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260324.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, March 24, 2026, Vol. 30, No. 83 Headlines 101 W 55th RESTAURANT: Hires Hutcher & Citron LLP as Attorney 190 OCTANE: Commonwealth Credit Marks $689,000 1L Loan at 23% Off 22ND CENTURY: Enters Into $20MM Series B Preferred Offering 301 W NORTH: Court Extends Cash Collateral Access to March 31 410 SOUTH MORGAN: Seeks Cash Collateral Access 911 RESTORATION: Case Summary & Eight Unsecured Creditors A FAMILY AFFAIR: Seeks to Tap David Cahn LLC as Bankruptcy Counsel A&A DEMO & EXCAVATING: Gets Interim OK to Use Cash Collateral A&A DEMO & EXCAVATING: Hires Baker Firm PLLC as Bankruptcy Counsel A&M AUTOBODY: Gets Court OK to Use Cash Collateral ABLENVIRONMENTAL LLC: Unsecureds Will Get 6.01% over 36 Months ABRACON GROUP: Bain Capital's Marks $15.5MM 1L Loan at 40% Off ADF CONSTRUCTION: Plan Exclusivity Period Extended to April 6 ADONAI CONGREGATE: Court OKs Deal on Cash Collateral Access ADVANCED BARRIER: Stellus Capital Virtually Writes Off $1.5M Loan ADVANCED BARRIER: Stellus Capital Virtually Writes Off $2.6MM Loan AEDES CHRISTI: Gets Final OK to Use Cash Collateral AIR INDUSTRIES: Names Scott Glassman as Acting CEO & President ALIGHT INC: Moody's Downgrades CFR to B2, Outlook Stable ALL PRO CONSTRUCTION: Case Summary & Seven Unsecured Creditors ALLSTATE LENDING: U.S. Trustee Appoints Creditors' Committee ALTAMAHA D.M.E.: Hires Stone & Baxter LLP as Bankruptcy Counsel AMERICAN BULK: Hires Kearney McWilliams & Davis PLLC as Counsel AMERICAN PAVING: Unsecured Creditors to Recover 1% over 55 Months AMERICAN POWER: Gets OK to Use Cash Collateral Until April 7 AMERICAN RESOURCES: EMCO Eyes Up to $20MM Private Capital Raise ANTHEM SPORTS: Cion Marks $27.8MM 1L Loan at 26% Off ARCWOOD ENVIRONMENTAL: Fitch Assigns 'B+' IDR, Outlook Stable ARMADILLO PIZZA: Gets Extension to Access Cash Collateral ASCENT SOLAR: Posts $7.83M Loss in 2025, Cites Financing Reliance ASTICOU HOSPITALITY: Gets Interim OK to Use Cash Collateral AT THE CROSS: Voluntary Chapter 11 Case Summary AXE TACTICAL: Seeks to Hire Ford & Semach PA as Bankruptcy Counsel AZHAR CHAUDHARY: Seeks to Hire David Venable as Legal Counsel B+H ARCHITECTS: Exits CCAA After Court-Approved Restructuring BANNER RIDGE: Felicitas Private Marks $1.4M Loan at 48% Off BEELINE HOLDINGS: Completes Series A Exchange with Holder BICK GROUP: Amends St. Louis Bank Secured Claims Pay BLACK SHEEP: Gets Interim OK to Use Cash Collateral BLOOM HOTELS: U.S. Trustee Unable to Appoint Committee BLUE STAR: Unsecured Creditors to Split $21.3K over 3 Years BLUESHIFT LABS: Runway Growth Marks $28.6M 1L Loan at 18% Off BLUESTAR MARKETING: Taps Bruner Wright as Bankruptcy Counsel BRADLEY MECHANICAL: Gets Final OK to Use Cash Collateral BRC GROUP: CEO Bryant Riley Reports 20.1% Equity Stake BRD LAND: Retains Brokers to Sell Real Estate Portfolio in Ch. 11 BRD LAND: Unsecured Creditors' Committee Appointed BRUNELLE TECH: Unsecureds Will Get 100% of Claims in Sale Plan BUBBLES AND BAKES: Hires Raymond C. Stilwell as Legal Counsel CAL-ORANGE PROPERTIES: Hires Levene Neale Bender Yoo as Counsel CARESTREAM HEALTH: Highland O&I Marks $15.4MM Loan at 49% Off CASH FLOW: Barings Corporate Marks $2.6MM Loan at 26% Off CD GREENE: Seeks Approval to Hire Prager Metis as Accountant CD GREENE: Seeks to Hire Klestadt Winters as Bankruptcy Counsel CHROMALLOY CORP: S&P Alters Outlook to Positive, Affirms 'B-' ICR CIVILGEO INC: Seeks to Tap Wipfli Advisory LLC as Valuation Expert CNY SEALCOATING: Unsecured Creditors to Split $180K over 5 Years COLLEGE ACHIEVE: S&P Lowers Bond Rating to 'B+', On Watch Negative COLLIERCOUNT LLC: Case Summary & 20 Largest Unsecured Creditors CORE AI HOLDINGS: Forms Joint Venture With Optimus Technology CYCLE SPORT: Unsecureds to Get Share of Income for 36 Months D WOOD HOTEL: Gets Final OK to Use Cash Collateral DAI YON: Seeks to Hire Exit Strategy USA as Consultant DEL MONTE: Completes $285M Foods Asset Sale to Fresh Del Monte DIOCESE OF EL PASO: Hires Stretto Inc as Claims and Noticing Agent DOLPHIN SHORES: Claims to be Paid from Asset Sale Proceeds EH REAL: Stellus Capital Marks $5.7MM 1L Loan at 23% Off EKSO BIONICS: Keith Kosow and Cedar Holdings Report 5.9% Stake EMERA US: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes EMERALD TECHNOLOGIES: CION Marks $2.7M 1L Loan at 17% Off EMMERICH NEWSPAPERS: Voluntary Chapter 11 Case Summary EMPIRE RESORTS: Fitch Keeps 'B-' IDR on Watch Negative ENVELOPE 1 INC: Plan Exclusivity Period Extended to June 12 FARMSTEAD HOLDINGS: Unsecureds to Split $210K over 5 Years FIREFLY NEUROSCIENCE: Raises $2.25MM in Initial Private Placement FORMULATED BUYER: TPG Twin Brook Marks $200,000 1L Loan at 51% Off FREEDOM ELECTRIC: Gets Final OK to Use Cash Collateral FTX TRADING: Sets $2.2B Fourth Creditor Distribution for March 31 G3 CONSTRUCTION: U.S. Trustee Unable to Appoint Committee GMS CAPITAL: U.S. Trustee Unable to Appoint Committee GURU HOLDING: Hires Backenroth Frankel & Krinsky LLP as Counsel HAIRANDO LLC: Seeks to Hire Exit Strategy USA as Consultant HANNIBAL REGIONAL: Fitch Lowers IDR to 'BB+', Outlook Negative HARTFORD CREATIVE: Posts $6,957 Q2 Net Income Amid Liquidity Risks HARVARD BIOSCIENCE: Debt Refinancing Alleviates Going Concern Doubt HDTSOKANOS LLC: Unsecured Creditors to be Paid in Full in Plan HELLERS AUSTRALIA: Bain Capital Marks NZ$93,000 Loan at 44% Off HIGHLANDS AT STONEGATE: Hires Altitude Community Law as Counsel HLSG INTERMEDIATE: Twin Brook Marks $1.1MM 1L Loan at 69% Off HUGHTON LLC: Taps Angelena M. Root PA/Lessne Hoffman as Counsel HUNT OIL: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative INFINITY NATURAL: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ISAGENIX INTERNATIONAL: Cion Marks $10.2M 1L Loan at 53% Off ISM HOLDINGS: Case Summary & Two Unsecured Creditors J KRUSE INVESTMENTS: Seeks to Hire JB James Law Firm as Attorney J.R. WATKINS: Stellus Capital Marks $10MM 1L Loan at 75% Off JACKSON HOSPITAL: Amends Unsecured Claims Pay Details KABUKI LLC: Seeks to Hire Exit Strategy USA as Consultant KC GLOBAL NETWORK: Case Summary & Eight Unsecured Creditors KING CHAVEZ ACADEMIES: S&P Affirms 'BB+' Rating on Refunding Bonds KLEIN HERSH: Cion Investment Virtually Writes Off $4.3MM Loan LARCHMONT CHARTER SCHOOL: S&P Assigns 'BB+' LT Rating on Rev Bonds LASEN INC: $4.7M Unsecured Claims to Get Profit Share over 3 Years LATOUR HOMES: Hires Jason Ward Law LLC as Bankruptcy Counsel LDM LLC: Claims to be Paid from Continued Operations LIFE CENTER: Seeks to Hire Murphy Appraisal Services as Appraiser LIGHTNING POWER: S&P Raises ICR to 'BB' on Acquisition by NRG Corp LMD HOLDINGS: Claims to be Paid from Asset Sale Proceeds LUCKY LIKE THAT: Case Summary & Three Unsecured Creditors LURIN REAL LXV: Voluntary Chapter 11 Case Summary MAGNITE INC: S&P Upgrades ICR to 'BB' on Debt Reduction MARE ISLAND: U.S. Trustee Appoints Creditors' Committee MARLEY SPOON: Runway Growth Marks $434,000 1L Loan at 22% Off MARLEY SPOON: Runway Growth Marks $6.8M Loan at 22% Off MATTHEWS 350: Seeks to Hire Kroger Gardis & Regas LLP as Counsel MCHUGH JUNK: Gets Interim OK to Use Cash Collateral MERCHANTWISE SOLUTIONS: Commonwealth Marks $2.4MM Loan at 16% Off METROPOLITAN OPERA: Moody's Cuts Debt Rating to Caa1, Outlook Neg. MGM RESORTS: Fitch Affirms 'BB-' IDR, Outlook Stable MOBIVITY HOLDINGS: Signs Master Services Agreement With PayPal MONTANA VILLAGE: Amends Plan to Include Plumb Crazy Secured Claim MORE OPPORTUNITY: Hires Ameriwest Accounting as Accountant MOSAIC MENTAL: Unsecureds Will Get 15.40% of Claims over 3 Years MOUNTAIN RIDGE: Hires K&L Gates LLP as Bankruptcy Co-Counsel MULTI-COLOR CORP: U.S. Trustee Appoints Creditors' Committee MVP GROUP: Plan Exclusivity Period Extended to March 27 NARU LLC: Unsecured Creditors to Split $20.8K over 4 Years NAVAJO SMILES: Hires Allen Jones & Giles as Bankruptcy Counsel NEW FORTRESS: S&P Lowers ICR to 'D' After Restructuring Agreement NEWBURGH EOM: Voluntary Chapter 11 Case Summary NEWSCYCLE SOLUTIONS: Cion Marks $14.1MM 1L Loan at 48% Off NORTH STAR: Hires Barclay Damon LLP as Bankruptcy Counsel OCUGEN INC: Raises $15 Million from Partial Warrant Exercise OLENOX INDUSTRIES: Secures $810K in 2nd Closing of Preferred Stock OMNICARE LLC: Taps Marcy Wilder of Hogan Lovells as Expert Service ONECARE MEDIA: Commonwealth Credit Marks $1.4MM Loan at 68% Off ONECARE MEDIA: Commonwealth Credit Marks $13.4MM Loan at 66% Off ONECARE MEDIA: Commonwealth Credit Marks $2.3MM Loan at 68% Off ONECARE MEDIA: Commonwealth Credit Marks $888,000 Loan at 68% Off OWLATES CHILDCARE: Gets Interim OK to Use Cash Collateral PAPA JOHN'S: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative PARKERVISION INC: Cancels $675,000 Debt Through Stock Exchange PERRIGO COMPANY: Fitch Alters Outlook on 'BB' IDR to Negative POINT CLEAR: Seeks to Hire Fanda Partners LLC as Tax Counsel PRECISION OPTICS: Shareholders OK Key Proposals at Annual Meeting PUTNAM PULMONARY: Case Summary & Five Unsecured Creditors R.E.M. US: Seeks to Hire Donald Wyatt PC as Bankruptcy Counsel RAILHEAD INC: U.S. Trustee Unable to Appoint Committee RAMANUJAN GROUP MOM: Case Summary & One Unsecured Creditor RAPID TEST: Hires Real Estate Investors Law Firm LLC as Counsel RAYFORD SURGICAL: Taps Nathan Sommers Gibson as Bankruptcy Counsel RECHARGED OPCO: Stellus Capital Marks $5.3MM 1L Loan at 45% Off RECONNECT INCORPORATED: Unsecureds Will Get 22.51% over 60 Months RED ROCK ISD 2884: Moody's Lowers Issuer & GOULT Ratings to Ba2 REGAL INVESTMENT: Voluntary Chapter 11 Case Summary RENPRO LLC: Case Summary & 13 Unsecured Creditors RITE GUIDE: Hires Harris Law Practice LLC as Bankruptcy Counsel ROCKY MOUNTAIN: Gets Final OK to Use Cash Collateral ROLLING MEADOWS: Fitch Affirms 'BB+' IDR, Outlook Stable RTB HOSPITALITY: Hires The Bankruptcy Group P.C. as Attorney RUINS LLC: 63-Unit Multifamily Building Set for Bankruptcy Sale RYDER HEALTHCARE: Voluntary Chapter 11 Case Summary S & A INDUSTRIAL: Case Summary & 20 Largest Unsecured Creditors S&G HOSPITALITY: Court Extends Cash Collateral Access to April 30 SADDI LLC: Hires Valbridge Property as Real Estate Appraiser SAKS GLOBAL: Hires Deloitte & Touche LLP as Independent Auditor SANTA PAULA HAY: Hires Century 21 Masters as Real Estate Broker SANTA PAULA HAY: Hires Curt Kopetsky as Motor Vehicle Appraiser SANTA PAULA HAY: Hires Evans Appraisal as Real Estate Appraiser SANTA PAULA HAY: Seeks to Hire Buxman Group as Real Estate Broker SANTA PAULA HAY: Taps Ball & Yorke/Weilbacher as Special Counsel SCENIC CITY: Gets Extension to Access Cash Collateral SCILEX HOLDING: Files $100MM Fraud Suit Over Pledged Securities SEAL ROCK: Claims to be Paid from Income & Capital Contributions SECOND STREET: Court Extends Cash Collateral Access to Mar. 30 SEIC HOLDINGS: Seeks to Hire World Impact as Real Estate Broker SELECT REHABILITATION: Commonwealth Marks $13.1MM Loan at 47% Off SIERRA COMPOUNDING: Gets Interim OK to Use Cash Collateral SIERRA COMPOUNDING: Hires Keery McCue PLLC as Bankruptcy Counsel SOUTHERN TIRE: Hearing Today on Bid to Use Cash Collateral SP EA HOLDINGS: Stellus Capital Marks $76,245 Loan at 82% Off SPIN HOLDCO: Cion Investment Marks $11.8MM Loan at 18% Off SPINAL USA: Cion Investment Marks $1.7MM Loan at 59% Off SPINAL USA: Cion Investment Marks $19MM 1L Loan at 59% Off STARCOMPLIANCE MIDCO: Monroe Capital Marks $450,000 Loan at 61% Off STONEX GROUP: Moody's Affirms 'Ba3' Issuer & Secured Notes Ratings STRUNZ MILK: Unsecureds to be Paid in Full over 10 Years SUNNYCOVE CAPITAL: Seeks to Hire Fuller Law Firm PC as Attorney SWORD PURCHASER: S&P Assigns 'B+' ICR on Leveraged Buyout by CD&R TALPHERA INC: Receives Nasdaq Minimum Bid Price Deficiency Notice TENASKA PENNSYLVANIA: S&P Assigns 'BB' Rating on Term Loan B THAI EXPRESS: Gets Interim OK to Use Cash Collateral THOMAS C. STEET: Taps Medical Management Services as Bookkeeper THOMAS TRIO: Case Summary & Nine Unsecured Creditors THOMASVILLE WATERWORKS: S&P Lowers 2018 Rev. Bond Rating to 'BB' THRILL HOLDINGS: Cion Investment Marks $18.2MM Loan at 18% Off TIFARET DISCOUNT: Amends Unsecureds & Several Secured Claims Pay TMT GROUP: Gets Final OK to Use Cash Collateral TONIX PHARMACEUTICALS: Reports $124MM Net Loss for FY 2025 TRADEMARK GLOBAL: Cion Investment Marks $20.6MM 1L Loan at 52% Off TRAXX CONSTRUCTION: Hires Kogan Law Firm as Bankruptcy Counsel TRI CITY HOTELS: Case Summary & 11 Unsecured Creditors TRINSEO PLC: PricewaterhouseCoopers Raises Going Concern Doubt TRINSEO PLC: S&P Downgrades ICR to 'D' on Missed Interest Payments TRU LEASE: Gets Final OK to Use Cash Collateral TSUNAMI RESTAURANTS: Seeks to Hire Exit Strategy USA as Consultant URBAN WELLNESS: U.S. Trustee Unable to Appoint Committee VARDIMANBLACK HOLDINGS: Commonwealth Marks $21.5MM Loan at 29% Off VARDIMANBLACK HOLDINGS: Commonwealth Marks $21M 1L Loan at 27% Off VECTA HOLDINGS: Commonwealth Credit Marks $8.1M 1L Loan at 41% Off VECTA HOLDINGS: Commonwealth Credit Marks $8MM Loan at 41% Off VEL EVAN: Case Summary & 20 Largest Unsecured Creditors VERDE REAL ESTATE: Seeks to Hire Harris Law Practice as Counsel VIEWBIX INC: Capitalink Holds 5.04% Equity Stake VILLAGES HEALTH: Seeks Court Approval of $80M Bankruptcy Settlement VISTA COLLEGE: S&P Lowers ICR to 'BB' on Weakened Finances WAYSTAR HOLDING: Moody's Upgrades CFR to Ba3, Outlook Stable WESTVIEW BAPTIST: Seeks to Extend Plan Exclusivity to June 17 WILLIAMS INDUSTRIAL: Cion Investment Marks $1.5M 1L Loan at 54% Off WINDANCE WIND: Gets Interim OK to Use Cash Collateral WOODFORD PROPERTY: U.S. Trustee Unable to Appoint Committee WSN CONSTRUCTION: Taps Professional Management as Accountant ********* 101 W 55th RESTAURANT: Hires Hutcher & Citron LLP as Attorney ------------------------------------------------------------- 101 W 55th Restaurant Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Davidoff Hutcher & Citron LLP as its attorneys. The firm will render these services: a. give advice to the Debtor with respect to its powers and duties as a Debtor-in-Possession and the continued management of its property and affairs; b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for debtors who seek protection from its creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interests of the Debtor and to represent the Debtor in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of the Restaurant; g. represent the Debtor in connection with obtaining post-petition financing, if necessary; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors, and the estate. The hourly rates of the firm's counsel and staff are: Robert L. Rattet, Partner $875 Craig M. Price, Senior Counsel $775 James B. Glucksman, Of Counsel $625 Matthew R. Yogg, Associate $700 Jack D. Molino, Associate $525 Eric R. Schachter, Associate $475 Melanie Spenser, Paralegal $275 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received from the Debtor a retainer of $51,738. Robert Rattet, Esq., an attorney at Davidoff Hutcher & Citron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert L. Rattet, Esq. Davidoff Hutcher & Citron LLP 605 Third Avenue New York, NY 10158 Tel: (212) 557-7200 Email: rlr@dhclegal.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-mew) on March 4, 2026. In the petition signed by Anastasis Kaklamanos, president and manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Michael E. Wiles oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron LLP, represents the Debtor as legal counsel. 190 OCTANE: Commonwealth Credit Marks $689,000 1L Loan at 23% Off ----------------------------------------------------------------- Commonwealth Credit Partners BDC I, Inc. has marked its $689,000 loan extended to 190 Octane Financing, LLC to market at $531,000 or 77% 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 First Lien Senior Secured loan extended to 190 Octane Financing, LLC. The Loan accrues interest at a rate of SOFR + 5.50% (1.00% floor) + 2.25% PIK, 11.52% per annum. The Loan matures on May 10, 2027. 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 190 Octane Financing, LLC 190 Octane Financing, LLC operates in the consumer services sector, providing financing solutions tailored to consumer-focused businesses. 22ND CENTURY: Enters Into $20MM Series B Preferred Offering ----------------------------------------------------------- 22nd Century Group, Inc. disclosed in a regulatory filing that on March 20, 2026, the Company and certain investors entered into a securities purchase agreement with respect to the offer and sale of up to $20 million of shares of Series B Convertible Preferred Stock, stated value $1,000 per share and warrants to purchase shares of common stock pursuant to a registered direct offering. Stockholder approval for the Offering was obtained at the February 20, 2026 Special Meeting of the Stockholders. At the initial closing, the Investors will purchase approximately $16.0 million of shares of Series B Preferred Stock and Warrants. The remaining $4.0 million of shares of Series B Preferred Stock and Warrants are expected to be purchased at a second closing. The Investors may request the Second Close at any time until the one year anniversary of the Initial Close. The Company may require the Second Close by individual investor once less than 50% of such Investor's Series B Preferred Stock purchased at the Initial Close remains outstanding and certain equity conditions have been satisfied for at least 7 of the prior 10 trading days, including: (1) the Common Stock closes above 2.5 times the floor price and (2) the daily dollar trading volume of the Common Stock exceeds $500,000. The Company may exercise this right until the one year anniversary of the Initial Close. The Series B Preferred Stock will be convertible into shares of Common Stock at a fixed conversion price of $3.57 and, alternatively, at a 15% discount to the lowest daily volume-weighted average price during the prior 20 trading days, subject in each case to a floor price equal to 20% of the Nasdaq minimum price on the date of the Securities Purchase Agreement. The fixed conversion price is subject to anti-dilution adjustment for future dilutive issuances, subject to the floor price. The Company has the ability to reset the fixed conversion price (lower), subject to board approval and the floor price. The Warrants will be immediately exercisable at an exercise price of $3.57 per share of Common Stock (equal to the fixed conversion price) and expire on the date that is five years after issuance. The Investors received 100% warrant coverage, calculated as the face value of their Series B Preferred Stock divided by the fixed conversion price. The Warrants contain Black-Scholes value protections for fundamental transactions. The Warrants also have anti-dilution protection (price-only) for future issuances at prices below the then-current exercise price; provided that such anti-dilution protection does not apply to conversions of the Series B Preferred Stock. The Initial Close of the Offering is expected to close on March 24, 2026, subject to the satisfaction of customary closing conditions. The Securities Purchase Agreement provides that, subject to certain exceptions, until 30 days after the Initial Close, neither the Company nor any of its subsidiaries will issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock equivalents, except for approved issuances of restricted stock up to $500,000 and management equity grants. The Securities Purchase Agreement also provides that certain of the Investors in the Offering that fund at least $2,000,000 have a right of participation in future equity or equity-linked offerings by the Company in an amount equal to 50% of such subsequent financing for a period of 9 months after no shares of Series B Preferred Stock are outstanding. The Securities Purchase Agreement provides that, subject to certain exceptions, until no shares of Series B Preferred Stock are outstanding, the Company will be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its subsidiaries of common stock or common stock equivalents (or a combination of units thereof) involving a Variable Rate Transaction (as defined in the Securities Purchase Agreement). The Company may, however, utilize an at-the-market offering program to sell up to $250,000 in common shares per week, limited to 10% of the daily dollar trading volume for the Company's common shares and subject to a floor price of $1.50 per share, without time-of-day limitations. The Securities Purchase Agreement provides that the Company shall not issue any securities senior to or pari passu with the Series B Preferred Stock, including but not limited to any debt. Additionally, the Investors have agreed not to enter into any short sales of the Common Stock while they hold any shares of Series B Preferred Stock, with such restrictions applying to affiliates and related parties. The Company expects to use the net proceeds from the Offering to repurchase at par the outstanding Series A Convertible Preferred Stock issued in August 2025 in the amount of $9.65 million, with the balance to be used for working capital and general corporate purposes. The net proceeds to the Company from the Initial Close, after deducting the fees of Dawson James Securities, Inc., as Placement Agent, and the Company's estimated offering expenses, plus the repurchase of the outstanding Series A Convertible Preferred Stock, are expected to be approximately $5.7 million. The Company will pay the Placement Agent a cash fee of 3.0% of the first $9.65 million in gross proceeds from the Offering, and 6.0% of the remaining gross proceeds from the Offering, an additional 6.0% cash fee on any cash exercise of the Warrants and agreed to reimburse the Placement Agent for its expenses, including the reimbursement of legal fees up to an aggregate of $35,000. The Company has also agreed to issue placement agent warrants to purchase an aggregate of 187,659 shares of Common Stock with substantially the same terms as the Warrants, except that the exercise price of the Placement Agent Warrants shall be 110% of the exercise price of the Warrants. The shares of Series B Preferred Stock, Warrants and the shares of Common Stock underlying the shares of Series B Preferred Stock and Warrants are being offered and sold pursuant to the Company's Registration Statement on Form S-3 (Registration No. 333-270473) previously filed with the Securities and Exchange Commission and declared effective on March 31, 2023, the base prospectus included therein and the related prospectus supplement to be filed with the SEC. Terms of Series B Preferred Stock The Company will file a Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Nevada designating 20,000 shares out of the authorized but unissued shares of its preferred stock as Series B Convertible Preferred Stock with a stated value of $1,000 per share. The following is a summary of the principal terms of the Series B Preferred Stock as set forth in the Series B Certificate of Designation: Dividends: The holders of Series B Preferred Stock will be entitled to dividends when and as declared by the board of directors of the Company, from time to time, in its sole discretion, which dividends will be paid by the Company out of funds legally available therefor, payable, subject to the conditions and other terms of the Certificate of Designations, in cash, in securities of the Corporation or using assets as determined by the Board on the stated value of such Preferred Stock. Voting Rights: The shares of Series B Preferred Stock have no voting rights, except to the extent required by applicable law. As long as any shares of Series B Preferred Stock are outstanding, the Company may not, without the approval of a majority of the then outstanding shares of Series B Preferred Stock: (a) alter or change the powers, preferences or rights given to the Series B Preferred Stock, (b) alter or amend the Certificate of Incorporation or the bylaws of the Company in such a manner so as to materially adversely affect any rights given to the Series B Preferred Stock, (c) authorize or create any class of stock ranking as to dividends, redemption or distribution of assets upon a Liquidation senior to, or otherwise pari passu with, the Series B Preferred Stock, (d) increase the number of authorized shares of Series B Preferred Stock, or (e) enter into any agreement to do any of the foregoing. Liquidation: Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the then holders of the Series B Preferred Stock are entitled to receive out of the assets available for distribution to stockholders of the Company an amount equal to either: (i) 100% of the stated value or (ii) the amount the holder would receive if the Series B Preferred Stock had been converted into Common Stock; in each instance, prior to and in preference to the Common Stock or any other series of preferred stock. Conversion: The Series B Preferred Stock is convertible into Common Stock at any time at a fixed conversion price of $3.57, subject to adjustment for certain anti-dilution provisions set forth in the Series B Certificate of Designation, subject to a floor price equal to 20% of the Nasdaq minimum price on the date of the Securities Purchase Agreement. The fixed conversion price has anti-dilution price protection for future dilutive issuances. The Company has the ability to reset the fixed conversion price (lower), subject to board approval. The Series B Preferred Stock is also convertible at any time at the Alternative Conversion Price, which is a 15% discount to the lowest daily VWAP in the prior 20 trading days, subject to the floor price. Conversion at the Option of the Holder: The Series B Preferred Stock is convertible at the then-effective Series B Conversion Price (or the Alternative Conversion Price, at the holder's election) at the option of the holder at any time and from time to time. Mandatory Conversion at the Option of the Company: If, at any time from and after issuance: (i) the closing price of the Common Stock equals or exceeds 200% of the then fixed conversion price for 10 consecutive trading days and (ii) the daily dollar trading volume for the Common Stock exceeds $500,000 per day during such period, the Company may require the holders to convert the Series B Preferred Stock into Common Stock at the Series B Conversion Price. Beneficial Ownership Limitation: The Series B Preferred Stock cannot be converted to Common Stock if the holder and its affiliates would beneficially own more than 4.99% (or 9.99% at the election of the holder) of the outstanding Common Stock. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99% upon notice to us, provided that any increase in this limitation will not be effective until 61 days after such notice from the holder to us and such increase or decrease will apply only to the holder providing such notice. Preemptive Rights: The Securities Purchase Agreement also provides that certain of the Investors in the Offering that fund at least $2,000,000 have a right of participation in future equity or equity-linked offerings by the Company in an amount equal to 50% of such subsequent financing for a period of 9 months after no shares of Series B Preferred Stock are outstanding. Redemption: At any time six months after the issuance date, the Company may redeem all or a portion of the shares of Series B Preferred Stock outstanding by delivering notice at least 30 calendar days prior equal to 110% of the stated value per share of Series B Preferred Stock being redeemed. During the 30-day notice period, holders shall be permitted to convert their Series B Preferred Stock. Such redemption right may also be exercised in advance of a change in control of the Company. Negative Covenants: As long as any Series B Preferred Stock is outstanding, unless the holders of more than 50% of the then outstanding shares of Series B Preferred Stock shall have otherwise given prior written consent, the Company cannot, subject to certain exceptions, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness (as defined in the Certificate of Designations) exceeding $100,000, with the exception of a working capital line of credit with a commercial bank or other similar financial institution up to $1,000,000. Term: The Series B Preferred Stock is perpetual and has no stated maturity date. Trading Market: There is no established trading market for any of the Series B Preferred Stock, and we do not expect a market to develop. We do not intend to apply for a listing for any of the Series B Preferred Stock on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Series B Preferred Stock will be limited. A full text copy of The Series B Certificate of Designation is available at https://tinyurl.com/5bnuxs2v Full text copies of the terms of the Securities Purchase Agreement, the Warrants and the Placement Agent Warrants are available at https://tinyurl.com/4mnur7jr, https://tinyurl.com/bdexwrpy, and https://tinyurl.com/59nndsum, respectively. A copy of the opinion of Foley & Lardner LLP relating to the legality of the issuance and sale of securities is available at https://tinyurl.com/y7k42f3z. About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. 301 W NORTH: Court Extends Cash Collateral Access to March 31 ------------------------------------------------------------- 301 W North Avenue, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of BDS III Mortgage Capital G, LLC. The court issued its seventh interim order authorizing the Debtor to use the secured lender's cash collateral through March 31 in accordance with its budget. All provisions from the earlier agreed orders remain in effect. Under this latest stipulation, the termination date for the use of cash collateral is extended through March 31. This extension ensures that the debtor can continue operating while working toward implementation of its confirmed Chapter 11 reorganization plan, which has been approved but is not yet effective. The secured lender also reserves all rights under the settlement agreement and confirmed plan, meaning this extension does not waive any of its legal protections or conditions. A status hearing will be held on April 1. The seventh interim order is available at https://shorturl.at/EdQSX from PacerMonitor.com. 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 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-05275) on April 5, 2025, listing between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq., at Rob Glantz - Much Shelist, P.C. BDS III Mortgage Capital G LLC, as secured lender, is represented by: Steven Yachik, Esq. William S. Gyves, Esq. Benjamin Feder, Esq. Philip A. Weintraub, Esq. Kelley Drye & Warren, LLP 3 World Trade Center 175 Greenwich Street New York, New York 10007 Telephone: (212) 808-7800 Facsimile: (212) 808-7897 syachik@kelleydrye.com wgyves@kelleydrye.com bfeder@kelleydrye.com pweintraub@kelleydrye.com 410 SOUTH MORGAN: Seeks Cash Collateral Access ---------------------------------------------- 410 South Morgan Street LLC asks the U.S. Bankruptcy Court for the Northern District of Illinois for authority to use the cash collateral of Fannie Mae and provide adequate protection. The Debtor needs to use cash collateral for the ordinary course of business—including maintenance, taxes, insurance, and payroll for on-site management—to preserve the property's value while the Debtor pursues a sale or a restructuring plan. The Debtor owes Fannie Mae approximately $38.1 million on a loan originally used to acquire the property in 2019. The bankruptcy filing was triggered by a complex series of legal and operational disputes. Fannie Mae initiated foreclosure in 2025 following alleged unauthorized equity transfers involving a judgment against the Debtor's ultimate owner. A state court receiver was nearly appointed just before the bankruptcy filing. The Debtor attempted to sell the property to Up Campus Holdings for $52 million, but the buyer repeatedly failed to secure financing. After a disputed amendment dropped the price to $44 million, the Debtor declared the contract void. This resulted in a "Specific Performance" lawsuit and a current bankruptcy adversary proceeding to officially terminate the sale agreement. To protect Fannie Mae's interest while the cash is being used, the Debtor has proposed an Adequate Protection package, which include monthly debt service payments to Fannie Mae, replacement liens on the Debtor's real and personal property, super-priority administrative expense claims, and giving Fannie Mae's protection claims priority over almost all other bankruptcy costs. The Debtor must operate within a court-approved budget through May 31, with no more than a 10% variance. Failure to meet these terms or specific "Milestones" (like deadlines for a sale or plan filing) would constitute a default, stripping the Debtor of its right to use the cash. A court hearing is set for April 22. A copy of the motion is available at https://urlcurt.com/u?l=y8iveo from PacerMonitor.com. About 410 South Morgan Street LLC 410 South Morgan Street LLC is a real estate holding company involved in the ownership and management of commercial property assets in Illinois. 