes are rated B3, reflecting the notes' junior position to a significant amount of senior secured debt. The stable outlook reflects company's resilient free cash flow and Moody's expectations that the company will operate with financial leverage in the 3.5x-4.0x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if AHP Health sustains debt/EBITDA below 3.5x while maintaining sustained organic growth and consistently positive free cash flow. The ratings could be downgraded if liquidity weakens or if AHP Health experiences a deterioration in operating performance that can include a decline in margins or cash flow coverage metrics. A downgrade could also occur if the company makes a material debt-funded acquisition or shareholder initiative, or if debt/EBITDA is sustained above 4.5x. AHP Health Partners, Inc., headquartered in Brentwood, TN, is a leading provider of healthcare through a system of 30 acute care hospitals and more than 280 sites of care across six states in the US. The company is listed on the New York Stock Exchange; however, approximately 75% of its shares are owned by two investors (EGI-AM Investments, L.L.C. and Pure Health Holding PJSC). The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ALBERT WHITMAN: Court Extends Cash Collateral Access to March 28 ---------------------------------------------------------------- Albert Whitman & Company received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court issued its tenth interim order authorizing the Debtor to use cash collateral through March 28 to pay the expenses set forth in its budget and additional amounts that Republic Business Credit, LLC approves in advance. RBC holds an interest in the Debtor's cash, which constitutes cash collateral. As of the petition date, the Debtor owed RBC at least $208,800.96 under a 2023 purchase agreement, which allows the Debtor to obtain cash to operate its business from the sale of its accounts receivable to RBC. As adequate protection, the tenth interim order authorized the Debtor to grant RBC perfected replacement liens on its pre-bankruptcy collateral and any assets acquired by the Debtor after the petition date. These replacement liens will have the same priority and extent as RBC's pre-bankruptcy lien. In case the protection granted proves to be insufficient, RBC will have an allowed claim pursuant to Section 507(b) under the Bankruptcy Code, with priority over all other claims. A copy of the order and the Debtor's budget is available at https://tinyurl.com/3d22mdej from PacerMonitor.com. About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtors legal counsel. Republic Business Credit, LLC, as secured creditor, is represented by: Michael A. Brandess, Esq. Husch Blackwell, LLP 120 South Riverside Plaza, Suite 2200 Chicago, IL 60606 Phone: 312-526-1542 michael.brandess@huschblackwell.com ALCOA CORP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Positive -------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Alcoa Corporation (Alcoa), Alumina Pty Ltd. (Alumina Pty) and Alcoa Nederland Holding B.V. (Alcoa Nederland) at 'BB+'. Fitch has also affirmed Alcoa Nederland's and Alumina Pty's senior unsecured note ratings at 'BB+' with a Recovery Rating of 'RR4' and Alcoa Nederland's senior secured revolver rating at 'BBB-'/'RR2'. The Rating Outlook has been revised to Positive from Stable. The ratings reflect Alcoa's leading positions in bauxite, alumina and aluminum, solid cost position, disciplined spending, and operational flexibility. The ratings also factor in exposure to aluminum and alumina price volatility. The Positive Outlook reflects expected break-even at the San Ciprian operations by the end of 2027, productivity improvements at operations, and actions at transformation assets that should lift margins through the cycle. Fitch expects EBITDA leverage to remain at or below 2.0x and not exceed 3.5x. Key Rating Drivers Variable Profitability, Deleveraging: Alcoa's goal to deleverage toward modest debt levels and maintain high cash balances is prudent, given the company's profitability volatility since inception. Over the past 10 years, EBITDA has ranged from about $500 million (2023) to over $3 billion (2018) and averaged about $1.8 billion. Alcoa is targeting near-term non-core asset sales in the range of $0.5 billion to $1.0 billion. In addition, Alcoa can monetize is interest in Saudi Arabian Mining Company (Ma'aden) beginning in 2028. Fitch expects profitability improvement to be challenged before the San Ciprian smelter is fully restarted (break-even at the complex by 2H27) and at current bauxite grades (through 2029). Fitch's rating case assumes conservative EBITDA margins at about 11% compared to nearly 15% in 2025, 13% in 2024 and nearly 5% in 2023. The rating case shows the ability to fund capex and reduce debt to $1.75 billion by the end of 2029. Credit Conscious Capital Allocation: Fitch expects share repurchases to be limited as the company focuses on deleveraging and innovation project spending to be funded in a credit-conscious manner. Fitch assumes that capital allocation will be balanced relative to the company's commitment to a strong balance sheet, as evidenced by Alcoa's modest dividend. Fitch expects capital expenditure (capex) to remain elevated over the next few years if earnings and liquidity are supportive but notes that there is some flexibility. Sensitivity to Aluminum Prices: Fitch assumes average London Metal Exchange (LME) aluminum prices for 2026 of $2,550 per tonne (t) and $2,500/t thereafter. While bauxite and alumina are priced relative to market fundamentals, and the alumina segment accounted for 45% of segment adjusted EBITDA in FY25, bauxite and alumina prices are sensitive to aluminum prices over the long run. The company estimates a $100/t change in the LME price of aluminum affects segment adjusted EBITDA by $237 million, including the effect of the power LME-linked agreements. Middle East Impacts Uncertain: Given natural gas supply disruptions, smelter curtailments would take some time to restart and result in higher LME pricing for aluminum. Difficulties shipping raw materials in or aluminum out of the region would also tend to result in short-term aluminum price increases. However, weaker aluminum production would pressure an already weak alumina market absent curtailments in refining capacity. Low-Cost Position: Alcoa's cost position and operational diversification provide financial flexibility through the cycle. Wood Mackenzie assesses Alcoa's average C-1 bauxite and alumina costs to be in the first quartile and its average aluminum C-1 costs to be in the third quartile of the 2026 global cost curves. Most of Alcoa's alumina facilities are located next to its bauxite mines, cutting transportation costs and allowing consistent feed and quality. Aluminum assets benefit from prior optimization and smelters co-located with cast houses to provide value-added products, including slab, billet and alloys. Peer Analysis Fitch consolidates the ratings of Alcoa Nederland and Alumina Pty with Alcoa under the stronger subsidiary path in its "Parent and Subsidiary Linkage Rating Criteria (PSL)," reflecting strong operational and strategic linkages. The ratings of Alcoa Nederland's and Alumina Pty's notes benefit from guarantees by Alcoa and certain subsidiaries. Although Alcoa is larger and more diversified, its earnings are more volatile than those of its metal peers: Commercial Metals Company (BB+/Stable), Carpenter Technology Corporation (BBB-/Stable) and AZZ Inc. (BB/Positive). Commercial Metals is Alcoa's closest peer in terms of EBITDA and margin. Fitch-rated aluminum peers include China Hongqiao Group Limited (Hongqiao; BB+/Stable) and Aluminum Corporation of China Limited (Chalco; BBB+/Stable). Hongqiao benefits from its larger size, higher vertical integration and higher EBITDA margins. Hongqiao has a less sophisticated product range, as well as less operational and end-market diversity than Alcoa, but it maintains a higher EBITDA margin due to the scale and efficiency of its core aluminum smelting business. Fitch expects Hongqiao and Alcoa to have similar EBITDA net leverage on average. Chalco's ratings are equalized with those of its parent, Aluminum Corporation of China (Chinalco; BBB+/Stable), to reflect strong operational and strategic linkages under the strong parent/weak subsidiary path of Fitch's PSL. Chinalco is rated two notches below the Chinese sovereign (A/Stable), under Fitch's "Government-Related Entities Rating Criteria," reflecting the state's strong incentive to support the company. Fitch’s Key Rating-Case Assumptions - Fitch aluminum price assumptions published Dec. 4, 2025 (LME spot) of $2,550/t in 2026 and $2,500/t thereafter; - Shipments in line with guidance; - EBITDA margins average about 11%; - Capex at the $800 million per year level from 2027; - Ma'aden monetized as lock-up expires; - Dividends at the current rate. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb, Higher), Financial Structure (bbb-, Lower), and Financial Flexibility (bb+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be above 3.0x on a sustained basis; - EBITDA margins sustained below 10%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Visibility into the future of the San Ciprian operations; - EBITDA margins expected to be sustained above 15%, indicating higher value-added production and/or more disciplined markets; - EBITDA leverage expected to be sustained below 2.0x. Liquidity and Debt Structure As of Dec. 31, 2025, cash on hand was $1.6 billion, with an undrawn $1.25 billion secured revolver (RCF) expiring on June 27, 2027, and an undrawn $200 million secured Japanese yen revolver expiring on April 25, 2026. The RCF has a maximum debt to capitalization ratio of 0.6x and a minimum interest coverage ratio of 4.0x (EBITDA to cash interest expense). Fitch expects Alcoa to generate positive free cash flow on average in its rating case. Issuer Profile Alcoa is among the world's largest low-cost bauxite and alumina producers, with a leading position in low third-quartile cost aluminum products. 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 Alcoa. 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 ----------- ------ -------- ----- Alcoa Nederland Holding B.V. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR2 BBB- Alumina Pty Ltd LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Alcoa Corporation LT IDR BB+ Affirmed BB+ ALL PRO CONSTRUCTION: Seeks Subchapter V Bankruptcy in Alabama -------------------------------------------------------------- On March 19, 2026, All Pro Construction Service LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About All Pro Construction Service LLC All Pro Construction Service LLC is a construction company engaged in providing building, contracting, and related project services for residential and commercial clients. All Pro Construction Service LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40309) on March 19, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge James J. Robinson handles the case. The Debtor is represented by Christopher R. Messer, Esq. of Jennings and Messer, P.C. ALL SEASONS: Linda Leali Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for All Seasons Joy, LLC. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About All Seasons Joy LLC All Seasons Joy, LLC owns five rental properties located in Riviera Beach, Florida. All Seasons Joy filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12879) on March 9, 2026, with $1 million to $10 million in both assets and liabilities. Hughetta Davis, manager, signed the petition. Frank M. Wolff, Esq., at Nardella & Nardella, PLLC represents the Debtor as legal counsel. ALLEGRO CLO V-S: Fitch Lowers Rating on Class F Notes to 'Bsf' -------------------------------------------------------------- Fitch Ratings has downgraded the class F notes of Allegro CLO V-S, Ltd (Allegro CLO V-S) by one notch to 'Bsf' from 'B+sf' and assigned a Negative Outlook. Fitch also affirmed the other rated note classes of Allegro CLO V-S and revised the Outlook on the class E notes to Negative from Stable. The Outlooks on the other rated classes remain Stable. Entity/Debt Rating Prior ----------- ------ ----- Allegro CLO V-S, Ltd. A-1 01750RAC4 LT AAAsf Affirmed AAAsf A-2 01750RAE0 LT AAAsf Affirmed AAAsf B-1 01750RAG5 LT AA+sf Affirmed AA+sf B-2 01750RAJ9 LT AAsf Affirmed AAsf C-F 01750RAL4 LT Asf Affirmed Asf C-T 01750RAN0 LT Asf Affirmed Asf D-1 01750RAQ3 LT BBBsf Affirmed BBBsf D-2 01750RAS9 LT BBB-sf Affirmed BBB-sf E 01751CAA0 LT BB-sf Affirmed BB-sf F 01751CAC6 LT Bsf Downgrade B+sf X 01750RAA8 LT AAAsf Affirmed AAAsf Transaction Summary Allegro CLO V-S is a broadly syndicated collateralized loan obligation (CLO) that closed in July 2024 and is managed by AXA Investment Managers Inc., which is now under BNP Paribas Asset Management. The transaction will exit its reinvestment period in June 2029 and is secured primarily by first-lien, senior secured leveraged loans. KEY RATING DRIVERS Cumulative Par Losses and Portfolio Spread Compression The downgrade of the class F notes and Outlook revisions reflect cumulative portfolio par losses of 2.7%, up from 0.9% at the last review in June 2025. Based on the February 2026 reported collateral balance, adjusted for trustee-reported recoveries on defaulted assets, recent losses were driven mainly by credit risk sales. These sales contributed to a 0.7% loss in the original target portfolio balance over the past two monthly reporting periods. As a result, credit enhancement (CE) and break-even default rate (BEDR) cushions have eroded for the rated notes. In addition, the weighted average spread (WAS) declined to 3.11% from 3.38% at the last review in June 2025, which also contributed to weakening performance in the junior classes. Improving Portfolio Credit Quality and Portfolio Diversification Despite recent par losses from credit risk sales, the overall credit quality of the performing portfolio has improved to 'B+'/'B' from 'B', as evidenced by the Fitch-calculated weighted average rating factor (WARF) decreasing to 23.0 from 23.9 at the last review. Fitch considered 0.3% of the portfolio as defaulted. Exposure to assets with a negative outlook decreased to 13.0% from 17.9%, and exposure to assets on the Fitch Watchlist has declined to 7.8% from 8.3% at the prior review. The number of obligors in the portfolio also increased to 334 from 316 at last review. The top 10 obligors comprise 7.5% of the performing portfolio (excluding principal cash) compared to 7.9% at the last review. Updated Cash Flow Analysis Based on an updated cash flow analysis of the current portfolio, Fitch downgraded the class F notes and affirmed the class E notes at one notch above their respective model-implied ratings (MIRs). Fitch's rating actions on the two classes differed from the MIRs because failures in the class E and F notes were limited to one or two scenarios within the back-default timing scenarios. Fitch also revised Outlooks on the class E and F notes to Negative from Stable due to the limited positive BEDR cushions at their current rating levels. All other rating actions for the other classes of notes were in line with their MIRs. The Stable Outlooks reflect Fitch's expectation that the notes have sufficient credit protection to withstand potential deterioration in the credit quality of the portfolios under stress scenarios commensurate with each class's rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrades may occur if realized and projected losses of the portfolio are higher than what was assumed at closing and the notes' credit enhancement does not compensate for the higher loss expectation than initially assumed. - A 25% increase of the mean default rate across all ratings, along with a 25% decrease of the recovery rate at all rating levels for the current portfolio, may lead to downgrades of up to four notches, based on MIRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Except for the tranches already at the highest 'AAAsf' rating, upgrades may occur in the event of better-than-expected if portfolio credit quality and transaction performance; - A 25% decline in the mean default rate across all ratings, along with a 25% increase of the recovery rate at all rating levels for the current portfolio, may lead to upgrades of up to five notches, based on the MIRs. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Allegro CLO V-S, Ltd. 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. ALTICE USA: Barings Global Marks $2.7MM Loan at 26% Off ------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $2,723,000 loan issued by Altice USA Inc. to market at $2,023,737 or 74% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a loan extended to Altice USA Inc. The loan accrues interest at a rate of 11.75 per annum. The loan matures on Jan. 31, 2029. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Altice USA Inc. Altice USA Inc. is a U.S.-based cable and telecommunications company that provides broadband, pay television, telephone and media services to residential and business customers. ALYSA HAMMONS: Fannie Mae Wants Receiver for Sacramento Property ---------------------------------------------------------------- Federal National Mortgage Association, aka Fannie Mae, filed a motion with the U.S. District Court for the Eastern District of California, seeking the appointment of Jacqueline Kimaz as receiver for Alysa Hammons, trustee of the Richard Carlos Roja 2024 Revocable Living Trust, dated August 17, 2024. The Proposed Receiver will take possession and control of the property located at of 2823 U Street, Sacramento, CA 95817, with APN 010-0123-014, to, among other things, (a) protect, preserve, secure, manage, and operate the Property, (b) collect the rents, issues, and profits of the Property; and (c) take all other actions and exercise the authority outlined in the Order Appointing Receiver and Order to Show Cause and Temporary Restraining Order - Rents, Issues, and Profits. As an alternative to the appointment of a receiver, Fannie Mae seeks a turnover order directing Borrower to pay all Rents directly to Fannie Mae. The Property, valued at $575,000, is collateral for Alysa Hammons's loan. Borrower has defaulted on its obligations to Fannie Mae under the Loan Documents, and Borrower's defaults give Fannie Mae the remedial right to seek the appointment of a receiver for the property. On August 11, 2005, Richard C. Roja as the Original Borrower executed an Adjustable Rate Mortgage Note, payable to the order of World Saving Bank, FSB, a Federal Savings Bank, in the original stated principal amount of $575,000. On January 12, 2025, the Original Borrower died. Upon his death, under the terms of The Richard Carlos Roja 2024 Revocable Living Trust, Alysa Hammons became the sole trustee of the Trust, as stated in the Affidavit of Death of Trustee, dated April 24, 2025, and recorded on May 7, 2025, as Instrument No. 202505071002 in the Records. On January 21, 2026, Wells Fargo Bank, National Association, successor in interest to World Savings Bank, FSB, previously known as World Savings and Loan Association, a Federal Savings and Loan Association, assigned to Fannie Mae the Deed of Trust by that certain Corporation Assignment of Deed of Trust, which was recorded on January 23, 2026. The Loan was further secured by the Borrower's interest in all property located on or used or acquired in connection with the operation and maintenance of the Property as more fully described in the Deed of Trust and perfected by that certain UCC-1 Financing Statement filed with both the Records and the California Secretary of State. Fannie Mae has a valid and enforceable first priority lien and security interest on the Property and is entitled to exercise all remedies that were originally granted to Original Lender under the Loan Documents. Fannie Mae is the current owner and holder of the Note, the Deed of Trust, and the other Loan Documents described herein. Fannie Mae is a government-sponsored enterprise and a federally chartered corporation that Congress created to enhance the nation's housing-finance market, with a public mission to provide liquidity, stability, and affordability to the U.S. housing market, including the quality market, affordable rental housing. Fannie Mae is operating under the conservatorship of the Federal Housing Finance Agency ("FHFA"), which is an independent agency of the United States created in 2008 to supervise certain Government Sponsored Enterprises, including Fannie Mae. Borrower failed to make its monthly debt service payments when due under the terms of the Note, for May 2025 through January 2026. On May 15, 2025, Borrower owed $ 3,226.87 as its monthly payment but did not pay it. The same amount went unpaid on June 15, July 15, August 15, and September 15, 2025. On October 15, 2025, Borrower owed, as its monthly payment, $3,394.21, but did not pay it. The same amount went unpaid on November 15, December 15, 2025, and January 15, 2026. Borrower's continuing failure to timely pay all amounts required by the Loan Documents extends beyond all applicable notice and cure periods and, as such, constitutes Events of Default pursuant to Section 9(A) of the Note. Fannie Mae provided notice of such Events of Default to Borrower, as evidenced in part by a Notice of Default and Demand for Payment by Fannie Mae to Defendant dated August 28, 2025, and a Notice of Default and Acceleration of Debt, sent by its attorney Reed Smith. Before sending Borrower the First and Second Demand Letters, Borrower was given multiple opportunities to bring the loan current. On October 6, 2025, a representative of the Special Servicer emailed Borrower requesting confirmation of a date and time, October 9, 2025, at 2:00 p.m. PST, for a site visit and inspection of the Property. Borrower responded that there was no set delivery date for the air conditioners, and also informed the representative that there was "a rogue tenant that has not paid rent, and we are trying to figure out the legal steps to address this issue." On October 23, 2025, Reed Smith, on behalf of Fannie Mae, mailed and emailed Borrower a letter setting forth terms that would allow Borrower and Fannie Mae to discuss a potential workout or restructuring plan for the loan, without waiving any rights. Fannie Mae, a secured lender, contends it is entitled to the appointment of a receiver because such appointment is necessary to protect its interests in the Property pending foreclosure and to direct rents toward operating expenses. As Conservator, FHFA succeeded to all of Fannie Mae's rights, titles, powers, privileges, and assets. It is also empowered to preserve and conserve Fannie Mae's assets and property, to operate Fannie Mae, to perform all of its functions, and to collect all obligations and money due to Fannie Mae. Congress also mandated that no court may take any action to restrain or affect the exercise of being a conservator. Although Fannie Mae contends it is entitled to a receiver and a receiver is the best option allowing Fannie Mae to protect its interest in the collateral, in the event the Court is not inclined to grant such a remedy, as an alternative to appointment of a receiver, Fannie Mae seeks a turnover order directing Borrower to pay all rents directly to Fannie Mae. Upon the occurrence of an Event of Default, Borrower's license to collect Rents is "terminable at the sole option of Lender without regard to the adequacy of its security and without written notice to or demand upon Borrower." While Borrower fails to meet its obligations, it continues to collect rents generated by the Property, which is Fannie Mae's collateral. This is fundamentally unfair; Borrower is unjustly enriched by retaining income from the Property that secures the very debt Borrower refuses to pay. Borrower should not be permitted to enjoy the benefits of ownership (rent collection) while shirking the burdens (repaying the Loan). A turnover order would restore the status quo and is necessary to protect Fannie Mae's security interest in the collateral and remedy the fundamental unfairness of the Borrower's continued rent collection. It is also less intrusive and costly than a full receivership. About Alysa Hammons Alysa Hammons is the trustee of the Richard Carlos Roja 2024 Revocable Living Trust, which owns a property located at 2823 U Street, Sacramento, California. Hammons is facing a receivership case captioned as Federal National Association, aka Fannie Mae v. Alysa Hammons, trustee of the Richard Carlos Roja 2024 Revocable Living Trust, Case No. 2:26-cv-00576 (E.D. Calif.), before the Hon. Daniel J. Calabretta. The case was filed on Feb. 24, 2026. Attorneys for Plaintiff Fannie Mae: Marsha A. Houston, Esq. REED SMITH LLP 1901 Avenue of the Stars, Suite 700 Los Angeles, CA 90067-6078 Tel: +1 310 734 5200 Fax: +1 310 734 5299 E-mail: mhouston@reedsmith.com - and - Phillip Babich, Esq. REED SMITH LLP 101 Second Street, Suite 1800 San Francisco, CA 94105-3659 Tel: +1 415 543 8700 Fax: +1 415 391 8269 E-mail: pbabich@reedsmith.com AMC ENTERTAINMENT: Secures $425MM Facility to Refinance Odeon Notes ------------------------------------------------------------------- AMC Entertainment Holdings, Inc. disclosed in a regulatory filing that the Company, together with its wholly-owned subsidiary Odeon Finco PLC, entered into a commitment letter with Deutsche Bank AG New York Branch providing for a new senior secured credit facility of Odeon in an aggregate principal amount of up to $425,000,000. Odeon intends to use the proceeds of the Odeon Credit Facility, if consummated, to refinance its existing 12.750% Senior Secured Notes due 2027 and pay related fees and expenses. The Odeon Credit Facility is expected to strengthen the Company's balance sheet, extend debt maturities, and reduce interest rates while preserving flexibility to streamline and simplify the capital structure. In connection with entering into the Commitment Letter, the Company has decided not to proceed with its previously announced offering of senior notes and new term loan facility at this time. The Odeon Credit Facility is expected to consist of a senior secured term loan due 2031, with a fixed 10.50% interest rate and is expected to be issued with 2.00% original issue discount. The final terms of the Odeon Credit Facility, including the senior secured term loan, will be subject to execution of definitive credit documentation and the satisfaction of customary closing conditions. Additional terms: Maturity: -- 5 years from the Closing Date Interest Rate: -- 10.5% per annum, payable quarterly in cash Amortization: -- 1.0% per annum, payable quarterly in cash Call Protection: -- NC-2, with customary 50/25/par step-down -- Payable upon (a) voluntary repayment or prepayment of loans, (b) acceleration (including automatic acceleration upon an insolvency event of default), (c) foreclosure, sale or collection of collateral, (d) sale of collateral in any insolvency proceeding, (e) restructuring, reorganization or compromise of loan obligations by confirmation of plan in any insolvency proceeding, or (f) termination of credit agreement, as liquidated damages and compensation. Special Call: -- Special call provision at 102% until March 31, 2027 in the event of a refinancing of the Muvico Credit Agreement and the Term Loan, with new debt that may be secured and guaranteed by AMC, OCGL and Muvico and their respective subsidiaries. The Odeon Credit Facility is expected to close on or before April 6, 2026. A full text copy of the Commitment Letter is available at https://tinyurl.com/2vpdf5ac Cleansing Materials In connection with the Commitment Letter, the Company previously entered into a confidentiality agreement with the Lender, pursuant to which the Company provided certain confidential information to the Lender and agreed to publicly disclose the Cleansing Materials. The Cleansing Materials include certain revenue and attendance figures for Odeon Cinemas Group Limited for the year-to-date period ending February 28, 2026 and an update to the Company's previous commentary on the industry box office, which are available at https://tinyurl.com/mppsdm6w The Cleansing Materials were provided by the Company solely to facilitate negotiations concerning the Odeon Credit Facility and were not prepared with a view toward public disclosure and should not be relied upon to make an investment decision with respect to the Company. The Cleansing Materials should not be regarded as an indication that the Company or any third party considers the Cleansing Materials to be a reliable prediction of future events, and the Cleansing Materials should not be relied upon as such. Neither the Company nor any third party has made or makes any representation to any person regarding the accuracy of any Cleansing Materials or undertakes any obligation to publicly update the Cleansing Materials to reflect circumstances existing after the date when the Cleansing Materials were prepared or conveyed or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the Cleansing Materials are shown to be in error. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of December 31, 2025, the Company had $8,017.8 million in total assets, $9,912.6 in total liabilities, and $1,894.8 in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all Companys remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). AMERICAN RESOURCES: Gets Extension for Listing Rule Compliance -------------------------------------------------------------- American Resources Corporation disclosed in a regulatory filing that it received a letter from the Nasdaq Stock Market stating that the Company has received an extension for Nasdaq Listing Rule 5620(a). The Nasdaq Stock Market determined that American Resources' scheduled Annual Shareholder Meeting on April 15, 2026 warranted an extension of compliance until that date. A copy of the Letter is available at https://tinyurl.com/ys3ykjhy About American Resources Corp American Resources Corporation operates through subsidiaries that were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the purpose of acquiring, rehabilitating, and operating various natural resource assets, including coal used in the steel-making and industrial markets, critical and rare earth elements used in the electrification economy, and aggregated metal and steel products used in the recycling industries. As of September 30, 2025, the Company had $202,357,184 in total assets, $297,419,289 in total liabilities, and total deficit of $95,062,105. Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 19, 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 that raise substantial doubt about its ability to continue as a going concern. AMERIVET PARTNERS: Ares Strategic Marks $42M Loan at 17% Off ------------------------------------------------------------ Ares Strategic Income Fund has marked its $42,014,000 million loan extended to Amerivet Partners Management, Inc. and AVE Holdings LP to market at $34,871,600 or 83% of the outstanding amount, according to Ares Strategic's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a subordinated loan extended to Amerivet Partners Management, Inc. and AVE Holdings LP. The Loan accrues interest at a rate of 8.25 % PIK per annum. The Loan matures on December 2030. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: The Corporate Secretary Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Amerivet Partners Management, Inc. Amerivet Partners Management, Inc. and AVE Holdings LP appear to be a veterinary-focused platform, with the subordinated loan suggesting a sponsor-backed growth or acquisition financing structure. APEX PAVERS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Apex Pavers Inc. 725 Southeast Monterey Road Stuart, FL 34994 Business Description: Apex Pavers Inc. is a Stuart, Florida-based company that installs and renovates pools and designs and installs paver driveways, patios and walkways. The company maintains a showroom and uses an in-house team for design, construction and project execution, serving residential and commercial clients across South Florida. Chapter 11 Petition Date: March 19, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-13373 Judge: Hon. Erik P Kimball Debtor's Counsel: Craig I. Kelley, Esq. KELLEY KAPLAN DELANEY & ELLER, PLLC 1665 Palm Beach Lakes Blvd The Forum - Suite 1000 West Palm Beach, FL 33401 Tel: 561-491-1200 E-mail: craig@kelleylawoffice.com Total Assets: $5,182,607 Total Liabilities: $4,665,033 The petition was signed by Ryan Paul Figman as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A3CYSUA/Apex_Pavers_Inc__flsbke-26-13373__0001.0.pdf?mcid=tGE4TAMA APEX TURNKEY: Seeks to Tap DeMarco Mitchell as Legal Counsel ------------------------------------------------------------ Apex Turnkey Services, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco Mitchell, PLLC to serve as legal counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. DeMarco Mitchell, PLLC will receive hourly rates of $450 for Robert T. DeMarco, $400 for Michael S. Mitchell, and $150 for paralegals. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About Apex Turnkey Services LLC Apex Turnkey Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40707-elm11) on February 17, 2026. In the petition signed by Kyle Voris, owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Robert T DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. ARC FALCON I: Moody's Affirms 'B2' CFR Amid Financing Transaction ----------------------------------------------------------------- Moody's Ratings affirmed the B2 Corporate Family Rating and the B2-PD Probability of Default Rating for ARC Falcon I Inc. ("Arclin") following the completion of its financing transaction. Moody's also assigned the B2 rating to the company's new five-year senior secured first lien term loan A, and affirmed the B2 rating of the new seven-year senior secured first lien term loan B, the new seven year senior secured first lien notes, the new five year $500 million senior secured first lien revolving credit facility, and the Caa1 rating of its senior secured second lien term loan. The new term loans, secured notes and partial drawdown of the new revolver will be used to fund the pending acquisition of DuPont's Aramids business expected to complete in Q1 2026, refinance the existing first lien term loans, and repay the outstanding first lien revolving credit facility, after its recent acquisitions of Polymer Solutions Group (PSG) and Willamette Valley Company (WVCO) completed in Oct 2025 and Feb 2026 respectively. The outlook remains stable. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. The rating of the planned Euro first lien senior secured term loan will be withdrawn due to change of Arclin's financing plan. The ratings on its existing first lien revolving credit facility and first lien term loan remain unchanged and will be withdrawn once these debts are refinanced and replaced by the new first lien revolver and the new first lien term loans and senior secured notes. RATINGS RATIONALE The rating affirmation and stable outlook reflect Moody's views that, although Arclin's acquisitions will increase financial leverage and introduce near term execution risks, these factors are offset by the company's strengthened business profile, expected deleveraging, and established track record of successfully acquiring and integrating strategic businesses. Arclin's acquisitions of DuPont's Aramids business, PSG, and WVCO are aligned with the company's strategy to diversify and expand its growth platform. The addition of the Aramids business—which produces the high performance synthetic fibers Nomex® and Kevlar®—along with PSG, a manufacturer of specialty additives and release agents, and WVCO, a leading provider of specialty chemicals and automation solutions, significantly enhances Arclin's material science capabilities with a focus on protective and mission critical chemistries. Pro forma for these acquisitions, Arclin's total revenue and Moody's adjusted EBITDA are expected to nearly triple to approximately $2.7 billion and the low- $500 million range, respectively, for the LTM period ended September 2025. The company will also benefit from a broader set of end markets, including automotive, industrials, personal protection, construction, aerospace and defense, consumer products, railroad and transportation infrastructure, and electrical infrastructure, as well as expanded geographic diversification across North America, EMEA, and Asia. To finance these acquisitions, Arclin's total balance sheet debt will also nearly triple, with leverage—as measured by Moody's adjusted debt/EBITDA—rising to the mid-6x range at closing, up from high-5x prior to the transactions. Despite subdued demand in certain end markets such as automotive, industrials, and construction, Moody's expects Arclin's leverage to improve to around 6.0x over the next 12 to 18 months, supported by stable performance from the legacy Arclin business and synergy realization at the acquired Aramids business, PSG, and WVCO, which should more than offset transition related costs. Moody's also expects Arclin to generate modestly positive free cash flow during this period, with operating cash flow sufficient to cover elevated capital expenditures and transition related spending. Moody's base case forecast assumes that Arclin will manage the carve out and integration of the Aramids business, as well as the integration of PSG and WVCO, on schedule and within budget, leveraging its experience and established track record of completing multiple strategic acquisitions. Arclin's credit profile reflects its strengthened business positioning following the acquisitions of the Aramids business, PSG, and WVCO, as well as its leading market positions across key segments. Limited competition in its protective overlays and specialty polymers businesses, along with the spec in characteristics of the Aramids portfolio, support solid EBITDA margins and underpin consistent free cash flow generation. However, Arclin's credit profile remains constrained by its leveraged capital structure, the near term execution risks associated with integrating the acquired businesses, and its acquisitive financial policy under private equity ownership. Pro forma for the new debt financing and the Aramids acquisition, Moody's expects Arclin's liquidity will remain adequate. The company's liquidity will consist of cash on hand and availability under its $500 million revolving credit facility which will remain largely undrawn at transaction close. The revolver includes a springing first lien net leverage covenant of 8.75x, which is tested only if borrowings exceed the greater of $200 million or 40% of the facility at quarter end. Moody's do not expect this covenant to be triggered over the next 12 to 18 months. The B2 ratings on the first lien credit facilities are in line with the B2 CFR reflecting the pari passu ranking of the collateral. The Caa1 rating on the second lien term loan is two notches below the CFR because of the preponderance of secured debt with a priority claim. The stable outlook reflects Moody's expectations that Arclin will integrate the acquired businesses according to plan and its credit metrics will gradually improve to 6.0x in next 12 to 18 months while maintaining good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider an upgrade if Arclin successfully integrates the acquired businesses, its financial leverage, including Moody's adjustments, improves to below 5.0x on sustained basis with consistent positive free cash flows, and a sponsor commitment to a more conservative financial policy. Moody's would consider a downgrade if company encounters integration challenges that result in significant deterioration in liquidity and operational performance, financial leverage, including Moody's adjustments, remains above 6.5x and free cash flow is negative for a sustained period, or if there is a substantial debt-financed dividend or acquisition. Environmental, social and governance factors are factored in Arclin's ratings but not drivers of the action. Arclin's CIS-4 mainly reflects its waste and pollution exposure in its specialty chemical production. It also reflects the company's aggressive financial strategy including high leverage, track record of acquisitions and its ownership by a private equity. Arclin is a materials science company and a leading manufacturer and formulator of proprietary surface overlays and specialty polymers. Its products serve a wide range of end markets, including residential construction and repair and remodel, industrial applications, pharmaceuticals, agriculture, nutrition, water treatment, electronics, mining, and building products finishing services. The company is owned by an affiliate of TJC L.P. Pro forma for the acquisitions of the Aramids business, PSG, and WVCO, Moody's estimates that Arclin's annual revenue will be approximately $2.7 billion. The principal methodology used in these ratings was Chemicals published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ARCANUM VENTURES: Seeks to Hire Allison Hooks as Tax Preparer ------------------------------------------------------------- Arcanum Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Allison Hooks, CPA, Inc. to serve as tax preparer for the Debtor. Ms. Hooks will provide these services: (a) preparing and filing the Debtor's 2025 federal and state tax returns; (b) preparation of all required tax forms and schedules; and (c) filing of federal and applicable state returns. Hooks will charge a flat fee of $1,000 to prepare and file Debtor's 2025 federal and state tax returns. Allison Hooks, CPA, Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Allison Hooks, CPA ALLISON HOOKS, CPA, INC. 1246 Concord Road, SE, #A101 Smyrna, GA 30080 About Arcanum Ventures LLC Arcanum Ventures, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64443) on December 10, 2025. In the petition signed by Robin Kosoris, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge James R. Sacca oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. ARTIFICIAL INTELLIGENCE: Cancels Share Increase After Reverse Split ------------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. disclosed in a regulatory filing that it filed a Definitive Information Statement with the Securities and Exchange Commission for the approval of an Authorized Share Increase by 3,800,000,000 shares from 27,500,000,000 to 31,300,000,000 resulting in a total authorized capitalization of 31,320,000,000 shares, including 20,000,000 shares of Preferred Stock On March 12, 2026, a Reverse Stock Split ratio of 100 for 1 was processed by FINRA. As a result of the Reverse Stock Split, on March 12, 2026, the Board of Directors unanimously voted to not proceed with the Authorized Share Increase. The authorized capitalization remains at 27,520,000,000 shares, including 27,500,000,000 common shares and 20,000,000 shares of Preferred Stock About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. As of August 31, 2025, the Company had $9.53 million in total assets, $56.41 million in total liabilities, and a total stockholders' deficit of $47 million. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ASOCIACION HOSPITAL: Bid Rules for Hospital Operation Sale OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has granted Asociacion Hospital Del Maestro Inc. to sell substantially all Assets, free and clear of liens, claims, interest, and encumbrances. The Debtor has offered good and sufficient reasons for, and the best interest of its estate will be served by, the court granting the Motion to the extent provided in the Order. The Court has authorized the Debtor to conduct the bidding procedures, incorporated by reference and shall govern all Bids relating to the Assets. The Debtor is authorized to take any and all actions necessary or appropriate to implement the Bidding Procedures. The Bidding Procedures are fair, reasonable, and appropriate under the circumstances, and are reasonably designed to maximize the value to be achieved for the Transfer. Authorizing Debtor to designate stalking horse bidder and related bid protections is in the best interests of the Debtor and the Debtor's estate and creditors as it allows the Debtor to secure a fair and adequate baseline price for the Assets at the Auction and, accordingly, will provide a clear benefit to the Debtor's estates, their creditors, and all other parties in interest. Objections to approval of the Transfer (with the exception of objections related solely to the conduct of the Auction, identity of the Successful Bidder, and ability of the Successful Bidder to provide adequate assurance of future performance, which must be received by the Auction Objection Deadline, must be in writing, state the basis of such objection with specificity, and be filed with this court and served on or before April 10, 2026 at 4:00 PM (Atlantic Standard Time) on the following parties. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. a financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by Luis C. Marini-Biaggi, Esq. and Carolina Velaz-Rivero, Esq. at Marini Pietrantoni Muniz, LLC. ASPEN JERSEY: Moody's Affirms 'B3' CFR, Outlook Negative -------------------------------------------------------- Moody's Ratings affirmed Aspen Jersey Topco Limited's (Aptos) B3 corporate family rating and B3-PD probability of default rating. Additionally, Moody's affirmed Aptos Canada Inc.'s senior secured bank credit facilities rating at B3. The outlook on both entities is negative. ESG considerations were key drivers of the actions, especially with respect to corporate governance given the divestiture and debt paydown. RATINGS RATIONALE Aptos' B3 CFR is constrained by its very small revenue scale and exposure to the global retail and apparel industry. Also constraining the rating is Moody's expectations of low but positive free cash flow generation, along with the upcoming maturity of the first lien term loan in March 2027 and the revolver that has a 91 day springing maturity tied to the term loan. Aptos' EBITDA margins of under 20% trail those of its enterprise software peers. Supporting Aptos' rating is its leading market position in the niche fashion footwear and specialty retail focused enterprise software market with good customer and geographic diversification. In December 2025, Aptos sold its LS Retail business for approximately $320 million and used most of the proceeds to repay debt. As a result, the company's leverage improved to around 4x from over 8x debt/EBITDA. The company also generates a good proportion of recurring maintenance and subscription revenue with contractual floors built into customer agreements to mitigate lower transaction volumes. Aptos also has high customer renewal rates. Liquidity is considered weak due to the company's upcoming debt maturities. Despite a robust cash balance of $67 million as of December 31, 2025, Aptos faces near-term refinancing risk from its undrawn $24 million revolver that has a springing maturity on December 03, 2026, and a term loan due March 04, 2027. There are no financial maintenance covenants under the first lien term loan, however the revolving credit facility is subject to a springing net first lien leverage ratio of 7.35x when the amount drawn exceeds 35% of the facility. Moody's do not expect that Aptos will rely on the revolver and project the company will remain in compliance with its financial covenant, if tested. The negative outlook reflects the company's debt maturities that are now due within 12 months. The outlook also reflects Moody's expectations for flat revenue growth over the next 12-18 months, although with leverage remaining low due to Aptos' recent debt repayment. The outlook could be changed to stable if the company successfully refinances its debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company is able to generate organic revenue growth and increase scale, while continuing to operate with debt/EBITDA (including Moody's adjustments) below 6x and sustaining free cash flow to debt at 5% or above. The ratings could be downgraded if Aptos fails to address its upcoming debt maturities in a timely manner. Ratings can also be downgraded if the company continues to face top-line and earnings pressure such that debt/EBITDA (including Moody's adjustments) increases above 7.5x, or the company is unable to sustain positive free cash flow generation. Following the repayment, debt capital is comprised of a $94 million senior secured first lien term loan B due March 2027 and $30 million of senior secured floating rate notes due March 2027 (unrated). The B3 senior secured first lien credit facility (revolver and term loan B) ratings are in line with the B3 corporate family rating since the secured debt (including the unrated senior secured first lien notes) represents the preponderance of debt in Aptos' capital structure. The revolver, term loan B and notes are part of the same debt class and pari passu with each other. The credit facility is supported by a first priority security interest in substantially all the tangible and intangible assets and stock of the borrower and guarantors. The borrower under the senior secured credit facility and senior secured notes is Aptos Canada Inc. Headquartered in Atlanta, GA, Aptos is a leading provider of retail software solutions including point of sale software for mid-market retail. Aptos is majority owned by Goldman Sachs Merchant Banking Division, with remaining shares held by management. Moody's expects the company to generate over $170 million during 2026. The principal methodology used in these ratings was Software published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ASSET ROOFING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Asset Roofing Company LLC 17310 State Route 9 SE Snohomish, WA 98296-8396 Business Description: Asset Roofing Company LLC, doing business as Asset Roofing and Gutters, installs, repairs, replaces, and maintains roofs for residential, commercial, and multi-family properties in Snohomish, Washington, and nearby areas in Washington state. It also provides gutter installation, roof and attic inspections, roof certification services, and maintenance plans for landlords and property managers. Chapter 11 Petition Date: March 19, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-00489 Debtor's Counsel: Jason Wax, Esq. BUSH KORNFELD LLP 601 Union St., Suite 5000 Seattle, WA 98101-2373 Tel: 206-292-2110 Fax: 206-292-2104 Email: jwax@bskd.com Total Assets: $313,384 Total Liabilities: $4,385,280 The petition was signed by Anthony Langdon as chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OS6RMPQ/Asset_Roofing_Company_LLC__waebke-26-00489__0001.0.pdf?mcid=tGE4TAMA ATLAS CC HOLDING: S&P Upgrades ICR to 'CCC', Outlook Negative ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Atlas CC Holding LLC's (dba Cubic Corp.) to 'CCC' from 'CCC-'. S&P said, "At the same time, we raised our issue-level ratings on its second-out $1.4 billion term loan B, $203 million term loan C, and $85 million payment-in-kind (PIK) term loan to 'CCC' from 'CCC-'. "We also raised our issue-level rating on its third-out $164 million second-lien term loan to 'CC' from 'C'. "The negative outlook reflects our view that liquidity could deteriorate more rapidly than previously anticipated should project delays persist or operational performance weaken. This could increase the likelihood of a liability management transaction, debt exchange that we view as distressed, or broader restructuring within 12 months. "We reassessed Cubic credit profile following the credit agreement amendment to defer its cash interest payment due January 2026. "The company faces heightened risk of default over the next 12 months, but despite ongoing cash burn, we believe the company has sufficient liquidity to fund operations over the next three to four quarters. "We raised our rating on Cubic to 'CCC' following our assessment of its cash flow profile and liquidity position. The rating reflects that we do not consider a default to be inevitable within the next six months, although we believe it is likely over the next 12 months. Certain lenders have requested 13-week cash flow forecasts, to which we do not have access; however, we estimate the company maintains approximately $141 million of available liquidity as of Jan. 31, 2026, sufficient to cover operating expenses and planned capital expenditures for the next couple of quarters. "Despite its cash position, we believe Cubic's liquidity position will deteriorate over the coming quarters and a shortfall could occur absent favorable business conditions. Milestone payments related to contracts in its transportation segment could provide some liquidity support in the second half of the year. "We expect Cubic will continue to face cash flow pressure in 2026 and beyond, despite modest revenue growth in its transportation segment. We expect modest revenue growth along with some revenue stabilization as more of its transportation segment projects transition to the operate and maintain phase. This should also lead to more consistent cash generation from these contracts. However, recent weakness in the defense segment amid U.S. procurement reorganization and shifting federal funding priorities add to forecast uncertainty. "While we forecast S&P Global Ratings-adjusted EBITDA margin will improve to about 7% due to planned cost savings, cash flow deficits will likely persist. Additionally, we believe the recent loss of the Transport for London contract poses a potential challenge in future years. Under our base-case scenario, we expect liquidity to tighten in its fiscal second and third quarters with seasonal working capital outflows, though we believe the company could make its deferred interest payment in April without a cash shortfall. "The negative outlook reflects our view that Cubic's liquidity could deteriorate more rapidly than expected should project delays persist or operational performance weaken. This could increase the likelihood of a liability management transaction, debt exchange that we view as distressed, or broader restructuring within 12 months. "We could lower our rating on Cubic if liquidity deteriorates and we believe a distressed exchange, restructuring, or default is imminent. "We could raise the rating on Cubic to 'CCC+' if the company's operating performance improves such that we no longer view a distressed exchange or restructuring as likely within the next 12 months." AVALIGN HOLDINGS: Ares Strategic Marks $1.7M 1L Loan at 34% Off --------------------------------------------------------------- Ares Strategic Income Fund has marked its $1,720,200 loan extended to Avalign Holdings, Inc. and Avalign Technologies, Inc. to market at $1,135,300 or 66% of the outstanding amount, according to Ares Strategic's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a first lien senior secured revolving loan extended to Avalign Holdings, Inc. and Avalign Technologies, Inc. The loan accrues interest at a rate of 10.22 % SOFR (M) 6.50 % per annum. The loan matures on December 2028. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: The Corporate Secretary Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Avalign Holdings, Inc. and Avalign Technologies, Inc. Avalign Holdings, Inc. and Avalign Technologies, Inc. are medical device and orthopedic implant component manufacturers, with the first lien senior secured revolving loan indicating working capital or liquidity support for ongoing operations. AVALIGN HOLDINGS: Ares Strategic Marks $27.5M 1L Loan at 17% Off ---------------------------------------------------------------- Ares Strategic Income Fund has marked its $27,577,200 loan extended to Avalign Holdings, Inc. and Avalign Technologies, Inc. to market at $22,889,100 or 83% of the outstanding amount, according to Ares Strategic Income Fund’s 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a first lien senior secured loan extended to Avalign Holdings, Inc. and Avalign Technologies, Inc. The 1L Loan accrues interest at a rate of 11.07 % ( 3.63 % PIK) SOFR (Q) 7.25 % per annum. The 1L Loan matures on December 2028. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Avalign Holdings, Inc. and Avalign Technologies, Inc. Avalign Holdings, Inc. and Avalign Technologies, Inc. operate in the medical device and surgical instrument space, with the first lien senior secured loan backing leveraged financing for a specialized healthcare manufacturing platform. BAGBY INVESTMENT: Court Extends Cash Collateral Access to April 16 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered a fourth interim order extending Bagby Investment Properties, LLC's authority to use cash collateral until April 16. Under the order, the Debtor is allowed to use cash collateral solely for amounts expressly authorized by the court, including payments to the Subchapter V trustee, and for operating expenses outlined in its budget. Any use of cash collateral outside these limits is prohibited. The Debtor projects total monthly operational expenses of $17,141.50. As adequate protection, lenders will be granted automatically perfected post-petition replacement liens on cash collateral, with the same validity, extent, and priority as their respective pre-bankruptcy liens. The order preserves the rights of the U.S. trustee or any creditors' committee to challenge lien validity, priority, or extent and is without prejudice to future requests for additional adequate protection or restrictions on cash collateral use. The next hearing is scheduled for April 16. The fourth interim order is available at https://shorturl.at/U1aQn from PacerMonitor.com. Bagby generates revenue from its property rentals and has financed its operations on a cash basis. The U.S. Small Business Administration, a pre-bankruptcy lender, asserts a lien on the Debtor's cash and receivables and is owed approximately $1.258 million. The Debtor also has two secured mortgage lenders -- Synovus Bank and SN Servicing -- owed approximately $348,000 and $1.5 million, respectively. About Bagby Investment Properties LLC Bagby Investment Properties LLC owns and manages oceanfront vacation rental homes in South Ponte Vedra Beach, Florida. It operates within the real estate investment and hospitality management sector, focusing on property ownership and rental services along Florida's coastal market, offering short-term stays and event accommodations. Bagby Investment Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03804) on October 21, 2025, listing total assets of $2,962,729 and total liabilities of $3,204,749. Jerrett McConnell, Esq., at McConnell Law Group, P.A., serves as Subchapter V trustee. Judge Jason A. Burgess oversees the case. The Debtor is represented by Thomas Adam, Esq., at Adam Law Group, PA. BANNER RIDGE: Felicitas Marks $7.9M Private Credit Loan at 59% Off ------------------------------------------------------------------ Felicitas Private Markets Fund has marked its $7,913,484 loan extended to Banner Ridge DSCO Fund II (Offshore), LP to market at $3,247,065 or 41% of the outstanding amount, according to Felicitas Private Markets Fund’s N-CSRS for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Felicitas Private Markets Fund is a participant in a private credit extended to Banner Ridge DSCO Fund II (Offshore), LP. The credit is on non-accrual status. The Loan matures on May 20, 2030. Felicitas Private Markets Fund is a corporate issuer in the leveraged finance market. The Fund is led by Brian Smith as President (Principal Executive Officer) and Madeline Arment as Treasurer (Principal Financial Officer). The Fund can be reached at: Brian Smith Felicitas Private Markets Fund c/o UMB Fund Services, Inc., 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2270 About Banner Ridge DSCO Fund II (Offshore), LP Banner Ridge DSCO Fund II (Offshore), LP is a private investment fund that specializes in private credit strategies. BEACH-LASALLE PROPERTIES: Taps Desmond Hughes as Special Counsel ---------------------------------------------------------------- Beach-LaSalle Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Desmond Hughes, Esq., as special counsel. Mr. Hughes will render these services: a. represent the Debtor in the above state court matter; and b. represent the Debtor in conferences, trial(s) and other proceedings in that case; and c. perform such other legal services as may be necessary in connection with the case. At this point this is the only litigation Debtor is currently involved. Mr. Hughes will be paid $250 per hour for his services. Mr. Hughes assured the court that he does not hold or represent any interest adverse to the estate with respect to the matters on which the attorney is employed. The firm can be reached through: Desmond Hughes, Esq. 43 Court St. Suite 930, Buffalo, NY, 14202 Tel: (716) 842-6514 Email: desmond@desmondhughes.com About Beach-LaSalle Properties, LLC Beach-LaSalle Properties, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10017) on January 6, 2026, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Carl L Bucki presides over the case. James M. Joyce, Esq. serves as the Debtor's counsel. BEELINE HOLDINGS: Partners With TYTL to Tokenize Home Equity ------------------------------------------------------------ Beeline Holdings, Inc. has entered into a strategic partnership with TYTL Corp., a blockchain-enabled platform focused on the tokenization of deed-recorded fractional equity interests in U.S. residential real estate as real-world assets (RWAs). The two companies have already completed their first 11 fractional equity transactions, launched an initial portfolio, and are actively building infrastructure to scale. Under the terms of the partnership, Beeline will facilitate the sale of prime residential real estate fractional equity transactions on behalf of TYTL under the BeelineEquity brand. Following transaction completion, final documents will be delivered to TYTL, which will then mint tokens and sell those tokens to deliver U.S. dollars to Beeline Title, a Beeline subsidiary, in escrow for the homeowners to fund the transaction. By leveraging Beeline's digital platform and homeowner application flow, TYTL intends to streamline transaction execution and expand operational throughput as the platform scales. Fractional equity interests are deed-recorded at the municipal level through a standard residential real estate closing process. In addition to facilitating these transactions in partnership with TYTL, Beeline Title will serve as the exclusive title and settlement provider for TYTL transactions, leveraging its digital platform to streamline closings, escrow, and recording workflows. "This partnership integrates traditional real estate closing processes with TYTL's Solana-based infrastructure, allowing deed-recorded ownership to be verified on-chain while maintaining compliance with established property law," said Brendan Reilly, Chief Technology Officer of TYTL. "Beeline's digital mortgage and title platforms provide operational scale that supports the responsible growth of this emerging real-world asset tokenization category." Beeline's Revenue Model and Unit Economics Beeline expects BeelineEquity and Beeline Title to generate revenue through transaction facilitation fees, title and settlement services, and related closing services. Based on internal modeling assumptions, the Company estimates that for every $1 billion in aggregate transaction value facilitated through the platform, cumulative revenue potential could approximate $41 million. Margin expansion potential may develop over time as infrastructure scales. Revenue sources include: * transaction facilitation fees; * title, escrow, and closing services revenue; and * operating leverage derived from digital infrastructure. A $110 Trillion Market with $39 Trillion in Available Equity The U.S. single-family residential real estate market represents approximately $110 trillion in total property value. Within this market, TYTL estimates that roughly $39 trillion represents available homeowner equity -- equity not encumbered by outstanding mortgage debt and potentially accessible for liquidity. Historically, homeowners have relied on HELOCs, refinancing, reverse mortgages, and newer home equity investment products to access liquidity. These structures typically introduce repayment obligations, interest expense, or long-term contractual commitments. Many of the more recent home equity investment offerings require repayment of cash advances in addition to an equity share. A New Asset Class at the Intersection of Property Law and Blockchain TYTL's model is fundamentally different. Rather than recording a deed of trust or memorandum, TYTL acquires deed-recorded fractional equity interests through a one-time traditional sale closing involving properties valued at $1 million or more. The structure requires no appraisal, no credit underwriting, and no future payment obligations from the homeowner. Underwriting focuses on the property, its location, the homeowner's existing equity, and a standard title review -- a streamlined process that reduces friction for both parties. By pairing municipal deed recording with on-chain verification and an AI-assisted valuation and investment platform, TYTL bridges established U.S. property law with programmable blockchain infrastructure. TYTL mints tokens on a 1:1 basis -- one dollar of recorded equity equals one dollar of tokenized value -- and liquidates those tokens through Anchorage Digital Bank, delivering U.S. dollars directly to Beeline Title in escrow. Beeline does not hold or manage tokens. Strengthening an Already-Accelerating Platform Beeline's core mortgage platform continues to perform strongly. Leveraging proprietary AI tools, Beeline closes loans in 14 to 21 days and delivered approximately 100% revenue growth in 2025 versus 2024 despite challenging market conditions. BeelineEquity is complementary to Beeline's already diversified mortgage platform, which combines conventional and select Non-QM products designed to create better outcomes for the gig economy. The partnership with TYTL, a related party, reflects Beeline's broader strategy of identifying and scaling partnerships with innovative financial technology companies, and the company has indicated that it will continue to evaluate strategic opportunities in both traditional mortgage-related businesses and blockchain infrastructure. "We are very well positioned," said Nick Liuzza, CEO of Beeline. "Our mortgage business is firing on all cylinders. The TYTL partnership adds a genuinely differentiated product to our platform that is not tied to interest rates -- one that serves homeowners who need liquidity without the burden of debt, and institutional investors who want prime residential exposure with real liquidity. Both opportunities appear to be emerging at exactly the same time, and we intend to be the platform that captures both." About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $63.2 million in total assets, $11.4 million in total liabilities, and $51.7 million in total equity. BEINGWIZARD LLC: Hires Allison James Estates and Homes as Realtor ----------------------------------------------------------------- BeingWizard LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Allison James Estates and Homes as realtor. The Debtor needs a realtor to procure and submit offers to its property located at 39455 Avenida La Cresta, Murrieta, California. The firm will receive a commission of 3 percent of the property's purchase price. In the event that the property is sold on an overbid to a buyer not procured by the realtor, realtor will nonetheless be entitled to receive a commission not to exceed 3 percent of the accepted sale bid for the property. Jake Ralston and Kelly Smith, real estate agents at Allison James Estates and Homes, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jake Ralston Kelly Smith Allison James Estates and Homes 1902 Wright Place, Suite 200 Carlsbad, CA 92008 Telephone: (951) 837-1650 About BeingWizard LLC BeingWizard LLC owns and leases residential real estate in Murrieta, California. BeingWizard LLC filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-10770) on Jan. 30, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Tracy Ray, chief executive officer, signed the petition. Judge Scott H. Yun oversees the case. Richard T. Baum, Esq., serves as the Debtor's counsel. BELWOOD INVESTMENTS: Seeks Ch. 11 Bankruptcy to Avert Foreclosure ----------------------------------------------------------------- The Real Deal reports that an investor aiming to flip a Malibu home formerly owned by Kanye West has filed for Chapter 11 bankruptcy protection to stop an imminent foreclosure auction. The move was made on the eve of the sale, triggering an automatic stay. The property is linked to Belwood Investments, which had intended to reposition and sell the luxury residence for a profit. Financial pressures, however, mounted as debt obligations tied to the asset grew. According to filings, the company carries approximately $155 million in debt, placing significant strain on its ability to retain the property. The bankruptcy filing gives the debtor time to negotiate with creditors and evaluate restructuring strategies. The situation highlights ongoing challenges in the luxury real estate market, particularly for investors relying on high leverage. The outcome will likely depend on whether the company can restructure its debt or secure a buyer under court protection, the report states. About Belwood Investments LLC Belwood Investments operates as a real estate investment company focused on luxury residential properties across the United States. The firm targets high-end homes with redevelopment potential, seeking to generate returns through renovation and resale strategies. Belwood Investments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:26-10849) on March 18, 2026. In its petition, the Debtor reports $100 million to $500 million in assets and $50 million to $100 million in liabilities. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Michael Jay Berger, Esq. of the Law Offices of Michael Jay Berger. BEST CHEER: BG Law & Waldrep Firms Represent Silicosis Claimants ---------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Best Cheer Stone, Inc. and its debtor-affiliates, BG Law LLP and Waldrep Wall Babcock & Bailey PLLC filed with the United States Bankruptcy Court for the Central District of California, Santa Ana Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that both law firms represent a group of Silicosis claimants. The Verified Statement disclosed that: 1. Before the initiation of such representation, the Claimants all engaged Brayton Purcell LLP to pursue their claims on an individual basis against the Debtor. 2. To protect the Claimant's privacy, their addresses have been omitted from this disclosure. The Claimants represented by BG and Waldrep do not constitute a committee of any kind. 3. Each Claimant has signed a General Power of Attorney that authorizes Brayton Purcell to "sign any documents, and to take any other actions required in connection with the bankruptcy estate in which Client has a claim or a potential claim." 4. Neither BG nor Waldrep holds a disclosable economic interest in or against the Debtor. 5. BG and Waldrep reserve the right to amend or supplement this Verified Disclosure as necessary. The Claimants' names, nature and amount of disclosable economic interests held are listed on a 15-page Exhibit A, a copy of which is available at https://www.pacermonitor.com/view/TPUTM5Y/Best_Cheer_Stone_Inc__cacbke-25-11344__0174.0.pdf?mcid=tGE4TAMA Attorneys for Silicosis Claimants: Steven T. Gubner, Esq. Jason B. Komorsky, Esq. Jessica L. Bagdanov, Esq. BG LAW LLP 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Tel: (818) 827-9000 Fax: (818) 827-9099 E-mail: sgubner@bg.law jkomorsky@bg.law jbagdanov@bg.law - and - Jennifer B. Lyday, Esq. Chris Haaf, Esq WALDREP WALL BABCOCK & BAILEY PLLC 370 Knollwood St., Suite 600 Winston-Salem, NC 27103 Tel: (336) 722-6300 E-mail: jlyday@waldrepwall.com chaaf@waldrepwall.com About Best Cheer Stone Inc. Best Cheer Stone Inc. supplies natural and engineered stone products, including granite, marble, and quartzite, for residential and commercial use. Headquartered in Anaheim, California, the Company operates a vertically integrated business with global quarries and manufacturing facilities. Established in 1994, it also offers prefabricated countertops, cabinets, and related home improvement materials. Best Cheer Stone Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11344) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Scott C. Clarkson handles the case. The Debtors are represented by Robert P. Goe, Esq. at GOE FORSYTHE & HODGES LLP. Armory Consulting Co. serves as the Debtor's financial advisor. BEYOND MEAT: Fails to Meet Nasdaq's Minimum Bid Price Rule ---------------------------------------------------------- Beyond Meat, Inc. disclosed in a regulatory filing that it received a deficiency letter from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, for the 30 consecutive business days prior to March 4, 2026, the closing bid price for the Company's common stock has been below the minimum $1.00 per share required for continued listing on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1). The Nasdaq deficiency letter has no immediate effect on the listing of the Company's common stock, and its common stock will continue to trade on The Nasdaq Global Select Market under the symbol "BYND" at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until August 31, 2026 (the "Compliance Date"), to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of ten consecutive business days before the Compliance Date. If the Company does not regain compliance with the Minimum Bid Price Requirement by August 31, 2026, the Company may be eligible for additional time to regain compliance. To qualify, the Company would be required to transfer to The Nasdaq Capital Market and meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the Minimum Bid Price Requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary. If the Company meets these requirements, following a transfer to The Nasdaq Capital Market, Nasdaq will inform the Company that it has been granted an additional 180 calendar days to regain compliance. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company's securities are subject to delisting, at which point the Company would have an opportunity to appeal the delisting determination to a hearings panel. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement, including initiating a reverse stock split. On November 19, 2025, the Company's stockholders approved at a special meeting of stockholders held on November 19, 2025, a series of 30 alternate amendments to the Company's Restated Certificate of Incorporation to effect: (i) a reverse stock split of the issued and outstanding shares of the Company's common stock and (ii) a proportionate reduction in the number of authorized shares of common stock (and correspondingly decrease the total number of authorized shares of capital stock), as described in the Company's proxy statement filed with the U.S. Securities and Exchange Commission ("SEC") on October 17, 2025 (the "Proxy Statement"). As a result, in the event that the Company's board of directors (the "Board") determines that a reverse stock split is in the best interests of the Company and its stockholders, including in order to regain compliance with the Minimum Bid Price Requirement, the Board has the authority and flexibility to elect to effect a reverse stock split and to determine the reverse stock split ratio from among the approved proposed reverse stock split amendments as described in the Proxy Statement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or will otherwise be in compliance with other Nasdaq Listing Rules. About Beyond Meat Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand promise, Eat What You Love(R), represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of September 27, 2025, the Company had $599.7 million in total assets, $1.4 billion in total liabilities, and $784.1 million in total stockholders' deficit. BIA HOSPITALITY: Court OKs Rhinebeck Property Sale -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division, has approved Bia Hospitality LLC d/b/a Bia, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor operated a fine dining restaurant located at 22 Garden Street, Rhinebeck, New York. The Debtor owns fixtures and equipment that were used in the operations of its business. After years of marketing the business and the Assets for sale, the Debtor entered into an Asset Purchase Agreement with I Am Harmonious, LLC to purchase the Assets, together with the goodwill and going concern of the Debtor's business, for the total price of $70,000.00. The Debtor is authorized to sell its right, title, and interest in and to substantially all of its assets to I Am Harmonious, LLC. The Debtor shall convey its right, title, and interests in said Assets, free and clear of all liens and encumbrances to the Buyer. The Debtor is authorized and directed to pay at closing The Bank of Greene County its reasonable attorney's fees and expenses incurred in connection with the matter. About Bia Hospitality LLC Bia Hospitality operates a fine dining restaurant. Bia Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. CASE NO. 26-35165 (KYP)) on February 17, 2026. Michelle L Trier at Genova, Malin & Trier, LLP represents the Debtor as legal counsel. BOULDER RIDGE: Involuntary Chapter 11 Case Summary -------------------------------------------------- Alleged Debtor: Boulder Ridge Deux LLC 41 Glenwich Drive Saint James NY 11780 Business Description: Boulder Ridge Deux LLC is a New York-registered single-asset real estate company that owns residential property at 368 Vermont Route 100, West Dover, VT 05356. Involuntary Chapter 11 Petition Date: March 16, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-71035 Judge: Hon. Louis A. Scarcella Petitioners' Counsel: Joel Shafferman, Esq. SHAFFERMAN & FELDMAN LLP 137 Fifth Avenue, 9th Floor New York, NY 10010 Tel: 212-509-1802 Email: shaffermanjoel@gmail.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/746KPYI/Boulder_Ridge_Deux_LLC__nyebke-26-71035__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Frank X. DiSpaltro Loan $1,421,062 77 7th Avenue, 14-R New York NY 10011 John A. Mauceri Loan $665,960 105 Wolfe Street Alexandria VA 22314 BRANDYWINE REALTY: S&P Lowers ICR to 'BB-' on Debt Maturity Risk ---------------------------------------------------------------- S&P Global Ratings downgraded Philadelphia-based Brandywine Realty Trust (BDN) to 'BB-' from 'BB'. Its outlook remains negative. S&P said, "At the same time, we lowered our issue-level ratings on Brandywine's senior unsecured notes to 'BB-' from 'BB+', based on our '3' recovery rating reflecting meaningful recovery in the event of a hypothetical default (50%-70%; rounded estimate: 65%). The negative outlook reflects our expectation that credit metrics remain under pressure, which could cause us to revise our view of its financial risk profile. "Our downgrade reflects risk related to BDN's short-weighted-average debt maturity. We typically view companies with short debt maturity ladders (less than three years for real estate entities) as having greater refinancing risk than peers with longer weighted-average debt maturities. Brandywine's weighted-average debt maturity fell below three years, and we expect it to remain there at least for the next year. Improvement will depend on how it addresses upcoming maturities, particularly in 2027 when $700 million matures. The company's near term maturities are modest, including approximately $88.8 million in total loans secured by its not yet stabilized Uptown mixed use project in Austin, Texas in June, with the option to extend for up to a year, followed by a $178 million secured loan due in July 2026 that BDN anticipates repaying and refinancing a portion. We note our weighted average maturity calculation includes the company's pro-rata share of joint ventures and excludes extension options. "The negative outlook reflects the potential for credit metrics to remain elevated, which could cause us to revise our assessment of the company's financial risk profile. For the trailing 12 months ending Dec. 31, fixed-charge coverage declined to 1.7x from 2.1x the prior-year period because of higher interest expense. This comes in part from higher debt balances from the recent consolidation of two Philadelphia development projects--3025 JFK, a mixed use project, and 3151 Market, a completed life science project that remains lowly leased--during the fourth quarter. This also raised leverage over the same time, with S&P Global Ratings-adjusted debt to EBITDA increasing to 9.3x from 7.9x the prior-year period." Improvement to credit metrics will be dictated by the company's ability to execute on planned asset sales -- approximately $280 million and $300 million this year-- with most proceeds expected to be used towards debt repayment. S&P said, "While asset sales are higher relative to historic volume and ultimately subject to market conditions, we expect most of this should be achievable given the assets marketed for sale are well occupied with healthy remaining lease term. We are, however, monitoring the company's use of proceeds given their potential appetite for share repurchases, which could prevent credit metrics from improving. Where credit metrics trend will also depend on leasing progress of non-stabilized properties and known vacancies, leasing economics for renewals and new leases, and where interest rates trend. If the company is unable to execute asset sales or direct proceeds to repay debt, if leasing economics or operating performance deteriorates, we would expect limited improvement to leverage and for fixed charge coverage to decline from sustained high debt balances. Under our base case, we project leverage to improve to around 9x this year and for fixed-charge coverage to hold steady." The company's operating performance should remain sound this year but will come under pressure early next year when BDN's top tenant vacates its space in Austin. As of Dec. 31, Brandywine's core portfolio was 88.3% occupied and 90.4% leased. Same-store cash NOI increased 3.7% compared with the prior-year period supported by stability from its highly occupied Philadelphia and suburban Pennsylvania (PA) portfolio (76% of NOI and 93.7% leased). The company's Austin portfolio continues to drag on the stabilized portfolio as an abundance of supply of high-quality residential and office space has created challenging conditions and stiff competition. During the fourth quarter, Austin occupancy declined to 73.9% leased and occupied, from 77.7% the prior quarter, driven by known move-outs. S&P said, "Cash rental rates for leases signed remain negative as BDN prioritizes occupancy over rental rates, which we expect to continue. While we expect occupancy to remain relatively flat this year, it will come under meaningful pressure in early 2027, when Brandywine's largest tenant, International Business Machines Corp. (5.2% of annualized base rents) vacates in April when its lease expires. We expect development project stabilizations should help offset some of this lost EBITDA, but improvement to occupancy in Austin will stay challenging, subject to market conditions and fundamentals." Brandywine's minimal lease expirations (4.9% of square feet) in 2026 are largely concentrated in Pennsylvania, which should support continued stable cash flow and keep occupancy near current levels. Cash rental rates should remain sound and capital requirements under these leases manageable. Taken together, S&P expects cash rental rate growth will be relatively flat to slightly negative, with low-single-digit percent rent improvement for its PA portfolio dragged down by negative rental rates in Austin as it seeks to manage occupancy pressures. S&P said, "The negative outlook on Brandywine reflects our expectations for elevated credit metrics to remain pressured over the next year. We expect debt leverage to modestly improve to around 9x while fixed charge coverage ratio will likely hover near current levels. Depending on the progress of asset sales, development stabilizations, and how upcoming debt maturities are addressed, credit metric improvement could be constrained. On the operating performance side, we expect same-property operating performance to remain sound, with stagnant growth this year driven by pressure facing its Austin portfolio, offset by healthy growth among its stabilized and highly leased Pennsylvania portfolio." S&P could lower its ratings on Brandywine if: -- Weighted-average debt maturity remains below three years with no improvement pathway; and -- Fixed-charge coverage declines below 1.7x with no improvement pathway or leverage remains above 9.5x, perhaps from lower asset sales; or -- Operating performance deteriorates, sustaining a cash rental rate drop and further occupancy declines in Austin, beyond S&P's base-case expectations, such that EBITDA materially declines and constrains credit metrics. S&P could consider revising its outlook to stable if Brandywine: -- It is able to successfully refinance its upcoming debt maturities such that its weighted average maturity of debt exceeds three years; and -- It strengthens credit protection measures such that it sustains S&P Global Ratings-adjusted debt to EBITDA below 8.5x, with FCC sustained at or above 1.9x. Under both scenarios, S&P would expect near-current operating performance. BRC GROUP: Approves $700,000 FY 2025 Annual Bonus for CFO Yessner ----------------------------------------------------------------- BRC Group Holdings, Inc. disclosed in a regulatory filing that on February 10, 2026, the Company filed a Registration Statement on Form S-1 (File No. 333-293348) with the Securities and Exchange Commission. Pursuant to Instruction 1 to Item 402(c)(2)(iv) of Regulation S-K, the Company omitted from the Summary Compensation Table included in the Registration Statement the 2025 bonus amounts payable to Scott Yessner, the Company's Chief Financial Officer, for the fiscal year ended December 31, 2025 because the FY 2025 Annual Bonus had not yet been determined at the time the Registration Statement was filed. On March 9, 2026, the Compensation Committee of the Board of Directors of the Company confirmed and approved the FY 2025 Annual Bonus for Mr. Yessner in the amount of $700,000. Total compensation for Mr. Yessner for 2025 was $2,522,293. About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, it had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. During the nine months ended September 30, 2025, the Company completed five private exchange transactions with institutional investors pursuant to which aggregate principal amounts of approximately: * $115,844,000 of the 5.50% Senior Notes due March 2026, * $2,061,000 of the 6.50% Senior Notes Payable due September 2026, * $146,448,000 of the 5.00% Senior Notes due December 2026, * $51,135,000 of the 6.00% Senior Notes due January 2028, and * $39,485,000 of the 5.25% Senior Notes due August 2028 owned by the investors were exchanged for approximately $228,423 aggregate principal amount of 8.00% Senior Secured Second Lien Notes due 2028, whereupon the Exchanged Notes were cancelled. After the completion of the Exchanged Notes, the Company has approximately: * $101,596,000 of 5.50% Senior Notes due March 31, 2026, * $178,471,000 of 6.50% Senior Notes due September 30, 2026, and * $178,266,000 of 5.00% Senior Notes due December 31, 2026. The Company believes that the current cash and cash equivalents, securities and other investments owned, and funds available under its credit facilities will be sufficient to meet its working capital, capital expenditure requirements, and debt service obligations due the next 12 months. BRC GROUP: Cuts Debt by $37.9MM in Senior Note Transactions ----------------------------------------------------------- BRC Group Holdings, Inc. (NASDAQ: RILY) announced a series of transactions with a long-time institutional investor pursuant to Section 3(a)(9) of the Securities Act of 1933, which will, upon closing of the final transaction, result in the cancellation of 1,343,551 units of its publicly-traded senior notes across multiple outstanding series in exchange for the issuance of an aggregate of 4,201,300 shares of the Company's common stock at an average price of $7.0933 per share. In addition, the Company repurchased 171,703 units of its 5.0% senior notes due 2026 (RILYG) for approximately $4.0 million in cash. Upon closing of these transactions, these publicly-traded senior notes will no longer be outstanding. Upon closing of the final 3(a)(9) transaction scheduled for March 13, 2026, the Company's outstanding debt will be reduced by approximately $37.9 million. The Company will also redeem on March 30, 2026, its 5.50% Senior Notes due 2026 (RILYK) in the aggregate principal amount of approximately $96 million. Bryant Riley, Chairman and Co-Chief Executive Officer of BRCGH, said: "These senior note transactions, combined with continued appreciation in our investment portfolio, have further reduced our net debt position beyond the preliminary estimates communicated for December 31, 2025. We will continue to utilize multiple strategies to reduce debt and invest in our business. "The Company values the enormous effort required by its team and business partners to file three Quarterly Reports on Form 10-Q between November 20, 2025 and January 14, 2026. Bringing these filings current while driving strong progress on our annual audit in an accelerated timeframe demonstrates the strength and resolve of our team -- and positions us well for the road ahead. We look forward to discussing the Company and taking questions on the earnings call by the end of March. With a new auditor onboarding late in September 2025, and the subsequent filing of the Quarterly Reports for Q1, Q2 and Q3 2025, the Company has determined it requires additional time to complete and file its 2025 Annual Report. By filing the Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission by March 17, 2026, the deadline to file its Annual Report on Form 10-K will be automatically extended by 15 additional days. The Company expects to file its 2025 Annual Report on or before the extended deadline of March 31, 2026, and announce the timing of its earnings release and earnings call. About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, it had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. During the nine months ended September 30, 2025, the Company completed five private exchange transactions with institutional investors pursuant to which aggregate principal amounts of approximately: * $115,844,000 of the 5.50% Senior Notes due March 2026, * $2,061,000 of the 6.50% Senior Notes Payable due September 2026, * $146,448,000 of the 5.00% Senior Notes due December 2026, * $51,135,000 of the 6.00% Senior Notes due January 2028, and * $39,485,000 of the 5.25% Senior Notes due August 2028 owned by the investors were exchanged for approximately $228,423 aggregate principal amount of 8.00% Senior Secured Second Lien Notes due 2028, whereupon the Exchanged Notes were cancelled. After the completion of the Exchanged Notes, the Company has approximately: * $101,596,000 of 5.50% Senior Notes due March 31, 2026, * $178,471,000 of 6.50% Senior Notes due September 30, 2026, and * $178,266,000 of 5.00% Senior Notes due December 31, 2026. The Company believes that the current cash and cash equivalents, securities and other investments owned, and funds available under its credit facilities will be sufficient to meet its working capital, capital expenditure requirements, and debt service obligations due the next 12 months. BRD LAND: Maynard Nexsen Represents Meritage Homes & Stanley Martin ------------------------------------------------------------------- In the Chapter 11 bankruptcy cases of BRD Land & Investment and its debtor-affiliates, Maynard Nexsen P.C. filed with the United States Bankruptcy Court for the Western District of North Carolina, Charlotte Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the law firm represents certain creditors in connection with the Debtor's bankruptcy filing. The specific nature of the claims held by the Creditors are: A. Meritage Homes of the Carolinas, Inc. 18655 North Claret Drive, Suite 400 Scottsdale, AZ 85255 Meritage Homes of the Carolinas, Inc. and BRD Land & Investment are parties to a Purchase and Sale Agreement and Joint Instructions dated October 1, 2025, as amended, related to land located in Waxhaw, Union County, North Carolina. B. Stanley Martin Homes, LLC 820 Forest Point Circle, Suite 100 Charlotte, NC 28273 Stanley Martin Homes, LLC and BRD Land & Investment are parties to several development agreements related to property referred to as the Pinewood Project, Riverbend Project, and Longleaf Project. Upon information and belief, Maynard Nexsen does not hold any claims against the Debtor. Nothing is, or should be construed as, an admission, acknowledgement, or waiver by or on behalf of any of the Creditors. Counsel for Meritage Homes of the Carolinas, Inc. and Stanley Martin Homes, LLC: Lisa P. Sumner, Esq. MAYNARD NEXSEN PC N.C. Bar No.: 22838 4141 Parklake Avenue, Suite 200 Raleigh, NC 27612 Tel: (919) 573-7423 Fax: (919) 573-7454 E-mail: LSumner@maynardnexsen.com About BRD Land & Investment BRD Land & Investment filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30215) on February 24, 2026, listing $10,000,001 to $50 million in assets and $50,000,001 to $100 million in liabilities. Judge Laura T Beyer presides over the case. Matthew L Tomsic, Esq. at Rayburn Cooper Durham P.A., serves as the Debtor's counsel. BRET'S TOWING: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Wisconsin approved the final use of cash collateral for All-City Towing LLC and related debtor Bret's Towing LLC. Under the order, the debtors are authorized to use cash collateral on a final basis while continuing operations. Old National Bank and Old National Equipment Finance filed an objection, but the issue was later resolved between the parties and incorporated into the final order. No other objections were filed. The court determined that the matter is a core bankruptcy proceeding related to the administration of the debtors’ estates and the use of cash collateral. As adequate protection, secured creditors—including Newtek Business Services Holdco 6, Inc., Old National Bank, the U.S. Small Business Administration (SBA), Fundkite, MCA Servicing, Aurum Funding, Panthers Capital, and TVT Capital Source—are granted replacement liens with the same priority and validity as their pre-petition liens on the collateral. The order also requires the debtors to make monthly adequate protection payments to several lenders, including $59,172.49 to Newtek, $2,570 to SBA, and multiple payments to Old National Bank totaling more than $24,000 per month. Additionally, the debtors must provide monthly financial reports, maintain insurance coverage, pay property taxes when due, and comply with the non-monetary terms of their loan agreements, ensuring the secured creditors' interests remain protected during the bankruptcy process. About Bret's Towing LLC Bret's Towing LLC is a limited liability company. Bret's Towing LLC filed for Chapter 11 protection under the U.S. Bankruptcy Code (Case No. 26-20524) on February 1, 2026. In its bankruptcy petition, the Debtor lists estimated assets of $1 million to $10 million and estimated liabilities in the range of $1 million to $10 million. The Debtor is represented by Kerkman & Dunn, with Evan Schmit, Esq. acting as counsel. BUBBLES AND BAKES: Mark Schlant Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed Mark Schlant, Esq., at Zdarsky, Sawicki & Agostinelli, LLP as Subchapter V trustee for Bubbles and Bakes Buffalo, LLC. Mr. Schlant will be paid an hourly fee of $320 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schlant declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark J. Schlant, Esq. Zdarsky, Sawicki & Agostinelli, LLP 1600 Main Place Tower 350 Main St. Buffalo, NY 14202 Phone: (716) 855-3200 Email: mschlant@zsalawfirm.com About Bubbles and Bakes Buffalo LLC Bubbles and Bakes Buffalo, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10249) on March 6, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Carl L. Bucki presides over the case. Raymond C. Stilwell, Esq., represents the Debtor as legal counsel. C & S RESTAURANT: Michael Markham Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for C & S Restaurant Group, LLC. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, 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. Markham 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 C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About C & S Restaurant Group LLC C & S Restaurant Group, LLC operates Buster's Sports Tavern, a casual full-service restaurant and sports tavern in Fort Myers, Florida, offering made-to-order meals, alcoholic beverages, and a sports-oriented dining experience. The company is registered in Florida as a limited liability company and manages its restaurant operations from its main location on McGregor Boulevard. C & S Restaurant Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00517) on March 6, 2026, with $70,681 in assets and $1,528,291 in liabilities. Scott T. Iannelli, managing member, signed the petition. Judge Luis Ernesto Rivera II presides over the case. Joseph Trunkett, Esq., at Trunkett Law FIRM, LLC represents the Debtor as bankruptcy counsel. CAFE PASSE: Taps James Hentz dba Camber Accounting as Accountant ---------------------------------------------------------------- Café Passe, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ James Hentz dba Camber Accounting to serve as accountant. James Hentz dba Camber Accounting will provide these services: (a) providing the Debtor with tax preparation services; and (b) preparing and/or aiding the Debtor in the filing of operating reports. The firm has no interest adverse to the estate and is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached at: James (Jim) Hentz CAMBER ACCOUNTING 3041 N Swan Rd Tucson, AZ 85712 Telephone: (520) 881-1265 (520) 299-6977 Facsimile: (520) 881-5228 About Cafe Passe LLC Cafe Passe, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00509) on January 18, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Scott H. Gan presides over the case. Charles R. Hyde, Esq., at the Law Offices of C.R. Hyde, PLC represents the Debtor as bankruptcy counsel. CAI SOFTWARE: Barings Corporate Marks $2.0M Loan at 35% Off ----------------------------------------------------------- Barings Corporate Investors has marked its $2,000,000 loan extended to CAi Software to market at $1,292,742 or 65% 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 CAI Software. The Loan accrues interest at a rate of 8.62% (SOFR + 4.750%) per annum. The Loan matures on Aug. 9, 2032. Barings 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 CAI Software CAI Software is a vendor of mission-critical, production-oriented software solutions serving niche manufacturing and distribution sectors. CALIFORNIA RESOURCES: Add-on Notes No Impact on Moody's 'Ba3' CFR ----------------------------------------------------------------- Moody's Ratings commented that California Resources Corporation's (CRC) proposed senior unsecured notes offering due 2034 (add-on notes) does not affect its ratings and stable outlook, including the Ba3 Corporate Family Rating and the B1 ratings on the senior unsecured notes. The transaction will improve CRC's debt maturity profile without affecting its leverage. The add-on notes will be fungible with the existing notes due 2034 and the proceeds will be used to partially repay the company's $900 million outstanding senior unsecured notes due 2029. RATINGS RATIONALE CRC's senior unsecured notes are rated B1, one notch below the Ba3 CFR, reflecting the effective subordination of the unsecured notes to the significant size of the $1.46 billion senior secured revolving credit facility which has a first lien claim on all oil & gas assets. CRC's Ba3 CFR reflects its production scale, reserves inventory and infrastructure in California, grown through successive mergers while maintaining prudent financial policies, including low leverage and positive free cash flow generation. The company is one of the largest operators in California and benefits from a well-defined, mature asset base in multiple California basins, with a high oil content (79% of 2025 production) and relatively shallow decline rate (8% to 13% per year). CRC's CFR also benefits from the significant reduction in regulatory uncertainty brought by California Senate Bill 237, which came in effect on January 01, 2026. The bill authorizes Kern County to issue new well permits for ten years and streamlines the permitting process. This will support CRC's oil production development plans and reserve replacement efforts, given that the vast majority of its acreage is located in Kern County. CRC's CFR also reflects the company's high operating costs associated with its enhanced oil recovery operations compared to E&P companies in other US basins as well as its large asset retirement obligations of $1 billion as of December 31, 2025. There is also a degree of uncertainty regarding CRC's capital requirements and the profitability of its carbon management projects. The stable outlook reflects Moody's expectations that CRC will maintain its prudent financial policies in the current volatile oil price environment, achieving significant positive free cash flow while limiting the decline in its production volumes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS CRC's Ba3 CFR could be upgraded if the company demonstrates its ability to increase production and replace reserves at competitive returns on investment, enhance its diversification either geographically or through other revenue streams, all while maintaining a strong financial profile. To support an upgrade, the company should increase its leveraged full cycle ratio (LCFR) above 2x and sustain RCF to debt over 50% at mid-cycle oil and gas prices. More visibility on the capital requirements and free cash flow generation of CRC's carbon management projects would also be considered for an upgrade. The ratings could be downgraded if there is a substantial increase in leverage to fund acquisitions or shareholder returns or if the company experiences a meaningful decline in production. A downgrade could occur if RCF to debt falls below 30% or LFCR falls towards 1.0x. California Resources Corporation, headquartered in Long Beach, California, is a publicly-listed independent oil and gas exploration and production company operating in California. The company produced an average of 138 Mboe/d in 2025, of which 79% was oil, from its operations in the San Joaquin, Los Angeles and Sacramento basins. The company had around 11 years of proved developed reserves as of December 31, 2025. The company pursues a low carbon intensity strategy that includes developing carbon management and solar power businesses as well as achieving an 80% reduction in scope 1 and 2 emissions by 2045. CALUMET SPECIALTY: New Tack-on Notes No Impact on Moody's Caa1 CFR ------------------------------------------------------------------ Moody's Ratings said Calumet Specialty Products Partners, L.P.'s (Calumet) proposed backed senior unsecured notes due 2031 (tack-on notes) will not affect the company's credit ratings or its stable outlook. The tack-on notes are being offered as an addition to the $405 million backed senior unsecured notes due in 2031. The net proceeds will fully repay revolver borrowings, and therefore, the transaction will be leverage neutral. The tack-on notes will be issued by Calumet Specialty Products Partners, L.P. Calumet's senior unsecured notes are rated Caa2, one notch below the Caa1 CFR of Calumet, Inc., reflecting the presence of senior secured debt in the capital structure, including the senior secured revolver facility and 2029 senior secured notes. The proposed notes will be guaranteed by Calumet, Inc., consistent with the existing notes. Calumet's Caa1 CFR reflects its modest scale, exposure to commodity price volatility and high debt levels. The company recorded negative free cash flow between 2022 and 2024 as result of a combination of weak margins, large investments in its Montana Renewables business and turnaround costs. These deficits were financed through incremental debt that has pressured the sustainability of its capital structure. The company's operating margins improved materially in 2025 driven by relatively favorable crack spreads on its specialty product business segment. Moody's expects the company will be able to sustain margins in 2026 driven by hedges, improving earnings on its Montana Renewable segment and supportive markets conditions for refined products. The stable outlook reflects the expected modest reduction in debt of around $100 million in 2026 supported by free cash flow generation, the significant reduction in capex needs for the Montana Renewables project, and improved maturity with no material debt maturities until 2028. The ratings could be upgraded if the company meaningfully reduces debt and financial leverage, with interest coverage approaching 2.0x, establishing a clear path to a sustainable capital structure. The upgrade of the ratings will also require Calumet to addresses all its debt maturities, maintain adequate liquidity position, and consistently generate positive free cash flow. The ratings could be downgraded if Calumet continues to generate negative free cash flow, or its interest coverage (EBITDA / Interest Expense) does not recover to above 1.1x, or if refinancing needs are not addressed resulting in a rising risk of restructuring. Calumet, Inc., headquartered in Indianapolis, Indiana, is an independent North America producer of specialty hydrocarbon products, such as lubricants, solvents and waxes, and fuel products. Calumet operates three business segments: Specialty Products and Solutions, Performance Brands and Montana/Renewables. CAN TRAIL: Seeks Cash Collateral Access Thru Feb 2027 ----------------------------------------------------- Can Trail Transportation LLC asks the U.S. Bankruptcy Court for the Central District of California for authority to use cash collateral and provide adequate protection, through February 2027. Between 2021 and 2024, the Debtor expanded its fleet by acquiring additional trucks and equipment to meet increasing demand for transportation services. A substantial portion—more than 80%—of the Debtor's revenue historically derived from freight transportation tied to trade originating from China. Beginning in early 2025, however, new tariffs affecting U.S.–China trade significantly disrupted shipping volumes, resulting in a sharp decline in freight activity and the Debtor's revenues. Although a temporary trade agreement later helped stabilize trade flows and allowed the Debtor's business to begin recovering toward the end of 2025, the company was unable to fully overcome the financial losses caused by the earlier downturn. As a result, the Debtor fell behind on loan and lease obligations related to its trucking equipment and operations, creating severe liquidity constraints that threatened its ability to continue operating. To address these financial difficulties, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on March 1, 2026, electing to proceed under Subchapter V, which is designed to facilitate reorganization for small business debtors. Through the Chapter 11 process, the Debtor seeks to reorganize its financial affairs by restructuring secured debt obligations, potentially reducing certain secured claims to the fair market value of the collateral securing them, surrendering underperforming equipment where appropriate, and addressing unsecured liabilities through a confirmable reorganization plan. The creditors asserting potential liens include eCapital Freight Factoring Corp., BayFirst National Bank, N.A., Northeast Bank, Fora Financial, and Flexibility Capital Inc. Two financing statements filed by eCapital Freight Factoring Corp. in 2022 and 2023 assert blanket liens on the Debtor's assets in connection with a factoring arrangement; however, the Debtor believes that the balance owed under that agreement is currently zero, meaning eCapital does not presently hold an enforceable interest in the Debtor's cash collateral. BayFirst National Bank filed a UCC financing statement in May 2023 and is owed approximately $102,000, but the Debtor estimates that only about $71,546 of collateral value is available to support this claim after accounting for senior liens. Northeast Bank, which filed a financing statement in June 2024, is owed approximately $150,000 but appears to hold a fourth-priority lien that is entirely unsecured given the limited collateral value. Similarly, Fora Financial and Flexibility Capital Inc., which filed UCC statements in 2025, are believed to hold junior liens that are also wholly unsecured. In addition to these blanket liens, the Debtor has several equipment lenders that hold purchase-money security interests in specific trucks and chassis used in its operations. These PMSI lenders have senior liens on the particular vehicles securing their loans and are not directly implicated in the cash collateral motion because their collateral consists of titled equipment rather than the Debtor's cash or receivables. The Debtor estimates that approximately $201,000 of its total assets are encumbered by such equipment liens. Overall, the Debtor's total assets are estimated to be approximately $272,546, leaving only about $71,546 in assets—consisting of certain vehicles, bank account balances, and accounts receivable—that are not already encumbered by PMSIs and are therefore potentially available as collateral for the blanket lien creditors. To address the interests of secured creditors, the Debtor proposes providing adequate protection as required under the Bankruptcy Code. For BayFirst National Bank—identified as the primary secured creditor with a potential interest in cash collateral—the Debtor proposes to make monthly interest-only payments of $477, representing an 8% annual interest rate applied to the estimated secured portion of the claim ($71,546). In addition, BayFirst would receive a replacement lien on post-petition assets of the same type and priority as its prepetition lien, to the extent the value of its collateral diminishes due to the Debtor's use of cash collateral. For the other creditors that filed UCC liens—eCapital Freight Factoring Corp., Northeast Bank, Fora Financial, and Flexibility Capital Inc.—the Debtor proposes to grant replacement liens on post-petition assets but does not propose making cash payments at this time because those creditors are believed to be unsecured based on the available collateral value. A court hearing is set for May 28. A copy of the motion is available at https://urlcurt.com/u?l=ZswEiB from PacerMonitor.com. About Can Trail Transportation L.L.C. Can Trail Transportation L.L.C. provides freight transportation services including dry and refrigerated local and intermodal over-the-road shipments, with a focus on cargo originating from the Los Angeles and Long Beach ports. The company serves clients across sectors such as B2B commercial, construction, and hazardous materials, offering LTL pick-up and tailored logistics solutions. Can Trail emphasizes reliability, safety, and customer satisfaction, leveraging experienced drivers, industry expertise, and a culture of continuous improvement to support efficient and dependable freight operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11496) on March 1, 2026. In the petition signed by Derrick Lee Cantrell, managing member, the Debtor disclosed $272,546 in assets and $1,740,024 in liabilities. Judge Scott H. Yun oversees the case. Keving Tang, Esq., at TANG & ASSOCIATES, represents the Debtor as legal counsel. CANO ELECTRIC: Seeks to Employ Matthew W. Bourda as Senior Counsel ------------------------------------------------------------------ Cano Electric Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Lane Law Firm, PLLC as its counsel, adding Matthew W. Bourda, Esq. as senior counsel. Mr. Bourda will provide these services: (a) all services to be rendered by Mr. Bourda shall mirror those included within the LLF Application; and (b) such services are not envisioned to exceed any services not otherwise allowed under 11 U.S.C. § 327 et seq. Mr. Bourda will receive an hourly rate of $625. Matthew W. Bourda, Esq. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert C. Lane, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com About Cano Electric Inc. Cano Electric is an electrical service contractor that provides on-demand electrical services to the multi-family housing sector and its commercial clients. Cano Electric Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40225) on January 16, 2026. In its petition, the Debtor reports estimated assets in the range of $1 million to $10 million and estimated liabilities also between $1 million and $10 million. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Robert Lane, Esq., of The Lane Law Firm PLLC. CAROLINA CLEANING: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Carolina Cleaning Services, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court entered an interim order authorizing the Debtor to use cash collateral for post-petition operating expenses as set forth in its budget. The Debtor projects total operational expenses of $80,620.00 for the period from March 21 to April 20. Silverline Services, Inc. and other merchant cash advance lenders will retain a continuing and replacement post-petition lien on and security interest in all assets and the proceeds thereof, whether acquired before or after the Debtor's Chapter 11 filing. The court clarified that the order does not determine the validity, extent, priority, or perfection of any lien or the characterization of any property as cash collateral, and the Debtor reserves all rights to challenge such matters. The order is available at https://shorturl.at/mI2xl from PacerMonitor.com. A further hearing is set for April 7. About Carolina Cleaning Services LLC Carolina Cleaning Services LLC provides residential and commercial cleaning services throughout southeastern North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00777-5-JNC on February 20, 2026. In the petition signed by Aneliese Bard Andrades, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the Debtor as legal counsel. CEDAR VALLEY: No Decline in Resident Care, 2nd PCO Report Says -------------------------------------------------------------- Melanie McNeil, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her second report regarding the quality of patient care provided by Cedar Valley Cypress TX, LLC and affiliates. On March 3, the Ombudsman Representative (OR) from the Office of the State Long-Term Care Ombudsman visited Cedar Valley Health & Rehab and met with 41 residents, administrator, nursing, and direct care, activities, housekeeping, admissions, and physical therapy staff. The OR received no complaints; residents reported satisfaction with their care; the administrator responded promptly to any OR concerns; staff appeared stable; and facility linen carts appear to be stocked, according to the report. The OR observed a safe, comfortable environment with adequate supplies; medications were properly secured in closets and medication carts, and no decline in resident care was noted since the previous visit. Since the appointment of the PCO, no significant changes in facility conditions or declines in resident care have been observed. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=pkKTQG 0FD9 from PacerMonitor.com. The ombudsman may be reached at: Melanie S. McNeil, Esq. 47 Trinity Avenue S.W., First Floor Atlanta, Georgia 30334 Telephone: 404-657-5327(O) 404-416-0211 (Cell) Facsimile: 404-463-8384 Email: Melanie.McNeil@osltco.ga.gov About Cedar Valley Cypress TX LLC Cedar Valley Cypress TX LLC and affiliates form a network of for-profit healthcare companies that own and manage skilled nursing and rehabilitation centers. The group oversees facilities such as Cedar Valley Nursing & Rehabilitation Center in Cedartown, Georgia, and operates through related entities providing administrative and clinical support. The companies share common ownership under the Cypress structure, which manages nursing home operations in Texas, New York, and Georgia. Cedar Valley Cypress TX sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34017) on October 13, 2025. In its petition, the Debtor reported between $50,000 and $100,000 in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Jason S. Brookner, Esq., at Gray Reed. Melanie S. McNeil is the patient care ombudsman appointed in the Debtor's case. CERA TILE: Gets Court OK to Access Cash Collateral -------------------------------------------------- Cera Tile, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. At the recently held hearing, the court authorized the Debtor's use of cash collateral and set a further hearing for April 14. During the first 30 days after the bankruptcy filing, the Debtor projects approximately $133,115 in gross revenue and an estimated gross profit of $11,296 before taxes, depreciation, and amortization. To maintain operations during the Chapter 11 process, the Debtor intends to use cash collateral -- funds that may be subject to secured creditors' liens -- to cover essential operating expenses such as inventory purchases, payroll and payroll taxes, insurance, fuel, supplies, and equipment loan payments. The Debtor identifies several creditors claiming liens on its assets, including Santander Bank, N.A. (whose claim is serviced by Gulf Coast Bank & Trust Co.), Live Oak Banking Company, the U.S. Small Business Administration, CHTD Company, Citizens Bank, N.A., Aspire Fundings, LLC, Corporation Service Company as representative, and CT Corporation System as representative. Based on the Debtor's preliminary assessment of asset values and lien priorities, it appears that only Live Oak Banking Company is fully secured relative to the value of the Debtor's assets. Public records from the New York Department of State's Uniform Commercial Code database show numerous financing statements filed by these creditors over time. The earliest UCC-1 financing statement was filed by Santander Bank on April 19, 2018 when the company operated under its former name, Victory Mosaic, Inc. The Debtor later amended its corporate name to Cera Tile, Inc. on October 17, 2018. Additional financing statements were subsequently filed by several lenders, including Live Oak Banking Company, which filed UCC-1 financing statements in December 2019 in connection with two loans used to finance property located at 53 Smith Road in Middletown, New York. That property is owned by an affiliated entity, ASB Cera Realty, LLC, but both ASB and the Debtor are jointly and severally liable for the loans. According to a December 12, 2025 acceleration notice, the outstanding balances on these loans totaled approximately $5,012,704.12 and $703,712.17. Other financing statements were filed by Aspire Fundings, LLC, CHTD Company, CT Corporation System, and others, although some filings have been terminated or amended over time. The Debtor also notes that certain lien service agents listed in the filings, such as CT Corporation System and Corporation Service Company, act as representatives for unidentified principals whose identities have not yet been determined. The Debtor's financial records indicate that its total personal property assets—excluding any rights related to the master lease for the warehouse property at 53 Smith Road—are valued at approximately $1,492,292. The Debtor believes that the master lease itself currently holds little independent value and further asserts that Live Oak Banking Company holds a first-priority lien and security interest in the Debtor’s assets. However, the Debtor does not concede the validity or priority of any creditor claims through this motion, noting that it is still investigating such claims and reserves the right to dispute them later in the bankruptcy process. Because the Debtor currently lacks alternative financing sources, it contends that obtaining court approval to use cash collateral is essential for the continuation of its business operations and for its ability to pursue a reorganization plan under Chapter 11. As adequate protection, the Debtor offers to grant creditors replacement liens to compensate for any potential decline in collateral value, proof of insurance coverage against loss or damage, and the filing and service of monthly operating reports. About Cera Tile Inc. Cera Tile Inc. is a privately owned wholesale tile distribution company headquartered in Middletown, New York. The firm sources and distributes ceramic, porcelain, and design-oriented tile products through partnerships with international manufacturers, supplying a range of contemporary flooring and wall tiles to retail partners across the residential and commercial building sectors. Cera Tile operates from a substantial distribution center and focuses on timely fulfillment and trend-driven product offerings for its wholesale customer base. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-35243) on March 8, 2026. In the petition signed by Steven Wecera, president, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge Kyu Young Paek oversees the case. Michael D. Pinsky, Esq., at LAW OFFICE OF MICHAEL D. PINSKY, P.C., represents the Debtor as legal counsel. CHELSEA BUSINESS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York issued a consensual interim order allowing Chelsea Business Properties, LLC to use cash collateral in its Chapter 11 bankruptcy case. Under the interim order, the debtor may use cash collateral according to an approved operating budget with an 8% variance, pending a final hearing scheduled for April 16. The debtor must also provide monthly reconciliation reports to the U.S. Trustee and JPMorgan Chase detailing expenditures and any budget variances. The debtor owns a commercial building located at 144 Eighth Avenue, New York, and sought authorization to use cash collateral in which JPMorgan Chase and the U.S. Small Business Administration (SBA) hold security interests. To protect the secured creditors, the debtor must make adequate protection payments of approximately $49,000 per month to JPMorgan Chase, covering principal, interest, and property taxes. The court also granted replacement liens on the debtor's post-petition assets to JPMorgan Chase and the SBA to maintain the priority of their pre-petition liens, while requiring the debtor to maintain insurance, deposit income into debtor-in-possession accounts, and file monthly operating reports during the bankruptcy case. About Chelsea Business Properties LLC Chelsea Business Properties LLC is a New York limited liability company that owns a commercial building located at 144 Eighth Avenue in Manhattan and operates as a single asset real estate entity. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-10380) on February 24, 2026. In the petition signed by Kenneth Choi, manager and operating member, the Debtor disclosed up to $10 million in both assets and liabilities. Sally Siconolfi, Esq., at Siconolfi PLLC, represents the Debtor as legal counsel. CHOBANI HOLDCO II: Moody's Alters Outlook on 'B2' CFR to Positive ----------------------------------------------------------------- Moody's Ratings affirmed Chobani Holdco II, LLC's ("Chobani") B2 corporate family rating, B2-PD probability of default rating, and Caa1 senior unsecured pay-in-kind (PIK) toggle notes ("HoldCo notes") rating. Moody's also affirmed Chobani, LLC's existing instrument ratings, including the B3 rating on its backed senior unsecured notes and the Ba3 ratings on its backed senior secured debt, consisting of the first-lien revolving credit facility, term loan, and secured notes. Moody's revised the outlooks for Chobani Holdco II, LLC and Chobani, LLC to positive from stable. The revision of the outlooks to positive reflects Moody's expectations that Chobani will deleverage as earnings grow. Moody's-adjusted holdco debt-to-EBITDA is in the mid-4x range as of December 27, 2025, and Moody's expects leverage to decline to below 4x over the next 12–18 months, supported by strong category trends, ongoing innovation, efficiencies of scale and expanded production capacity. Chobani continues to invest heavily in capacity to meet rising demand, including ongoing investment at its Twin Falls, Idaho facility and the development of a new facility in Rome, New York. The positive outlook also reflects the continued simplification of the company's capital structure following the full redemption of the Healthcare of Ontario Pension Plan's (HOOPP's) preferred equity in the fourth quarter of 2025, supported by a capital contribution from majority owner Hamdi Ulukaya, which reduces future event risk. In addition, the $650 million equity raise completed in the fourth quarter of 2025 at an indirect parent strengthened liquidity at Chobani, LLC, as the majority of the proceeds were downstreamed and remain as cash on hand to help fund the company's sizable capacity expansion projects. Chobani's good liquidity is supported by $635 million of cash on hand and meaningful available borrowing capacity as of December 27, 2025, with access to a $250 million revolving credit facility maturing in October 2030 (approximately $239 million available net of letters of credit) and a $125 million receivables trade facility (approximately $108 million available net of letters of credit). The company's large cash balance reduces the likelihood of reliance on its credit facilities over the next year. Free cash flow (net of tax distributions) was negative in 2025, at approximately negative $175 million, reflecting elevated capital expenditures primarily related to capacity expansion at the Twin Falls, Idaho facility. Moody's expects free cash flow to remain negative in 2026, in the range of negative $250-$350 million, reflecting elevated capital spending and an assumed cash interest election on the HoldCo notes, partially offset by earnings growth. Risks include demand falling short of projections or capital spending exceeding expectations, which could slow deleveraging and cash flow recovery. RATINGS RATIONALE Chobani's B2 CFR reflects its concentration in the competitive yogurt category, and execution risk associated with its high-paced innovation strategy, which includes both new product launches and the scaling of relatively new offerings within its portfolio. Chobani is in the midst of a multi-year capacity expansion plan that is expected to cost roughly $1.7 billion. These growth initiatives are capital intensive and carry some uncertainty around sustained commercial success, adding risk to the company's earnings trajectory while investments to expand capacity to meet demand will keep free cash flow negative for at least the next year. Nonetheless, these investments reflect the company's commitment to growth and product diversification, and are supported by underlying demand fundamentals that align with evolving consumer preferences. Chobani is pacing the capacity expansion to the level of commercial commitments from customers. The credit profile also reflects governance risks, including an aggressive financial policy and concentrated control by the founder, Hamdi Ulukaya, who also holds key senior executive roles including the CEO and chairman positions. Still, event risk has decreased following the full redemption of Healthcare of Ontario Pension Plan's (HOOPP) preferred equity stake in 2025 through a contribution by majority owner Hamdi. In addition, the $650 million equity raise in 4Q25 significantly bolstered liquidity as the company invests heavily in capacity over the next few years. Chobani's credit profile is supported by its leading share in the US Greek yogurt category, growing market share, strong brand equity that supports expansion into adjacent categories, and favorable health and wellness trends, particularly around rising protein consumption. Additionally, the expected improvement in financial metrics, strong growth profile, and continued margin expansion position it strongly within the rating category, and are expected to drive deleveraging. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade could occur if Chobani enhances product diversification, sustainably grows earnings supported by consistent revenue and EBITDA margin expansion, generates consistent and solid free cash flow, and sustains debt-to-EBITDA below 4.5x. A rating downgrade could occur if operating performance weakens due to factors such as revenue declines or EBITDA margin deterioration. A downgrade could also occur if liquidity deteriorates, free cash flow is not maintained at a comfortably positive level, debt-to-EBITDA is sustained above 6.0x, or the financial policy becomes more aggressive. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. Chobani's B2 CFR is two notches below the Ba3 scorecard-indicated outcome, reflecting the need for elevated capital spending to support the company's sizable capacity expansion initiatives, which is in turn driving negative free cash flow, and its weak cash flow credit metrics that are not fully captured by the scorecard. COMPANY PROFILE Chobani, based in New York, is a leading manufacturer of Greek yogurt, with a growing presence in the coffee creamer, ready-to-drink ("RTD") coffee, and oat milk categories. A majority of the company's products are sold under the "Chobani" brand. In December 2023, the company acquired La Colombe, an independent coffee roaster with retail locations and RTD offerings. The company is majority owned by its founder and CEO, Hamdi Ulukaya, with Keurig Dr Pepper Inc. ("KDP") also holding an ownership interest. On October 16, 2025, Chobani announced a $650 million equity capital raise at FHU US Holdings, LLC, Chobani's indirect parent, which introduced new investors to the ownership structure. Chobani, LLC's debt is guaranteed by certain domestic wholly-owned subsidiaries and its intermediate parent, Chobani Global Holdings, LLC. Chobani Holdco II, LLC is an indirect intermediate holding company of Chobani Global Holdings, LLC. Chobani generated revenue of approximately $3.8 billion for the fiscal year ended December 27, 2025. COHERE BEAUTY: Monroe Capital ECLF Marks $2.6MM Loan at 60% Off --------------------------------------------------------------- Monroe Capital Enhanced Corporate Lending Fund has marked its $2,665,000 loan extended to Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) to market at $1,060,000 or 40% of the outstanding amount, according to Monroe Capital ECLF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe Capital Enhanced Corporate Lending Fund is a participant in a Revolver loan extended to Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC). The 1L Loan accrues interest at a rate of SF 6.61% 10.49% per annum. The 1L Loan matures on May 18, 2026. Monroe Capital Enhanced Corporate Lending Fund is a closed-end management investment company that focuses on corporate lending and credit-oriented investments in the leveraged finance market. The Fund is led by Zia Uddin as Chief Executive Officer (Principal Executive Officer) and Christopher Lund as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: Zia Uddin Monroe Capital Enhanced Corporate Lending Fund 155 North Wacker Drive, 35th Floor Chicago, IL 60606 Telephone: (312) 258-8300 About Cohere Beauty, Phoenix LLC Cohere Beauty, Phoenix LLC, formerly Arizona Natural Resources, LLC, is a contract manufacturer focused on beauty, personal care and related products for brand owners. CONSOLIDATED ENERGY: Barings Global Marks $5.4MM Bond at 29% Off ---------------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $5,447,000 bond extended to Consolidated Energy Finance SA to market at $3,851,029 or 71% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a corporate bond extended to Consolidated Energy Finance SA. The bond accrues interest at a rate of 12.00% per annum. The bond matures on Feb. 15, 2031. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Consolidated Energy Finance SA Consolidated Energy Finance SA is a financing vehicle operating in the energy sector, likely supporting projects or operations related to natural gas, petrochemicals or power generation. COPPER RIDGE: Hires Dennis J. Spyra, Esq. as Bankruptcy Counsel --------------------------------------------------------------- Copper Ridge Landscape & Design, LLC, seeks approval from U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Dennis J. Spyra, Esq. as counsel. The counsel will render these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of the business; b. represent the Debtor in any actions filed pursuant to the estate's avoidance powers under the Bankruptcy Code, responses to motions for relief from the automatic stay, any objections to claims, or any other proceedings which arise in, or are related to, this case; c. prepare on behalf of the Debtor necessary applications, answers, orders, reports, plan and disclosure statement, or other legal papers; d. advise and represent the Debtor in matters of litigation and law and procedure which arise during the course of the bankruptcy case; and e. perform all other legal services which may be necessary in the administration of this bankruptcy case. The Debtor has agreed to pay Dennis J. Spyra a retainer of $10,000. Mr. Spyra assured the court that he has no connection with the Debtor, creditors, or any other party in interest, or its attorneys, and represents no interest adverse to the Debtor or the Debtor's estate. The counsel can be reached through: Dennis J. Spyra, Esq. 1711 Lincoln Way White Oak, PA 15131 Tel: (412) 673-5228 E-mail: attorneyspyra@dennisspyra.com About Copper Ridge Landscape & Design, LLC Copper Ridge Landscape & Design, LLC operates in the landscaping services sector, offering outdoor design, landscape installation, and maintenance services for residential and commercial properties. Copper Ridge Landscape & Design, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20622) on March 5, 2026, reporting estimated assets and liabilities each ranging from $100,001 to $1,000,000. The debtor is represented by Dennis J. Spyra, Esq. CPW CORP: Seeks to Hire HarperWhitfield as Accountant ----------------------------------------------------- CPW Corp. seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to hire HarperWhitfield as its accountant. HarperWhitfield has agreed to provide the accounting services of preparing and filing federal and state business income tax returns for 2024, including reconciling the Debtor's financial information, preparing balance sheets, and reviewing and preparing financial documents as necessary to obtain accurate information needed in preparing the tax returns. HarperWhitfield will charge for its accounting services with a flat fee of $6,900. HarperWhitfield is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: W. Scott Goetjen, CPA HarperWhitfield 314 Farmington Avenue Farmington, CT 06032 Tel: (860) 677-9188 Fax: (860) 677-6546 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. CROWN BOILER: Seeks to Tap MazurKraemer Business as Local Counsel ----------------------------------------------------------------- Crown Boiler Co., LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire MazurKraemer Business Law as local bankruptcy counsel. The firm will render these services: a. provide services to assist the Debtor and its primary restructuring counsel in the administration of this Chapter 11 case before the United States Bankruptcy Court for the Western District of Pennsylvania; b. advise the Debtor and its lead bankruptcy counsel regarding the Local Bankruptcy Rules, procedures, and practices of this Court, including the individual practices of the presiding judge; c. coordinate with the Debtor's primary restructuring counsel regarding the preparation, filing, and prosecution of pleadings, motions, and other documents; d. assist with the electronic filing of pleadings through the Court's CM/ECF system; e. monitor the docket for filings, orders, and deadlines relevant to the administration of the case; f. appear at hearings before the Court as necessary or appropriate, including first-day hearings, status conferences, omnibus hearings, and other proceedings as directed by the Debtor or its primary restructuring counsel; g. communicate and coordinate with the Office of the United States Trustee for Region 3 and the Clerk of the Bankruptcy Court regarding procedural or administrative matters that may arise in the case; h. assist in addressing service and notice requirements in coordination with the claims and noticing agent appointed in the case; i. assist with hearing logistics; and j. provide consultation regarding the Court's procedures relating to complex Chapter 11 cases, including omnibus hearing practices and agenda procedures; and k. provide all other reasonably necessary and appropriate legal services to the administration of the Debtor's estate. The firm received a retainer in the amount of $10,000 for its post-petition work in these cases, funded by Burnham Holdings, Inc. As disclosed in the court filings, MazurKraemer Business Law is a “disinterested person” as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Salene Kraemer, Esq. MAZURKRAEMER LAW GROUP 314 Old Farm Rd. Pittsburgh PA 15228 Telephone: (412) 427-7075 E-mail: salene@mazurkraemer.com About Crown Boiler Co., LLC Crown Boiler Co., incorporated in 1958 and based in Pennsylvania, manufactures and distributes residential and commercial hydronic heating products, including cast iron boilers, oil burners, and operating controls, serving customers across the United States through a network of regional wholesalers. Crown Boiler Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-20515) on February 25, 2026. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. The petition was signed by Nick Ribich as vice president and chief financial officer. The Debtor is represented by: Salene Kraemer, Esq. MAZURKRAEMER LAW GROUP 314 Old Farm Rd. Pittsburgh PA 15228 Telephone: (412) 427-7075 E-mail: salene@mazurkraemer.com CYCLE MASTERS: Seeks Chapter 7 Bankruptcy in Pennsylvania --------------------------------------------------------- On March 16, 2026, Cycle Masters LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the debtor reports liabilities between $0 and $100,000 owed to 1–49 creditors. About Cycle Masters LLC Cycle Masters LLC is a Pennsylvania-based company engaged in cycling-related products and services, serving recreational and fitness-focused customers. Cycle Masters LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11071) on March 16, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. The Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The debtor is represented by Zachary Zawarski, Esq. of The Law Office of Zachary Zawarski. DATAONLINE CORP: Monroe ECLF Marks $244,000 Loan at 30% Off ----------------------------------------------------------- Monroe Capital Enhanced Corporate Lending Fund has marked its $244,000 loan extended to Dataonline Corp. to market at $171,000 or 70% of the outstanding amount, according to Monroe ECLF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe Capital Enhanced Corporate Lending Fund is a participant in a revolver loan extended to Dataonline Corp. The Loan accrues interest at a rate of 5.40%–9.09% per annum. The Loan matures on Nov. 13, 2026. Monroe Capital Enhanced Corporate Lending Fund is a closed-end management investment company that focuses on corporate lending and credit-oriented investments in the leveraged finance market. The Fund is led by Zia Uddin as Chief Executive Officer (Principal Executive Officer) and Christopher Lund as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: Zia Uddin Monroe Capital Enhanced Corporate Lending Fund 155 North Wacker Drive, 35th Floor Chicago, IL 60606 Telephone: (312) 258-8300 About Dataonline Corp. Dataonline Corp. is a technology company that provides remote monitoring and data-driven management solutions for industrial assets and equipment. DAWKINS GARDENS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Dawkins Gardens, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. Under the interim order, the Debtor is allowed to utilize cash collateral to cover budgeted expenses and to pay $20,000 to Multifamily Finance Group, LLC for the March 9 loan commitment. Dawkins previously secured refinancing to fully repay Churchill MRA Funding I, LLC, requiring a $20,000 commitment fee the Debtor plans to pay from cash collateral. Unless extended by agreement with Churchill, the Debtor may use cash collateral from March 9 until May 4; entry of an order modifying its authority to use cash collateral; or the occurrence of a termination event. Termination events include noncompliance with the order; unauthorized use of cash collateral; nonpayment of U.S. Trustee fees; appointment of a Chapter 11 trustee or examiner with expanded powers; dismissal or conversion of the Debtor's Chapter 11 case; seeking court approval for financing that does not fully repay the lender; and closing a sale of substantially all assets without court approval. As protection, Churchill will be granted a replacement lien on its pre-bankruptcy collateral and any property acquired by the Debtor after the Chapter 11 filing that is similar to the lender's pre-bankruptcy collateral. In case such protection proves inadequate, the lender's claim against the Debtor will have priority under Section 507(b) of the Bankruptcy Code. The order is available at https://is.gd/QqWuT8 from PacerMonitor.com. The next hearing is set for April 7. The deadline for filing objections is on April 5. Churchill asserts a claim of approximately $4.9 million while the Debtor's property securing the loan is estimated to be worth about $5.5 million based on its filed schedules. Additional appraisals valued the property at $6.94 million in January and $7.25 million in November 2024, though some broker estimates are lower due to a cooling real estate market. Churchill, as lender, is represented by: Lisa Wolgast, Esq. Talia B. Wagner, Esq. 3340 Peachtree Rd NE, Suite 2900 Atlanta, GA 30326-1092 Telephone: (470) 832-7535 Lisa.Wolgast@BTLaw.com Talia.Wagner@BTLaw.com About Dawkins Gardens LLC Dawkins Gardens, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51480) on Feb. 26, 2026. In the petition signed by Shane Dawkins, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge James R. Sacca oversees the case. Milton D. Jones, Esq., represents the Debtor as legal counsel. DCA OUTDOOR: Seeks to Sell Excess Machinery & Equipment ------------------------------------------------------- DCA Outdoor, Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the Western District of Missouri, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors intends to sell excess machinery and equipment. The Debtors employs Elting Auction Co. to conduct an auction of the personal property. Any response to the motion must be filed within 14 days of the date of this notice, pursuant to Local Rule 9013-1C, with the Clerk of the United States Bankruptcy Court. Parties represented by an attorney shall file electronically at https://ecf.mowb.uscourts.gov. Pro se parties shall mail filings to: United States Bankruptcy Court, Western District of Missouri, 400 East 9th Street, Room 1510, Kansas City, MO 64106. About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through Patrick Gilbert. DELLA RAGIONE: Seeks Approval to Tap Tice Associates as Accountant ------------------------------------------------------------------ Della Ragione, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Tice Associates, PC as accountant. The Debtor needs an accountant to assist in the preparation of bookkeeping, financial statements, tax returns, and other related matters. James Tice, CPA, the primary accountant in this representation, will be paid at his hourly rate of $95. Additionally, the firm will charge a fixed monthly fee of $275 for bookkeeping services. Mr. Tice disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James Tice, CPA Tice Associates, PC 1709 West Market Street York, PA 17404 Telephone: (717) 843-9572 Facsimile: (717) 845-1590 Email: tax@ticeassociates.com About Della Ragione Inc. Della Ragione, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00572) on March 2, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Henry W. Van Eck presides over the case. The Debtor tapped Craig A. Diehl, Esq. at Law Offices of Craig A. Diehl as counsel and James Tice, CPA, at Tice Associates, PC as accountant. DEXKO GLOBAL: Moody's Affirms 'B3' CFR, Outlook Remains Negative ---------------------------------------------------------------- Moody's Ratings affirmed the B3 corporate family rating and B3-PD probability of default rating of DexKo Global, Inc. (DexKo). Moody's also assigned a B2 rating to DexKo's new senior secured first-lien term loans and revolving credit facility, a Caa2 rating to its new senior unsecured notes, and a B2 rating to the new senior secured first-lien term loan of its subsidiary AL-KO Vehicle Technology Group (AL-KO). The B2 rating on the existing senior secured bank credit facilities of DexKo and AL-KO and the Caa2 rating on DexKo's existing senior unsecured notes remain unaffected and will be withdrawn upon full repayment of these instruments. The outlook remains negative. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. The affirmation of the CFR reflects Moody's expectations that DexKo will maintain a strong position within its industry and a steady margin profile as industry conditions improve. Moreover, the planned maturity extension meaningfully reduces near-term refinancing risk and provides additional time for credit metrics to recover toward more appropriate levels. The negative outlook reflects Moody's expectations that leverage will remain high over the next 12-18 months. While Moody's expects liquidity will be adequate, soft demand will continue to challenge the ability to improve operating results. RATINGS RATIONALE The B3 CFR reflects the company's high financial leverage, its acquisitive growth strategy, and exposure to cyclical end markets, both in the industrial utility and recreational segments. Volume trends in most end markets continue to be pressured by soft demand, including within the distribution business. Nevertheless, margins have remained relatively stable, supported by a broad product portfolio and diverse geographic markets. DexKo's ability to flex its highly variable cost structure during downturns and its disciplined management of working capital continues to support credit quality. Furthermore, the company's ongoing focus on pricing, cost reduction, productivity initiatives, and new business wins is expected to support earnings and continued free cash flow generation. The distribution business is also expected to contribute positively to revenue and margins as demand conditions gradually stabilize. Liquidity is expected to remain adequate over the next 12-18 months. The company has around $12 million in cash, a $200 million revolving credit facility with $187 million available after $13 million in letters of credit, and $171 million available from its $275 million ABL facility as of December 2025. DexKo faces a high interest burden, with annual payments of approximately $240 million that are expected to increase following the proposed refinancing, further weighing on free cash flow. However, Moody's expects free cash flow to remain positive. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt-to-EBITDA is maintained under 6x and free cash flow-to-debt is consistently above 5%. Maintenance of good liquidity would also be required for a rating upgrade. The ratings could be downgraded if DexKo is unable to continue growing earnings and debt-to-EBITDA remains above 7x. EBITA-to-interest expense below 1.5x and weakening liquidity, including an increasing reliance on the revolving credit facility, could also result in a downgrade. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. DexKo Global, Inc., headquartered in Novi, Michigan, is a global manufacturer and distributor of engineered components for towable and related applications primarily in North America and Europe. The company offers a broad suite of axle assemblies, hydraulic components, chassis, tow bars and aftermarket parts serving a variety of markets. Brookfield Business Partners L.P. owns a majority equity stake in DexKo. Revenue for fiscal year 2025 was $2.2 billion. DIGGING DIRT: Has Deal on Cash Collateral Access ------------------------------------------------ Commercial Credit Group Inc. asks the U.S. Bankruptcy Court for the Southern District of Georgia, Augusta Division, for entry of an order approving its stipulation with Digging Dirt Site Works LLC regarding the use of cash collateral. CCG is an equipment financing lender that previously funded the Debtor's acquisition of several pieces of heavy construction equipment under two Negotiable Promissory Notes and Security Agreements dated March 24, 2025, with principal amounts of $665,100 and $470,064. These loans were secured by the financed equipment, referred to as the Equipment Collateral, which the Debtor asserts is necessary to continue its business operations and pursue reorganization under Chapter 11. The equipment financed by CCG includes multiple pieces of heavy machinery used in construction operations, such as a Komatsu D61PXi-24 crawler dozer, a Caterpillar CS56B padfoot vibratory roller, a Caterpillar 336 hydraulic excavator with associated couplers and buckets, a Komatsu PC240LC-11 hydraulic excavator equipped with a quick coupler and buckets, and a Komatsu WA320-8 wheel loader with pipe forks, hydraulic coupler, and bucket attachments. In addition to the equipment itself, CCG holds a security interest in other assets of the Debtor, including cash collateral generated by the Debtor's business. CCG properly perfected its pre-petition security interests by filing multiple UCC-1 financing statements with the Clerk of the Superior Court for Coweta County, Georgia on several dates between December 6, 2021 and March 28, 2025. Prior to the bankruptcy filing, the Debtor had defaulted on its loan obligations by failing to make required payments and failing to maintain insurance coverage on the equipment as required under the loan documents. As a result, CCG repossessed the equipment before the bankruptcy filing, and as of the petition date the debtor owed CCG approximately $879,911, excluding additional accrued interest and expenses. After the bankruptcy case began, the Debtor obtained new insurance coverage and recovered possession of the repossessed equipment. The parties subsequently negotiated a stipulation designed to protect CCG's secured interests while allowing the debtor to continue using both the equipment and cash collateral to operate its business. Under the stipulation, the Debtor acknowledges that the loan documents and the related indebtedness owed to CCG are valid, binding, and enforceable obligations, and that the debtor has no defenses, claims, or setoffs against CCG with respect to the loans or the associated security interests. As part of the agreement, the Debtor grants CCG post-petition replacement liens on the same categories of collateral to protect CCG against any diminution in value resulting from the Debtor's use of cash collateral during the bankruptcy case. These replacement liens are deemed perfected automatically as of the petition date without the need for additional filings. To provide adequate protection for the continued use of the equipment and cash collateral, the Debtor has agreed to make a series of payments to CCG beginning with $5,000 for Jnauary, $10,000 for February, and $15,000 for March, and on the 25th day of each month thereafter. These payments will continue until the earliest of the effective date of a confirmed plan of reorganization, dismissal of the bankruptcy case, or conversion of the case to Chapter 7 liquidation. The Debtor must also maintain insurance coverage on the equipment in accordance with the terms of the security agreements, with CCG named as an additional insured and sole loss payee, and must provide proof of such insurance immediately and upon request thereafter. The stipulation also establishes procedures in the event of default. If the Debtor fails to comply with the agreement, CCG will notify Debtor's counsel and the Debtor will have a limited period to cure the default—ten days for a first non-insurance default, five days for a second, and no cure period for a third such default. Insurance-related defaults must be cured within one business day. A copy of the motion and stipulation is available at https://urlcurt.com/u?l=7LIbDq from PacerMonitor.com. About Digging Dirt Site Works, LLC Digging Dirt Site Works, LLC, based in Appling, Georgia, provides grading, excavation, paving, and concrete services for commercial and government clients, operating a fleet of heavy machinery including excavators, dozers, loaders, and rollers to support its site development operations. Digging Dirt Site Works, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-10976) on December 19, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. The Law Offices of Emmett L. Goodman, Jr., LLC serves as the Debtor's legal counsel. Commercial Credit Group Inc., as lender, is represented by: Karl E. Osmus, Esq. Wolfson & Osmus LLC P.O. Box 200 Thomasville GA 31792 229-257-0080 DIVA BUILDERS: Patricia Fugee Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of FisherBroyles, LLP as Subchapter V trustee for Diva Builders, LLC. Ms. Fugee will be paid an hourly fee of $365 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fugee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patricia B. Fugee FisherBroyles, LLP 27100 Oakmead Drive #306 Perrysburg, OH 43551 Phone: (419) 874-6859 Email: Patricia.Fugee@FisherBroyles.com About Diva Builders LLC Diva Builders, LLC is a privately held construction company engaged in residential and commercial building, renovation, and general contracting services. Diva Builders filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10953) on March 6, 2026. In its petition, the Debtor reported assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Jessica E. Price Smith handles the case. DIXIE GROUP: Adopts 2026 Incentive Compensation Plan for Execs -------------------------------------------------------------- The Dixie Group, Inc. disclosed in a regulatory filing that effective March 12, 2026, the Company adopted an incentive compensation plan applicable to 2026 with respect to which incentive compensation may be paid to the Company's Chief Executive Officer, Principal Financial Officer and other named executive officers. Pursuant to the plan, cash awards and certain restricted stock awards may be granted and paid to such officers. The potential restricted stock awards include Primary Long Term Incentive Plan (PLTI) and Career Share awards, as in prior years. Full text copies of the summary of the plan, Form of PLTI award (B shareholder), Form of PLTI award (common only), Form of Career Share award (B shareholder), and Form of Career Share award (common only), are available at https://tinyurl.com/y73p8brs, https://tinyurl.com/583skput, https://tinyurl.com/bvj6cfa3, https://tinyurl.com/4kc8r2h5, and https://tinyurl.com/yvj33vyb, respectively. About Dixie Group The Dixie Group, Inc. manufactures, markets, and sells floorcovering products to residential customers in North America and internationally. The Company offers residential carpets, custom rugs, and engineered wood products under the Fabrica brand for interior decorators and designers, selected retailers and furniture stores, luxury home builders, and manufacturers of luxury motor coaches and yachts; and specialty carpets and rugs for the high-end residential marketplace, as well as luxury vinyl flooring products and broadloom carpet products under the Masland Residential brand name through the interior design community and specialty floorcovering retailers. It provides residential tufted broadloom carpets and rugs to selected retailers and home centers under the DH floors and private label brands, as well as luxury vinyl flooring products to the marketplace it serves. The Company was founded in 1920 and is based in Dalton, Georgia. As of September 27, 2025, the Company had $183.9 million in total assets, $172.2 million in total liabilities, and $11.8 million in total stockholders' equity. The Company has $53.1 million of outstanding indebtedness under its senior credit facility that is classified as current as of September 27, 2025. Additionally, the Company's existing cash and cash equivalents would not be sufficient to satisfy this debt in whole and meet the Company's operating needs for at least the next 12 months. In the current period, the Company was in compliance with or has received waivers for all the applicable financial covenants. The Company's current forecast projects the Company may not be able to maintain compliance with certain of its financial covenants under its credit agreements in the next 12 months. Management's plans to stay in compliance with the defined covenants include implementing cost reductions and increasing prices to improve gross margins and the results of operations, pursuing potentially additional financing for certain assets, and obtaining waivers from lenders. While the Company has been able to obtain waivers in the past for such violations, it cannot be assured that such waivers will be obtained in the future. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. DS FORDHAM: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On March 16, 2026, Ds Fordham Landing 2 LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the debtor reports liabilities between $50,000,000 and $100,000,000 owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on April 22, 2026 at 01:00 PM at Zoom.us - USTrustee 6: Meeting ID 160 6479 0874, Passcode 6789012456, Phone 1 (202) 798-4458. About Ds Fordham Landing 2 LLC Ds Fordham Landing 2 LLC is a New York-based real estate entity associated with property ownership and development, likely connected to the Fordham Landing project. Ds Fordham Landing 2 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22262) on March 16, 2026. In its petition, the debtor reports estimated assets of $50,000,000–$100,000,000 and estimated liabilities of $50,000,000–$100,000,000. The Honorable Bankruptcy Judge Sean H. Lane handles the case. The debtor is represented by J. Ted Donovan, Esq. of Goldberg Weprin Finkel Goldstein LLP. ECHOSTAR CORP: To Decide on Chapter 11 Route by March 31 -------------------------------------------------------- EchoStar Corporation disclosed in a regulatory filing that on March 19, 2026, together with DISH Network Corporation, DISH DBS Corporation and certain of DDBS's subsidiaries, entered into a Restructuring Support Agreement with an ad hoc group representing more than 82% of holders of debt securities issued by DDBS. The Transactions contemplated by the RSA will, among other things, significantly deleverage the Company. Pursuant to the terms and subject to the conditions set forth in the RSA, the Company will prepay without penalty certain DDBS Notes. In addition, the Company repaid in full, without penalty, the financing arrangements at DISH DBS Company L.L.C. The RSA adds certain protections for the DDBS Notes and adds financial flexibility and strategic optionality for the company, including increased flexibility to engage in potential M&A transactions. In addition, the DDBS noteholders and the Company mutually agreed that all pending litigation would be dismissed with prejudice. Effective Date Transactions Payment of Certain Intercompany Loans: On or as soon as reasonably practicable after the AT&T Closing Date, DNC shall pay (or cause to be paid, or solely in the case of the 2021 Intercompany Loan - Tranche A, otherwise satisfy and discharge in full) the following amounts: (1) to DBS, cash in the amount of approximately $2,845,000,000 plus accrued and unpaid interest (including any interest paid in kind) to the date of such payment, in full and final satisfaction of the loan tranche that matures on December 1, 2028 under that certain Loan and Security Agreement dated November 26, 2021 between DBS, as lender, and DNC, as borrower; provided that if such payment has not been made by December 1, 2026, it will be made on such date; and (2) the amount of approximately $4,767,000,000 plus accrued and unpaid interest (including any interest paid in kind) to the Effective Date, in full and final satisfaction of the loan tranche that matures on December 1, 2026 under that certain Loan and Security Agreement dated November 26, 2021 between DBS, as lender, and DNC, as borrower, the receivable for which DBS transferred to EchoStar Intercompany Receivable Company L.L.C. in January 2024. Release of Liens: Concurrently with DNC's payment of all amounts owed under the 2021 Intercompany Loan, all liens or encumbrances with respect to the collateral that secures the 2021 Intercompany Loan shall be released. DBS 2028 Secured Notes Cash Sweep: On the Effective Date, if the Refinancing Transactions are implemented pursuant to a chapter 11 plan of reorganization of DBS, the indenture for the DBS 2028 Secured Notes shall be further amended to require DBS to redeem DBS 2028 Secured Notes principal and accrued and unpaid interest on such notes, in each case at par without any premium, penalty, or charge, in an amount such that the price payable in connection with each such redemption equals DBS's "Available Cash" (to be measured based on balance sheet cash at quarter end and defined in a manner to be mutually agreed) in excess of $500,000,000, which required redemption shall be made by DBS on a quarterly basis commencing with the fiscal quarter ending March 31, 2027 (and with respect to the Available Cash for such quarter); provided, however, that the DBS Cash Sweep shall be suspended automatically if DBS consummates a DirecTV business combination (whether by merger, acquisition or other transaction): (1) so long as the combined company reaches (and remains below) a total net leverage ratio of less than 2.25x or (2) so long as the aggregate principal amount of the DBS 2028 Secured Notes is reduced (and remains below) to 50% or less of the aggregate principal amount of such notes outstanding as of the execution of the Restructuring Support Agreement; provided, further, that the combined company shall not be permitted to make restricted payments under the indentures for the DBS 2028 and 2029 Notes. Amendments to Optional Redemption Provisions of the DBS 2026 Note Indentures: On the Effective Date, if the Refinancing Transactions are implemented pursuant to a DBS Chapter 11 Plan that is binding on all holders of the DBS 2026 Notes, the indentures for each of the DBS 2026 Notes shall be further amended to permit the obligations thereunder to be redeemed, at any time after March 31, 2026, by paying the outstanding principal at par plus accrued and unpaid interest, if any, to the date of redemption, without any premium, penalty, or charge. Redemption of DBS 2026 Unsecured Notes: On the later of(1) March 31, 2026 and (2) the Effective Date, if the amendments described under "Amendments to Optional Redemption Provisions of the DBS 2026 Note Indentures" have been made, DBS shall redeem any remaining DBS 2026 Unsecured Notes at a redemption price equal to 100.0% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of redemption. EchoStar's Claim Settlement Amount: On June 1, 2026, EchoStar Corporation shall pay the Consenting Creditors the balance of the $125,000,000 Claim Settlement Amount (in accordance with the allocation as determined by the Steering Committee) net of: (1) the $75,000,000 payment made by DBS on the Execution Date (to the extent allocated as determined by the Steering Committee) and (2) any amounts paid by any Company Party or affiliate thereof that are applied to the Claim Settlement Amount as provided herein (to the extent allocated as determined by the Steering Committee). Mutual Releases: The Mutual Releases are to be held in escrow and shall become effective only as of the Effective Date. Tax Structure: The Refinancing Transactions will be implemented in a tax- efficient manner as agreed in good faith among the Company Parties and the Consenting Creditors. Chapter 11 Election and Related Terms The Company Parties shall notify counsel to the ad hoc committee of holders of DBS Notes, on or before March 31, 2026, of their intent, subject to approval by their respective boards of directors or managers, to accomplish the Refinancing Transactions through confirmation of the Chapter 11 Plan. The Company Parties may make the Chapter 11 Election at any time up to and including 11:59 p.m. (prevailing Eastern Time) on the Election Date by providing written notice (email being sufficient) to counsel to the Consenting Creditors. The Election Date may be extended, in the Company Parties' discretion, in one or more increments of up to a total of 90 days by providing written notice (email being sufficient) to counsel to the Consenting Creditors. If the Company Parties wish to further extend such date beyond the 90 days permitted under the foregoing sentence, then such date may be further extended with the written consent of the Consenting Creditors (email being sufficient), which consent shall not unreasonably be withheld. The Chapter 11 Cases shall be commenced in the United States Bankruptcy Court for the Southern District of Texas or such other bankruptcy court where the Company Parties determine, in consultation with the Consenting Creditors, that venue is proper under applicable law. The Consenting Creditors shall agree to customary affirmative and negative covenants that shall apply if the Company Parties make the Chapter 11 Election, which covenants shall be set forth in Definitive Documentation. The Company Parties shall agree to customary affirmative and negative covenants, including milestones, that shall apply if the Company Parties make the Chapter 11 Election, which covenants shall be set forth in Definitive Documentation. DBS Notes Interest: Interest on the DBS Notes will be paid in full in cash on a current basis during the Chapter 11 Cases on the terms and at the rates set forth in the indentures for the DBS Notes (including, for the avoidance of doubt, from and after the applicable maturity date consistent with the prematurity interest schedule if the Chapter 11 Cases extend past such date, unless such DBS Notes are repaid, redeemed or repurchased in full on or prior to such maturity date). The Company Parties may be reached through: Dean Manson Chief Legal Officer DISH DBS Corporation 9601 South Meridian Boulevard Englewood, CO 80012 Email: legal.notices@dish.com The Company Counsel may be reached through: Thomas E. Lauria, Esq. Jonathan Michels, Esq. White & Case LLP 1221 Avenue of the Americas New York, NY 10020-1095 Email: tlauria@whitecase.com jmichels@whitecase.com - and - Matthew E. Linder, Esq. Laura E. Baccash, Esq. White & Case LLP 300 N. LaSalle Drive Chicago, IL 60654-3406 Email: mlinder@whitecase.com laura.baccash@whitecase.com - and - A.J. Ericksen, Esq. White & Case LLP 609 Main Street, Suite 2900 Houston, TX 77002 Email: aj.ericksen@whitecase.com EchoStar or DISH Network Corporation may be reached through: Dean Manson Chief Legal Officer 9601 South Meridian Boulevard Englewood, CO 80012 Email: legal.notices@echostar.com The Consenting Creditors and the Ad Hoc Group Counsel may be reached through to: Dennis F. Dunne, Esq. Lisa Laukitis, Esq. Nelly Almeida, Esq. Lawrence G. Wee, Esq. Milbank LLP 55 Hudson Yards New York, NY 10001 Email: ddunne@milbank.com llaukitis@milbank.com nalmeida@milbank.com lwee@milbank.com A full next copy of the Restructuring Support Agreement is available at https://tinyurl.com/2ht4u773 About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. As of December 31, 2025, the Company had $43 billion in total assets and $37.2 billion in total liabilities, and total stockholders' equity of $5.8 billion. * * * In Sept. 2025, S&P Global Ratings placed its 'CCC+' Company credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. ELDORADO GOLD: Moody's Ups CFR to Ba3 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded Eldorado Gold Corporation's ("Eldorado") corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and senior unsecured notes rating to B1 from B3. The company's speculative grade liquidity rating (SGL) remains unchanged at SGL-2 and the rating outlook has changed to stable from positive. Eldorado's rating upgrade reflects a strengthened credit profile driven by the near-completion of the Skouries gold-copper project. Once operational, the mine will offer low-cost production, boost output and diversify operations, create positive cash flow, and help lower financial leverage. Furthermore, the company's proposed acquisition of Foran Mining Corporation (Foran) through a share-based transaction will add the advanced McIlvenna Bay development project to Eldorado's portfolio. This will further strengthen Eldorado's credit profile because of increased scale, greater commodity diversification and broader jurisdictional exposure. RATINGS RATIONALE Eldorado benefits from: 1) low leverage; 2) diverse mining operations with long average reserve life of its assets (Kisladag has a 13 year mine life, Skouries will have a 20 year life); 3) a good cost position (guidance total cash costs of $1220-1420 per ounce for 2026); and 4) good liquidity. Eldorado's rating is constrained by its 1) smaller scale (490-590 thousand gold ounces expected in 2026), 2) geopolitical risks related to their assets in Turkiye (Government of Turkiye Ba3 stable); 3) execution risk related to completing the Skouries project; and 4) a concentration of production in gold and the resulting exposure to volatility in gold prices. Eldorado's Skouries project, located in northern Greece (Government of Greece Baa3, stable), is a copper gold porphyry deposit that will use a combination of conventional open pit and underground mining techniques. As of December 31, 2025, construction was approximately 90% complete, reflecting substantial progress and reduced execution risk. First concentrate production is now expected in early Q3 2026, following a one quarter delay, with commercial production anticipated in Q4 2026. Over its initial 20 year mine life, Skouries will produce an average of approximately 140,000 ounces of gold and 67 million pounds of copper annually. Once fully ramped up, Skouries will materially increase Eldorado's consolidated production profile, enhance operational and geographic diversification, and lower the company's average cost structure, with meaningful cash generation from 2027 onward. Eldorado has good liquidity (SGL-2), with about $1.1 billion of total sources against minimal uses to December 2026. Sources include $869 million of cash at Q4/2025, about $107 million of availability on its $350 million revolving credit facility (expires June 2028) and about $150 million of free cash flow in 2026 (using Moody's gold price sensitivity of $3400/oz). The company's next scheduled debt maturity is its $500 million notes due in September 2029. Eldorado is expected to remain comfortably in compliance with its bank facility covenants. The B1 rating on the senior unsecured notes, which is one notch below the Ba3 CFR, recognizes their junior position in the capital structure behind the company's revolving credit facility and the project financing facility in place for the Skouries project. The project financing facility is non-recourse to Eldorado, the collateral securing the facility covers Eldorado's operating asset Olympias in Greece and the Skouries project. The stable rating outlook reflects Moody's expectations that the company will generate positive free cash flow and maintain strong credit metrics over the next 12-18 months. Moody's also expects the Skouries mine to advance toward commercial production by the end of 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Eldorado increases its mine diversity, likely through the successful ramp up of current mining projects without increasing costs. An upgrade would also require that adjusted debt to EBITDA be maintained below 2.5x, RCF/Debt is maintained in the high 20% range and the company maintains good liquidity. The ratings could be downgraded if operational issues at its mines resulted in lower sustained production and higher costs. A downgrade would also be considered if adjusted debt to EBITDA is sustained above 3.5x, RCF/Debt declines below 20% or liquidity weakens. Headquartered in Vancouver, Canada, Eldorado owns and operates two gold mines in Turkiye (Kisladag and Efemcukuru), a gold mine in Canada (Lamaque Complex), and a gold/silver/lead/zinc mine in Greece (Olympias). The company is currently developing the Skouries copper/gold project in Greece. The principal methodology used in these ratings was Mining published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ELITE LIFE: Seeks Subchapter V Bankruptcy in Alabama ---------------------------------------------------- On March 17, 2026, Elite Life Healthcare, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on 4/21/2026 at 09:00 AM at Creditor Meeting Room Birmingham. About Elite Life Healthcare, LLC Elite Life Healthcare, LLC is a healthcare services company that provides patient care and related medical support services, operating as a small-scale provider within the healthcare sector. Elite Life Healthcare, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00993) on March 17, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities within the same range. Honorable Bankruptcy Judge Not Yet Disclosed handles the case. The Debtor is represented by Robert C. Keller, Esq. of Russo, White & Keller. EPIKA FLEET: Monroe Capital Marks $4.7MM Loan at 38% Off -------------------------------------------------------- Monroe Capital Enhanced Corporate Lending Fund has marked its $4,791,000 loan extended to Epika Fleet Services, Inc. to market at $2,984,000 or 62% of the outstanding amount, according to Monroe ECLF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe Capital Enhanced Corporate Lending Fund is a participant in a delayed draw loan extended to Epika Fleet Services, Inc. The Loan accrues interest at a rate of 5.00%–8.69% per annum. The Loan matures on April 17, 2031. Monroe Capital Enhanced Corporate Lending Fund is a closed-end management investment company that focuses on corporate lending and credit-oriented investments in the leveraged finance market. The Fund is led by Zia Uddin as Chief Executive Officer (Principal Executive Officer) and Christopher Lund as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: Zia Uddin Monroe Capital Enhanced Corporate Lending Fund 155 North Wacker Drive, 35th Floor Chicago, IL 60606 Telephone: (312) 258-8300 About Epika Fleet Services, Inc. Epika Fleet Services, Inc. is a transportation services company that provides maintenance, repair and fleet management solutions for commercial vehicle operators. ESAB CORP: Moody's Rates New Senior Unsecured Notes 'Ba1' --------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to ESAB Corporation's (ESAB) proposed senior unsecured notes. The existing ratings of ESAB, including the Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 rating on the existing senior unsecured notes, are not affected. The outlook remains stable. The company's speculative grade liquidity rating of SGL-1 is unchanged. ESAB intends to use the proceeds from the new senior unsecured notes, together with privately placed equity capital and borrowings under its revolving credit facility, to fund the $1.45 billion acquisition of Eddyfi Technologies (Eddyfi), a global leader in advanced inspection and monitoring technologies. Moody's estimates debt-to-LTM EBITDA pro forma for the acquisition to be 4.2x as of December 31, 2025, up from 2.6x on a standalone basis. However, Moody's projects that debt-to-EBITDA will decline toward 3.3x over the next 12-18 months, driven by higher earnings and strong free cash flow that Moody's anticipates will be deployed towards debt repayment. RATINGS RATIONALE ESAB's Ba1 CFR reflects the company's strong market position in the global fabrication technology sector supported by well-known brands within the welding and cutting industry. End markets are well diversified with sales geographically evenly split between developed and emerging regions. In addition to longer-term positive dynamics in the welding and cutting industry, a growing stream of new product introductions, including automation and collaborative robotics (cobots), should improve returns over the next several years. However, demand for ESAB's products is affected by general economic conditions because the company is reliant on the level of capital spending in manufacturing and other industrial sectors. The welding and cutting industry has historically contracted during periods of lower industrial activity. ESAB has an acquisitive strategy to increase scale and broaden its product offering, which may create execution risk and higher financial leverage. The acquisition of Eddyfi is a strong strategic fit and will strengthen ESAB's product solutions, spanning fabrication, inspection and monitoring. Eddyfi has leading inspection and monitoring technologies that support a very high margin. The inspection and monitoring business is also less susceptible to economic cycles. The acquisition further diversifies ESAB's end markets with more exposure to aerospace and defense, nuclear, energy and civil infrastructure. Moody's expects ESAB's organic revenue to grow by 1.5% per year over the next 12-18 months, driven by continued strong demand from India and the Middle East, improved demand in Europe, and relatively stable demand from North America. Onshoring, growing global infrastructure investments and energy transition projects will drive organic revenue growth. Including the expected synergies from the Eddyfi acquisition, Moody's expects ESAB's EBITA margin to improve slightly over the next 12-18 months, because of higher prices and strong cost and expense controls. The stable outlook reflects Moody's expectations that slight organic revenue growth and strong cost and expense controls will drive higher earnings, lowering the company's financial leverage and generating solid free cash flow. Moody's forecasts that ESAB will maintain very good liquidity over the next 12 months as reflected by its SGL-1 speculative grade liquidity (SGL) rating. This is supported by Moody's expectations for free cash flow of more than $200 million, driven by higher earnings and improved working capital management. Liquidity is further underpinned by approximately $865 million of availability as of the end of December 2025 on the $1,050 million revolving credit facility, which expires in October 2030. The company does not have any material debt maturities in the next two years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded with an operational track record of organic and inorganic growth while improving margins and maintaining solid free cash flow and ample liquidity. A consistent, prudent financial policy, including debt-to-EBITDA sustained below 3x and EBITA-to-interest greater than 7x, even with occasional acquisitions, could also result in an upgrade. The ratings could be downgraded with indications of a more aggressive financial policy, such as large, debt financed acquisitions. Reduced ability to withstand periods of key end market cyclicality or weakening liquidity, as well as debt-to-EBITDA approaching 4x could also result in a downgrade. The principal methodology used in this rating was Manufacturing published in September 2025. ESAB Corporation, headquartered in North Bethesda, Maryland, is a global fabrication technology company that provides consumable products and equipment for use in cutting, joining and automated welding, as well as gas control equipment. Products are marketed under several brand names, most notably ESAB. Revenue for the last 12 months ended December 31, 2025 was $2.8 billion. On February 02, 2026, ESAB announced that it had signed a definitive agreement to acquire Eddyfi Technologies (Eddyfi), a global leader in inspection and monitoring technologies for mission-critical applications. F4 PHANTOM: Janice Seyedin Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for F4 Phantom Investments LLC - F13 Lighting Investments, LLC. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About F4 Phantom Investments LLC F4 Phantom Investments LLC - F13 Lighting Investments LLC, doing business as Joe Donut Mt Prospect, is a private specialty donut and breakfast cafe in Mount Prospect, Illinois, offering handcrafted donuts, coffee, and breakfast and lunch items. The business operates as a designated series of F4â€¯Phantomâ€¯Investments LLC. It maintains a local presence with a dedicated website. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04109) on March 8, 2026, with $1 million to $10 million in assets and liabilities. Sheila C. Coffey, manager and designated representative, signed the petition. Judge David H. Decelles presides over the case. J. Kevin Benjamin, Esq., at Benjamin Legal Services, PLC represents the Debtor as bankruptcy counsel. FAT BRANDS: Chapter 11 Financing Pact Sends CEO on Leave -------------------------------------------------------- Clara Geoghegan of Law360 reports that a federal bankruptcy judge in Texas on Thursday authorized interim access to a $184 million debtor-in-possession loan for Fat Brands Inc. in its ongoing Chapter 11 case. The financing is intended to ensure the company can meet operational expenses while restructuring its debt. The court also approved a related agreement that temporarily removes the company's CEO, a condition tied to the DIP financing. The stipulation reflects creditor demands for greater oversight during the bankruptcy process, the report relays. Together, the rulings illustrate the level of control lenders can exert in Chapter 11 cases, particularly when providing new funding. The company is expected to return to court for final approval of the financing as it continues to negotiate with stakeholders, according to Law360. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FAT BRANDS: Committee Retains M3 Advisory Partners as Advisor ------------------------------------------------------------- The Official Committee of Unsecured Creditors seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire M3 Advisory Partners, LP as financial advisor. The firm will provide these services: (a) reviewing and analyzing the Debtors' operations, financial condition, business plan, strategy, retentions, outstanding indebtedness and liabilities, and historical and go-forward operating forecasts; (b) assisting the Committee in evaluating any proposed debtor-in-possession financing or use of cash collateral; (c) reviewing the Debtors' cash management and intercompany accounting systems, practices, and procedures, as necessary; (d) advising the Committee in assessing the Debtors' executory contracts, including the impact of any assumption or rejection of contracts; (e) assisting and advising the Committee in connection with strategies to maximize recoveries for unsecured creditors; (f) assisting the Committee in evaluating, structuring, and negotiating the terms and conditions of the proposed plan of reorganization, or any alternative plan/transaction; (g) assisting the Committee in its analysis of the Debtors' plan of reorganization and related disclosure statement; (h) assisting the Committee and its legal counsel on any investigations of any acts or omissions of the Debtors, any of their stakeholders, or any third parties relating to the Debtors; (i) analyzing the Debtors' assets and liabilities; (j) identifying and/or reviewing potential preference payments, fraudulent conveyances, alter ego, breach of duty, aiding and abetting and other causes of action each individual Debtor's estate may hold, including by providing forensic accounting advisory services as requested; (k) assisting in the evaluation of any asset sale process, including historical and projected financial and operational information provided (or to be provided) to prospective bidders, assessing potential buyers, and evaluating terms, conditions, and impact of any asset sale transactions proposed by the Debtors; (l) reviewing and evaluating pleadings filed with the Court, as appropriate; (m) providing testimony, as required, in any proceeding before this Court; and (n) providing other services incidental and ancillary to the foregoing and such other services as M3 and the Committee shall otherwise agree in writing. M3 Advisory Partners, LP will be compensated based on hourly rates ranging from $500 to $1,500 depending on the professional's title. The firm will also seek reimbursement for expenses incurred in connection with the engagement. M3 Advisory Partners, LP is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert Winning M3 ADVISORY PARTNERS, LP 1700 Broadway, 19th Floor New York, NY 10019 About Fat Brands Inc. FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Caf & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FERRARI IMPORTING: Section 341(a) Meeting of Creditors on April 17 ------------------------------------------------------------------ On March 17, 2026, Ferrari Importing, Inc. filed for Chapter 11 protection in the Western District of Pennsylvania. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on April 17, 2026 at 02:00 PM Ch 11 341 telephonic hearing. About Ferrari Importing, Inc. Ferrari Importing, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa., Case No. 26-20738) on March 17, 2026. In its petition, the Debtor reports estimated assets of $50 million to $100 million and estimated liabilities of $50 million to $100 million. Honorable Chief Bankruptcy Judge Gregory L. Taddonio handles the case. The Debtor is represented by Jason L. Ott, Esq. of Frost Brown Todd LLC. FORCE SEVEN: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On March 17, 2026, Force Seven, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Force Seven, Inc. Force Seven, Inc. is a single asset real estate company. Force Seven, Inc. is a corporate entity whose specific operations were not disclosed in the initial filing, but it appears to function as a small business based on its reported financial profile. Force Seven, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41247) on March 17, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities within the same range. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. FOSSIL GROUP: Ares Strategic Marks $2.3MM 1L Loan at 21% Off ------------------------------------------------------------ Ares Strategic Income Fund has marked its $2,360,800 loan extended to Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. to market at $1,868,700 or 79% of the outstanding amount, according to Ares Strategic Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a first lien senior secured revolving loan extended to Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. The 1L Loan accrues interest at a rate of 9.04% SOFR (M) 5.00% per annum. The 1L Loan matures on August 2030. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: The Corporate Secretary Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. are affiliated entities involved in the design, marketing and distribution of fashion accessories, including watches and jewelry, supported by a first lien senior secured revolving credit facility. FRIENDS OF ROOSEVELT: Moody's Withdraws 'Ba1' Revenue Bond Rating ----------------------------------------------------------------- Moody's Ratings has withdrawn Friends of Roosevelt Children's Academy Charter School, Inc., NY's Ba1 revenue bond rating due to lack of sufficient information. This rating action concludes the review with direction uncertain that was initiated on February 10, 2026. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because Moody's believes Moody's have insufficient or otherwise inadequate information to support the maintenance of the rating(s). FUNKO INC: Net Loss Hits $67.4MM, Extends Debt Maturity to 2027 --------------------------------------------------------------- Funko, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting net losses three years in a row. During the fiscal years ended December 31, 2025, 2024 and 2023, the Company recorded net losses of $67.4 million, $14.7 million and $154.1 million, respectively. The Company's annual revenues decreased from $1.1 billion in 2023 to $1.0 billion in 2024 and to $908.2 million in 2025. The Company's principal sources of liquidity are existing cash and cash equivalents and cash flows from operating activities. There is no remaining borrowing availability under the Company's Revolving Credit Facility, and the amended Credit Agreement requires that cash in excess of $50.0 million be used for prepayment of the Revolving Credit Facility, which prepayments permanently reduce the revolving commitments. Cash used for operating activities for the fiscal year ended December 31, 2025 was $5.1 million, which included $18.3 million of interest payments. As of December 31, 2025, the Company held cash and cash equivalents of $42.1 million and total debt under the Credit Agreement, of $219.9 million (net of $400,000 in unamortized debt issuance costs), with a maturity date of December 31, 2027, which is beyond one year from the date that the financial statements are issued or available to be issued. The Company sources, procures and assembles inventory, primarily out of Vietnam, Cambodia, China and Mexico. The effects of tariffs imposed in 2025, and the potential imposition of modified or additional tariffs or export controls by other countries, could continue to have an adverse effect on future net sales, margins, profitability and cash flows. The Company anticipates it may face continued supply chain challenges, cost volatility, and consumer and economic uncertainty due to these ongoing changes in global trade policies. The Company has continued to benefit from 2025 price increases and realized certain cost-savings of shifting production into lower tariff countries, overhead reductions and capital expenditures and entered into the Fifth Amendment to the Credit Agreement, to proactively manage the Company's liquidity. On February 13, 2026, the Credit Parties entered into the Fifth Amendment of the Credit Agreement to, among other things, amend the Prior Credit Agreement to: (i) extend the maturity date of the loans from September 17, 2026 to December 31, 2027, and (ii) amend the financial covenants applicable to FAH, LLC and its subsidiaries under the Prior Credit Agreement to, among other things: (a) waive the minimum Fixed Charge Coverage Ratio financial covenant for the fiscal quarter ended December 31, 2025 and the fiscal quarters ending March 31, 2026 and June 30, 2026, (b) provide FAH, LLC additional cushion with respect to the minimum Fixed Charge Coverage Ratio financial covenant for the fiscal quarters ending September 30, 2026, December 31, 2026 and March 31, 2027 relative to the minimum Fixed Charge Coverage Ratio covenant set forth in the Prior Credit Agreement, (c) introduce a minimum Consolidated EBITDA covenant for the six-month period ending June 30, 2026, (d) waive the maximum Net Leverage Ratio covenant for the fiscal quarter ended December 31, 2025 and the fiscal quarters ending March 31, 2026, June 30, 2026 and September 30, 2026, (e) subject to certain usage restrictions, permit FAH, LLC to forego testing of certain Financial Covenants for any test period (to the extent required to be tested in such test period and not in two consecutive quarters) if FAH, LLC makes a voluntary permanent prepayment of the loans under the Credit Agreement in an amount not less than $10.0 million prior to the delivery of a compliance certificate for such test period, (f) requiring amortization payments on the outstanding revolving loans, with each such amortization payment in respect of the outstanding revolving loans permanently reducing the revolving commitments and (g) requiring quarterly mandatory prepayment of the revolving loans with cash (subject to certain exceptions) and cash equivalents in excess of $50.0 million, with each such prepayment permanently reducing the revolving commitments. Consistent with the Prior Credit Agreement, the Credit Parties are subject to a covenant to hold no less than $10.0 million of Qualified Cash at any time. As a result of the Fifth Amendment of the Credit Agreement, the Company expects that its existing resources and future cash flows from operations and cash and cash equivalents, will provide it with sufficient liquidity to meet its obligations for at least the next twelve months from the issuance date of these financial statements, including compliance with all covenants under the Credit Agreement. As the Company's financial condition continues to improve as a result of these initiatives, the Company plans to either amend the Credit Agreement to further extend the maturity, seek alternative financing arrangements prior to the maturity of the debt, or opportunistically pursue other business opportunities or strategic transactions with the assistance of financial advisors. However, there can be no assurance these plans will be completed. If the Company is unable to complete these plans before the end of the fiscal year December 31, 2026, the debt would then be reclassified from a long-term liability to a current liability. If the Credit Agreement is not refinanced before its maturity date of December 31, 2027 on terms that are acceptable to the Company or, if the Company does not successfully enter into a transaction(s) to strengthen its balance sheet and increase its financial flexibility, the Company's liquidity, results of operations, cash flows and financial condition would be materially adversely impacted. In its quarterly report for the period ended September 30, 2025, Management evaluated the Company's future liquidity, forecasts of the expected effects of announced tariffs and other facts and conditions, and ability to comply with the Financial Covenants under its Credit Agreement for the 12 months from the date of issuance of the financial statements and determined that, the Company is forecasting that it will not be in compliance with the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio covenants as of the end of the fiscal quarter ending December 31, 2025 and future fiscal quarters and potentially will not be in compliance with the covenants with respect to a Refinancing Transaction or a Sale Transaction. In addition, based on the forecast of the expected effects of the announced tariffs and other facts and conditions, the Company anticipated that its cash flows may be insufficient to support working capital needs within the next 12 months and, relatedly, it may not be in compliance with its minimum Qualified Cash covenant in future periods. These factors raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. As of December 31, 2025, the Company had $185.9 million in total assets and $120,000 in total (current) liabilities, and total shareholders' equity of $185.8 million. "We closed the year with two consecutive quarters of solid financial results," said Josh Simon, Chief Executive Officer of Funko. "Our fourth quarter performance was driven by strong sales of entertainment properties, notably KPop Demon Hunters and Stranger Things, as well as our Bitty Pop! franchise and the launch of Pop! Yourself in Europe. "Turning to our balance sheet, we reduced our inventory levels and paid down $16 million of debt in Q4. And, as previously announced, we reached an agreement with our lender group to amend our credit agreement, which extends the maturity to December 31, 2027 and provides us with the financial flexibility to deliver on our long-term plans. "Looking ahead, we're excited about the 2026 entertainment slate and executing our 'Make Culture POP!' strategy -- winning the moments that shape culture, scaling storytelling across new products and platforms, expanding our touchpoints with fans and driving profitable growth." A full text copy of the Company's Annual Report is available at https://tinyurl.com/ytwmaeka About Funko, Inc. Funko, Inc. is a global pop culture lifestyle brand, with a diverse collection of brands, including Funko, Loungefly, and Mondo, and an industry-leading portfolio of licenses. Funko delivers industry-defining products that span vinyl figures, micro-collectibles, fashion accessories, apparel, plush, action toys, high-end art, and music collectibles, many of which are at the forefront of the growing Kidult economy. Through these products, which include the iconic original Pop! line, Bitty Pop!, and Pop! Yourself, Funko inspires fans across the globe to express their passions, build community, and have fun. Founded in 1998 and headquartered in Washington state, Funko has offices, retail locations, operations, and licensed partnerships in major consumer geographies across the globe. GAINWELL ACQUISITION: Fitch Affirms 'B-' IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Gainwell Acquisition Corp.'s Long-Term Issuer Default Rating (IDR) at 'B-' and has assigned a first-time IDR of 'B-' to Gainwell Holding Corp. The Rating Outlook is Stable. Fitch has also affirmed Gainwell Acquisition Corp.'s senior secured first lien term loan rating at 'B+' with a Recovery Rating of 'RR2'. Fitch's actions affect approximately $4.3 billion of outstanding debt. Gainwell's ratings are constrained by an elevated leverage profile, with Fitch expecting EBITDA leverage to remain above 7.0x over the rating horizon. The company's leading market position, revenue growth, and improving profitability partially offset this constraint. Gainwell is on a higher EBITDA trajectory with a normalized level of Medicaid Enterprise System (MES) costs, continued cost management and significant progress toward $329 million in cost-saving initiatives. Consequently, Fitch expects FCF margins to turn positive in fiscal 2027. Key Rating Drivers High Leverage Profile: Fitch expects gross leverage to decline gradually to 7.0x by fiscal 2029 from 9.1x in fiscal 2026, driven by revenue growth and margin expansion. Fitch views Gainwell's leverage as high for the rating category, and it is near the upper end of the 4.7x to 9.4x range for Fitch-rated healthcare IT issuers in the 'B' category. Dependable long-term growth prospects, strong market position, low capital intensity and low cyclicality support the rating, with leverage moderating by end of the rating horizon. Improving Profitability: Fitch projects Gainwell's 2026 EBITDA margins at about 22%. Margins will improve gradually, driven by stabilized MES implementation costs and progress on its cost transformation plan. The company has executed about 87% of the $329 million cost program, partially offset by high capitalized software costs. EBITDA margins could reach the high 20% range over the next few years if cost benefits are fully realized. Positive FCF Trajectory: High MES implementation costs temporarily affected profitability and free cash flow (FCF) in the past two to three years. Fitch expects slightly negative FCF in fiscal 2026, followed by positive FCF margins in the mid- to high single digits starting in fiscal 2027. The improvement will be driven by cost savings, operational efficiencies and potentially lower interest rates. Medicaid Requirements Offset Budget Pressures: Recent federal legislation will have a modest direct revenue impact, as Gainwell's contracts are predominantly fixed-fee arrangements not tied to enrollment levels. Member-based products could face some headwinds, but top-line impact is not expected to be material. New federal mandates for work requirement verification, residency checks, data mining and fraud detection create service expansion opportunities that should offset enrollment pressures. Long-term contract structures and high barriers to entry also protect Gainwell from state budget pressures. Strong Market Position: Gainwell is the primary Medicaid Management Information Systems (MMIS) vendor in over 32 states/territories, serving 51 when including adjacent or modular offerings. It covers about 72 million beneficiaries across its portfolio of offerings out of 77 million in the Medicaid program. CMS's push for modularity and interoperability has heightened competition and moderated Gainwell's growth rate. However, Fitch expects the company's leadership position, long-term contracts and high retention rates to provide support during the redetermination of contracts. Countercyclical Demand: Fitch expects Gainwell's performance to correlate with Medicaid spending and enrollment, given the essential nature of health expenditures. Medicaid enrollment is countercyclical, with high growth during economic downturns as job losses increase eligible beneficiaries, raising demand for the company's offerings. However, heightened industry competition will constrain revenue growth to the mid-single digits. Improper Payments Support Growth: Improper payments result from eligibility and claims processing complexity, inadequate documentation, shifting regulatory requirements, fraud and waste, creating opportunities for vendors such as Gainwell to more effectively administer Medicaid programs. Medicaid spending grew 8.6% in 2025 and is expected to grow 7.9% in 2026, according to the Kaiser Family Foundation. CMS reports the Medicaid improper payment rate rose to 6.12% in 2025 from 5.09% in 2024, with the majority stemming from insufficient documentation. Technology Disruption Risk: Gainwell operates in a highly regulated, mission-critical environment that limits AI-driven disruption. As the largest MMIS administrator in the U.S., Gainwell manages complex, modular platforms that must comply with stringent federal and state regulations, including CMS requirements and state-specific Medicaid rules. These systems integrate deeply into state government operations, handling billions of dollars in healthcare payments, eligibility determinations and claims processing. Fitch believes that regulatory complexity, certification requirements and need for demonstrated reliability create high barriers for new AI-based entrants in this industry. Peer Analysis Fitch expects Gainwell to demonstrate minimal cyclicality and durable resistance to economic cycles due to the countercyclical nature of Medicaid enrollment. The company has high visibility into long-term revenue growth but faces risks from an evolving marketplace. Regulatory changes could increase competition or reduce Medicaid expenditure and enrollment growth over time. Gainwell does not have close Fitch-rated peer administering government Medicaid programs but can be compared with revenue cycle management (RCM) healthcare IT peers, such as Waystar Holding Corp. (BB/Stable). Gainwell's revenue is about three times Waystar's, but its rating is lower due to narrower margins, high leverage and negative FCF profile in the recent few years. Compared with other Fitch-rated healthcare IT peers in the 'B' category, Gainwell's profitability is lower. Fitch forecasts Gainwell's EBITDA margins in the mid-20% range, compared with a 32% average for peers. Gross leverage of about 9.1x in fiscal 2026 falls near the upper end of the 4.7x-9.4x range for peers. The private equity ownership is likely to prioritize ROE through reinvestments in growth or shareholder return, limiting voluntary deleveraging. Fitch expects Gainwell's leverage to gradually decline to 7.0x by FY29, driven by higher profitability. Fitch’s Key Rating-Case Assumptions - Organic revenue growth in the mid-single digits; - EBITDA margins gradually expanding to high 20% range; - Capital intensity 0.5% of revenue (excluding capitalized software costs); - Debt repayment limited to mandatory amortization; - Interest rate forecast to be 4.50% in FY26, 4.20% in FY27, 3.80% in FY28 and 3.50% in FY29; - Refinancing of first lien revolver facility and term loans prior to maturity; - Fitch's base case assumes bolt-on acquisitions and/or potential shareholder distributions consistent with private equity ownership. 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): - The SCP is 'b-'. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes that Gainwell would be reorganized as a going concern (GC) in bankruptcy rather than liquidated; - A 10% administrative claim. GC Approach The estimated GC EBITDA reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). Fitch contemplates a scenario where the growing trend of modular MMIS offerings intensifies market competition and leads to a loss of market share for Gainwell. This shift is expected to cause a slowdown in revenue growth, with lower profitability stemming from additional significant MES costs. Consequently, Fitch expects Gainwell will likely be reorganized with a similar product strategy and higher than planned levels of operating expenses as the company reinvests to develop competing products, ensure customer retention and defend against competition. Under this scenario, Fitch believes EBITDA margins will decline such that the resulting GC EBITDA is about 19% below the FY27 expected EBITDA levels. An EV multiple of 7.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: - Comparable Reorganizations: The median reorganization enterprise value/EBITDA multiple for the 71 TMT bankruptcy cases that had sufficient information for an estimated exit multiple to be calculated was 5.9x. Of these companies, five were in the software sector: Allen Systems Group, Inc. (8.4x), Avaya, Inc. (7.5x in 2023 and 8.1x in 2017), Aspect Software Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc. (4.6x), and Riverbed Technology Software (8.3x); - M&A Multiples: A study of 273 precedent transactions in the healthcare IT industry during 2015-2020 established median EV/EBITDA transaction multiples ranging from 9x to 18x, depending on the specific product area. In addition, HMS was acquired at a 15.5x multiple, excluding synergies; - Long-term contracts ranging from 6 to 10 years, an average client relationship of 10 to 20 years with low customer concentration and the mission critical nature of Gainwell's solutions support the high end of the range. As a result of these considerations, Fitch rates the first lien term loans 'B+'/'RR2', or two notches above Gainwell's 'B-' IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Successful refinancing of revolver and term loan before becoming current; - EBITDA interest coverage below 1.0x for a sustained period; - (CFO-capex)/debt below 0% for a sustained period; - Erosion of the company's competitive advantage or market position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - (CFO-capex)/ debt sustained above 3%; - EBITDA leverage sustained below 7.5x; - EBITDA interest coverage sustained above 1.5x; - Organic growth sustained above high single digits. Liquidity and Debt Structure Fitch forecasts Gainwell's liquidity to be adequate to address near-term cash requirements. Fitch expects the company to begin generating positive FCF beginning in fiscal 2027 as the interest expense burden declines and cost benefits are realized. In addition to cash on the balance sheet, Gainwell has an undrawn $380 million RCF to support liquidity. Liquidity is further supported by Fitch's forecast for positive FCF generation over the rating horizon in the mid- to high single digits. Gainwell has first lien senior secured facilities, including an undrawn $380 million revolver and an outstanding $4,310 million term loan, which amortizes at 1% per annum. Gainwell also has a second lien senior secured term loan of $1,459 million. The revolver and the first lien term loan mature in late 2027, and the second lien term loan matures in 2028. Fitch believes that steady revenue growth, improved profitability, and positive FCF will support Gainwell's efforts to refinance its debts prior to maturity. Issuer Profile Gainwell is a software and solutions provider that supports the administration and operation of government Medicaid programs and other Health & Human Services initiatives through an MMIS. 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 Gainwell Holding Corp. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Gainwell Acquisition Corp. LT IDR B- Affirmed B- senior secured LT B+ Affirmed RR2 B+ Gainwell Holding Corp. LT IDR B- New Rating GBS BARR: Hires Frank B. Lyon and Kimberly Nash as Legal Counsel ---------------------------------------------------------------- GBS Barr Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Frank Lyon, Esq., and Kimberly Nash, Esq., attorneys practicing in Austin, Tex., as its bankruptcy counsel. The attorneys will provide these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (b) advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; (c) amend the voluntary petition and other paperwork necessary to complete this proceeding; (d) assist the Debtor in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, the Initial Debtor Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; (e) represent the Debtor in connection with adversary procedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and its financial affairs; (f) represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; and (g) assist the Debtor in the formulation of a plan of reorganization and disclosure statement, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. The hourly rates of the attorneys and their staff are: Frank Lyon, Attorney $525 Kimberly Nash, Attorney $400 Legal Assistants $125 - $225 In addition, the attorneys will seek reimbursement for expenses incurred. Pre-petition, the Debtor paid Mr. Lyon the sum of $25,000 of which $4,420.09 and $6,400 went to his and Ms. Nash's pre-petition fees and expenses, respectively. Also, $1,738 was used for the Chapter 11 filing fee. The attorneys disclosed in a court filing that they are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorneys can be reached at: Frank B. Lyon, Esq. 3800 North Lamar Boulevard, Suite 200 Austin, TX 78763 Telephone: (512) 345-8964 Facsimile: (512) 697-0047 Email: frank@franklyon.com - and - Kimberly Nash, Esq. P.O. Box 162932 Austin, TX 78716 Telephone: (512) 637-8000 Email: kimberly@kimberlynashlaw.com About GBS Barr Holdings LLC GBS Barr Holdings, LLC is a Texas-based auto detailing company operating in Texas and South Dakota. GBS Barr Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-60193) on March 2, 2026. In the petition signed by Gram B. Short, owner, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Michael M. Parker oversees the case. Frank B. Lyon, Esq., and Kimberly Nash, Esq., represent the Debtor as counsel. GME SUPPLY: Barings Corporate Marks $2.7MM Loan at 23% Off ---------------------------------------------------------- Barings Corporate Investors has marked its $2,793,181 loan extended to GME Supply to market at $2,154,848 or 77% 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 GME Supply. The Loan accrues interest at a rate of 8.92% (SOFR + 5.250%) per annum. The Loan matures on Sept. 9, 2031. Barings 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 GME Supply GME Supply is a tech-enabled specialty distributor of fall protection, rigging, workwear and industrial tools serving technicians and contractors in telecom, utilities, aerial construction, renewable energy and other industrial markets. GO FREEDOM: Kevin Neiman Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Go Freedom Nation Investment Group LTD, LLC. Mr. Neiman will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Go Freedom Nation Investment Group LTD Go Freedom Nation Investment Group LTD, LLC is a real estate investment company based in Colorado Springs, Colorado. It owns and manages a portfolio of properties in the 80904 ZIP code zoned for residential development, including parcels along Race Street, S. 25th Street, Ehrich Street, Hayes Street, and S. 26th Street, with a combined estimated value of roughly $380,884. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-11442) on March 10, 2026, with $380,884 in assets and $1,300,105 in liabilities. Bridger Kucinski, managing member, signed the petition. Judge Kimberley H. Tyson presides over the case. Keri L. Riley, Esq. represents the Debtor as legal counsel. GOEASY LTD: Moody's Cuts CFR to B1, On Review for Further Downgrade ------------------------------------------------------------------- Moody's Ratings has downgraded goeasy Ltd.'s (goeasy) corporate family rating and senior unsecured rating to B1 from Ba3 and has placed the ratings on review for further downgrade. Previously, the outlook on goeasy's ratings was stable. RATINGS RATIONALE The downgrade of the company's CFR to B1 reflects Moody's views that goeasy's profitability and capitalization will be weaker over the next 12-24 months, following the company's announcement on March 10, 2026 that it expects to write down CAD178 million of gross loan principal, and an additional CAD55 million in related loan interest and fees for the fourth quarter ended December 31, 2025. The incremental charge-offs are related to certain auto and powersports related loans in the company's LendCare segment, which was acquired in 2021. goeasy anticipates that these incremental charge-offs will bring its total net charge-offs in the fourth quarter to around CAD331 million, with the company also recording a net increase of CAD86 million in its allowance for credit losses compared to the prior quarter. Furthermore, goeasy anticipates that its net charge-off rate will increase into the mid-teens in 2026 with a possible decline beginning in 2027. In addition, goeasy disclosed that as a result of the anticipated increase in net charge-offs and loan loss provisions in the fourth quarter, the company may not be in compliance with certain financial covenants on its syndicated credit facility, securitization facilities, and receivables purchase agreements. goeasy also advised that certain previously reported results for prior periods (2024 and the interim periods of 2025) including the company's delinquency and staging disclosure notes will require revision, which will be reflected in the comparative prior period figures of its year-end 2025 financial statements. Moody's regard goeasy's weaknesses in corporate governance and risk management as a governance risk under Moody's General Principles for Assessing Environmental, Social and Governance (ESG) Risks methodology, given its implications for financial strategy and risk management, and compliance and reporting. Moody's reflects such governance deficiencies in goeasy's G-4 Governance Issuer Profile Score. As a result, Moody's changed the company's ESG Credit Impact Score to CIS-4 from CIS-2, indicating that ESG considerations have a discernible impact on the current ratings. During the review period, Moody's will assess goeasy's ability to remedy the anticipated breach of financial covenants on its syndicated credit facility, securitization facilities, and receivables purchase agreements and the company's ability reach an agreement with its lenders that supports the viability of goeasy's business model. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the review for downgrade, a ratings upgrade is unlikely over the next 12-18 months. However, the ratings could be confirmed upon conclusion of the review period if goeasy successfully resolves its anticipated breach of covenants in a timely manner with minimal impact to the company's funding profile and liquidity position. goeasy's ratings could be downgraded should significant new risk management failures become apparent. The ratings could also be downgraded if the company does not remedy the anticipated non-compliance with certain financial covenants on its secured borrowing facilities in a timely manner or if the resolution that is reached negatively impacts the company's long-term viability resulting in a deterioration of its franchise strength. The principal methodology used in these ratings was Finance Companies published in July 2024. goeasy's "Assigned Standalone Assessment" adjusted score of b1 is set four notches below the "Financial Profile Score" of Baa3 to reflect the operational and regulatory risk associated with its concentration in subprime consumer lending, as well as Moody's forward looking views on the company's key metrics. GOOD CITIZEN: Gets OK to Use Cash Collateral -------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon entered a stipulated order permitting The Good Citizen, LLC to use cash collateral in its Chapter 11 bankruptcy case. Under the order, the debtor is authorized to use cash collateral according to an approved operating budget (Exhibit A). The use of funds is limited to the amounts and categories listed in the budget, with a permitted variance of up to 10% for each budget category. The court emphasized that the order does not determine the validity, priority, or extent of any creditor's liens or security interests. To protect secured creditors, the court granted replacement liens on post-petition accounts and accounts receivable to the same extent and priority as the creditors' pre-petition liens. These liens are considered automatically perfected and serve as adequate protection for the creditors during the debtor's use of cash collateral. Additionally, the debtor must make monthly adequate protection payments of $8,797.67 to Socotra REIT, LLC, beginning April 10 and continuing on the 10th day of each month. The order also preserves the rights of all parties to challenge the validity or priority of liens and clarifies that the agreement does not constitute an admission regarding the enforceability of any pre-petition security interests. About The Good Citizen LLC The Good Citizen, LLC was originally formed in 2022 to purchase and manage the property located at 916-926 SE 34th Ave. Portland, OR 97214 (the "Property"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No 26-30418) on February 07, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge David W. Hercher presides over the case. Ted A. Troutman, Esq. at Troutman Law Firm P.C. represents the Debtor as legal counsel. GREEN MEADOW: Commences Chapter 11 Bankruptcy in Alabama -------------------------------------------------------- On March 13, 2026, Green Meadow Apartments, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About Green Meadow Apartments, LLC Green Meadow Apartments, LLC is a real estate entity that owns and operates multifamily residential properties, generating revenue through apartment leasing and property management activities. Green Meadow Apartments, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00953) on March 13, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Robert C. Keller, Esq. of Russo, White & Keller. GREENWICH RETAIL: Court Extends Cash Collateral Access to April 3 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York extended Greenwich Retail Group, LLC's authority to use cash collateral. The court approved a stipulation between the Debtor and secured creditors to extend the termination date for cash collateral use through April 3. The Debtor must continue to comply with all prior interim order terms and file an updated budget. As adequate protection, the Debtor was required to pay Hanover Bank $10,000. All other provisions of the previous interim cash collateral orders remain in full effect. The court order is available at https://shorturl.at/TIWHw from PacerMonitor.com. About Greenwich Retail Group LLC Greenwich Retail Group, LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Greenwich Retail Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Hanover Bank, as secured creditor, is represented by: Mitchell Seidman, Esq. Andrew Pincus, Esq. Seidman & Pincus, LLC 777 Terrace Avenue, Suite 508 Hasbrouck Heights, NJ 07604 Tel: (201) 473-0047 ms@seidmanllc.com ap@seidmanllc.com GSM OUTDOORS: S&P Alters Outlook to Stable, Affirms 'B' ICR ----------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Irving, Texas-based GSM Outdoors Intermediate Holding II Corp. and 'B' issue-level rating on its $775 million senior secured first-lien term loan. The '3' recovery rating indicates its expectations for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. S&P said, "We revised our outlook to stable from negative as free operating cash flow (FOCF) and credit metrics came in ahead of our expectations amid volume growth and modest gross margin expansion. The stable outlook reflects our expectation GSM will grow EBITDA through steady demand for its hunting and fishing products, increased distribution, solid brand loyalty, subscription and digital expansion, and prudently managing operating costs. We expect this will lead to EBITDA interest coverage of 2x and at least $50 million FOCF in 2026. "The rating affirmation reflects our view that the company will continue to grow revenue and EBITDA over the next 12 months. This will come from both continued top line gains and managing the effects of tariffs and potentially other rising input costs. We estimate S&P Global Ratings-adjusted EBITDA grew 12% in 2025, largely driven by volumes and stable operating spending. Although about 80% of its products sold in the U.S. are sourced from tariff-affected Asia (mostly China), GSM modestly expanded gross margin about 20 basis points (bps) in 2025. It did this through greater subscription and digital expansion (which carries a very high margin), introducing new higher-margin products, sharing costs with suppliers, and relocating certain production lines to existing suppliers in more “tariff-friendly” countries (including some onshoring). "We believe GSM's solid brand loyalty, recurring subscription revenue and subscriber growth, and tiered pricing strategy enables volume growth even in a softer consumer environment. GSM also improved operating efficiency in 2025 by redirecting marketing and advertising to digital platforms, which we think also benefitted product volumes and subscriber growth in 2025. "We expect this will continue in 2026, along with new distribution, which we forecast will lead to about 100 bps of gross margin expansion and about 9.5% EBITDA growth. While we do not anticipate higher shipping costs resulting from the war in the Middle East, it is nonetheless a risk if conflicts escalate. Should costs increase, we expect GSM would raise prices, albeit without a significant impact to volumes given overall favorable consumer demand and good relationships with a diversified customer base. "We expect credit metric improvement and cash flow growth in 2026. Despite GSM's participation in the discretionary outdoor recreation and sporting goods category, we recognize that hunters, anglers, and other outdoor enthusiasts view GSM products as important to their lifestyles, supporting consistent EBITDA improvement. The company also benefits from its asset-light business model enabling higher cash flow. We expect FOCF to improve to $54 million and EBITDA interest coverage to rise to 2x in 2026, which we view as credit positive given the high interest margin on its debt tied to its niche business model and the highly leveraged capital structure following the 2024 Platinum Equity leveraged buyout. "Digital and subscription growth should support performance in the next year. We expect subscription and digital revenue to grow 25% in 2026 under its subscription business volume expansion strategy (which includes discounting trail cameras to drive subscription growth), reaching about 21% of GSM's total net sales in 2026 (from roughly 18% in 2025). This provides some insulation from input cost pressures and supply chain risk. Further, with gross profit margins of about 80% for the digital business versus roughly 30% for products, this segment should contribute an increasing share of profitability each year as it continues to solidly increase. "Liquidity remains adequate, supporting bolt-on acquisitions in 2026. As of 2025 year-end, we believe GSM had total liquidity of $186 million, including its undrawn $160 million asset-based lending (ABL) facility and $26 million cash, which is sufficient to fund seasonal working capital requirements. We assume about $20 million for bolt-on acquisitions in 2026 compared to $8 million in 2025 given greater discretionary cash flow and valuations. While not included in our base case, we cannot rule out the possibility of debt-financed M&A transactions or sponsor distributions as GSM reduces leverage. The company could utilize the $100 million term loan extension committed by lenders for acquisitions. It expires in September 2026 and could keep leverage in the low-5x area in 2026. However, we believe GSM would only use the incremental term loan for a larger acquisition since it can fund smaller acquisitions with availability liquidity. "Risks associated with the business could cause operating performance to deviate. These include a customer base that in our view skews toward moderate-income individuals. We believe this base could become stretched due to rising oil prices as a result of the Middle East and therefore curtail spending. We also note risks including supply chain disruptions, rising input costs that GSM cannot pass on to customers, and signficant seasonality with a dependence on favorable hunting seasons (typically from September to January). "The stable outlook reflects our expectation GSM will grow EBITDA through steady demand for its hunting and fishing products due to innovations and increased distribution, solid brand loyalty, subscription and digital expansion, and prudently managing operating costs. We expect this will lead to EBITDA interest coverage of 2x and at least $50 million FOCF in 2026. "We could lower our rating on GSM if S&P Global Ratings-adjusted EBITDA interest coverage approaches 1.5x and FOCF is break-even or negative, which we believe would imply leverage greater than 6.5x." This could occur if: -- Consumer preferences shift away from traditional outdoor activities, or stretched consumers curtail spending in GSM's categories; -- GSM faces significant supply chain disruptions or increased input costs; -- Regulatory changes for wildlife preservation decrease demand directly related to hunting sports; or -- Financial policies become more aggressive, including debt-financed mergers, acquisitions, or sponsor distributions. While unlikely over the next 12 months, S&P could raise its rating on GSM if S&P Global Ratings-adjusted leverage is sustained below 5x. This could occur if: -- Financial policies support S&P Global Ratings-adjusted leverage being sustained below 5x; and -- The business continues to perform satisfactorily, including digital and subscription expansion. GUADALUPE REGIONAL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Guadalupe Regional Medical Center's, TX (GRMC) Long-Term Issuer Default Rating (IDR) at 'BB' and has likewise affirmed the 'BB' the rating on GRMC's outstanding revenue bonds issued by the Board of Managers, Joint Guadalupe County - city of Seguin, TX on behalf of GRMC. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Guadalupe Regional Medical Center (TX) LT IDR BB Affirmed BB Guadalupe Regional Medical Center (TX) /General Revenues/1 LT LT BB Affirmed BB The 'BB' rating reflects GRMC's solid market position in a growing but competitive service area and historically adequate operating margins. The rating also factors in GRMC's heavy reliance on supplemental state funding sources tied to its nursing home ownership strategy; supplemental payments include Texas' Quality Incentive Payment Program (QIPP) and Medicaid uncompensated care transfers. Current liquidity and balance sheet metrics and Fitch's forward-looking stress scenario support a rating in the middle of the 'BB' category. The Stable Outlook reflects Fitch's expectation that GRMC's patient volumes and cash flow will face near-term pressure due to intense local competition, drug and salary cost inflation and the recent loss of 340b program savings, but will recover in the medium term. SECURITY The bonds are secured by a mortgage on hospital property, pledge of gross revenues and a debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Supplemental Funding Reliance Fitch assesses GRMC's revenue defensibility as Midrange, supported by a favorable payor mix and solid market position in a growing service area in southeast Texas. GRMC held an 18.2% inpatient market share in 2024. Medicaid (7%) and self-pay (8%) accounted for well under 25% of gross revenues in 2024 - Fitch's threshold for Midrange revenue defensibility. Fitch views GRMC's ownership of 23 nursing home licenses as an important revenue support because it enables participation in Texas supplemental Medicaid programs, including QIPP. Fitch regards the related nursing home revenues and expenses as essentially pass-through in nature, which limits their direct operating benefits but increases GRMC's exposure to Medicaid program timing and policy risk. Competition from nearby health systems continues to pressure inpatient volumes, which can limit GRMC's pricing power and increases its reliance on supplemental program revenues to support overall financial performance. Operating Risk - 'bbb' Near-Term Earnings Pressure Fitch has revised GRMC's operating risk assessment to 'Midrange' due to weaker financial results since FY23 and GRMC's sensitivity to small utilization changes - a risk born out in FY2025 results - given its modest scale. QIPP distributions have supported cash flow, but Fitch expects near-term operating performance to stay pressured due to intense local competition, supply cost inflation and GRMC's recent (i.e., February 2026) removal from the 340b pharmacy program, which will reduce one important source of near-term revenue support. Management actions to reduce contract labor and improve benefit plan costs should help offset these pressures over time. Near-term capital needs appear manageable following the completion of recent projects, which should reduce pressure on cash flow versus the prior elevated spending period. GRMC's last major capital project is a 25,000-sf medical office building that will be completed in May 2026. Financial Profile - 'bb' Weak Balance Sheet and Liquidity Metrics Fitch assesses the financial profile as 'Weaker', driven by limited unrestricted liquidity relative to adjusted debt. Cash-to-adjusted debt was 54% at FYE 2025, reflecting a period of elevated capital spending that is now concluding and weaker operations in recent years. Fitch's base case and stress case incorporate continued pressure on operations stemming mainly from drug cost inflation and assume only modest improvement in balance sheet and liquidity metrics thereafter. Fitch rates to the stress case. Liquidity and leverage remain key constraints at the 'BB' level, particularly given GRMC's dependence on supplemental funding tied to its nursing home ownership strategy. Fitch incorporated a modest hypothetical debt issuance of $25 million into its analysis given that GRMC management indicates that it could pursue additional debt plans in the 24- to 48-month (i.e., three- to four-year) time horizon. Asymmetric Additional Risk Considerations No asymmetric additional risk considerations were applied in this rating determination. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - GRMC's cash-to-adjusted debt metric falling to below 40% would lead to a downgrade of the rating; - GRMC's operating EBITDA margins (excluding nursing home operations) remain below 7% on a consistent basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - If GRMC's cash-to-adjusted debt metric rises to and is sustained above 60% due to stronger operating margins and reduced capital spending, then this could result in an upgrade. PROFILE GRMC is a 153-bed medical center located in Seguin, TX, about 35 miles east of San Antonio. GRMC is a government-owned hospital jointly owned by the city of Seguin and Guadalupe County, TX. The system includes Guadalupe Regional Medical Group. Total operating revenue was approximately $393 million in FY25 including $218 million in nursing home patient service revenue. 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. H&S COMMERCIAL: Gets OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Alabama granted H&S Commercial & Industrial Supplies and Services, LLC authority to use cash collateral. Under the order, the debtor is permitted to use cash collateral to pay court-authorized amounts and necessary operating expenses listed in a budget attached to the motion. The debtor may exceed individual budget items by up to 10%, and any additional expenditures require written approval from the secured creditors. Except for these authorized uses, the debtor is prohibited from using the cash collateral. The court also granted secured creditors replacement liens on the cash collateral, maintaining the same validity, priority, and extent as their prepetition liens. However, the debtor reserves the right to challenge the validity, priority, or extent of those liens and may seek a court determination regarding the creditors’ secured status under the Bankruptcy Code. Finally, the order states that it is without prejudice to future requests for modified adequate protection or restrictions on the use of cash collateral. The court scheduled a final hearing on March 31. About H&S Commercial & Industrial Supplies and Services H&S Commercial & Industrial Supplies and Services is an Alabama-based supplier of commercial and industrial products, providing equipment, materials, and support services to businesses across multiple sectors. H&S Commercial & Industrial Supplies and Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10564) on February 27, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jerry C. Oldshue handles the case. The Debtor is represented by R. Scott Williams, Esq. of Rumberger, Kirk & Caldwell, P.C. HAN & JU: Case Summary & 15 Unsecured Creditors ----------------------------------------------- Debtor: Han & Ju, Inc. d/b/a Kaizen Fusion Roll & Sushi 10271 S. Eastern Ave., Ste. 109 Henderson, NV 89052 Business Description: Han & Ju, Inc., doing business as Kaizen Fusion Roll & Sushi, is a sushi restaurant located in Henderson, Nevada, that serves Japanese cuisine with sushi rolls, sashimi, and other Asian-inspired dishes, and operates an all-you-can-eat dining format. It functions as a casual dining establishment serving local customers with dine-in service at a single location. Chapter 11 Petition Date: March 19, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-11720 Judge: Hon. Natalie M Cox Debtor's Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 E-mail: mzirzow@lzlawnv.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kyusik Han as president and director. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XWCPNTQ/HAN__JU_INC__nvbke-26-11720__0001.0.pdf?mcid=tGE4TAMA HEALTHCARE FOR ALL: Case Summary & 18 Unsecured Creditors --------------------------------------------------------- Debtor: Healthcare for All Women OB/GYN PLLC 833 Northern Boulevard, Ste 100 Great Neck, NY 11021 Business Description: Healthcare for All Women OB/GYN PLLC, which operates a women's health clinic in Great Neck, New York, provides obstetric and gynecological services including preventive care, reproductive health management, and routine screenings. The practice delivers patient-centered care through services such as prenatal management, gynecologic examinations, and diagnostic evaluations, supporting patients across different stages of care within a single clinical setting. Chapter 11 Petition Date: March 17, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-71056 Debtor's Counsel: Robert J. Spence, Esq. SPENCE LAW OFFICE, P.C. 55 Lumber Road Roslyn, NY 11576 Tel: (516) 972-7981 E-mail: rspence@spencelawpc.com Total Assets: $0 Total Liabilities: $7,306,957 The petition was signed by Sarita Khatri, MD as managing member. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/25MI4MY/Healthcare_for_All_Women_OBGYN__nyebke-26-71056__0001.0.pdf?mcid=tGE4TAMA HEART 2 HEART: Trustee Hires Johns & Associates as Legal Counsel ---------------------------------------------------------------- Robert L. Johns, Trustee for the bankruptcy estate of Heart 2 Heart Volunteers, Inc., d/b/a Serenity Hills Life Center, seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to hire Johns & Associates, PLLC to serve as his legal counsel. The firm will provide these services: (a) prepare on behalf of the Trustee any necessary motions and other pleadings relating to the continued operation of the Debtor's business; (b) represent the Trustee at hearings on various motions and pleadings; and (c) perform such other legal services and provide legal advice as shall be necessary and appropriate to reorganize the Debtor. Johns & Associates, PLLC attorneys charge ordinary hourly rates, with attorneys currently expected to work on this case billing from $500 to $625 per hour and paralegals billing $150 per hour. These professionals will be paid at these current hourly rates: Robert L. Johns $625 Brian Blickenstaff $500 Johns & Associates, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert L. Johns, Esq. Brian Blickenstaff, Esq. JOHNS & ASSOCIATES, PLLC 101 Brook Hill Drive Charleston, WV 25311 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. HEN HOUSE: Seeks Approval to Tap James M. Joyce as Counsel ---------------------------------------------------------- Hen House Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire James M. Joyce, Esq., a professional practicing law in New York, to serve as legal counsel. Mr. Joyce will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary petitions, schedules, statements, plans, and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) represent the Debtor at all hearings, meetings of creditors, trials, conferences, and other proceedings in connection with the Chapter 11 case. Mr. Joyce shall receive an hourly rate of $250, and an hourly rate of $90 is for paralegals. James M. Joyce, Esq. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: James M. Joyce, Esq. 4733 Transit Road Buffalo, NY 14043 Telephone: (716) 656-0600 E-mail: jamesjoyce@lawoffice.com About Hen House Group, Inc. Hen House Group, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.Y. Case No. 26-10134) on February 1, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. Judge Carl L. Bucki oversees the case. James M. Joyce, Esq. serves as Debtor's legal counsel. HERITAGE SALVAGE: Gets Court OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division, issued an order authorizing Heritage Salvage Inc. to continue using cash collateral The court authorized the Debtor to use cash collateral through May 6, 2026, strictly in accordance with its budget. As protection from any diminution in the value of their collateral, Columbia Bank and other secured creditors will be granted automatically perfected post-petition replacement liens. These liens mirror the amount, validity, and priority of their pre-bankruptcy liens, with the exact extent of the creditors' interests in cash collateral to be determined later in the case. Additionally, Columbia Bank will receive a monthly payment of $785.28 from the Debtor as further protection. The court order is available at https://shorturl.at/8evGn from PacerMonitor.com. Heritage Salvage generates income from its reclaimed building materials business and its custom design-and-build operations, and this income constitutes cash collateral of its secured creditors. It is indebted to Columbia Bank and Credibly under loan agreements secured by recorded UCC-1 financing statements. The Debtor requires the use of the funds on deposit in its bank accounts, which total $28,154.60, as well as the receivables and income generated from ongoing operations. The Debtor estimates its receivables at approximately $78,997, its inventory at $75,000, and its tools and equipment at roughly $30,000, according to court papers filed in October. About Heritage Salvage Inc. Heritage Salvage Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10677) on October 26, 2025, listing between $100,001 and $500,000 in assets and liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge William J. Lafferty presides over the case. Gina R. Klump, Esq., at the Law Office of Gina R. Klump represents the Debtor as bankruptcy counsel. HRONIS INC: Gets Interim OK for DIP Financing From Conterra ----------------------------------------------------------- Hronis, Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, to obtain debtor-in-possession financing to get through bankruptcy. Under the interim order, the Debtors are authorized to obtain an initial $10 million from Conterra Agricultural Capital, LLC, which has committed to provide up to $22.303 million in senior secured DIP financing. The remaining amount will be available upon entry of a final order. The Debtors are also authorized to use cash collateral, which includes cash in their deposit accounts, to fund operations. The DIP facility would be senior, secured, and superpriority under 11 U.S.C. Sections 363, 364(c), and 364(d), with liens on all existing and after-acquired assets and a superpriority administrative expense claim in favor of Conterra, subject to carveouts for certain fees. The DIP facility is due and payable on the earlier of (i) July 1; (ii) the date of termination of the commitments under the DIP facility or acceleration of any outstanding borrowings under the DIP facility by the lender following the occurrence of an event of default and delivery of a termination notice; (iii) the first business day on which the interim order expires by its terms or is terminated, unless the final order has been entered and become effective prior thereto; (iv) the dismissal or conversion of any of the Debtors' Chapter 11 cases; (v) the repayment in full in cash of all DIP obligations and termination of all commitments under the DIP facility; (vi) closing of the sale; and (vii) five days after entry of a sale order. The Debtors must comply with these milestones: (i) The bankruptcy court must have entered the interim DIP order by no later than five days from the petition date. (ii) The court must have entered the final DIP order by no later than 35 days from the petition date. (iii) The Debtors must file by no later than 14 days from the petition date, a bidding procedures motion, and (within three days following the entry of the order approving the bidding procedures, a motion to sell all or substantially all of Debtors' assets pursuant to section 363 of the Bankruptcy Code, which motions shall be in form and substance reasonably acceptable to the lender. (iv) The court must have entered an order approving the bidding procedures contemplated by the sale motion by no later than 35 days from the petition date. (v) The court must have entered an order approving the sale by no later than 90 days from the petition date, and such order must be in form and substance acceptable to the lender in its sole and exclusive discretion and the Debtors. (vi) Unless otherwise provided in the order approving the sale or as otherwise agreed by the lender, the sale must be consummated by no later than five days following entry of the order approving the sale. The Debtors said access to the DIP facility and cash collateral is critical to maintain operations, preserve the value of the estates, and engage in time-sensitive farming activities, as they face immediate risk of cash depletion. The Debtors argued that the terms of the DIP facility are reasonable and necessary as alternative financing on comparable terms is unavailable. Without access to this financing and cash collateral, critical business operations would be disrupted, jeopardizing both the estates and the interests of secured creditors. The interim DIP order is available at https://is.gd/cgZbSo from PacerMonitor.com. The final hearing is set for April 7. Conterra, as DIP lender, is represented by: Bernie Kornberg, Esq. Brianna Morrison, Esq. Andrew Morton, Esq. Miller Nash, LLP 340 Golden Shore, Suite 450 Long Beach, CA 90802 Telephone: 562.435.8002 Facsimile: 562.435.7967 bernie.kornberg@millernash.com brianna.morrison@millernash.com andy.morton@millernash.com About Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, California, that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. HTI TECHNOLOGY: Barings Corporate Marks $1.4MM Loan at 29% Off -------------------------------------------------------------- Barings Corporate Investors has marked its $1,449,980 loan extended to HTI Technology & Industries Inc. to market at $1,032,222 or 71% 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 HTI Technology & Industries Inc. The Loan accrues interest at a rate of 12.52% (SOFR + 8.500%) per annum. The Loan matures on Feb. 2, 2026. Barings 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 HTI Technology & Industries Inc. HTI Technology & Industries Inc. is a designer and manufacturer of powered motion solutions serving industrial customers. IMMACULATE WINKS: To Employ Millennial Law as Legal Counsel ----------------------------------------------------------- Immaculate Winks LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Andrew J. Wit, Esq. of Millennial Law, Inc. to serve as counsel. Mr. Wit will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor-in-possession; (b) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, draft orders, applications, adversary proceedings, reports, and other legal documents necessary for the efficient administration of this case; (d) protect the interests of the Debtor in all matters pending before the Court; (e) represent the Debtor in negotiations with its creditors and in the preparation of a plan; and (f) perform all other legal services that may be necessary for the proper preservation and administration of this chapter 11 case. Mr. Wit will receive hourly rates ranging from $450 to $550 for the firm's attorneys and $250 for the firm's paralegals. Millennial Law is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Andrew J. Wit, Esq. MILLENNIAL LAW 6421 N. Florida Avenue, Suite D-1058 Tampa, FL 33604 Telephone: (813) 522-6069 E-mail: awit@millenniallaw.com About Immaculate Winks LLC Immaculate Winks, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06837) on September 18, 2025, with $500,001 to $1 million in assets and liabilities. Judge Catherine Peek McEwen presides over the case. Andrew J. Wit, Esq., represents the Debtor as counsel. INEOS GROUP: Barings Global Marks $117,520 Bond at 16% Off ---------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $117,520 bond extended to Ineos Group Holdings S.A. to market at $99,097 or 84% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a corporate bond extended to Ineos. The bond accrues interest at a rate of 5.63% per annum. The bond matures on Aug. 15, 2030. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Ineos Ineos is a global chemicals group involved in the production of petrochemicals, specialty chemicals and oil products. INSTANT BRANDS: 5th Cir. Upholds Chapter 11 Plan Contract Ruling ---------------------------------------------------------------- Clara Geoghegan of Law360 reports that the Fifth Circuit affirmed a Texas bankruptcy judge's decision in the Chapter 11 case of Instant Brands, holding that the reorganized company could maintain indemnification rights from prior court orders. The appellate ruling rejected arguments that these rights should be eliminated or modified under the bankruptcy plan. The court emphasized that retaining these indemnification provisions is consistent with the Bankruptcy Code and does not unfairly prejudice creditors. By preserving protections for directors and officers, the decision reduces uncertainty for the company’s management team post-emergence, according to report. The affirmation by the Fifth Circuit allows Instant Brands to proceed confidently with its restructuring plan, implementing asset distributions and operations under the protections granted. The case highlights the judiciary's recognition of the importance of contractual indemnities in post-bankruptcy corporate governance, the report relays. About Instant Brands Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant, Pyrex, Corelle, Corningware, Snapware, Chicago Cutlery, ZOID and Visions. Instant Brands Holdings Inc. and Instant Brands Inc., and their affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90716) on June 12, 2023. In the petition signed by Adam Hollerbach, chief restructuring officer, the Debtors disclosed up to $1 billion in both assets and liabilities. Judge David R. Jones oversees the case. Davis Polk & Wardwell LLP's Brian M. Resnick, Steven Z. Szanzer and Joanna McDonald serve as counsel to the Debtors. The Debtors also tapped Haynes and Boone, LLP as Texas counsel, Stikeman Elliott LLP as Canadian counsel, AlixPartners, LLP as financial advisor, Guggenheim Securities LLC as investment banker, and Epiq Corporate Restructuring, LLC as claims, noticing, agent, solicitation and administrative advisor. DLA Piper LLP (US) serves as counsel to the Official Committee of Unsecured Creditors. Ropes & Gray LLP serves as counsel to the DIP Lenders, and Moelis & Company LLC and Ankura Consulting Group, LLC act as advisors to the Term DIP Secured Parties. Skadden, Arps, Slate, Meagher & Flom LLP and Norton Rose Fulbright and Norton Rose Fulbright Canada LLP serve as counsel and FTI Consulting as financial advisor to the ABL DIP Secured Parties. Kramer Levin Naftalis & Frankel LLP serves as counsel to Cornell Capital. INSTANT WEB: Cion Investment Marks $57.1M 1L Loan at 38% Off ------------------------------------------------------------ Cion Investment Corp has marked its $57,142,000 loan extended to Instant Web, LLC to market at $35,642,000 or 62% of the outstanding amount, according to Cion's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 12, 2026. Cion Investment Corp is a participant in a Senior Secured First Lien Debt loan extended to Instant Web, LLC. The Loan accrues interest at a rate of S+ 700 , 1.00 % SOFR Floor per annum. The Loan matures on Feb. 25, 2027. Cion Investment Corp is a closed-end, externally managed, non-diversified management investment company that primarily invests in the debt of U.S. middle-market companies. The Fund is led by Michael A. Reisner as Co-Chief Executive Officer and Director and Mark Gatto as Co-Chief Executive Officer and Director. The Fund can be reached at: Michael A. Reisner Cion Investment Corporation 100 Park Avenue, 25th Floor New York, NY 10017 Telephone: (212)418-4700 About Instant Web, LLC Instant Web, LLC operates in media, advertising, printing and publishing, suggesting a focus on marketing services and printed communications. INTEGRATED ENDOSCOPY: Hires Wiezorek & Payne as Special Counsel --------------------------------------------------------------- Integrated Endoscopy, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Wiezorek & Payne, APC as special legal litigation counsel. The firm will be evaluating litigation strategy with respect to only those specific potential claims indicated above; conducting discovery relating to those specific potential claims indicated above, including Rule 2004 examinations to the extent related to such matters; and prosecuting adversary proceedings relating solely to those claims. The firm's hourly rates are: Geoffrey S. Payne, Esq. $550 Paralegal $135 The firm has received a pre-petition retainer of $27,630. Wiezorek & Payne, APC is a disinterested person as defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Geoffrey S. Payne, Esq. Wiezorek & Payne, APC 3711 Long Beach Blvd, Ste 925 Long Beach, CA 90807-3359 Telephone: (562) 433-0386 Facsimile: (562) 433-8926 About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. Research Corporation Technologies is represented by: Jeffrey R. Gleit, Esq. Brett D. Goodman, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: (212) 484-3900 Facsimile: (212) 484-3990 E-mail: jeffrey.gleit@afslaw.com brett.goodman@afslaw.com - and - Aram Ordubegian, Esq. Christopher K.S. Wong, Esq. ArentFox Schiff, LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Telephone: (213) 629-7400 Facsimile: (213) 629-7401 E-mail: aram.ordubegian@afslaw.com christopher.wong@afslaw.com IOTA MULTIFAMILY: Forum Real Marks $1M Preferred Equity at 22% Off ------------------------------------------------------------------ Forum Real Estate Income Fund has marked its $1,090,829 preferred equity extended to Iota Multifamily Development to market at $855,973 or 78.5% of the outstanding amount, according to Forum Real's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Forum Real Estate Income Fund is a participant in a preferred equity extended to Iota Multifamily Development. The equity accrues interest at a rate of 14.000% per annum. The equity matures on April 1, 2026. Forum Real Estate Income Fund is a closed-end investment fund focused on real estate-related income strategies. The Fund is led by Edie Suhr as President and Derek Mullins as Principal Financial Officer/Treasurer. The Fund can be reached at: Edie Suhr Forum Real Estate Income Fund 240 Saint Paul Street, Suite 400 Denver, CO 80206 Telephone: (303) 501-8860 About Iota Multifamily Development Iota Multifamily Development is a real estate developer focused on multifamily residential projects. IRON MOUNTAIN: Seeks to Hire Hacker Law Firm as Counsel ------------------------------------------------------- Iron Mountain Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Paul S. Hacker of Hacker Law Firm to serve as legal counsel. Mr. Hacker will provide these services: (a) advise and consult with the Debtor and Debtor-in-Possession as to its powers and duties in the continued operation of its business and management of its properties during bankruptcy; (b) prepare, on behalf of the Debtor and Debtor-in-Possession, necessary applications, motions, complaints, adversary proceedings, answers, orders, reports, and other legal documents; (c) take actions necessary to preserve and protect the Debtor's assets, including prosecution or defense of adversary proceedings, negotiations concerning litigation, objections to claims, and estimation of claims where appropriate; and (d) assist the Debtor in the development, negotiation, and confirmation of a plan of reorganization and preparation of any required disclosure statements. Mr. Hacker will receive an hourly rate of $425; Angel Orihuela, associate counsel, $250; Tammy Haugabrook, legal assistant, $125. Reimbursement for expenses actually incurred in connection with representation will also be charged, subject to Court approval. Hacker Law Firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Paul S. Hacker HACKER LAW FIRM 3355 Cherry Ridge, Ste. 214 San Antonio, TX 78230 Telephone: (210) 595-2045 Facsimile: (210) 595-2037 About Iron Mountain Holdings, LLC Iron Mountain Holdings, LLC is a Texas-based company engaged in energy and natural resource operations. Iron Mountain Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10372) on March 2, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Shad M. Robinson handles the case. The Debtor is represented by Paul S. Hacker, Esq., of Hacker Law Firm. JACKSON WALKER: US Trustee Withdraws Objection to Private Deals --------------------------------------------------------------- James Nani of Bloomberg Law reports that Jackson Walker LLP has reached an agreement modifying private settlement terms to ensure that federal bankruptcy watchdogs can continue litigation connected to a former partner's undisclosed relationship with a judge. The change resolves concerns that the settlements might impede ongoing government efforts. At a Wednesday, March 18, 2026, hearing, the firm and the US Trustee Program confirmed that the revised provisions will allow deals with bankruptcy estates to move forward while safeguarding the government's right to seek fee disgorgement. The clarification was a central issue in recent court proceedings. The controversy arises from the relationship between a former partner at the firm and David R. Jones, which was not disclosed during cases in which the firm earned significant fees. The fallout has prompted scrutiny of professional compensation awarded in those proceedings, the report relays. The resolution comes after Eduardo V. Rodriguez directed the parties to reach consensus on the disputed language. With the revisions finalized, the settlements can proceed without undermining the government's separate claims, according to Bloomberg. 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. KENNEDY-WILSON INC: Moody's Affirms 'B2' CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings affirmed Kennedy-Wilson, Inc.'s [NYSE: KW] ("KW" or "Kennedy Wilson") B2 corporate family rating and B2 senior unsecured and backed senior unsecured debt ratings. The rating outlook is stable. The ratings affirmation reflect Kennedy-Wilson's diverse portfolio of multifamily, office, and industrial properties and while also considering its elevated leverage and low unencumbered asset base. Moody's expects that the company's financial profile will likely evolve over the next few quarters with the announced take-private transaction led by Fairfax Financial Holdings Limited (Baa2 positive). The affirmation also incorporates the company's senior notes exchange offer, which is expected to be leverage-neutral while extending maturities and reducing near-term refinancing risk. The stable outlook reflects KW's diversified income and investment portfolio and Moody's expectations that KW will maintain its operating performance and continue to sell its office and international assets and use proceeds to reduce leverage. RATINGS RATIONALE Kennedy-Wilson, Inc.'s ("KW") ratings, including its B2 corporate family rating with a stable outlook, reflect its high financial leverage with a significant amount of non-recourse secured debt, encumbering the company's real estate portfolio. It also incorporates KW's earnings volatility from its reliance on recurring asset sales and the growing share of fee income from its debt investment and investment management platform. Moody's also considers the company's modest 1.7x EBITDA/Interest Expense and the risk that it may not be able to execute non-core asset sales because of commercial real estate transaction markets. Credit metrics, particularly leverage, are showing signs of stabilization with net debt to EBITDA improving to 10.8x at YE 2025 compared to 11.8x at YE 2024 supported by improving earnings contributions from KW's multifamily, industrial, and investment management platforms. While the company continues to use non core asset sales and property level financings to support its capital needs for debt repayment and new investment opportunities. Moody's expects modest improvement in Kennedy Wilson's leverage over the next 12-18 months with net debt/EBITDA improving by about a turn. Further, Moody's expects gross assets to decline from $7.5 billion to $7.0 billion over the same period with the company continuing to sell assets. Fee income will continue to grow as the company scales its investment management platform. Kennedy Wilson's relies on external capital sources to meet funding needs; however, liquidity has stabilized relative to prior periods, supported by consistent cash flows from its income producing portfolio and contributions from its investment management platform. KW's sources of liquidity include cash on hand, availability under the revolver, and access to secured lending markets for property level financing. The company expects to fund near term development, acquisition activity, and recurring capital needs through a mix of cash on hand, selective non core asset sales, and property level financings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS KW's ratings could be upgraded if the company increased stability in earnings and key metrics, in addition to net debt to EBITDA sustained below 9.5x, EBITDA to interest expense sustained above 2.0x, and successful execution and lease up of its development pipeline. Downward rating pressure would result from a decline in operating performance related to its consolidated or co-investment portfolio or net debt to EBITDA sustained above 10.5x, EBITDA to interest expense sustained below 1.5x. Kennedy-Wilson Holding, Inc. [NYSE: KW] is a global real estate investment company that owns, operates, and invests (both directly and through its investment management platform) in a diverse set of real estate investments around the world, including multifamily, office, and industrial properties. The company primarily focuses on multifamily and commercial properties located in the Western US, U.K., and Ireland. Kennedy-Wilson, Inc. is a wholly owned subsidiary of Kennedy-Wilson Holdings, Inc., (unrated). The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in March 2026. KW's B2 CFR is two notches below the Ba3 scorecard-indicated outcome for the last 12 months period ending December 31, 2025 because of its elevated leverage and the reliance on asset sales to meet its capital needs. KITCHEN MAN: Gets Extension to Access Cash Collateral ----------------------------------------------------- The Kitchen Man Inc. received eighth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. The eighth interim order authorized the Debtor to use cash collateral for its post-petition operating expenses as set forth in its budget, which projects total operational expenses of $179,039.41 for the period from March 18 to April 17. As adequate protection, secured creditors including NFS Capital, LLC, Pearl Delta Funding, LLC and Corporation Service Company, which hold UCC-1 liens, will receive replacement post-petition liens on the Debtor's property, receivables, and other assets. The immediate use of cash collateral is necessary to avoid irreparable harm and ensure continued operations, which generate the largest source of funds for creditors, according to the Debtor. About The Kitchen Man Inc. The Kitchen Man Inc. specializes in custom countertop installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03176) on August 18, 2025. In the petition signed by Chris Dabideen, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the Debtor as legal counsel. KK&G LLC: Commences Chapter 11 Bankruptcy in Alabama ---------------------------------------------------- On March 9, 2026, KK&G, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About KK&G, LLC KK&G, LLC is a limited liability company whose business operations have not been publicly detailed in the petition but is believed to operate as a small-to-mid-sized enterprise based on its reported financial ranges. KK&G, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00870) on March 9, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities within the same range. Honorable Bankruptcy Judge D. Sims Crawford handles the case. The Debtor is represented by Robert C. Keller, Esq. of Russo, White & Keller. KK&G LLC: Steven Altmann Named Subchapter V Trustee --------------------------------------------------- The U.S. Bankruptcy Administrator for the Northern District of Alabama appointed Steven Altmann, Esq., at Nomberg Law Firm as Subchapter V trustee for KK&G, LLC. Mr. Altmann 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. Altmann declared that he does not have an interest materially adverse to the interest of the Debtor's estate, creditors or equity security holders. The Subchapter V trustee can be reached through: The Nomberg Law Firm 3940 Montclair Rd, Suite 401 Birmingham, AL 35213 Phone: (205) 346-6023 / (205) 930-6900 steve@nomberglaw.com About KK&G LLC KK&G, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-00870) on March 9, 2026, with $100,001 to $500,000 in both assets and liabilities. Robert C. Keller, Esq., at Russo, White & Keller represents the Debtor as legal counsel. KODIAK GAS: Fitch Assigns 'BB' Rating on Senior Unsecured Notes --------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating with a Recovery Rating of 'RR4' to Kodiak Gas Services, LLC's (Kodiak) proposed offering of senior unsecured notes. Proceeds from the offering will be used to repay existing debt and fund the acquisition of Distributed Power Solutions, LLC (DPS). Kodiak's ratings reflect its stable cash flows supported by fixed-fee, take-or-pay-type contracts, relatively low leverage and customer diversification, with some geographic concentration within the Permian Basin. The company's weighted-average remaining contract life is relatively short compared with higher-rated midstream issuers; however, Fitch recognizes that Kodiak has long-standing customer relationships. Kodiak maintains a Stable Rating Outlook that reflects expectations for continued strong performance in the base business supported by high utilization rates for Kodiak's assets, driven by strong underlying fundamentals supporting the compression industry. The anticipated acquisition of DPS is not expected to materially change the business risk in the near term. Key Rating Drivers Strong Industry Fundamentals: Several structural tailwinds are supporting the compression industry, notably the construction of multiple new North American LNG export facilities. Fitch expects U.S. LNG production to approximately double by 2030. These incremental LNG projects will require large amounts of natural gas, with contracted terms typically around 20 years. This will directly benefit Kodiak, as its core operating areas are two regions (the Permian and Eagle Ford) in close proximity to LNG export facilities on the Gulf Coast. In the compressor market, lead times for new compression systems continue to lengthen — reaching around two years for larger units — as strong demand persists. Given the lead times for compression, most in-service compressors serve traditional gas demand drivers. Contract compression has not yet substantially realized the benefits of newly increased data center demand and associated power generation, a new tailwind in the contract compressor space. Concentrations Offset by Quality: Kodiak's base business maintains strong customer diversity. As of Dec. 31, 2025, approximately 32% of Kodiak's revenue came from its four largest customers, with one customer making up approximately 14% of revenue. Its top customers are investment-grade entities, and over 60% of revenue comes from investment-grade counterparties. Approximately 70% of Kodiak's horsepower (HP) is located in the Permian Basin, about 13% in the Eagle Ford, and the remainder is distributed across other U.S. regions. This concentration in the Permian introduces geographic concentration risk to Kodiak's credit profile. However, these risks are mitigated in part by Fitch's view of the Permian as a tier-one U.S. basin. The Permian has sustained relatively stable production through commodity stress cycles and rising gas-oil ratios (GOR) in the basin further support utilization, which Fitch views as a credit positive. Acquisition of DPS: Fitch expects Kodiak's acquisition of DPS to close in early 2Q26, adding 384 MW of power generation capacity to its business. The transaction modestly improves customer diversification and average contract tenor while increasing Kodiak's exposure to demand-pull customers. However, the transaction increases Kodiak's exposure to data center-related power demand, where long-term demand visibility remains uncertain. Like the compression market, the gas turbine market is also experiencing supply tightness driven by rising power demand which could constrain growth. Leverage: Financing for the DPS acquisition has elevated leverage toward the upper end of its sensitivity band, where it is expected to stay in the near term unless the DPS assets' performance falls short of expectations. Kodiak has revised its leverage target upward to 3.5x-4.0x and plans to reduce leverage to this range. Over the long term, Fitch expects Kodiak to delever toward management's financial policy amid tight contract-compression market conditions, supported by continued strong operating performance. Fitch calculates leverage on an LTM basis, while Kodiak calculates leverage on a last-quarter annualized basis. Leverage remains strong for the rating category. Cash Flow and Contract Stability: Virtually all of Kodiak's EBITDA comes from fixed-fee, take-or-pay contracts with no volumetric or direct commodity price exposure. In addition, Kodiak has a strong history of high utilization rates on its assets, achieving greater than 94% utilization since 2019 and currently maintaining a utilization rate of 97.6%, which is very near full utilization. Currently, 10% of contracts are on a month-to-month basis. That figure is expected to fluctuate seasonally and rise before the bulk of re-contracting occurs. Kodiak maintains a weighted-average remaining contract life of about 20 months. Peer Analysis One of Kodiak's closest peers within Fitch's midstream coverage is USA Compression Partners, LP (USAC; BB/Stable), a large HP-focused natural gas compression service provider operating in the U.S. almost exclusively under fixed-fee, take-or-pay contracts. The companies are similar in size, with around $700 million to $850 million in EBITDA, consistent with a higher rating. They also share similar levels of counterparty diversity and quality. Kodiak has more geographic concentration, deriving about 85% of revenue from two regions versus approximately two-thirds of revenue from USAC. The companies differ in their approach to growth. Kodiak is the youngest of the three but has quickly grown the fleet organically and through acquisitions. USAC takes a more conservative approach to growth, as shown by disciplined growth plans in 2025 and acquisitions funded with significant equity. Fitch expects Kodiak's Fitch-adjusted leverage to remain flat at around 4.0x in the near term and decline over the forecast period as compression market tightness continues. Kodiak has a publicly stated leverage target of 3.5x-4.0x. USAC's recent deleveraging transaction has strongly positioned it in its rating category of 'BB'. Kodiak faces slightly higher business risk due to its higher geographic concentration and more aggressive growth strategy. This is offset by Fitch's constructive view of the Permian Basin and its lower expected leverage. Consequently, Fitch rates Kodiak's and USAC's Issuer Default Rating (IDR) at the same level. Fitch’s Key Rating-Case Assumptions - Oil and gas production consistent with commodity prices in the Fitch Price Deck; - Utilization rates soften toward the latter end of the forecast period; - Dividends and capex grow in line with the company's publicly announced policy; - The leverage metric is expected to elevate in the near term; - The ABL carries a base interest rate that reflects Fitch's "Global Economic Outlook"; - The acquisition of DPS closes without meaningful delays. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments were made to SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be at or above 4.5x on a sustained basis; - An acquisition or organic growth strategy that significantly increases business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage expected to be at or below 3.5x on a sustained basis. Liquidity and Debt Structure As of Dec. 31, 2025, Kodiak had about $3.7 million in cash on its balance sheet and approximately $1.53 billion of availability on its $2.0 billion asset-backed loan (ABL) facility due September 2030. Kodiak's nearest debt maturity is the $750 million senior unsecured notes due 2029, which are expected to be repaid with the new 2031 senior unsecured notes being issued. Financial covenants require Kodiak to maintain a minimum interest coverage ratio of 2.5x, a maximum leverage ratio of 5.25x, and a secured leverage ratio of 3.25x. As of Dec. 31, 2025, Kodiak was in compliance with these covenants. Fitch expects Kodiak to remain in compliance with its financial covenants over the forecast period. Kodiak has a financial policy of maintaining 80% of its debt at a fixed rate, including fixed-rate instruments. This policy helps mitigate floating-rate exposure, and Fitch expects the policy to remain in place over the forecast period. Issuer Profile Kodiak Gas Services, LLC provides compression services to upstream and midstream companies in the U.S. Date of Relevant Committee 10-Feb-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Kodiak. 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 ----------- ------ -------- Kodiak Gas Services, LLC senior unsecured LT BB New Rating RR4 KODIAK GAS: Moody's Rates New Senior Unsecured Notes 'B1' --------------------------------------------------------- Moody's Ratings assigned a B1 rating to Kodiak Gas Services, LLC's proposed backed senior unsecured notes due in 2031. Proceeds from the notes offering will be used to fund the redemption of the company's backed senior unsecured notes due in 2029 and to fund a portion of the consideration for Kodiak Gas Services Inc.'s (Kodiak Gas) acquisition of Distributed Power Solutions (DPS, unrated). Kodiak Gas's Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating (PDR), and SGL-3 Speculative Grade Liquidity Rating (SGL) are not affected. The outlook is stable. RATINGS RATIONALE Kodiak Gas Services, LLC's proposed and existing senior unsecured notes are rated B1, one notch below the Ba3 CFR, given the size and utilization of the ABL facility. The proposed and existing senior unsecured notes are guaranteed by Kodiak Gas Services, Inc. and each of its subsidiaries that are guarantors under the ABL. Kodiak Gas's Ba3 CFR is supported by the scale and quality of its contract compression fleet, the stability of its margins the expectations for ongoing growth in US natural gas demand to continue driving demand for the company's compression services. Kodiak Gas is among the three largest compressions services providers in the US and around 80% of its total fleet horsepower consists of large horsepower units. The CFR also reflects the 3-5 year contracts with fixed monthly revenue and annual inflation adjustments that underpin its business, the quality of its customer base, and its outsized exposure to the Permian which provides some insulation from natural gas market dynamics. These positive attributes are counterbalanced by the company's debt leverage and exposure to natural gas production volumes. The DPS acquisition will provide Kodiak Gas with exposure to the distributed power generation business and high-growth digital infrastructure customers. The acquisition should also provide opportunities to provide additional services to existing and new upstream and midstream energy customers. The proposed transaction brings inherent execution risk given the differences between compression services and distributed power generation, however, these risks are somewhat mitigated by the expectation that DPS's leadership team will join Kodiak Gas. The use of debt to fund the cash portion of the DPS acquisition will negatively impact Kodiak Gas's credit metrics and Moody's expects that any future growth investments into the acquired business will be paced in a manner consistent with Kodiak Gas's stated financial policies and targeted leverage range. The stable outlook reflects Moody's expectations that Kodiak Gas will continue to generate free cash flow, maintain its liquidity, and reduce leverage through organic growth and debt reduction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Kodiak Gas's ratings could be upgraded if it improves its fleet quality, executes on its DPS acquisition and delivers its expected financial performance, generates free cash flow, establishes a track record of adhering to conservative financial policies and reduces leverage below 3.5x on a sustained basis. A downgrade of Kodiak Gas's rating could be considered if leverage is sustained above 4.5x, the company generates negative free cash flow or suffers a deterioration in liquidity. Additional leveraging acquisitions or debt funded share repurchases could also result in a ratings downgrade. Kodiak Gas Services, Inc. is a publicly traded operator of contract compression in the US which operates under fixed-revenue contracts with upstream and midstream customers. The company's primary operating regions are the Permian Basin and Eagle Ford, but it also maintains operations in the Powder River Basin, DJ Basin, Appalachian Basin, Barnett Shale/East Texas Region, and Black Warrior Basin. Kodiak Gas Services, LLC is a wholly owned subsidiary of Kodiak Gas and the issuer of Kodiak Gas's senior notes. The principal methodology used in this rating was Oilfield Services published in October 2025. KOSMOS ENERGY: Closes Public Offering of 112.1 Million Shares ------------------------------------------------------------- Kosmos Energy Ltd. disclosed in a regulatory filing that it entered into an Underwriting Agreement among the Company, Barclays Capital Inc. and Stifel, Nicolaus & Company, Incorporated, as representatives of the Underwriters, pursuant to which the Company agreed to issue and sell to the Underwriters 97,500,000 shares of common stock, par value $0.01, in a registered public offering pursuant to an effective shelf registration statement on Form S-3 (Registration File No. 333-280362). The Underwriters and the Number of Firm Securities to be purchased are: * Barclays Capital Inc. – 38,268,750 * Stifel, Nicolaus & Company, Incorporated – 38,268,750 * The Standard Bank of South Africa Limited – 4,387,500 * Natixis Securities Americas LLC – 3,412,500 * ING Financial Markets LLC – 3,412,500 * Absa Bank Limited – 3,412,500 * Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division) – 3,412,500 * Clarksons Securities AS – 1,462,500 * Johnson Rice & Company L.L.C. – 1,462,500 Pursuant to the Underwriting Agreement, the Company granted the Underwriters an option to purchase an additional 14,625,000 shares of common stock of the Company. On March 11, 2026, the Underwriters exercised the Option in full, and on March 12, 2026, the Company closed the Offering. A full text copy of the Underwriting Agreement is available at https://tinyurl.com/3pex7e7a About Kosmos Energy Ltd. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. As of December 31, 2025, the Company had $4.7 billion in total assets and $3.6 billion in total long-term liabilities, $572.3 million in total current liabilities, and total stockholders' equity of $528.6 million. * * * In December 2025, Fitch Ratings has downgraded Kosmos Energy Ltd.'s Long-Term Company Default Rating (IDR) and senior unsecured ratings to 'CCC+' from 'B-' and removed them from Rating Watch Negative (RWN). The Recovery Rating is 'RR4'. The downgrade reflects increasing risk that Kosmos is unlikely to meet its financial covenants under the reserve-based lending (RBL) facility in its March 2026 test. Failure to meet financial covenants under the RBL facility constitutes an event of default. Fitch said, "We cannot fully rule out lender acceleration even though we consider it to be unlikely. We also believe refinancing risk is still significant for Kosmos despite its recently signed secured debt funding." KOSTAS GOLFINOPOULOS: Jolene Wee Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for Kostas Golfinopoulos, Esq., PLLC. Ms. Wee will be compensated at $660 per hour for work performed in 2026. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About Kostas Golfinopoulos, Esq. PLLC Kostas Golfinopoulos, Esq., PLLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43427) on July 18, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $0 to $50,000. Judge Jill Mazer-Marino oversees the case. Forchelli Deegan Terrana, LLP is the Debtor's legal counsel. KUBERA HOTEL: To Sell Berkeley Property for $14MM ------------------------------------------------- Kubera Hotel Properties, LP, seeks permission from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 920 University Avenue, Berkeley, California. The Debtor filed the Chapter 11 Case to sell its hotel located at 920 University Avenue, Berkeley, California 94710. The Hotel was built in 1967 and has 113 rooms. In 2007 Kubera entered into a 15 year flag agreement with La Quinta Inn. Operations for Debtor were successful until 2021 – 2023, and COVID. Debtor was unable to pay La Quinta Inn franchise fees owed from 2021 – 2023 and eventually La Quinta Inn sued Kubera. On January 9, 2019, Debtor entered into a loan with Wilmington Trust, N.A., totaling $10,500,000.00. Debtor defaulted on normal contractually due payments around September 2024. The Debtor employs licensed real estate agent David Bowman of Bowman Post Group Hotel. On March 18, 2026, the Debtor and Buyer, Berkley 113 LLC, executed a Purchase and Sale Agreement and Joint Escrow Instructions for the sale and purchase of the Property for $14,175,001. The agreed-to purchase price for the Property is $14,175,001.00, with a deposit in the sum of $200,000.00, to be paid within five days of the effective date of the Purchase Agreement and held in escrow to be applied to the purchase price. The commission fee shall be paid via escrow upon closing of the sale. If Debtor and the Buyer have decided to open an escrow to facilitate the sale of the Property and each of the Parties shall pay various expenses as provided in the Purchase Agreement. The Debtor seeks entry of an order authorizing it to direct the title company to pay from escrow the following: Standard closing costs, which the Debtor is informed and believes, consists of unpaid, pro-rated property taxes. The proposed sale of the Property maximizes the amount that Debtor, the bankruptcy estate, and its creditors will realize for the Property. The proposed sale is fair and reasonable and in the best interests of the bankruptcy estate and its creditors. About Kubera Hotel Properties, LP Kubera Hotel Properties LP operates a 113-room hotel located at 920 University Avenue, Berkeley, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40996) on June 6, 2025. In the petition signed by Pradeep Kantilai T. Khatri, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Charles Novack oversees the case. The Law Offices of Ryan C. Wood, Inc. represents the Debtor as counsel. L&J INDUSTRY: Seeks Approval to Hire Miller Law Firm as Counsel --------------------------------------------------------------- L&J Industry, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Miller Law Firm, P.A. to serve as legal counsel. The firm will provide these services: (a) consult with Debtor concerning his financial condition and rehabilitation, assets and liabilities, claims by and against creditors, and ongoing business operation; (b) discuss with the Debtor regarding restructuring of debt and reorganization of business in Chapter 11; (c) advise Debtor with respect to his power and duties as a debtor and debtor-in-possession in the continued management and operation of his business and properties; (d) analyze Debtors business operation and assist Debtor in decision making process; (e) conduct all necessary legal research on legal issues; (f) attend meetings and negotiate with representatives of creditors and other parties in interest; (g) take all necessary action to protect and preserve Debtor's estate; (h) prepare on behalf of Debtor all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (i) formulate, negotiate and seek approval of disclosure statements and plan of reorganization; (j) negotiate and prosecute on Debtor's behalf the use of cash collateral, DIP financing, sales of assets, contracts and lease agreements, and all necessary agreements and/or documents; (k) appear before this Court and any appellate courts to protect and advance the interests of Debtor and estate before such courts; (l) address all requirements of the Office of the United States Trustee in this proceeding; and (m) perform all other necessary legal services and provide all other necessary legal advice to Debtor in connection with the Chapter 11 case. Conrad Miller, Jr., who will serve as principal counsel to the Debtor, will receive an hourly rate of $400. Miller Law Firm, P.A. also received a retainer in the sum of $5,000 in connection with the representation of Debtor in this Chapter 11 proceeding. Miller Law Firm, P.A. is a "disinterested person" within the meaning of 11 U.S.C. §101(14) and does not hold or represent any interest adverse to the bankruptcy estate, according to court filings. The firm can be reached at: Conrad Miller, Jr., Esq. MILLER LAW FIRM, P.A. 7199 W. 98th Terr, Suite 160 Overland Park, KS 66212 About L&J Industry, LLC L&J Industry, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. MO Case No. 26-40375) on March 4, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Brian T. Fenimore oversees the case. Miller Law Firm, P.A. is Debtor's legal counsel. LABL INC: Ares Strategic Marks $81.8MM 1L Loan at 37% ----------------------------------------------------- Ares Strategic Income Fund has marked its $81,803,200 loan extended to Labl, Inc. to market at $51,52,300 or 63% of the outstanding amount, according to Ares Strategic’s 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a first lien secured loan extended to Labl, Inc. The 1L Loan accrues interest at a rate of 8.94% SOFR (Q) 5.00% per annum. The 1L Loan matures on October 2028. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: The Corporate Secretary Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212)750-7300 About Labl, Inc. Labl, Inc. appears to be a corporate borrower financed through a first lien senior secured loan, suggesting operations in a cash-generative, asset-backed middle-market business. LAMOUR COMMUNITY: Cash Collateral Hearing Set for March 24 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts is set to hold a hearing on March 24 to consider extending Lamour Community Health Institute, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral under the court's initial order expires on March 25. The initial order, signed by Judge Janet Bostwick on March 12, allowed the Debtor to use cash collateral to pay up to $500 in expenses. A detailed budget covering March 9 through June 30 shows initial negative cash flow in March, followed by positive cash flow in subsequent months. The initial order granted secured creditors replacement liens on the Debtor's post-petition assets similar to their pre-bankruptcy collateral. The Debtor's primary secured creditors are Life Insurance Community Investment Initiative, LLC, holding a mortgage and security interests totaling approximately $4.4 million, and Rockland Trust Company, with a recorded lien of approximately $59,000. The Debtor's assets include the Braintree property, furniture, fixtures, motor vehicles, approximately $23,000 in cash deposits, and $9,200 in receivables while liabilities to other unsecured creditors total roughly $252,000. About Lamour Community Health Institute Inc. Lamour Community Health Institute, Inc. is a nonprofit organization providing behavioral health services to adults, adolescents, and children. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10499) on March 9, 2026. In the petition signed by Patrice Lamour, president, the Debtor disclosed up to $10 million in both assets and liabilities. John O. Desmond, Esq. represents the Debtor as legal counsel. LCPR SENIOR: Barings Global Marks $2MM Bond at 30% Off ------------------------------------------------------ Barings Global Short Duration High Yield Fund has marked its $2,000,000 bond extended to LCPR Senior Secured Financing to market at $1,397,900 or 70% of the outstanding amount, according to Barings Global Short Duration HY Fund's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a corporate bond extended to LCPR Senior Secured Financing. The bond accrues interest at a rate of 6.75% per annum. The bond matures on Oct. 15, 2027. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About LCPR Senior Secured Financing LCPR Senior Secured Financing is a financing vehicle for Liberty Cablevision Puerto Rico’s operations, providing secured funding backed by the company’s telecommunications and broadband assets. LEADERSHIP INC: Tamara Miles Ogier Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Leadership, Inc. Ms. Ogier will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Leadership Inc. Leadership, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-53226) on March 9, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Leslie M. Pineyro, Esq., at Jones And Walden, LLC represents the Debtor as legal counsel. LIFE UNIVERSITY: Moody's Cuts Issuer & Revenue Bond Ratings to B1 ----------------------------------------------------------------- Moody's Ratings has downgraded Life University's (LU, GA) issuer and revenue bond ratings to B1 from Ba3. For fiscal year 2025, the university recorded total outstanding debt of approximately $86 million. The outlook is negative. The downgrade to B1 from Ba3 reflects persistent operating strain that has left the university with minimal cushion under its debt service coverage covenant. Additionally, narrow operating cash flow continues to reflect enrollment volatility tied to the chiropractic college's prior probationary action by the Council of Chiropractic Education. Although the probation has been lifted, enrollment disruption persists and the pace of recovery will depend on stabilizing student demand. Social considerations are a key driver of the rating action, reflecting a lingering consumer response to the prior probationary action that continues to constrain net tuition revenue growth. RATINGS RATIONALE Life University's B1 issuer rating reflects its small operating scale, concentrated focus in chiropractic education, and modest financial resources, all of which limit its ability to materially enhance operating performance or build wealth over time. The university's narrow brand and strategic positioning result in heavy dependence on tuition revenue, modest philanthropic support, constrained pricing power in chiropractic programs, and weaker flexibility in its undergraduate offerings. Offsetting these challenges, LU benefits from disciplined financial management and ongoing initiatives aimed at strengthening margins. Although headroom to the debt service coverage covenant remains thin, the university expects to remain in compliance at fiscal year end, supported by continued attention to cash flow stability. The B1 revenue bond rating incorporates the issuer rating, in addition to security features that include a gross revenue pledge, first mortgage pledge of university real property and a debt service reserve fund. RATING OUTLOOK The negative outlook reflects Moody's expectations for uncertain enrollment and net student charges recovery following the chiropractic college's prior probationary action by the Council of Chiropractic Education. Moreover, limited liquidity exacerbates credit risk. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained improvement in EBIDA margins at or near 15% -- Material improvement in strategic positioning, growing net tuition revenue, and improvement in wealth to debt and expenses -- Material sustained increases to liquidity FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to meet financial covenants -- Further decline in enrollment or inability to grow student charges -- Increases in debt given already high leverage -- Reduction in liquidity beyond current levels PROFILE Life University was founded in 1974 as a private university in the Atlanta suburb of Marietta, Georgia. The majority of students are enrolled in its doctoral degree program in chiropractic. The university also offers undergraduate and graduate programs in health and wellness-oriented fields. In fiscal 2025, Life recorded operating revenue of $78.5 million and for the fall 2024 term, enrolled 2,289 full-time equivalent (FTE) students. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. LIFETIME BRANDS: S&P Affirms 'B+' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on U.S.