410 South Morgan Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03909) on March 4, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by Thomas R. Fawkes, Esq. of Tucker Ellis, LLP. 911 RESTORATION: Case Summary & Eight Unsecured Creditors --------------------------------------------------------- Debtor: 911 Restoration Services of Minneapolis, LLC 1523 94th Lane NE Suite A Minneapolis MN 55449 Business Description: 911 Restoration Services of Minneapolis, LLC is a restoration contractor that provides water and fire damage repair, mold remediation, sewage cleanup, sanitization, and biohazard cleanup services to residential and commercial customers in the Minneapolis area. Founded in 2014, the company operates as a franchisee of 911 Restoration Franchise, Inc. and offers 24/7 response services to address time-sensitive property damage. It employs certified technicians to perform restoration work and operates from a leased office in Blaine, Minnesota, under an agreement with 5 Shine Properties. The company maintains a staff of five employees and serves a broad range of industries requiring restoration and cleanup services. Chapter 11 Petition Date: March 9, 2026 Court: United States Bankruptcy Court District of Minnesota Case No.: 26-40768 Debtor's Counsel: Cameron Lallier, Esq. BASSFORD REMELE, A PROFESSIONAL ASSOCIATION 100 South 5th Street 1500 Minneapolis MN 55402-1254 Tel: 612-376-1621 E-mail: clallier@bassford.com Total Assets: $620,946 Total Liabilities: $1,678,873 The petition was signed by Jared Reese as authorized representative. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QYM3BVQ/911_Restoration_Services_of_Minneapolis__mnbke-26-40768__0001.0.pdf?mcid=tGE4TAMA A FAMILY AFFAIR: Seeks to Tap David Cahn LLC as Bankruptcy Counsel ------------------------------------------------------------------ A Family Affair Productions, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire the Law Office of David Cahn, LLC as bankruptcy counsel. The firm's services include: a. advising the Debtor legal advice with respect to his powers and duties as Debtor-in-Possession; b. advising the Debtor concerning, and assisting in the negotiation and documentation of, financing agreements, debt restructurings, cash collateral arrangements and related transactions, as applicable; c. representing the Debtor in defense of any proceedings instituted to reclaim property or to obtain relief from the automatic stay under section 362(a) of the bankruptcy Code; d. representing the Debtor in any proceedings instituted with respect to use of cash collateral; e. attending any and all meetings pursuant to 11 U.S.C. Sec. 341 and any and all court hearings scheduled herein; f. Reviewing the nature and validity of liens asserted against the property of the Debtor and advising the Debtor concerning the enforceability of such liens, as applicable; g. advising the Debtor concerning the actions that it might take to collect and to recover property for the benefit of the Debtor's estate; h. preparing on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules and other documents, and reviewing all financial and other reports to be filed in this Chapter 11 case; i. advising the Debtor concerning, and preparing responses to, applications, motion, pleadings, notices and other papers that may be filed and service in this Chapter 11 case; j. counseling the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization or liquidation and related documents; k. performing all other legal services it is qualified to handle for and on behalf of the Debtor that may be necessary or appropriate in the administration of this Chapter 11 case, including advising and assisting the Debtor with respect to debt restructurings, claims analysis and disputes, legal advice with respect to general corporate, bankruptcy, and finance, and matters and litigation other than for discrete matters for which special counsel may be retained; and l. performing all other legal services for the Debtor which may be necessary herein and to accomplish the goals of this reorganization. The firm's hourly rates are: Attorney $400 Paralegal $100 David E. Cahn, Esq., a partner at Law Office of David Cahn, LLC, assured the court that his firm is a disinterested person under Bankruptcy Code Section 101(14). The firm can be reached through: David E. Cahn, Esq. Law Office of David Cahn, LLC 129 - 10W. Patrick Street Frederick, MD 21701 Tel: (301) 799-8072 Fax: (877) 862-5426 Email: cahnd@cahnlawoffice.com About A Family Affair Productions, LLC A Family Affair Productions, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-12453) on March 9, 2026, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. David Erwin Cahn, Esq. at Law Office of David Cahn, LLC serves as the Debtor's counsel. A&A DEMO & EXCAVATING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Kentucky, Covington Division issued an interim order granting A&A Demo & Excavating, Inc. approval to use cash collateral to fund its business operations. Under the interim order, the Debtor is authorized to use cash collateral according to an approved budget, with spending not allowed to exceed 10% variance from the listed budget amounts until a final hearing is held. The court recognized Wright-Patt Credit Union as the only creditor with an interest in the Debtor's cash collateral that would otherwise be unsecured. As adequate protection, WPCU agreed to receive $10,000 per month through June 2026 and was granted a replacement lien on post-petition assets with the same priority as its pre-petition lien. Additionally, the Debtor is authorized to make adequate protection payments to several equipment lenders, including Ford Motor Credit, First Citizens Bank, Huntington Bank, Eagle Commercial Lending, and Financial Pacific Leasing, covering assets such as trucks, tractors, equipment attachments, and machinery. The court scheduled a final hearing on April 14. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/wk1Jo from PacerMonitor.com. About A&A Demo & Excavating Inc. A&A Demo & Excavating, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ken. Case No. 26-20194) with $1,000,001 to $10 million in both assets and liabilities. Judge Hon. Douglas L Lutz oversees the case. The Debtor is represented by; Michael B. Baker The Baker Firm, PLLC Tel: 859-647-7777 Email: mbaker@bakerlawky.com A&A DEMO & EXCAVATING: Hires Baker Firm PLLC as Bankruptcy Counsel ------------------------------------------------------------------ A&A Demo & Excavating, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky to hire The Baker Firm, PLLC as counsel. The firm will provide these services: a. general legal advice and representation throughout this proceeding; b. representation at the 341(a) Meeting of Creditors; c. advice and representation regarding all interactions with the United States Trustee, or any appointed Subchapter V Trustee; d. advice and representation regarding the sale, recovery, or surrender of any assets of DIP, if any; e. work related to the proposal, confirmation and substantial consummation of a Chapter 11 plan, or other final disposition of the case; f. work incidental to any of the above; and g. adversary proceedings related deemed necessary by the Debtor, DIP, and Counsel for its reorganization. The firm will be paid at these rates: Michael B. Baker $390 per hour Non-Attorney Staff $100 per hour. The firm received a retainer of $5,000 on January 14, 2026, and an additional $35,000 on January 23, 2026. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Baker, a partner at Baker Firm, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael B. Baker, Esq. The Baker Firm, PLLC 301 W. Pike Street Covington, KY 41011 Tel: (859) 647-7777 Fax: (859) 647-7799 Email: mbaker@bakerlawky.com About A&A Demo & Excavating, Inc. A&A Demo & Excavating, Inc., doing business as JP Excavating, is a site development and specialty contracting company based in Independence, Kentucky. A&A Demo & Excavating, Inc. d/b/a JP Excavating filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Cod (Bankr. E.D. Ky. Case No. 26-20194) on March 9, 2026, listing $2,198,866 in assets and $5,339,276 in liabilities. Andrew Bucher signed the petition in his capacity as president. Judge Douglas L. Lutz presides over the case. Michael B. Baker, Esq. at THE BAKER FIRM, PLLC serves as the Debtor's counsel. A&M AUTOBODY: Gets Court OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts granted A&M Autobody, Inc. approval to use cash collateral to fund operations. Under the order, the Debtor is authorized to use cash collateral in accordance with its budget, which projects total operational expenses of $119,014 for the period from March 1 to April 2. This authorization remains effective pending further court order. As adequate protection for secured creditors holding pre-petition liens, the court granted them replacement liens on post-petition assets to the same extent, validity, and priority as their original liens. These adequate protection liens automatically attach and remain enforceable against the Debtor, the estate, and any successor cases, preserving the secured creditors' rights. The interim order also sets several operational requirements and protections. The Debtor must comply with the approved budget, timely file and pay all post-petition taxes, and immediately cease using cash collateral if certain default events occur such as breach of the order's terms, conversion of its bankruptcy case to Chapter 7, appointment of a trustee to control the business, or dismissal of the case. The order does not waive or determine the final priority of creditor claims, leaving parties free to raise future objections or requests for additional protection. The court scheduled a further hearing on the continued use of cash collateral for April 2. The order is available at https://is.gd/CW5VTd from PacerMonitor.com. About A&M Autobody Inc. A&M Autobody, Inc. is an auto body repair company operating in Massachusetts. A&M Autobody filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-40056) on January 20, 2026, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. James LaMontagne of Sheehan Phinney Bass & Green serves as Subchapter V trustee. The case is assigned to Chief U.S. Bankruptcy Judge Elizabeth D. Katz. The Debtor is represented by Marques C. Lipton, Esq., at Lipton Law Group. ABLENVIRONMENTAL LLC: Unsecureds Will Get 6.01% over 36 Months -------------------------------------------------------------- Ablenvironmental LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Plan of Reorganization dated March 12, 2026. The Debtor was formally organized under the laws of the State of New Jersey on Feb. 21, 2006. The Debtor performs geothermal installations and other environmental contracting work throughout New Jersey. The Debtor is a continuation of a family-run enterprise spanning more than eight decades, originally founded in the 1940s. The Mayer family has a long-standing presence in the environmental and drilling services industry. Since 2021, the Debtor's equity structure has been: Christopher Mayer (45% membership interests); Brian Mayer (45% membership interests); and Roy Mayer (10% membership interests). In recent years, the Debtor began experiencing cash flow disruptions caused by a combination of factors. These include delayed client payments on large-scale contracts, rising labor and material costs, and the financial burden of equipment financed under the Debtor's name. Although the Debtor worked diligently to meet its obligations and preserve operational integrity, these challenges have strained the Debtor's ability to operate efficiently. Adding to these pressures was an active litigation, Wendy Golden, et al. v. Ableenvironmental LLC, et al., pending in the Superior Court of New Jersey, Somerset County under Docket No. SOM-L-000639-24. This commercial contract dispute has proceeded to discovery and names Christopher Mayer personally as a defendant alongside the Debtor. The Debtor invested substantial time and resources in defending against these claims. Through the instant Chapter 11 case, the Debtor is working to stabilize its business' finances, restructure its outstanding obligations, including equipment-related debt, and preserve the jobs and services that the Debtor. The Debtor's goal is to confirm a feasible plan of reorganization that ensures fair and equitable treatment of creditors, allows for continued operations, and maintains the business' role as a trusted contractor in the environmental services industry. This is a reorganization plan. In other words, the Plan Proponent seeks to accomplish payments under the Plan by reorganizing. Class 11 consists of General Unsecured Claims. The Debtor proposes to make thirty-six monthly distributions of $2,533.55 to allowed undisputed allowed Class 11 claims commencing August 15, 2026, at no interest, totaling $91,207.80, which represents a 6.01% distribution. The allowed unsecured claims total $1,518,147.79. The Plan will be funded by the Debtor's business operations. The Debtor has positive net income to make the required Plan payments, which include the following sources reflected in the Debtor's projections. To the extent necessary, the Debtor's members will contribute funds necessary to ensure the feasibility of the Debtor's Plan. A full-text copy of the Disclosure Statement dated March 12, 2026 is available at https://urlcurt.com/u?l=kqiKZr from PacerMonitor.com at no charge. Counsel to the Debtor: MIDDLEBROOKS SHAPIRO, P.C. Joseph M. Shapiro, Esq. 841 Mountain Avenue, First Floor Springfield, New Jersey 07081 (973) 218-6877 About Ablenvironmental LLC Ablenvironmental LLC performs geothermal installations and other environmental contracting work throughout New Jersey. The Debtor sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17836) on July 25, 2025, listing under $1 million in both assets and liabilities. Judge Mark Edward Hall oversees the case. The Debtor is represented by Melinda D. Middlebrooks, Esq., at Middlebrooks Shapiro, PC. ABRACON GROUP: Bain Capital's Marks $15.5MM 1L Loan at 40% Off -------------------------------------------------------------- Bain Capital Private Credit has marked its $15,577,000 loan extended to Abracon Group Holding, LLC. to market at $9,346,000 or 60% of the outstanding amount, according to Bain Capital'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 Abracon Group Holding, LLC. The 1L Loan accrues interest at a rate of SOFR 2.05% (4.60% PIK), 10.54% per annum. The 1L Loan matures on July 6, 2028. 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 Abracon Group Holding, LLC Abracon Group Holding, LLC operates as a holding company. The Company, through its subsidiaries, manufactures factory automation equipment. ADF CONSTRUCTION: Plan Exclusivity Period Extended to April 6 ------------------------------------------------------------- Judge James M. Carr of the U.S. Bankruptcy Court for the Southern District of Indiana extended ADF Construction of Indiana, LLC's exclusive period to file a plan of reorganization or liquidation to April 6, 2026. As shared by Troubled Company Reporter, the The Debtor explains that it is gathering information for the possible sale of its real property located in Brown County, Indiana. Debtor and its broker have been unable to touch base due to the broker's unavailability. Once Debtor is able to ascertain the feasibility of selling said real property, Debtor will be in a better position to submit a feasible plan of reorganization or liquidation. The Debtor claims that its interests of all parties are best served by allowing the company an extension of time for the exclusivity period so as to be able to submit a feasible plan of reorganization or liquidation. The Debtor believes that it needs an additional sixty days authorized by Section 1121 of the Bankruptcy Code, or to and including April 6, 2026, to make the decision on changes to its business operations and potential sale of real property so it may submit a disclosure statement and plan of reorganization or liquidation. ADF Construction of Indiana LLC is represented by: Jeffrey M. Hester, Esq. Allman Kight Hester LLC Lacy Building 54 Monument Circle, Suite 501 Indianapolis, IN 46204 317.608.1129 direct / fax Email: jhester@akhlaw.com About ADF Construction of Indiana ADF Construction of Indiana LLC provides residential building construction services, including custom homebuilding, remodeling, and home additions. The Company operates primarily in Indianapolis, Indiana, and serves the surrounding metropolitan area. ADF Construction of Indiana LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06145) on Oct. 8, 2025. In its petition, the Debtor reports total assets of $3,818,553 and total liabilities of $2,198,038. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by Jeffrey Hester, Esq., at Hester Baker Krebs LLC. ADONAI CONGREGATE: Court OKs Deal on Cash Collateral Access ----------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division approved an agreement between Adonai Congregate Living, Inc. and the U.S. Small Business Administration regarding the use of cash collateral. Prior to the bankruptcy filing, the Debtor had obtained an Economic Injury Disaster Loan from the SBA that was originally issued on June 7, 2020 in the amount of $150,000 as part of the federal COVID-19 disaster relief program. The loan was subsequently increased through a series of modifications: first on July 24, 2021, increasing the total loan to $500,000; second on January 20, 2022, increasing the total to $915,900; and third on February 5, 2022, raising the cumulative loan balance to $1,957,900. Under the terms of the final modified note, the Debtor is required to make monthly payments of principal and interest in the amount of $9,501 beginning 24 months after the note's execution, subject to certain congressionally authorized extensions. The loan carries a fixed annual interest rate of 3.75% and may be prepaid at any time without penalty. As of the bankruptcy petition date, the outstanding balance owed to the SBA was $1,910,743.28, as reflected in the SBA’s filed proof of claim. The SBA loan was issued pursuant to a Loan Authorization and Agreement requiring the Debtor to use the proceeds solely as working capital to alleviate economic injury resulting from the COVID-19 disaster beginning January 31, 2020. The proceeds were intended to support ongoing operations and cover certain related administrative costs, including Uniform Commercial Code filing fees. To secure repayment of the loan, the Debtor executed a security agreement granting the SBA a broad security interest in substantially all of the Debtor's tangible and intangible personal property. This collateral includes, among other things, inventory, equipment, instruments such as promissory notes, chattel paper (both tangible and electronic), documents, letter-of-credit rights, accounts receivable—including health-care insurance and credit card receivables—deposit accounts, commercial tort claims, general intangibles such as payment intangibles and software, and other forms of collateral recognized under the Uniform Commercial Code. The security interest also extends to any accessions, replacements, attachments, supplies, products, proceeds, and collections related to the collateral, as well as all related records and data. The SBA perfected this security interest through a UCC-1 financing statement filed on June 16, 2020 and a subsequent UCC-3 continuation filing made on June 3, 2025. In light of the SBA's secured position, the Debtor and the SBA negotiated a stipulation permitting the Debtor to use certain collateral that qualifies as cash collateral under the Bankruptcy Code. This stipulation allows the Debtor to use cash collateral retroactively from the petition date, January 20, through April 30 for the payment of ordinary and necessary post-petition operating expenses. As a condition of this consent, the SBA is granted adequate protection in the form of a replacement lien that attaches to the Debtor’s post-petition revenues. This replacement lien is deemed valid, binding, enforceable, automatically perfected, and effective as of the petition date, and it provides the SBA with the same priority and extent of security as its pre-petition lien on the Debtor's collateral. However, the replacement lien is limited only to the extent necessary to compensate for any reduction in the value of the SBA's collateral caused by the Debtor's use of the cash collateral after the bankruptcy filing. As additional adequate protection, the Debtor agrees to make monthly payments to the SBA in the amount of $9,501, with the first payment due on or before March 9, 2026. These payments correspond to the regular loan payment amount and are to be transmitted through the SBA’s online loan portal or by wire transfer. The stipulation further provides that any monthly billing statements sent by the SBA to the Debtor during the bankruptcy case are merely informational and do not constitute a violation of the automatic stay. The SBA will also be granted a potential administrative priority claim under 11 U.S.C. sections 503(b) and 507(b) if the value of its collateral diminishes during the bankruptcy case due to the Debtor's use of cash collateral. This priority claim would be limited to the amount of any such diminution in value. The Debtor's authority to use cash collateral under the stipulation expires on April 30, 2026 unless extended by a subsequent agreement between the parties or by court order. A copy of the stipulation is available at https://urlcurt.com/u?l=3Hrdn6 from PacerMonitor.com. About Adonai Congregate Living Inc. Adonai Congregate Living, Inc. operates as a provider of congregate living and residential care services. Adonai Congregate Living, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10098) on January 20, 2026. In its petition, the debtor did not disclose estimated assets or estimated liabilities. Honorable Bankruptcy Judge Martin R. Barash handles the case. The debtor is represented by Neil C. Evans, Esq. of the Law Offices of Neil C. Evans. ADVANCED BARRIER: Stellus Capital Virtually Writes Off $1.5M Loan ----------------------------------------------------------------- Stellus Capital Investment Corp. has marked its $1,558,434 loan extended to Advanced Barrier Extrusions, LLC to market at zero of the outstanding amount, according to Stellus Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 11, 2026. Stellus Capital Investment Corp. is a participant in a First Lien loan extended to Advanced Barrier Extrusions, LLC. The Loan accrues interest at a rate of 1M SOFR+ 9.50% (floor 1.00%) per annum. The Loan matures on Nov. 30, 2026. Stellus Capital Investment Corp. is a business development company that primarily provides financing solutions to middle-market companies. The Fund is led by Robert T. Ladd as Chief Executive Officer, President and Chairman of the Board of Directors and W. Todd Huskinson as Chief Financial Officer, Chief Compliance Officer and Secretary (Principal Accounting and Financial Officer). The Fund can be reached at: Robert T. Ladd Stellus Capital Investment Corp. 4400 Post Oak Parkway, Suite 2200 Houston, TX 77027 Telephone: (713) 292-5400 About Advanced Barrier Extrusions, LLC Advanced Barrier Extrusions, LLC operates in the containers, packaging and glass sector, producing specialized barrier packaging products. ADVANCED BARRIER: Stellus Capital Virtually Writes Off $2.6MM Loan ------------------------------------------------------------------ Stellus Capital Investment Corp. has marked its $2,607,637 loan extended to Advanced Barrier Extrusions, LLC to market at 0 of the outstanding amount, according to Stellus Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 11, 2026. Stellus Capital Investment Corp. is a participant in a First Lien loan extended to Advanced Barrier Extrusions, LLC. The loan accrues interest at a rate of 1M SOFR+ 9.50% (floor 1.00%) per annum. The loan matures on Nov. 30, 2026. Stellus Capital Investment Corp. is a business development company that primarily provides financing solutions to middle-market companies. The Fund is led by Robert T. Ladd as Chief Executive Officer, President and Chairman of the Board of Directors and W. Todd Huskinson as Chief Financial Officer, Chief Compliance Officer and Secretary (Principal Accounting and Financial Officer). The Fund can be reached at: Robert T. Ladd Stellus Capital Investment Corp. 4400 Post Oak Parkway, Suite 2200 Houston, TX 77027 Telephone: (713) 292-5400 About Advanced Barrier Extrusions, LLC Advanced Barrier Extrusions, LLC operates in the containers, packaging and glass sector, producing specialized barrier packaging products. AEDES CHRISTI: Gets Final OK to Use Cash Collateral --------------------------------------------------- Aedes Christi Holdings, Inc. on March 23 received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral according to an approved operating budget, with the ability to exceed the budget by up to 10%. Wells Fargo, Newtek Bank, N.A., Lendistry, and merchant cash advance lenders will be granted replacement liens on the Debtor's equipment, inventory, and accounts to protect them from any decline in the value of their collateral caused by the Debtor's use of the funds. The replacement liens maintain the same priority and validity as the lenders' pre-petition liens and do not extend to avoidance actions under the Bankruptcy Code. These liens do not apply to avoidance actions. As further protection, Newtek will receive $2,500 monthly, starting on or before April 15. A copy of the final order is available at https://is.gd/us0Tbg from PacerMonitor.com. Wells Fargo, Newtek and Lendistry claim they are secured by a lien on and security interest in substantially all of the Debtors' accounts and their proceeds. Wells Fargo is owed $774,084.80 while Newtek and Lendistry are owed $377,628.33 and $44,339.56, respectively. About Aedes Christi Holdings, Inc. Aedes Christi Holdings, Inc. operates in the wholesale and retail of men's apparel and accessories, including cufflinks, ties, and socks, from its base in Arlington, Texas. The company markets and conducts business using the names Dubal Brothers, Classy Cufflinks, and Classy Cufflinks and More. Aedes Christi Holdings, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.D. Texas Case No. 26-40648-elm11) on February 12, 2026. 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. Judge Edward L. Morris presides over the case. DeMarco Mitchell, PLLC is Debtor's legal counsel. AIR INDUSTRIES: Names Scott Glassman as Acting CEO & President -------------------------------------------------------------- Air Industries Group disclosed in a regulatory filing that on March 18, 2026, Mr. Scott Glassman was appointed by the Board of Directors to the positions of Acting Chief Executive Officer and President of the Company. Mr. Glassman will also serve as President of each of the Company's subsidiaries. Mr. Glassman was employed by the Company from 2007 to 2015 in various senior positions in the Company's finance department and rejoined the Company in March 2019. Mr. Glassman was appointed to the positions of Chief Financial Officer, Principal Accounting Officer and Secretary of the Company on October 16, 2024, positions which he held until his appointment as Acting Chief Executive Officer and President. Mr. Glassman is currently paid an annual salary of $231,000. Concurrent with the appointment of Mr. Glassman to the positions of Chief Executive Officer and President of the Company, the Board appointed Mr. Brian Drisgula to the positions of Vice President of Finance and Secretary of the Company. Mr. Drisgula will also serve as Treasurer and Secretary of each of the Company's subsidiaries. Mr. Drisgula has been employed by the Company since October 2024, most recently serving as the Director of Finance. From April 2023 to October 2024, Mr. Drisgula served as a Senior Finance Manager at Circor International, Inc., a large aerospace and defense contractor listed on the New York Stock Exchange. Prior to joining Circor, from May 2015 through February 2023, Mr. Drisgula was a Plant Controller for Akorn, Inc, a publicly held generic pharmaceutical manufacturer. Mr. Drisgula holds a Bachelor of Science degree in Accounting from the State University of New York at Binghamton and has been licensed as a CPA by the State of New York since 2000. Mr. Drisgula is employed at will by the Company and his salary is currently $165,000 per year. About Air Industries Air Industries Group, headquartered in Bay Shore, New York, manufactures precision components and assemblies for the aerospace and defense industry, supplying parts such as landing gear, flight controls, and engine mounts for military and commercial aircraft as well as ground turbines. Its products are used in programs including the F-18 Hornet, E-2 Hawkeye, UH-60 Black Hawk, F-35 Lightning II, F-15 Eagle, and Airbus A220, with customers spanning U.S. and international governments and global airlines. The Company operates two manufacturing centers in the U.S. In its audit report dated April 15, 2025, Marcum LLP included a "going concern" qualification noting that the Current Credit Facility expires on Dec. 30, 2025. In addition, the Company is required to maintain a collection account with its lender into which substantially all the Company's cash receipts are remitted. If the Company's lender were to cease lending and keep the funds remitted to the collection account, the Company would lack the funds to continue its operations. The Current Credit Facility expiration date and the rights granted to the lender, combined with the reasonable possibility that the Company might fail to meet covenants in the future, raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, debt under the Current Credit Facility and Related Party Subordinated Notes approximates $26,827,000. The Current Credit Facility was scheduled to expire on December 30, 2025, and the Related Party Subordinated Notes mature on June 30, 2026. These obligations are classified as current liabilities on the condensed consolidated balance sheet as of September 30, 2025. As a result of the aforementioned and rights that the Company's Current Credit Facility lender could exercise, there is substantial doubt about the Company's ability to continue as a going concern for the next 12 months. The Company is actively engaged in constructive discussions with all lenders regarding potential refinancing or extension of these obligations. While these discussions have been professional and remain ongoing, there can be no assurance that agreements will be reached with existing lenders or through alternative financing sources. As of September 30, 2025, the Company had $57,951,000 in total assets, $39,108,000 in total liabilities, and $18,843,000 in total stockholders' equity. ALIGHT INC: Moody's Downgrades CFR to B2, Outlook Stable -------------------------------------------------------- Moody's Ratings downgraded Alight, Inc.'s ("Alight") corporate family rating to B2 from Ba3 and the probability of default rating to B2-PD from Ba3-PD. Concurrently, the instrument ratings of the backed senior secured first-lien credit facilities (issued by Tempo Acquisition, LLC, including a $330 million revolving credit facility expiring 2030 and an approximately $2 billion term loan due 2028) were downgraded to B2 from Ba3. The speculative grade liquidity rating (SGL) was downgraded to SGL-2 from SGL-1. The outlook for both companies is stable. Alight provides outsourced healthcare and retirement benefits administration services and human resources technology solutions. The rating actions reflect expectations for declining revenue in the first quarter of 2026 and continuing revenue pressure over the next 12 to 18 months. Further, margins are expected to decline significantly as the company invests in operational improvements to address service quality and client retention, leading to leverage of above 6x in Moody's views. ESG considerations, specifically governance associated with management track record and financial strategy and risk management, were key drivers in the rating actions given the company's inconsistency with meeting financial guidance targets, recent high rate of turnover in senior management, including the CEO and CFO, and changes in Alight's earnings guidance to quarterly guidance from annual guidance. RATINGS RATIONALE Alight's B2 CFR is supported by its market position in the outsourced employee benefits administration industry, a long-term contract-driven revenue model, and a revenue base supported by a diverse customer base that consists of large enterprises. Alight's employee-benefits services constitute critical, embedded functions within customers' operations. Debt-to-EBITDA leverage as of December 31, 2025 was 4.6x but Moody's expects it to increase to above 6x in the next 12 -18 months given projected revenue declines and margin compression. The company is investing in service and operational improvements and client relationships to improve retention and add new clients but given the long sales cycle Moody's do not expect revenue growth to resume in the next 12-18 months. Alight's speculative grade liquidity rating is SGL-2, reflecting Moody's assessments of the company's liquidity as good. Liquidity is supported by a cash balance of $273 million as of December 31, 2025 and the $330 million revolving credit facility that is currently undrawn. Free cash flow will be limited this year as a result of the large payment related to the tax receivables agreement in place. Moody's do not expect Alight to draw on the revolver over the next 12 to 18 months given its solid cash flow generation and cash balance. The capital structure consists of an approximately $2 billion senior secured first lien term loan that matures in August 2028 and a $330 million revolver that matures in May 2030. These facilities are pari passu and are rated B2, which is the same as the B2 CFR, since the facilities' represented the preponderance of debt claims in Moody's hierarchy of claims at default. The stable outlook reflects Moody's expectations that despite the near-term challenges, the company will be able to stabilize its business, supported by good liquidity, which provides flexibility to execute the growth strategy. At the same time, over the next 12-18 months, Moody's expects debt-to-EBITDA leverage to increase to over 6x due to revenue declines in the high single digit area. Margins will decline to around 16% due to investments in sales and marketing efforts. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if revenue growth resumes and is sustained, debt-to-EBITDA declines to below 5.0x, and if Alight maintains conservative financial policies. The ratings could be downgraded if Moody's expects revenue to continue to decline, margins are weaker than anticipated, leverage to remain above 7x and free cash flow to debt is expected to be below 3%. A deterioration in liquidity could also pressure the ratings. 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. Chicago, IL-headquartered Alight, Inc. is a provider of outsourced healthcare and retirement benefits administration services and human resources technology solutions. The company is publicly traded (NYSE: ALIT) and has a small (-9.3%) share of equity that is owned by private investors. ALL PRO CONSTRUCTION: Case Summary & Seven Unsecured Creditors -------------------------------------------------------------- Debtor: All Pro Construction Service LLC 106B Bobby Austin Dr. Attalla AL 35954 Business Description: All Pro Construction Service, LLC is an Attalla, Alabama-based construction company that provides general construction services, including foundational and utility-related work, to residential and commercial clients. The company has more than 10 years of combined experience in the construction industry and helps coordinate project execution and progress. Chapter 11 Petition Date: March 19, 2026 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 26-40309 Judge: Hon. James J Robinson Debtor's Counsel: Christopher Messer, Esq. JENNINGS AND MESSER, PC 111 South 10th Street Gadsden AL 35901 Tel: 256-547-8886 Email: christopher@jenningsandmesser.com Total Assets: $1,382,500 Total Liabilities: $1,428,270 The petition was signed by Kevin Chastain as co-owner. 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/EZLIGCI/All_Pro_Construction_Service_LLC__alnbke-26-40309__0001.0.pdf?mcid=tGE4TAMA ALLSTATE LENDING: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Allstate Lending Group, Inc. The committee members are: 1. Scott Hackman 4637 N. Painted Sky Drive St. George, UT 84790 Phone: 619-787-0159 Shackman@gmail.com 2. Denise Cervenka 2012 Craig Avenue Altadena, CA 91001 Phone: 626-664-4885 Dmgallion@gmail.com 3. Marks Capital Attn: Michael Marks 512 Via de la Valle, Suite 300 Solana Beach, CA 92075 Phone: 76-550-0100 tigmick@me.com 4. Jeff Keenan 725 10th Street Manhattan Beach, CA 90206 Phone: 310-650-6232 jdkeenan@gte.net 5. C-Family Investments Attn: Chris Cornella 2730 N. 9th Street Canon City, CO 81212 Phone: 720-99-1787 chrispcornella@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Allstate Lending Group Allstate Lending Group, Inc. is a California-based mortgage lending and brokerage company headquartered in Monterey Park, California, providing residential home loan products including purchase, refinance, and alternative mortgage programs. It originates and arranges mortgage financing for borrowers through various loan structures, including non-prime and equity-based lending solutions. Allstate operates within the non-depository credit intermediation industry under licensing from the California Department of Real Estate. Allstate Lending Group filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 26-11879) on Feb. 27, 2026, listing assets of between $500,001 and $1 million and liabilities of between $50 million and $100 million. The Debtor is represented by: Kyra E. Andrassy, Esq. Raines Feldman Littrell, LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Tel: (310) 440-4100 kandrassy@raineslaw.com ALTAMAHA D.M.E.: Hires Stone & Baxter LLP as Bankruptcy Counsel --------------------------------------------------------------- Altamaha D.M.E., Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Georgia to hire Stone & Baxter, LLP as counsel. The firm will render these services: a. give Debtor legal advice with respect to the powers and duties of a Debtor-in-Possession in the continued operation of the business and management of Debtor's property; b. prepare on behalf of Debtor, as a Debtor-in-Possession, necessary applications, motions, answers, reports, and other legal papers; c. continue existing litigation, if any, to which Debtor-in-Possession may be a party and to conduct examinations incidental to the administration of its estate; d. take any and all action necessary to ensure the proper preservation and administration of Debtor's estate; e. assist Debtor-in-Possession with the preparation and filing of its Statements of Financial Affairs and schedules and lists as are appropriate; f. take whatever action is necessary with reference to the use by Debtor of its property pledged as collateral; g. assert, as directed by Debtor, all claims Debtor has against others; h. assist Debtor in connection with claims for taxes made by governmental units; i. assist Debtor in preparation of its Plan of Reorganization and confirmation thereto; and j. perform all other legal services for Debtor as Debtor-in-Possession that may be necessary. The firm's standard hourly rates range between $235 and $420 for each attorney, and $135 for paralegals and research assistants, including all travel time. Altamaha paid the retainer fee from its own bank account via an installment of $5,000 paid on December 18, 2025, and a second installment of $15,000 on February 13, 2026. David L. Bury, Jr., Esq., a partner of Stone & Baxter, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David L. Bury, Jr., Esq. Thomas B. Norton, Esq. E. Tate Crymes, Esq. Stone & Baxter, LLP 577 Third Street Macon, GA 31201 Tel: (478) 750-9898 Fax: (478) 750-9899 Email: dbury@stoneandbaxter.com tnorton@stoneandbaxter.com tcrymes@stoneandbaxter.com About Altamaha D.M.E. Inc. Altamaha D.M.E., Inc. operates a medical device sales business with three storefront locations in Jesup, Brunswick, and Pooler, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 26-20053-MJK) on February 24, 2026. In the petition signed by Teresa L. Brake, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michele J. Kim oversees the case. Thomas B. Norton, Esq., at Stone & Baxter, LLP, represents the Debtor as legal counsel. AMERICAN BULK: Hires Kearney McWilliams & Davis PLLC as Counsel --------------------------------------------------------------- American Bulk Pipe & Steel, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Kearney, McWilliams & Davis, PLLC as counsel. The firm will render these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this court, the appellate courts, and other courts in which matters may be heard and to protect the interests of the Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm will be paid at these hourly rates: Stacey Barnes, Attorney $600 Jamison Walters, Attorney $425 Aaron Maher, Attorney $350 Vikesh Patel, Attorney $300 Samantha Clary, Paraprofessional $185 In addition, the firm will seek reimbursement for expenses incurred. Ms. Barnes 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: Stacey L. Barnes, Esq. Kearney, McWilliams & Davis, PLLC 55 Waugh Drive, Suite 150 Houston, TX 77007 Telephone: (888) 341-0997 Facsimile: (832) 916-2751 Email: sbarnes@kmd.law About American Bulk Pipe & Steel, LLC American Bulk Pipe & Steel, LLC supplies steel pipe, tubing, and related steel products and operates in the metals and steel pipe distribution industry. The Company is based in Missouri City, Texas, and focuses on the sourcing and supply of steel pipe materials for commercial and industrial applications. American Bulk Pipe & Steel, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-30678) on February 2, 2026. AMERICAN PAVING: Unsecured Creditors to Recover 1% over 55 Months ----------------------------------------------------------------- American Paving Services, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Indiana a Plan of Reorganization for Small Business dated March 11, 2026. The Debtor is a corporation. Since 2019, the Debtor has been in the business of commercial paving. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $600,000. The final Plan payment is expected to be paid on October 1, 2030. This Plan of Reorganization proposes to pay creditors of the Debtor from the cash flow from operations and future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 1 cent on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 5 consists of Non-priority unsecured creditors. This class of creditors is made up of all general unsecured allowed claims. This class shall be paid 1% of the amount due based on the claims filed. Payments to this class total $474.42 per month and shall be made from the "effective date" of the Plan for 55 months. This class of creditors is impaired because they are being paid less than they would be under non-bankruptcy law. The allowed unsecured claims total $2,609,297.94. This Class will receive a distribution of $26,092.98. Class 5 consists of Equity security holders of the Debtor. All pre-petition equity security holders shall maintain their equity positions in the reorganized Debtor. The Debtor shall be the disbursing agent for all Plan payments. A full-text copy of the Plan of Reorganization dated March 11, 2026 is available at https://urlcurt.com/u?l=oyzWtD from PacerMonitor.com at no charge. Counsel to the Debtor: Ben Schneider, Esq. SCHNEIDER AND STONE 8424 Skokie Blvd., Suite 200 Skokie, IL 60077 Phone: (847) 933-0300 Email: ben@windycitylawgroup.com About American Paving Services, Inc. American Paving Services, Inc., provides asphalt paving, resurfacing, sealcoating, maintenance, excavating, crack-filling, sweeping, and related pavement services for commercial, industrial, and private-lane projects. The Company operates across multiple communities in Indiana, including Porter, Portage, and Valparaiso, and extends its services into Illinois in areas such as Chicago, Bolingbrook, and Franklin Park. American Paving Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind., Case No. 25-22370) on November 16, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Judge James R. Ahler handles the case. The Debtor is represented by Ben Schneider, Esq. of Schneider and Stone Inc. AMERICAN POWER: Gets OK to Use Cash Collateral Until April 7 ------------------------------------------------------------ American Power Equipment, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Alabama to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through April 7 in accordance with its budget, subject to a 10% variance. The cash collateral does not include any Floor Plan Collateral. Floor Plan Collateral includes (i) any equipment or inventory specifically financed under and identified in the Debtor's Inventory Financing Agreement with Wells Fargo Bank, N.A. and Inventory Security Agreement with Huntington (the "Floorplan Credit Agreements"), (ii) all proceeds of the sale or disposition of such inventory only up to the outstanding advance against such inventory, and (iii) all identifiable cash proceeds thereof up to the amount required to be paid under the applicable Floorplan Credit Agreement. The Debtor may continue to sell equipment and inventory and pay sales proceeds to Wells Fargo Bank, N.A. and Huntington under the Floor Plan Credit Agreements in the ordinary course of business until further order of the Court; however any such sales proceeds in excess of amounts required to be paid to Wells Fargo Bank, N.A. or Huntington under those parties' respective Floor Plan Credit Agreements shall constitute Cash Collateral under this Order. As adequate protection for the Debtor's use of Hancock Whitney Bank's Cash Collateral and any other diminution in value of the Prepetition Collateral from and after the Petition Date, Hancock Whitney Bank is granted, pursuant to sections 361, 363, and 552 of the Bankruptcy Code and through the date of a final order on the Motion, valid, binding, enforceable, and automatically perfected replacement liens and security interests on and in all of the Debtor's now-owned and hereafter-acquired property and assets and the proceeds thereof, of any kind or nature whatsoever, whether real or personal, tangible or intangible, wherever located, to the same extent, validity, and priority as Hancock Whitney Bank's prepetition liens, subject only to the Carve-Out and the Floor Plan Collateral and any valid, perfected, and unavoidable liens senior to Hancock Whitney Bank's liens as of the Petition Date. Hancock Whitney Bank is granted, pursuant to sections 361, 363, 364, and 507(b) of the Bankruptcy Code and through the date of a final order on the Motion, an allowed superpriority administrative expense claim with priority over any and all administrative expenses of the kind specified in sections 503(b) and 507(a) of the Bankruptcy Code, subject only to the Carve-Out and the Floor Plan Collateral, to the extent that the adequate protection provided to Hancock Whitney Bank proves insufficient to protect against any diminution in value of the Prepetition Collateral and the Replacement Liens. As additional adequate protection, the Debtor must provide to Hancock Whitney Bank: (a) bi-weekly cash receipts and disbursements reports comparing actual performance to the Budget; (b) bi-weekly inventory reports identifying new and used inventory, part and other inventory, including unit counts and cost; (c) bi-weekly floor plan status reports, including serial numbers showing all floor planned inventory, pay-downs, and out-of-trust status; and (d) such other financial reporting reasonably requested by Hancock Whitney Bank. The Debtor must permit representatives of Hancock Whitney Bank reasonable access, upon reasonable notice, to the Debtor's premises, books and records, and management for the purpose of monitoring the Debtor's operations and the condition of the Collateral. The final hearing is set for April 7. The interim order is available at http://urlcurt.com/u?l=BDx9nA from PacerMonitor.com. The Debtor continues operating as debtor in possession pursuant to Secs. 1107 and 1108 and conducts business in Mobile County, Alabama, selling and renting large power equipment and providing repair and maintenance services. In December 2021, the Debtor borrowed approximately $2.8 million from Hancock Whitney Bank to acquire business assets. As of the petition date, it owed Hancock $2,348,553, secured by substantially all Debtor assets, including accounts, receivables, inventory, and equipment, as well as real property owned by an affiliate and a personal guaranty. Additional secured obligations include $169,311 on a line of credit and $14,231.95 on a business credit card. The Debtor reported approximately $32,526 in cash and $43,398 in accounts receivable at filing. Declining equipment sales and burdensome merchant cash advances strained liquidity. The Debtor seeks to use cash collateral to fund wages, taxes, insurance, inventory, repairs, professional fees, and other operating expenses pursuant to a proposed budget, asserting that immediate access is necessary to prevent irreparable harm and preserve going-concern value. About American Power Equipment, LLC American Power Equipment, LLC sells and rents large power equipment and providing repair and maintenance services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-10544) on February 26, 2026. In the petition signed by Jason T. Palmer, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Henry A. Callaway oversees the case. Alexandra K Garrett, Esq, at Silver Voit Garrett & Watkins, represents the Debtor as legal counsel. AMERICAN RESOURCES: EMCO Eyes Up to $20MM Private Capital Raise --------------------------------------------------------------- American Resources Corporation disclosed in a regulatory filing that its wholly-owned subsidiary, Electrified Materials Corporation, may undertake a private capital raise to support its expansion efforts. Such capital raise is expected to be in the range of $3 - $20 million and be in the form of convertible preferred stock with such shares to be mandatorily convertible if EMCO undertakes a transaction or series of related transactions pursuant to which EMCO's securities become listed on a national securities exchange and EMCO becomes subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended. 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. ANTHEM SPORTS: Cion Marks $27.8MM 1L Loan at 26% Off ---------------------------------------------------- Cion Investment Corp has marked its $27,810,000 loan extended to Anthem Sports & Entertainment Inc. to market at $20,441,000 or 73% 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. Cion Investment Corp is a participant in a Senior Secured First Lien loan extended to Anthem Sports & Entertainment Inc.. The Loan accrues interest at a rate of 10.00 % Fixed per annum. The Loan matures on Nov. 15, 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 Anthem Sports & Entertainment Inc. Anthem Sports & Entertainment Inc. operates as a diversified media and production company, providing sports and entertainment content across multiple platforms. ARCWOOD ENVIRONMENTAL: Fitch Assigns 'B+' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned Arcwood Environmental, Inc. a first-time 'B+' Long-Term Issuer Default Rating (IDR). Fitch has also assigned Arcwood's senior secured credit facilities a 'BB-' rating with a Recovery Rating of 'RR3'. The Outlook is Stable. The ratings reflect the issuer's hard-to-replicate asset network, critical hazardous waste services to customer production processes, and technical know-how, which support customer retention and demand stability. The ratings incorporate reliance on a limited number of key disposal facilities, but Fitch believes adequate contingencies are in place to manage temporary, minor disruptions while preserving cash flow. Fitch expects modest cyclicality linked to activity in certain industrial markets and event-driven services, though market diversification and regulatory-driven demand should drive resilient performance. Financial flexibility is supported by positive FCF generation and interest coverage that Fitch forecasts in the mid-to-high 2.0x range. Fitch expects EBITDA leverage to be around mid-5.0x in the medium to long term, consistent with the closing level, though growth investments may temporarily increase leverage to around 6.0x. Key Rating Drivers Assets, Services Support Business Profile: Arcwood's ownership of a supply-constrained, hard-to-replicate asset network is a key strength of its business profile. Its critical assets include three of the industry's 12 commercial incinerators and one of the 15 hazardous waste landfills. Developing new facilities is challenging due to significant capital investment and political and regulatory barriers. Technical know-how, service quality and reliability enhance the company's competitiveness and support long-term customer relationships and minimal churn. That said, Arcwood's smaller scale and less diversified assets and capabilities relative to larger peers can put it at a disadvantage in certain markets. Contingencies for Asset Concentration: Fitch believes the risk of operating disruptions to Arcwood's disposal assets can be adequately managed on a minor and temporary basis. Arcwood experienced a contractor-induced incinerator outage in 2022 that lasted six months, mainly due to supply chain delays. Fitch understands management has taken steps to moderate operational and financial impacts of unplanned outage. This includes an ability to redirect waste to other Arcwood disposal assets or third-party locations, a good compliance record, improved spare parts inventory, enhanced vendor screening and adequate insurance coverage. Arcwood's hazardous waste incinerators and landfill comprise roughly 30% of total revenue and a proportionally higher share of EBITDA due to their high margins. Mid-5.0x Leverage: Fitch estimates EBITDA leverage in the mid-5.0x range pro forma for recent acquisitions and financing transactions and expects leverage to remain around this level over the medium to long term. Fitch believes Arcwood will balance growth priorities, including regular M&A, with managing its financial structure towards the closing level following significant transactions. This could include using equity funding for larger acquisitions similar to its approach for deals completed in 2025. M&A or cyclicality may temporarily push leverage to the low-6.0x range. Cash Flow Supports Flexibility: Arcwood's financial flexibility is supported by Fitch's forecast of a positive cash flow profile with an FCF margin in the low to mid-single digits before large growth investments and a one-time dividend. Arcwood has a clear path to notable EBITDA margin improvement in the near term, improving to nearly 21% in 2026 from about 18% in recent history, attributable to the roll-off of certain one-time expenses, cost saving and efficiency initiatives, and incremental price-cost spread. Fitch expects EBITDA interest coverage in the mid-to-high 2.0x. Cyclical Resistance: Fitch believes Arcwood is less cyclical than the broader industrial sector. While waste volumes correlate with production levels and the company has lumpy event-driven projects, performance through the cycle should benefit from a diversified customer base and end markets as well as the non-deferrable nature of hazardous waste treatment and disposal that support a rapid recovery as economic conditions improve. Postponed remedial projects and maintenance work could also rebound after periods of downturn, contributing to the recovery. Peer Analysis Fitch compares Arcwood with Reworld Holding Corporation (B+/Stable) and Waste Pro USA, Inc. (B+/Stable) within the environmental services sector. Arcwood and Reworld benefit from difficult-to-replicate assets relative to Waste Pro, though this is partially offset by their more complex incinerators operations. Fitch views the waste industry's resilient demand as supportive of the issuers' business profiles, although Arcwood's exposure to industrial and resource-based end markets and Reworld's sensitivity to commodity prices introduce some variability compared with Waste Pro, which is focused largely on municipal waste. Fitch forecasts all three peers will operate at around mid-2.0x interest coverage ratios, supporting their 'B+' ratings. Fitch’s Key Rating-Case Assumptions - Organic revenue grows low-to-mid single digits in the medium term, primarily driven by pricing. The forecast does not assume material contributions from the Orange incinerator ramp-up, which could provide volume and EBITDA upside. - EBITDA margin expands approximately 300 bps in 2026, supported by certain one-time expense tapering, ongoing cost savings and efficiency initiatives as well as pricing over cost inflation. - Capex as a percentage of revenue reaches high single digits in 2026, reflecting facility and system upgrades as well as M&A capex catch-up. Project capex intensity at around 6.5% thereafter. - Growth oriented capital allocation is balanced with long-term leverage in the mid-5.0x. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (bb-, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Recovery Analysis The recovery rating assumes Arcwood would be reorganized as a going concern (GC) rather than liquidated in a bankruptcy scenario. A 10% administrative claim is assumed. Fitch estimates Arcwood's GC EBITDA at $100 million, reflecting Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. Fitch assumes a hypothetical bankruptcy scenario could come from a combination of severe operational challenges, prolonged economic downturn and acquisition integration issues leading to an untenable capital structure. In this scenario, Fitch applies a GC recovery multiple of 6.5x to GC EBITDA to calculate a post-reorganization enterprise value. The multiple is driven by Arcwood's highly valuable and supply-constrained assets as well as its vertical integration and market position. Fitch's recovery scenario assumes that Arcwood's $225 million revolver is fully drawn. These assumptions result in a 'BB-'/'RR3' rating for the senior secured revolver and term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage below 2.25x; - EBITDA leverage sustained above 6.0x; - A weakening in Arcwood's cash flow profile that results in reduced financial flexibility, persistently negative FCF and revolver utilization sustained above 25%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA interest coverage above 2.75x; - Commitment to a financial policy that supports EBITDA leverage sustained below 5x; - Increased size, scale, and diversification via organic growth and M&A that strengthen the cash flow risk profile; - Continued execution of strategy that improves financial flexibility and FCF after growth capex to consistently positive levels. Liquidity and Debt Structure Liquidity is supported by $14 million of cash on hand and $225 million revolver availability following refinancing and upsize. The capital structure consists of the revolver, which matures in 2031, and a $775 million term-loan B due 2033. Debt amortization is manageable at $7.8 million a year. Issuer Profile Arcwood operates a vertically integrated and hard-to-replicate hazardous waste processing asset network in the U.S. It transports, treats and disposes of hazardous waste streams and offers other environmental solutions. 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 Arcwood. 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 ----------- ------ -------- Arcwood Environmental, Inc. LT IDR B+ New Rating senior secured LT BB- New Rating RR3 ARMADILLO PIZZA: Gets Extension to Access Cash Collateral --------------------------------------------------------- Armadillo Pizza, LLC and Armadillo Pizza College Station, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to continue to use cash collateral. The Debtor was initially allowed to access cash collateral under the court's Feb. 24 interim order. Under the latest order, the Debtors are authorized to use cash collateral to fund operations strictly in accordance with approved budgets. However, this authorization is conditional -- if any Debtor's bank balance falls below $1.00, the right to use cash collateral immediately terminates unless further court approval is obtained. As adequate protection, secured lenders including United Community Bank, OptimumBank, and the U.S. Small Business Administration will be granted replacement liens, with the same validity and priority as their pre-petition liens, along with super-priority administrative claims if other protections prove insufficient. The order also deems these liens automatically perfected without additional filings, while preserving the Debtors' right to later challenge the validity or extent of such claims. The order imposes strict reporting and oversight requirements, including monthly operating reports, financial disclosures, and lender access to inspect collateral and records with notice. The order also outlines default provisions, allowing lenders to terminate cash collateral use or seek relief from the automatic stay upon violations. A final hearing is scheduled for April 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/3ckMJ from PacerMonitor.com. In December 2022, Armadillo Pizza took out a $930,000 SBA loan with United Community Bank, secured by a blanket lien on all personal property, with monthly payments of $11,105.44. It also secured merchant cash advance loans from Freedom Capital Funding and Parafin, Inc. in the original amounts of $107,957 and $30,000, respectively. Meanwhile, Armadillo Pizza College Station obtained a $932,000 SBA loan from OptimumBank, secured by a blanket lien on all its personal property, perfected on May 29, 2024, with monthly payments of $11,172.29. Last year, United Community Bank filed a UCC-1 asserting a blanket lien on all of Armadillo Pizza College Station's personal property. The Debtors reserve the right to challenge its validity. About Armadillo Pizza LLC Armadillo Pizza, LLC, doing business as Crust Pizza Co., owns and operates a restaurant at 4625 Kingwood Drive in Kingwood, Texas, serving Chicago-style thin-crust pizzas, pasta, salads, and other Italian-inspired menu items. The restaurant is part of the Crust Pizza Co. franchise system and operates in the casual dining and fast-casual restaurant industry. Armadillo Pizza filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-31060) on February 18, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Jeffrey P. Norman oversees the case. Kean Miller, LLP serves as the Debtors' legal counsel. ASCENT SOLAR: Posts $7.83M Loss in 2025, Cites Financing Reliance ----------------------------------------------------------------- Ascent Solar Technologies, Inc. filed a Form 10-K with the Securities and Exchange Commission, reporting a net loss of $7.83 million on $76,773 in product revenue for the year ended Dec. 31, 2025, while raising substantial doubt about its ability to continue as a going concern. The loss narrowed from $9.13 million on $41,893 in product revenue in 2024, as diclosed in the filing. Auditor Haynie & Company issued a "going concern" opinion dated March 20, 2026, citing limited production and continued reliance on outside financing. It added that there is no assurance the company will be able to raise additional capital and noted that cash on hand is not sufficient to sustain operations. As of Dec. 31, 2025, Ascent Solar held $2.79 million in cash and equivalents and reported an accumulated deficit of $499.44 million. Total assets were $6.33 million and liabilities were $2.99 million, resulting in stockholders' equity of $3.34 million. Cash used in operations totaled $6.90 million in 2025, down from $8.42 million a year earlier, according to the filing, reflecting timing differences in cash flows and lower expenses. Cash used in investing activities rose to $107,015 from $421 in 2024, driven by purchases of a cost investment and fixed assets. Cash provided by financing activities declined to $6.63 million from $10.55 million, the filing states, as equity issuance activity slowed. The company said it continues to focus on research and development at its Thornton, Colorado facility as it works to expand production. However, it acknowledged that near-term revenues are unlikely to generate positive cash flow. Management said additional financing will be required to reach sufficient sales levels and achieve profitability, though it cannot assure that such funding will be obtained. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1350102/000119312526117839/asti-20251231.htm About Ascent Solar Ascent Solar Technologies, Inc., based in Thornton, Colorado, develops and manufactures flexible photovoltaic solar modules for specialized applications. Its products are used in aerospace, satellite, unmanned aerial vehicle, and other weight-sensitive markets where traditional panels are not suitable. The company focuses on high-performance solar solutions designed for advanced technical requirements. ASTICOU HOSPITALITY: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Asticou Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with its budget. Spending must be limited to 125% of the aggregate expenditures as set forth in the budget. As adequate protection for the Debtor's use of their cash collateral, secured creditors -- First National Bank and Asticou Investment Holdings, LLC -- will be granted liens on all assets of the Debtor and its estate, excluding proceeds of any avoidance actions. The order is available at https://is.gd/LIsxOc from PacerMonitor.com. The final hearing is set for April 9. The deadline for filing objections is on April 7. Asticou owns and operates the Asticou Hotel, a luxury hospitality property located in Northeast Harbor, Maine, on Mount Desert Island near Acadia National Park. The hotel is a large resort complex consisting of a 50-room main inn, 15 cottages, and 17 spa suites, along with four food and beverage outlets, a pool, spa facilities, a fitness center, and employee housing accommodations. The property spans approximately 71,000 square feet on nearly 20 acres. In 2024, the Debtor began an extensive renovation project intended to restore and modernize the historic Asticou Inn, originally built in 1901. The renovations included upgrades to plumbing, electrical systems, heating and cooling infrastructure, guest rooms, dining areas, and the addition of new luxury amenities such as spa suites and harbor-side cottages. Although most renovations were completed in time for the 2025 tourist season, several contractors later filed mechanic's liens on the property due to disputes related to the construction work, resulting in litigation in Maine state court. The Debtor's Chapter 11 case began on February 11 when certain creditors filed an involuntary bankruptcy petition. The Debtor did not contest the filing, and the court entered an order for relief on March 5, 2026, allowing the Debtor to continue operating its business as a debtor-in-possession. No trustee or creditors’ committee has yet been appointed. The Debtor intends to restructure primarily through a going-concern sale of substantially all of its assets, which it hopes to complete by April 1, 2026, before the start of the upcoming summer tourist season. The Debtor argues that maintaining operations during the sale process is essential to preserving the value of the property and maximizing recoveries for creditors. Two primary secured creditors assert interests in the Debtor's cash collateral: First National Bank, which is owed approximately $27.9 million, and Asticou Investment Holdings, LLC, which is owed approximately $18.6 million. Both creditors hold liens on substantially all of the Debtor's assets, including the hotel and related revenue streams. About Asticou Hospitality, LLC Asticou Hospitality, LLC is a Maine-registered limited liability company that owns and operates The Asticou Hotel, a historic luxury lodging property in Northeast Harbor, Maine. The company was created by Maine hotelier Tim Harrington to acquire and renovate the Asticou property, a grand coastal inn on Mount Desert Island with dining, accommodations, and hospitality services, and has overseen a multi-million-dollar redevelopment and reopening of the hotel. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 26-20030) on February 11, 2026. Judge Michael A Fagone oversees the case. Randy J. Creswell, Esq.,at CRESWELL LAW, represents the Debtor as legal counse. AT THE CROSS: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: At the Cross Oceanside Church,Inc 2112 S. El Camino Real Oceanside, CA 92054 Business Description: At The Cross Oceanside is a non-denominational Christian church in Oceanside, California, founded in January 2014. The church, which operates from 2112 South El Camino Real, holds Sunday and Wednesday services and runs ministries including Celebrate Recovery, children's, women's and men's programs. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Southern District of California Case No.: 26-01076 Debtor's Counsel: Daniel J Winfree, Esq. DANIEL J WINFREE, ATTORNEY POB 19061 San Diego, CA 92119 Tel: (619) 235-6060 E-mail: lawyer@bkatty.com Total Assets as of February 28, 2026: $1,654,227 Total Liabilities as of February 28, 2026: $1,360,000 The petition was signed by Adam Riojas as president. 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/IC2A7PY/At_the_Cross_Oceanside_ChurchInc__casbke-26-01076__0001.0.pdf?mcid=tGE4TAMA AXE TACTICAL: Seeks to Hire Ford & Semach PA as Bankruptcy Counsel ------------------------------------------------------------------ Axe Tactical LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Ford & Semach, PA as counsel. The firm's services include: (a) analyze the financial situation, and render advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; (b) advise the Debtor with regards to the powers and duties in the continued operation of the business and management of the property of the estate; (c) prepare and file legal documents required by the Court; (d) represent the Debtor at the Section 341 Creditors' meeting; (e) provide legal advice to the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; if appropriate; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) prepare necessary legal papers and appear at hearings thereon; (h) protect the interest of the Debtor in all matters pending before the court; (i) represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) perform all other legal services for the Debtor which may be necessary. The firm will be paid at these hourly rates: Buddy Ford, Attorney $550 Jonathan Semach, Attorney $500 Heather Reel, Attorney $450 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. Prior to the commencement of its case the Debtor paid an advance fee of $22,000. Mr. Ford 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: Buddy D. Ford, Esq. Ford & Semach, PA 9301 West Hillsborough Avenue Tampa, FL 33615 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com About Axe Tactical LLC Axe Tactical LLC operates a firearms retail store and shooting range under the Gun Gallery brand in Jacksonville, Florida. Axe Tactical LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00935) on March 6, 2026, listing $260,692 in assets and $4,485,415 in liabilities. The petition was signed by Joseph Williams as managing member. Jonathan A Semach, Esq. at Ford & Semach, P.A. represents the Debtor as counsel. AZHAR CHAUDHARY: Seeks to Hire David Venable as Legal Counsel ------------------------------------------------------------- Azhar Chaudhary Law Firm PC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire David L. Venable, Attorney at Law, to serve as legal counsel in its Chapter 11 case. The professional services the said attorney is to render include: a. advise and assist in the schedules and statements required by the Bankruptcy Code and Rules; b. give the debtor advice with respect to its powers and duties as debtor in possession in the continued operation of its business and management of its property; c. represent the debtor as debtor in possession in connection with any adversary proceedings and contested matters which may be filed by or against it; d. prepare and prosecute objections to proof of claims for disputed debts; e. prepare on behalf of the debtor as debtor in possession necessary applications, answers, orders, reports and other legal papers; f. advise and assist in the formulation of the debtor's plan of reorganization, to prepare and file such plan, and to prepare and make the disclosure required by the Bankruptcy Code and Rules; and g. perform all other legal services for the debtor as debtor in possession which may be necessary. The legal fees that will be charged to the Debtor is at the rate of $200 per hour. The firm has received a retainer of $2,500. According to court filings, Mr. Venable is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and represents no interests adverse to the Debtor or its estate. The firm can be reached at: David L. Venable, Esq. 13201 Northwest Freeway, Suite 800 Houston, TX 77040 Telephone: (713) 956-1400 Facsimile: (713) 983-8285 E-mail: david@dlvenable.com About Azhar Chaudhary Law Firm PC Azhar Chaudhary Law Firm, PC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-30895) on February 10, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez presides over the case. David L. Venable, Esq. represents the Debtor as legal counsel. B+H ARCHITECTS: Exits CCAA After Court-Approved Restructuring ------------------------------------------------------------- B+H Architects Corp. announced on March 19, 2026, the successful completion of its financial restructuring process, which was carried out under a court--approved transaction between B+H Architects Corp. and Surbana Jurong Holdings (Canada) Ltd., originally entered into on October 16, 2025 and formally closed on January 30, 2026. As a result of this court--approved transaction, BHA has exited the Companies' Creditors Arrangement Act (CCAA) process and continues to operate as a restructured, solvent practice in good standing, with no impact to ongoing business operations, project delivery, client commitments, or professional services. All BHA studios remain fully operational and continue to serve clients across North America and internationally. This milestone marks the conclusion of a structured and orderly process designed to ensure long--term stability for the firm, enabling BHA to move forward with clarity and focus. BHA remains committed to delivering work with the same quality, rigour, and design excellence that have defined its 70+ year legacy. Continued Operations Throughout the restructuring period, BHA maintained uninterrupted operations. Following the completion of the transaction, BHA affirms that project delivery, client service, and business operations remain unaffected and continue as normal. About BHA BHA is a leading architecture and design firm headquartered in Toronto, Ontario and has been instrumental in building the "B+H" brand for over 70 years. BHA's portfolio consists of some of Toronto's most prominent buildings, both independently designed and delivered in collaboration with world-renowned architecture firms. Their portfolio includes Ripley's Aquarium of Canada, Brookfield Place, Mount Sinai Hospital, Toronto Eaton Centre, MaRS Centre West Tower, SickKids Patient Support Centre, 16 York, 100 Queens Quay East and TD Terrace. While headquartered in Toronto, BHA has also completed work internationally, including in the United States, China, Singapore, Kingdom of Saudi Arabia, India, Qatar, Vietnam, Brazil and the United Arab Emirates. BANNER RIDGE: Felicitas Private Marks $1.4M Loan at 48% Off ----------------------------------------------------------- Felicitas Private Markets Fund has marked its $1,443,495 loan extended to Banner Ridge DSCO Fund I (Offshore), LP to market at $748,518 or 52% 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 I (Offshore), LP. The Loan is on non-accrual status. The Loan matures on March 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 I (Offshore), LP Banner Ridge DSCO Fund I (Offshore), LP Banner Ridge Partners is a Registered Investment Advisor that identifies best-in-class private equity managers in niche markets and provides liquidity solutions. BEELINE HOLDINGS: Completes Series A Exchange with Holder --------------------------------------------------------- Beeline Holdings, Inc. disclosed in a regulatory filing that on March 18, 2026, it entered into an agreement with the holder of the outstanding shares of the Company's Series A Convertible Redeemable Preferred Stock pursuant to which the holder exchanged its remaining 4,425,102 shares of Series A for 983,356 shares of the Company's common stock, determined by dividing the stated value of the Series A by $2.25. As a result of this exchange, there are no longer any shares of Series A outstanding. Under the original terms, had the Series A been converted at $1.75 per share, the Company would have had to issue an additional 280,959 shares. The holder was not identified by the Company. On March 20, 2026, the Company filed a certificate of withdrawal of the designation of the Series A with the Nevada Secretary of State. The exchange was exempt from registration under the Securities Act of 1933 pursuant to Section 3(a)(9) thereof. About Beeline Holdings Beeline Financial Holdings, Inc. is a 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. BICK GROUP: Amends St. Louis Bank Secured Claims Pay ---------------------------------------------------- Bick Group Holdings, LLC submitted a Disclosure Statement describing Second Amended Plan of Reorganization dated March 12, 2026. Since the Petition Date, Debtor has continued to operate its business in the ordinary course. Debtor has filed operating reports within this case demonstrating the financial performance of Debtor. Class 2 Secured Claims of St. Louis Bank: St Louis Bank ("STLB") is a Secured Claimant holding a senior lien on the STLB Collateral. STLB's Secured Claim is Allowed in the amount of its filed proof of claim plus any additional accrued interest. The liens of STLB shall continue unimpaired. Debtor will make monthly payments (the "Monthly Payments") to STLB based on a 25-year amortization in accordance with the interest rate specified within the prepetition loan documents (Prime plus .5%). The prepetition assignment of Earnout Payments entered between STLB and Debtor shall remain in full effect. STLB shall apply any Earnout Payments received up to the current loan balance. To the extent that the monetary value of the Earnout Payments paid to STLB exceeds the balance of STLB's Secured Claim, STLB shall return any excess amount to Debtor pursuant to the prepetition assignment of the Earnout Payments. Debtor shall reconcile its yearly income within 45 days of fiscal year end and pay any excess amounts to STLB or such other amounts as agreed between the parties. Following any paydown of principal outside of the Monthly Payments, STLB and Debtor shall have the right to jointly agree to a modification of the amount of the Monthly Payments. Upon the Effective Date, STLB shall be entitled to apply, in full, all funds within the Control Account as a paydown of the loan balance represented by the STLB's Secured Claim. Upon confirmation, Debtor shall execute such amendments to the existing loan documents reasonably necessary to memorialize the treatment of its claim. Like in the prior iteration of the Plan, holders of Allowed General Unsecured Claims will receive their Pro Rata share of Excess Monthly Income on the first day of the month after Class 1 Claims are paid in full, and quarterly thereafter for five years, until or the holders of Allowed Class 11 Claims are paid in full, whichever is shorter. On the Effective Date, all Estate Property, including Chapter 5 Claims, will revest in the Reorganized Debtor and shall be free and clear of all claims and interests of Creditors and Parties in Interest, except as expressly provided in the Plan or the Confirmation Order. Payments under the Plan shall primarily be Debtor's business income. Additionally, Debtor has approximately $800,000.00 of outstanding accounts receivables, which Debtor shall use to pay claims. Additionally, Debtor is entitled to Earnout Payments, which provide for a potential return based on the earnings of the Mission Critical business unit that was sold to RGBC, with a maximum possible return of $3.3M. The Earnout Payments have been assigned to STLB and would reduce the balance of the STLB Loan. A hearing to determine the adequacy of this Disclosure Statement will be held on April 13, 2026 in the United States Bankruptcy Court for the Eastern District of Missouri, 111 S 10th Street, Courtroom 7 South, St. Louis, MO 63102. A full-text copy of the Disclosure Statement dated March 12, 2026 is available at https://urlcurt.com/u?l=TYvyDS from PacerMonitor.com at no charge. Bick Group Holdings, LLC is represented by: Robert E. Eggmann, Esq. Nathan R. Wallace, Esq. Thomas H. Riske, Esq. Carmody Macdonald P.C. 120 S. Central Avenue, Suite 1800 St. Louis, MO 63105 Tel: (314) 854-8600 Fax: (314) 854-8660 Email: ree@carmodymacdonald.com nrw@carmodymacdonald.com About Bick Group Holdings LLC Bick Group Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-43081) on August 12, 2025. In the petition signed by Christopher T. Pondoff, member and chief executive officer, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Bonnie L. Clair oversees the case. Robert Eggmann, Esq., at Carmody MacDonald P.C., represents the Debtor as legal counsel. St. Louis Bank, as DIP Lender, is represented by: Laura Toledo, Esq. Armstrong Teasdale, LLP 7700 Forsyth Blvd., Suite 1800 St. Louis, MO 63105 Tel: 314.621.5070 Fax: 314.621.5065 ltoledo@atllp.com BLACK SHEEP: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division issued an order allowing The Black Sheep, Inc. to continue the interim use of cash collateral in its Chapter 11 case. Under the order, the debtor is authorized to continue using cash collateral on an interim basis through April 6. This use remains subject to the terms and conditions outlined in a previously entered amended cash collateral order, ensuring that the debtor follows approved guidelines while operating its business. The cash collateral being used is subject to the interests of multiple secured parties, including United Capital Funding Group LLC, Celtic Bank Corporation, Small Business Financial Solutions, LLC, the U.S. Small Business Administration, Randall Winters, Noel Nudelman, and Vericast Corp. These parties hold claims or liens on the debtor's cash collateral. About The Black Sheep Inc. The Black Sheep, Inc., a marketing agency in Chicago,, Illinois, specializes in connecting brands with college students across the United States through services including market research, field marketing, influencer campaigns, and paid advertising. Founded in 2008 by Atish Doshi as a satirical college newspaper at the University of Illinois, the company has expanded its network of student contributors and evolved its content to serve businesses and student housing properties nationwide. The Black Sheep filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01105) on January 22, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Atish Doshi, president and chief executive officer, signed the petition. Neema Varghese of NV Consulting Services serves as Subchapter V trustee. The Debtor is represented by: Adam P. Silverman, Esq. Adelman & Gettleman, Ltd. Tel: 312-435-1050 ext 229 Email: asilverman@ag-ltd.com BLOOM HOTELS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Bloom Hotels 6060, LLC, according to court dockets. About Bloom Hotels 6060 Bloom Hotels 6060, LLC owns the real property and improvements at 6060 Indian Creek Drive in Miami Beach, Fla., a waterfront condo-hotel complex. Bloom Hotels 6060 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11867) on Feb. 16, 2026. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. The Hon. Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Kristopher E. Pearson, Esq., at Damian Valori Culmo. BLUE STAR: Unsecured Creditors to Split $21.3K over 3 Years ----------------------------------------------------------- Blue Star Management Group LLC d/b/a Azuza Hookah Lounge filed with the U.S. Bankruptcy Court for the District of Nevada a Subchapter V Plan of Reorganization dated March 11, 2026. The Debtor is a full-service restaurant and hookah lounge featuring Halal Mediterranean cuisine, cocktails, and hookah located at 4480 Paradise Road, Suite 450, Las Vegas, Nevada 89169. The Debtor has been in business since 2013, and under its current owner, Nancy Bedwan, since 2020. On May 23, 2025, the Debtor, as borrower, financed the purchase of a vehicle, which requires monthly payments of $1,995.22 per month for 72 months. This vehicle lender is secured in the vehicle by noting its lien electronically on the vehicle's certificate of title. The Debtor presently owes about $119,782.99 on this purchase. The Debtor has also obtained various unsecured loans from Quickbooks Capital/Intuit totaling $65,950.55 as of the Petition Date, and has other small trade payables. The Debtor's financial projections show that it will have projected disposable income of $205,938 over the next three years, which is calculated prior to any payments to creditors under this Plan. The final Plan payment is expected to be paid by April 2029 (assuming the Plan is confirmed and goes effective in May 2026). This Plan of Reorganization under chapter 11 of the Code proposes to pay creditors of the Debtor from cash flow from future operations as needed. Non-priority unsecured creditors holding Allowed claims will receive distributions, which the Debtor has valued at about $0.10 on the dollar, based on $21,343 in total distributions to Class 6, divided by an estimated $212,789 in potential claims in this Class. This Plan also provides for the payment in full of Allowed administrative and priority claims. Class 6 consists of Non-Priority General Unsecured Claims. Each holder of an Allowed general unsecured, non-priority claim in Class 6 shall receive its pro rata share of: * PDI Distribution. The aggregate sum of $21,343, or such greater amount as the Court may require at the confirmation hearing on the Plan and as consistent with §§ 1190 and 1191 of the Code, and paid: $7,114 by each of August 2027, August 2028, and April 2029; and * F1 Litigation Distribution. In the event the F1 Litigation results in a positive recovery to the Debtor (net of the Debtor's attorney's contingency fee and costs incurred therein), then within 15 days of the Debtor's receipt of such funds, it shall distribute such funds pro rata to the Class 6 Allowed claims remaining unpaid as of that date, and up to the full amount of their allowed unsecured claims. For the avoidance of doubt, creditors are only entitled to be paid up to the allowed amount of their claims. Class 6 is impaired and is entitled to vote on the Plan. Class 7 consists of Equity security holders of the Debtor. Except to the extent that the Holders of Class 7 Equity Interests agree to less favorable treatment, they shall retain their Equity Interests, subject to the terms and conditions of this Plan. Class 7 is unimpaired and thus is deemed to accept the Plan, and is not entitled to vote. This Plan will be funded through cash on hand as of the Plan's Effective Date, and cash flow generated from the future operations of the Debtor's business. A full-text copy of the Plan of Reorganization dated March 11, 2026 is available at https://urlcurt.com/u?l=uNs8CY from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NE 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com About Blue Star Management Group Blue Star Management Group, LLC is a full-service restaurant and hookah lounge featuring Halal Mediterranean cuisine, cocktails, and hookah located at 4480 Paradise Road, Suite 450, Las Vegas, Nevada 89169. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nevada Case No. 26-10688) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge August B. Landis presides over the case. Matthew C. Zirzow, Esq., at Larson and Zirzow, LLC represents the Debtor as legal counsel. BLUESHIFT LABS: Runway Growth Marks $28.6M 1L Loan at 18% Off ------------------------------------------------------------- Runway Growth Finance Corp. has marked its $28,640,000 loan extended to Blueshift Labs, Inc. to market at $23,430,000 or 82% 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 Blueshift Labs, Inc. The Loan accrues interest at a rate of SOFR + 8.25% PIK, 13.25% floor, 1.50% ETP per annum. The Loan matures on Dec. 15, 2028. 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 Blueshift Labs, Inc. Blueshift Labs, Inc. is a corporate borrower financed through a senior secured term loan that carries a floating SOFR-based payment-in-kind coupon with an elevated floor and an end-of-term payment feature. BLUESTAR MARKETING: Taps Bruner Wright as Bankruptcy Counsel ------------------------------------------------------------ Bluestar Marketing LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Bruner Wright, P.A. to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert Bruner, Attorney $450 Bryon Wright III, Attorney $425 Samantha Kelley, Attorney $400 Paralegal 4175 The firm received $21,738 as a retainer for this proceeding. Mr. Wright III disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About Bluestar Marketing Bluestar Marketing LLC filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 26-30156) on Feb. 19, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr oversees the case. Byron W. Wright III, Esq., at Bruner Wright, P.A. is the Debtor's legal counsel. BRADLEY MECHANICAL: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division issued a final order authorizing Bradley Mechanical Inc. to use cash collateral to fund operations. The Debtor is authorized to use cash collateral on a final basis in accordance with the budget. To protect the interests of secured creditors, including the U.S. Small Business Administration (SBA), Quantum Lending Solutions (formerly Fundation Group LLC), and Samson MCA LLC, the court approved adequate protection measures. These measures include specified cash payments to the SBA and the granting of replacement liens to the lenders. The replacement liens maintain the same validity, priority, and extent as the lenders' pre-petition security interests, except for avoidance claims belonging to the bankruptcy estate. The court also waived the 14-day stay under Bankruptcy Rule 6004(h), allowing the order to take effect immediately. About Bradley Mechanical Inc. Bradley Mechanical, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10057) on January 9, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. Michael Bradley, president of Bradley Mechanical, signed the petition. Judge Scott C. Clarkson oversees the case. Aaron E. De Leest, Esq., at Marshack Hays Wood, LLP, represents the Debtor as legal counsel. BRC GROUP: CEO Bryant Riley Reports 20.1% Equity Stake ------------------------------------------------------ Bryant R. Riley disclosed in a Schedule 13D (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of March 19, 2026, he beneficially owns 6,985,856 shares of BRC Group Holdings, Inc.'s Common Stock, par value $0.0001, representing 20.1% of the shares outstanding, based on a total of 34,798,366 Shares of the Company outstanding as of March 16, 2026, which is the total number of Shares outstanding as reported in the Company's Form 8-K filed with the SEC on March 12, 2026. Bryant R. Riley, the firm's chairman and co-CEO may be deemed to indirectly beneficially own 199,069 shares of Common Stock representing 0.57% of the Company's Common Stock outstanding on March 16, 2026, of which: (i) 17,538 are held as sole custodian for the benefit of Abigail Riley, (ii) 17,538 are held as sole custodian for the benefit of Charlie Riley, (iii) 17,537 are held as sole custodian for the benefit of Eloise Riley, (iv) 17,538 are held as sole custodian for the benefit of Susan Riley, and (v) 128,918 are held by BRC Group Holdings, Inc. 401(k) Profit Sharing Plan FBO Bryant R. Riley. Bryant R. Riley may be reached through: BRC Group Holdings, Inc. 11100 Santa Monica Boulevard, Suite 800 Los Angeles, CA 90025 Telephone: 818-884-3737 A full text copy of Bryant R. Riley's SEC Report is available at https://tinyurl.com/6j2pp53c 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: Retains Brokers to Sell Real Estate Portfolio in Ch. 11 ----------------------------------------------------------------- Iron Horse Auction Company, Inc., in conjunction with Iron Horse Commercial Properties, LLC and Great Neck Realty Company of North Carolina, LLC, has been retained pursuant to an Order of the United States Bankruptcy Court authorizing their employment as exclusive agents to analyze the marketability and sell certain projects as identified by the Broker Team and Debtors of a real estate development portfolio on behalf of BRD Land & Investment et al., Case No. 26-30215, currently pending in the Western District of North Carolina. The portfolio includes approximately thirty (30) residential development projects throughout North Carolina, South Carolina, Georgia, and Texas, as well as eight (8) commercial development projects throughout North Carolina. Collectively, the residential projects include the potential development of more than 14,000 residential lots, offering a significant opportunity for regional and national homebuilders and developers. The portfolio represents a diverse collection of development opportunities including residential communities at various stages of entitlement, along with strategically located commercial sites that are well positioned for future growth. "With over 14,000 potential residential lots across multiple high-growth markets, this portfolio represents a compelling opportunity for developers," said William B. "Will" Lilly, Jr., President & CEO of Iron Horse Auction Company "Our focus will be on maximizing value of the assets through an efficient and orderly court-ordered process." The Broker Team brings extensive experience not only in the sale of development land and commercial assets, but also in the marketing and disposition of real property in distressed situations such as bankruptcy and receivership proceedings. Additional details regarding the sales, including project data, bidding procedures, and sale timeline will be available in the coming weeks. However, interested parties are encouraged to reach out immediately to the Broker Team and visit https://www.veritaglobal.net/brd. For more information, please contact: William B. "Will" Lilly, Jr. Iron Horse Auction Company, Inc. Telephone: (704) 985-9300 Email: will@ironhorseauction.com - and - Robert "Rob" Tramantano Great Neck Realty Company of North Carolina Telephone: (516) 902-9568 Email:rtramantano@greatneckrealtyco.com About Iron Horse Auction Company, Inc. Iron Horse Auction Company, Inc. is a nationally recognized auction and asset disposition firm specializing in the sale of real estate, industrial assets, and operating businesses. Founded in 1983, Iron Horse has conducted auctions and negotiated sales across more than 20 states, frequently serving bankruptcy trustees, receivers, secured lenders, and institutional clients. About Iron Horse Commercial Properties, LLC Iron Horse Commercial Properties, LLC provides brokerage and advisory services for commercial real estate transactions, including distressed asset sales, portfolio dispositions, and investment opportunities throughout the Southeast United States. It is wholly owned by the Principals of Iron Horse Auction Company, Inc. About Great Neck Realty Co. of North Carolina, LLC Great Neck Realty Company of North Carolina, LLC is a commercial real estate brokerage and advisory firm with a focus in restructurings and special situations, including bankruptcies and receiverships. Prior to founding the firm in 2019, Great Neck Realty Company's principal, Rob Tramantano, spent nearly 20 years with a premiere real estate and M&A firm in New York where he led and supported multiple engagement teams on a wide range of transactions across various sectors. 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. BRD LAND: Unsecured Creditors' Committee Appointed -------------------------------------------------- Judge Laura Beyer, upon recommendation of the U.S. Bankruptcy Administrator for the Western District of North Carolina, issued an order appointing an official committee to represent unsecured creditors in the Chapter 11 case of BRD Land & Investment. The committee members are: 1. American Engineering Associates Attn: Scott Stone 11525 N. Community House Rd, Ste 325 Charlotte, NC 28277 2. Southern Land Capital Fund, LLC Attn: William Cline 240 Crestwood Springs Ct. Boone, NC 28607 3. 2025 Legacy Trust Attn: Brett Swarts 405 Golfway West Dr, Ste 305 St. Augustine, FL 32095 4. Rockstar Capital Group, LLC Attn: Brandon Rooks 10333 Windy Trail Bentonville, AR 72712 5. Tri Legacy, LLC Attn: Steven Proia 30 Stable Way Medway, MA 02053 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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 million to $50 million in assets and $50 million 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 legal counsel. BRUNELLE TECH: Unsecureds Will Get 100% of Claims in Sale Plan -------------------------------------------------------------- Brunelle Tech, Inc., filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement to accompany Plan dated March 11, 2026. The Debtor owns a building located at 301-319 East Pleasant Valley Boulevard, Altoona, Blair County, Pennsylvania Tax Map Number 01.10-19..