-based Lifetime Brands Inc. S&P said, "We also affirmed our 'BB-' issue-level rating on its term loan B. Our '2' recovery rating on this debt reflects our expectation for substantial recovery (70%-90%; rounded estimate: 70%) in the event of default. "The stable outlook reflects our expectation of modest sales growth, positive FOCF, and sustained S&P Global Ratings-adjusted leverage below 5x over the next 12 months. "Lifetime Brands Inc. reported positive free operating cash (FOCF) and S&P Global Ratings-adjusted leverage of about 4.1x for fiscal 2025 (well below our 5x downside threshold). "We forecast the company's sales will improve modestly in 2026 and it will sustain leverage below 5x. "We expect Lifetime will modestly expand sales and sustain leverage below 5x in 2026, despite demand and cost pressure." Lifetime reported a 5.1% year-over-year decline in net sales during fiscal 2025, which marked a fourth consecutive year of sales declines." This was attributable to its temporary import pause and customer order disruptions following an abrupt increase in U.S. import tariffs in April, certain customer programs that did not repeat, and competitive pressure. The company passed through price increases to its customers to offset higher U.S. import tariffs. It also reduced headcount and discretionary expenditures but incurred one-time costs for its new distribution center in Hagerstown, Md. S&P estimates Lifetime's S&P Global Ratings-adjusted EBITDA declined 15% in fiscal 2025, resulting in leverage increasing to about 4.1x for fiscal 2025 (ended Dec. 31, 2025), compared with 3.6x for 2024. At the same time, its tariff mitigation efforts improved profit performance in the fourth quarter, with EBITDA growing over 11% year over year. S&P said, "We believe consumer spending will remain soft given ongoing U.S. consumer affordability challenges, slowing income growth, a weakening labor market, and still high inflation levels. Nonetheless, we believe sales will expand about 3% this year, as the company laps easier comps (including the impact from its import pause and abnormal customer ordering patterns), and gains incremental distribution for its Dolly and Mikasa product lines. "Lifetime will incur about $12 million of one-time costs related to relocation and start-up costs for the new distribution center. Additionally, tariff costs, higher incentive compensation, and increased shipping and energy costs because of ongoing regional conflicts could further pressure profitability. Nonetheless, our base case reflects our expectation that the company's S&P Global Ratings-adjusted leverage will remain below 5x in 2026, supported by the full-year impact of prior price increases and cost savings initiatives, including efforts to turn around its challenged international business. "We note the U.S. Supreme Court ruling that struck down tariffs imposed under the International Economic Emergency Powers Act, and subsequent implementation of 10% tariffs under section 122 of the Trade Act of 1974 (which can be in place for 150 days), have not materially changed our forecast. S&P Global Ratings expects the administration will maintain high tariffs via a mix of sectoral levies through various channels. "We project Lifetime will sustain positive FOCF in 2026, but it faces refinancing risk. We forecast FOCF will improve to about $20 million in 2026 on prior-year pricing and cost actions and improved working capital usage following the opening of the new distribution center, which is expected in the second quarter of this year. Despite higher U.S. import tariffs and increased capital expenditures (capex) for leasehold improvements and equipment for its new distribution center, Lifetime generated positive FOCF of about $3 million in 2025. "Lifetime's asset-based lending (ABL) facility and term loan mature on Aug. 26, 2027. While we expect the company will seek to extend the maturity of its credit facilities before they become current, weaker-than-expected operating performance or financial market volatility could prevent it from refinancing under similar terms and conditions. "The stable outlook reflects our expectation of sales improvement, positive FOCF, and leverage sustained below 5x over the next 12 months." S&P could lower the rating if it forecasts Lifetime will sustain S&P Global Ratings-adjusted leverage above 5x. This could occur if: -- Sales continue to decline due to lower consumer demand or market share losses; -- Its new distribution center ramp-up is delayed or requires incremental investments; or -- It completes large, debt-funded acquisitions to bolster growth. S&P could also lower the ratings if the company does not address the maturity of its credit facilities prior to them becoming current. While unlikely, S&P could raise its ratings if Lifetime significantly improves its business risk profile and maintains leverage below 4x. This could happen if the company: -- Improves scale and diversification through international expansion or diversification of customer, channel, and product mix; -- Grows sales and earnings organically because of improved consumer demand or distribution gains; and -- Commits to and demonstrates a financial policy consistent with sustaining leverage below 4x, inclusive of acquisitions. LIFTED TRUCKS: Monroe Capital ECLF Marks $488,000 Loan at 62% Off ----------------------------------------------------------------- Monroe Capital Enhanced Corporate Lending Fund has marked its $488,000 loan extended to Lifted Trucks Holdings, LLC to market at $183,000 or 38% of the outstanding amount, according to Monroe Capital ECLF's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe Capital Enhanced Corporate Lending Fund is a participant in a revolver loan extended to Lifted Trucks Holdings, LLC. The Loan accrues interest at a rate of SF 5.35% 9.22% per annum. The Loan matures on Nov. 1, 2028. Monroe Capital Enhanced Corporate Lending Fund is a closed-end management investment company that focuses on corporate lending and credit-oriented investments in the leveraged finance market. The Fund is led by Zia Uddin as Chief Executive Officer (Principal Executive Officer) and Christopher Lund as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: Zia Uddin Monroe Capital Enhanced Corporate Lending Fund 155 North Wacker Drive, 35th Floor Chicago, IL 60606 Telephone: (312) 258-8300 About Lifted Trucks Holdings, LLC Lifted Trucks Holdings, LLC appears to be a specialty automotive company focused on customized or modified truck sales and related services. LINQTO INC: Seeks to Hire Scalar CA LLC as Valuation Advisor ------------------------------------------------------------ Linqto Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Scalar CA, LLC as valuation advisor. Scalar will provide such valuation services including, but not limited to, estimating the equity value of Linqto Liquidshares, LLC's equity interests in up to eighty (80) privately held companies in connection with the Chapter 11 Cases. The firm will receive compensation as follows: (a) Opinion Fee. A fee equal to $275,000 (Opinion Fee). (b) Hourly Fee. The Debtors will pay additional fees to Scalar, at the following hourly rates, for any time incurred if Scalar is requested to support its findings subsequent to the delivery of the Opinion, whether in connection with a regulatory inquiry or otherwise, or supplemental work is otherwise required: Managing Director $900 Director/Principal $725 Vice President $675 Senior Associate $500 Associate $350 (c) Expenses. In addition to compensation for professional services rendered by Scalar, the Debtors have agreed to reimburse Scalar for expenses incurred by Scalar in connection with the engagement, including, but not limited to, travel, meals, lodging, telephone, documentation production, any costs associated with requesting confidential treatment, and other related charges. As disclosed in the court filings, Scalar is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by Section 327(a) of the Bankruptcy Code and supplemented by Section 1107(b) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates. The firm can be reached through: Zak Nugent Scalar CA, LLC 874 E Pioneer Road Draper, UT 84020 Phone: (801) 361-9384 About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by Kristen L. Perry, Esq., at Faegre Drinker Biddle & Reath, LLP, in Dallas, Texas; Richard J. Bernard, Esq., at Faegre Drinker Biddle & Reath, LLP, in New York; and Michael R. Stewart, Esq., and Adam C. Ballinger, Esq., at Faegre Drinker Biddle & Reath, LLP, in Minneapolis, Minnessota. Sandton may also be reached through Robert Rice, Esq. LOIS MIRIAM: Gets OK to Use Cash Collateral ------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington, Seattle, issued an order granting Lois Miriam, LLC authority to use cash collateral. Under the order, the debtor is authorized to use cash collateral to pay reasonable and necessary operational expenses according to a court-approved budget attached to the declaration supporting the motion. The debtor must carefully follow the budget and make payments when due to maintain compliance with the order. As adequate protection, ODK Capital, LLC, doing business as OnDeck, will be granted replacement liens on the Debtor's post-petition cash, accounts receivable, inventory, and related proceeds, maintaining the same extent and priority as any valid pre-petition liens. In addition, the Debtor must make payments of $1,000 per month to the secured creditor pursuant to the approved budget. The order will remain effective until May 11, 2026, or until confirmation of a reorganization plan, whichever occurs first. The order is available at https://shorturl.at/epc9t from PacerMonitor.com. As of the petition date, the Debtor held $44,124.09 in cash and had no accounts receivable or cash equivalents. OnDeck originated a $180,000 loan to the Debtor and filed a UCC-1 financing statement in April of last year. As of the petition date, approximately $75,000 remains outstanding. Based on a preliminary review, OnDeck is the senior secured creditor and the only secured creditor with realizable collateral value. About Lois Miriam LLC Lois Miriam, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10402) on February 9, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. The Debtor is represented by Steven M. Palmer, Esq., at Cairncross & Hempelmann, Ps. LOUISIANA LOCAL: Moody's Cuts Rating on 2019A Revenue Bonds to B3 ----------------------------------------------------------------- Moody's Ratings has downgraded the rating to B3 from B2 of the Louisiana Local Government Environmental Facilities and Community Development Authority's Student Housing Revenue Bonds (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project) Series 2019A ("ULM Properties") (the "Bonds"). The outlook remains stable. The downgrade results from weak demand for the project, resulting in below sufficient coverage and continued taps to the debt service reserve fund. The project has $25 million of outstanding debt. RATINGS RATIONALE The downgrade of the rating to B3 reflects the negative financial consequences of the low occupancy rate, currently at 85%. Debt service coverage was 0.98x as of 12/31/2024 resulting in taps to the debt service reserve, which has been periodically replenished as occupancy has fluctuated. Project management has been working to find alternative sources of demand, with limited success. RATING OUTLOOK The stable outlook reflects the modest reserve position that should enable the project to avoid default in the near term. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Upgrade is unlikely in the near term due to continued weak occupancy levels FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Prolonged sub-par occupancy and rental income levels that lead to sustained debt service coverage levels of below 1.00x and material decline in project liquidity to cover shortfalls. -- Failure to replenish debt service reserve following draws on the debt service reserve. PROFILE Provident Group - ULM Properties, LLC, is a single member LLC (the "Borrower") of which Provident Resources Group Inc., a non-profit corporation is the sole member. The Borrower was formed for the purpose of developing, constructing, owning and operating student housing. The Borrower will issue the tax-exempt bonds to construct the Project and fund the required reserves under the Trust Indenture. METHODOLOGY The principal methodology used in this rating was Global Housing Projects published in August 2024. LSB INDUSTRIES: Moody's Alters Outlook on 'B2' CFR to Positive -------------------------------------------------------------- Moody's Ratings has changed LSB Industries, Inc.'s (LSB) outlook to positive from stable. At the same time, Moody's have affirmed LSB's B2 Corporate Family Rating, B2-PD Probability of Default Rating and B2 senior secured notes rating. The speculative grade liquidity rating (SGL) remains unchanged at SGL-1. RATINGS RATIONALE The positive outlook reflects LSB's improved production reliability and efficiency, its low debt leverage compared to other B2 rated companies and supportive market conditions for its US-based production of ammonia and its derivatives. The company's investment in production reliability and safety, storage and logistics capabilities, as well as debottlenecking of its production capacities will continue to support its earnings and improve business resilience. In the last three years, the company has raised sales volumes of higher-value downstream products including ammonium nitrate (AN), nitric acid and urea ammonium nitrate (UAN), reducing the sales of ammonia which faces price pressure from new capacity. Higher production rates, improved product mix and reduced disruptions led to an improvement in reported EBITDA to $162 million in 2025 from $130 million in 2024. The company's partnership with Lapis Carbon Solutions to install carbon capture and sequestration equipment at its El Dorado facility is expected to become operational by the end of 2026 and will add incremental earnings in 2027. Further cost improvement and process efficiency are expected. LSB's credit metrics are strong compared to other B2 rated companies thanks to its improved earnings and reduced debt level. Total debt declined to $441 million at the end of 2025 from about $700 million at the end of 2022. Moody's expects the company's debt leverage in 2026 to be below its historical level after debt repayment and likely to be similar to the level of 3.0x (including Moody's adjustments) at the end of 2025 given the elevated pricing of nitrogen fertilizers amid tight supply and assuming no significant debt-funded acquisition or shareholder remuneration. Moody's expects nitrogen fertilizer prices will remain elevated by reduced supply from the Middle East and Trinidad and higher cost of production in Europe. Demand for AN will also be supported by the mining of gold, copper and coal. LSB's rating is constrained by its small scale, limited operational diversity and inherent volatility in performance because of its exposure to volatile nitrogen prices, cyclical industrial and mining end markets (nearly 40%) and weather-dependent agricultural market (60%). The company's rating also reflects its access to low-cost natural gas in the US and its focus on the domestic market. The company's credit metrics remain affected by production rates and nitrogen fertilizer prices, which are influenced by the evolving US trade policies and geopolitical dynamics. Free cash flow will be limited by elevated capital expenditure ($75 million in 2026), interest expenses and turnaround costs. The company's speculative grade liquidity rating SGL-1 reflects very good liquidity expected over the next 12 months, supported by cash on hand and revolver availability. Total liquidity amounted to $192.8 million at the end of 2025. Cash and short-term investments amounted to $148 million, accounting for nearly 33% of $451 million in gross debt, at the end of 2025. The company had $44.3 million of availability under its $75 million asset-based revolver, which is subject to borrowing base limitations. The revolver expires in October 2028. The company is subject to 1x fixed charge covenant if its revolver availability falls below 10% of the total commitment. Moody's don't expect the covenant to be tested in the next 12 months. All assets are encumbered by the revolver, senior secured notes and other debt, leaving no sources of alternative liquidity. The company's Credit Impact Score of CIS-4 indicates the rating is lower than it would have been if ESG risk exposures did not exist. This reflects exposure to environmental risks driven by carbon transition and physical climate risks that impact the agricultural sector. This also reflects governance risks due to a minority private equity firm ownership. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require the company to show a long track record of maintaining a conservative financial policy and consistently high operating rates. An upgrade would require more consistent free cash flow generation and increased confidence that the company can maintain adjusted debt/EBITDA below 5.0x at the trough of the cycle and continue to fund its growth projects from internally generated cash. Moody's could downgrade the rating if the company experiences significant operational challenges or fails to consistently improve operating rates. Negative free cash flow, adjusted debt leverage consistently above 5.5x, weakened liquidity or more aggressive financial policies could also result in a negative rating action. LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, is a producer of commodity chemicals that are derived from ammonia (nitrogen fertilizers, nitric acid and ammonium nitrate). LSB owns and operates three facilities in El Dorado, Arkansas, Cherokee, Alabama and Pryor, Oklahoma. The company also operates Baytown, Texas, facility on a contractual basis for Coverstro AG. The company generated sales of $615 million in 2025. The principal methodology used in these ratings was Chemicals published in February 2026. The assigned rating is two notches below the scorecard indicative outcome based on the LTM December 31, 2025 financials and Moody's 12-18 months forward-looking view. The assigned rating has a positive outlook and takes into consideration the company's volatile earnings and credit metrics. LUCKY BUCKS: Cion Investment Marks $25.3MM Loan at 81% Off ---------------------------------------------------------- Cion Investment Corp. has marked its $25,308,000 loan extended to Lucky Bucks Holdings LLC to market at $4,840,000 million or 19% of the outstanding amount, according to Cion Investment's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Cion Investment Corp. is a participant in a loan extended to Lucky Bucks Holdings LLC. The Loan accrues interest at a rate of 12.50 % per annum. The Loan matures on May 26, 2028. Cion Investment Corp is a closed-end, externally managed, non-diversified management investment company that primarily invests in the debt of U.S. middle-market companies. The Fund is led by Michael A. Reisner as Co-Chief Executive Officer and Director and Mark Gatto as Co-Chief Executive Officer and Director. The Fund can be reached at: Michael A. Reisner Cion Investment Corporation 100 Park Avenue, 25th Floor New York, NY 10017 Telephone: (212) 418-4700 About Lucky Bucks Holdings LLC Lucky Bucks Holdings LLC operates in the hotel, gaming and leisure industry, generating revenue from hospitality, wagering and recreational entertainment activities. LURIN REAL: Hires Cushman & Wakefield U.S. Inc. as Broker --------------------------------------------------------- Lurin Real Estate Holdings XXI, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to hire Cushman & Wakefield U.S., Inc. to serve as broker for the Debtors. CW will provide these services: (a) market (i) The Aria and (ii) The Emory together with all buildings, improvements, appurtenances, and fixtures related to the Properties; (b) manage all of the Debtors' interests in leases, rents, and security deposits related to the Properties; (c) manage all of the Debtors' interests in licenses, permits, and third-party warranties or guaranties (if transferable) related to the Properties; (d) manage all of the Debtors' interests in any trade names (if transferable) related to the Properties; and (e) manage all of the Debtors' tangible personal property located on the Properties. CW will receive these compensation, subject to court approval: (a) a flat fee commission of $150,000 for sales of The Aria during the term of February 26, 2026 through August 26, 2026; (b) a flat fee commission of $200,000 for sales of The Emory during the Term; and (c) CW will provide a list of prospective purchasers within 10 days after the end of the Term, with commissions due for sales that close within 180 days after the Term, extended as necessary if negotiations continue. Cushman & Wakefield U.S., Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Craig Hey, Vice Chair CUSHMAN & WAKEFIELD U.S., INC. 225 W. Wacker Drive, Suite 3000 Chicago, IL 60606 Telephone: (312) 470-1800 About Lurin Real Estate Holdings XXI LLC Lurin Real Estate Holdings XXI LLC is a real estate investment and development company focused on commercial and residential property holdings across multiple U.S. markets. Lurin Real Estate Holdings XXI LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90344) on March 02, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $50 million to $100 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Joshua W. Wolfshohl, Esq. of Porter Hedges LLP. LUX CREDIT: Cion Investment Marks $18.5M 1L Loan at 22% Off ----------------------------------------------------------- Cion Investment Corp has marked its $18,508,000 million loan extended to Lux Credit Consultants LLC to market at $14,436,000 million or 78% of the outstanding amount, according to Cion's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 12, 2026. Cion Investment Corp is a participant in a Senior Secured First Lien loan extended to Lux Credit Consultants LLC. The Loan accrues interest at a rate of S+ 725 , 1.50 % SOFR Floor per annum. The Loan matures on April 29, 2028. CION Investment Corp is a closed-end, externally managed, non-diversified management investment company that primarily invests in the debt of U.S. middle-market companies. The Fund is led by Michael A. Reisner as Co-Chief Executive Officer and Director and Mark Gatto as Co-Chief Executive Officer and Director. The Fund can be reached at: Michael A. Reisner CION Investment Corporation 100 Park Avenue, 25th Floor New York, NY 10017 Telephone: (212) 418-4700 About Lux Credit Consultants LLC Lux Credit Consultants LLC is tied to the automotive sector, suggesting it provides financing or credit-related services connected to vehicle purchases or auto-related transactions. LYCRA COMPANY: Gibson Dunn Represents Ad Hoc Lenders' Group ----------------------------------------------------------- An ad hoc group of beneficial holders to The Lycra Company LLC, et al. and its debtor-affiliates, represented by Gibson, Dunn & Crutcher UK LLP and Porter Hedges LLP as counsel, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the Group's current members and the nature and amount of the disclosable economic interests held in the Debtors' cases. According to the group's Verified Statement: 1. In March 2025, the Ad Hoc Group retained attorneys currently affiliated with Gibson, Dunn & Crutcher UK LLP to represent it as counsel in connection with a potential restructuring of the outstanding debt obligations to the Debtors and certain of their subsidiaries and affiliates. In February 2026, Gibson Dunn contacted Porter Hedges LLP to serve as Texas co-counsel to the Ad Hoc Group. 2. Gibson Dunn and Porter Hedges represent the Ad Hoc Group, comprised of the beneficial holders or the investment advisors or managers for certain beneficial holders in their capacities as lenders, holders, or beneficial holders under: (I) a Super Senior Facilities Agreement, originally dated as of March 1, 2023, as amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time, among Eagle Intermediate Global Holding B.V. as borrower, Eagle Holding Co B.V. as parent, Eagle Finance Co B.V., each of the guarantors thereto, Kroll Agency Services Limited as agent, Wilmington Trust (London) Limited as security agent and the lenders from time to time party thereto; (II) an Indenture, dated as of May 4, 2018 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, among Eagle Intermediate and Eagle Finance Co B.V. (as successor to Eagle US Finance LLC) as co-issuers, Eagle Holding Co B.V. (as successor to Eagle Super Global Holding B.V.) and the other guarantors party thereto, and Wilmington Trust, National Association as trustee; (III) an unsecured promissory note issued on June 28, 2022 by Eagle Intermediate and Eagle Finance Co B.V., as amended, restated, amended and restated, supplemented, or otherwise modified from time to time; (IV) an Indenture, dated as of April 25, 2023, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time -- 1L Linx Notes Indenture -- among Linx Capital Limited ("Linx SPV") as issuer, Kroll Trustee Services Limited as trustee, U.S. Bank Europe DAC, UK Branch as paying agent, and U.S. Bank Europe DAC as registrar and transfer agent; and (V) an Indenture, dated as of April 25, 2023, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time -- 2L Linx Notes Indenture -- among Linx SPV as issuer, Kroll Trustee Services Limited as trustee, U.S. Bank Europe DAC, UK Branch as paying agent, and U.S. Bank Europe DAC as registrar and transfer agent. Linx SPV is an orphan SPV, which in turn is a holder or beneficial holder of notes under an Indenture, dated as of April 25, 2023, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time -- Prepetition Euro Notes Indenture -- among Eagle UK Finance Limited as issuer, Eagle Holding Co B.V. (as successor to Eagle Super Global Holding B.V.), Eagle Intermediate, Eagle Finance Co B.V. (as successor to Eagle US Finance LLC), the other guarantors party thereto, and Kroll Trustee Services Limited as trustee. 3. Gibson Dunn and Porter Hedges do not represent or purport to represent any other entities in connection with the Debtors' Chapter 11 cases. Gibson Dunn and Porter Hedges do not represent the Ad Hoc Group as a "committee" and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity that has not signed a retention agreement with Gibson Dunn. In addition, the Ad Hoc Group does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Each member of the Ad Hoc Group does not represent the interests of, nor act as a fiduciary for, any person or entity other than itself in connection with the Debtors' Chapter 11 cases. 4. Upon information and belief formed after due inquiry, Gibson Dunn and Porter Hedges do not hold any disclosable economic interests (as such term is defined in Bankruptcy Rule 2019(a)(1)) in relation to the Debtors. 5. The information provided to Gibson Dunn and Porter Hedges by the members of the Ad Hoc Group is intended only to comply with Bankruptcy Rule 2019 and not for any other purpose. 6. Nothing contained in this Verified Statement is intended or shall be construed to constitute: -- a waiver or release of the rights of any of the members of the Ad Hoc Group to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; -- a waiver or release of the rights of any of the members of the Ad Hoc Group to have any final orders in any non-core matters entered only after de novo review by a United States District Judge; -- consent to the jurisdiction of the Court over any matter; -- an election of remedy; -- a waiver or release of any rights of any of the members of the Ad Hoc Group may have to undergo a jury trial; -- a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in these Chapter 11 cases against or otherwise involving any of the members of the Ad Hoc Group; or -- a waiver or release of any other rights, claims, actions, defenses, setoffs, or recoupments to which any of the members of the Ad Hoc Group are or may be entitled in law or in equity, applicable law or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs, or recoupments being expressly reserved in all respects. 7. The Ad Hoc Group reserves the right to amend or supplement this Verified Statement in accordance with the requirements of Bankruptcy Rule 2019 at any time in the future. The names and addresses of each of the members of the Ad Hoc Group, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors, are: 1. Robus Capital Management Limited 9 Percy Street London W1T 1DL United Kingdom Prepetition SSTL Agreement $23,805,142.20 Prepetition Dollar Notes Indenture Not applicable Prepetition Unsecured Promissory Note Not applicable 1L Linx Notes Indenture EUR40,322,072.00 2L Linx Notes Indenture Not applicable Other Disclosable Economic Interests Not applicable 2. AlbaCore Capital LLP 55 St James's St London SW1A 1LA Prepetition SSTL Agreement $28,487,446.70 Prepetition Dollar Notes Indenture Not applicable Prepetition Unsecured Promissory Note Not applicable 1L Linx Notes Indenture EUR45,361,449.40 2L Linx Notes Indenture Not applicable Other Disclosable Economic Interests Not applicable 3. Palmerston Capital Management LLP 8th Floor, SavoyStrand, 105-109 Strand, London WC2R 0AA Prepetition SSTL Agreement $69,799,501.93 Prepetition Dollar Notes Indenture Not applicable Prepetition Unsecured Promissory Note Not applicable 1L Linx Notes Indenture EURO54,244,047.00 2L Linx Notes Indenture Not applicable Other Disclosable Economic Interests Not applicable 4. Tor Investment Management (Hong Kong) Limited 19th Floor, Henley Building, 5 Queen's Road, Central, Hong Kong Prepetition SSTL Agreement $17,000,000.00 Prepetition Dollar Notes Indenture Not applicable Prepetition Unsecured Promissory Note Not applicable 1L Linx Notes Indenture EURO54,058,432.00 2L Linx Notes Indenture EUR38,647,721.00 Other Disclosable Economic Interests Not applicable 5. Broad Peak Investment Advisers Pte. Ltd 260 Orchard Road, The Hereen, #14-02, Singapore 238855 Prepetition SSTL Agreement $10,147,653.85 Prepetition Dollar Notes Indenture Not applicable Prepetition Unsecured Promissory Note Not applicable 1L Linx Notes Indenture EUR15,252,393.00 2L Linx Notes Indenture Not applicable Other Disclosable Economic Interests Not applicable 6. Beach Point Capital Management LP 1620 26th Street, Suite 6000N Santa Monica, CA 90404 Prepetition SSTL Agreement $59,155,809.23 Prepetition Dollar Notes Indenture $279,630,125.00 Prepetition Unsecured Promissory Note $8,028,000.00 1L Linx Notes Indenture EUR14,565,761.00 2L Linx Notes Indenture Not applicable Other Disclosable Economic Interests Not applicable Attorneys for the Ad Hoc Group: John F. Higgins, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Grecia V. Sarda, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 228-1331 E-mail: jhiggins@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com gsarda@porterhedges.com - and - Matthew J. Williams, Esq. Keith R. Martorana, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, NY 10166 Tel: (212) 351-4000 Fax: (212) 351-4035 E-mail: mjwilliams@gibsondunn.com kmartorana@gibsondunn.com - and - Michael G. Farag, Esq. GIBSON, DUNN & CRUTCHER LLP 333 South Grand Avenue Los Angeles, CA 90071 Tel: (213) 229-7000 Fax: (213) 229-7520 E-mail: mfarag@gibsondunn.com - and - Suzanne E. Span, Esq. GIBSON, DUNN & CRUTCHER LLP 3161 Michelson Drive, Suite 1200 Irvine, CA 92612 Tel: (949) 451-3800 Fax: (949) 475-4763 E-mail: sspan@gibsondunn.com About The Lycra Co., LLC The Lycra Company LLC is a textile company that produces elastic materials used in cycling and yoga apparel. The Lycra Company LLC and several affiliates, including Eagle Global Holding B.V., sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 4:26-bk-90399) on March 17, 2026, before the Hon. Christopher M. Lopez. The Debtors estimated $100 million to $500 million in estimated assets and liabilities. The Hon. Christopher M. Lopez presides over the jointly administered cases. The Debtors hired Linklaters LLP and Haynes and Boone, LLP as restructuring counsel; Houlihan Lokey as investment banker; FTI Consulting, Inc. as financial advisor; Kroll Inc. as claims and noticing agent. Gibson, Dunn & Crutcher UK LLP serves as lead counsel and Porter Hedges LLP as local counsel to an ad hoc group of lenders. M.K. WEEDEN: Seeks to Extend Plan Exclusivity to July 13 -------------------------------------------------------- M.K. Weeden Construction, Inc.; M.K. Equipment Co., LLC; and WMK Holding, LLC (the "Weeden Construction Debtors"); and Weeden Ranch, LLC ("Ranch") (collectively, the "Weeden Debtors") asked the U.S. Bankruptcy Court for the District of Montana to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 13 and Sept. 11, 2026, respectively. The Weeden Construction Debtors operate through a single management team and share certain administrative functions. M.K. Weeden Construction, Inc. ("MKW") is the operating company debtor, under which all contracting and business operations are conducted. MKW also holds as assets all titled vehicles for insurance coverage purposes. MK Equipment Co., LLC ("MKE") is an equipment holding company, holding the heavy construction equipment and nontitled vehicles. WMK Holding, LLC ("WMK") is an equipment holding company which holds very large equipment used for mining projects, which the entities engaged in through 2023. When the operating companies work on jobs or projects, they utilize equipment from MKE or WMK as appropriate, historically on lease terms. As a result of the common ownership, overlapping debts, single management team, substantial number of shared creditors, and intertwined business operations, the Weeden Debtors bankruptcies were filed due to the need to bring their assets into any plan that could be proposed in Monte Weeden's case. The Debtors explain that factors support an extension of the exclusivity periods in this case. First, this case is relatively large and complex with numerous constituencies requiring multiple rounds of negotiations to create consensus on key plan terms. In addition, the Plan is also attempting to address Monte Weeden's individual liabilities. The Weeden Debtors have made substantial progress in the case working closely with creditors to gain their support of the liquidation efforts since the Weeden Debtors' bankruptcy cases were filed. The Debtors claim that these cases were filed less than three months ago, and the Weeden Debtors have not previously requested an extension of exclusivity. While the individual chapter 11 case has been pending much longer, new counsel recently appeared for Mr. Weeden and also deserves time to get up to speed on the cases and provide input on the Plan. Counsel to the Debtors: Seamus McCulloch, Esq. CHRISTIAN, SAMSON, BASKETT PHELAN & BELL, PLLC 310 W. Spruce Street Missoula, MT 59802 Tel: (406) 721-7772 Email: seamus@law-mt.com Laurie M. Thornton, Esq. Dominique R. Scalia, Esq. DBS Law 819 Virginia Street, Suite C-2 Seattle, WA 98101 Tel: (206) 489-3802 Email: lthornton@lawdbs.com; dscalia@lawdbs.com About M.K. Weeden Construction Inc. M.K. Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40100) on December 11, 2025. In the petition signed by Monte K. Weeden, president and manager, the Debtor disclosed $27,956,847 in total assets and $23,678,668 in total liabilities. Judge Benjamin P. Hursh oversees the case. Laurie Thornton, Esq., at DBS LAW, represents the Debtor as legal counsel. M6 ETX II: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed M6 ETX Holdings II MidCo LLC's (M6 ETX) Long-Term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. Fitch has also affirmed M6 ETX's senior secured term loan at 'BB' with a Recovery Rating of 'RR2'. M6 ETX's rating is supported by its strong competitive position in the Haynesville Shale basin, predominantly fixed-fee contracts with some long-term revenue assurance provisions, and a strong financial profile. These strengths are balanced by the company's small size and single-basin exposure. The Stable Outlook reflects Fitch's expectation that throughput volumes will increase over the forecast horizon as producers accelerate development activity to meet liquefied natural gas (LNG) feed-gas demand. Key Rating Drivers High Volumetric Risk: Fitch expects volume exposed operations to generate around 75% of M6 ETX's EBITDA. This exposure results from M6 ETX's gathering and processing segment where customers dedicate production from specified acreage to M6 ETX and pay a fee based on the amount of gas transported. Fitch views the predominantly fee-based structure positively because it limits direct commodity price exposure. However, throughput volumes are dependent on producer activity, which is influenced by the natural gas price environment. Haynesville Pure-Play: M6 ETX's operations are concentrated in the Haynesville Shale basin. Fitch expects increased LNG export capacity along the U.S. Gulf Coast to support Haynesville production growth over the forecast horizon. M6 ETX is well positioned to capture this incremental production due to its established footprint across the region, connectivity to U.S. Gulf Coast demand centers and ability to accommodate additional throughput with limited capital expenditure. However, Haynesville production is sensitive to natural gas prices. Drilling and completion activity in the region tends to be capital intensive and wells typically exhibit steep initial decline rates, resulting in higher breakevens and the need for continuous drilling to sustain production. This short drilling cadence allows producers to curtail production quickly in response to falling gas prices, which could drive greater throughput volatility on M6 ETX's system. Strong Financial Position: Fitch expects M6 ETX's EBITDA leverage to decline to around 3.0x in 2026, driven primarily by higher throughput volumes as producers increase production to satisfy LNG feed gas demand. Leverage is projected to remain modestly below 3.0x thereafter, consistent with management's stated commitment to maintain a conservative financial profile. Fitch expects M6 ETX to remain free cash flow (FCF) neutral over the forecast horizon, as cash from operation after debt service is reinvested into organic growth projects. Fitch views M6 ETX's sponsors as supportive and does not anticipate any changes in financial policy that would weaken its credit profile. Stability from Ship-or-Pay Contracts: Fitch expects about 20% of M6 ETX's EBITDA to come from ship-or-pay contracts over the forecast period. These contracts enhance cash flow stability because shippers are obligated to pay a fixed fee for their contracted capacity, regardless of utilization. Most of the company's key transportation contracts are with investment-grade customers and have a weighted average term of about five years. These commitments also alleviate some volumetric risk by incentivizing shippers with gathering contracts to develop acreage dedicated to M6 ETX. Limited Size & Scale: Fitch expects M6 ETX's EBITDA to remain below $300 million, which is considered small for a midstream operator. In Fitch's view, this limited scale, combined with its geographic concentration, exposes M6 ETX to outsized event and capital market risks. Peer Analysis Summit Midstream Corporation (Summit; B-/Positive) and M6 ETX are similarly sized gathering and processing companies. Summit is more geographically diverse than M6, with operations in multiple producing regions across the U.S. This diversity is somewhat offset by Summit's focus on mature, declining basins, which lack the robust fundamentals of the Haynesville basin. M6 ETX has a stronger cash flow profile than Summit. Although M6 ETX and Summit generate a similar percentage of EBITDA from fixed fee contracts, M6 ETX has lower volumetric risk because a higher proportion of EBITDA comes from transportation contracts with ship-or-pay commitments. Both companies have strong financial profiles for their respective rating categories. However, Summit's leverage and interest coverage are expected to be weaker than M6 ETX's over the forecast period. M6 ETX's stronger contract coverage and financial profile support its higher rating. Fitch’s Key Rating-Case Assumptions - Natural gas production consistent with Fitch's Oil and Gas Price Deck; - Interest rates consistent with Fitch's Global Economic Outlook; - Contracts that expire during the forecast period are either renewed with current customers or recontracted with new customers at rates consistent with current levels; - A meaningful reduction in non-fee margins due to the variability of commodity prices; - Capital expenditure in-line with management guidance; - Excess FCF is distributed to the sponsors, provided some cash is retained for working capital purposes. 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, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb, Moderate), Profitability (bb-, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'B+'. Recovery Analysis The recovery analysis assumes the enterprise value of M6 ETX would be maximized in a going concern (GC) scenario compared to a liquidation scenario. Fitch contemplates a default scenario in which a prolonged decline in natural gas prices causes drilling activity in the Haynesville basin to decline, leading to lower gathering and processing volumes and financial distress among some of M6 ETX's less creditworthy producer customers. Fitch assumes a sustainable, post-reorganization GC EBITDA of $150 million, reflecting less favorable contract renewal rates and/or lower throughput volumes that would exist in this environment. Fitch estimates M6 ETX would receive a GC EV/EBITDA multiple of 5.5x, which is 0.5x lower than Fitch's previous estimate and better aligns with the restructuring outcomes observed in the energy sector. In Fitch's bankruptcy case study report "Energy, Power and Commodities Bankruptcies Enterprise Value and Creditor Recoveries," published in October 2025, the median enterprise value exit multiple for 54 energy cases was 5.4x. While gathering and processing reorganizations have typically produced a wide range of outcomes, Fitch would expect exit multiples to fall between 5.0x and 7.0x, with the lower end of the range reflecting assets with concentrated basin exposure and greater throughput sensitivity to producer activity. Fitch assumes M6 ETX's RCF would be fully drawn at bankruptcy. A 10% administrative claim is incorporated in the recovery calculation. The recovery analysis results in a 'BB'/'RR2' rating for the senior secured term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage expected to be sustained below 2.5x; - EBITDA leverage expected to be sustained above 5.5x; - Any deterioration in liquidity beyond current expectations, including but not limited to any significant need to draw on the company's revolver; - A significant increase in capex, targeted toward higher-business-risk projects; - An acquisition or acquisitions that meaningfully increase the business risk of M6 ETX; - One of the top customers approaching a distressed financial condition, e.g., showing weak access to capital markets. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained increase in size and scale with EBITDA leverage expected to remain below 4.5x; - A significant increase in the proportion of EBITDA from revenue assurance contracts, without a meaningful deterioration in the weighted average credit quality of shippers. Liquidity and Debt Structure As of Sept. 30 2025, M6 ETX had $102 million in cash and equivalents, and full availability of its $75 million super priority revolving credit facility (RCF). The company's RCF and term loan are expected to mature in 2030 and 2032, respectively, with the term loan amortizing at 1% per year. Both facilities contain financial covenants requiring the company to maintain a debt service coverage ratio above 1.1x. The RCF also limits the super senior leverage ratio to 1.25x. Fitch expects M6 ETX to be complaint with its financial covenants throughout the forecast period. Issuer Profile M6 ETX is a midstream company providing gathering, processing and treating services to natural gas producers in the Haynesville basin, as well as long-haul transportation to the U.S. Gulf Coast LNG, industrial, and utility demand markets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for M6 ETX Holdings II MidCo LLC. ESG Considerations M6 ETX Holdings II MidCo LLC has an ESG Relevance Score of '4' for Group Structure due to its somewhat complex organization structure. These considerations have an elevated scope for M6 ETX, given inter-family/related party transactions with affiliate companies. This has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- M6 ETX Holdings II MidCo LLC LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB MAD DUMPLINGS: Hires Tang & Associates as Legal Counsel ------------------------------------------------------- Mad Dumplings LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Tang & Associates to serve as legal counsel. The firm will provide these services: (a) advise Debtor on matters relating to administration of the Estate, and on the applicant's rights and remedies with regard to the Estate's assets and the claims of secured and unsecured creditors; (b) appear for, prosecute, defend, and represent the applicant's interest in suits arising in or related to this case, including any adversary proceedings against the Debtor; (c) assist in the preparation of such pleadings, applications, schedules, orders, and other documents as are required for the orderly administration of this estate; and (d) represent Debtor in any adversary proceeding to recover property of the estate. Kevin Tang, Esq. of Tang & Associates will receive an hourly rate of $500, and an hourly rate of $200 is for paralegals. Tang & Associates is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kevin Tang, Esq. TANG & ASSOCIATES 17011 Beach Blvd., Ste. 900 Huntington Beach, CA 92647 Telephone: (714) 594-7022 Facsimile: (714) 594-7024 E-mail: kevin@tang-associates.com About Mad Dumplings LLC Mad Dumplings LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10421) on February 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mark D. Houle oversees the case. Kevin Tang, Esq., at Tang & Associates represents the Debtor as legal counsel. MAIN STREET: Taps KapilaMukamal LLP as Plan Administrator --------------------------------------------------------- Main Street at Tuttle Royale, LLC seeks approval from the United States District Court for the Southern District of Florida to hire Soneet Kapila of KapilaMukamal LLP to serve as plan administrator. The firm will provide these services: (a) oversee implementation of the confirmed Plan; and (b) make or facilitate distributions in accordance with the Plan. Soneet Kapila and his firm will receive hourly rates ranging from $190 to $840. Mr. Kapila's current hourly rate is $840. KapilaMukamal LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Soneet Kapila KAPILAMUKAMAL LLP 1000 S. Federal Highway, Suite 200 Fort Lauderdale, FL 33316 About Main Street at Tuttle Royale LLC Main Street at Tuttle Royale LLC is a single asset real estate company. Main Street at Tuttle Royale LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21129) on Sept. 23, 2025. In its petition, the Debtor estimated assets between $10 million and $50 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. at Shraiberg Page PA. MARINE'S GATE: Court OKs Bid Rules for New York Property Sale ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved Mariner's Gate LLC to conduct bidding procedures to sell Property at public auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of commercial loft building located at 548 West 28th Street, New York, NY. The Court has authorized the Debtor to sell all of its right, title and interest in and to the Building in accordance with the Bid Procedures free and clear of all liens, claims, and adverse interests, including, without limitation, through the Auction to be conducted as provided in the Bid Procedures with bids due no later than April 10, 2026. the Debtor shall conduct an Auction on April 15, 2026, unless the Debtor cancels such Auction in accordance with the Bid Procedures. The Court shall hold a hearing on April 27, 2026, at 2:00 p.m. before the Honorable Philip Bentley, at the United States Bankruptcy Court for the Southern District of New York, One Bowling Green, Courtroom 601, New York, NY 10004 via Zoom for Government. The deadline for service of the Cure Notice shall be March 19, 2026. About Mariner's Gate LLC Mariner's Gate, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12819) on Dec 16, 2025, listing assets of between $50 million and $100 million in both assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by J. Ted Donovan, Esq., at Goldberg Weprin Finkel Goldstein, LLP. MARLEY SPOON: Runway Growth Marks $2.9MM Loan at 22% Off -------------------------------------------------------- Runway Growth Finance Corp. has marked its $2,988,000 loan extended to Marley Spoon SE to market at $2,332, or 78% of the outstanding amount, according to Runway Growth's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Runway Growth Finance Corp. is a participant in a loan extended to Marley Spoon SE. The Loan accrues interest at a rate of SOFR + 8.75% PIK, 9.51% floor per annum. The Loan matures on June 15, 2027. Runway Growth Finance Corp. is a finance company that provides growth capital and financing solutions to emerging and venture-backed companies. The Fund is led by R. David Spreng as President and Chief Executive Officer (Principal Executive Officer) and Thomas B. Raterman as Chief Financial Officer, Treasurer and Secretary (Principal Financial and Accounting Officer). The Fund can be reached at: R. David Spreng Runway Growth Finance Corp. 205 N. Michigan Ave., Suite 4200 Chicago, IL 60601 Telephone: (312) 698‑6902 About Marley Spoon SE Marley Spoon SE provides food delivery services. The Company offers recipes, ingredients, and foods. Marley Spoon uses cooking boxes to deliver foods to families and friends. Marley Spoon serves customers worldwide. MARLEY SPOON: Runway Growth Marks $46.2M Loan at 22% Off -------------------------------------------------------- Runway Growth Finance Corp. has marked its $46,265,000 loan extended to Marley Spoon SE to market at $36,105,000 or 78% of the outstanding amount, according to Runway Growth's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Runway Growth Finance Corp. is a participant in a Senior Secured loan extended to Marley Spoon SE. The 1L Loan accrues interest at a rate of SOFR + 8.75% PIK, 9.51% floor, 1.00% ETP per annum. The 1L Loan matures on June 15, 2027. Runway Growth Finance Corp. is a finance company that provides growth capital and financing solutions to emerging and venture-backed companies. The Fund is led by R. David Spreng as President and Chief Executive Officer (Principal Executive Officer) and Thomas B. Raterman as Chief Financial Officer, Treasurer and Secretary (Principal Financial and Accounting Officer). The Fund can be reached at: R. David Spreng Runway Growth Finance Corp. 205 N. Michigan Ave., Suite 4200 Chicago, IL 60601 Telephone: (312) 698‑6902 About Marley Spoon SE Marley Spoon SE provides food delivery services. The Company offers recipes, ingredients, and foods. Marley Spoon uses cooking boxes to deliver foods to families and friends. Marley Spoon serves customers worldwide. MAZAIA HB: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- Mazaia HB, LLC asks the U.S. Bankruptcy Court for the Central District of California for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to fund ongoing business operations, including taxes, mortgage, utilities, insurance, and other ordinary and necessary expenses. The request is supported by a six-month budget prepared by YiFeng Zhao, the managing member, which anticipates all necessary operating expenses but allows for amendments as the case progresses. The Debtor's primary asset is an income-generating commercial property located at 20042 Beach Blvd., Huntington Beach, California, acquired in late 2020, which contains seven rental units generating approximately $17,623 in monthly revenue. The property is subject to a $2.1 million loan from Cathay Bank, the sole secured creditor, with a current monthly payment of around $15,000. Due to adjustable interest rate fluctuations, the Debtor fell behind on payments, and Cathay Bank exercised its assignment of rents provision to take control of rental income in December 2025. Subsequent attempts to refinance through a third-party lender failed due to accounting disputes, and a trustee sale was initially set for March 5, although notices to tenants were later canceled. The Debtor emphasizes that Cathay Bank is protected by a substantial equity cushion, with the property's estimated value exceeding $4 million, and that projected cash flows cover monthly debt obligations. The Debtor requests court approval to use cash collateral in accordance with the proposed budget, allowing a 10% variance for each item, until further order or plan confirmation, ensuring the secured creditor’s interests are safeguarded while enabling continued operation of the business. The hearing is set for April 7. A copy of the motion is available at https://urlcurt.com/u?l=kEc0gu from PacerMonitor.com. About Mazaia HB LLC Mazaia HB LLC is a privately held company engaged in business and investment activities in California, focusing on managing financial and operational assets. Mazaia HB LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12045) on March 4, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Robert S. Altagen, Esq. of Law Offices of Robert S. Altagen. MCDERMOTT INTERNATIONAL: Investment Marks $26.5MM Loan at 25% Off ----------------------------------------------------------------- Investment Managers Series Trust III has marked its $26,500,921 loan extended to McDermott International, Ltd. to market at $19,875,691 or 75% of the outstanding amount, according to Investment Managers N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Investment Managers Series Trust III is a participant in a loan extended to McDermott. The Loan accrues interest at a rate of 8.552% (3-Month Term SOFR+426.16 basis points) per annum. The Loan matures on June 30, 2027. Investment Managers Series Trust III is a registered investment company organized as a trust that provides a platform for multiple investment advisers to offer mutual fund series to investors. The Fund is led by Maureen Quill as President and Principal Executive Officer and Rita Dam as Treasurer and Principal Financial Officer. The Fund can be reached at: Maureen Quill Investment Managers Series Trust III 235 West Galena Street Milwaukee, WI 53212 Telephone: (626) 385-5777 About McDermott McDermott is an energy engineering and construction company that provides technology, engineering, procurement and construction services to the global offshore and onshore oil, gas and energy infrastructure markets. MCDERMOTT INTERNATIONAL: Source Marks $834,171 Loan at 25% Off -------------------------------------------------------------- Source Capital has marked its $834,171 loan extended to McDermott International Ltd. to market at $625,627 or 75% of the outstanding amount, according to Source Capital's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Source Capital is a participant in a loan extended to McDermott LC. The Loan accrues interest at a rate of 8.552% (3-Month Term SOFR+426.16 basis points) per annum. The Loan matures on June 30, 2027. Source Capital is a closed‑end management investment company that operates as a registered investment fund. The Fund is led by Maureen Quill as President and Principal Executive Officer and Rita Dam as Treasurer and Principal Financial Officer. The Fund can be reached at: Maureen Quill Source Capital 235 W. Galena Street Milwaukee, WI 53212 Telephone: (626) 385-5777 Email: crm@fpa.com About McDermott International Ltd. McDermott International, Ltd provides engineering and construction services to the energy industry. MCDERMOTT TECHNOLOGY: Investment Managers Marks $1M Loan at 18% Off ------------------------------------------------------------------- Investment Managers Series Trust III has marked its $1,074,221 loan extended to McDermott Technology Americas, Inc. to market at $880,861 or 82% of the outstanding amount, according to Investment Managers N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Investment Managers Series Trust III is a participant in a loan extended to McDermott Technology Americas, Inc.. The Loan accrues interest at a rate of 6.831% (1-Month Term SOFR+300 basis points) per annum. The Loan matures on June 30, 2027. Investment Managers Series Trust III is a registered investment company organized as a trust that provides a platform for multiple investment advisers to offer mutual fund series to investors. The Fund is led by Maureen Quill as President and Principal Executive Officer and Rita Dam as Treasurer and Principal Financial Officer. The Fund can be reached at: Maureen Quill Investment Managers Series Trust III 235 West Galena Street Milwaukee, WI 53212 Telephone: (626) 385-5777 About McDermott Technology Americas, Inc. McDermott Technology Americas, Inc. is a technology-focused subsidiary of McDermott that provides engineering, technical and project execution services to energy and industrial customers across the Americas. MDBZJGGS LLC: Commences Chapter 11 Bankruptcy in New York --------------------------------------------------------- On March 16, 2026, Mdbzjggs LLC filed a voluntary Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Southern District of New York. Court documents indicate the debtor owes between $50,000,000 and $100,000,000 to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on April 22, 2026 at 01:00 PM at Zoom.us - USTrustee 6: Meeting ID 160 6479 0874, Passcode 6789012456, Phone 1 (202) 798-4458. About Mdbzjggs LLC Mdbzjggs LLC is a New York-based entity that appears to function as a holding or investment company overseeing a portfolio of assets. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22264) on March 16, 2026. The petition lists assets estimated between $50,000,000 and $100,000,000 and liabilities in the same range. The Honorable Bankruptcy Judge Sean H. Lane presides over the case. The debtor is represented by J. Ted Donovan, Esq. of Goldberg Weprin Finkel Goldstein LLP. MEDIA RECOVERY: Barings Corporate Marks $2.6MM Loan at 22% Off -------------------------------------------------------------- Barings Corporate Investors has marked its $2,616,926 loan extended to Media Recovery, Inc. to market at $2,029,152 or 78% 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 Media Recovery, Inc. The Loan accrues interest at a rate of 8.17% (SOFR + 4.500%) per annum. The Loan matures on Sept. 30, 2030. Barings 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 Media Recovery, Inc. Media Recovery, Inc. is a global manufacturer and developer of indicators and monitors that track shock, temperature, vibration and other conditions for in-transit and storage applications. MEDICAL SOLUTIONS: Barings Global Marks $1.4MM Loan at 80% Off -------------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $1,473,684 loan extended to Medical Solutions T/L to market at $299,158 or 20% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a loan extended to Medical Solutions T/L. The Loan accrues interest at a rate of 3M SOFR + 7.0000%, 10.94% per annum. The Loan matures on Sept. 22, 2027. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Medical Solutions T/L Medical Solutions T/L is a borrower in the leveraged loan market, likely tied to a healthcare staffing or services platform. MERLIN BUYER: S&P Rates New $100MM Revolver Credit Facility 'B-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to Merlin Buyer Inc.'s (dba Fortifi Food Processing Solutions) proposed $100 million revolving credit facility (RCF) due 2031 and $1.05 billion first-lien senior secured term loan due 2033. The '3' recovery indicates its expectation for meaningful (50%-70%; round estimate: 50%) recovery for lenders in the event of a payment default. The company will use the proceeds from this offering to refinance its existing $100 million RCF and $1.05 billion first-lien senior secured term loan, both of which mature in 2028. S&P views the proposed refinancing as leverage and credit neutral because Fortifi's total debt outstanding will remain unchanged. S&P said, "The stable outlook reflects our forecast Fortifi will improve its S&P Global Ratings-adjusted leverage to the high-5x area in 2026, from the mid- to high-6x range in 2025, supported by contributions from its acquisitions, increased demand for its aftermarket services, and the realization of benefits from its cost-savings efforts. We also expect the company will generate positive free operating cash flow (FOCF). However, we expect Fortifi will opportunistically pursue acquisitions that could cause its leverage to remain elevated and compress its FOCF generation, given its acquisitive growth strategy." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Fortifi's capital structure comprises a proposed $100 million RCF due March 2031, a $1.05 billion first-lien senior secured term loan due March 2033, and $12 million of other secured debt. -- S&P's simulated default scenario considers a default in 2028 due to a significant decline in the demand for Fortifi's products, particularly in its equipment segment, stemming from a weak macroeconomic environment. These factors substantially reduce the company's revenue and compress its margins, eventually leading to a payment default. -- S&P values the company on a going-concern basis using a 5x multiple of our projected emergence EBITDA of about $124 million. The 5x multiple reflects Fortifi's limited scale, the narrow scope of its operations, and its above-average margin profile. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA multiple: 5x -- EBITDA at emergence: $124 million -- Jurisdiction: U.S. -- RCF is 85% drawn at default. -- Debt amounts include six months of accrued interest that S&P assumes will be owed at default. -- Collateral value comprises asset pledges from obligors plus 65% equity pledges from nonobligors. Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $591 million -- Valuation split (obligor/nonobligor): 72%/28% -- Value available to first-lien debt: $590 million ($533 million -- collateral/$57 million noncollateral) -- First-lien debt claims: $1.15 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) -- Other secured debt claims: $12 million -- Value available to unsecured claims including secured deficiency claims: $58 million -- Unsecured claims including secured deficiency claims: $630 million MESA 78: Commences Chapter 7 Bankruptcy in Arizona -------------------------------------------------- On March 3, 2026, Mesa 78, LLC, filed a voluntary petition for relief under Chapter 7 in the District of Arizona Bankruptcy Court. Court records indicate the Debtor reports between $0 and $100,000 in obligations owed to 1–49 creditors. About Mesa 78, LLC Mesa 78, LLC is a limited liability company. Mesa 78, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01946) on March 3, 2026. The Debtor reports estimated assets between $0 and $100,000, alongside liabilities in a comparable range. Honorable Bankruptcy Judge Eddward P. Ballinger Jr. presides over the case. The Debtor is represented by Leonard V. Sominsky, Esq. MINCED MEAL: Scott Seidel Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for Minced Meal Prep, LLC. Mr. Seidel will be paid an hourly fee of $520 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 Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About Minced Meal Prep LLC Minced Meal Prep, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-30895) on March 2, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Michelle V. Larson presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC represents the Debtor as legal counsel. MKEN ENTERPRISES: Gerard Luckman Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for MKEN Enterprises, Inc. Mr. Luckman 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. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About MKEN Enterprises Inc. MKEN Enterprises Inc. is a for-profit corporation engaged in wholesale distribution and commercial trade based in Hicksville, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70942) on March 9, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Syed M Raza, chief executive officer, signed the petition. Judge Louis A. Scarcella presides over the case. Satish K. Bhatia, Esq., at Bhatia & Associates, PLLC represents the Debtor as legal counsel. MODULAIRE GROUP: Barings Global Marks $1.5MM bond at 23% Off ------------------------------------------------------------ Barings Global Short Duration High Yield Fund has marked its $1,557,138 bond extended to Modulaire Group to market at $1,557,138 or 77% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund owns a corporate bond issued by Modulaire Group. The bond accrues interest at a rate of 6.75 per annum. The bond matures on Nov. 30, 2029. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Modulaire Group Modulaire Group is a provider of modular space and portable accommodation solutions for sectors such as construction, infrastructure, education and industry. MOOCHO INC: Seeks Court Approval to Hire Zeichman Law as Counsel ---------------------------------------------------------------- Moocho, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Thomas G. Zeichman, Esq. of Zeichman Law as attorneys for the Debtor. Mr. Zeichman will provide these services: (a) give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiations with creditors in the preparation of a plan. Mr. Zeichman will receive an hourly rate of $500, associates at $350 per hour, and paralegals at $195 per hour. The Firm was paid a fees retainer in the amount of $5,762 and $1,738 cost retainer. Zeichman Law is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Thomas G. Zeichman, Esq. ZEICHMAN LAW 2385 Executive Center Drive, Suite 300 Boca Raton, FL 33431 Telephone: (561) 467-6291 E-mail: Tom@ZeichmanLaw.com About Moocho Inc. Moocho Inc. offers a mobile app (both Moocho and Pepper) that allows users to make payments at various on-campus and off-campus merchants using their smartphones. Moocho sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10911) on January 26, 2026. In its petition, the Debtor reported assets of between $1 million and $10 million and liabilities of up to $50,000. Judge Corali Lopez-Castro oversees the case. The Debtor is represented by Thomas G. Zeichman, Esq. MORAVIAN MANORS: Fitch Affirms 'BB+' IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed the healthcare facilities revenue bonds issued by the Lancaster County Hospital Authority, PA on behalf of Moravian Manors, Inc. (Moravian) at 'BB+'. Fitch has also affirmed Moravian's Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Moravian Manors, Inc. (PA) LT IDR BB+ Affirmed BB+ Moravian Manors, Inc. (PA) /General Revenues/1 LT LT BB+ Affirmed BB+ The affirmation of the 'BB+' rating reflects Fitch's expectation of balance sheet stability through Fitch's forward-looking scenario analysis. Moravian's business profile is characterized by robust independent living unit (ILU) occupancy in a competitive market. Fitch expects operating metrics will gradually improve, particularly as newer ILUs on the Warwick Woodlands portion of campus turn over and begin to generate additional cash flow. SECURITY The bonds are secured by security interest in pledged assets (including gross receipts), a mortgage on Moravian's property and series specific debt service reserve funds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Strong Independent Living Occupancy, Competitive Market Moravian's midrange revenue defensibility reflects its history of strong demand despite local competition. Over the last five years, ILU occupancy has averaged 98%. ALU and SNF occupancy remained softened from pandemic pressures through FY22 but have stabilized since FY23. In 2021, Moravian began limiting SNF admissions due to staffing pressures. In 2024 management reopened an additional 10 SNF beds because of some improvement in labor availability. As of Dec. 31, 2025, ILU occupancy was 99%. There are several competing life plan communities (LPCs) in the primary market area (PMA), but they have not materially affected Moravian's ability to fill its units. This is demonstrated by a history of strong ILU occupancy and a robust waitlist of over 500 potential residents. Moravian's weighted average entrance fee (WAEF) is approximately $393,000, which is affordable relative to local home prices and average resident net worth. The community benefits from its location within walking distance to downtown Lititz. Wealth indicators in Lancaster County, PA are favorable to state and national levels. Operating Risk - 'bbb' Expectations for Improved Operations and Capital-Related Metrics Fitch's assessment of Moravian's operating risk reflects sound operating performance of a Type-C community. Over the past five years the operating ratio has averaged 99.1%, net operating margin (NOM) averaged 5.1% and NOM-adjusted (NOMA) averaged 12.5%. In recent years, operations have been supported by continued strong occupancy and rate increases to help offset expense pressures related to labor and utility costs. Fitch expects operations to gradually improve as ILU turnover increases on the newer Warwick Woodlands portion of campus. Over the last five years, Moravian's capex-to-depreciation has been approximately 99%. Average age of plant was 11 years at FYE25. This capex includes the last portion of spending related to the newer Warwick Woodlands portion of campus, which is located a few blocks from the main campus and was financed with 2019 bond proceeds and bank financing. The project was done in phases and added 172 carriage homes and 54 apartments to the ILU mix. Fitch expects Moravian to move forward with a community center project to add additional amenities on the Warwick Woodlands portion of campus. Management expects the project to cost approximately $18 million and to finance it with bank debt in 2026. Management is exploring the possibility of adding additional ILUs to the Warwick Woodlands portion of campus, which has additional room. Moravian's capital-related metrics softened as a result of debt issuances to finance the Warwick Woodlands expansion, but are gradually moderating. Revenue only maximum annual debt service (MADS) coverage was 1.4x and MADS to revenue was 11.7% in FY25. Debt-to-net available cash flow has averaged 9.5.x over the past five years. Financial Profile - 'bb' Elevated Long-Term Liabilities At FYE 2025 (Dec. FYE) Moravian had $18.9 million in unrestricted cash and investments. This equated to cash-to-adjusted debt of 36.4% and 224 days cash on hand. Moravian's history of softer liquidity and leverage metrics are largely due to a prior period of ILU expansion projects and related debt issuances to fund the Warwick Woodlands portion of campus, which opened in phases between 2017 and 2022. Fitch expects the ILU project will be accretive to coverage and liquidity metrics as it matures and debt amortizes. Fitch believes Moravian can absorb the anticipated debt associated with the community center project and maintain metrics consistent with a 'bb' financial profile through Fitch's forward-looking stress case, which models operating and investment stresses. Asymmetric Additional Risk Considerations No asymmetric risk considerations are relevant to the ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Decrease in demand or deterioration in operating performance resulting in lower operating ratio that negatively affects MADS coverage; - Unanticipated borrowing or significant deterioration in cash-to-adjusted debt to sustained levels below 30%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent growth in unrestricted cash and investments, resulting in over 50% cash-to-adjusted debt even in Fitch's stress case scenario; - Sustained improvement in the operating performance such that the operating ratio is sustained near 90%. PROFILE Moravian is an LPC with a total of 315 ILUs (consisting of 200 carriage homes and 115 apartments), 36 ALUs, 119 SNF beds and 15 MC units. The main campus opened in Lititz in 1974. The Moravian Church in Pennsylvania founded the organization in the 1950s to care for its aging members and only has a limited governance role. In 2023 Moravian announced an affiliation with Morningstar Living, PA (IDR: BB). The scope of the entities' strategic alliance will include sharing some senior management positions, finding efficiencies in technology and reducing back-office expenses. Fitch views the affiliation as credit neutral and does not expect any rating impact because the obligated groups are expected to remain separate. 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. MOUNTAIN RIDGE: Seeks to Hire Wright Lindsey as Bankruptcy Counsel ------------------------------------------------------------------ Mountain Ridge Condominium Council of Co-Owners, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Wright, Lindsey & Jennings LLP as bankruptcy counsel. The firm will render these services: (a) serve as local counsel and conflicts counsel to K & L Gates, LLC in conjunction with the bankruptcy proceedings; (b) give the Debtors legal advice with respect to their powers and duties as Debtors with regard to its business, the management of its property, and its responsibilities as a Debtor-in-Possession in a Chapter 11 bankruptcy proceeding; (b) answer lawsuits that are pending and to take other necessary actions to avoid the attachments of liens or repossessions of Debtors' property; (c) represent the Debtors in connection with any and all adversary proceedings which may be instituted in this case by creditors or other parties in interest; (d) prepare on behalf of the Debtors all necessary applications, motions, answers, orders, reports, other pleadings and legal documents necessary in this case or required under the Bankruptcy Code and by this Court; (e) assist the Debtors in negotiating the terms of a subchapter V plan of reorganization which might or might not include the sale of assets of Debtors and to prepare all pleadings necessary to accomplish the consummation of a plan of reorganization; and (f) perform all other legal services for the Debtors which may become necessary. The firm's hourly rates are: Charles T. Coleman $450 Lance Miller $450 Stan D. Smith $450 Jaimie G. Moss $400 Jacob P. Fair $400 P. Collins Hickman $350 Timothy J. Frith $300 Sara Kate Brown $300 Paralegal/legal assistants $150 The firm shall receive a prebankruptcy retainer from each of the Debtors in the amount of $20,000. As disclosed in court filings, Wright, Lindsey & Jennings does not represent any interest adverse to the Debtor and its estate. The firm can be reached through: Charles T. Coleman, Esq. Wright, Lindsey & Jennings, LLP. 200 West Capitol Avenue, Suite 2300 Little Rock, AR 72201-3699 Tel: (501) 371-0808 Fax: (501) 376-9442 Email: ccoleman@wlj.com About Mountain Ridge Condominium Council of Co-Owners Inc. Mountain Ridge Condominium Council of Co-Owners, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10474) on February 11, 2026, with $10 million to $50 million in assets and $500 million to $1 billion in liabilities. Judge Phyllis M. Jones presides over the case. Charles T. Coleman, Esq. at Wright, Lindsey & Jennings, LLP represents the Debtor as legal counsel. MULTI-COLOR CORP: Hires PricewaterhouseCooper as Services Provider ------------------------------------------------------------------ Multi-Color Corporation, and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ PricewaterhouseCoopers Advisory Services LLC as margin reporting review services provider. The firm's services include: (a) Margin Reporting Review Letter: (i) participate as Multi-Color Corporation's (MCC) advisor, in up to five (5) business days of MCC-led workshops with MCC-identified participants to gain an understanding of current-state processes for the Americas that drive cost and revenue activity across the Americas business, including how work is performed and tracked; (ii) review existing current-state process, technology, and reporting documentation and/or architectures; (iii) using the advisory process, the firm will assist MCC in performing the following: (A) create a matrix of MCC-identified key data points and logic that MCC uses to capture current-state processes related to job costing, job close-out, revenue attribution, and margin reporting across plants and systems; (B) develop a survey to collect additional data related to current state contribution margin processes, as deemed required by MCC from MCC-identified process owners. Review information provided through the surveys to understand sources of data and variances between the systems they are using across various plant locations and update matrix above for potential gaps. (C) identify potential areas where inconsistencies, reconciliation challenges identified by MCC, and data quality issues may impact MCC's visibility and understanding of contribution margin. (D) understand and capture MCC-identified business and reporting requirements and MCC-envisioned use cases with the data points. (iv) based on the Services performed above, provide observations and high-level recommendations on MCC's existing reporting, technology, and process. (v) use the advisory process, assist MCC in designing future state reporting, technology, and process around data alignment, traceability, and structure for a contribution margin reporting solution. The firm will be paid at a fixed fee amount of $125,000. In addition, the firm will seek reimbursement for expenses incurred. Della Gambill, a partner at PricewaterhouseCoopers Advisory Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Della M. Gambill PricewaterhouseCoopers Advisory Services LLC 400 Campus Drive Florham Park, NJ 07932 Telephone: (973) 236 4000 About Multi-Color Corporation Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped Kirkland & Ellis LLP and Cole Schotz PC as legal counsel, Evercore as investment banker, AlixPartners as financial advisor, PwC US Tax LLP as tax services provider, and PricewaterhouseCoopers Advisory Services LLC as margin reporting review services provider. Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.'s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as its financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. MULTI-COLOR CORP: Seeks to Tap PwC US Tax as Tax Services Provider ------------------------------------------------------------------ Multi-Color Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ PwC US Tax LLP as tax services provider. The firm will render these services: (a) Recurring Tax Letter (i) provide advice, answers to questions on federal, state and local, and international tax matters; (ii) provide advice and/or assistance with respect to matters involving the Internal Revenue Service ("IRS") or other tax authorities on an as needed or as requested basis; and (b) Tax Accrual Preparation Services (i) reconciliation of the tax return to tax accrual; (ii) rollover of the provision model from prior year or quarter; (iii) rollforward of the balance sheet accounts (liabilities/benefits, payments, refunds, trueups, changes in the tax reserve) and tie-in to the general ledger; (iv) review activity in balance sheet tax accounts and analysis of correcting entry (if any); (v) obtain general ledger/book income from the accounting system; (vi) compute/estimate book/tax differences (permanent and temporary); (vii) compute/estimate state adjustments and apportionment; (viii) compute U.S. and state tax provision taxable income; (ix) calculate impact of foreign operations on the worldwide tax accrual, FTC, income inclusions, and other tax related calculations; (x) calculate foreign provisions; (xi) review jurisdictional (foreign and state) taxable income and tax provision calculations; (xii) compute jurisdictional current and deferred liabilities; (xiii) prepare a summary of significant components of the worldwide effective tax rate; (xiv) assemble the information, and perform calculations, necessary to prepare journal entries; (xv) assemble the information, and performing calculations, necessary to complete required financial statement disclosures; (xvi) prepare a draft white paper(s) summarizing certain aspects of LABL's tax provision (as directed by LABL) for LABL's consideration and inclusion in management's determination and conclusions of such aspects and to assist in supplementing management's documentation of such aspects; and (xvii) subcontract with PwC member firms in specific jurisdictions (Australia, Canada, Germany, Mexico, New Zealand, and the United Kingdom) as identified by LABL to assist in the preparation and analysis of the tax accrual for the specific entities within the jurisdictions noted. (c) Transfer Pricing Services (i) MCC Network Royalty: MCC US provides global affiliates with access to the MCC Network. MCC US is the central risk bearer, bearing all costs and owning all materials that make up the MCC Network. For access to the MCC Network, the MCC Affiliates are subject to a royalty payment to MCC US; (ii) Tangible Goods: PwC US Tax will analyze, on a country-by-country basis, whether the Company entities engaged in the sale or purchase of tangible goods; (iii) German Services Transaction: PwC US Tax will analyze the Company entities that provided and/or received services to/from Multi-Color German Group GmbH. (iv) Malaysian Services Transaction: PwC US Tax will analyze the services provided by Multi-Color Corporation Shared Service Center Sdn Bhd. (v) The German Services Transaction and the Malaysian Services Transaction are collectively referred to as "Regional Support Services" for purposes of the Transfer Pricing Services SOW; (vi) The U.S. transfer pricing documentation will be conducted under the standards contained in Internal Revenue Code ("IRC") section 482 and the U.S. Treasury Regulations promulgated thereunder (the "Section 482 Regulations"). For the rest of the world, the transfer pricing documentation will be based on the Organization for Economic Co-operation and Development guidelines ("OECD Guidelines") for transfer pricing and based on local rules where relevant; (vii) As a starting point, the FY2024–FY2026 transfer pricing documentation will leverage the FY2023 transfer pricing documentation ("Prior Documentation") and consist of the following for LAB'’s review and approval: (1) Industry Analysis: PwC US Tax will leverage and update the Prior Documentation industry analysis to prepare a description of the industry in which MCC US operates. (2) Functional Analysis: PwC US Tax will update the Prior Documentation Functional Analyses describing the functions, risks, assets, economic circumstances, and market conditions that could have an impact on the economic results for the transfer pricing documentation. (3) Transfer Pricing Methodologies: PwC US Tax will be relying on previous transfer pricing methodologies used in Prior Documentation for testing the Covered Transaction. If there is a need to change methodologies, PwC US Tax will discuss with LABL first. (4) Economic Analysis: PwC US Tax will conduct an economic analysis that applies the best/most appropriate methods, as identified in the Prior Documentation. (viii) PwC US Tax will rely on MCC US management to provide the global network royalty model and other relevant financial information for the Covered Transactions containing the tested party results for the applicable fiscal year. (ix) For each of the respective fiscal years, PwC US will prepare documentation for the relevant Company entities involved in transactions. (x) PwC Foreign Offices will prepare local documentation for the following countries: Australia, Denmark, Indonesia, Italy, Mexico, Malaysia, Poland, and Romania. (xi) During the course of the transfer pricing documentation engagement, LABL may request PwC US Tax to document certain additional transactions or countries. For such services, LABL and PwC US Tax shall discuss and mutually agree to additional scope and fees for the preparation, timing, transactions, and years to be covered. (d) Intercompany loan documentation ("Workstream Two"): (i) provide recommendations for Loan issuance rating by reference to MCC US's public rating and by leveraging guidance from rating agency methodologies; (ii) perform economic analyses to identify comparable third-party debt issuances with similar terms to those of the Loan (as of the initiation date of the Loan); (iii) benchmark a range interest rates from the comparable third-party debt issuances that may be used to support an arm's length interest rate for the Loan; and (iv) document the approach and conclusions for the interest rate analysis in a transfer pricing memorandum for MCC US's review and consideration. (e) Annual cash pool pricing ("Workstream Three"): (i) perform economic analyses to identify comparable third-party transactions, perform appropriate comparability adjustments, and benchmark ranges for the pricing from the third-party transactions that may be used to support the arm's-length pricing for the Cash Pooling Transactions; (ii) prepare tables that display a range of the benchmark results, which will include summaries of analyses, categorizing the data by service fee, draw rate, and deposit rate; and (iii) document the approach and conclusions for the Cash Pooling Transactions in the transfer pricing presentation for MCC US's consideration. (f) Transfer pricing general consulting services ("Workstream Four"): (i) provide advice and/or answers to questions on transfer pricing matters; (ii) segmentation of financial data for transfer pricing analysis purposes, and (iii) provide advice and/or assistance with respect to matters involving the IRS or other tax authorities on an as-needed or as-requested basis. The firm will be paid at these following rates: (a) Recurring Tax Letter (i) for hourly rate for Federal Tax: Partner $765 Director $570 Senior Manager $520 Manager $440 Senior Associate $335 Associate $230 (ii) for hourly rate for State and Local Tax: Partner $765 Director $570 Senior Manager $520 Manager $440 Senior Associate $335 Associate $230 (iii) for hourly rate for Transfer Pricing: Partner $925 Director $749 Senior Manager $669 Manager $580 Senior Associate $470 Associate $365 (iv) for hourly rate for International Tax Services: Partner $925 Director $749 Senior Manager $669 Manager $580 Senior Associate $470 Associate $365 (b) Tax Accrual Preparation Services - is a fixed fee arrangement, exclusive of expenses. PwC US Tax fees for the year ended December 31, 2024, will be $560,000 and the annual fee for the year ended, and quarters therein, of December 31, 2025, will be $785,000. For the three interim periods within the December 31, 2026, calendar year, the fee for the services will be $225,000. (i) The Addendum to the Tax Accrual Preparation Services is an hourly fee arrangement, exclusive of expenses. The hourly fees are set forth below: Partner $765 Director $570 Senior Manager $520 Manager $440 Senior Associate $335 Associate $230s (c) The Transfer Pricing Services (i) for Workstream One is a number of report-based estimated fees as described below: (A) 23 Count Reports on 2024; $15,000 Average Price per Report; Estimated Total of $345,000; (B) 23 Count Reports on 2025; $15,000 Average Price per Report; Estimated Total of $345,000; (C) 23 Count Reports on 2026; $15,000 Average Price per Report; Estimated Total of $345,000. (ii) or Workstream Two and Workstream Three is a fixed fee arrangement as described below: (A) $15,000 Workstream Two on 2024; $25,000 Workstream Three and a Total of $40,000; (B) $25,000 Workstream Three and a Total of $25,000; and (C) $25,000 Workstream Three and a Total of $25,000. (d) The Transfer Pricing Debt Capacity Analysis is a fixed fee arrangement, exclusive of expenses, of between $175,000 to $260,000. (e) The Transaction Costs Analysis is an hourly fee arrangement. The hourly fees are set forth below, and PwC US Tax estimates that the total fees will be as follows, exclusive of expenses: (i) 2025 year-end estimates: $15,000–$25,000; (ii) if requested, full analysis for tax return purposes: $65,000–$80,000; and (iii) if requested, supporting documentation deliverable: $15,000. Partner/Principal $925 Director $749 Senior Manager $669 Manager $580 Senior Associate $470 Associate $365 (f) The Debt Restructuring Engagement Letter is an hourly fee arrangement, exclusive of expenses. The hourly fees are set forth below. Partner/Principal $1,117 Managing Director $1,015 Director $1,003 Senior Manager $958 Manager $930 Senior Associate $799 Experienced Associate $624 New Associate $443 In addition, the firm will seek reimbursement for expenses incurred. Craig Keller, a partner at PwC US Tax, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig Keller PwC US Tax LLP 300 Madison Avenue New York, NY 10017 Telephone: (330) 705-0237 About Multi-Color Corporation Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped Kirkland & Ellis LLP and Cole Schotz PC as legal counsel, Evercore as investment banker, AlixPartners as financial advisor, PwC US Tax LLP as tax services provider, and PricewaterhouseCoopers Advisory Services LLC as margin reporting review services provider. Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.'s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as its financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. MULTI-RACE HOUSING: Case Summary & 16 Unsecured Creditors --------------------------------------------------------- Debtor: Multi-Race Housing LLC 46157 Jenkins Road #2 Franklinton, LA 70438 Business Description: Based in Franklinton, Louisiana, Multi-Race Housing LLC operates as a real estate holding company that owns 10 residential rental properties across various addresses. Its activities center on acquiring and managing single-family housing assets in the local market, with occasional property sales reflecting ongoing portfolio adjustments. Chapter 11 Petition Date: March 16, 2026 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 26-10583 Judge: Hon. Meredith S Grabill Debtor's Counsel: Robin R. De Leo, Esq. THE DE LEO FIRM, LLC 800 Ramon St Mandeville, LA 70448 Tel: (985) 727-1664 Fax: (985) 727-4388 E-mail: lisa@northshoreattorney.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Donald Gaudet as managing member and sole owner. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5C34GHA/Multi-Race_Housing_LLC__laebke-26-10583__0001.0.pdf?mcid=tGE4TAMA MYSTICAL STARS: To Sell New Jersey Properties to Multiple Buyers ---------------------------------------------------------------- Kenneth A. Rosen, Liquidating Trustee of Mystical Stars LLC, f/k/a Arya International Inc., seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell various real properties, free and clear of liens, claims, interests, and encumbrances. The Debtors operate various dance studios headquartered in Parsippany, New Jersey. Debtor Rupal Patel purchased various residential properties in Morris County where her dance instructors and family members lived. In addition, Debtor Rupal Patel acquired the dance studio property located at 1751 Route 46, Parsippany, New Jersey. This auction is scheduled for April 29, 2026 due to the need to address fire code violations caused by Debtors. Finally, the Debtor acquired three vacant properties located in Lehighton, Pennsylvania; Savanah, Georgia and Parsippany, New Jersey. After the Debtors' unsuccessful attempt to reorganize, certain mediation occurred before the Honorable Mark E. Hall, United States Bankruptcy Judge. The Official Unsecured Creditors' Committee and Farmers and Merchants Bank reached an accommodation to liquidate the properties against which Farmers and Merchants Bank held a first mortgage lien with an indebtedness in excess of $12 million. The agreement provides that the Liquidating Trust will receive 20% of the net proceeds. The Trustee retains Max Spann Auctions and AJ Wilner Auctions to market and sell the real estate assets. The fee agreed to by the auctioneers was 5% buyers' premium. In addition, if any third-party broker pre-registered, that licensed broker will receive 2% of the purchase price not including the buyers' premium. Vast marketing and other efforts occurred with regard to the real estate assets. A total of 338 potential bidders pre-registered to bid. All bidders were required to post a deposit of $30,000 for the residential properties and $50,000 for the commercial properties. The highest bidder for the 26 Glenwood Road, Denville was Humberto and Beatrice Gonzalez at $670,000 plus buyer's premium of $33,500. The Highest bidder for the 24 Glenwood Road, Denville was Saghir Hussain at $540,000 plus the buyer's premium of $27,000. The highest bidder for 3 Hillside Road, Denville was Steven DiSarro at $580,000 plus the buyer's premium of $29,000. The highest bidder for the 25 Upper Rainbow Trail, Denville was Steven DiSarro at $820,000 plus the buyer's premium of $41,000. The highest bidder for the 5620 Ogeechee Road, Savanah, GA was Luke Shurling at $500,000 plus the buyer's premium of $25,000. The highest bidder for the 315 Bloomfield Road, Parsippany was Steven DiSarro at $95,000 plus the buyer's premium of $47,500. The Proposed Buyers have no connection to the Liquidating Trustee, the Liquidating Trustee's professionals, the Debtors, Farmers & merchants Bank, or any member of the Official Unsecured Creditors Committee. The Trustee proposes to sell the Properties free and clear of liens, claims, encumbrances, and interests. The proposed sales satisfy the sound business judgment test. There is equity in the real properties that will go into the Liquidating Trust can be used to fund the Plan and reorganize the Debtor. Anurag Dave asserts a second mortgage lien against the real properties at 25 Upper Rainbow Trail, Denville owned by 25 Seasons LLC. There has been no fraud or collusion between the Liquidating Trustee and the Buyers. About Mystical Stars Mystical Stars, LLC, f/k/a Arya International, Inc. is a dance academy that teaches Indian dance styles throughout the country. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18290) on August 21, 2024, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Judge Stacey L. Meisel presides over the case. Anthony Sodono, III, Esq., at Mcmanimon, Scotland & Baumann, LLC represents the Debtor as counsel. NAPA MANAGEMENT: Barings Global Marks $1.2MM Loan at 31% Off ------------------------------------------------------------ Barings Global Short Duration High Yield Fund has marked its $1,261,889 loan extended to Napa Management Services Corp to market at $869,518 or 69% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a loan extended to Napa Management Services Corp. The loan accrues interest at a rate of 3M SOFR + 5.250%, 9.27% per annum. The loan matures on Feb. 23, 2029. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Napa Management Services Corp Napa Management Services Corp. is a corporate borrower that has tapped the leveraged loan market for floating-rate financing. NASH ENGINEERING: Trustee Sues Allstate over Asbestos Litigation ---------------------------------------------------------------- Bloomberg Law Automation reports that the bankruptcy trustee for Nash Engineering Co. has initiated litigation against an Allstate affiliate, alleging the insurer improperly denied coverage for asbestos-related claims under a $5 million policy. The case was filed Tuesday, March 17, 2026, in the U.S. District Court for the District of Connecticut. The complaint asserts that Allstate Insurance Co., as successor to Northbrook Excess & Surplus Insurance Co., failed to meet its contractual obligations by refusing to pay for defense and settlement costs tied to thousands of asbestos lawsuits, the report states. Chapter 7 trustee George Roumeliotis maintains that the insurer's conduct has adversely affected the bankruptcy estate, which has been tasked with resolving claims since Nash filed for insolvency in 2021. Roumeliotis is seeking damages, along with declaratory and other equitable relief, to compel coverage under the policy. The case reflects broader tensions between insurers and bankruptcy estates over responsibility for legacy tort liabilities, according to Bloomberg. About Nash Engineering Co. Nash Engineering Co. is a Connecticut pump manufacturer. Nash Engineering Co. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 21-50644) on Oct. 19, 2021. Bankruptcy Judge Julie A. Manning handles the case. NAVAJO SMILES: Section 341(a) Meeting of Creditors on April 14 -------------------------------------------------------------- On March 6, 2026, Navajo Smiles LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on April 14, 2026 at 09:00 AM via Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. 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. NAVIERA ARMAS: Barings Global Marks $348,743 Bond at 23% Off ------------------------------------------------------------ Barings Global Short Duration High Yield Fund has marked its $348,743 bond extended to Naviera Armas to market at $268,532 or 77% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a corporate bond extended to Naviera Armas, 3M EURIBOR + 12.7500% (12.75% PIK). The bond accrues interest at a rate of 13.94 per annum. The bond matures on Dec. 31, 2026. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Naviera Armas Naviera Armas is a Spanish ferry and maritime transport operator serving passenger and freight routes between the Iberian Peninsula, the Canary Islands and other regional ports. NEARSHORENETWORKS INC: Taps Joseph G. Epstein PLLC as Legal Counsel ------------------------------------------------------------------- Nearshorenetworks, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Joseph G. Epstein PLLC to serve as legal counsel. The firm will provide these services: (a) providing legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of its business and management of its properties; (b) assisting the Debtor to maximize the value of its assets for the benefit of all creditors and other parties-in-interest; (c) pursuing confirmation of a Subchapter V plan of reorganization; (d) commencing and prosecuting any and all necessary and appropriate actions and/or proceedings on behalf of the Debtor in this Court and other appropriate jurisdictions; (e) preparing on behalf of the Debtor all necessary applications, motions, answers, orders, reports and other legal papers; (f) appearing in Court to protect the interests of the Debtor and its estate; and (g) performing all other legal services for the Debtor that may be necessary and proper in this Subchapter V case, in the Debtor's general business operations and general financial affairs. Joseph G. Epstein, Esq. of Joseph G. Epstein PLLC will receive an hourly rate of $700. An hourly rate of $100 is also provided for paraprofessionals. Joseph G. Epstein PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joseph G. Epstein, Esq. JOSEPH G. EPSTEIN PLLC 24 Greenway Plaza, Suite 970 Houston, TX 77046 Telephone: (713) 222-8400 E-mail: joe@epsteintexaslaw.com About Nearshorenetworks, Inc. Nearshorenetworks, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31567) on March 8, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. Judge Eduardo V. Rodriguez oversees the case. JOSEPH G. EPSTEIN PLLC is Debtor's legal counsel. NU STYLE: Court OKs Bid Rules for Construction Business Sale ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Colorado has permitted Nu Style Landscape & Development, LLC to conduct bidding procedures to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Colorado limited liability company which operates commercial landscaping and construction business, which jobs ranging from $15,000.00 to $1,500,000.00, which has been operating since October of 2005. The Court has authorized the Debtor to conduct the bidding procedures. The Bidding Procedures are approved. Any party desiring to submit a Bid shall comply with the Bidding Procedures and this Order. The Debtor is authorized to take any and all actions necessary or appropriate to implement the Bidding Procedures. The Sale Notice is approved. Within two business days after the entry of this Order, or as soon thereafter as practicable, the Debtor (or its agents) shall serve this Order, the final Bidding Procedures, and the final Sale Notice, by first-class mail, postage prepaid, and e-mail (if known) upon all interested parties. he Debtor is authorized, but not required, to enter into a Stalking Horse Agreement. If the Debtor wishes to offer Stalking Horse Inducements to a suitable Stalking Horse Bidder, the Debtor must file a motion with the Court, on notice to interested parties, requesting approval of such Stalking Horse Inducements. No Stalking Horse Inducements are valid unless approved by the Court. The process and requirements associated with submitting a Qualified Bid, and any additional Bids at the Auction are approved as fair, reasonable, appropriate, and designed to maximize value of the Debtor's estate, creditors and other parties in interest. The Debtor is authorized to conduct the Auction with respect to the Assets if one or more Qualified Bids are received. The Auction (if any) shall take place on April 20, 2026 at 10:00 a.m. (prevailing Mountain Time) via remote video conference or such other place and time as the Debtor shall notify all Qualified Bidders. No later than April 21, 2026, the Debtor shall file a notice identifying any Successful Bidder and, if applicable, Back-Up Bidder. No later than April 21, 2026, the Debtor shall file a Motion to Approve Sale and shall service notice on all interested parties. About NU Style Landscape & Development Nu Style Landscape & Development, LLC, a company in Denver, Colo., filed Chapter 11 petition (Bankr. D. Colo. Case No. 23-14475) on Oct. 2, 2023, with $1 million to $10 million in both assets and liabilities. Michael Moilanen, managing member, signed the petition. Judge Thomas B. McNamara oversees the case. Allen Vellone Wolf Helfrich & Factor, PC, serves as the Debtor's legal counsel. NXDT HOSPITALITY: Highland O&IF Marks $6.4MM loan at 26% Off ------------------------------------------------------------ Highland Opportunities & Income Fund has marked its $6,400,000 loan issued by NXDT Hospitality Holdco, LLC Convertible Promissory Note to market at $4,717,440 or 74% of the outstanding amount, according to Highland O&I's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 11, 2026. Highland Opportunities & Income Fund is a participant in a Senior Loan extended to NXDT Hospitality Holdco, LLC. The loan accrues an interest rate of 7.5% per annum. The loan matures on September 30,2042. Highland Opportunities and Income Fund is a registered closed-end investment fund that provides investors with exposure to a diversified portfolio of income-oriented and opportunistic investments. The Fund is led by Frank Waterhouse as Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer and Treasurer. The Fund can be reached at: Frank Waterhouse Highland Opportunities and Income Fund 300 Crescent Court, Suite 700 Dallas, TX 75201 Telephone: (800) 357-9167 About NXDT Hospitality Holdco, LLC NXDT Hospitality Holdco, LLC is a subsidiary entity involved in real estate investments, tied to the hospitality sector, and linked to NexPoint Diversified Real Estate Trust (NXDT). OFFICE PROPERTIES: Proposes $310MM Settlement to 2029 Noteholders ----------------------------------------------------------------- Office Properties Income (OPI) Trust disclosed in a regulatory filing that in connection with confidential discussions with an ad hoc group of holders of its 9.000% Senior Secured Notes due March 2029, OPI entered into confidentiality agreements that facilitated its ability to engage in discussions with the March 2029 Ad Hoc Group regarding one or more potential transactions involving the March 2029 Senior Secured Notes. Pursuant to the Confidentiality Agreements, OPI agreed to publicly disclose certain confidential information previously disclosed to the March 2029 Ad Hoc Group upon the occurrence of certain events set forth in the Confidentiality Agreements. The following information is being furnished pursuant to discussions with the March 2029 Ad Hoc Group and in satisfaction of OPI's public disclosure obligations under the Confidentiality Agreements. This reflects the most recent proposals from OPI and the March 2029 Ad Hoc Group. An agreement has not yet been reached with the March 2029 Ad Hoc Group, but OPI expects negotiations to continue. OPI cannot provide any assurance that it will agree to terms on a Potential Transaction with the March 2029 Ad Hoc Group and what the ultimate terms of any such transaction would be. Pursuant to the Confidentiality Agreements, OPI discloses that the last communication from the March 2029 Ad Hoc Group asserted that the aggregate amount of the March 2029 Senior Secured Notes claims, inclusive of any interest, fees, costs, and charges, is equal to no less than $321 million as of the Petition Date. OPI's last communication to the March 2029 Ad Hoc Group proposed a settlement of the March 2029 Notes Claim Amount at an amount equal to $310 million, inclusive of fees of the March 2029 Ad Hoc Group's financial advisor and the removal of any redemption price over 100.000% if the March 2029 Senior Secured Notes were to receive new or amended notes (at the settled March 2029 Notes Claim Amount) under the Company's proposed chapter 11 plan. OPI says the Cleansing Material "should not be relied upon to make an investment decision with respect to us or our securities. The Cleansing Material should not be regarded as an indication that we or any third party considers the Cleansing Material to be material non-public information or a reliable prediction of future events, and the Cleansing Material should not be relied upon as such. Neither we nor any third party makes any representation to any person regarding the accuracy or completeness of any of the information contained in the Cleansing Material or undertakes any obligation to update the Cleansing Material to reflect circumstances existing after the date when the Cleansing Material was prepared or conveyed or to reflect the occurrence of future events, even if any or all of the assumptions underlying the Cleansing Material becomes or is shown to be incorrect." About Office Properties Income Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. OLIVER FORREST: Appointment of Chapter 11 Trustee Sought -------------------------------------------------------- Guy Van Baalen, Acting U.S. Trustee for Region 21, asked the U.S. Bankruptcy Court for the Northern District of Georgia to appoint a Chapter 11 trustee for Oliver Forrest Apartments LLC. The U.S. trustee sought appointment of an independent trustee to take over the company's bankruptcy case, noting that Olivia Chevannes and Deval Oliver, the only two individuals with access to the company's account, appear to have caused the company to spend material sums on non-essential personal expenses. The U.S. trustee argued that the company's account statements and the testimony of its representatives show that its management has consistently made payments to insiders instead of making payments to its secured creditors, which militates in favor of appointing a trustee. Mr. Van Baalen further argued that the company's statement of financial affairs, account statements, and the testimony of its representatives show that the company has made payments to insiders that appear, based on the information provided to the U.S. trustee to date, to potentially constitute voidable preferences or fraudulent transfers, which militates in favor of appointing a trustee. Mr. Van Baalen added that payments to insiders and for the benefit of insiders may constitute self-dealing and waste. The U.S. trustee stated that the company's recordkeeping has been inadequate to show that its transfers to insiders were above board. The company's production of records, especially the 90-Day Disbursement List, which was produced almost 75 days after it was first due, has been slow and piecemeal. A copy of the motion is available for free at https://urlcurt.com/u?l=myExbf from PacerMonitor.com. About Oliver Forrest Apartments Oliver Forrest Apartments, LLC filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-64024) on December 1, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor is represented by William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, in Atlanta, Georgia. ONECARE MEDIA: Commonwealth Credit Marks $10.5MM Loan at 68% Off ---------------------------------------------------------------- Commonwealth Credit Partners BDC I Inc. has marked its $10,528,000 loan extended to Onecare Media, LLC to market at $3,400,000 or 32% of the outstanding amount, according to Commonwealth Credit's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Commonwealth Credit Partners BDC I, Inc. is a participant in a term loan extended to Onecare Media, LLC. The Loan accrues interest at a rate of SOFR + 4.50 % (1.00 % floor), 8.32 % per annum. The Loan matures on Sept. 29, 2026. Commonwealth Credit Partners BDC I, Inc. is a business development company focused on providing credit and financing solutions to middle-market borrowers in the leveraged finance market. The Fund is led by Robert O'Sullivan as Chief Executive Officer and Director and Chairman of the Board of Directors (Principal Executive Officer) and Cecilio M. Rodriguez as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: Robert O'Sullivan Commonwealth Credit Partners BDC I, Inc. 360 S Rosemary Avenue, Suite 1700 West Palm Beach, FL 33401 Telephone: (561) 727-2000 About OneCare Media, LLC OneCare Media, LLC operates in the media and entertainment industry, producing and distributing content across various platforms. OROVILLE HOSPITAL: CEO Resignation Faces Hurdle in Chapter 11 ------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a California bankruptcy judge raised concerns Thursday, March 19, 2026, over Oroville Hospital's proposal to have its CEO resign and immediately return as a consultant, citing potential conflicts and impacts on creditors in the hospital's Chapter 11 proceedings. The arrangement prompted questions about whether it served the best interests of the estate. Creditors voiced skepticism that the plan could allow the CEO to maintain undue influence or receive compensation that might diminish the estate's assets. The court emphasized the need for transparency and proper safeguards before moving forward with such arrangements, the report relays. The hospital must demonstrate that the transition plan is equitable and in line with Chapter 11 protections for creditors. The scrutiny reflects broader tensions in healthcare reorganizations, where leadership continuity must be balanced against fiduciary duties to stakeholders, according to report. About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. PALMETTO THERAPY: Christine Brimm Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Christine Brimm as Subchapter V trustee for Palmetto Therapy Services, Inc. Ms. Brimm will be paid an hourly fee of $350 for her services as Subchapter V trustee and an hourly fee of $150 for paralegal time. In addition, the trustee will receive reimbursement for work related expenses incurred. Ms. Brimm declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christine E. Brimm PO Box 1044 Pawleys Island, SC 29585 (843) 256-6582 Email: cbrimm&bartonbrimm.com About Palmetto Therapy Services Inc. Palmetto Therapy Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 26-01041) on March 8, 2026, with up to $50,000 in assets and liabilities. Judge Elisabetta Gm Gasparini presides over the case. Michael W. Mogil, Esq., represents the Debtor as legal counsel. PATHLOCK INC: Monroe Capital Marks $261,000 Loan at 49% Off ----------------------------------------------------------- Monroe Capital Enhanced Corporate Lending Fund has marked its $261,000 loan extended to Pathlock, Inc. to market at $132,000 or 51% of the outstanding amount, according to Monroe Enhanced's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe Capital Enhanced Corporate Lending Fund is a participant in a delayed draw loan extended to Pathlock, Inc. The Loan accrues interest at a rate of 6.40% 10.26% per annum. The Loan matures on Nov. 10, 2027. Monroe Capital Enhanced Corporate Lending Fund is a closed-end management investment company that focuses on corporate lending and credit-oriented investments in the leveraged finance market. The Fund is led by Zia Uddin as Chief Executive Officer (Principal Executive Officer) and Christopher Lund as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: Zia Uddin Monroe Capital Enhanced Corporate Lending Fund 155 North Wacker Drive, 35th Floor Chicago, IL 60606 Telephone: (312) 258-8300 About Pathlock, Inc. Pathlock, Inc. provides access orchestration and application security services. The Company offers enterprises and organizations automate the enforcement of any process, access, and IT general control for any business applications. Pathlock operates in the United States and India. PATHWAY VET: Moody's Cuts CFR to Caa3, Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings downgraded Pathway Vet Alliance LLC's (Thrive Pet Healthcare, "Thrive") corporate family rating to Caa3 from Caa2 and probability of default rating to Caa3-PD from Caa2-PD. Moody's also downgraded the instrument-level ratings on the senior secured super priority revolving credit facility and senior secured first out first lien term loans to B3 from B2 and senior secured second out first lien term loan to Caa3 from Caa2. At the same time Moody's revised the outlook to stable from negative. The downgrade reflects Moody's expectations that Thrive's default probability is very high, given its weak credit metrics and unsustainable capital structure, despite improving profitability. Moody's also considers that Thrive's cash balance, although currently healthy, will be exhausted in 2027 due to high fixed charges relative to earnings generation. The revision in outlook to stable from negative reflects Moody's views that the default probability is high and appropriately captured at the current rating level. RATINGS RATIONALE Thrive's Caa3 CFR reflects its very high leverage, which Moody's expects to remain above 15x on a Moody's-adjusted basis over the next 12 to 18 months. Although Thrive's profitability is improving due pricing actions, lower doctor attrition and use of contract labor, and cost management actions for operating expenses, Moody's still view the company's margins as very thin. A track record of negative free cash flow and historical depletion of cash on the balance sheet also constrain the rating. Thrive's rating is supported by certain recurring revenues in the favorable animal health end-market, good diversification by geography and facility type, and meaningful scale. Moody's expects Thrive's liquidity to be weak over the next 12 to 18 months. The company has $134 million of cash on the balance sheet as of December 31, 2025, which will support operations as Moody's expects Thrive to generate negative free cash flow in 2026 given Moody's forecasts of earnings against a high cash interest burden and capital expenditures. The $25 million super priority revolving credit facility expires in June 2028 and is undrawn as of September 30, 2025. There is about $17 million in available capacity on the revolving credit facility after letters of credit. The B3 ratings on the senior secured first-out bank credit facilities is three notches higher than the Caa3 CFR, reflecting significant loss absorption from the second-out first lien term loan and second lien debt (not rated). The Caa3 rating on the senior secured second-out first lien term loan, in line with the CFR, reflects its subordination relative to the first-out first lien bank credit facilities and some loss absorption from the second lien debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade Thrive's ratings if the company defaults or if Moody's have a more negative view of recovery rates. Moody's could also consider a downgrade of the ratings if the company does not improve its operating performance and free cash flow generation. Moody's could upgrade Thrive's ratings if there is a reduction in the likelihood of default and demonstrated improvement in liquidity and operating performance. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Thrive's Caa3 CFR is two notches below the scorecard-indicated outcome of Caa1 reflecting Moody's considerations of a high probability of default and weak expected recovery. Pathway Vet Alliance LLC (dba Thrive Pet Healthcare) is a national veterinary hospital consolidator and operates general, specialty and emergency practice facilities. The company generated revenues of over $1.2 billion for the twelve months ended September 30, 2025. Thrive is majority owned by private equity firm TSG Consumer Partners. PCR AGAWAM: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The United States Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order authorizing PCR Agawam, LLC to use cash collateral and granted interim approval, allowing the debtor to use the funds temporarily through April 2. The court ordered the Debtor to file by April 1 a reconciled budget showing actual to projected income and expenses for the period ending March 31 as well as beginning and ending bank balances monthly, and a projected budget for April, May and June. A hearing on the debtor's continued use of cash collateral is scheduled for April 2. About PCR Agawam LLC PCR Agawam LLC is a Massachusetts-based limited liability company engaged in real estate ownership and investment activities. PCR Agawam LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30101) on February 16, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Louis S. Robin, Esq., of Law Offices of Louis S. Robin. PENN ENTERTAINMENT: Moody's Rates New Senior Unsecured Notes 'B3' ----------------------------------------------------------------- Moody's Ratings assigned a B3 rating to PENN Entertainment, Inc.'s ("PENN") proposed senior unsecured notes offering. The company's ratings remain unchanged, including the B1 Corporate Family Rating and B1-PD Probability of Default Rating. The outlook remains negative. Proceeds from the proposed $500 million senior unsecured notes will be used to repay secured borrowings under the company's revolving credit facility, as well as pay related fees and expenses. RATINGS RATIONALE PENN Entertainment, Inc.'s B1 CFR reflects the company's high leverage and losses in the company's interactive business. The rating further reflects longer-term fundamental risk facing PENN and other regional gaming companies related to consumer entertainment preferences and exposure to discretionary consumer spending levels. Positive credit considerations include PENN's large size in terms of revenue and high level of geographic diversification, as well as the operating and financial benefits Moody's believes are available to PENN through the company's relationship with Gaming and Leisure Properties, Inc. ("GLPI"), a real estate investment trust. PENN benefits from its relationship with GLPI in that it can secure management contracts from new assets purchased by GLPI. Positive consideration is also given to Score Media and Gaming, Inc. ("theScore"), PENN's digital media and sports betting and technology company, which will enable PENN to benefit from future growth in the retail and online gaming and sports betting businesses in the US and Canada. The negative outlook reflects the company's high leverage levels, mainly caused by losses in its interactive business, which may keep leverage above six times for the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Ratings could be upgraded if the company generates strong and consistent positive free cash flow, revenue and EBITDA continue to grow, and debt-to-EBITDA is below 5.0x on a sustained basis. Ratings could be downgraded if EBITDA declines or debt-to-EBITDA remains above 6.0x, or if liquidity deteriorates. Acquisitions or shareholder distributions that increase leverage could also lead to a downgrade. PENN Entertainment, Inc. operates 42 properties in 19 US states, with a diversified portfolio of casinos, racetracks, and online sports betting and iCasino offerings. PENN leases most of its gaming facilities from Gaming and Leisure Properties, Inc., a publicly traded real estate investment trust, under triple net master leases, including the PENN Master Lease and the Pinnacle Master Lease. PENN has five reportable segments: Northeast, South, West, Midwest, and Interactive. Revenue for the publicly-traded company for the latest 12-month period ended December 31, 2025 was $7 billion. The principal methodology used in this rating was Gaming published in September 2025. PHYSICAL INVESTMENTS: Roanoke Property Sale to Fast Track OK'd -------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division, has granted Physical Investments Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns the following real estate, with associated liens: a. 1611 10th Street, NW, Roanoke, VA 24012, subject to the following liens: i. Inchoate real estate tax lien in favor of the Treasurer of Roanoke City, Virginia (Roanoke Treasurer); ii. Deed of Trust in favor of Fay Servicing, LLC (Fay Servicing). The balance currently owed to Fay Servicing is approximately $115,000.00. The Court has authorized the Debtor to sell the Property to Fast Track Flips, LLC. The Debtor is authorized to sign any documents necessary to provide the purchaser with clean and clear title to the Property. The purchaser of the Property shall be afforded the protections provided. The Debtor is authorized to pay normal and customary closing cost from the proceeds of the sale of the Property. The remaining sale proceeds shall be paid to the Debtor, to be deposited in its debtor-in-possession account. About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PINNACLE MEP: Ares Strategic Marks $952MM 1L Loan at 20% Off ------------------------------------------------------------ Ares Strategic Income Fund has marked its $952,200,000 loan extended to Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. to market at $761,900,000 or 80% of the outstanding amount, according to Ares Strategic's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a first lien senior secured revolving loan extended to Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. The Loan accrues interest at a rate of 10.50% (1.50% PIK) SOFR (Q) 6.75% per annum. The Loan matures on October 2030. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. appear to be a private equity-backed holding structure for a mechanical, electrical and plumbing (MEP) services platform. PLAZA 106: Seeks Cash Collateral Access --------------------------------------- Plaza 106, LLC, asks the Bankruptcy Court for the District of Utah, Central Division to determine that post-petition rents collected from its Millcreek Property are not considered cash collateral under 11 U.S.C. Section 363 and for authority to use cash collateral. The Debtor filed for Chapter 11 protection on September 15, 2025, and listed First Utah Bank's claim as disputed. FUB did not timely file a proof of claim pursuant to Rule 3003(c)(2), and the Debtor objected to its late filing. Since the petition date, the Debtor has continued to collect rents from the property, depositing them into a separate Debtor-in-Possession account. The Debtor has only disbursed funds from that account for court-approved adequate protection payments and the 2025 property tax payment, while ongoing operational expenses for the Millcreek Property have been paid from revenue generated by its other properties, which are not subject to FUB's lien. The Debtor argues that under the Utah Uniform Assignment of Rents Act, a creditor must take affirmative steps, such as appointing a receiver, notifying the Debtor, or notifying tenants, to enforce its assignment of rents. Because FUB did not take these steps pre-petition or post-default, it cannot establish an enforceable interest in post-petition rents. Moreover, FUB bears the burden of proof regarding the validity, priority, and extent of any claimed interest in cash collateral, and the Debtor asserts that FUB has not met this burden. The Debtor also contends that allowing FUB to treat post-petition rents as cash collateral would improperly expand the scope of a previously issued Stay Order, which granted FUB relief from the automatic stay on the Millcreek Property itself but did not explicitly include post-petition rents or leases. Additionally, the Debtor emphasizes that FUB's motion for relief from stay should not be treated as an informal proof of claim, citing case law within the Tenth Circuit establishing that stay relief motions do not create enforceable claims against the estate. The Debtor asserts that recognizing the post-petition rents as cash collateral would conflict with this principle and FUB’s failure to comply with UUARA and bankruptcy filing requirements. Consequently, the Debtor requests that the Court formally rule that post-petition rents from the Millcreek Property do not constitute cash collateral, authorize the Debtor to use those rents for its ongoing reorganization efforts, and, at minimum, require reimbursement for operational expenses advanced from other non-liened properties. A copy of the motion is available at https://urlcurt.com/u?l=a1ZuJ0 from PacerMonitor.com. About Plaza 106 LLC Plaza 106 LLC, based in Price, Utah, operates in the Iron and Steel Mills and Ferroalloy Manufacturing industry, producing and processing ferrous metals and related materials. Plaza 106 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-25459) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented Andres Diaz, Esq. at Diaz & Larsen. PRETIUM PACKAGE: Barings Global Virtually Writes Off $2.7MM 2L Loan ------------------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $2,770,637 loan extended to Pretium Package Holdings 2nd Lien T/L (9/21) to market at $67,299 or 2% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a Second lien loan extended to Pretium Package Holdings 2nd Lien T/L (9/21). The 2L Loan accrues interest at a rate of 3M SOFR + 6.7500%, 11.24% per annum. The 2L Loan matures on Sept. 21, 2029. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Pretium Package Holdings Pretium PKG Holdings, Inc. operates as a holding company. The company through its subsidiaries, manufactures rigid packaging solutions and offers beverage bottles, caps and closure, handleware, lightweighted options, preforms, custom moldings, printed folding cartons, and other plastic packaging containers. PRIMO BRANDS: Moody's Rates New $3.075BB 1st Lien Term Loan 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigns a Ba3 rating to Primo Brands Corporation's (Primo Brand) new $3.075 billion senior secured first lien term loan B. All other ratings, including the B1 Corporate Family Rating, B1-PD Probability of Default Rating, Ba3 ratings for Primo Brands' senior secured first lien credit facilities, Ba3 ratings on Primo Water Holdings Inc.'s (Primo Water) exchanged US dollar and Euro denominated backed senior secured notes and the B3 ratings on the exchange US dollar-denominated backed senior unsecured notes remain unchanged. The outlooks for Primo Brands and Primo Water remain positive. The speculative grade liquidity rating remains SGL-1. Primo Brands intends to extend its existing $3098.6 million ($3075 million outstanding) senior secured first lien term loan maturing in March 2028 with a new 5 year term loan. Moody's views this refinancing as credit positive because it will extend maturities and thus improve liquidity. Moody's expects to withdraw the Ba3 rating on Primo Brands' existing senior secured term loan due 2028 if the facility is retired as part of the transaction. RATINGS RATIONALE The positive outlooks reflect Moody's expectations that revenue and earnings will continue to grow modestly and financial leverage will continue to modestly decline through EBITDA growth, while the company remains disciplined in not pursuing debt-financed share repurchases. Moody's also expects the company to continue to realize synergies and generate meaningful free cash flow that could be used for reinvestment to drive growth and deleveraging. Moody's expects modest improvement in operating profit over the next 12-18 months such that Moody's adjusted debt to EBITDA will approach 3.5x. Primo Brands' B1 CFR reflects its leading position in the US single-serve ready-to-drink bottled water segment and home and office water delivery (HOD) business. Primo Brands also has good business diversity through its growing filtration services business. The company benefits from positive consumer trends towards healthier lifestyles in choosing beverages, a diverse customer base, and positive industry trends due to consumers seeking alternative sources for clean water due to the aging municipal water infrastructure. Primo Brands' credit profile is constrained by commodity-like single use bottled water in a highly competitive market with large players, and some risk of volatility both from economic downturns, which can pressure profitability in the HOD water services business. The single serve business also faces some long-term volume pressure in part related to environmental concerns of pollution from plastic bottles and containers. Primo Brands still faces some risk to integrate the two businesses including merging systems, production and distribution that could lead to operational disruptions or challenges realizing synergies. The company expects to complete the integration during the first half of 2026. Primo Brands' credit profile is also restricted by private equity ownership of 31.1%, which Moody's views as a governance risk that creates event risk to facilitate the exit of the private equity firm as it continues to reduce its stake, as well as a dividend that limits free cash flow. Moody's expects Primo Brands will generate good annual free cash flow of approximately $350 million to $375 million over the next year, which should be more than sufficient to support very good liquidity and investment across its businesses. Moody's further expect that debt-to-EBITDA leverage will decline modestly to around 3.5x (incorporating Moody's adjustments) by the end of FY 2027 and the company will strive to remain below this level given its 2.0x to 2.5x net leverage target (3.4x as calculated by the company as of FY 2025) primarily from the realization of synergies that will facilitate EBITDA growth. However, Moody's expects the company will likely continue to focus on investment, dividend increases and share buybacks with any deleveraging coming from EBITDA growth and modest required debt amortization. The SGL-1 speculative grade liquidity rating reflects Primo Brands' sizable cash balance of $376 million as of December 31, 2025, good expected free cash flow (after payment of dividends) of approximately $350 million to $375 million and absence of meaningful debt maturities over the next 12 months. Primo Brands also has access to an undrawn $750 million revolver that expires in 2030 and provides additional committed liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if there is consistent organic revenue growth with a stable to higher operating margin, and good realization of planned merger synergies without disrupting the combined company's operations. The company would also need to sustain debt to EBITDA leverage below 3.5x, generate strong and consistent free cash flow and maintain good liquidity to be upgraded. The ratings could be downgraded if profitability weakens due to volume declines or margin contraction, free cash flow is low, or liquidity weakens. Debt financed share repurchases, dividend increases, or debt to EBITDA maintained above 5.5x on Moody's adjusted basis could also lead to a downgrade. Primo Brands Corporation, based in Tampa, Florida and Stamford, Connecticut, is a leading branded beverage company specializing in healthy hydration solutions. The company offers a wide range of water products across various formats, channels, price points, and consumer occasions. The company produces and sells both regional spring water and purified national water brands through retail sales channels and its ReadyRefreshÂ® and Primo Water direct-to-consumer and office delivery services. In November 2024, the company was formed through the merger of BlueTriton Brands Inc. (BlueTriton) and Primo Water. Primo Water is majority publicly owned and traded on the NYSE under ticker "PRMB". Additionally, private equity firm, One Rock Capital Partners LLC, owns 31.3% of publicly traded shares. Revenue was approximately $6.7 billion for the fiscal year ended December 31, 2025. The principal methodology used in this rating was Soft Beverages published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PRINCE INTERNATIONAL: Barings Global Marks $4.4MM Bond at 67% Off ----------------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $4,491,000 bond to Prince International to market at $1,491,229 or 33% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund owns a corporate bond issued by Prince. The bond accrues interest at a rate of 9.00% per annum. The bond matures on Feb. 15, 2030. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Prince Prince is an industrial or manufacturing company that is active in specialty materials, chemicals or related engineered products. PRIORITY WASTE: Ares Strategic Marks $41.3MM 1L Loan at 16% Off --------------------------------------------------------------- Ares Strategic Income Fund has marked its $41,338,100 loan extended to Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC to market at $34,724,000 or 84% of the outstanding amount, according to Ares Strategic Income’s 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a first lien senior secured loan extended to Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC. The 1L Loan accrues interest at a rate of 11.99% SOFR (Q) 8.00% per annum. The 1L Loan matures on August 2029. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Priority Waste Holdings LLC Priority Waste Holdings LLC and its affiliates appear to operate in the waste management and environmental services sector, financed through a first lien senior secured loan structure. PRO CARPENTRY: Employs Andrew J. Bean as Litigation Counsel ----------------------------------------------------------- Pro Carpentry, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Andrew J. Bean, P.C. to serve as litigation counsel. The firm will provide these services: (a) provide legal advice and representation in the O'Reilly Litigation; and (b) perform all litigation-related services as necessary under the terms of the retainer agreement. Andrew J. Bean, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Andrew J. Bean, P.C. Livonia, MI Phone: (248) 613-7231 (248) 613-0627 Website: www.ajbeanlaw.com About Pro Carpentry, LLC Pro Carpentry, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mich., Southern Division, Case No. 26-42605-mar) on March 11, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $500,001 and $1 million. Judge Mark A. Randon oversees the case. Schafer and Weiner, PLLC serve as Debtor's legal counsel. PROJECT CASTLE: Ares Strategic Marks $28.5MM 1L Loan at 36% Off --------------------------------------------------------------- Ares Strategic Income Fund has marked its $28,513,000 loan extended to Project Castle, Inc. to market at $18,058,000 or 64.4% of the outstanding amount, according to Ares Strategic's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 9, 2026. Ares Strategic Income Fund is a participant in a first lien senior secured loan extended to Project Castle, Inc. The 1L Loan accrues interest at a rate of 9.36% SOFR (S) 5.50% per annum. The 1L Loan matures on June 30, 2029. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: The Corporate Secretary Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212)750-7300 About Project Castle, Inc. Project Castle, Inc. is a corporate borrower financed through a first lien senior secured term loan, suggesting a leveraged capital structure supported by collateralized assets. PROJECT PIZZA: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Project Pizza NOE, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of California to use cash collateral. The court authorized the Debtor to use the cash collateral of its secured creditors to fund operations in accordance with its budget. The creditors that may hold security interests in the Debtor's cash and other assets include Parafin, Inc. (related to DoorDash financing), InKind Cards, Inc., and the California Department of Tax and Fee Administration, which holds two tax liens. The approximate balances owed to these creditors include about $41,174 to Parafin, $52,448 to InKind Cards, and approximately $131,456 to the California tax authority. In addition to the secured debts, the Debtor reported $275,639 in non-insider unsecured debt. The Debtor also faces priority wage claims of approximately $37,302, which it has requested permission to pay through separate first day motions typically filed at the beginning of a Chapter 11 case. Its total tangible assets are relatively modest and include inventory valued at about $24,220, cash deposits of $7,565, accounts receivable of $18,806, and restaurant equipment valued at approximately $2,431, resulting in total estimated assets of about $53,022. Secured creditors will be provided with protection through replacement liens on all assets of the Debtors (excluding Chapter 5 avoidance claims and their proceeds) in the same amount, validity and priority as existed on the petition date. The creditors are also entitled to receive superpriority administrative claims. As additional protection, the Debtor must honor customer credits purchased by inKind, capped at $1,500 per week and $4,500 total through the final hearing. The final hearing is set for April 2. The deadline for filing objections is on March 26. The order is available at https://is.gd/6khlFX from PacerMonitor.com. Parafin, as secured creditor, is represented by: Jay M. Ross, Esq. Lathrop GPM, LLP 70 S. First Street San Jose, CA 95113 Telephone: (408) 286-9800 Facsimile: (408) 998-4790 jay.ross@lathropgpm.com InKind, as secured creditor, is represented by: Maxim B. Litvak, Esq. Jason S. Pomerantz, Esq. Pachulski Stang Ziehl & Jones, LLP One Sansome Street, Suite 3430 San Francisco, CA 94104 Telephone: (415) 263-7000 Facsimile: (415) 263-7010 mlitvak@pszjlaw.com jspomerantz@pszjlaw.com About Project Pizza NOE LLC Project Pizza NOE, LLC operates a full-service Italian restaurant that serves food as well as beer and wine. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30206) on March 6, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. Judge Hannah L. Blumenstiel oversees the case. Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little P.C., represents the Debtor as legal counsel. PROMAN AG: Barings Global Marks $2MM Bond at 35% Off ---------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $2,020,000 bond extended to Proman AG to market at $1,313,000 or 65% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a corporate bond extended to Proman AG. The bond accrues interest at a rate of 5.63% per annum. The bond matures on Oct. 15, 2028. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Proman AG Proman AG is an international company focused on the production and marketing of petrochemicals, including methanol and other natural gas–derived products. PROSPECT MEDICAL: No Patient Care Concerns, 7th PCO Report Says --------------------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her seventh report regarding the quality of patient care provided by Prospect Medical Holdings and its affiliates. In her report, which covers the period from Jan. 28 to March 6, the ombudsman provides her overall impressions of patient care at Waterbury and the Charter Care Hospitals. During this period, all sale transactions for the remaining hospitals closed. After multiple extensions of interim funding by the Rhode Island Attorney General, the sale to The Centurion Foundation Inc. successfully closed, ensuring the Charter Care Hospitals continue operating under new ownership. The ombudsman noted ongoing recruitment challenges, especially for evening and overnight direct care roles, along with some normal staff resignations. However, no staffing issues were observed that endangered patients or compromised their care. The ombudsman observed that staff remained committed to quality care and safety, with staffing levels appearing sufficient. Interviewed patients reported being satisfied and described staff as caring, responsive, and respectful. Moreover, the ombudsman found no documentation issues affecting patient safety but urged continued diligence in completing all records and checks in line with hospital policies and regulations. During both visits, the ombudsman observed unsecured areas in the family birthing unit, including an unlocked circumcision room and an unattended, propped-open medication room. On the second Waterbury visit, additional issues included a broken lock on the circumcision cart and unattended workstations with unlocked drawers. Overall, the hospitals were clean, well-maintained, and supported safe patient care. However, due to their age, some areas showed wear and tear, and while minor equipment issues existed, they were being actively addressed. The ombudsman found no current risk to patient safety or care but noted that repairs and renovations must be fully addressed. Staff have effectively managed challenges while awaiting equipment and facility improvements. Ms. Koenig stated that, with the hospital sales completed and the effective date reached, the seventh report is her final filing and concludes the ombudsman's appointment. The ombudsman may be reached at: Suzanne Koenig, CEO SAK Healthcare 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Phone: 847-446-8400 Email: skoenig@sakhealthcare.com About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical Holdings and its affiliates filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 25-80002) on January 11, 2025. At the time of the filing, Prospect Medical Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Stacey G. Jernigan handles the cases. The Debtors' bankruptcy attorneys are Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas; and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors also tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. Suzanne A. Koenig is the patient care ombudsman appointed in the Debtors' cases. PURSE LADIES: Seeks to Employ William G. Haeberle as Accountant --------------------------------------------------------------- The Purse Ladies Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ William G. Haeberle, P.A. to serve as accountant. The firm will provide these services: (a) perform preparation of monthly operating reports; (b) preparation of Form 426; and (c) other accounting services. The firm will receive an hourly rate of $250 and a retainer in the amount of $1,500, subject to final approval by the Court upon the filing of a final fee application. The firm is a "disinterested party" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: William G. Haeberle, CPA WILLIAM G HAEbERLE CPA LLC 4446-1A, Suite 245 Jacksonville, FL 32207 Telephone: (904) 245-1304 About The Purse Ladies Holdings LLC The Purse Ladies Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00523) on February 6, 2026, with up to $50,000 in assets and $100,000,001 to $500 million in liabilities. Judge Jacob A. Brown oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. represents the Debtor as bankruptcy counsel. QUEENS MEDICAL: 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 Queens Medical Services, PC. 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 Queens Medical Services PC Queens Medical Services, PC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41085) on March 6, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Jil Mazer-Marino presides over the case. Erica T. Itzhak, Esq., at The Yitzhak Law Group represents the Debtor as bankruptcy counsel. RAPIDAIR: Barings CI Marks $1.1MM Loan at 51% Off ------------------------------------------------- Barings Corporate Investors has marked its $1,131,681 loan extended to RapidAir to market at $551,445 or 49% 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 RapidAir. The Loan accrues interest at a rate of 8.53% (SOFR + 4.750%) per annum. The Loan matures on Oct. 15, 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 RapidAir RapidAir is an asset-light manufacturer of branded compressed air system products, including fittings, accessories, aluminum piping, filtration and related components. RB MARKETPLACE: Taps Landrau Rivera & Assoc. as Bankruptcy Counsel ------------------------------------------------------------------ RB Marketplace Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Landrau Rivera & Assoc. as counsel. The firm's services include: (a) advise the Debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which it conducts its business, or is involved in litigation; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, aid it in the orderly liquidation of its assets; (c) advise the Debtor with respect to its negotiations with creditors for the purpose of proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor the necessary legal papers or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with its business; (g) employ other professional services as necessary to complete the Debtor's financial reorganization with Chapter 11 of the Bankruptcy Code. The firm will be paid at these hourly rates: Noemi Landrau Rivera, Attorney $250 Legal and Finncial Assistants $75 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $13,000 from the Debtor. Ms. Rivera disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Noemi Landrau Rivera, Esq. Landrau Rivera & Assoc. P.O. Box 270219 San Juan, PR 00928 Telephone: (787) 774-0224 Facsimile: (787) 919-7713 Email: nlandrau@landraulaw.com About RB Marketplace Inc. RB Marketplace Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-00982) on March 6, 2026. At the time of the filing, the Debtor disclosed up to $10,000,001 to $50 million in assets and $1,000,001 to $10 million in liabilities. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. is Debtor's counsel. RBT LOGISTICS: Gets Final OK to Use Cash Collateral --------------------------------------------------- RBT Logistics Corporation received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The court issued an final order authorizing the Debtor to use the cash collateral of merchant cash advance lenders consistent with its operating budget, subject to a 10% variance. The court determined that the lenders known as MCA Lenders claim security interests in substantially all of the debtor's accounts and related proceeds, which together constitute the company’s cash collateral. As protection, lenders will be granted replacement liens on the Debtor's equipment, inventory, and accounts, maintaining the same validity and priority as their pre-bankruptcy liens. These replacement liens do not require additional filings to be perfected and are subordinate to certain administrative expenses, including professional fees and court fees. Additionally, W Funding Group will receive a one-time payment of approximately $8,000 in exchange for the release of a lien on more than $40,000 in FedEx receivables, thereby increasing available operating liquidity. Additionally, the order preserves the rights of all parties to later challenge the validity, priority, or enforceability of the lenders' liens, and it remains subject to further court orders regarding the continued use of cash collateral. A copy of the final order and the Debtor's budget is available at https://shorturl.at/VCUKV from PacerMonitor.com. About RBT Logistics Corporation RBT Logistics Corporation, a company based in Plano, Texas, operates as a general freight trucking company providing transportation services. RBT Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40406) on January 30, 2026, with $1 million to $10 million in both assets and liabilities. Robert B. Tapley, president of RBT Logistics, signed the petition. Judge Edward L. Morris presides over the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. REAGAN HOSPITAL: Moody's Affirms 'Ba1' Issuer & GOLT Ratings ------------------------------------------------------------ Moody's Ratings has affirmed Reagan Hospital District of Reagan County, TX's Ba1 issuer and general obligation limited tax (GOLT) ratings. Concurrently, Moody's have assigned a Ba1 rating to the district's proposed $25 million Limited Tax Bonds, Series 2026. The outlook was revised to positive from stable, reflecting the potential for new projects to increase revenue and cash flow, balanced against construction and start up risk. RATINGS RATIONALE The Ba1 issuer rating reflects the district's small operating scale, rural location, and significant reliance on the oil and gas sector, resulting in high concentration among its largest taxpayers. Volatility in commodity prices poses material risk to the tax base, as oil and gas mineral valuations comprise more than 90% of total assessed value and are directly linked to commodity pricing. The rating further considers a recent trend of strong financial performance in fiscal 2025 (unaudited) and interim fiscal 2026 balanced against weaker financial performance in prior years. The ability to sustain stronger financial performance (24% operating cash flow margin in 2025 and 15% through the first quarter of 2026) will be key credit considerations to help mitigate operational risks related to the district's rural location and high reliance on property tax revenue from a tax base with high concentration in oil and gas. While assessed valuation has grown significantly-reaching $7.7 billion in fiscal 2026 from $4.6 billion in fiscal 2023-the tax base remains cyclical and highly volatile due to its concentration in the oil and gas sector. Including the proposed Series 2026 issuance, leverage remains elevated but manageable. Unrestricted cash equals approximately 23% of total debt, and leverage is modest at 0.6% of full property value. The debt profile benefits from a dedicated tax levy supporting debt service. The Ba1 general obligation limited tax rating is the same as the issuer rating, reflecting ample taxing headroom under the limited tax rate cap to generate dedicated property taxes sufficient to pay debt service. This offsets the district's inability to exceed the limited rate and the absence of a full faith and credit pledge. RATING OUTLOOK The positive outlook reflects the potential for new projects to increase revenue and cash flow, balanced against construction and start up risk. Successful execution of the capital expansion while maintaining strong financial performance and good liquidity could lead to a rating upgrade. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained strong operating margins and liquidity, coupled with the successful execution of the district's capital expansion -- Sustained proactive management of tax levy to sustain stable tax revenue and support stable financial performance FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- A material reduction in the liquidity position and/or cost overruns related to the capital expansion. -- Persistent operating losses combined with a significant reduction in federal, state, or tax revenues that do not align with inflation and district's expense base -- Material decline in assessed value not offset by higher levies PROFILE Reagan Hospital District is situated in Reagan County, located in west Texas. The district shares boundaries with the Reagan County Independent School District, covering an area of approximately 1,177 square miles. It is positioned roughly 75 miles south of the Midland/Odessa metropolitan statistical area. The district operates Reagan Memorial Hospital, a general medical, surgical, and critical access facility with 14 beds, located in Big Lake. This public acute care hospital provides comprehensive services including inpatient and outpatient care, emergency services, and elder nursing care. The nearest tertiary care centers are located approximately 70 miles away in San Angelo, TX. METHODOLOGY The principal methodology used in these ratings was US Public Finance General Obligation Debt published in December 2025. RED RIVER: Beasley Allen Loses Bid To Halt J&J Talc Case DQ Ruling ------------------------------------------------------------------ George Woolston of Law360 reports that a New Jersey appeals panel has denied a request to suspend its ruling that disqualified Beasley Allen Law Firm from participating in multicounty litigation over Johnson & Johnson's talc products, including its baby powder, according to a court order. The decision keeps the disqualification in place pending any further review. The firm had moved to stay the ruling, contending that an immediate bar would interfere with case management and ongoing advocacy for plaintiffs. However, the appellate court determined that those concerns did not outweigh the reasons supporting its earlier disqualification decision, the report states. As a result, the litigation will move forward without the firm’s involvement unless relief is granted by a higher court. The ruling may prompt adjustments in legal representation for plaintiffs across the coordinated proceedings, according to Law360. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. ROUTE 95 WOOD: Seeks to Tap PDJ Accounting Services as Accountant ----------------------------------------------------------------- Route 95 Wood Products, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ PDJ Accounting Services as accountant. The firm will assist in preparing the Debtor's missing tax returns. The firm will be paid $20 per hour, plus expenses. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: PDJ Accounting Services 811-BGrand Central Ave Vienna, WV 26105 About Route 95 Wood Products LLC Route 95 Wood Products, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Case No. 26-00126) on March 1, 2026, listing under $1 million in both assets and liabilities. The Debtor tapped Ryan W. Johnson, Esq., at Johnson Legal Services, PLLC as counsel and PDJ Accounting Services as accountant. RSBRMK LLC: Seeks Approval to Hire Mendel Moskowirz as Appraiser ---------------------------------------------------------------- RSBRMK LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Mendel Moskowitz, an appraiser practicing in New York. Mr. Moskowitz will appraise the Debtor's property located at 26 Pulaski Street, Brooklyn, New York. Mr. Moskowitz disclosed in a court filing that he is "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The appraiser can be reached at: Mendel Moskowitz 1062 56th St. Brooklyn, NY 11219 About RSBRMK LLC RSBRMK LLC is a single asset real estate company. RSBRMK LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45591) on November 20, 2025. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Solomon Rosengarten, Esq. RYERSON HOLDING: Moody's Cuts CFR to B1 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings downgraded Ryerson Holding Corporation's ("Ryerson") corporate family rating to B1 from Ba3, and its probability of default rating to B1-PD from Ba3-PD. The rating of Joseph T. Ryerson & Son, Inc.'s $1.8 billion backed senior secured revolving credit facility was downgraded to B1 from Ba3. The rating outlooks for Ryerson and Joseph T. Ryerson & Son, Inc. were revised to stable from negative. The Speculative Grade Liquidity Rating (SGL) of SGL-2 at Ryerson remains unchanged. Governance considerations related to financial strategy and risk management were a key driver of the rating action. The Governance Issuer Profile Score ("IPS") was revised to G-4 from G-3, and the Credit Impact Score ("CIS") was revised to CIS-4 from CIS-3. RATINGS RATIONALE Ryerson recently completed its merger with Olympic Steel, in an all-equity transaction, along with the assumption of Olympic Steel debt. While the transaction increases Ryerson's scale and market share, the CFR downgrade reflects: (1) significantly weaker than expected performance in 2025, (2) credit metrics that have been weak for the prior rating for the past two years, (3) Moody's expectations that metrics will improve, but continue to be weak for the prior rating proforma for the merger transaction, and assuming an improvement in market conditions in 2026, and (4) the significant volatility of its earnings and credit metrics. The merger with Olympic Steel improved Ryerson's scale, making it the second largest metal service center in North America, and diversified its product offerings and end-market exposure. The company is targeting $120 million of annual run-rate synergies through improved procurement, efficiency gains, commercial enhancements and network optimization. The target synergy run-rate is expected to be achieved by the beginning of 2028. Ryerson's operating and financial performance has been weakening over the past two years, with Moody's adjusted EBITDA declining from the most recent peak of $678 million in 2022 to $165 million in 2024, and further to $100 million in 2025. Over the same timeframe, Moody's adjusted debt increased from around $700 million at the end of 2022, to around $865 million at the end of 2025. As a result, Moody's adjusted leverage worsened from 1.0x at the end of 2022, to 8.7x at the end of 2025. Proforma for the Olympic Steel acquisition, Moody's estimates leverage would have been around 5.6x at the end of 2025, without incorporating any potential benefit of targeted synergies. While Ryerson has generated positive Moody's adjusted free cash flow (including dividends) during this timeframe, the magnitude of free cash flow was subdued as a result of elevated capital expenditures. Looking forward, assuming some improvement in broader market conditions for metal service centers, Moody's expects Moody's adjusted EBITDA in 2026 to be around $250 million, including partial benefit from the targeted run-rate synergies. This should result in Moody's adjusted leverage improving to around 4.8x by year-end 2026, with modestly positive Moody's adjusted free cash flow (including dividends). While 2027 EBITDA and free cash flow performance could benefit from higher synergy benefit capture, the credit metrics will also depend on the prevailing broader market conditions. Ryerson's rating is supported by the company's overall size and scale, its product and customer diversification, countercyclical working capital needs, limited maintenance capex requirements and good liquidity profile. Ryerson's rating is constrained by its reliance on cyclical end markets, exposure to volatile steel and metals prices and the highly competitive metals distribution sector which typically results in somewhat weak and volatile profit margins through the cycle. While historically Ryerson has been increasingly focused on shareholder returns driven by its private equity ownership, the ownership stake has declined materially in recent years. Ryerson's SGL-2 speculative grade liquidity rating reflects its good liquidity profile consisting of $27 million of unrestricted cash (at December 31, 2025) and nearly $465 million of availability under its recently amended and extended $1.8 billion revolving credit facility (PF for the merger at close), which matures in February 2031. Alongside the close of the Olympic Steel merger, the revolver was upsized to $1.8 billion from $1.3 billion, and its maturity was extended by 5 years. The stable outlook reflects Moody's expectations for successful integration of Olympic Steel, improved market conditions for the metals service center sector over the next 12 to 18 months, and sufficient liquidity to support operations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade could be considered if Moody's adjusted leverage were to be sustained below 4.0x, EBIT margins were to be sustained above 5.0% , the company consistently generates positive free cash flow, and reduces gross debt. The ratings could be downgraded if Moody's adjusted leverage were to be sustained above 5.0x, EBIT margins were to be sustained below 3.0%, or if the company experiences a significant deterioration in its liquidity. More aggressive financial policies such as debt-financed dividends, share repurchases or acquisitions could also result in a downgrade. Ryerson is the second largest metals service center company in North America, with over 100 facilities. Ryerson provides a full line of products in stainless steel, aluminum, carbon steel, and alloy steels to nearly 40,000 customers across a range of end markets. In February 2026, Ryerson completed a merger with Olympic Steel, a metal service center company with approximately 50 facilities in North America. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. Ryerson's B1 CFR is 2 notches above the scorecard-indicated-outcome of B3 based on its LTM December 31, 2025 financials. The assigned rating reflects forward looking financial performance for the combined company, including the recently closed merger with Olympic Steel, along with Moody's expectations for improved market conditions over the next 12-18 months. SABRE GLOBAL: Barings Global Marks $1MM Bond at 17% Off ------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $1,065,000 bond extended to Sabre Global to market at $882,960 or 83% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a bond extended to Sabre Global. The bond accrues interest at a rate of 11.13 per annum. The bond matures on July 15, 2030. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Sabre Global Sabre Global is a travel technology and distribution company that provides software and systems for airlines, hotels and other travel industry participants. SABRE GLOBAL: Barings Global Marks $4MM Bond at 18% Off ------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $4,049,000 bond extended to Sabre Global to market at $3,325,241 or 82% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund owns a corporate bond issued by Sabre Global. The bond accrues interest at a rate of 10.75% per annum. The bond matures on March 15, 2030. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Sabre Global Sabre Global offers comprehensive defense solutions and advisory services, specializing in security, training, and military equipment for a safer world. SAILORMEN INC.: Court OKs Bid Rules for Restaurant Sale ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, has permitted Sailormen Inc. to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. Founded in 1984 for the purpose of owning and operating Popeyes restaurants as a franchisee pursuant to a franchise agreement with Popeyes Louisiana Kitchen, Inc., the Debtor was acquired by Bob Berg and Steve Wemple in July 1987. At the time, Sailormen operated 11 Popeyes stores in the Miami, Florida area. Through relocations and organic growth, Sailormen grew its portfolio to 15 stores by the end of 1995. In late 1995, Sailormen acquired 5 underperforming stores in Birmingham, Alabama. From 1996 until the end of 2000, Sailormen successfully completed eight additional acquisitions, ranging in size from a single unit to 72 units, and established itself in several new markets, operating in seven states: (i) Florida, (ii) Alabama, (iii) Georgia, (iv) Illinois, (v) Louisiana, (vi) Missouri, and (vii) Mississippi. Between 2012 and 2018, Sailormen exited the markets in Alabama, Illinois, Louisiana, Missouri, and Mississippi to concentrate on development in Florida and Georgia. At the time of the filing of the Motion, Sailormen operates 119 Popeyes Restaurants in Florida and Georgia. The Debtor is authorized to conduct Bidding Procedures, enter into the Stalking Horse Agreement, and provide each Stalking Horse Bidder stalking horse bid protections. The deadline for the Debtor to select one or more Stalking Horse Bidders and file on the docket any Stalking Horse Notices shall be June 1, 2026. The Debtor shall include a general description of the PLKI "Franchisee Approval Process" and general information on required remodels or other repair and maintenance requirements for the Debtor's restaurants (in each case to be provided by PLKI) in the data room maintained by the Debtor’s advisors as part of the Sale Process. In order to ensure that PLKI is involved in the Sale Process as early as possible, the Debtor shall encourage all Potential Bidders to contact PLKI if they intend to seek to be an assignee of the PLKI franchise agreements in connection with any Bid, and work with PLKI to complete the PLKI "Franchisee Approval Process" as expeditiously as possible. In order to participate in the Auction, a Potential Bidder must submit a Qualified Bid, in writing or by email, so as to be actually received by the Bid Deadline, to the Notice Parties; provided, however, any credit bid by the Prepetition Agent shall be governed by the provisions set forth in the "Credit Bid" section below. If the Debtor, in its sole discretion and business judgment, in consultation with the Consultation Parties, pursuant to the Bidding Procedures, determines that at least one Qualified Bid is received before the Bid Deadline for Purchased Assets subject to a Stalking Horse Agreement, the Debtor will conduct an Auction for the Sale(s) of the Purchased Assets, which shall take place on June 15, 2026 at 10:00 am (Eastern Time). The Stalking Horse Bidders, if any, and each Qualified Bidder will be entitled to make Bids at the Auction. The Court will conduct a hearing to approve the Sale(s) of the Purchased Assets on June 18, 2026 at 9:30 a.m. at the U.S. Bankruptcy Court, C. Clyde Atkins United States Courthouse, 301 North Miami Avenue, Courtroom 4, Miami, FL 33128, or such other location as the Bankruptcy Court may determine. About Sailormen Inc. Sailormen Inc. is a leading franchisee of Popeyes Louisiana Kitchen restaurants. Sailormen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10451) on January 15, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and $342 million in liabilities. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. SALT AND LIME: Case Summary & 11 Unsecured Creditors ---------------------------------------------------- Debtor: Salt and Lime 44, LLC 5031 N. 44th Street Phoenix, AZ 85018 Business Description: Operating a Salt + Lime Modern Mexican Grill at 5031 N. 44th Street in Phoenix, Arizona, Salt and Lime 44, LLC delivers modern Mexican dining with offerings such as tacos, barbacoa, enchiladas, tamales, and handcrafted beverages. Founded to manage this Arcadia neighborhood location, the company provides lunch, dinner, weekend brunch, and happy hour service in a lively, casual atmosphere, positioning the restaurant as both a culinary destination and a social gathering point within the Phoenix metropolitan area. Chapter 11 Petition Date: March 17, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-02478 Debtor's Counsel: Lawrence D. Hirsch, Esq. PARKER SCHWARTZ, PLLC 7310 N 16th Street Suite 300 Phoenix, AZ 85020 Tel: (602) 282-0477 Fax: (602) 282-0478 Email: lhirsch@psazlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Sandra E. Van Deraa as owner. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SVXRMZQ/Salt_and_Lime_44_LLC__azbke-26-02478__0001.0.pdf?mcid=tGE4TAMA SAWMILL USA: Seeks Chapter 7 Bankruptcy in Alabama -------------------------------------------------- On March 13, 2026, Sawmill USA 1 Pallet Manufacturing Co. LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Alabama. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Sawmill USA 1 Pallet Manufacturing Co. LLC Sawmill USA 1 Pallet Manufacturing Co. LLC is a limited liability company engaged in pallet manufacturing and related wood product operations, serving industrial and logistics sectors. Sawmill USA 1 Pallet Manufacturing Co. LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10712) on March 13, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Henry A. Callaway handles the case. The Debtor is represented by J. Willis Garrett, Esq. SEAMLESS QUALITY: Court Denied Cash Collateral as Moot ------------------------------------------------------ The United States Bankruptcy Court for the Middle District of Florida, Jacksonville Division issued an order denied the motion filed by Seamless Quality Solutions, LLC to use cash collateral as moot. About Seamless Quality Solutions Seamless Quality Solutions, LLC, is the operator of a welding inspection company in NorthEast Florida which started operations in November of 2018. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Flo. Case No. 25-03853) on Oct. 23, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Judge Hon. Jason A Burgess oversees the case. The Debtor is represented by: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 (904) 725-0822/FAX 725.0855 Email: bkmickler@planlaw.com SECURLY INC: Monroe Capital Marks $1.5MM Loan at 40% Off -------------------------------------------------------- Monroe Capital Enhanced Corporate Lending Fund has marked its $1,538,000 loan extended to Securly, Inc. to market at $923,000 or 60% of the outstanding amount, according to Monroe Enhanced's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Monroe Capital Enhanced Corporate Lending Fund is a participant in a revolver loan extended to Securly, Inc. The Loan accrues interest at a rate of 7.10% 10.94% per annum. The Loan matures on April 22, 2027. Monroe Capital Enhanced Corporate Lending Fund is a closed-end management investment company that focuses on corporate lending and credit-oriented investments in the leveraged finance market. The Fund is led by Zia Uddin as Chief Executive Officer (Principal Executive Officer) and Christopher Lund as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: Zia Uddin Monroe Capital Enhanced Corporate Lending Fund 155 North Wacker Drive, 35th Floor Chicago, IL 60606 Telephone: (312) 258-8300 About Securly, Inc. Securly, Inc. appears to be a corporate borrower, likely involved in technology or digital services, financing its operations through a revolving senior financing facility. SELECT MEDICAL: Moody's Cuts CFR to 'B1', Outlook Stable -------------------------------------------------------- Moody's Ratings downgraded the ratings of Select Medical Holdings Corporation ("Select Medical"), including the Corporate Family Rating to B1 from Ba3 and Probability of Default Rating to B1-PD from Ba3-PD. Moody's also downgraded Select Medical Corporation's (a wholly owned subsidiary of Select Medical Holdings Corporation) senior secured bank credit facility, including the senior secured first lien term loan B and the senior secured first lien revolving credit facility ratings to Ba3 from Ba1, and the senior unsecured notes rating to B3 from B1. The outlook is stable. Previously, the ratings were on review for downgrade. In conjunction with the downgrade, Moody's assigned a Ba3 rating on the company's proposed senior secured first lien incremental term loan-B3. These actions conclude the review for downgrade initiated on March 6, 2026. Proceeds from the proposed incremental term loan-B3 will partially fund the planned leveraged buy-out ("LBO") transaction by Welsh, Carson, Anderson & Stowe ("WCAS") and, together with Mr. Ortenzio and Mr. Jackson, the "Consortium", representing an enterprise value of up to $3.9 billion. The acquisition by the consortium is expected to close mid 2026, subject to customary closing conditions, including approval by Select Medical's shareholders and receipt of required regulatory approvals. The downgrade reflects Moody's views that the LBO will drive Select Medical's leverage to be sustained over 4.5 times over the next 12-18 months. The additional debt will increase interest expense that will pressure operating and cash flow metrics and make the company more weakly positioned to absorb any unexpected operating setbacks. Further, the rating action reflects the risk of more aggressive financial policies to be enacted under full private sponsor ownership. As such, governance risk considerations are material to this rating action. The stable outlook reflects Moody's expectations that Select Medical will maintain solid credit metrics but will also remain highly reliant on Medicare and vulnerable to potential reimbursement changes. RATINGS RATIONALE Select Medical's B1 CFR moderately high financial leverage, with pro forma gross debt/EBITDA of about 5.0x on Moody's basis. The rating incorporates the company's reliance on Medicare and its vulnerability to potential reimbursement changes as well as moderately high leverage. Moody's anticipates margins and leverage will improve from an increase in reimbursement rates from Medicare. CMS Medicare reimbursement rates for 2026 will increase 2.6% for inpatient rehabilitation services, and increase 2.7% for long-term care facilities, both of which will aid in margin expansion if adopted later this year. Supporting the credit profile is Select Medical's significant scale and good business diversity and leading market positions in each of its business segments. The company's outpatient rehabilitation business provides both payer and geographic diversity, with limited exposure to government payors. Moody's anticipates that earnings growth over the next 12-18 months will come from tuck-in acquisitions, the new in-patient rehabilitation facilities and an enhanced referral network. Select also benefits from solid free cash flow generation. The stable outlook reflects Moody's expectations that Select Medical will maintain solid credit metrics but will also remain highly reliant on Medicare and vulnerable to potential reimbursement changes. Moody's expects Select Medical's liquidity will be very good over the next 12 months. Select Medical will have about $470 million of availability under its $600 million revolving credit facility. Moody's believes that the company's operating cash flow will be more than sufficient to cover basic cash requirements and that the company will generate roughly $100 million of positive free cash flow annually. Moody's anticipates that Select Medical will maintain good cushion under its financial covenant following the debt pay down. Select Medical's CIS-4 indicates that ESG considerations have a limited impact on the current credit rating with potential for greater negative impact over time. This reflects Select Medical's exposure to social risk considerations (S-4) and governance risk considerations (G-4). Social risk considerations are related to risks associated with demographic and societal trends such as the rising concerns around the access and affordability of healthcare services. Select Medical is also exposed to labor pressures and human capital constraints as the company relies on highly specialized labor to provide its services. Governance risk considerations reflect Select Medical's moderately aggressive financial policy to support the company's rapid expansion through a combination of new facilities and acquisitions. Additionally, governance risks incorporate Select Medical's unique ownership structure that includes the potential for shareholder friendly activities with the private equity ownership, offset by the equity that management has rolled into the take-private transaction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Select Medical sustains debt/EBITDA below 4.0x while maintaining good liquidity, sufficient financial flexibility and good business diversification to absorb potential future negative regulatory developments and reimbursement changes. The ratings could be downgraded if liquidity weakens or if Select Medical experiences adverse developments in Medicare regulations or reimbursement that result in contracting profit margins or cash flow coverage metrics. A downgrade could also occur if the company makes a material debt-funded acquisition or shareholder initiative, or if debt/EBITDA is sustained above 5.0x. Select Medical is one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics in the United States based on number of facilities. As of December 31, 2025, Select Medical operated 104 critical illness recovery hospitals in 28 states, 38 rehabilitation hospitals in 15 states, and 1,917 outpatient rehabilitation clinics in 39 states and the District of Columbia. At December 31, 2025, Select Medical had operations in 39 states and the District of Columbia. Following the LBO, the consortium will own the company in its entirety. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SENSEONICS HOLDINGS: Eyes June Closing for European Asset Purchases ------------------------------------------------------------------- Senseonics Holdings, Inc. previously disclosed in a regulatory filing that on December 31, 2025, the Company, Senseonics Incorporated, and Ascensia Diabetes Care Holdings AG entered into a master asset purchase agreement, pursuant to which, among other things, the Purchaser Parties acquired Seller's and as applicable, Seller's affiliates', right, title and interest in and to certain assets related to Seller's marketing, selling and distribution of the Eversense(R) product in the United States effective January 1, 2026. As described in the Original Form 8-K, the Master Asset Purchase Agreement also contemplated the negotiation and execution of a series of local asset purchase agreements by and among the Seller and the Purchaser Parties and/or their affiliates, providing for the Purchaser Parties' acquisition of certain additional assets related to Seller's commercial Eversense CGM activities in Italy, Germany, Spain and Sweden and, in connection therewith, the assumption of certain liabilities and obligations associated with the European Purchased Assets. On March 12, 2026, the Purchaser Parties and the Seller Parties entered into the Local Purchase Agreements, pursuant to which, among other things, the Purchaser Parties agreed to acquire Seller's and as applicable, Seller Parties', right, title and interest in and to the European Purchased Assets and to assume the European Assumed Liabilities, as contemplated by the Master Asset Purchase Agreement. Subject to the satisfaction or waiver of customary closing conditions, the closing of each of the European Asset Purchases is expected to occur on or before June 30, 2026. In conjunction with each European Closing, the Purchaser Parties will make a cash payment to the Seller under the relevant Local Purchase Agreement of the respective Net Book Value based on the applicable European Purchased Assets and European Assumed Liabilities and subject to the terms and conditions set forth in the Master Asset Purchase Agreement and applicable Local Purchase Agreement. Each Local Purchase Agreement contains, including by incorporation from the Master Asset Purchase Agreement, customary representations, warranties, conditions and covenants, including but not limited to covenants concerning the conduct of business by the Seller Parties prior to the respective European Closing. Each party's obligation to consummate the transactions contemplated by each Local Purchase Agreement is conditioned upon certain closing conditions, including the satisfaction or waiver of all the applicable conditions set forth in the Master Asset Purchase Agreement and each Local Purchase Agreement, the performance by the other party of its obligations and covenants under the Master Asset Purchase Agreement and each Local Purchase Agreement in all material respects, the absence of any injunction or other legal prohibitions preventing consummation of the transactions contemplated by each Local Purchase Agreement, the obtaining of certain regulatory clearances, consents or non-objection with respect to the transfer of tender contracts and the completion of certain required labor and employment processes. The Seller Parties and the Purchaser Parties have agreed to reasonably cooperate with each other and to use their respective commercially reasonable efforts to take or cause to be taken all actions, and to do or cause to be done all things, reasonably necessary to consummate the European Asset Purchases contemplated by each Local Purchase Agreement. The Local Purchase Agreements will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending March 31, 2026. Transition Services Agreement In connection with entering into the Local Purchase Agreements, Senseonics Inc. and the Seller entered into a transition services agreement, pursuant to which the Seller has agreed to provide Senseonics Inc. with certain transition services in the European Territories to support the preservation of the business, the preparation of the business for transition to Senseonics, and an orderly and uninterrupted transition of the business from Seller to new Senseonics legal entities in the European Territories, and provide for the continuity of commercial operations relating to the Eversense product in the European Territories, generally through dates up to June 30, 2026, subject to potential extension in the case of several of the shared services. Services to be provided under the Transition Services Agreement include support in the areas of logistics and ordering, payment and collections, claims processing, with respect to performance under tender contracts in the European Territories, IT and systems migration, business employee support, finance and operations support, regulatory compliance, and other agreed services. Senseonics has agreed to pay certain costs and service fees under the Transition Services Agreement. About Senseonics Holdings, Inc. Senseonics Holdings, Inc. is a commercial-stage medical technology company focused on the development and manufacturing of glucose monitoring products designed to transform lives in the global diabetes community with differentiated, long-term implantable glucose management technology. Baltimore, Maryland-based KPMG LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 2, 2026, citing that the Company has determined that it may not meet its covenants as early as the third quarter of 2026. Further, the Company will require additional liquidity to continue its operations over the next 12 months. Therefore, the Company concluded that substantial doubt exists about its ability to continue as a going concern for the one-year period following the date the consolidated financial statements are issued. As of December 31, 2025, the Company had $126.3 million in total assets and $65.2 million in total liabilities, and total stockholders' equity of $61 million. SILK TOPCO: Barings Global Marks $1MM Corporate Bond at 21% Off --------------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $1,009,000 bond extended to Silk TopCo AS to market at $795,225 or 79% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a corporate bond extended to Silk TopCo AS. The bond accrues interest at a rate of 7.00% per annum. The bond matures on Feb. 12, 2030. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Silk TopCo AS Silk TopCo AS is a holding company structure, likely formed to own and manage an underlying operating business or portfolio of businesses. SJW AUTOMOTIVE: To Employ A.Wever Advisory LLC as Accountant ------------------------------------------------------------ SJW Automotive LLC seeks approval from the U.S. Bankruptcy Court for the Western and Eastern Districts of Arkansas to hire A.Wever Advisory, LLC to serve as accountant. A.Wever Advisory, LLC will provide these services: (a) bookkeeping; (b) monthly financial statement preparation; (c) assistance with the monthly operating reports required of Chapter 11 debtors in possession; (d) corporate tax return preparation; and (e) related accounting advisory services. The firm will receive a fixed rate of $750 per month for accounting and advisory services through the end of the current calendar year. The firm has received no retainer and is owed no pre-petition fees. A.Wever Advisory, LLC has no conflict of interest with the Debtor, any of its creditors, any party in interest in this proceeding, the United States Trustee, or any person employed in the Office of the United States Attorney, and is therefore a disinterested person. The firm can be reached at: A.Wever Advisory, LLC 1201 Northwest Briarcliff Parkway Briarcliff West, 2nd Floor - #2091 Kansas City, MO 64116 About SJW Automotive LLC SJW Automotive LLC operates an automotive repair and service center in Springdale, Arkansas, providing vehicle maintenance, diagnostics, transmission repair, and general auto repair services. SJW Automotive filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-70217) on Feb. 9, 2026. In the petition signed by Braeden Lynn Johnson, incorporator or organizer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Bianca M. Rucker oversees the case. The Debtor tapped Jessica Hall, Esq., at WH Law, PLC as counsel. SKY-FRAME INC: Seeks to Sell Furniture & Vehicle at Auction ----------------------------------------------------------- Sky-Frame, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to sell its assets including four Volkswagen vehicles, office furniture, office equipment, accounts receivable and showroom modules through an auction process. In addition to the sale of the Assets, the Debtor seeks to assume and assign to the buyer, the lease for the premises upon which the Assets are located and Debtor operates located at 145 N La Brea Ave C, Los Angeles, CA 90036. The Debtor has selected Sky-Frame Americas Inc. to serve as the stalking horse bidder at the auction. Americas was formed by SkyFrame Holding AG, the parent company of both the Debtor and Americas. Americas has presented a letter of intent, dated March 19, 2026 to the Debtor. The proposed purchase price for the Assets is $85,898.60. The sale is contingent upon the successful assumption and assignment of the Lease to Americas. The Debtor is pursuing a marketing effort to attract competing bidders for an auction and to select the highest and/or best bid (or bids). The Debtor proposes to hold the Auction and for the Court to conduct the sale hearing on April 21, 2026 at 10:00 a.m. The Debtor intends to market the opportunity to purchase the Assets for a truncated period of time. The process contemplates that bidders will conduct their due diligence prior to making bids for the Assets on an as is/where is basis, and that due diligence or financing contingencies will be viewed disfavorably. The deadline for submitting all initial bids is April 14, 2026. All bids will provide that they are subject to the approval of the Bankruptcy Court. A bid to purchase the Assets must be written in electronic form. In the event two or more Qualified Bids are received, the Bankruptcy Court will conduct the Auction on April 21, 2026 at 10:00 a.m., at which Qualified Bidders (including the Baseline Bidder) may participate. On April 21, 2026 at 10:00 a.m., the Court will hold a hearing to consider any objections to the Motion and to approve the sale of the Assets (and related assignment of an unexpired lease) to the Prevailing Bidder or Bidders. The Debtor, in consultation with its counsel and Mentor, shall have the exclusive right to determine the highest and best offer, subject to Bankruptcy Court review and approval. The Debtor has proposed the sale procedures to govern the auction sale of the Assets. The sale procedures establish a fair and reasonable procedure to address any issues regarding the assignment of the Lease. About Sky-Frame Inc. Sky-Frame, Inc. develops and produces frameless sliding windows and doors that emphasize flush indoor-outdoor transitions and are engineered in Switzerland for use in architectural and residential projects worldwide. It supplies a range of systems including straight, curved, inclined and pivot configurations, along with options such as insect screens, electric drives, enhanced security features, concealed pockets, shading solutions, bullet-resistant versions and switchable glazing. Its products are installed in several thousand properties across multiple continents and serve the high-end building components and architectural design markets. Sky-Frame filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20955) on Dec. 6, 2025, with $6,099,486 in assets and $9,156,326 in liabilities. Reto Honegger, chief financial officer, signed the petition. Judge Barry Russell oversees the case. Caroline R. Djang, Esq., at Buchalter, A Professional Corp represents the Debtor as counsel. SKYLINE HOLDING: To Sell Plainfield Property to Rondell Lewis ------------------------------------------------------------- Skyline Holding 365 LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 1122 East 2nd Street, Plainfield, New Jersey, 07062 and at 213 West 7th Street, Plainfield, New Jersey, 07060. The Debtor wants to sell the Properties to Rondell Lewis and Joel Sanchez-Acosta or an entity to be formed by the, free and clear of all liens, claims, encumbrances and other interests with such liens, claims, encumbrances and other interests to attach to the proceeds of the sale for good and valuable consideration. The purchase price of the Properties is $670,000.00. Included in the Purchase Price for the Premises shall be all fixtures permanently attached to the building(s), and all shrubbery, plantings and fencing, gas and electric fixtures, cooking ranges and ovens, hot water heaters, flooring, screens, storm sashes shades, blinds, awnings, heating apparatus and sump pumps, if any. Closing shall take place on or before 60 days following Bankruptcy Court approval, or such later date as may be approved by the Bankruptcy Court, subject to Buyer's financing. About Skyline Holding 365 LLC Skyline Holding 365 LLC is a real estate company based in Plainfield, New Jersey. Skyline Holding 365 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J.Case No. 25-10372) on January 14, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities $500,000 and $1 million. Honorable Bankruptcy Judge Stacey L. Meisel handles the case. The Debtor is represented by Herbert K. Ryder, Esq., at Law Offices of Herbert K. Ryder LLC, in Whitehouse Station, New Jersey. SMITH CUSTOM: Amy Denton Mayer Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for Smith Custom Home Corporation. Ms. Mayer will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About Smith Custom Home Corporation Smith Custom Home Corporation, doing business as Maverick Design & Construction, is a Florida-based residential construction company headquartered in Tampa, Florida. Founded in 2017, it provides custom home design, construction, and remodeling services across the Tampa Bay area, emphasizing personalized project management and client-driven home builds. Smith Custom Home sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01812) on March 9, 2026, with $135,764 in assets and $2,476,493 in liabilities. Marcus Smith, president of Smith Custom Home, signed the petition. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. SOLIANT HEALTH: Bain Cap Marks $1.9MM 1L Loan at 18% Off -------------------------------------------------------- Bain Capital Private Credit has marked its $1,917,000 million loan extended to Soliant Health LLC to market at $1,563,000 million or 82% of the outstanding amount, according to Bain Cap's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Bain Capital Private Credit is a participant in a First Lien Senior secured loan extended to Soliant. The 1L Loan accrues interest at a rate of SOFR 3.75% 7.79% per annum. The 1L Loan matures on July 18, 2031. Bain Capital Private Credit is a business development company that provides flexible private credit and financing solutions to middle-market and other corporate borrowers. The Fund is led by Michael A. Ewald as Trustee & Chief Executive Officer (Principal Executive Officer) and Michael J. Boyle as Trustee & President. The Fund can be reached at: Michael A. Ewald Bain Capital Private Credit 200 Clarendon Street, 37th Floor Boston, MA 02116 Telephone: (617) 516-2000 About Soliant Soliant operates as a healthcare and education staffing solutions. SOUND INPATIENT: Moody's Ups CFR to Caa1 & Alters Outlook to Pos. ----------------------------------------------------------------- Moody's Ratings upgraded Sound Inpatient Physicians, Inc.'s ("Sound") corporate family rating to Caa1 from Caa2 and probability of default rating to Caa1-PD from Caa2-PD. Moody's also upgraded the ratings of the company's senior secured super priority second-out Tranche B term loan due 2028 to Caa1 from Caa2, senior secured super priority third-out Tranche C term loan due 2029 to Caa3 from Ca, senior secured super priority fourth-out Tranche D term loan due 2029 to Caa3 from Ca. Additionally, Moody's affirmed the B2 rating on the company's senior secured super priority first-out Tranche A term loan due 2028, and revised the outlook to positive from stable. The ratings upgrade reflects the company's improving credit metrics and growth in EBITDA driven by Sound's improving contribution margin which has benefited from the company's entry into the Medicare Accountable Care Organization (ACO) program. Sound's financial leverage was 7.4x for LTM 9/30/25. Moody's expects leverage to remain in the 7x range in the next 12-18 months. In Moody's positive outlook, Moody's expects Sound's credit metrics to continue improving with earnings growth. Moody's expects the company to generate positive free cash flow and maintain solid cash balance mitigating the lack of a revolving credit facility as well as any volatility in demand or utilization headwinds. RATINGS RATIONALE Sound's Caa1 corporate family rating is constrained by the company's high financial leverage and high level of business concentration in hospital medicine. It is also constrained by the post-debt exchange capital structure and lack of revolving credit facility. Moody's expects that the debt/EBITDA will remain at 7x in the next 12 months primarily supported by growth in the ACO program. The company benefits from its leading position as a provider of outsourced hospitalist physician services, as well as other hospital-based physician specialties. The company renewed its focus on value-based care programs, with successful entry into Medicare Accountable Care Organization program. The ratings are further supported by the fact that Sound is partially owned by Optum Health. Sound's liquidity is adequate. Liquidity is primarily supported by a sizeable cash balance following the June 2024 recapitalization transaction. Sound had approximately $181 million in cash as of September 30, 2025. The company does not have a revolving credit facility. Moody's expects that Sound's free cash flow in the next 12 months will be positive partially helped by the PIK features on its term loans. The positive outlook reflects the potential for further improvement in EBITDA and free cash flow, driven by continued growth in the ACO program, while the core acute business remains stable. The company's Tranche A term loan is rated B2, two notches above the Caa1 CFR, reflecting its relatively small size and the highest ranking within the capital structure. The Tranche A term loan benefits from first loss absorption provided by the presence of a significant amount of junior debt in the capital structure. The Tranche B term loan, which constitutes the bulk of the company's total debt, is rated Caa1 – on the same level as CFR. All other classes of debt, including the Tranche C term loan, Tranche D term loan, are rated Caa3, reflecting their deep subordination in the capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company's performance deteriorates, probability of default increases, or the company's liquidity weakens. The ratings could be upgraded if operating performance and profitability continue to improve, and Sound continues to generate positive free cash flow to supplement the lack of external sources of liquidity. Quantitatively, if debt to EBITDA is expected to remain below 7x, the ratings could be upgraded. Sound Inpatient Physicians, Inc., headquartered in Tacoma, WA, is a provider of physician services in acute, post-acute, emergency medicine, and intensivist facilities through its wholly-owned subsidiaries and affiliated companies. Sound's principal business is to provide hospitalist services to hospitals and health plans designed to improve the well-being of patients while reducing their associated costs through the management of medical care. Revenues for LTM September 30, 2025 were approximately $1.9 billion. The company is primarily owned by private equity sponsor Summit Partners and Optum Health. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Sound's Caa1 CFR is two notches below the B2 scorecard-indicated outcome. The difference reflects Moody's views that the company's ratings are constrained by its post–debt exchange capital structure and the absence of a revolving credit facility. It also reflects Moody's views on long term sustainability of ACO segment contribution margin. SPINAL USA: Cion Investment Marks $1.1MM 1L Loan at 59% Off ----------------------------------------------------------- Cion Investment Corp. has marked its $1,141,000 million loan extended to Spinal USA, Inc. / Precision Medical Inc. to market at $465,000 or 41% of the outstanding amount, according to Cion's 10-K for the period ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 12, 2026. Cion Investment Corp. is a participant in a Senior Secured First Lien loan extended to Spinal USA, Inc. / Precision Medical Inc. The loan is on non-accrual status. The loan matures on May 29, 2026. Cion Investment Corp. is a closed-end, externally managed, non-diversified management investment company that primarily invests in the debt of U.S. middle-market companies. The Fund is led by Michael A. Reisner as Co-Chief Executive Officer and Director and Mark Gatto as Co-Chief Executive Officer and Director. The Fund can be reached at: Michael A. Reisner Cion Investment Corporation 100 Park Avenue, 25th Floor New York, NY 10017 Telephone: (212) 418-4700 About Spinal USA, Inc. / Precision Medical Inc. Spinal USA, Inc. / Precision Medical Inc. operates in the healthcare and pharmaceuticals sector, specializing in medical products and technologies for spinal and related treatments. SPINAL USA: Cion Marks $904,000 1L Loan at 59% Off -------------------------------------------------- Cion Investment Corp. has marked its $904,000 loan extended to Spinal USA, Inc. / Precision Medical Inc. to market at $368,000 or 41% of the outstanding amount, according to Cion's 10-K for the period ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 12, 2026. Cion Investment Corp. is a participant in a Senior Secured First Lien loan extended to Spinal USA, Inc. / Precision Medical Inc. The loan is on non-accrual status. The loan matures on May 29, 2026. Cion Investment Corp. is a closed-end, externally managed, non-diversified management investment company that primarily invests in the debt of U.S. middle-market companies. The Fund is led by Michael A. Reisner as Co-Chief Executive Officer and Director and Mark Gatto as Co-Chief Executive Officer and Director. The Fund can be reached at: Michael A. Reisner Cion Investment Corp. 100 Park Avenue, 25th Floor New York, NY 10017 Telephone: (212) 418-4700 About Cion Investment Corp. Spinal USA, Inc. / Precision Medical Inc. operates in the healthcare and pharmaceuticals sector, specializing in medical products and technologies for spinal and related treatments. SPLASH BEVERAGE: Medterra Merger Includes $10.4MM Debt Repayment ---------------------------------------------------------------- Splash Beverage Group, Inc. provided an update to the investing public that on March 4, 2026, the Company entered into a letter of intent with Medterra CBD, LLC, a leading manufacturer and multi-brand operator of federally compliant cannabinoid wellness products. Pursuant to the Letter, the parties agreed in principal on the terms of a potential business combination between Medterra and the Company, which Merger is subject to due diligence and execution of a definitive Merger Agreement and other applicable agreements, shareholder approval, audited financial statements of Medterra and customary closing conditions. In addition, the Company shall be required to raise capital to pay off Medterra's debt of approximately $10.4 million. According to the Company, the proposed terms for the Merger represent an enterprise value of Medterra of $37.6 million or the issuance of approximately 75,200,000 shares of common stock, which assumes repayment of its outstanding debt. At closing the Company will issue Medterra investors a number of shares of the Company's common stock equal to up to 19.99% of the Company's common stock then outstanding, and the remaining shares will be of two series of convertible preferred stock to be issued to Medterra's shareholders based on their existing ownership interests in Medterra. The Series X and X-1 shares will convert at $0.50 per share. The common stock to be issued at the closing shall have full rights equal to all outstanding common stock, except the holders may not vote upon the shareholder approval of the change of control contemplated by the Merger. The Letter provides that the Company will issue Series X-1 to Medterra's lender with the stated value based upon the equity value of Medterra. In exchange the lender shall cancel its warrants to purchase capital stock of Medterra. The Series X and X-1 shares will be governed by certificates of designation of rights, preferences and limitations that will provide customary liquidation preferences, price protection, information and other governance rights with respect to the parties post-Merger, and ranking within capital structure, as well as the following voting, redemption and conversion rights: (i) the Series X and X-1 shares may not vote or convert until the Company receives Shareholder Approval; (ii) Each share of Series X and X-1 shall have a 110% original issue discount, and shall be convertible into one share of common stock; provided, however, that the Series X shares will have downside protection and be subject to adjustment prior to conversion, such that, if the price of the common stock on the date of the proposed conversion is less than $0.50, the converson prices of the Series X and X-1 shall be reduced, subject to a floor price which will equal 20% of the Minimum Price as such term is defined by the NYSE American Rules; (iii) the Certificates of Designations will provide that the Company shall redeem up to $5 million of the Series X and X-1 from up to 50% of the net proceeds of any securities offerings, subject to customary exceptions. The Letter provides for certain provisions to be included in the definitive Merger Agreement, including minimum Medterra working capital at closing of $4,000,000 a customary working capital adjustment mechanism, based on the trailing historical net working capital averages (non-cash current assets minus non-debt current liabilities) of Medterra with appropriate adjustment to be agreed by the parties, determined in accordance with a mutually agreed to formula and methodology. The intent of this net-working capital approach is to ensure that Medterra is delivered with a normalized level of net-working capital. The Letter envisions that the definitive agreements will include certain additional customary terms, including representations, warranties, conditions, covenants, indemnities, and other terms that are customary for transactions of this kind. The Lever further provides for the appointment of certain officers and directors of Medterra as officers and directors of the Company following the Merger, subject to the Rules of the NYSE American. The Letter provides that as soon a practicable following the execution of the definitive Merger Agreement and the closing of the Merger, the Company will prepare and file with the Securities and Exchange Commission a Proxy Statement for purposes of obtaining the Shareholder Approval of the change of control and certain related events and transactions contemplated thereby. The Letter provides that, if the Company fails to use commercially reasonable efforts to obtain such Shareholder Approval by the earlier of: (i) 120 days following the closing of the Merger and (ii) 50 days following the filing of the definitive Proxy Statement, it will pay Medterra $250,000 as liquidated damages. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $22,489,297 in total assets, $15,711,745 in total liabilities, and $6,777,552 in total stockholders' equity. STANDARDAERO INC: Fitch Hikes LongTerm IDR to BB+, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has upgraded StandardAero, Inc. (SARO) and Dynasty Acquisition Co. Inc.'s (Dynasty) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'. Fitch also affirmed Dynasty's first-lien secured revolver and first-lien term loan ratings at 'BBB-' with a Recovery Rating of 'RR1'. The Rating Outlook is Stable. The upgrade reflects SARO's deleveraging following its IPO and strong operational performance, driving EBITDA leverage below 3.5x. The upgrade also considers the substantial de-risking of the LEAP platform's execution. The 'BB+' IDR considers the company's leading position within the engine and component repair services with diversified exposure to the commercial, military and helicopter, and business aviation end markets. SARO benefits from longstanding relationships across a broad range of OEMs, airlines, and defense customers, and engine platforms, particularly the LEAP and CFM56. Key Rating Drivers Certifications, Capacity Support Market Position: SARO has a strong and defensible market position as one of the largest independent commercial aviation maintenance, repair and overhaul (MRO) companies globally. The company's wide range of program certifications, strong OEM relationships, extensive test cell capacity, geographic footprint, and technician training capabilities create high barriers to entry, as authorizations and certifications for each engine program are expensive and time-consuming to acquire. SARO holds long-term OEM licenses and authorizations with a strong contract renewal track record. Most contracts span more than 10 years, often lasting through the life of an engine, and most of its revenue is generated under these long-term agreements. This reflects consistent execution and the value of longstanding customer relationships. Component Repair Integration Enhances Value: SARO's strategic expansion of component repair capabilities represents a key competitive advantage and growth driver. Integrated component repair operations reflect a solution-oriented approach focused on maintaining operational availability and reliability for airline customers. An expanding repair work scope enables SARO to capture additional demand and support service continuity when supply chains are constrained or replacement parts are delayed, improving turnaround times, enhancing margins, and delivering better economics for customers. Fitch expects SARO will continue investing in expanded repair capabilities. In a market characterized by parts constraints and where execution consistency is highly valued, SARO's combination of capacity, operational execution, and integrated component repair positions it favorably for continued growth. Progress De-Risking LEAP Platform: SARO has made substantial progress in de-risking its LEAP engine MRO program through proactive labor planning and operational execution. Labor was hired ahead of the ramp, helping to avoid staffing challenges which can often constrain new program ramps. As skilled labor progresses up the learning curve and shop visit volumes continue to increase, Fitch expects the LEAP program to continue its trajectory toward profitability in 2026 and becoming a meaningful revenue contributor toward the end of the decade. Requirements, Diversification Support Revenue: SARO's revenue profile benefits from predictable, highly regulated aircraft and engine maintenance requirements during a normal operating environment and diversified mix of end markets, customers and engine platforms. SARO's portfolio balance between mature and next-generation platforms supports both near-term cash generation and long-term growth. This portfolio balance, combined with the build-out of component repair capabilities, provides visibility into both near-term cash flows from higher CFM56 shop visit intensity and long-term growth tied to LEAP installed base expansion and enhanced component repair integration. Operational Execution Remains Priority: Fitch believes continued operational execution is critical for SARO. Poor execution could diminish the company's strong reputation and result in customers switching to competitors. However, SARO does not have a history of material contract cancellations in recent years. The management team has a strong track record, and Fitch believes it is capable of navigating potential challenges, as evidenced by successful execution thus-far on the LEAP platform. Acquisition Strategy Supports Growth: Management views M&A as a core tenet of its value creation opportunity set. Fitch expects SARO to supplement organic growth with incremental bolt-on acquisitions that provide additional certifications, improve diversification, or enhance component repair capabilities. The company is expected to complete bolt-on acquisitions and share repurchases while maintaining its net leverage target of 2.0x-3.0x. Fitch expects any material leveraging transactions would be followed by deleveraging back in line with its financial policy within 18-24 months post-transaction. Mid-Teens EBITDA Margins, Strong FCF: Fitch expects SARO to operate with margins in the low-to-mid teens range and FCF margins in the mid- to high-single-digit range. SARO generates margins that are in line with traditional MRO providers. Fitch forecasts CFO-capex to debt sustained around or above mid-teens over the forecast, highlighting the company's financial flexibility. Peer Analysis SARO occupies a differentiated position within the MRO peer landscape. Compared to OEMs, SARO provides cost-effective service delivery with broad geographic reach while maintaining strong collaborative relationships that secure program authorizations. Relative to in-house airline MRO operations, SARO offers broader platform expertise, specialized capabilities, and flexible capacity. Among independent MRO peers, SARO's combination of scale, extensive test cell capacity, LEAP platform authorization, integrated component repair focus, and end-market diversification across commercial, military, and business aviation segments create competitive advantages that support its market-leading position. SARO's traditional engine service model—performing full engine overhauls and component repairs without significant engine ownership—differs fundamentally from FTAI Aviation's (BB+/Stable) approach. FTAI owns a large pool of engines and operates an exchange-based MRE model that swaps engines and modules while executing targeted repairs, optimizing for speed and capital efficiency. This structural difference drives meaningfully different margin profiles with FTAI generating EBITDA margins in the low-40% range versus SARO's in the low- to mid-teens. Additionally, FTAI concentrates primarily on the open CFM56 aftermarket, while SARO maintains broader OEM authorizations spanning multiple platforms, including the next-generation LEAP program, and serves diversified end markets beyond commercial aviation. Fitch’s Key Rating-Case Assumptions - Revenue grows in the mid- to high-single-digit range annually, driven by LEAP platform ramp-up as the installed base grows and engines enter their maintenance cycles, continued expansion in commercial aviation shop visits, stable contributions from military and helicopter programs, and business aviation growth. - EBITDA margins are expected to modestly expand toward the mid-teens over the forecast, supported by the LEAP platform achieving profitability and positive contribution margins as the program scales and matures, and continued expansion of higher-margin integrated component repair capabilities. - Capex around 1.5% of revenue. - Company pursues bolt-on acquisitions and share repurchases, balanced against its net leverage target. - No material change in shareholder returns. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 were made to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Material operational missteps on key programs, particularly the LEAP platform, or sustained poor execution, leading to contract cancellations or non-renewals; - Loss of major OEM authorizations or certifications, or inability to secure certifications on future engine platforms; - EBITDA leverage sustained above 3.5x; - Reduced financial flexibility, including (CFO-Capex)/Debt approaching 10%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Commitment to investment-grade capital allocation and financial policy supporting EBITDA leverage below 3.0x; - Continued execution of operational and M&A strategy that strengthens the business and cash flow profile; - Maintenance of financial flexibility, including (CFO-Capex)/Debt above 15%. Issuer Profile StandardAero, Inc. is the world's largest independent provider of MRO services for the commercial, business jet, and military aviation markets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. 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 ----------- ------ -------- ----- Dynasty Acquisition Co., Inc. LT IDR BB+ Upgrade BB senior secured LT BBB- Affirmed RR1 BBB- StandardAero, Inc. LT IDR BB+ Upgrade BB STAPLES INC: Barings Global Marks $2.4MM Bond at 16% Off -------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $2,481,633 bond extended to Staples Inc. to market at $2,481,633 or 84% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund owns a corporate bond issued by Staples Inc. The bond accrues interest at a rate of 12.75% per annum. The bond matures on Jan. 15, 2030. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Staples Inc. Staples Inc. is a U.S.-based office supplies and business services retailer and distributor serving corporate, small-business and consumer customers. STOLI GROUP: Judge Allows Partial Claims Transfer in Chapter 11 --------------------------------------------------------------- Alex Wittenberg of Law360 reports that on Friday, March 20, 2026, a Texas bankruptcy judge cleared the Chapter 11 trustee for Stoli Group USA LLC to transfer certain estate claims to a new trust, according to the court order. The approval is intended to help simplify the administration of the bankruptcy estate. The trustee had requested the transfer to allow a separate trust to manage specific claims, arguing that doing so would promote efficiency and reduce administrative burdens on the estate. The court found no objections that would justify denying the motion, the report relays. As a result, select claims will now be handled by the new trust, helping the estate focus on maximizing value for creditors and moving the case toward final resolution. The decision underscores the court's emphasis on effective estate management under Chapter 11, according to Law360. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. STRATUS UNLIMITED: Barings PI Marks $715,979 Loan at 51% Off ------------------------------------------------------------ Barings Participation Investors has marked its $715,979 loan extended to Stratus Unlimited to market at $349,651 or 49% of the outstanding amount, according to Barings Participation's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Participation Investors is a participant in an Incremental Term Loan loan extended to Stratus Unlimited. The Loan accrues interest at a rate of 9.19% (SOFR + 5.250%) per annum. The Loan matures on June 30, 2027. Barings Participation Investors is a closed-end management investment company that invests primarily in privately placed, below-investment-grade, long-term debt securities and equity-related securities of middle-market companies. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Participation Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Stratus Unlimited Stratus Unlimited is a nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel work, and facility maintenance and repair. SV RNO PROPERTY 1: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned SV RNO Property Owner 1, LLC a Long-Term Issuer Default Rating (IDR) of 'BB' and its $3.8 billion senior secured notes a rating of 'BB'. The Rating Outlook is Stable. The ratings reflect elevated completion risk given early-stage construction and pricing that is not locked in. Mitigants include the ability to rentalize up to 20% of initial estimated cost through a yield-on-cost mechanism until guaranteed maximum price (GMP) is finalized and advanced long-lead procurement. Required power infrastructure has not yet been built and the energy services agreement (ESA) is not finalized, although 200MW has been allocated under a master planned community arrangement. Once operational, the project will have no lease renewal risk and a financial profile commensurate with the rating. Debt protection is weaker with permissive restricted-payments and additional debt incurrence capacity. The IDR matches the debt ratings, reflecting senior ranking and no material subordinated liabilities. KEY RATING DRIVERS Completion Risk - Weaker Simple Construction, No GMP Elevated completion risk reflects early-stage construction and absence of a GMP contract at this stage. While the contractor (Clark Construction Group, LLC) is experienced and the scope is straightforward, execution risk remains elevated given Fleet Data Centers' limited track record. Key mitigants include a lease yield-on-cost feature recovering total capex through higher rent; a robust budget with substantial developer contingencies, and 89% of major components locked in. The initial estimate of $17.3 million/MW is considered robust by lenders' technical advisor (LTA) . The lease permits up to a 20% increase in the initial estimate prior to GMP finalization, and the debt is sized on a higher cost assumption of $18.5 million/MW. Schedule risk is manageable per the LTA, with tenant termination rights in March 2031 outside date providing significant cushion. Supply Risk - Weaker Power Infrastructure to be Constructed The project faces electricity supply risk because it relies on NV Energy to deliver new utility infrastructure, including a substation and transmission lines. Utility infrastructure completion align with lease RFS dates and provide roughly three months of buffer, but limited visibility into NV Energy's timelines increases uncertainty about on-time completion. The project is using an accelerated power strategy supported by a behind-the-meter (BTM) solution of 86 MW, expandable to 115 MW. The project could achieve the accelerated RFS even if the BTM is delayed by six months, assuming utility commissions on time. While ESA is only expected by March 2026, the project has executed a 200 MW high voltage distribution (HVD) agreement with NV Energy, which allocates capacity to the project under 1,215MW master planned community (MPC) arrangement. The expected ESA term is 10 years, which creates renewal and price risk but the tenant bears price risk. The project assumes low power usage efficiency (PUE); if missed, more power may be needed than HVD allocation. However, MPC arrangement and BTM provide flexibility to meet the project's power requirement in case of shortfall. Revenue Risk - Stronger No Lease Renewal Risk Cash flows are contracted under a 197-month initial lease with an investment-grade tenant and two 10-year extensions options. The cash flows during the initial lease term are sufficient to repay the debt, eliminating renewal risk. Base rent is calculated on 9.5% of total capex. Before GMP finalization, up to 20% of cost overruns above initial estimate can be rentalized. After GMP, cost overruns shift to the project. BTM costs are passed through to the tenant. Operation Risk - Stronger NNN Lease, Limited Operator's Track Record Triple-net (NNN) lease passes all operating costs, including electricity, taxes, and insurance, to the tenant, reducing cost inflation exposure. However, stringent performance standards allow outage-related rent abatements. The project is expected to run at low PUE versus peers and could trigger service credits if not met. Redundancies mitigate disruptions, but Fleet's limited operating history elevates execution risk. Infrastructure Development & Obsolescence Risk - Neutral Newly Built Data Center, Low Maintenance As debt can fully amortize during the initial 197-month lease, technological obsolescence risk is limited. Mechanical and electrical components are expected to outlast the debt maturity, minimizing capital needs. Fitch anticipates only minor capex within eight to 10 years, mainly for battery replacement. Debt Structure - 1 - Weaker Refinance Risk, Additional Debt Allowance Senior secured notes mature in 2031 with 2.5% mandatory amortization starting post full commencement. This exposes the project to refinancing risk in 2031 and the sponsors don't have a significant refinancing track record. However, there is no reliance on lease renewals to repay the outstanding debt at maturity, partly reducing this risk. Liquidity includes an upfront debt service reserve account (DSRA) covering about six months' debt service plus funded interest during construction. Certain debt provisions are atypical and weaker than standard project finance structures. Although the documentation allows for additional debt, this capacity is constrained by basket limits. The issuer may undertake mergers or consolidations subject to a rating confirmation and may enter JVs subject to leverage tests. Restricted payment tests are weak, with certain baskets permitted at 1.0x DSCR and others at 1.10x DSCR. Peer Analysis The closest peers are Cipher Compute LLC (BB-/Stable) and WULF Compute LLC (BB/Stable). Like these peers, SV RNO faces elevated completion risk from early construction and the absence of a GMP. SV RNO and WULF Compute have tighter restrictions on additional indebtedness versus Cipher Compute has more flexibility to raise additional indebtedness for expansion. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant delay in finalizing GMP or construction delays - including delays in the availability of electrical utility infrastructure, such as substations - that result in increased unavoidable costs not covered by either contingencies or DSRA; - Degradation of the financial performance leading to sustained DSCR below 1.10x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Satisfactory commissioning of all the tranches in line with the lease terms, coupled with sustained operational and financial performance with DSCR above 1.18x Financial Profile Fitch's base and rating cases assess project cashflows over the initial lease term and refinancing in year five. The base case assumes maintenance capex and an 8% refinancing rate. The rating case is identical except for 10% stress to maintenance capex. Rating case results in 1.17x PLCR at refinancing and average DSCR of 1.17x over initial lease term. TRANSACTION SUMMARY SV RNO, indirectly owned by Fleet Data Centers I, LP, issued $3.8 billion senior secured notes to build a data center with critical IT capacity of 200MW in Nevada. Note proceeds will fund the project with around 90% debt-to-cost ratio, together with $400 million equity funded at close. SECURITY - First-priority liens over substantially all of the issuer's assets and a 100% pledge of the its equity. - Infrastructure supporting BTM, substation and adjacent property are pledged as collateral, but releasable at the issuer's option, except where releasing the substation would disrupt power. Date of Relevant Committee Feb. 12, 2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate elevated risk for SV RNO Property Owner 1 LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- SV RNO Property Owner 1, LLC LT IDR BB New Rating BB(EXP) SV RNO Property Owner 1, LLC/Senior Secured Debt/1 LT LT BB New Rating BB(EXP) TELLICO RENTALS: To Employ Wallace Real Estate as Realtor --------------------------------------------------------- Tellico Rentals, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Wallace Real Estate to serve as realtor. The firm will represent the debtor and this estate in connection with the marketing of said property. April Blankinship of Wallace Real Estate will receive compensation at a rate of 5% of the sales price. Ms. Blankship asserts that the firm is a "disinterested person" within the meaning of Section 101 of the Bankruptcy Code and that she has not held nor does she have any adverse interest to the estate and has had no connection with the Debtor prior to the filing of the petition. The firm can be reached at: April Blankinship WALLACE REAL ESTATE 10815 Kingston Pike Knoxville, TN 37934 About Tellico Rentals LLC Tellico Rentals, LLC, offers cabin rental services in Tellico Plains, Tennessee. It provides a range of accommodations, including riverfront lodges, group cabins, and pet-friendly units near the Cherohala Skyway and Tellico River. Tellico Rentals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12707) on October 9, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25-32044). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. TERRASTRAT GROUP: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division issued an agreed final order authorizing Terrastrat Group, LLC to use cash collateral while continuing operations during its restructuring process. The order permits the debtor to use cash collateral strictly according to an approved operating budget and requires all funds to be deposited into a debtor-in-possession bank account. The debtor must operate within the budget limits and cannot exceed operating expenses by more than 5% without lender consent. The court determined that continued use of the cash collateral is necessary to allow the debtor to pay vendors, overhead costs, and other operational expenses and to preserve the value of the estate. As adequate protection for secured lenders Rapid Financing and Everest Business Funding, the order requires monthly payments totaling $5,500 ($5,000 to Rapid and $500 to Everest). The lenders were also granted replacement liens on both pre-petition and post-petition assets, maintaining the same priority as their existing security interests. The debtor acknowledged the validity and enforceability of approximately $50,000 owed to Rapid and $88,000 owed to Everest, both secured by substantially all company assets. The order further modifies the automatic stay to allow perfection of replacement liens and establishes conditions that could terminate the debtor's authority to use cash collateral, including failure to comply with the budget or required payments. It preserves lenders' enforcement rights upon default while requiring ongoing reporting, insurance maintenance, and financial transparency by the debtor. The relief is interim in nature and remains subject to further court review and entry of a final order. About Terrastrat Group LLC Terrastrat Group LLC provides consulting and analytics services to financial institutions in the United States, focusing on optimizing branch networks and ATM placement. The Columbus, Ohio-based company delivers data-driven growth strategies that leverage predictive modeling, market analysis, and micromarket optimization to inform decisions on branch consolidation, expansion, and investment prioritization. Its services are tailored to each client's needs, helping banks improve efficiency, reach, and customer retention within their retail footprint. Terrastrat Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55664) on December 24, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by Tami Hart Kirby, Esq. of Porter Wright Morris & Arthur LLP. TGI FRIDAY'S: Judge Clears Vote on Wind-Down Plan ------------------------------------------------- Ben Zigterman of Law360 reports that a Texas bankruptcy judge has cleared the bankruptcy estate of TGI Fridays to seek creditor votes on its Chapter 11 liquidation plan, according to a Friday, March 20, 2026, ruling that sets a confirmation hearing for May 1, 2026. The decision advances the case toward a potential conclusion. In approving the solicitation process, the court determined that creditors have been provided with sufficient details regarding the plan's structure and anticipated recoveries. The plan centers on liquidating remaining assets and distributing funds in accordance with the Bankruptcy Code, the report states. The confirmation hearing will be a critical milestone, where the court will assess whether the plan is fair and feasible. If approved, it would enable the estate to complete its wind-down and finalize distributions to stakeholders, the report relays. About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entrees, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. TOWER CAPITAL: Case Summary & Seven Unsecured Creditors ------------------------------------------------------- Debtor: Tower Capital Group, LP Wyndham City Centre 128 Westcourt Ln San Antonio, TX 78257-1271 Business Description: Tower Capital Group, LP is a San Antonio, Texas-based limited partnership that owns the Wyndham Springfield City Centre hotel in Springfield, Illinois, a 30-story, 369-room property with 27 apartment units, more than 50,000 square feet of meeting space, a commercial kitchen and restaurant, a Starbucks, parking facilities and retail space. The company generates income through hotel operations, a Wyndham Hotels & Resorts franchise affiliation and ancillary leases, including retail and telecommunications space, though operations have been temporarily suspended due to property damage. Chapter 11 Petition Date: March 18, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-50689 Judge: Hon. Craig A Gargotta Debtor's Counsel: Dean Greer, Esq. WEST & WEST ATTORNEYS AT LAW, P.C. 2929 Mossrock Suite 204 San Antonio TX 78230 Tel: (210) 342-7100 Email: dean@dwgreerlaw.com Total Assets: $8,078,199 Total Liabilities: $7,678,340 Ali Rajabi signed the petition in his capacity as manager of Tower GP, LLC. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OMKD3FI/Tower_Capital_Group_LP__txwbke-26-50689__0001.0.pdf?mcid=tGE4TAMA TPD DESIGN: Section 341(a) Meeting of Creditors on April 24 ----------------------------------------------------------- On March 16, 2026, TPD Design House, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the debtor reports liabilities between $10,000,000 and $50,000,000 owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on April 24, 2026 at 10:00 AM at ALTERNATE TELEPHONIC CONFERENCE. About TPD Design House, LLC TPD Design House, LLC is a Pennsylvania-based company engaged in design, development, and project-related services, serving commercial and residential clients. TPD Design House, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11073) on March 16, 2026. In its petition, the debtor reports estimated assets of $1,000,000–$10,000,000 and estimated liabilities of $10,000,000–$50,000,000. The Honorable Bankruptcy Judge Derek J. Baker handles the case. The debtor is represented by David B. Smith, Esq. of Smith Kane Holman, LLC. TRANSCONTINENTAL INC: DBRS Cuts Issuer Rating to BB(high) --------------------------------------------------------- DBRS Limited downgraded the Issuer Rating of Transcontinental Inc. (Transcontinental or the Company) and the credit rating on the Company's Senior Unsecured Debt to BB (high) from BBB (low). The trends on both credit ratings are Stable. The credit rating on the Company's Senior Unsecured Debt is based on a recovery rating of RR3. These credit rating actions follow the completion of Transcontinental's divestiture of its packaging operations (TCP) to ProAmpac Holdings Inc. for a cash consideration of $2.1 billion (the Divestiture). Morningstar DBRS notes TCP made up the entirety of Transcontinental's packaging operations and accounted for 55% to 60% of Transcontinental's consolidated revenue and adjusted EBITDA. At the same time, Morningstar DBRS removed the Company's credit ratings from Under Review with Negative Implications where they were placed on December 9, 2025, when Transcontinental announced that it had entered into an agreement to undertake the Divestiture. KEY CREDIT RATING CONSIDERATIONS The credit rating actions reflect Morningstar DBRS' view that the Divestiture has resulted in a weakening of Transcontinental's business risk profile because of product diversification away from the packaging industry, which Morningstar DBRS views as more stable in the long term than the Company's traditional printing operations, and the reduced operating size, scale, and geographic diversification. Morningstar DBRS anticipates Transcontinental will maintain strong key credit metrics and expects debt-to-EBITDA to be approximately 1.7 times (x) following the Divestiture. However, the Company's strong financial risk profile is not sufficient to offset the impact of its weaker business risk profile, which Morningstar DBRS views as no longer commensurate with an investment-grade credit rating. CREDIT RATING DRIVERS Morningstar DBRS could take a negative credit rating action should operating performance deteriorate because of a severe decline in traditional print operations or weaker-than-anticipated growth in the Company's in-store marketing (ISM) segment leading to a deterioration of market share and/or the need for more aggressive financial management than anticipated such that the Morningstar DBRS-adjusted leverage increases above 3.5x on a sustained basis. Morningstar DBRS notes that Transcontinental has a history of using its balance sheet to fund accretive acquisitions that are followed by periods of concentrated deleveraging. However, given the strength of the Company's balance sheet, there is capacity for debt-funded investment within the current credit rating category. Conversely, Morningstar DBRS could take a positive credit rating action should the Company materially increase its size and scale while growing operations that present more a favorable long-term earnings outlook, including its ISM and media segments, coupled with maintaining credit metrics at strong investment-grade levels. EARNINGS OUTLOOK Looking ahead, and excluding the F2026 discontinued operations related to the packaging segment, Morningstar DBRS anticipates Transcontinental's earnings profile will remain relatively stable through F2026 and F2027 with earnings growth in ISM more than offsetting the impact of the decline in traditional print operations in the near term and expects the Company will benefit from operating efficiency initiatives through F2027. As such, Morningstar DBRS forecasts Transcontinental's revenue, excluding packaging, to grow in the high single-digit range, primarily driven by the ISM segment on the back of strong organic growth supported by expanded product offerings and cross-selling opportunities, as well as the Company's F2025 acquisitions of Middleton Group Inc., Mirazed Inc., and Intergraphics Decal Limited. Revenue growth is expected to be partially offset by steady declines in traditional print operations in F2026 and result in low single-digit revenue declines in F2027. Morningstar DBRS forecasts EBITDA margins to decline to below 18% in F2026 because of added costs related to integrating acquired businesses. However, Morningstar DBRS anticipates operating efficiency initiatives--including streamlining the corporate cost structure, reducing costs through strategic sales of non-core asset, and realizing cost efficiencies from acquired businesses--will drive margin expansion toward 18.5% in F2027. As a result, Morningstar DBRS forecasts Transcontinental's adjusted EBITDA to be in the $210 million to $230 million range in F2026 and F2027. FINANCIAL OUTLOOK Morningstar DBRS expects that, after the Divestiture, Transcontinental will reduce debt and maintain strong investment-grade credit metrics that are supportive of the Company's credit ratings. Morningstar DBRS expects cash flow from operations to be in the $150 million to $175 million range in F2026 and to track in line with earnings in F2027. Morningstar DBRS forecasts capital expenditures to be approximately $60 million annually in F2026 and F2027, primarily attributable to maintenance and capitalized intangible expenditures. Morningstar DBRS notes that Transcontinental is expected to receive approximately $2.1 billion in cash proceeds from the Divestiture, approximately $1.7 billion of which is expected to be distributed to shareholders. Morningstar DBRS forecasts the Company to return to more normal dividend levels of approximately $20 million in F2027. Morningstar DBRS notes that Transcontinental plans to divest approximately $100 million in non-core assets, of which approximately $80 million is expected to be realized through F2026 and F2027. Morningstar DBRS predicts Transcontinental will allocate free cash flow and remaining cash inflows from the Divestiture toward further tuck-in acquisitions, particularly in the ISM segment, as well as the reduction of approximately $400 million of debt through the end of F2026. As a result, Morningstar DBRS anticipates Transcontinental's leverage will be approximately 1.7x at YE2026, and improve below 1.5x in F2027, barring any material debt-funded acquisitions. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): bb/ bb (low) Transcontinental's credit ratings are supported by the Company's strong market position in the print industry; commitment to grow its product segments with more attractive long-term outlooks, mainly ISM and strong free cash flow generating capacity. The credit ratings also take into consideration the Company's exposure to declining traditional print operations because of the structural shift to digital media from print, its limited size, and the risks associated with growth through acquisition. Comprehensive Financial Risk Assessment (CFRA): a (high) Transcontinental's CFRA reflects Morningstar DBRS' expectation that, through stable earnings and demonstrated disciplined financial management, which at times has included periods of debt-funded acquisitions followed by periods of deleveraging, the Company will maintain credit metrics within a range considered strong for the current credit ratings (i.e., debt-to-EBITDA in the 1.5x to 2.0x range). Intrinsic Assessment (IA): bb (high) The IA is based on Transcontinental's CBRA and CFRA, taking into consideration peer comparisons, among other factors. Recovery Rating: RR3 The Recovery Rating of RR3 reflects Morningstar DBRS expectation that following the amendments to Transcontinental's credit facilities, the Company will not issue any senior secured debt until it repays its senior unsecured notes July 2026. Notes: All figures are in Canadian dollars unless otherwise noted. TRAVELEX INTERNATIONAL: Barings Global Marks $4.9MM Bond at 32% Off ------------------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $4,939,348 bond extended to Travelex International Limited to market at $3,338,011 or 68% of the outstanding amount, according to Barings Global N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a corporate bond extended to Travelex. The bond accrues interest at a rate of 3.01% per annum. The bond matures on March 31, 2029. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Travelex Travelex is a global foreign-exchange and payments services company that provides currency exchange, prepaid cards and related financial products to consumers and businesses. TRUE HEALTH: Case Summary & 16 Unsecured Creditors -------------------------------------------------- Debtor: True Health Medical, P.C. 2 Hillside Avenue, Ste G Williston Park, NY 11596 Business Description: True Health Medical P.C., located in Williston Park, New York, operates a multidisciplinary clinic providing comprehensive primary care and women's health services. The practice integrates preventive screenings, chronic-condition management, acute illness treatment, and diagnostic procedures on-site, with EKG, ultrasound, and laboratory testing to streamline care. Providers offer same-day appointments, extended hours, and telehealth options, while a multilingual team accepts diverse insurance plans and coordinates with regional hospitals to ensure continuity of care for patients across Long Island and New York City. Chapter 11 Petition Date: March 17, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-71057 Debtor's Counsel: Robert J. Spence, Esq. SPENCE LAW OFFICE, P.C. 55 Lumber Road Roslyn, NY 11576 Tel: (516) 972-7981 E-mail: rspence@spencelawpc.com Total Assets: $0 Total Liabilities: $4,520,576 The petition was signed by Sarita Khatri, MD as president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6766ZMA/True_Health_Medical_PC__nyebke-26-71057__0001.0.pdf?mcid=tGE4TAMA TSWT ACQUISITION: Ares Strategic Marks $113,300 1L Loan at 22% Off ------------------------------------------------------------------ Ares Strategic Income Fund has marked its $113,300 loan extended to TSWT Acquisition, Inc. and TSWT Holdings, LLC to market at $87,900 or 78% of the outstanding amount, according to Ares Strategic's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a first lien senior secured loan extended to TSWT Acquisition, Inc. and TSWT Holdings, LLC. The 1L Loan accrues interest at a rate of 8.73% SOFR (M) 5.00% per annum. The 1L Loan matures on November 2031. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: The Corporate Secretary Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About TSWT Acquisition, Inc. and TSWT Holdings, LLC TSWT Acquisition, Inc. and TSWT Holdings, LLC appear to be an acquisition vehicle structure, likely formed to own and operate an underlying corporate target financed through first lien debt. TUTOR PERINI: S&P Upgrades ICR to 'BB-', Outlook Stable ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Tutor Perini Corp. (TPC) to 'BB-' from 'B'. The outlook is stable. S&P said, "We also raised our rating on its senior unsecured notes due in 2028 to 'BB-' from 'B+' with a '3' recovery rating, indicating our expectation for meaningful recovery (50%-70%; rounded estimate, 65%) in the event of payment default. "The stable outlook reflects our expectation that TPC will sustain credit measures in line with the rating as it executes on projects in its backlog. We expect S&P Global Ratings-adjusted debt to EBITDA sustained at about 1x and FOCF to debt above 40% through our forecast, which could deteriorate during periods of stress. "TPC outperformed our expectations in 2025 and we expect improved contracting terms in its projects in backlog will support improved margins and strong cash flow generation while maintaining minimal debt burden. "We expect S&P Global Ratings-adjusted debt to EBITDA will remain at about 1x over the next couple of years." Advance payments on backlog projects and collections from legacy disputes will likely continue to wind down, reducing free operating cash flow (FOCF) from nearly $570 million in 2025, though in line with a higher rating. The upgrade reflects greater confidence that TPC will sustain leverage around 1x supported by higher margins and continued strong cash flow. S&P said, "We believe Tutor Perini will sustain credit metrics in line with the higher rating as legacy project disputes and related charges dissipate. S&P Global Ratings adjusted debt to EBITDA was 1.1x and reported FOCF was nearly $570 million in 2025 as TPC showed strong execution on its higher -margin projects in its backlog. Top line growth, margins and cash flow was above our previous expectation of $150 million-$200 million due to inflow from settlement of legacy project disputes and advanced payments from customers (nearly $430 million combined)." S&P said, "Absent potential charges from legacy disputes, we expect TPC will likely maintain S&P Global Ratings-adjusted debt to EBITDA of about 1x in 2026 and 2027. Its relatively low leverage provides cushion for cyclicality inherent in the construction industry. While leverage remains largely in line with our previous forecast, we believe TPC will sustain these results and continue sizable cash flow relative to debt due to continued progress on legacy project disputes and reduced related charges in 2025. As these disputes wind down, we expect FOCF of $250 million-$300 million in 2026 and $350 million-$400 million in 2027. This does not consider potential additional cash collection from dispute resolutions or advance project payments." TPC's stated financial policy supports the higher rating. The company targets a net leverage below 1x. It authorized its share repurchase program and dividend in November 2025, both modest at $200 million for share repurchases and 6 cents per share for dividends relative to expected cash generation. S&P anticipates TPC will build cash on the balance sheet instead of substantial distribution to shareholders over the next few years. S&P said, "We expect revenue will increase 15%-20% in 2026 with EBITDA margin in the high single digit percent area. This is in line with our prior expectations. Tutor Perini increased revenue 28.1% in 2025 (slightly above our expectation) and consistently executed on projects in the backlog during 2025. Its book-to-bill was 1.34x, demonstrating meaningful award activity and execution on projects in the backlog, in our view. S&P Global Ratings-adjusted EBITDA improved to 8.1% from just above break-even in the prior year as charges from legacy project disputes decreased and execution on higher-priced contracts in the backlog commenced. We noted in our previous research update on TPC that the company has recently changed its contracting standards to mitigate expenses for circumstances outside of its control and improve risk sharing with customers, which we believe is still likely. We also believe progressive design-build could support improved cash flow and fewer project disputes. However, given the fixed-priced nature of the work, there is still exposure to cost overruns if execution becomes challenged, which could materially deteriorate credit measures. "We continue to expect that growth the next few years will be supported by execution on backlog projects, led by the civil segment. This demand continues to be supported by the need for infrastructure improvements and strong funding from state and local governments. By the third quarter, the specialty contractors segment produced positive margins for the first time in several years, which should also contribute to expansion. The backlog at year-end 2025 was $20.6 billion, just under the peak of $21.6 billion in the third quarter. Further, it may not increase until late 2026 or early 2027 due to the timing of project bids. However, because this provides visibility into demand over the next few years, we expect Tutor Perini will sustain growth. This backlog was approximately 49% in the civil segment, 36% in the building segment, and 15% in the specialty contractors segment. Segment margin is strongest in civil (with pricing expected to support margins around the mid-teens percent area), followed by building and specialty contractor (low to mid-single-digit percents). Given the overall mix, we expect S&P Global ratings adjusted EBITDA margin in the high single digit percent area in 2026 and 2027. "The stable outlook reflects our expectation that TPC will sustain credit measures in line with the rating as it executes on projects in its backlog. We expect S&P Global Ratings-adjusted debt to EBITDA sustained at about 1x and FOCF to debt above 40% through our forecast, which could deteriorate during periods of stress." S&P could lower the rating over the next 12 months if: -- S&P Global Ratings-adjusted debt to EBITDA increases above 2x; or -- S&P Global Ratings-adjusted FOCF to debt declines below 25%; and S&P expects these credit measures to remain in that area. This could occur if execution challenges on fixed-priced contracts emerge or if unexpected sizable litigation or legacy project disputes erode earnings. While unlikely in the near term, S&P could raise its rating over time if: -- Operating performance remains consistent, such that the company achieves a larger scale comparable to that of higher rated peers; -- TPC maintains EBITDA margin improvement as it progresses on higher-margin civil segment projects; and -- S&P Global Ratings-adjusted debt to EBITDA remains below 1x and FOCF to debt of at least 40%. This could occur as there is comfort in TPC's revised contracting terms, providing protection from customer dispute, or as it sustains consistent credit measures over the next few years. TWO JAYS: Court OKs Berlin Property Sale to Chad Robinette ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, has permitted Two Jays Properties & Rentals LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real property located at 313 Langford St. GA., Berlin, GA 31722, which is encumbered by: a. 1st Mortgage in favor of Southeastern Credit Union in the amount of approximately $69,792.13; and b. 2nd Mortgage in favor of Southeastern Credit Union in the amount of approximately $29,224.33. The Court has authorized the Debtor to sell the Property to Chad D. Robinette in the purchase price of for $125,000.00. The Debtor is authorized to execute and deliver such documents and perform all things necessary to effectuate the sale as set forth in the Sale Motion. The Buyer is a good faith purchaser and shall be entitled to the protections. All net sale proceeds remaining after payment of Southeastern Credit Union's mortgages and customary closing costs shall be paid to Bruner Wright, P.A.'s trust account. About Two Jays Properties & Rentals LLC Two Jays Properties & Rentals, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-40045) on January 28, 2026, listing assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Blanche Berry, manager, signed the petition. Judge Karen K. Specie presides over the case. Byron W. Wright III, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. UMBRELLA ARMORY: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------- Umbrella Armory LLC, a maker of high-end customized airsoft rifles, has filed for Chapter 7 bankruptcy in the Central District of California. The filing, dated March 3, 2026, is a voluntary liquidation proceeding, according to Inforuptcy. Under Chapter 7, a trustee will be appointed to liquidate assets and distribute proceeds to creditors, Bankruptcy Observer noted. The process is designed to satisfy debts as fully as possible given the company's financial position, the report states. Court documents show Umbrella Armory’s assets are valued between $0 and $100,000, with liabilities between $100,001 and $1 million. The company reportedly has between 1 and 49 creditors, based on PacerMonitor filings. The bankruptcy has been assigned case number 6:26-bk-11538. About Umbrella Armory Umbrella Armory operated in the airsoft sector, selling specialized rifles and parts to recreational enthusiasts. Umbrella Armory sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11538) on March 3, 2026. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Daniel King, Esq. of The Attorney Group. UNCLE NEAREST: Seeks Chapter 11 Bankruptcy After CEO Sues Lender ---------------------------------------------------------------- Randi Love of Bloomberg Law reports that Uncle Nearest Inc. has entered Chapter 11 proceedings amid an escalating legal fight with its lender and a court-appointed receiver overseeing its operations. The bankruptcy filing, submitted Tuesday in Tennessee, comes as the company attempts to stabilize its finances and defend against ongoing claims about its business practices. Court filings show that Farm Credit Mid-America PCA holds a $108 million secured claim, making it the company’s primary creditor. Uncle Nearest reported total assets of about $529 million, along with millions in unsecured debt owed to other creditors. In parallel, founders Fawn Weaver and Keith Weaver initiated litigation in New York, accusing Farm Credit of spreading false and damaging statements about the company's financial health. The allegations include claims of inventory discrepancies and insolvency, which the founders strongly deny. The lender has yet to issue a response, the report states. The conflict began last 2025 when a Tennessee federal judge approved the lender's request to install a receiver, placing the company under court supervision. Since then, disagreements have intensified over valuation issues and proposed asset sales, including real estate tied to the founders. A judge recently signaled that independent appraisals would be required before approving any such transactions, as the company faces broader industry headwinds following a post-pandemic slowdown, according to report. About Uncle Nearest Uncle Nearest is a whiskey producer. Uncle Nearest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30470) on March 17, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Kelli Danielle Holmes, Esq. of Tarpy, Cox, Fleishmann, & Leveille, PLLC. UNITI GROUP: Investment Managers Marks $148,804 Stock at 52% Off ---------------------------------------------------------------- Investment Managers Series Trust III has marked its $148,804 preferred stock extended to Uniti Group, Inc. to market at $71,820 or 48% of the outstanding amount, according to Investment Manager's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Investment Managers Series Trust III a participant in a preferred stock extended to Uniti Group, Inc.. The stock is on non-accrual status. Investment Managers Series Trust III is a registered investment company organized as a trust that provides a platform for multiple investment advisers to offer mutual fund series to investors. The Fund is led by Maureen Quill as President and Principal Executive Officer and Rita Dam as Treasurer and Principal Financial Officer. The Fund can be reached at: Maureen Quill Investment Managers Series Trust III 235 West Galena Street Milwaukee, WI 53212 Telephone: (626) 385-5777 About Uniti Group, Inc. Uniti Group, Inc. is a real estate investment trust that owns and leases mission-critical communications infrastructure, including fiber and wireless towers, to telecommunications and data service providers. UNIVERSITY OF HAWAII: Moody's Cuts Rating on 2021A-1/2 Bonds to Ba2 ------------------------------------------------------------------- Moody's Ratings has downgraded the ratings to Ba2 from Ba1 and revised the outlook to negative from stable on the Public Finance Authority Student Housing Revenue Bonds (University of Hawai'i Foundation Project), ($62.2 million) Senior Series 2021A-1 (Tax-Exempt) and ($14.2 million) Senior Series 2021A-2 (Taxable). The downgrade and outlook change resulted from a sudden and material decline in occupancy for the project to 65% for the academic year 2025 -2026 from 90% for the previous academic year, which will lead to a significant decline in debt service coverage. RATINGS RATIONALE The Ba2 reflects the small scale student housing project in an increasingly competitive market and rising likelihood of draws on currently solid reserves. Project occupancy of 65% as of Fall 2025, will result in very weak debt service coverage for the senior bonds, projected by management to be 1.02x, a marked departure from the solid 1.46x as of FY2025. Although the project benefits from the ability to subordinate certain expenses below debt service, this subordination is unlikely to prevent taps on the project's operating reserves should occupancy remain low or decline further. While the operating reserves are currently substantial at $3.1 million, continued low occupancy would likely lead to a drain on these funds over time and potentially a draw on the debt service reserve. While enrollment at the University has been strong, housing options have increased and demand for the project declined suddenly in Fall 2025. University of Hawai'i Foundation ("UHF" or the "Foundation") has replaced project management with Asset Living, and the new manager will work to improve occupancy for Fall 2026. Although UHF is not rated by Moody's, the University of Hawaii ("UH") is rated Aa3/Stable. Both governance factors, pertaining to management track record, and social factors, such as customer service issues driving declining housing demand, are key drivers of the rating action. These factors are being addressed through UHF's hiring of both a financial consultant and new property management. RATING OUTLOOK The negative outlook incorporates the significant decline in occupancy and the uncertainty around improvement given soft demand. Failure to reverse these trends and accelerated declines in financial performance and reserves could result in a multi-notch downgrade. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- A sustained rise in occupancy above 90% that drives strong rental revenue growth and debt service coverage consistently above covenants of 1.20x. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Failure to increase low occupancy or prevent further decline, resulting in debt service coverage nearing 1.0x. -- A tap on the debt service reserve fund or significant depletion of other project reserves. PROFILE UHF RISE Student Housing LLC, the Borrower, is a single member limited liability company duly formed, validly existing and in good standing under the laws of the State of Hawai'i. The Borrower was formed in 2021, specifically for the purpose of acquiring and financing the Project. The Borrower is not expected to have any assets other than the Facilities and its leasehold interest in the Property pursuant to the Ground Lease. The sole member of the Borrower is UHF. The Foundation was established in 1955 to encourage private support for the University. It is the central fundraising organization for the UH System and is contracted by the Board of Regents to be the sole provider of fundraising and alumni services. In addition to fundraising, the Foundation manages more than 6,000 gift accounts for the benefit of the University and its students. The Foundation is a private, institutionally related corporation designated as a 501(c)(3) organization by the Internal Revenue Service. It is a legally separate entity from the University of Hawai'i, the UH Alumni Association, and all other UH affiliates. However, the Foundation works closely with these organizations, as well as with others in the community, exclusively for the benefit of the University. METHODOLOGY The principal methodology used in these ratings was Global Housing Projects published in August 2024. URBAN RED: Natasha Songonuga Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Natasha Songonuga, Esq., at VTrustee, LLC as Subchapter V trustee for Urban Red, LLC. Ms. Songonuga will be paid an hourly fee of $450 for her services as Subchapter V trustee and an hourly fee of $185 for paralegal services. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Songonuga declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Natasha Songonuga, Esq. VTrustee LLC PO Box 841 Wilmington, DE 19899 Email: Nsongonuga@VTrusteellc.com About Urban Red LLC Urban Red LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10283) on March 1, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Karen B. Owens presides over the case. Maria Aprile Sawczuk, Esq. at Goldstein & Mcclintock, Lllp represents the Debtor as legal counsel. VALCOUR PACKAGING: Barings Global Marks $1.19MM 2L Loan at 24% Off ------------------------------------------------------------------ Barings Global Short Duration High Yield Fund has marked its $1,190,761 loan extended to Valcour Packaging (MOLD-RITE) to market at $907,955 or 76% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a second lien term loan extended to Valcour Packaging (MOLD-RITE). The Loan accrues interest at a rate of 3M SOFR + 1.5000% (2.25% PIK), 5.57% per annum. The Loan matures on Oct. 10, 2028. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Valcour Packaging (MOLD-RITE) Valcour Packaging (MOLD-RITE) is a packaging company that relies on floating-rate and payment-in-kind term loan financing to support its operations. VARADERO SEA FOOD: Taps Homel Antonio Mercado Justiniano as Counsel ------------------------------------------------------------------- Varadero Sea Food & Cuban Cuisine LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Homel Antonio Mercado Justiniano, a professional practicing law in Puerto Rico, to serve as legal counsel. Mr. Mercado Justiniano will provide these services: (a) examine documents of the Debtor and other necessary information to submit Schedules and Statement of Financial Affairs; (b) prepare the Disclosure Statement, Plan of Reorganization, records and reports as required by the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure; (c) prepare Applications and proposed orders to be submitted to the Court; (d) identify and prosecute claims and causes of action assertable by the Debtor-in-possession on behalf of the estate; (e) examine proof of claims filed and to be filed in the case and possible objections to certain of such claims; (f) advise the Debtor-in-possession and prepare documents in connection with the ongoing operation of Debtor's business; (g) advise the Debtor-in-possession and prepare documents in connection with the liquidation of the assets of the estate, if needed, including analysis and collection of outstanding receivables and possible Motion for Sale or for Post Petition Loans; and (h) assist and advise the Debtor-in-possession in the discharge of any and all the duties imposed by the applicable provisions of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure. Mr. Mercado Justiniano will receive an hourly rate of $300, $125 for associates, and $50 for paralegals. He also received a $15,000 retainer. Homel Antonio Mercado Justiniano is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Homel A. Mercado Justiniano Calle Ramírez Silva #8 Ensanche Martínez Mayagüez, PR 00680 Telephone: (787) 831-2577 (787) 805-2945 Facsimile: (787) 805-2945 E-mail: hmjlaw2@gmail.com About VARADERO SEA FOOD & CUBAN CUISINE L.L.C Varadero Sea Food & Cuban Cuisine LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-1052-11) on March 12, 2026. At the time of the filing, Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $100,001 and $500,000. Homel Antonio Mercado Justiniano is Debtor's legal counsel. VENTURE GLOBAL: Barings Global Marks $4.1MM Bond at 21% Off ----------------------------------------------------------- Barings Global Short Duration High Yield Fund has marked its $4,100,000 bond extended to Venture Global LNG Inc. to market at $3,237,896 or 79% of the outstanding amount, according to Barings Global's N-CSR for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Barings Global Short Duration High Yield Fund is a participant in a corporate bond extended to Venture Global LNG Inc. The bond accrues interest at a rate of 9.00 per annum. The bond matures on March 30, 2174. Barings Global Short Duration High Yield Fund is a closed-end investment fund that seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in a diversified portfolio of global short-duration high yield debt instruments. The Fund is led by Sean Feeley as President (Principal Executive Officer) and Christopher Hanscom as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Sean Feeley Barings Global Short Duration High Yield Fund 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About Venture Global LNG Venture Global LNG is a liquefied natural gas developer and exporter focused on long-term LNG supply from U.S.-based export facilities. VERTEX SERVICE: Ares Strategic Marks $821,600 1L Loan at 29% Off ---------------------------------------------------------------- Ares Strategic Income Fund has marked its $821,600 loan extended to Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC to market at $585,300 or 71% of the outstanding amount, according to Ares Strategic's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a first lien senior secured revolving loan extended to Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC. The 1L Loan accrues interest at a rate of 9.67% SOFR (Q) 6.00% per annum. The 1L Loan matures on November 2030. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: The Corporate Secretary Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC appear to be a services-focused holding company structure, likely aggregating residential or commercial service providers under a sponsored platform strategy. VERUS SECURITIZATION 2026-3: Fitch Rates Class B-2 Notes 'B-sf' --------------------------------------------------------------- Fitch Ratings has assigned final ratings to the residential mortgage-backed notes issued by Verus Securitization Trust 2026-3 (Verus 2026-3). Entity/Debt Rating Prior ----------- ------ ----- VERUS 2026-3 A-1A LT AAAsf New Rating AAA(EXP)sf A-1B LT AAAsf New Rating AAA(EXP)sf A-1FCF LT AAAsf New Rating AAA(EXP)sf A-1LCF LT AAAsf New Rating AAA(EXP)sf A-1 LT AAAsf New Rating AAA(EXP)sf A-1F LT WDsf Withdrawn AAA(EXP)sf A-1IO1 LT WDsf Withdrawn AAA(EXP)sf A-1IO2 LT WDsf Withdrawn AAA(EXP)sf A-1IO LT WDsf Withdrawn AAA(EXP)sf A-2 LT AAsf New Rating AA(EXP)sf A-3 LT Asf New Rating A(EXP)sf M-1 LT BBB-sf New Rating BBB-(EXP)sf B-1 LT BB-sf New Rating BB-(EXP)sf B-2 LT B-sf New Rating B-(EXP)sf B-3 LT NRsf New Rating NR(EXP)sf A-IO-S LT NRsf New Rating NR(EXP)sf XS LT NRsf New Rating NR(EXP)sf R LT NRsf New Rating NR(EXP)sf Transaction Summary The notes are supported by 1,313 loans with a balance of $688.62 million as of the cutoff date. The notes are secured by mortgage loans originated by various originators and acquired by the sellers. Distributions of principal and interest (P&I) and loss allocations are based on a modified sequential-payment structure. The transaction has a stop advance feature for first lien loans, where the P&I advancing party will advance delinquent P&I for up to 90 days. There is no servicer advancing for second lien loans. Primary residence loans constitute 52.4% of the Verus 2026-3 transaction pool, followed by second home and investor loans at 47.6%. In terms of documentation type, the transaction consists predominantly of debt service coverage ratio (DSCR) loans at 34.7%, while 27.9% were originated to a bank statement program, 17.9% are a CPA P&L product, 12.3% are full documentation or a tax return product, and the remaining 7.1% were underwritten to a written verification of employment (WVOE) or asset underwriting product. There have been slight changes to the collateral since the publication of the presale. Five loans were removed, and loan balances were rolled to March 1 balances (versus March 1 estimated balances cutoff date for presale). Overall, the collateral composition of the final pool remained similar to the preliminary pool. and losses decreased between 1 bps and 5 bps for all stresses. After receiving the post-pricing structure on March 6, bond balances were updated to reflect the downsized pool. Coupons increased between 5bps and 15bps for all classes except the B-2 and B-3 classes, which increased the excess spread to approximately 170bps, a 19bps increase from the previous excess spread of 151bps. There are no changes to Fitch's proposed ratings. Fitch has withdrawn the 'AAA (EXP)sf'/Outlook Stable ratings for classes A-1F, A-1IO1, A-1IO2 and A-1IO after the issuer provided an updated transaction structure. KEY RATING DRIVERS Credit Risk of Mortgage Assets: The performance of underlying residential mortgages or mortgage-related assets directly affects RMBS transactions. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. Verus 2026-3 has a final probability of default (PD) of 45.5% in the 'AAAsf' rating stress. Fitch's final loss severity (LS) in the 'AAAsf' rating stress is 42.3%. The expected loss in the 'AAAsf' rating stress is 19.3%. Structural Analysis: Verus 2026-3 bases its mortgage cash flow and loss allocation on a modified sequential-payment structure with limited advancing, whereby principal is distributed pro rata among the senior notes while shutting out the subordinate bonds from principal until all senior classes are reduced to zero. If a cumulative loss trigger event or delinquency trigger event occurs in a given period, principal will be distributed sequentially. Fitch analyzes the capital structure to determine the adequacy of the transaction's credit enhancement (CE) to support payments on the securities under multiple scenarios incorporating Fitch's loss projections derived from the asset analysis. Fitch applies its assumptions for defaults, prepayments, delinquencies and interest rate scenarios. The CE for all ratings were sufficient for the given rating levels. Operational Risk Analysis: Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&E) framework to derive a potential operational risk adjustment. The only consideration with a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on all loans in the transaction. Fitch applies a 5-bp z-score reduction for loans fully reviewed by a third-party review (TPR) firm, which have a final grade of either "A" or "B". Counterparty and Legal Analysis: Fitch confirms all relevant transaction parties conform with the requirements described in its "Global Structured Finance Rating Criteria." Relevant parties are those whose failure to perform could have a material impact on the performance of the transaction. Additionally, all legal requirements have been satisfied and fully de-link the transaction from any other entities. Verus 2026-3 is fully de-linked and a bankruptcy-remote special-purpose vehicle (SPV). All transaction parties and triggers align with Fitch's expectations. Rating Cap Analysis: Common rating caps in U.S. RMBS may include, but are not limited to, new product types with limited or volatile historical data and transactions with weak operational or structural/counterparty features. These considerations do not apply to Verus 2026-3 and, therefore, Fitch is comfortable assigning the highest possible rating of 'AAAsf' without any rating caps. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The defined negative rating sensitivity analysis demonstrates how the ratings would react to steeper market value declines (MVDs) at the national level. The analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the model projected 37.3% at 'AAA'. The analysis indicates that there is some potential rating migration with higher MVDs for all rated classes, compared with the model projection. Specifically, a 10% additional decline in home prices would lower all rated classes by one full category. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The defined positive rating sensitivity analysis demonstrates how the ratings would react to positive home price growth of 10% with no assumed overvaluation. Excluding the senior class, which is already rated 'AAAsf', the analysis indicates there is potential positive rating migration for all the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated class excluding those assigned 'AAAsf' ratings. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by AMC, Canopy, Clarifii, Clayton, Evolve and Selene. The third-party due diligence described in Form 15E focused on credit, compliance, and property valuation review. Fitch considered this information in its analysis and, as a result, Fitch made the following adjustment to its analysis: a 5% credit at the loan level for each loan where satisfactory due diligence was completed. 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. VILLAGE HOMES: To Sell Sunset House to Roger Wong for $530K ----------------------------------------------------------- Village Homes, L.P. seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, 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. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including Simmons Bank. The entered into a Village Homes Purchase Agreement with buyer, Roger Wong, for the sale of the single-family home (Sunset House) on a pre-construction basis identified by the street address of 406 Sunset Lane, Fort Worth, Texas 76114. The purchase price is $530,999. The Buyer is neither related nor known to the Debtor and its principals prior to the Buyer making the offer to purchase the Sunset Property. The Buyer is not an insider of the Debtor. The Sunset Agreement was negotiated between the Debtor and Buyer at arms-length and in good faith. The Buyer is providing value to the estate by paying the Purchase Price as set forth in the agreement. Therefore, the Buyer is entitled to the protections. Simmons Bank financed the Debtor’s acquisition of the Sunset Property as a vacant lot. As of the Petition Date, the outstanding principal balance of the Simmons Lot Loan is approximately $48,431.30 plus accrued interest, costs and fees. The Debtor believes Simmons Bank consents to the Debtor retaining the net sale proceeds from closing of the Proposed Transaction after payment of the Release Price and after payment of the normal and customary closing costs, and that the Debtor is authorized to use such net proceeds for business operations and administration of this Chapter 11 Case. 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. VILLAGE ROADSHOW: Seeks to Extend Plan Exclusivity to July 10 ------------------------------------------------------------- Village Roadshow Entertainment Group USA Inc. and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 10 and Sept. 10, 2026, respectively. Since the commencement of these chapter 11 cases and during the First and Second Extended Periods, the Debtors have worked diligently to ensure a smooth transition into chapter 11 and to preserve and maximize the value of the Debtors' estates for the benefit of all stakeholders. In addition, the Debtors engaged in extensive and arm's-length negotiations with Warner Bros. to liquidate their asserted claims against the Debtors' estates, including attending a mediation between the parties. In sum, extensive resources have been required of the Debtors and their professionals to achieve the measures reached in these chapter 11 cases to date. In light of these circumstances, the Debtors submit that the requested extensions are both appropriate and necessary to afford the Debtors sufficient time to adequately prepare a viable chapter 11 plan and related disclosure statement. Moreover, maintenance of the Debtors' exclusive right to file a plan safeguards the optimal utilization of estate resources for the benefit of all of the Debtors' stakeholders. The Debtors explain that the sale and plan processes have required (and continue to require) extensive negotiations and effort. The Debtors continue to work with parties in interest, including the Debtors' prepetition and postpetition lenders, Warner Bros., the Committee, the U.S. Trustee, and others to forge a consensual path towards confirmation. Indeed, the Debtors and their professionals were required to devote substantial time, energy, and resources to reach this point in these chapter 11 cases. The Debtors claim that the requested extension of the Exclusive Periods is reasonable given the current status of these chapter 11 cases and the progress achieved to date. The Debtors have made significant progress in the months that these chapter 11 cases have been pending, demonstrated most recently by the entry of the Library Sale Order, the Studio Sale Order, and the Derivative Rights Sale Order, totaling nearly $450 million. Accordingly, the Debtors' efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. The Debtors assert that throughout the chapter 11 process, the Debtors have endeavored to establish and maintain cooperative working relationships with its primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on its creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact the administration of these chapter 11 cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, upon the expiration of the Exclusive Filing Period, any party in interest would be free to propose a chapter 11 plan for the Debtors and solicit acceptances thereof. Such a ruling could undermine the Debtors' progress in these chapter 11 cases and thwart any meaningful opportunity for the Debtors to emerge from chapter 11 with maximum value for their creditors and other stakeholders. Co-Counsel for the Debtors: Joseph M. Mulvihill, Esq. Benjamin C. Carver, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: jmulvihill@ycst.com bcarver@ycst.com Co-Counsel for the Debtors: Justin R. Bernbrock, Esq. Matthew T. Benz, Esq. SHEPPARD, MULLIN, RICHTER & HAMPTON LLP 321 North Clark Street, 32nd Floor Chicago, Illinois 60654 Tel: (312) 499-6300 Fax: (312) 499-6301 Email: jbernbrock@sheppardmullin.com mbenz@sheppardmullin.com - and - Jennifer L. Nassiri, Esq. 1901 Avenue of the Stars, Suite 1600 Los Angeles, CA 90067 Tel: (310) 228-3700 Fax: (310) 228-3701 Email: jnassiri@sheppardmullin.com - and - Alyssa Paddock, Esq. 30 Rockefeller Plaza, 39th Floor New York, NY 10112 Tel: (212) 653-8700 Fax: (212) 653-8701 Email: apaddock@sheppardmullin.com About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VIRIDIS CHEMICAL: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Viridis Chemical, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The court authorized the Debtors to use cash collateral in accordance with their budget from March 8 until either a Chapter 11 plan takes effect or five business days after notice of a termination event. Termination events include violation of the order that is not cured; dismissal or conversion of the Debtors' bankruptcy cases; appointment of a Chapter 11 trustee or examiner with expanded powers; termination of the exclusive period to file a bankruptcy plan; and entry of a subsequent order ending cash collateral use. The Debtors reached a deal with secured noteholders, allowing them to use cash currently subject to liens to fund their operations and support a sale of substantially all of their assets. In return, secured noteholders will be provided with protection through security interest in and liens on the cash collateral and other assets, and a superpriority administrative expense claim if the value of their collateral declines. As of the petition date, the Debtors have approximately $10 million in secured funded debt under senior secured convertible promissory notes issued pursuant to a note purchase agreement dated August 8, 2023. These notes are held by the secured noteholders, with EIV Viridis Chemical, LLC acting as the collateral agent and majority secured lender. In addition to the principal amount owed, the debt also includes accrued interest, fees, and other charges. The Debtors had roughly $2.3 million in cash on hand at the time of filing but all of this cash is subject to liens held by the secured noteholders and, therefore, qualifies as cash collateral under bankruptcy law. The order is available at https://is.gd/k1rVN2 from PacerMonitor.com. The final hearing is set for April 1. The deadline for filing objections is on March 26. Viridis Chemical and affiliated debtors are privately held companies focused on developing bio-based, low-carbon chemical technology. A key objective of the Chapter 11 cases is to continue the Debtors' pre-petition marketing and sale process for their assets. The Debtors intend to pursue a sale of all or substantially all of their assets in order to maximize value for creditors and stakeholders. About Viridis Chemical LLC Viridis Chemical, LLC is a bio-based chemical technology company in Kingwood, Texas. Viridis Chemical and four affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90393) on March 8, 2026. In its petition, Viridis Chemical reported $10 million to $50 million in both assets and liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the cases. The Debtors are represented by Paul E. Heath, Esq., and Matthew David Struble, Esq., at Vinson & Elkins, LLP; Carl Marks Advisory Group, LLC as investment banker and financial advisor; and Epiq Corporate Restructuring, LLC as notice, claims and solicitation agent. VSC POLARA: Barings Corporate Marks $1.7MM Loan at 21% Off ---------------------------------------------------------- Barings Corporate Investors has marked its $1,795,684 loan extended to Polara (VSC Polara LLC) to market at $1,416,242 or 79% 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 Polara (VSC Polara LLC). The loan accrues interest at a rate of 8.32% (SOFR + 4.500%) per annum. The loan matures on Dec. 3, 2027. Barings 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 Polara (VSC Polara LLC) Polara (VSC Polara LLC) is a manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, "push to walk" buttons and related traffic control units. VSM PROPERTIES: Seeks to Hire Wallace Real Estate as Realtor ------------------------------------------------------------ VSM Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Wallace Real Estate as realtor. The firm will provide these services: (a) use firm's best efforts to procure a buyer ready, willing, and able to purchase Property at a sales price of $ price acceptable to Seller; (b) assist to the extent requested by Seller in negotiating the terms of and filling out a preprinted (including commission) or any other real estate purchase and sale agreement; (c) comply with all applicable laws and regulations in performing its duties hereunder including Tenn. Code Ann. Sec. 62-13-101, et seq., and the Tennessee Real Estate Commission Rules, as amended. April Blankinship of Wallace Real Estate will receive compensation at 5% of the sales price. Wallace Real Estate may share this compensation with a cooperating broker by paying such cooperating broker 2.5% of firm's commission. The firm is a "disinterested person" within the meaning of Section 101 of the Bankruptcy Code, according to court filings. The firm can be reached at: April Blankinship WALLACE REAL ESTATE 10815 Kingston Pike Knoxville, TN 37934 About VSM Properties LLC VSM Properties, LLC, owns and operates short-term rental and residential real estate in Tellico Plains, Tennessee, and the surrounding area, focusing on cabin and hospitality properties. VSM Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12708) on October 9, 2025, listing up to $50,000 in assets and between $10 million and $50 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25¬32042). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. W&J SUBSHOPS: Gets Interim OK to Use Cash Collateral Until April 4 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California authorized W&J Subshops, LLC to continue using cash collateral. Under the order, the Debtor is authorized to use cash collateral on an interim basis through April 4. The court determined that continued access to cash collateral is necessary for the Debtor to operate its business during the pendency of the Chapter 11 case. As adequate protection, the Debtor is required to make monthly payments of $975to the U.S. Small Business Administration, as agreed by the parties. In addition, several secured creditors including the SBA, North Mill Credit Trust, Channel, Gurinder Singh Bajwa and Harinder, Pawnee Leasing Corporation, and Balboa Capital will be granted replacement liens on the Debtor's pre- and post-petition assets. These replacement liens are limited to the extent of any diminution in value resulting from the Debtor's post-petition use of cash collateral and maintain the same type, validity, and priority as the creditors' pre-petition liens. About W&J Subshops LLC W&J Subshops LLC, a restaurant company based in Victorville, California, operates multiple sub shop locations including 16251 N D Street, 14712 La Paz Drive, Suite 99, and 15319 C. Palmdale Road. The Company is engaged in the preparation and sale of sandwiches and related food products, serving local customers across its stores. W&J Subshops LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18331) on November 19, 2025. In its petition, the Debtor reports total assets of $425,591 and total liabilities of $1,458,962. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Michael Jay Berger, Esq., LAW OFFICES OF MICHAEL JAY BERGER. WENTHOLD EXCAVATING: Taps Welgaard CPAs & Advisors as Tax Preparer ------------------------------------------------------------------ Wenthold Excavating, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Darlene Danielson, CPA of Welgaard CPAs & Advisors to serve as tax preparer. The firm will provide these services: (a) prepare and file the Debtor's federal and state business income tax returns; (b) utilize information provided by the Debtor for tax years 2024 and 2025; and (c) assist with accounting work in order to adjust the financial statements prior to preparing the Form 1120S and IA 1120S. Darlene Danielson, CPA will receive an hourly rate of $220, with a retainer of $4,500. Welgaard CPAs & Advisors is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Darlene Danielson, CPA WELGAARD CPAs & ADVISORS 160 Adventureland Drive, Suite H Altoona, IA 50009 Telephone: (515) 967-7174 Facsimile: (515) 967-7632 About Wenthold Excavating LLC Wenthold Excavating, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 26-00188) on February 9, 2026. In the petition signed by Corey Lorenzen,receiver, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Lee M. Jackwig oversees the case. Robert Gainer, Esq., at Cutler Law Firm PC, represents the Debtor as legal counsel. WILLIAM D. LEDFORD: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Missouri issued a final order authorizing William D. Ledford, DDS, LLC to use cash collateral to continue operating its dentistry practice while restructuring its finances. The court authorized the debtor to use cash collateral through June 30, 2026, to maintain operations and pay necessary expenses, including rent to BRE Retail Residual MO Owner LLC. The order also prohibits the debtor's owners from taking withdrawals or additional compensation without court approval and preserves the rights of all parties to dispute the priority or validity of claims related to the collateral in the future. Under the order, the debtor must provide adequate protection payments to secured creditors. BMO Bank, N.A., which holds a senior lien on the debtor's assets, will receive $3,100 per month, while OneView Finance, which holds a purchase-money lien on certain equipment, will receive $220 per month. These payments begin this month and will continue through June 30, unless the court orders otherwise. About William D. Ledford DDS William D. Ledford, DDS, LLC is a Missouri-based dental practice providing general and specialty dental care services. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40187) on February 2, 2026. In its petition, the Debtor reported assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Cynthia A. Norton handles the case. The Debtor is represented by Gary Mardian, Esq., at Wiesner & Frackowiak, L.C. WIND POINT: Ares Strategic Marks $702,600 Loan at 19% Off --------------------------------------------------------- Ares Strategic Income Fund has marked its $702,600 loan extended to Wind Point Partners VIII-A, L.P. to market at $568,200 or 81% of the outstanding amount, according to Ares Strategic's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a loan extended to Wind Point Partners VIII-A, L.P. The Loan accrues interest at a rate of 0.14% per annum. The Loan matures on September 2025. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: The Corporate Secretary Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Wind Point Partners VIII-A, L.P. Wind Point Partners VIII-A, L.P. is a private investment limited partnership that holds limited partnership interests in private equity or similar alternative investment funds. WORKWAVE INTERMEDIATE: Ares Strategic Marks $1M 1L Loan at 16% Off ------------------------------------------------------------------ Ares Strategic Income Fund has marked its $1,545,000 million loan extended to Workwave Intermediate II, LLC to market at $1,297,800 million or 84% of the outstanding amount, according to Ares Strategic's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Ares Strategic Income Fund is a participant in a First lien senior secured revolving loan extended to Workwave Intermediate II, LLC. The 1L Loan accrues interest at a rate of 9.44% SOFR (Q) 5.75% per annum. The 1L Loan matures on September 2032. Ares Strategic Income Fund is a closed-end management investment company that operates as a business development company focused on generating current income and, to a lesser extent, capital appreciation through investments in private and thinly traded public companies. The Fund is led by Michael L. Smith as Co-Chief Executive Officer and Trustee and Mitchell Goldstein as Co-Chief Executive Officer and Trustee. The Fund can be reached at: The Corporate Secretary Ares Strategic Income Fund 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212)750-7300 About Workwave Intermediate II, LLC WorkWave LLC provides technology and software solutions. The Company offers a business management platform that support every stage of a business life cycle including marketing, sales, service delivery, customer interaction, and financial transactions. XEROX HOLDINGS: Moody's Alters Outlook on 'Caa2' CFR to Negative ---------------------------------------------------------------- Moody's Ratings downgraded Xerox Holdings Corporation's (Xerox) ratings including its corporate family rating to Caa2 from B2. Moody's also assigned a Caa3 rating to the Step Up backed senior unsecured notes due 2030. The ratings outlook was changed to negative from stable. The downgrade was driven by the below plan performance post the July 2025 Lexmark acquisition and concerns that debt will need to be restructured. While Moody's expects margins and cash flow to improve as a result of synergies from the merger, continuing challenges in the printer market and resultant revenue declines may make it difficult to refinance debt before the 2028 maturities. The company has implemented a warrant program that allows for an effective exchange of debt at distressed levels for equity. If a material amount of debt is exchanged, Moody's could view the transaction as a distressed exchange. RATINGS RATIONALE The Caa2 CFR reflects high leverage, weak cash flow and challenges supporting the capital structure. The credit profile is supported by its good market position in the core mid-range and entry-range print and document outsourcing markets, substantial scale, enhanced product diversification, and expanded global reach following the Lexmark acquisition. During periods of weak demand, the company benefits from recurring revenues tied to its management contracts regardless of print volumes. The November 2024 ITsavvy acquisition also improved Xerox's non-print and higher growth IT and Digital services business. Nevertheless, Xerox will remain challenged by its large, better capitalized peers, including Canon, FUJIFILM, and HP, which have good revenue diversification and stronger balance sheets. Debt to EBITDA pro forma for a full year of the Lexmark acquisition including Moody's standard pension, lease and finance company adjustments was approximately 6x as of fiscal year end December 31, 2025 (and around 9x excluding finance company adjustments). While GAAP based free cash flow was $133 million for the year, cash flow before the roll off of finance receivables was significantly negative. Moody's expects the company will be able to realize most of its targeted cost savings for the Lexmark acquisition, which should improve margins and EBITDA, leverage will remain at elevated levels. While Moody's expects improvements in GAAP based free cash flow, it will rely on continued net roll-off of finance receivables. Moody's expects free cash flow before the roll-off of those receivables to remain negative with some potential to return to positive levels over time. Liquidity is adequate reflecting $512 million of cash as of December 31, 2025, close to $450 million of proceeds from a recent joint venture transaction and a $425 million ABL revolver (with an estimated $300 million available as of December 31, 2025). The company has $125 million in remaining debt maturities in FY 2026 ($110 million was due in January 2026) and Moody's expects positive GAAP free cash flow driven by continuing net roll-off of finance receivables over the next 12 months. The negative outlook reflects Moody's expectations of low to mid-single digit revenue declines partially offset by margin improvements as the company realizes synergies from the Lexmark acquisition. The negative outlook also reflects the potential for a restructuring of the debt or a distressed exchange from the warrant program. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if leverage and free cash flow do not show signs of improvement, liquidity deteriorates or Xerox does not maintain or grow its market position. Although unlikely in the near term, the ratings could be upgraded if the company stabilizes revenues and improves leverage and improves free cash flow (including generating solid cash flow before roll off of finance receivables). Ratings on the secured debt reflect their relative position in the capital structure behind the ABL revolver but ahead of the unsecured notes as well as the reduction in pledged assets as a result of the sale of the Xerox brand name to a joint venture. The ratings on the non-guaranteed unsecured 2035 and 2039 notes are rated below the other unsecured but guaranteed 2028, 2029 and 2030 notes reflecting the weaker guarantee package. Moody's views governance as a driver of the ratings driven by challenges stabilizing revenues, escalating leverage and introduction of the warrant program and joint venture structure. Xerox Holdings Corporation, based in Norwalk, CT, is a leader in document printing and processing systems and related supplies for enterprises including SMBs, governmental entities, and Fortune 100 companies. Pro forma for a full year of the Lexmark acquisition, revenues were around $8 billion for the year ended December 31, 2025. LIST OF AFFECTED RATINGS Issuer: Xerox Holdings Corporation Downgrades: Probability of Default Rating, Downgraded to Caa2-PD from B2-PD LT Corporate Family Rating, Downgraded to Caa2 from B2 Backed Senior Unsecured, Downgraded to Caa3 from B3 Assignments: Backed Senior Unsecured, Assigned Caa3 Outlook Actions: Outlook, Changed To Negative From Stable Issuer: Xerox Corporation Downgrades: Backed Senior Secured Bank Credit Facility, Downgraded to B2 from Ba2 Backed Senior Secured Regular Bond/Debenture, Downgraded to B2 from Ba2 Backed Senior Secured Regular Bond/Debenture, Downgraded to Caa1 from Ba3 Senior Unsecured, Downgraded to Ca from Caa1 Outlook Actions: Outlook, Changed To Negative From Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Diversified Technology published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. XIANG HE YUAN: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Xiang He Yuan LLC 9 Hathaway Lane Manhasset, NY 11030 Business Description: Xiang He Yuan LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B), focused on owning and managing a single income-generating property. Chapter 11 Petition Date: March 16, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-71034 Judge: Hon. Sheryl P Giugliano Debtor's Counsel: Elliot S. Schlissel, Esq. SCHLISSEL DECORPO LLP 479 Merrick Road Lynbrook, NY 11563-2405 Tel: 516-561-6645 Fax: 516-561-6716 E-mail: Elliot@sdnylaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Yuhuan Zhang as sole member. The Debtor stated in the petition that it does not have any unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7V4FJNQ/Xiang_He_Yuan_LLC__nyebke-26-71034__0001.0.pdf?mcid=tGE4TAMA ZOOTILITY CO: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine entered an final order authorizing Zootility Co. to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with its operating budget, with total spending limited to up to 125% of the projected expenditures outlined in the budget. As adequate protection for lenders holding pre-petition security interests, the court granted them replacement liens on substantially all post-petition assets of the Debtor's estate, excluding avoidance actions and related proceeds. The replacement liens maintain the same priority positions that existed before the Debtor's bankruptcy filing. If the replacement liens do not fully compensate lenders for any decline in collateral value, the remaining amounts will be treated as administrative expense claims under section 507(b) of the Bankruptcy Code. The order allows the debtor to use cash collateral through May 29, 2026, with a further hearing scheduled for May 22, 2026 if continued use is needed. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/karUD from PacerMonitor.com. About Zootility Co. Zootility Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mai. Case No. 26-20026) with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Hon. Michael A Fagone oversees the case. The Debtor is represented by: Adam R. Prescott, Esq. Bernstein Shur Sawyer & Nelson, PA 207-228-7145 aprescott@bernsteinshur.com ZYNEX INC: Court OKs Chapter 11 Plan to Reduce Debt by $50MM ------------------------------------------------------------ Ben Zigterman of Law360 reports that Zynex Inc. won court approval Thursday for its Chapter 11 plan, which eliminates about $50 million in debt and hands ownership of the reorganized company to its creditors. The confirmation represents a significant step toward concluding the bankruptcy case. The restructuring plan reduces the company's financial obligations while preserving its operations in the medical device sector. Creditors are set to receive equity interests, reflecting a debt-for-equity exchange that shifts control of the business, the report states. With the plan now confirmed, the company is expected to move forward with implementing the restructuring and exiting bankruptcy. The process highlights a common Chapter 11 outcome in which creditors take ownership in exchange for reducing debt burdens, according to Law360. About Zynex, Inc. Zynex Inc. is a medical technology firm in Englewood, Colorado, which specializes in non-invasive devices for pain management and rehabilitation. Zynex sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reported between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. 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