-25.00-000 (the "Property"). The Debtor is engaged in the business of managing and renting real estate to commercial tenants. On the Petition Date, the Debtor was the lessor on three commercial leases at the Property. As of March 11, 2026, the aforementioned leases remain in effect, and the Debtor has entered into no further leases at the Property during the pendency of this Chapter 11 Case. The Debtor purchased the Property in January, 2024 for $595,774.23. To finance its purchase and planned upgrades of the Property, the Debtor entered into a series of agreements (collectively, the "Agreements") with its primary secured creditor, PIC Fund I, LLC on or about January 26, 2024, in order to secure $1,300,000.00 in capital, which consisted of an initial draw of $1,022,434.91, and a construction holdback of $277,565.09. The Debtor's loss of rental income from certain tenants due to PIC Fund's exercising its rights under the Lease Assignment further worsened the Debtor's financial circumstances. Thereafter, PIC Fund initiated legal action against the Debtor in the Court of Common Pleas of Blair County, Pennsylvania by way of a Complaint in Mortgage Foreclosure filed on or about April 23, 2025. A Writ of Execution was issued in that action on or about July 2, 2025, and the Property was listed for Sheriff's Sale in Blair County on November 12, 2025. The Debtor filed this Chapter 11 Case to halt the Sheriff's Sale, and preserve its equity in the Property and pay off its secured debt by aggressively marketing and selling the Property at fair market value through the bankruptcy process. The Debtor has retained Howard Hanna Bardell Realty as the real estate broker to aggressively market and sell the Property in order to fund Allowed Secured Claims, Allowed Administrative Claims, and remaining Allowed Claims to the greatest extent possible in accordance with such claims' priority under the Code in this Chapter 11 Case. Class 2 consists of General Unsecured Non-Tax Claims. This Class shall receive 100% of Allowed Claim upon sale of real property in accordance with priority. The allowed unsecured claims total $79,029.03. The Plan proposes to pay all creditors 100% of their Allowed Claim in accordance with the priority structure set forth in the bankruptcy code from the sale of the Property. The Debtor is in the best position to liquidate assets for the benefit of creditors. The Property is being aggressively marketed by a court approved real estate broker. As of March 11, 2026, the marketing price of the Property is $2,600,000.00. A full-text copy of the Disclosure Statement dated March 11, 2026 is available at https://urlcurt.com/u?l=nR6Ek9 from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan J. Cooney, Esq. Cooney Law Offices LLC 223 Fourth Avenue, 4th Fl. Pittsburgh, PA 15222 Telephone: (412) 546-1234 Facsimile: (412) 546-1235 Email: rcooney@cooneylawyers.com About Brunelle Tech, Inc. Brunelle Tech Inc. is a single asset real estate company. Brunelle Tech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70478) on Nov. 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jeffery A. Deller handles the case. The Debtor is represented by Ryan J. Cooney, Esq. of Cooney Law Offices LLC. BUBBLES AND BAKES: Hires Raymond C. Stilwell as Legal Counsel ------------------------------------------------------------- Bubbles and Bakes Buffalo, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire The Law Offices of Raymond C. Stilwell to serve as legal counsel in its Chapter 11 case. Stilwell's services include: a. giving legal advice to the Debtor regarding its powers and duties in the continued operation of its business and the management of its property; b. taking necessary action to avoid liens against the Debtor's property, remove restraints against the property and such other actions to remove any encumbrances or liens, which are avoidable; c. taking necessary action to enjoin and stay any attempts by creditors to enforce claims upon property of the Debtor, which may be necessary to the Debtor's effective reorganization; d. representing the Debtor in any proceedings instituted by creditors or other parties during the course of the proceeding; e. preparing legal papers; and f. performing all other necessary legal services. The firm will charge an hourly fee of $295 for its services. Raymond Stilwell, Esq., disclosed in a court filing that his firm does not represent any interest adverse to the Debtor or the estate. The firm can be reached through: Raymond C. Stilwell, Esq. Law Offices of Raymond C. Stilwell 4476 Main Street, Suite 120 Amherst, NY 14226 Tel: (716) 634-8307 Fax: (716) 839-0714 Email: rcstilwell@roadrunner.com About Bubbles and Bakes Buffalo, LLC Bubbles and Bakes Buffalo, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10249) on March 6, 2026, listing 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. serves as the Debtor's counsel. CAL-ORANGE PROPERTIES: Hires Levene Neale Bender Yoo as Counsel --------------------------------------------------------------- Cal-Orange Properties LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel. The firm will provide these services: (a) advising the Debtor about the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, and the Office of the United States Trustee as they pertain to the Debtor; (b) advising the Debtor about certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors; (c) representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; (d) conducting examinations of witnesses, claimants, or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of the firm's expertise or which is beyond its staffing capabilities; (e) preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders; (f) representing the Debtor about obtaining use of debtor-in-possession financing and/or cash collateral; (g) assisting the Debtor in any asset sale process; (h) assisting the Debtor in negotiation, formulation, preparation, and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and (i) performing any other services which may be appropriate in the firm's representation of the Debtor during its bankruptcy case. The firm's counsel and staff will be paid at these rates: David Neale, Attorney $795 Ron Bender, Attorney $795 Timothy Yoo, Attorney $795 David Golubchik, Attorney $795 Eve Karasik, Attorney $795 Gary Klausner, Attorney $795 Eric Israel, Attorney $795 Brad Krasnoff, Attorney $795 Edward Wolkowitz, Attorney $795 Beth Ann Young, Attorney $795 Monica Kim, Attorney $775 Philip Gasteier, Attorney $775 John Tedford IV, Attorney $775 Daniel Reiss, Attorney $775 Todd Frealy, Attorney $775 Krikor Meshefejian, Attorney $775 John-Patrick Fritz, Attorney $775 Richard Steelman, Jr., Attorney $750 Juliet Oh, Attorney $750 Todd Arnold, Attorney $750 Joseph Rothberg, Attorney $750 Jefrey Kwong, Attorney $750 Michael D'Alba, Attorney $750 Carmela Pagay, Attorney $725 Anthony Friedman, Attorney $725 Robert Carrasco, Attorney $595 Paraprofessionals $300 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $50,000. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 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: Gary E. Klausner, Esq. Jeffrey S. Kwong, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: gek@lnbyg.com jsk@lnbyg.com About Cal-Orange Properties LLC Cal-Orange Properties LLC operates as a single-asset real estate entity, as defined under Section 101(51B) of Title 11 of the United States Code. Cal-Orange Properties LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11228) on February 10, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Benyamin Hassidim and Ofir Chanael as members. Judge Sheri Bluebond presides over the case. John Patrick M. Fritz, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. serves as the Debtor's counsel. CARESTREAM HEALTH: Highland O&I Marks $15.4MM Loan at 49% Off ------------------------------------------------------------- Highland Opportunities & Income Fund has marked its $15,442,373 loan extended to Carestream Health Inc. to market at $7,933,519 or 51% 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. Highland Opportunities & Income Fund is a participant in a Senior loan extended to Carestream Health Inc. The loan accrues interest at a rate of SOFR + 3.762% per annum. The loan matures on Sept. 30, 2027. 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 Carestream Health Inc. Carestream Health Inc. is a medical imaging and healthcare technology company that provides diagnostic imaging systems, IT solutions and related services to hospitals, clinics and other medical providers worldwide. CASH FLOW: Barings Corporate Marks $2.6MM Loan at 26% Off --------------------------------------------------------- Barings Corporate Investors has marked its $2,551,593 loan extended to Cash Flow Management to market at $1,877,661 or 74% 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 Cash Flow Management. The Loan accrues interest at a rate of 8.59% (SOFR + 4.750%) per annum. The Loan matures on Dec. 28, 2029. Barings Corporate Investors is a closed-end management investment company that primarily invests in privately placed, below-investment-grade corporate debt and equity securities. The Fund is led by Christina Emery as President and Christopher Hanscom as Chief Financial Officer. The Fund can be reached at: Christina Emery Barings Corporate Investors 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 Telephone: (704) 805-7200 About ash Flow Management Cash Flow Management is a software provider that integrates core banking systems with branch technology to deliver modern retail banking experiences for financial institutions. CD GREENE: Seeks Approval to Hire Prager Metis as Accountant ------------------------------------------------------------ CD Greene Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Prager Metis as its accountant. The firm will render these services: a) participate in meetings, whether in-person or telephonically, with the Debtor, and/or its counsel, as requested; b) monitor the Debtor's activities regarding cash expenditures and general business operations; c) manage or assist with any investigation into the pre-petition acts, conduct, transfers, liabilities and financial condition of the Debtor, its management, or creditors, including the operation of the Debtor's business; d) assist in the preparation and/or reviewing the monthly operating report and other schedules, as required by the local rules of the Court, and the United States Trustee's guidelines; e) assist the Debtor and/or its counsel in any litigation proceedings against potential adversaries; f) reconstruct, if necessary, the Debtor's books and records prior to the Petition Date; g) assist the Debtor with the preparation and filing of outstanding federal, state and local tax returns; h) perform any other services that the Debtor may deem necessary in Prager Metis's role as accountants to the Debtor, or that may be requested by the Debtor's counsel. The firm's current hourly billing rates are: Corey Neubauer, CPA $540 Staff $300 to $385 Prager Metis is a "disinterested person" as that term is defined in Bankruptcy Code Sec. 101(14) in that Prager Metis, according to court filings. The firm can be reached through: Corey Neubauer, CPA Prager Metis 401 Hackensack Avenue, 4th Floor Hackensack, NJ 07601 Phone: (201) 342-7753 About CD Greene Inc. CD Greene Inc. is engaged in general contracting and construction management services for both residential and commercial clients. Its services include site development, renovations, and comprehensive project oversight. CD Greene Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12853) on December 21, 2025. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Charles C. Wolofsky, Esq. of Wolofsky PLLC. CD GREENE: Seeks to Hire Klestadt Winters as Bankruptcy Counsel --------------------------------------------------------------- CD Greene Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Klestadt Winters Jureller Southard & Stevens, LLP as its general bankruptcy counsel. The firm's services include: (a) advise the Debtors with respect to their rights, powers and duties in the reorganization of their businesses and/or liquidation of their assets; (b) attend meetings, negotiating with representatives of creditors and other parties in interest, advise and consult on the conduct of the cases; (c) take all necessary action to protect and preserve the assets of the Debtors' estates; (d) prepare on behalf of the Debtors such legal papers necessary to the administration of their estates; (e) assist the Debtors in their analysis and negotiations with any third party concerning matters related to the realization by creditors of a recovery on claims and other means of realizing value; (f) represent the Debtors at all hearings and other proceedings; (g) assist the Debtors in their analysis of matters relating to the legal rights and obligations of it with respect to various agreements and applicable laws; (h) review and analyze all applications, orders, statements, and schedules filed with the Bankruptcy Court and advise the Debtors as to their propriety; (i) assist the Debtors in preparing pleadings and applications as may be necessary in furtherance of their interests and objectives; (j) assist and advise the Debtors with regard to their communications to the general creditor body regarding any proposed Chapter 11 plan(s) or other significant matters in these Chapter 11 cases; (k) assist the Debtors with respect to consideration by the Bankruptcy Court of any plan(s) prepared or filed pursuant to sections 1121 and 1189-1191 of the Bankruptcy Code and take any necessary action on behalf of them to obtain confirmation of such plans(s); and (l) perform such other legal services as may be required and/or deemed to be in the interests of the Debtors in accordance with their powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these hourly rates: Tracy L. Klestadt $995 Ian R. Winters $895 John E. Jureller, Jr. $895 Sean C. Southard $895 Fred N. Stevens $895 Brendan M. Scott $825 Kathleen M. Aiello $825 Lauren C. Kiss $795 Stephanie R. Sweeney $795 Christopher J. Reilly $625 Andrew Brown $625 Kevin B. Collins $525 Paralegals $295 In addition, the firm will seek reimbursement for expenses incurred. Sean C. Southard, Esq., an attorney at Klestadt Winters Jureller Southard & Stevens, 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: Tracy L. Klestadt, Esq. Kevin B. Collins, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: tklestadt@klestadt.com kcollins@klestadt.com About CD Greene Inc. CD Greene Inc. is engaged in general contracting and construction management services for both residential and commercial clients. Its services include site development, renovations, and comprehensive project oversight. CD Greene Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12853) on December 21, 2025. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Charles C. Wolofsky, Esq. of Wolofsky PLLC. CHROMALLOY CORP: S&P Alters Outlook to Positive, Affirms 'B-' ICR ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Chromalloy Corp. and revised its outlook to positive from stable. S&P said, "At the same time, we affirmed our 'B-' issue-level rating on Chromalloy's secured debt. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. "The positive outlook reflects our expectation that the company will achieve healthy top-line growth while maintaining better margins, driving improved credit metrics and free operating cash flow (FOCF)." S&P said, "With growing portfolio of parts manufactured authorized (PMA) engine parts, we expect Chromalloy Corp. to be well positioned to benefit from sustained strong demand for aerospace aftermarket parts and services, while strong growth within their power business segment has also realized meaningful growth. We expect improved volumes across key sectors will drive meaningful EBITDA growth, benefiting credit metrics over the next 12 months." S&P expects Chromalloy to realize meaningful top line growth owed to expanded PMA portfolio and strong demand across key end markets. Demand for air travel remains robust, sustaining high utilization of legacy aircraft and engines. Elevated engine time continues to support strong demand for aerospace aftermarket parts and services. Aero-engine original equipment manufacturers ('OEM') continue to produce complete engines as well as spare limited life parts at levels below demand as supply chain pressures persist. As a result, the company's PMA parts and designated engineering representative ("DER") repair services have seen improved volumes as an alternative to their OEM solution, lowering the customer's cost of maintenance. Additionally, the company has realized accelerating growth within its power business segment, due to strong demand for gas turbine engines and related parts required for AI data center cooling solutions. In October 2025, the company received FAA approval for a PMA version of the CFM56 high-pressure turbine blade, the only available alternative to OEM supplied blades for the widely used CFM56 narrow-body engine. S&P said, "We expect this award, together with Chromalloy's existing portfolio of PMA parts, will be critical in driving the revenues related to commercial repair and spare parts and markets. We also expect the company to continue to invest in the development of additional PMA solutions, driving future growth. Additionally, Chromalloy has added new customers accepting such parts on their mid to late life engine maintenance solutions, including blue chip airlines and aircraft lessors. In our view, these factors should support a meaningful top-line growth of between 7.5% and 10% in 2026 and 2027." S&P said, "We expect Chromalloy's EBITDA margin to expand over the next 12 months, improving credit metrics. Owing to a more favorable business mix, Chromalloy's EBITDA margin continues to expand as recent PMA awards ramp up and power related volumes continue to strengthen. Looking ahead, the ramp-up of the CFM56 blade and the anticipated FAA approval of additional FAA parts and solutions should contribute to expanding margins in the outer years of our forecast. However, supply chain vulnerability and impacts of the geopolitical landscape could adversely impact top line growth as well as margin expansion. At this time, we expect the company's S&P Global Ratings adjusted EBITDA margins to range between 15% and 18% in 2026, and between 5% and 12% in 2027. "Against this backdrop, we expect Chromalloy's credit metrics to improve gradually, with support from EBITDA growth while total debt remains relatively steady. We forecast debt to EBITDA improving to between 5.75x and 6.0x in 2026 with further improvement. We expect margin expansion to drive positive free operating cash flow in 2026. "We assess Chromalloy's liquidity as adequate over the forecast period. As of September 2025, the company reported total liquidity of around $245 million, which includes roughly $100 million in cash and $145 million available through its revolving credit facility. Although we expect working capital to continue to consume cash due to increased inventory levels, the company anticipates ongoing improvements in accounts receivable (AR) collections in 2026, which should help alleviate some of this pressure. Over the next 12 months, the company is facing moderate cash needs, primarily consisting of between $50 - $60 million in capital expenditures and about $9 million in annual debt amortization. Importantly, management has stated that there are no plans for acquisitions or sponsor distributions in the medium term, allowing the company to focus on organic growth initiatives and sustain adequate liquidity. "The positive outlook reflects our view that Chromalloy is well positioned to capitalize on favorable market conditions within key segments. We expect strong demand for aerospace aftermarket parts and services to continue over the next two to three years, especially among narrowbody aircraft that have seen strong utilization. We expect strong domestic air travel trends to drive demand for Chromalloy's PMA portfolio, inclusive of its most recent award for a CFM-56 blade. Additionally, as AI support capacity builds at a rapid pace, demand for cooling systems that employ content manufactured and supported by Chromalloy will drive growth within its power segment. We expect leverage to remain below 7.0x over the next two years, while strong volumes of high margin PMA parts will allow for sustained FOCF over the next two to three years." S&P could revise its outlook to stable if leverage levels approach 7.0x or if FOCF approaches breakeven. This could occur if: -- Supply chain constraints cause longer in-shop maintenance cycles depressing volumes; -- Weaker than anticipated PMA part adoption by market participants; or -- Management engages in sizeable debt funded acquisition or sponsor distribution. S&P could raise its rating on Chromalloy if it improves its leverage below 7.0x and S&P expects it will sustain it at that level while generating positive FOCF. This could occur if: -- Supply chain pressures diminish faster than anticipated; -- Demand for PMA parts exceed expectations; or -- Management's financial policy does not become more aggressive, inclusive of allocation FOCF rather than debt toward acquisitions or distributions. CIVILGEO INC: Seeks to Tap Wipfli Advisory LLC as Valuation Expert ------------------------------------------------------------------ CivilGEO, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Wipfli Advisory, LLC as its valuation expert. The firm will render these services: (a) prepare expert reports in support of confirmation of the Debtor's Plan and in opposition to the Motion to Dismiss; and (b) offer expert testimony in support of confirmation of the Debtor's Plan and in opposition to the Motion to Dismiss. Wipfli will charge these fees: (a) an estimated professional fee of $20,000 to $25,000 (depending on actual time spent on the engagement); plus (b) an administrative fee of 6% of total professional fees (approximately $1,200 to $1,500); plus (c) necessary travel expenses, if any. As disclosed in the court filings, Wipfli is a "disinterested person" within the meaning given at 11 U.S.C. Sec. 101(14), and as required by 11 U.S.C. Sec. 327(a). The firm can be reached through: Kevin Janke, CPA, ABV Wipfli Advisory, LLC 2501 West Beltline Highway Madison, WI 53713 Tel: (715) 843-7441 Email: kjanke@wipfli.com About Civilgeo, Inc. CivilGEO Inc. specializes in creating intuitive CAD and GIS-based hydrologic engineering software for a global market. The Company's product lineup includes three key offerings: GeoHECRAS, GeoHECHMS, and GeoSTORM, with no other software available for purchase. CivilGEO's solutions are widely used by consulting engineers, public utilities, government agencies, and educational institutions across the U.S. for effective water resource management. CivilGEO's software is particularly focused on hydrologic simulation modeling, which involves designing and running computational models to simulate both surface and groundwater flow. CivilGEO Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10731) on April 1, 2025. In its petition, the Debtor reports total assets as of February 28, 2025 amounting to $653,051 and total liabilities as of February 28, 2025 of $1,283,472. Honorable Judge Catherine J. Furay oversees the case. The Debtor is represented by Justin M. Mertz, Esq. at MICHAEL BEST & FRIEDRICH LLP. CNY SEALCOATING: Unsecured Creditors to Split $180K over 5 Years ---------------------------------------------------------------- CNY Sealcoating & Concrete, LLC, filed with the U.S. Bankruptcy Court for the Northern District of New York a Combined Plan of Reorganization and Disclosure Statement for Small Business dated March 11, 2026. The Debtor is a construction firm known for stampcrete patios and other hardscapes such as pools, driveways and sidewalks, plus fire pits. The Debtor started as a sealcoating company in 2003. The Debtor currently has four full-time employees and one part-time employee (collectively referred to herein as the "Employees"). Based upon a growth of approximately 8% to 11% in gross sales per year, in 2022, the Debtor moved to its current location at 8142 Seneca Turnpike, Clinton, NY (the "Property"). The Property afforded the Debtor with a retail location for the business, selling outdoor living features, outdoor kitchens, fireplaces, fire pits, and basically everything to do with outdoor living. Since filing for bankruptcy, the Debtor has signed agreements for new projects which suggests a profitable year. The Debtor has also streamlined expense. With a revised business model, coupled with restructuring and reducing debt through the plan especially from high interest merchant cash advances, the Debtor anticipates an increase in net profit. The Debtor has secured creditors holding purchase money security interests for vehicles and equipment of approximately $235,000 (collectively, the "PMSI Liens"). The Debtor intends to make all regular post-petition payments to those creditors in accordance with the terms set forth in the pre-petition contracts with the parties. The Debtor has two economic injury disaster ("EIDL") loans with the United States Small Business Administration ("SBA"), which total approximately $1,510,000. The first EIDL loan was obtained by the Debtor in or about May 2020, and there is a current balance due of $437,867.99 (the "First SBA Loan"). The SBA recorded a UCC 1 financing statement, asserting a blanket lien on the Debtor's assets (the "First SBA Loan UCC"). A second EIDL loan was obtained in or about May 2022. The Debtor makes monthly payments of approximately $5,524 and there is a current balance due of $1,072,900 (the "Second SBA Loan"). The SBA has recorded a UCC-1 financing statement in connection with the Second SBA Loan, asserting a blanket lien on the Debtor's assets. The total amount due to the SBA is approximately $1,510,000. The SBA debt combined with the PMSI Liens/debt is well in excess of the value of the Debtor's assets of approximately $725,000. Thus, extracting out PMSI lien value of $235,000, leaves value of approximately $490,000 to secure the SBA. Accordingly, the plan "crams down" the SBA secured debt from $1,510,000 to $490,000. The balance of the SBA claim of $1,015,000 shall be deemed an unsecured claim and treated with other unsecured creditors of the same class. The liens of AKF Inc d/b/a FundKite; ODK Capital, LLC, d/b/a OnDeck; Forward Financing, LLC; and IOU Central Inc. d/b/a IOU Financial (the "MCA Creditors") are wholly under-secured and shall be treated as general unsecured claims. The MCA creditors were each scheduled as contingent, disputed and unliquidated. Only FundKite and OnDeck have timely filed claims against the estate for the purposes of a potential distribution under the Plan. The only creditor holding a general unsecured priority claim pursuant to Section 507(a)(8) is the Internal Revenue Service for $677.02. This priority claim will be paid in full upon confirmation of the Plan. General unsecured creditors having timely filed claims against the estate total $645,389.32. Adding in the SBA's under-secured claim of $1,015,000 raises the unsecured class to $1,660,389.32. Further, adding back the claims of FundKite ($118,255.11) and OnDeck ($46,696.00) brings the unsecured creditor claims to $1,825,340.43. The Debtor proposes to pay Class 1 Creditors (General Unsecured Creditors) $180,000 over five years in quarterly installments. Mariano Jellencich shall retain his 100% membership interest in the Debtor upon confirmation of the Plan. The Plan provides for all the Debtor's assets to revest in the Debtor and the Shareholders shall retain their interests. The Plan will be funded by the Debtor's revenue's from its future retail and construction operations. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Combined Plan and Disclosure Statement dated March 11, 2026 is available at https://urlcurt.com/u?l=A415WN from PacerMonitor.com at no charge. Counsel to the Debtor: Anthony Sodono, III, Esq. McManimon, Scotland & Baumann, LLC 75 Livingston Avenue, Ste. 201 Roseland, NJ 07068 Tel: (973) 622-1800 - and - 80 Pine Street, 10th Fl. New York, NY 10005 Email: asodono@msbnj.com About CNY Sealcoating & Concrete LLC CNY Sealcoating & Concrete, LLC, operating from Clinton, New York, provides concrete and sealcoating services, including installation, repair, and maintenance of driveways, patios, and slabs. It operates within the construction and paving sector, serving residential and commercial clients in the region. CNY filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-61114) on Dec. 11, 2025, with $1 million to $10 million in assets and liabilities. Mariano Jellencich, president of CNY, signed the petition. Judge Patrick G. Radel presides over the case. Anthony Sodono, III, at McManimon, Scotland & Baumann, LLC, is the Debtor's legal counsel. COLLEGE ACHIEVE: S&P Lowers Bond Rating to 'B+', On Watch Negative ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating three notches to 'B+' from 'BB+' on the Public Finance Authority, Wis.' series 2022A (tax-exempt) and series 2022B (taxable) revenue bonds, issued for CAPS 21 Market LLC, on behalf of College Achieve Paterson Charter School (CAPS Paterson or Paterson), a New Jersey not-for-profit corporation. At the same time, S&P Global Ratings placed the rating on CreditWatch with negative implications. The negative rating action reflects S&P's view of the rapid deterioration of Paterson's financial performance in fiscal 2025 as a result of unanticipated and aggressive expansion costs, which we believe reflects the organization's weak risk and financial management practices. Management expects a significant double-digit operating deficit in fiscal 2025 and a sharp decrease in liquidity as a result, which will lead to violations of both debt service coverage (DSC) and unrestricted reserve covenants for the year. The CreditWatch placement reflects the uncertainty surrounding the organization's liquidity position and management's indication of delays in receipt of federal funding in fiscal 2026. S&P said, "We understand Paterson may need to rely on support from its charter management organization (CMO) to help maintain compliance with bond requirements and stabilize its working capital position in case of delays or unexpected changes to current operating expectations or strategies. In our view, management must address its structural deficit pressures, which if allowed to persist could lead to further credit pressure." S&P said, "We consider Paterson's governance risk to be elevated due to its weak risk planning and financial management practices that have led to the rapid deterioration in fiscal 2025 financial performance, covenant violations, and significant depletion in reserves, which could require third-party support. We view Paterson's environmental and social factors as neutral in our credit rating analysis." Environmental, social, and governance (ESG) credit factors for this change in credit rating: -- Risk management, culture, and oversight S&P said, "The CreditWatch placement with negative implications reflects the potential for further rating actions during the next 90 days, depending on information we receive from the school regarding its final 2025 audited results, fiscal 2026 year-end operating and liquidity expectations, covenant compliance, and updates on bondholder communication and actions. We could lower the rating, potentially by several notches, if operations or liquidity are not stabilized." COLLIERCOUNT LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: CollierCount LLC d/b/a U.S. Lawns of Naples 18990 South Tamiami Trail, # 4-187 Fort Myers, FL 33908 Business Description: CollierCount LLC, doing business as U.S. Lawns of Naples, operates as a franchisee of U.S. Lawns, providing commercial landscaping and grounds maintenance services in Naples, Florida, and surrounding Collier County communities, including Vineyards, Immokalee, and Lely Resort. The company offers turf maintenance, landscape improvements, irrigation and water management, landscape renovation, tree care, hardscape installation and maintenance, pest control, fertilization, and snow and ice management for commercial properties. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00613 Judge: Hon. Luis Ernesto Rivera II Debtor's Counsel: Benjamin G. Martin, Esq. LAW OFFICES OF BENJAMIN MARTIN 3131 S. Tamiami Trail, Suite 101 Sarasota, FL 34239-5101 Tel: (941) 951-6166 Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Joe Titone as manager. 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/YODWDXQ/CollierCount_LLC__flmbke-26-00613__0001.0.pdf?mcid=tGE4TAMA CORE AI HOLDINGS: Forms Joint Venture With Optimus Technology ------------------------------------------------------------- Core AI Holdings, Inc announced the formation of a joint venture (JV) with Optimus Technology Group, a Texas based high performance data center developer and operator, to create OptiCore data centers. The JV will be dedicated to developing and operating sovereign AI data centers near the nation's leading research universities. Building on Optimus' decades of experience, OptiCore will focus on serving the 187 R1-designated universities across the United States -- institutions recognized for their very high research activity and significant government and industry partnerships. Leveraging Optimus' expertise in secure, high performance data centers solutions, OptiCore Datacenters will provide the advanced infrastructure required to accelerate artificial intelligence (AI) and machine learning research at the frontier of technology while opening significant new market opportunities for Core AI. The initiative will target R1 universities, many of which are active participants in mission-critical, federally funded projects through agencies such as the Defense Advanced Research Projects Agency (DARPA), the U.S. Department of Defense's research arm responsible for breakthrough technologies with both military and civilian applications. DARPA provides participating institutions access to billions in government defense research dollars in fields such as robotics, generative AI, microelectronics, and healthcare innovation. There are approximately 4,000 universities in the US, yet only 187 hold the prestigious R1 designation, reflecting their exceptional leadership in research budgets, facilities, and faculty excellence. By delivering sovereign data centers on or near these campuses, OptiCore aims to meet the highest standards for security and technology, supporting the rapid advancement of predictive modeling, large language models (LLMs), and industry-specific AI applications. "We're excited for this opportunity to collaborate with Optimus and bring next-generation data center infrastructure to the nation's most advanced research institutions," said Aitan Zacharin, CEO of Core AI Holdings, Inc. "This joint venture unlocks significant new market opportunities for Core AI and our partner, offering advanced data center services that can help accelerate AI research at the nation's most prestigious universities. By offering secure, high-performance data centers near R1 campuses, OptiCore will position us at the forefront of AI infrastructure innovation and enable researchers to drive breakthroughs in predictive modeling, generative AI and practical applications. At the same time, this initiative creates a scalable platform for long-term business expansion, strategic partnerships and leadership in the rapidly growing AI infrastructure market." "With decades of experience supporting clients from SMBs to Fortune 500 enterprises, Optimus is uniquely positioned to identify and deliver the data center solutions that R1 institutions require with the highest standards of security, compliance and technological performance," added Sam Torerio, CEO of Optimus Technology Group. "We look forward to partnering with Core AI to enable the next wave of innovation at America's top research universities supporting both academic research and emerging commercial applications in AI infrastructure. About Optimus Technology Group Optimus Technology Group is a certified minority-owned IT and advisory firm headquartered in Austin, Texas, serving clients from small and medium-sized businesses to Fortune 500 enterprises with secure, agile, and innovative technology solutions. Optimus uses smart infrastructure to power the future of data center infrastructure through intelligently engineered facilities. The company specializes in data management, security, and power supply through advanced technology, turn-key solutions, and strategic financial partnerships. About Core AI Holdings Core AI Holdings, Inc. (f/k/a Siyata Mobile Inc.) -- http://www.coregaming.co/-- is focused on developing a portfolio of AI-focused businesses with next-generation technologies. Through its subsidiary, Core Gaming, it operates a leading global AI driven mobile games development and publishing business. The company creates entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Since its launch Core Gaming has developed and co-developed over 2,200 games, driven over 800 million downloads, and generated a global footprint of over 40 million users from over 140 countries. Core AI's mission is to harness the power of artificial intelligence to build transformative and scalable offerings across multiple verticals. Jerusalem, Israel-based Barzily and Co., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, citing that the Company has suffered recurring losses from operations, has accumulated significant losses, has an outstanding loan to financial institutions, and has an outstanding balance related to the sale of future receipts, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $20.2 million in total assets, $4.8 million in total liabilities, and $15.4 million in total equity. CYCLE SPORT: Unsecureds to Get Share of Income for 36 Months ------------------------------------------------------------ Cycle Sports Center, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated March 11, 2026. The Debtor is a Florida corporation doing business since 1987 as "Cycle Sport Center" as an authorized motor vehicle dealer for Yamaha, Polaris, Kawasaki and KTM. The Debtor operates under a long-term lease from its headquarters at 4001 John Young Parkway, Orlando, Florida 32804 (the "Headquarters"). The Headquarters has a showroom, offices, sales, service and parts departments. Motorcycles, ATVs and recreational vehicles are the largest sellers and inventory. The Debtor anticipates continuing operations at its current location during the Plan Term. Over the last year, sales have slumped by as much as twenty percent. This caused the Debtor to take a look at its operating budget, including its short term and long term debt obligations. Additionally, in the last month, the Debtor was sued in two separate lawsuits by former terminated employees that are now seeking millions of dollars. The cases are in their infancy, not at issue and both claims are disputed. In order to preserve its ongoing operations, relationship with its manufacturers and cash flow, the Debtor filed this case to preserve its going concern value. Class 4 consists of all Allowed General Unsecured Claims against the Debtor. In full satisfaction of the Allowed Class 4 General Unsecured Claims, on a quarterly basis during the Plan Term (as defined in the Plan as 36-month period commencing on the Effective Date), Holders of Allowed Class 4 Claims shall receive a pro rata share of Distributions equivalent to the Debtor's Disposable Income, which payments shall commence annually at the close of month following the Effective Date. Additionally, there will be an initial payment of $10,000.00 to Allowed Class 4 Claimholders on the Effective Date. In a liquidation scenario, the value received by holders of Allowed Class 4 Claims would be $0.00 as Debtor's vehicle inventory and personal property is fully encumbered. The maximum Distribution to Class 4 Claimholders shall be equal to the total amount of all Allowed Class 4 General Unsecured Claims. Class 4 is Impaired. The Plan contemplates the Debtor will continue to manage and operate its business in the ordinary course, but with restructured debt obligations. It is anticipated the Debtor's postconfirmation business will mainly involve continued operation of its motor vehicle dealer, the income from which will be committed to make the Plan Payments to the extent necessary. Funds generated from the Debtor's operations through the Effective Date and any eceipts from Causes of Action will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Subchapter V Plan dated March 11, 2026 is available at https://urlcurt.com/u?l=hn3QCO from PacerMonitor.com at no charge. About Cycle Sport Center Cycle Sport Center, Inc., is a Florida corporation doing business since 1987 as "Cycle Sport Center" as an authorized motor vehicle dealer for Yamaha, Polaris, Kawasaki and KTM. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.F. Case No. 25-08415) with $1 million to $10 million in both assets and liabilities. The petition was signed by Thomas W. Wagner as president. Judge Hon. Tiffany P Geyer oversees the case. The Debtor is represented by: Justin M Luna Latham, Luna, Eden & Beaudine, LLP Tel: 407-481-5800 Email: jluna@lathamluna.com D WOOD HOTEL: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division issued a final order authorizing D Wood Hotel, LLC to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with a proposed monthly operating budget to cover business expenses required to maintain hotel operations. However, the Debtor may not exceed any budget line item by more than 5% without prior approval from Northwest Bank, one of the secured lenders. The Debtor is also permitted to collect and receive revenue generated by its business operations. To protect secured creditors, including Northwest Bank and GreenLake Real Estate Finance LLC, the court granted them post-petition replacement liens and security interests on the Debtor's assets that are co-extensive with their prepetition liens. Northwest Bank is also granted a super-priority administrative expense claim if the adequate protection provided under the order proves insufficient. As additional adequate protection, the Debtor must make monthly payments of $20,000 to Northwest Bank for the potential decline in value of its collateral. The order requires the Debtor to maintain insurance on secured collateral, pay taxes when due, and follow the approved budget for all cash collateral expenditures. The order also clarifies that it does not affect pending motions filed by Northwest Bank, including motions seeking dismissal of the case or a change of venue. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/b3nd0 from PacerMonitor.com. About D Wood Hotel LLC D Wood Hotel, LLC owns and operates the Super 8 by Wyndham Woods Cross/Salt Lake City North at 2433 South 800 West, Woods Cross, Utah, providing economy-style lodging services in the hospitality industry. The property functions as a motel offering accommodations, basic amenities, and guest services to travelers in the Salt Lake City metropolitan area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43559) on November 24, 2025. In the petition signed Larry Williams, corporate representative, the Debtor disclosed up to $10 million in assets and up to $100 million in liabilities. Judge Brenda T. Rhoades oversees the case. John Paul Stanford, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C., represents the Debtor as legal counsel. DAI YON: Seeks to Hire Exit Strategy USA as Consultant ------------------------------------------------------ Dai Yon LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Paul Daryl Schouest of Don Juan Enterprises, LLC, dba Exit Strategy USA, as consultant. Mr. Schouest will render these services: (a) make restructuring process decisions; (b) potential court-approved sales of the Debtor's assets; (c) negotiations with stakeholders and counterparties; (d) review and develop any material drafted for consumption outside the Debtor; (e) assist in developing and evaluating the Debtor's business plan, and the preparation of a revised operating plan and cash flow forecasts; (f) approval of any new expenditures or cash payments; (g) management of the financial and operational reporting processes to creditors; (h) make business and financial decisions with respect to any Debtor-in-Possession financing sought or put in place; (i) make decisions with respect to the Debtor's day-to-day operations; (j) engage in day-to-day normal business operations; (k) provide assistance with pleadings, Debtor's Schedules of Assets and Liabilities, Statements of Financial Affairs, DIP budgets and cash flow forecasts; (l) in general, assist the Debtor in the preparation of documents and disclosures required by the Court subsequent to the Chapter 11 bankruptcy filing, including, but not limited to, Monthly Operating Reports, compliance reporting, periodic budgets, and other disclosure documents required by the Court or the Debtors' stakeholders from time to time; (m) make decisions with respect to all professionals engaged by, strategies developed, and activities taken by the Debtors related to the Reorganization Efforts; (n) other services and activities as mutually agreed by the Debtor's management to the extent not be duplicative of services provided by other professionals. Mr. Schouest will charge $200 for his services. Mr. Schouest assured the court that he neither holds nor represents an interest adverse to the Debtor estates or has any connection to the Debtor, its creditors or other parties in interest in these chapter 11 cases. The firm can be reached through: Paul Daryl Schouest Don Juan Enterprises, LLC dba Exit Strategy USA P.O Box 390 Leonville, LA 70551 Phone: (337) 418-9290 Email: daryl@exitstrategyusa.com About Dai Yon LLC Dai Yon, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 26-10175) on March 02, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Michael A. Crawford presides over the case. H. Kent Aguillard, Esq. represents the Debtor as legal counsel. DEL MONTE: Completes $285M Foods Asset Sale to Fresh Del Monte -------------------------------------------------------------- Fresh Del Monte Produce Inc. announced on March 19, 2026, that it has completed the acquisition of select assets of California-based Del Monte Foods Corporation II Inc. and its affiliates for approximately $285 million. The transaction was approved by the United States Bankruptcy Court for the District of New Jersey following a court-supervised sale under Section 363 of the U.S. Bankruptcy Code and will be funded through a combination of cash on hand and availability under Fresh Del Monte's revolving credit facility. The transaction marks a historic milestone for both companies and the broader food industry, bringing the Del Monte(R) brand under a single owner for the first time in nearly four decades. By aligning fresh and shelf-stable products under a coordinated global strategy, Fresh Del Monte is positioned to unlock the full potential of one of the world's most recognized food brands and lead the next chapter of the iconic brand. The Company expects the transaction to: -- Strengthen brand consistency and identity across categories -- Expand household penetration and consumer reach across more occasions and channels -- Enhance operational efficiency, flexibility, and cost structure -- Support sustainable long-term value creation -- Accelerate innovation across both fresh and packaged platforms -- Introduce new growth avenues through brand extensions and global licensing opportunities "Reuniting the Del Monte(R) brand under one global leader is a truly significant moment for our company. Del Monte has been one of the most recognized names in food for more than 140 years," said Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief Executive Officer. "While the brand has operated across separate platforms for the past four decades, its heritage has always been rooted in bringing quality food to consumers around the world. Bringing these businesses together allows us to move forward with a unified strategy that strengthens the brand across fresh and packaged categories while creating new opportunities for growth, innovation, and global reach. In many ways, this moment reflects the enduring trust and global recognition the Del Monte(R) brand has earned over generations and marks the beginning of an exciting new chapter for the brand." Under the transaction, Fresh Del Monte will assume certain liabilities and acquire global ownership of the Del Monte(R) brand, subject to existing licensing arrangements. The Company will also acquire key prepared and packaged foods businesses, including the following brands: Brands Included -- Del Monte(R) and S&W(R) packaged vegetable brands -- Del Monte(R) and Contadina(R) packaged tomato brands -- Del Monte(R) packaged refrigerated fruit brand Operational Footprint The acquisition includes a diversified manufacturing and operating footprint across North America and key international markets, including: -- Four select U.S. facilities in Texas, Illinois, Wisconsin, and Washington -- Two manufacturing facilities in Mexico -- One operation in Venezuela -- Material customer and supplier contracts, ensuring continuity of service -- Associated inventory, operating assets, and employees Assets Not Included in the Transaction -- Canned fruit and other ambient packaged fruit and fruit sauce products for the United States, Puerto Rico, and Mexico -- The College Inn(R) and Kitchen Basics(R) broth and stock brands -- Physical assets associated with those excluded businesses Following the close of the transaction, Fresh Del Monte will house the newly acquired brands and businesses within a dedicated business unit to ensure stability and continuity for customers, retailers, suppliers, growers, and employees. The Company does not expect any immediate changes to products, packaging, or distribution. In the near term, Fresh Del Monte's priority is maintaining seamless operations across the acquired businesses while taking a measured approach to integration and supporting the experienced teams who have built strong relationships with customers and partners. Additional detail on integration progress and financial expectations will be shared during the Company's first quarter 2026 earnings call. Rabobank served as exclusive financial advisor to Fresh Del Monte, with Greenberg Traurig and Dickinson Wright serving as legal advisors. About Fresh Del Monte Produce Inc. Fresh Del Monte Produce Inc. is a leading global producer, marketer, and distributor of high-quality fresh, fresh-cut, and prepared fruit and vegetables, with products sold in more than 90 countries worldwide. The company also operates a growing global platform across fresh, refrigerated, and shelf-stable food categories. Fresh Del Monte markets its products worldwide under the DEL MONTE(R) brand and other recognized brands, a symbol of quality, innovation, freshness, and reliability for more than 140 years. The company owns global rights to the Del Monte(R) brand, subject to certain existing licensing arrangements. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Asia Pte. Ltd. Fresh Del Monte is the first global marketer of fruits and vegetables to commit to the Science Based Targets initiative. The company has been recognized as one of America's Most Trusted Companies by Newsweek and named a Humankind 100 Company by Humankind Investments. Fresh Del Monte Produce Inc. is traded on the New York Stock Exchange under the symbol FDP. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DIOCESE OF EL PASO: Hires Stretto Inc as Claims and Noticing Agent ------------------------------------------------------------------ The Catholic Diocese of El Paso seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Stretto, Inc. as claims, balloting and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Stretto an advance in the amount of $10,000. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange Irvine, CA 92602 Telephone: (800) 634-7734 About Roman Catholic Diocese of El Paso, Texas Roman Catholic Diocese of El Paso, Texas oversees parishes and Catholic institutions in the El Paso region. Roman Catholic Diocese of El Paso, Texas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-30311) on March 6, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Lynn Hamilton Butler, Esq. of Husch Blackwell LLP. DOLPHIN SHORES: Claims to be Paid from Asset Sale Proceeds ---------------------------------------------------------- Dolphin Shores Investments LLC filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement in support of Plan of Reorganization dated March 11, 2026. The Debtor is a North Carolina single asset real estate corporation engaged in the business of developing real property. The Debtor completed one 24-unit condominium building (Building F) and completed 7 additional pads upon which additional 24-unit condominium buildings can be constructed. Due to disputes with the general contractor, Carlson Brothers, Inc., ongoing state court litigation and the filing of a lis pendens, the Debtor was unable to sell any units in or the entire Building F. The Debtor was also unable to complete construction of additional condominium buildings. With Court approval, the Debtor intends to continue to seek a buyer for the purpose of liquidating its real property and satisfying its obligations to all creditors. The exhibits reflect, among other items: Brunswick County Tax Office claim of $30,104.46; Custom Home Furnishings, LLC, allowed claim of $228,422.73; FCI Lender Services, Inc. allowed secured claim of $7,186,770.00; Builder's Capital allowed secured claim of $14,253,621.33; and Carlson Brothers, Inc. disputed claim of $650,571.03. Total secured claims are reflected as $22,121,066.82 and total claims as $24,742,983.55. The exhibits reflect gross value assumptions of $10,500,000.00 for Building F/condominium units and $18,000,000.00 for development pads/raw land, with sale cost assumptions of 5.0% for each, resulting in net sale proceeds assumptions of $9,975,000 and $17,100,000.00, respectively. Total net sale proceeds are reflected as $27,075,000. Class 7 consists of General Unsecured Claims. Holders are to receive their pro rata share of net proceeds from sales of the Debtor's assets remaining after payment (or satisfaction) of all Allowed Administrative Claims, Priority Tax Claims, and Secured Claims, with distributions no later than thirty days after completion of all asset sales contemplated by the Plan. This Class is impaired. Class 8 consists of Equity Interests. Equity interests held by Jeffrey Stokley Sr. and Jeffrey Stokley, Jr. are retained, with no distributions until all Allowed Claims in Classes 1 through 7, 9, and 10 are paid in full or otherwise satisfied. The Plan's feasibility depends on marketing and sale of Building F/condominium units and development pads/raw land within the contemplated timeframes and at values consistent with appraisal based assumptions. A full-text copy of the Disclosure Statement dated March 11, 2026 is available at https://urlcurt.com/u?l=2HtQpi from PacerMonitor.com at no charge. Counsel to the Debtor: Clayton W. Cheek, Esq. Cheek Legal, PLLC 310 Craven Street, Suite 12 New Bern, NC 28560 Office: (252) 210-4311 Direct: (252) 210-4321 Email: clayton@cheeklegal.com About Dolphin Shores Investments Dolphin Shores Investments LLC is a single asset real estate company in Wilmington, N.C. Dolphin Shores Investments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04467) on November 9, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Clayton W. Cheek, Esq., at Cheek Legal, PLLC. EH REAL: Stellus Capital Marks $5.7MM 1L Loan at 23% Off -------------------------------------------------------- Stellus Capital Investment Corp. has marked its $5,734,549 loan extended to EH Real Estate Services, LLC to market at $4,415,603 or 77% of the outstanding amount, according to Stellus Capital Investment Corp's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Stellus Capital Investment Corp. is a participant in a First Lien loan extended to EH Real Estate Services, LLC. The 1L Loan accrues interest at a rate of 15.00% per annum. The 1L Loan matures on Sept. 3, 2026. Stellus Capital Investment Corp. is a business development company that primarily provides financing solutions to middle-market companies. The Fund is led by Robert T. Ladd as Chief Executive Officer, President and Chairman of the Board of Directors and W. Todd Huskinson as Chief Financial Officer, Chief Compliance Officer and Secretary (Principal Accounting and Financial Officer). The Fund can be reached at: Robert T. Ladd Stellus Capital Investment Corp 4400 Post Oak Parkway, Suite 2200 Houston, TX 77027 Telephone: (713) 292-5400 About EH Real Estate Services, LLC EH Real Estate Services, LLC operates in the real estate sector, providing services and investments tied to property-related assets. EKSO BIONICS: Keith Kosow and Cedar Holdings Report 5.9% Stake -------------------------------------------------------------- Keith Kosow and Cedar Holdings Mgmt LLC, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 17, 2026, they beneficially own 210,000 shares of Ekso Bionics Holdings, Inc.'s Common Stock, par value $0.001 per share, representing 5.9% (or precisely 5.89%) of the shares outstanding, based on 3,563,381 shares of Common Stock outstanding as of February 20, 2026, as disclosed in the Form 10-K. Cedar is the beneficial owner of 210,000 shares of Common Stock. Cedar has the power to dispose of and the power to vote the Shares beneficially owned by it, which power may be exercised by its Chief Investment Officer, Mr. Kosow. Mr. Kosow does not directly owns the Shares. By reason of the provisions of Rule 13d-3 of the Act, Mr. Kosow may be deemed to beneficially own the Shares which are beneficially owned by Cedar. Cedar Holdings Mgmt LLC may be reached through: Keith Kosow Cedar Holdings Mgmt LLC 100 South Pointe Drive #2010 Miami Beach, FL 33139 A full-text copy of the SEC report is available at https://tinyurl.com/rjnmv3kw About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated February 23, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has an accumulated deficit at December 31, 2025 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $20.1 million in total assets, $11.1 million in total liabilities, and $9 million in total stockholders' equity. EMERA US: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes -------------------------------------------------------------- Fitch Ratings has assigned a first-time 'BB+' rating to Emera US Finance, LLC's (EUSF LLC) planned fixed-to-fixed reset-rate junior subordinated notes (JSNs). Proceeds from the offering will be used for general corporate purposes, including repayment of existing indebtedness. The JSNs are unconditionally guaranteed by parent Emera Inc. (Emera; BBB/Stable) and Emera U.S. Holdings Inc. and rank pari-passu with Emera's existing JSNs. The JSNs are eligible for 50% equity credit, reflecting junior subordinate priority, option to defer interest payments on a cumulative basis for up to 10-years on each occasion and no step-up. Emera's ratings and Outlook reflect the execution of its deleveraging plan and commitment to maintain FFO leverage below 6.0x. Failure to meet this target will likely result in negative rating action. Key Rating Drivers Junior Subordinated Notes: The proposed JSN at EUSF LLC are unconditionally guaranteed by parent Emera; therefore, the ratings of these instruments will depend on Emera's Long-Term Issuer Default Rating (IDR). The JSNs are rated 'BB+', two notches below Emera's 'BBB' IDR, reflecting deep subordination with very low recovery prospect. The securities are eligible for 50% equity credit based on Fitch's hybrid methodology. Features supporting the equity categorization include junior subordinate priority, the option to defer interest payments on a cumulative basis for up to 10 years on each occasion and no step-up. Deleveraging Plan: In 2024, Emera announced a deleveraging plan to improve its credit measures. The company has executed most of the initiatives in the plan, including the sale of its equity investment in Labrador Island Link, issued hybrid notes and common equity, securitized deferred fuel costs and obtained a credit-supportive, multi-year base rate outcome at Tampa Electric Company (TEC; A-/Stable). Emera also moderated its dividend growth from 4%-5% to 1%-2% to preserve cash for capex. Emera announced the sale of New Mexico Gas Company, Inc. (NMGC; BBB+/Stable) on Aug. 5, 2024, which is now expected to close in 2Q26 and will further reduce Emera's leverage upon closing. Fitch views these steps to reduce leverage as a credit positive. Improving Leverage but Limited Cushion: Emera's fiscal 2025 FFO leverage improved to about 6.2x from 6.6x in 2024, and from an average of 6.8x over the past four years. FFO leverage for YE 2025 was slightly higher than its expectation of 5.8x due to the delayed closing of the sale of NMGC. Fitch expects Emera's FFO leverage to further improve in 2026 with the expected closing of the NMGC sale and new base rates at Nova Scotia Power Inc. (NSPI). Fitch estimates Emera's FFO leverage average at about 5.9x through 2027, with limited headroom against the 6.0x downgrade sensitivity. Failure to maintain FFO leverage below 6.0x will likely result in a negative rating action. Sale of NMGC Update: On Nov. 14, 2025, the New Mexico Public Regulation Commission (NMPRC), regulator in New Mexico, concluded evidentiary hearings on the proposed sale of NMGC. A decision by the NMPRC is expected by end of 2Q26 and Fitch's rating case assumes the NMGC divestiture will be approved and closed in 2Q26. In the unlikely event that the sale does not close, Fitch expects Emera to take appropriate steps to maintain its FFO leverage below 6.0x, consistent with management's commitment. Sizable Capex Pressures Metrics: Emera has a large capex plan of about CAD11.9 billion over 2026-2028, almost 3x depreciation expense. The plan will lead to higher execution risk that could pressure credit metrics during construction. Fitch expects Emera to execute the plan on time and within budget, and fund it in a balanced manner through parent-equity infusions, internal cash flow and utility debt. Peer Analysis Emera and peer utilities FirstEnergy Corp. (FE; BBB/Stable) and American Electric Power Company Inc. (AEP; BBB/Stable) are large utility holding companies with operations spanning multiple jurisdictions, focused strategically on maximizing relatively predictable operating utility returns. FE and AEP both benefit from greater regulatory diversification and scale than Emera. FE and AEP operate in six and 11 states, respectively, while Emera operates in two states, two provinces in Canada and the Caribbean. In terms of scale, FE and AEP are much larger than Emera, serving about 6.0 million and 5.6 million customers, respectively, while Emera serves about 2.7 million customers. From a financial standpoint, based on Fitch's estimates, Emera's FFO leverage will average about 5.9x through 2027, compared to 5.8x for AEP and 5.3x for FE. Fitch’s Key Rating-Case Assumptions - Sale of NMGC close by 2Q26; - Capital plan consistent with management projection; - New base rates established at Nova Scotia Power Inc. for 2026; - Dividend growth of 1%-2%; - Rate increases at operating utilities reflect rate case outcomes and riders. Corporate Rating Tool Inputs and Scores Fitch scored Emera as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a, Higher), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FFO leverage above 6.0x on a sustained basis; - A change in management's commitment to maintaining FFO leverage below 6.0x; - An unexpected, material deterioration in the Florida regulatory compact. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Further deleveraging that leads to sustained FFO leverage less than 5.0x. Liquidity and Debt Structure Emera and its subsidiaries have, in aggregate, access to CAD$2.1 billion and $1.996 billion of committed credit facilities, with approximately CAD$999 million and $1,056 million undrawn and available on Dec. 31, 2025. The company also had unrestricted cash balance of about CAD$344 million on Dec. 31, 2025. Emera's syndicated credit facilities have a financial covenant that the debt to total capitalization ratio should be no greater than 70%. The company was compliant with the covenant on Dec. 31, 2025. Fitch believes that future maturities are manageable and will be refinanced upon maturity. Issuer Profile Emera Inc. is a diversified electric and natural gas utility holding company serving approximately 2.7 million customers in Canada, the U.S. and the Caribbean. 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 Emera Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Emera US Finance, LLC junior subordinated LT BB+ New Rating EMERALD TECHNOLOGIES: CION Marks $2.7M 1L Loan at 17% Off --------------------------------------------------------- Cion Investment Corp has marked its $2,719,000 loan extended to Emerald Technologies (U.S.) Acquisitionco, Inc. to market at $2,246,000 or 83% 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. Cion Investment Corp is a participant in a Senior Secured First Lien loan extended to Emerald Technologies (U.S.) Acquisitionco, Inc. The Loan accrues interest at a rate of S+ 625, 1.00% SOFR Floor per annum. The Loan matures on Dec. 29, 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 Emerald Technologies Emerald Technologies (U.S.) Acquisitionco, Inc. is a services business focused on providing technology-related solutions to corporate customers. EMMERICH NEWSPAPERS: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Emmerich Newspapers, Inc. 246 Briarwood Drive Suite 101 Jackson, MS 39206 Business Description: Publishing community newspapers and magazines, Emmerich Newspapers, Inc. is a newspaper publisher based in Jackson, Mississippi, that owns and operates local publications, including The Northside Sun, covering local news, features, and regional issues across the Metro Jackson area. Founded in 1967, the company distributes print editions alongside digital offerings, including e-editions, newsletters, and website content. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Southern District of Mississippi Case No.: 26-00793 Judge: Hon. Jamie A Wilson Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Rennaisance Way Suite A Ridgeland, MS 39157 Tel: 601-427-0048 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Wyatt Emmerich as president. The Debtor did not include a list of its 20 largest unsecured creditors with the petition A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R6EQ3FY/Emmerich_Newspapers_Inc__mssbke-26-00793__0001.0.pdf?mcid=tGE4TAMA EMPIRE RESORTS: Fitch Keeps 'B-' IDR on Watch Negative ------------------------------------------------------ Fitch Ratings has maintained Empire Resorts, Inc.'s (Empire) 'B-' Issuer Default Rating (IDR) and 'B-' senior secured notes with a Recovery Rating of 'RR4' on Rating Watch Negative (RWN). The 'B-' IDR reflects Empire's 'ccc' Standalone Credit Profile (SCP) with a two-notch uplift from its linkage and credit support from parent Genting Malaysia Berhad (Genting Malaysia; BBB/Stable). The 'ccc' SCP reflects breakeven-to-negative Fitch-defined EBITDA (after deducting finance lease expenses), driven by cannibalization and costs associated with Empire's Resorts World Hudson Valley (RWHV) property, heightened refinancing risk and continued reliance on parent support. Despite Genting New York LLC (GENNY; BBB-/Negative) obtaining a full-scale casino license in downstate New York, Fitch is maintaining the Rating Watch Negative due to continued uncertainty surrounding how Empire will refinance its November 2026 maturity. Key Rating Drivers Nearing Maturity: Empire continues to actively explore options for refinancing its senior secured notes due in November 2026. The previously announced transaction with Sullivan County was put on hold and the issuer now has less than eight months to meet its $300 million debt obligation. The issuer's 'B-' IDR, which is two notches above its 'ccc' SCP, reflects ties to its stronger parent and the expectation of credit support from Genting Malaysia or GENNY, which shares a management team with Empire. Genting Malaysia has continued to put equity into Empire's Resorts World Catskills' (RWC), demonstrating its commitment to supporting the entity. Additionally, GENNY's win of a downstate casino license in New York preserves the incentive for Genting Malaysia to reaffirm its commitment to the New York market. While Fitch expects a refinancing, confidence could erode over the next six months as a result of inaction, failed or delayed transactions, or evidence that related entities may not support Empire. NYC Casinos Looming: With three new downstate New York full-scale casino licenses awarded, RWC will face greater competitive pressure. The RWC casino, located approximately 90 miles from New York City, already competes with Atlantic City, NJ, eastern Pennsylvania, and New York City-area slots-only properties and Connecticut tribal casinos. The extended development timelines for Bally's and Hard Rock provide RWC some near-term insulation, allowing the property to reinforce loyalty and stabilize performance before the full wave of competition arrives. Meanwhile, Resorts World NYC's earlier expansion will drive more immediate cannibalization, though this impact may be partially tempered by cross-property promotions and a shared player database. Fitch expects credit metrics to deteriorate, with EBITDAR leverage increasing to triple digits and EBITDAR coverage decreasing below 0x, due to cannibalization from Resorts World New York City. This expectation assumes static debt and interest levels. Rating Uplift from Genting Linkage: Fitch views Empire's association with Genting Malaysia favorably, warranting a two-notch uplift from its 'ccc' SCP under Fitch's "Parent and Subsidiary Rating Linkage Criteria", specifically through the stronger-parent, weaker-subsidiary approach. The bottom-up method from the SCP contrasts with other entities owned by Genting that are either equalized or notched down from the parent's rating. The outcome primarily reflects low legal incentive for parental support and Empire's RWC lower strategic value compared to Genting's other properties, which are typically large-scale flagship assets with significantly greater cash flow. Full Ownership Deepens Ties: Fitch views Genting Malaysia's recent full acquisition of Empire Resorts Inc. positively, strengthening ties and commitment to New York. While full control enhances alignment, the absence of explicit guarantees or committed refinancing support caps further uplift under the current bottom-up +2 framework. In addition, Empire's strategic importance within Genting should strengthen materially with Resorts World NYC's full-scale license. Hudson Valley Cannibalization: The opening of RWHV has resulted in measurable cannibalization of Empire's RWC property, pressuring consolidated profitability. This dynamic is further compounded by the materially lower share of economics for Empire at RWHV, which weighs on margin contribution as RWC's profitability declines. Compared to gross gaming revenue pre-RWHV opening 2022, combined gross gaming revenue on a TTM basis had grown 25% in 2024 and 24% in 2025, while net revenue increased only 12% in 2024 and 8% in 2025, highlighting a more recent trend of flat underlying growth and a continued unfavorable shift toward the property with lower revenue share. Geographic Concentration: Empire operates two properties, RWC and RWHV, in a competitive market subject to new supply in the short and medium term. Single-site casino operators are typically rated at the low end of speculative grade, though some can achieve higher ratings if they are in well-protected, monopolistic regulatory environments and have very low leverage. Empire is somewhat more diversified with its second property, the video lottery terminal (VLT) facility, RWHV, which opened in Newburgh, NY in 4Q22. However, given the geographic proximity of RWHV to RWC, the facility has proven cannibalistic rather than beneficial. Peer Analysis Empire's SCP is consistent with most other single-site casino operators, including HRNI Holdings, LLC (HRNI; B/Stable), which are typically on the lower end of speculative grade. HRNI's end-market dynamics are similar to Empire's, including competitive operating environments with new supply risk, single-site properties and similar cash flow generation. HRNI is exposed to new competition through the pending casino openings in Chicagoland. However, Empire is weaker than its larger, more geographically diversified regional gaming peers, including Bally's Corporation (Bally's; B-/Stable). Bally's IDR also reflects its international digital footprint and strong discretionary FCF, but high EBITDAR leverage. Fitch’s Key Rating-Case Assumptions - Revenue declines 3% in 2025, and 5% thereafter due to cannibalization from Resorts World New York opening; - EBITDAR margins decline throughout the forecast as cannibalization from NYC increases; - Reduced capex to maintenance levels throughout the forecast, however FCF continues to deteriorate due to cannibalization from downstate licenses; - Continued parent support throughout the forecast; - Base case assumes a refinancing in 2026; - EBITDAR fixed charge coverage declines from 0.7x in 2024 to negative levels in 2028; - EBITDAR leverage remains in the double digits and increasing throughout the forecast; - Interest rate assumptions in line with market forward rates and spreads. 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 (ccc+, Moderate), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (ccc, Moderate), Company Operational Characteristics (b-, Lower), Profitability (ccc, Higher), Financial Structure (ccc-, Higher), and Financial Flexibility (ccc, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'ccc'. To derive the IDR: - The Parent Subsidiary Linkage assessment of Bottom-up +2 results in an IDR of 'B-' Recovery Analysis The recovery analysis assumes that Empire would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim and there is no revolver in the capital structure. The most likely bankruptcy scenario in the near term would be related to the refinancing of the senior secured notes due in 2026. The going-concern EBITDA of $18 million is significantly higher than Fitch's 2025 estimate. This level of EBITDA represents margins around 6%, as opposed to 2% in its 2025 base case. After a bankruptcy, a new owner should be able to run RWC more efficiently through disposal of unprofitable assets such as Monticello Raceway, managing the food and beverage segment, land lease renegotiations, and cost cutting measures in selling, general and administrative (SG&A) expenses. Considering that EBITDA margins of regional casinos run by experienced operators such as MGM or Caesars range from the low 20% to mid-30%, the potential margin improvement appears to carry low execution risk with further upside potential. Fitch applies a 6.0x enterprise value to EBITDA multiple, which reflects the intense competitive environment, limited track record of operations, fixed rent costs and less-established player database relative to larger, regional peers. This is balanced by the property's younger age and quality, having opened in 2018. Fitch typically assigns 5.5x to 7.0x multiples to regional gaming companies, depending on diversification, the competitive environment, asset quality and existence of meaningful leases. Fitch forecasts a post-reorganization enterprise value of $97 million after the deduction of expected administrative claims of 10%. This results in an 'RR4' Recovery Rating for the senior secured notes, which equates to +0 notching from the IDR to 'B-'. RATING SENSITIVITIES The Rating Watch may take more than six months to be resolved upon either a successful repayment of its November maturity or an event of default at the rated entity. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Fitch's expectation of a likely default at the entity. This could occur if Fitch deems it likely that Genting Malaysia and/or Genting New York will not provide support to Empire. In that event, Fitch views Empire's ability to secure financial commitments to pay down its debt maturities as unlikely; - Negative FCF is prolonged such that liquidity from excess cash buffer is eroded; - Greater cannibalization from the incremental downstate New York competition than Fitch anticipates. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An increase in rating linkage with Genting Malaysia; - EBITDAR fixed charge coverage above 1.0x; - Reductions in EBITDAR leverage toward 7.0x; - Increase in liquidity evidenced by stable cash balance with less reliance on support from Genting Malaysia. Liquidity and Debt Structure Empire had $29 million in cash as of Sept. 30, 2025, down from $40 million as of December 2024. Fitch expects sustained negative FCFs resulting in continued dependence on parent support via equity injections throughout the forecast. How Empire addresses its 2026 maturity and the issuer's ability to mitigate cannibalization from NYC will have a sizable impact on the entity's liquidity profile. Empire's $300 million in senior secured notes mature in November of 2026 and the issuer is exploring refinancing options. While the municipal transaction remains an option, alternatively, Fitch believes that Empire would need some form of support from its parent or Genting New York to refinance in traditional markets or prepay the debt either via an equity infusion or a guarantee. Issuer Profile Empire Resorts, Inc. owns and operates RWC, a full-scale casino located roughly 90 miles outside New York City and RWHV, its VLT facility in Newburgh, NY. Summary of Financial Adjustments All of the preferred equity is senior only to common equity and subordinated to all debt. It has a 2038 maturity and there are no cross-defaults. A change of control only triggers a conversion to common equity. Empire is not required to declare dividends on the preferred equity. As a result, Fitch does not view it as debt. 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 Empire Resorts Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Empire Resorts Inc. LT IDR B- Rating Watch Maintained B- senior secured LT B- Rating Watch Maintained RR4 B- ENVELOPE 1 INC: Plan Exclusivity Period Extended to June 12 ----------------------------------------------------------- Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida extended Envelope 1, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 12, 2026 and Jan. 1, 2027, respectively. As shared by Troubled Company Reporter, the Debtor explains that based on a weighing of the relevant factors, there is more than sufficient cause to approve the extension of the Exclusive Periods requested by the company: * This chapter 11 case is highly complex. As of the Petition Date, the Debtor was a defendant in lawsuits. * The Debtor has made good faith progress toward reorganization by, among other things, and engaging negotiations with its secured creditors and engaging in positive, ongoing negotiations with a potential buyer. The Debtor, its creditors and its potential buyer require additional time to gather and share the information needed to negotiate a plan of reorganization. * The requested extension of the Exclusive Periods is the first such request made in this Chapter 11 Case and is approximately four months after the Petition Date. This amount of time is not long given the complexity of the issues involved, the fact that there is a large number of secured creditors with whom the Debtor must confer to reach consensus on a plan. Courts routinely grant a debtor's first request for an extension if the facts and circumstances warrant such extension. Envelope 1 Inc. is represented by: Susan D. Lasky, Esq. 320 S.E. 18th St Ft. Lauderdale, FL 33316 Telephone: (954) 400-7474 E-mail: Sue@SueLasky.com About Envelope 1 Inc. Envelope 1, Inc manufactures and mails commercial envelopes and their contents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23400) on November 12, 2025. In the petition signed by Tarry Pidgeon, president, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Susan D. Lasky, Esq., at Susan D. Lasky, PA, represents the Debtor as legal counsel. FARMSTEAD HOLDINGS: Unsecureds to Split $210K over 5 Years ---------------------------------------------------------- Farmstead Holdings, LLC filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Plan of Reorganization dated March 11, 2026. The Debtor is a North Carolina limited liability company formed on April 27, 2021, and is engaged in the farming of primarily various berries. The Debtor's principals are Bricklyn Rooks and Jennifer Rooks. Prior to filing, the Debtor farmed berries through a series of related entities. The company filed for bankruptcy protection due to obligations under business guarantees, and a decline in asset condition following receivership, which impaired its ability to meet financial obligations. The Debtor anticipates a continuation of operations by way of this proposed reorganization. The Debtor's primary source of income is through farming. Because of its constraints on capital and financing, the Debtor intends to continue farming through a farming contract with BR Farming Co., LLC. Class 6 consists of General Unsecured Claims. This Class shall receive pro rata share of Unsecured Dividend of $210,000 paid over 5 years at 3.47% (Federal Judgment Interest Rate). This Class is impaired. The Plan calls for the payment to the Debtor's creditors through continued operations and the potential liquidation of certain property, which may have significant tax consequences to the Debtor and its members. A full-text copy of the Disclosure Statement dated March 11, 2026 is available at https://urlcurt.com/u?l=LFsqG6 from PacerMonitor.com at no charge. Counsel to the Debtor: William H. Kroll, Esq. GASKINS HANCOCK TUTTLE HASH LLP 220 Fayetteville Street, Suite 300 Raleigh, NC 27602 Telephone: (919) 755-0025 Facsimile: (919) 755-0009 E-mail: bill@ghthlaw.com About Farmstead Holdings LLC Farmstead Holdings, LLC, a company in Whiteville, N.C., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04933) on Dec. 11, 2025. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Joseph N. Callaway oversees the case. Gaskins Hancock Tuttle Hash, LLP is the Debtor's legal counsel. FIREFLY NEUROSCIENCE: Raises $2.25MM in Initial Private Placement ----------------------------------------------------------------- Firefly Neuroscience, Inc. disclosed in a regulatory filing that it entered into a Securities Purchase Agreement with accredited investors, pursuant to which the Company agreed to issue and sell up to 13,500,000 of units, at a purchase price of $1.50 per Unit. Pursuant to the Purchase Agreement: (i) the Investors agreed to purchase Units for an aggregate purchase price of $2,250,000 at an initial closing, and (ii) the Investors have the right, but not the obligation, to purchase in the aggregate, up to $18,000,000 of Units in one or more subsequent closings in respect of one or more Additional Investments, within 30 days following the Initial Closing Date. Each Unit consists of: (i) either (A) one share of common stock, par value $0.0001 per share, or (B) a prefunded warrant to purchase one share of Common Stock at a nominal exercise price of $0.0001 per share, to the extent that acquiring the shares of Common Stock instead of the Pre-Funded Warrants would have caused the Investors to own in excess of 4.99% or 9.99%, as applicable to each such Investor, of the outstanding Common Stock on a post-issuance basis; (ii) one common stock purchase warrant to purchase one share of Common Stock over five years at an exercise price of $1.88 per share; (iii) one common stock purchase warrant to purchase one share of Common Stock over five years at an exercise price of $2.50 per share; and (iv) the issuance of the Common Stock upon the exercise of the Warrants. The Warrants include a beneficial ownership limitation, which provides that the Company shall not effect any exercise, and a holder shall not have the right to exercise any portion of the Warrants, to the extent that, after giving effect to such exercise, the holder (together with the holder's affiliates) would beneficially own more than 4.99% or 9.99, as applicable to each such Investor, of the outstanding shares of Common Stock immediately after the issuance of the Common Stock issuable upon exercise. On March 12, 2026, the Initial Closing under the Purchase Agreement occurred, and the Company issued 1,500,000 Units to the Investors at a total purchase price of $2,250,000. The offering was effected at the Nasdaq Minimum Price and structured in a manner to comply with Nasdaq Listing Rule 5635(d) without requiring stockholder approval. The offer and sale of securities described above pursuant to the Purchase Agreement was conducted as a private placement pursuant to and in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended and/or Rule 506(b) of Regulation D promulgated thereunder for transactions not involving a public offering. Pursuant to the Purchase Agreement, the Company has agreed to file a registration statement with the Securities and Exchange Commission on Form S-1 (or, if Form S-1 is not then available to the Company, on such other form as is then available) covering the resale of the Shares and the Warrant Shares issued pursuant to the Purchase Agreement, including Shares and Warrant Shares issuable at Additional Closings, as soon as practicable and, in any event, on or before April 15, 2026. The Company will use its best efforts to cause the Registration Statement to become effective: (i) within 45 calendar days after filing if the SEC does not review the Registration Statement, or (ii) within 90 calendar days after filing if the SEC reviews the Registration Statement. In connection with the Purchase Agreement, the Company and each Investor entered into a Lock-Up Agreement, dated as of March 12, 2026, pursuant to which each Investor has agreed to certain transfer restrictions with respect to the Shares, Warrants (including the Pre-Funded Warrants, the 150% Warrants and the 200% Warrants), and Warrant Shares issued or issuable under the Purchase Agreement. Under the Lock-Up Agreement, each Investor has agreed not to transfer any Lock-Up Securities during a six-month period ending on September 12, 2026, followed by a graduated release schedule during a six-month period ending on March 12, 2027, during which one-sixth of such Investor's Lock-Up Securities will be released from the transfer restrictions on the first day of each successive calendar month. The Lock-Up Agreement permits certain limited transfers that do not involve a disposition for value, including gifts to family members or charities, transfers to trusts or affiliated entities, transfers by will or operation of law, and transfers in connection with a transaction involving the Company, provided that most transferees agree in writing to be bound by the Lock-Up Agreement. The Company has agreed to instruct its transfer agent to decline to transfer any Lock-Up Securities except in accordance with the Lock-Up Agreement. The Lock-Up Agreement was entered into as a condition to each Closing under the Purchase Agreement and will automatically terminate upon the earlier of: (i) the expiration of the Leak-Out Period (i.e. 12 months after March 12, 2026) or (ii) the termination of the Purchase Agreement prior to any Closing. Full text copies of the Purchase Agreement, the Warrants and the Lock-Up Agreement, are available at https://tinyurl.com/2rfru3sj, https://tinyurl.com/4x6ckbxu, https://tinyurl.com/ykutw97m, https://tinyurl.com/mpj6v7tf, and https://tinyurl.com/3jadxjzr, respectively. About Firefly Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.4 million in total assets, $2.8 million in total liabilities, and $9.7 million in total stockholders' equity. FORMULATED BUYER: TPG Twin Brook Marks $200,000 1L Loan at 51% Off ------------------------------------------------------------------ TPG Twin Brook Capital Income Fund has marked its $200,000 loan extended to Formulated Buyer, LLC to market at $97,000 or 48.5% of the outstanding amount, according to TPG Twin Brook's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to Formulated Buyer, LLC. The 1L Loan accrues interest at a rate of S + 6.75% / 10.81% per annum. The 1L Loan matures on Sept. 22, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About Formulated Buyer Formulated Buyer, LLC is in the pharmaceuticals industry. FREEDOM ELECTRIC: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Freedom Electric Marine, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Greensboro Division, to use cash collateral to fund operations. The Debtor's cash collateral consists of approximately $13,567 in bank accounts and receivables, allegedly encumbered by two liens: a first-priority claim of $62,000 held by Triad Business Bank and a disputed claim of roughly $30,700 held by Credibly of Arizona, LLC. The final order granted both creditors replacement liens on the Debtor's post-petition property similar to their pre-bankruptcy collateral. These replacement liens will have the same priority, validity and enforceability as the secured creditors' pre-bankruptcy liens. The final order is available at https://is.gd/MEKKcJ from PacerMonitor.com. Founded in 2005 and now operated by Josh Robbins, Freedom Electric Marine designs and sells the Twin Troller electric fishing boat, with manufacturing and assembly performed entirely by third parties. Declining sales over the last two years -- driven by market conditions, design issues, and internal challenges -- led to the bankruptcy filing, and the Debtor now intends to conduct a sale of substantially all assets, with Supply Source Options, LLC as the stalking horse bidder. Triad, as secured creditor, is represented by: Lisa P. Sumner, Esq. Maynard Nexsen, PC 4141 Parklake Avenue, Suite 200 Raleigh, NC 27612 Telephone: (919) 573-7423 Facsimile: (919) 573-7454 LSumner@maynardnexsen.com About Freedom Electric Marine Inc. Freedom Electric Marine, Inc. sells electric fishing boats. Freedom Electric Marine sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-10835) on November 30, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Joshua Robbins, president of Freedom Electric Marine, signed the petition. Judge Benjamin A. Kahn oversees the case. Samantha K. Brumbaugh, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP, represents the Debtor as legal counsel. FTX TRADING: Sets $2.2B Fourth Creditor Distribution for March 31 ----------------------------------------------------------------- FTX Trading Ltd. (d/b/a. FTX.com) and the FTX Recovery Trust announced that, consistent with FTX's Chapter 11 Plan of Reorganization, FTX will commence distributions on March 31, 2026 to holders of allowed claims in the Plan's Convenience and Non-Convenience Classes that have completed the pre-distribution requirements. Eligible creditors should expect to receive funds from their selected distribution service provider, either Bitgo, Kraken or Payoneer, within 1 to 3 business days from March 31, 2026. Subsequent record and payment dates will be announced in due course. Additionally, FTX today announced that, consistent with the Plan and Preferred Shareholder Agreement (D.I. 25932), an April 30, 2026 record date has been set for a May 29, 2026 payment to holders of preferred equity interests. In the Fourth Distribution, in accordance with the waterfall priorities set forth in the Plan:(1) -- Allowed Class 5A Dotcom Customer Entitlement Claims will receive an incremental 18% distribution (96% cumulative distribution to date); -- Allowed Class 5B U.S. Customer Entitlement Claims will receive a 5% distribution (100% cumulative distribution to date); -- Allowed Classes 6A General Unsecured Claims and 6B Digital Asset Loan Claims will each receive a 15% distribution (100% cumulative distribution to date); and -- Allowed Class 7 Convenience Claims will receive a cumulative 120% distribution. Customers should be aware that by onboarding with a Distribution Service Provider, they have irrevocably elected to forego their right to receive cash distributions from FTX and have instead directed FTX to pay, directly to such Distribution Service Provider, any distributions to which they otherwise would be entitled to under the Plan. If customers have any questions related to the availability of the funds in their account with their selected Distribution Service Provider, they should contact customer support at their Distribution Service Provider directly. To be eligible to receive a distribution on subsequent distribution dates, customers and other creditors must complete the following prior to their distribution record date: -- Login to the FTX Customer Portal (https://claims.ftx.com) (applicable to customers). -- Complete required Know Your Customer verification. -- Submit the required tax forms. -- Onboard with either BitGo, Kraken or Payoneer, FTX's Distribution Service Providers. FTX will provide instructions for onboarding with each of the Distribution Service Providers on the existing FTX Customer Portal. For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has lapsed without objection. For more information, please visit: https://support.ftx.com/hc/en-us/sections/33189504164628-Distributions. Preferred Equity Holder Payments Initial payments are set to be made to eligible Preferred Equity Holders on May 29, 2026, in accordance with the Preferred Shareholder Agreement and the Plan. Payments will be made from a trust. In order for their eligibility to be verified and receive a payment from the PSRT on the First Preferred Payment Date, Preferred Equity Holders are required to complete the following steps by the April 30, 2026 record date: -- Provide an executed ownership certification attesting to Preferred Equity Interests held. -- Complete required KYC verification. -- Submit required tax forms. FTX will provide further details and instructions to Preferred Equity Holders regarding payment method and related steps and timelines. Payments will be made to holders who will have provided all required information, successfully verified their eligibility and be registered as holders of record on the FTX docket as of the April 30, 2026 record date. Outreach to Preferred Equity Holders began in January 2026. If you believe you are entitled to a future payment on account of Preferred Equity Interests and have not received an outreach to date, please visit the following link. Phishing Advisory Please remain aware of phishing emails that may look like they are from FTX and scam sites from channels that may appear to look like the FTX Customer Portal (https://claims.ftx.com). This is another reminder that FTX will never ask you to connect your wallets. Additional Information U.S. Bankruptcy Court filings, including the Plan and other documents related to the Court proceedings, are available at https://cases.ra.kroll.com/FTX/. FTX Digital Markets Ltd. will be separately communicating distribution information for customers who have elected to have their claims administered by FTX DM. Advisors The FTX Recovery Trust is represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel. (1) Actual distribution percentages may differ slightly due to rounding of the figures referenced above. Additional details regarding the amounts distributed by Class will be filed on the docket shortly after March 31, 2026. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. G3 CONSTRUCTION: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of G3 Construction Group, Inc., according to court dockets. About G3 Construction Group Inc. G3 Construction Group, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-50030) on February 17, 2026, listing $1 million to $10 million in both assets and liabilities. Judge Karen K. Specie oversees the case. Byron Wright, III, Esq., at Bruner Wright, P.A. serves as the Debtor's legal counsel. GMS CAPITAL: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of GMS Capital Holding Corp., according to court dockets. About GMS Capital Holding Corp GMS Capital Holding Corp filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 26-11830) on Feb. 15, 2026, listing assets of up to $50,000 and liabilities of between $50,001 and $100,000. Judge Corali Lopez-Castro oversees the case. The Debtor is represented by: Jessey J. Krehl, Esq. Pack Law 51 Northeast 24th St., Ste. 108 Miami, FL 33137 Phone: (305) 916-4500 jessey@packlaw.com GURU HOLDING: Hires Backenroth Frankel & Krinsky LLP as Counsel --------------------------------------------------------------- Guru Holding LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Backenroth Frankel & Krinsky, LLP as counsel. The firm will render these services: (a) provide the Debtor with legal counsel regarding its powers and duties in the continued operation of its business and management of its property during the Chapter 11 case; (b) prepare on behalf of the Debtor all necessary legal documents which may be required with the Chapter 11 case; (c) provide the Debtor with legal services regarding formulating and negotiating a plan of reorganization with creditors; and (d) perform such other legal services for the Debtor as required during the Chapter 11 case. The firm will be paid at these rates: Abraham Backenroth, Attorney $750 per hour Mark Frankel, Attorney $695 per hour Scott Krinsky, Attorney $650 per hour Paralegal $250 per hour In addition, the firm will seek reimbursement for expenses incurred. On or about January 22, 2026, the Debtor paid the firm $52,000 as retainer. Mr. Frankel 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: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Tel: (212) 593-1100 About Guru Holding LLC Guru Holding LLC is a New York-based real estate holding company that owns and leases a 76-unit mid-rise residential apartment building at 942-960 Avenue Saint John in the Bronx, NY, with the property estimated at $17 million. Guru Holding LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10346) on February 18, 2026, listing $18,099,311 in assets and $10,754,139 in liabilities. The petition was signed by Emmanuel Ku as managing member. Judge John P Mastando III presides over the case. Mark Frankel, Esq. at BACKENROTH FRANKEL & KRINSKY, LLP serves as the Debtor's counsel. HAIRANDO LLC: Seeks to Hire Exit Strategy USA as Consultant ----------------------------------------------------------- Hairando LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Paul Daryl Schouest of Don Juan Enterprises, LLC, dba Exit Strategy USA, as consultant. Mr. Schouest will render these services: (a) make restructuring process decisions; (b) potential court-approved sales of the Debtor's assets; (c) negotiations with stakeholders and counterparties; (d) review and develop any material drafted for consumption outside the Debtor; (e) assist in developing and evaluating the Debtor's business plan, and the preparation of a revised operating plan and cash flow forecasts; (f) approval of any new expenditures or cash payments; (g) management of the financial and operational reporting processes to creditors; (h) make business and financial decisions with respect to any Debtor-in-Possession financing sought or put in place; (i) make decisions with respect to the Debtor's day-to-day operations; (j) engage in day-to-day normal business operations; (k) provide assistance with pleadings, Debtor's Schedules of Assets and Liabilities, Statements of Financial Affairs, DIP budgets and cash flow forecasts; (l) in general, assist the Debtor in the preparation of documents and disclosures required by the Court subsequent to the Chapter 11 bankruptcy filing, including, but not limited to, Monthly Operating Reports, compliance reporting, periodic budgets, and other disclosure documents required by the Court or the Debtors' stakeholders from time to time; (m) make decisions with respect to all professionals engaged by, strategies developed, and activities taken by the Debtors related to the Reorganization Efforts; (n) other services and activities as mutually agreed by the Debtor's management to the extent not be duplicative of services provided by other professionals. Mr. Schouest will charge $200 for his services. Mr. Schouest assured the court that he neither holds nor represents an interest adverse to the Debtor estates or has any connection to the Debtor, its creditors or other parties in interest in these chapter 11 cases. The firm can be reached through: Paul Daryl Schouest Don Juan Enterprises, LLC dba Exit Strategy USA P.O Box 390 Leonville, LA 70551 Phone: (337) 418-9290 Email: daryl@exitstrategyusa.com About Hairando LLC Hairando, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 26-10174) on March 2, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Michael A. Crawford presides over the case. H. Kent Aguillard, Esq. represents the Debtor as legal counsel. HANNIBAL REGIONAL: Fitch Lowers IDR to 'BB+', Outlook Negative -------------------------------------------------------------- Fitch Ratings has downgraded Hannibal Regional Healthcare System's (HRHS) Issuer Default Rating (IDR) and outstanding revenue bonds issued by the Industrial Development Authority of the City of Hannibal, Missouri on behalf of HRHS to 'BB+' from 'BBB-'. The Rating Outlook remains Negative. Entity/Debt Rating Prior ----------- ------ ----- Hannibal Regional Healthcare System (MO) LT IDR BB+ Downgrade BBB- Hannibal Regional Healthcare System (MO) /General Revenues/1 LT LT BB+ Downgrade BBB- The downgrade reflects HRHS' persistently weak operating performance and declining liquidity. Liquidity has declined despite FEMA funding, significantly constraining financial flexibility to weather operating challenges or fund necessary capital investments. The downgrade of the financial profile assessment to 'bb' from 'bbb' reflects the asymmetric risk posed by weak liquidity, with sequential years of balance sheet dilution. Fitch views HRHS' successful electronic medical records system implementation and volume growth in strategic service lines as positive developments. However, HRHS' ability to maintain the 'BB+' rating is dependent on achieving breakeven operations and stabilizing liquidity. A further downgrade is likely if the system is unable to achieve substantial operating improvement or experiences additional balance sheet erosion. SECURITY The bonds are secured by a security interest in unrestricted receivables. There is no debt service reserve fund for the series 2017 bonds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Leading Market Share Position in a Weaker Local Service Area HRHS holds a leading 40% inpatient market share in its primary service area. However, service area demographics are weaker than state and national benchmarks, with Marion County's median household income trailing Missouri and national levels. The payor mix includes 17.8% Medicaid and self-pay. The system has expanded service lines, including electrophysiology and an open-heart program. The electronic medical records system launch in July 2025 consolidated five legacy billing systems and improved clinical integration. Strategic investments have driven utilization growth, particularly in orthopedics. Key competition comes from Hannibal Clinic, which was acquired by HRHS' main inpatient competitor Blessing Hospital in 2018. The clinic competes for higher-margin outpatient diagnostic, imaging, and surgery volumes. Blessing Hospital maintains about 20% inpatient share. HRHS is constructing a $30 million cancer center in Kirksville, expected to be completed in 2027, which will strengthen the system's position. Operating Risk - 'b' Operating Losses Continue, Capital Spending Needs for Inpatient/Strategic Projects Operating EBITDA margins averaged 1.3% from fiscal 2023-fiscal 2025. The fiscal 2025 margin included $10.5 million from a non-recurring FEMA grant revenue. Profitability improvement has been limited despite management efforts. The system has implemented revenue enhancement and cost control measures, including chargemaster optimization, improved clinical documentation, and denial mitigation strategies. The 340B pharmacy program provides substantial financial support, with an annual projected benefit of approximately $4.5 million. While management budgets a breakeven operating margin in fiscal 2026, Fitch believes this target is challenging to achieve. Workforce initiatives aim to moderate labor expense growth. The electronic medical records system was launched in July 2025, consolidating five legacy billing systems. Days in accounts receivable improved from 54.4 days in fiscal 2024 to 47.7 days in fiscal 2025 despite the conversion. HRHS has not used a line of credit established for anticipated cash flow needs. Capital spending has remained below depreciation for multiple years, with average age of plant increasing from 11 years to 17 years. The $30 million cancer center is funded by a $15 million state appropriation and $15 million from cash and donations. As of March 2026, the system has raised $5 million in philanthropic support. Successfully securing adequate external funding is crucial to avoid further balance sheet pressure. The system also faces uncertainty regarding the potential cost and timing of capital requirements for its 30-year-old main inpatient facility. Financial Profile - 'bb' Weaker Financial Flexibility At fiscal YE 2025, HRHS had $61.5 million in unrestricted cash and investments, or 145% cash to adjusted debt and 76 days cash on hand, compared with $51.1 million, 115%, and 66 days at fiscal YE 2024. The YoY improvement was driven primarily by one-time FEMA funding and favorable timing effects. By 1Q26, unrestricted cash declined to $48.7 million (115% cash to adjusted debt, 58 days), reflecting the ongoing position given operating losses. Liquidity falls below Fitch's 75 days cash on hand threshold, resulting in an asymmetric risk consideration contributing to the weak financial profile assessment. Fitch's forward-looking scenario assumes volume growth in strategic service lines, 340B program benefits, and electronic medical records system implementation and expense initiatives will drive operating EBITDA margin improvement. Capital spending will be elevated in the near term for the cancer center project, then moderate. Fitch believes HRHS can achieve breakeven operating performance by fiscal 2027 with sustained execution of improvement initiatives. Under the stress case, operating EBITDA margins average a very weak 2.4%. The stress scenario assumes capital spending moderates as a plausible management response to financial strain. Days cash on hand remains below 60 days through the stress scenario, consistent with the weak assessment. Liquidity improvement is dependent on achieving profitability targets. Asymmetric Additional Risk Considerations There are no additional asymmetric risk considerations not already factored into this rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to achieve a breakeven operating margin by fiscal 2027; - Cash to adjusted debt sustained below 100% due to debt issuance, capital spending or decline in liquidity; - Continued erosion in liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Operating EBITDA margins maintained above 5%; - Improved liquidity and capital-related ratios, particularly if cash-to-adjusted debt is sustained above 120% and DCOH is sustained above 100 days. PROFILE HRHS, headquartered in Hannibal, MO is the parent company of Hannibal Regional Hospital, with 86 licensed acute care beds and 13 rehabilitation care beds. The hospital is located approximately 114 miles north of St. Louis, MO and maintains satellite clinics in 14 different communities. HRHS has a small revenue base of $298 million in fiscal 2025 (ended September 30). Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from Lumesis. 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. HARTFORD CREATIVE: Posts $6,957 Q2 Net Income Amid Liquidity Risks ------------------------------------------------------------------ Hartford Creative Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $6,957 for the three months ended January 31, 2026, compared to a net income of $144,015 for the three months ended January 31, 2025. For the six months ended January 31, 2026, the Company reported a net income of $57,631, compared to a net income of $271,284 for the same period in 2025. Total revenues for the three months ended January 31, 2026 and 2024, totaled $194,092 and $378,037, respectively. For the six months ended January 31, 2026 and 2024, the Company had total revenues of $524,359 and $845,499, respectively. As of January 31, 2026, The Company had a working capital deficit of $43,536 and an accumulated deficit of $4,754,102. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. Management has evaluated the significance of these conditions, and has developed plans intended to mitigate the conditions that raise substantial doubt. Based on the Company's current operating plan and revenue growth expectations, management projects that the Company will generate operating income during the next 12 months, which is expected to improve operating cash flows and support ongoing operations. In addition, management plans to fund any short-term working capital needs through a combination of operating cash flows, potential equity or debt financing, and continued financial support from related parties if necessary. Historically, related parties have provided financial support to the Company in the form of advances to fund operations. As of March 13, 2026, the date of the filing of the Quarterly report, no formal written loan agreements, standby financing arrangements, guarantees, or other binding commitments from related parties have been executed. Management believes that the combination of anticipated operating income, improved operating cash flows, and access to external or related-party financing, if needed, will provide sufficient liquidity to support the Company's operations for at least the next 12 months. However, management cannot provide assurance that the Company will meet its objectives and be able to continue in operation. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/5f82epeb About Hartford Creative Group Hartford Creative Group, Inc. provides social media advertising and the production of mini web dramas. The Company offers advertisement placement and handle media services for video production and social media management. Hartford Creative Group serves clients in the United States and China. As of January 31, 2026, the Company had $3,594,657 in total assets, $3,236,820 in total liabilities, and $357,837 million in total stockholders' equity. HARVARD BIOSCIENCE: Debt Refinancing Alleviates Going Concern Doubt ------------------------------------------------------------------- Harvard Bioscience, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $56.7 million for the fiscal year ended December 31, 2025, compared to a net loss of $12.4 million for the fiscal year ended December 31, 2024. For the fiscal year ended December 31, 2025 and 2024, the Company recorded a revenue of $86.6 million and $94.1 million, respectively. Liquidity and Capital Resources Harvard's primary sources of liquidity are cash and cash equivalents, internally generated cash flow from operations and its shelf registration statement that provides for the issuance of common stock, preferred stock, warrants and units up to an amount equal to $100 million. The Company's expected cash outlays relate primarily to cash payments due under our Loan and Security Agreement, entered into with certain financial institutions party thereto as lenders and BroadOak Income Fund, L.P., as the administrative agent and collateral agent on December 17, 2025, as well as salaries, inventory, capital expenditures, and other operating costs. Harvard held cash and cash equivalents of $8.6 million and $4.1 million as of December 31, 2025 and December 31, 2024, respectively. Borrowings outstanding were $40.0 million and $37.4 million as of December 31, 2025 and December 31, 2024, respectively. Under the 2025 Loan Agreement, the Company is required to maintain certain financial covenants that are based on financial measures not presented in accordance with U.S. generally accepted accounting principles. The Company was in compliance with the minimum liquidity requirement and the minimum adjusted EBITDA requirement, each as defined in the 2025 Loan Agreement, measured on a trailing 12-month basis, of at least $6,000,000 for the fiscal quarter ending December 31, 2025. The Coronavirus Aid, Relief, and Economic Security Act of 2020 provided an employee retention tax credit that was a refundable tax credit against certain employer taxes. The Company received ERTC refunds of $3.6 million and $3.2 million during the year ended December 31, 2025 and December 31, 2024. The Company's compliance with the program's qualifications may be subject to audit until May 2029, which is when the statute of limitation expires. As of December 31, 2024 and in the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, the anticipated maturity of the Company's Amended Credit Agreement on December 22, 2025, together with uncertainty as to the Company's ability to comply with future covenants under the terms of the Amended Credit Agreement, raised substantial doubt about the Company's ability to continue as a going concern. On December 17, 2025, the Company entered into the 2025 Loan Agreement and completed a comprehensive refinancing of its credit facility, resulting in a new maturity date and improved covenant compliance. Management evaluated the Company's ability to continue as a going concern for the 12 months following the issuance of these financial statements and concluded that: (1) the conditions and events that initially raised substantial doubt have been alleviated and (2) substantial doubt does not exist as of the issuance date. The Company's financial statements are therefore prepared on a going-concern basis. A full text copy of the Company's Annual Report is available at https://tinyurl.com/mfv34rev About Harvard Bioscience, Inc. Harvard Bioscience, Inc. is a developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company's products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, the Company sells through a combination of direct and distribution channels to customers around the world. As of December 31, 2025, the Company had $80.1 million in total assets and $66.3 million in total liabilities, and total stockholders' equity of $13.7 million. * * * This concludes the Troubled Company Reporter's coverage of Harvard Bioscience, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. HDTSOKANOS LLC: Unsecured Creditors to be Paid in Full in Plan -------------------------------------------------------------- Hdtsokanos LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Second Amended Combined Disclosure Statement and Plan of Reorganization dated March 11, 2026. The Debtor is a privately owned limited liability company organized under the laws of the State of New York. The Debtor's business is the ownership of real property and a nine-unit residential apartment building appurtenant thereto located at and known as 24-35 27th Street, Astoria, New York 11102 (the "Property") which constitutes "single asset real estate" as that term is defined in Section 101(51B) of the Bankruptcy Code. The building is rent stabilized under the laws of the City of New York with all nine units occupied as of the Petition Date. One of those units was, and continues to be, occupied by the two members of the Debtor who currently occupy that unit without a rent obligation. As of the filing of this document, seven of the nine units are occupied by rent paying tenants, the owners continue to occupy their unit, and one unit is vacant. The Debtor's filing was primarily a result of a pending foreclosure action commenced on August 14, 2023 (the "Foreclosure Action Commencement Date"), BD Five LLC v. HDTsokanos, LLC, et al., Index No. 716819/2023 (the "Foreclosure Action"), just prior to a scheduled foreclosure sale of the Property. The Foreclosure Action is based on alleged monetary and nonmonetary defaults purported committed by the underlying borrower under the loan documents (the "Mortgage"). The Debtor does have other creditors holding claims against it, with this filing being utilized to address those claims as well. This is a plan of reorganization with the plan payments to be funded from (i) funds held by the Receiver from the Property as of the Effective Date; (ii) unapplied and recoverable funds which were paid by the Debtor between April 2023 and August 2023 to the former servicer of the Mortgage, Dovenmuehle Mortgage, Inc., totaling $41,620.80; (iii) rent collections from the Property on and after the Effective Date; and, (iv) as necessary, third party funding ("Exit Funding") currently anticipated to be coming from Eleni. The Plan proposes to pay all holders of Allowed Claims 100% of those claims. The only impaired class is comprised of the NYC Tax Claim because of the proposal to pay those amounts owed over time. The plan presented herein provides for payment of allowed creditor claims in full, subject only to having sufficient funds to do so on the Effective Date, including the Exit Funding. In the event the Exit Funding is not 100% available on the Effective Date, the Property will be put back on the market to be sold at an auction under notice and sale procedures. As this Plan in the first instance provides for a 100% payment to all creditors, a liquidation analysis is not necessary. This Plan of Reorganization proposes to pay creditors of the Debtor from cash on hand, recovered unapplied mortgage payments, and the Exit Funding. Any payments to be made over time after the Effective Date, including periodic plan payments and monthly payments on the Reinstated Mortgage will be paid from monthly rent collections. All creditors holding Allowed Claims are to be paid in full within five business days after the Effective Date or entry of an order approving such expenses or claims, except for those payments specifically provided for herein to be made over time. Class 4 consists of the Allowed General Unsecured Claims held by non-insiders of the Debtor against the Debtor. Upon the Effective Date of the Plan, in full satisfaction of its Class 4 Allowed General Unsecured Claims, within five days after the Effective Date, the Debtor shall make a cash payment in the full amount of such Allowed General Unsecured Claim, plus interest calculated at the Federal judgment interest rate in effect as of the Petition Date. The Debtor believes that the only holder of a Class 4 Claim is the IRS in the amount of $4,423.10. Class 4 Claims are unimpaired, and therefore holders of Class 4 Claims are not entitled to vote to accept or reject the Plan and are deemed to accept the Plan. Class 5 consists of the Allowed General Unsecured Claims held by Eleni Tsokanos, an insider of the Debtor. Upon the Effective Date of the Plan, the Class 5 Claim shall be Allowed, but paid subordinate to the holders of Allowed Class 4 claims. Class 5 Claims are impaired, and therefore holders of Class 5 Claims are entitled to vote to accept or reject the Plan. Class 6 consists of Member Interests in Debtor. Subject to Section 7.01(c), the holders of the membership interests in the Debtor shall retain their interests but shall not receive any distributions on account of same unless and until all holders of Allowed Claims against the Debtor have been paid in full. Class 6 is impaired, and therefore holders of Class 6 Interests are entitled to vote to accept or reject the Plan. The distributions to the creditors holding Allowed Claims against the Debtor that are to be made on and after the Effective Date under this plan shall be funded from (i) funds held by the Receiver from the Property as of the Effective Date; (ii) unapplied and recoverable funds which were paid by the Debtor between March 2023 and August 2023 to the former servicer of the Mortgage, Dovenmuehle Mortgage, Inc.; (iii) rent collections from the Property on and after the Effective Date; and, (iv) as necessary, the Exit Funding from third party funding currently anticipated to be coming from Eleni Tsokanos. A full-text copy of the Second Amended Combined Disclosure Statement and Plan dated March 11, 2026 is available at https://urlcurt.com/u?l=HVJfzG from PacerMonitor.com at no charge. Counsel to the Debtor: Richard J. McCord, Esq. Robert D. Nosek, Esq. Certilman Balin Adler & Hyman, LLP 90 Merrick Avenue East Meadow, NY 11554 Phone: (516) 296-7000 About Hdtsokanos LLC Hdtsokanos LLC possesses a building at 24-35 27th Street, Astoria, NY 11102, with an estimated worth of $2.45 million. Hdtsokanos LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40606) on Feb. 6, 2025. In its petition, the Debtor reports total assets of $2,485,638 and total liabilities of $1,634,678. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Btzalel Hirschhorn, Esq., at SHIRYAK, BOWMAN, ANDERSON, GILL & KADOCHNIKOV, LLP, in Kew Gardens, New York. HELLERS AUSTRALIA: Bain Capital Marks NZ$93,000 Loan at 44% Off --------------------------------------------------------------- Bain Capital Private Credit has marked its NZ$93,000 loan extended to Hellers Australia to market at NZ$52,000 or 56% of the outstanding amount, according to Bain Capital'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 subordinated loan extended to Hellers. The Loan accrues interest at a rate of 15.00% PIK 15.00% per annum. The Loan matures on March 27, 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 Hellers Hellers is one of Australasia's suppliers of value-added meat products. HIGHLANDS AT STONEGATE: Hires Altitude Community Law as Counsel --------------------------------------------------------------- The Highlands at Stonegate North Condominium Association received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Altitude Community Law, P.C. as collections and covenant enforcement counsel. The firm will provide ongoing legal services with respect to collection of delinquent homeowner assessments and to enforce community covenants. The firm's hourly rates are: Attorneys $350 to $380 Legal Assistants $120 to $160 Altitude Community Law, P.C. is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Kristen Dillie, Esq. Altitude Community Law, P.C. 555 Zang St Ste 100 Lakewood, CO, 80228-1011 Phone: (303) 991-2068 About The Highlands at Stonegate North Condominium Association The Highlands at Stonegate North Condominium Association manages a residential community in Parker, Colorado, overseeing maintenance of common areas and shared amenities such as pools and landscaping. The association enforces community standards, collects assessments, and coordinates with property management to ensure operational and regulatory compliance. The Highlands at Stonegate North Condominium Association filed voluntary Chapter 11 petition (Bankr. D. Colo. Case No. 25-17804) on November 26, 2025, listing between $1 million and $10 million in both assets and liabilities. Sherri Rosselot, president of the Board of Directors, signed the petition. Judge Thomas B McNamara oversees the case. Kutner Brinen Dickey Riley, P.C. serves as the Debtor's legal counsel. HLSG INTERMEDIATE: Twin Brook Marks $1.1MM 1L Loan at 69% Off ------------------------------------------------------------- TPG Twin Brook Capital Income Fund has marked its $1,051,000 loan extended to HLSG Intermediate, LLC to market at $328,000 or 31.2% of the outstanding amount, according to Twin Brook Income Fund's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TPG Twin Brook Capital Income Fund is a participant in a first lien senior secured revolving loan extended to HLSG Intermediate, LLC. The 1L Loan accrues interest at a rate of S + 5.25 % 9.08 % per annum. The 1L Loan matures on March 31, 2029. TPG Twin Brook Capital Income Fund is a closed-end investment fund that participates in the leveraged finance market as a corporate issuer. The Fund is led by Trevor Clark as Chief Executive Officer, Chairman of the Board of Trustees, and Trustee (Principal Executive Officer) and Terrence Walters as Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Trevor Clark TPG Twin Brook Capital Income Fund 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 About HLSG Intermediate, LLC HLSG Intermediate, LLC is an affiliated entity of Healthcare Linen Services Group, a provider of linen management services to the healthcare and hospitality industries. HLSG partners with healthcare administrators, clinicians and staff to deliver a wide variety of comfortable, bacteria free linens to thousands of hospitals, physician offices, surgery centers, and nursing homes. HUGHTON LLC: Taps Angelena M. Root PA/Lessne Hoffman as Counsel --------------------------------------------------------------- Hughton, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Angelena M. Root, P.A. and Lessne Hoffman, PLLC as its general bankruptcy counsel. The firms will advise the debtor on compliance with the Bankruptcy Code and United States Trustee Guidelines, prepare necessary motions and filings, represent the debtor in negotiations with creditors, and assist in the proposal and confirmation of a Chapter 11 plan. Angelena M. Root is holding a retainer of $30,000 in its trust account but will deliver to Lessne Hoffman's trust account $25,000, leaving $5,000 with Angelena M. Root in trust. Angelena M. Root, P.A. and Lessne Hoffman, PLLC do not hold or represent any interest adverse to the debtor, and are disinterested within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Michael D. Lessne, Esq. LESSNE HOFFMAN, PLLC 100 SE 3rd Ave, 10th Floor Fort Lauderdale, FL 33394 Phone: (954) 372-5759 Email: mlessne@lessnehoffman.law Angelena M. Conant, Esq. Angelena M. Root, P.A. 1931 Cordova Rd #303 Fort Lauderdale, FL 33316 About Hughton LLC Hughton LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12621) on Mar. 2, 2026. In its petition signed by Knox Golding, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. The Debtor tapped Angelena M. Conant, Esq., at Angelena M. Root, PA as counsel and Steven Rosenbaum, CPA, at Rosenbaum Sobel Weinrub & Burns LLC as accountant. HUNT OIL: Moody's Affirms 'Ba1' CFR & Alters Outlook to Negative ---------------------------------------------------------------- Moody's Ratings affirmed the Ba1 Corporate Family Rating and senior unsecured ratings of Hunt Oil Co. of Peru L.L.C., Suc. Del Peru (HOCP). At the same time, Moody's changed the outlook to negative from stable. RATINGS RATIONALE The outlook change to negative reflects weaker financial performance in 2025, combined with a higher debt balance following the 2025 refinancing, which resulted in a deterioration in interest coverage metrics. The negative outlook also reflects the continuation of a dividend policy that prioritizes distributions to the parent, which, in the context of weaker credit metrics, signals a more shareholder-oriented financial profile. While the company continues to benefit from a strong asset base and structurally supportive contractual and covenant protections, credit metrics weakened more than previously anticipated. In 2025, Moody's adjusted EBITDA declined to $341.8 million, down 11.3% from the prior year, reflecting lower realized prices for diesel, liquefied petroleum gas and naphtha, alongside modest volume declines, particularly in natural gas and liquefied petroleum gas across export and domestic markets. At the same time, reported debt increased to $782 million at year-end 2025, reflecting the issuance of new long-dated notes during the year, which were used primarily for refinancing purposes but also resulted in incremental debt. Consequently, interest coverage (EBITDA / interest expense) declined to 5.4x at December 2025, from 7.0x in 2024, highlighting a reduced capacity to absorb further earnings volatility. Moody's also notes that the company's financial policy has remained shareholder oriented, as evidenced by sizable distributions to the parent company totaling approximately $198 million in 2025. While this policy has been in place for several years and distributions remain permitted under the company's covenant framework, the continuation of these payouts amid weaker operating performance reduces retained cash flow at the operating entity and limits financial flexibility. As a result, this financial policy poses increased risks to the credit profile at a time when earnings and interest coverage have deteriorated. These pressures are partially mitigated by solid liquidity, supported by $218 million of cash on balance sheet at December 2025, limited near term maturities, and a robust covenant and structural framework, including cash retention mechanisms linked to debt service coverage thresholds. In addition, the company continues to benefit from strategically important gas assets in Peru, long reserve life, and diversified demand supported by both domestic consumption and LNG exports. The negative outlook reflects that, absent a meaningful recovery in EBITDA, the company's interest coverage is unlikely to improve materially over the near term. Moody's expects EBITDA to recover only gradually, leaving interest coverage below levels historically consistent with the Ba1 rating. Continued large distributions to the parent, particularly if not matched by stronger earnings, would further constrain retained cash flow and could result in additional downward pressure on the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is considered unlikely in the near term given the negative outlook. However, the outlook could be stabilized if the company demonstrates a sustained recovery in EBITDA, leading to interest coverage of at least 6.0x on a sustained basis, improved retained cash flow, and maintenance of strong liquidity and covenant headroom. A downgrade could occur if EBITDA does not recover from current levels, keeping interest coverage below 6.0x on a sustained basis; operational disruptions or production declines materially weaken cash generation; or large distributions to the parent materially weaken liquidity or retained cash flow, increasing reliance on external funding. COMPANY PROFILE HOCP is a wholly-owned, indirect subsidiary of Hunt Oil Company, one of the largest privately-owned hydrocarbon companies in the United States. HOCP was incorporated in 1999 and began its activities in 2000. HOCP is one of the leading gas exploration and production companies in Peru. Its primary assets include a 25.2% interest in license contracts related to the largest natural gas-producing fields in Peru, the Camisea Fields, which include Block 88 and Block 56 in the Ucayali Basin of Peru. Block 88, whose license expires in 2040, is the largest source of natural gas production in Peru and also contains the largest number of proven reserves. Block 56, whose license expires in 2044, is the second largest in Peru in terms of natural gas production and proven reserves levels. HOCP also owns a 25.2% interest in the facilities related to the Camisea Fields, including the Malvinas Plant, a natural gas processing plant near the Camisea Fields, and the Pisco Plant, a liquids fractionation facility near Pisco, Peru on the Pacific coast. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. The scorecard-indicated outcome for HOCP is Ba3, two notches below the actual rating assigned driven by a reduced interest coverage and a weak RCF / debt ratio given the company's large dividend distributions. INFINITY NATURAL: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned Infinity Natural Resources, LLC and Infinity Natural Resources, Inc. (together INR) first-time Long-Term Issuer Default Ratings (IDRs) of 'B'. The Rating Outlook on the IDRs is Stable. Fitch has also assigned a 'B' rating with a Recovery Rating of 'RR4' to LLC's proposed senior unsecured notes. Proceeds will be used to repay borrowings under the company's credit facility incurred to fund the Antero Resources asset acquisition. INR's ratings reflect its balanced Appalachian asset base, which provide hydrocarbon diversification and capital optionality. The ratings also reflect INR's moderate FCF generation, a hedging program that supports organic growth, and a strong liquidity profile following the proposed notes issuance. These factors are partially offset by the company's relatively small, albeit growing, size and scale and EBITDA leverage moderately higher than peers due to the debt-funded Antero acquisition. Fitch believes the company will experience a neutral to marginally positive short-term impact from elevated oil prices stemming from the conflict in the Middle East. Credit-Neutral Notes Issuance: Fitch views INR's proposed unsecured note issuance and reserve-based lending (RBL) facility repayment favorably. It improves the company's liquidity and extends the maturity profile to 2031, providing ample runway to execute its growth initiatives. The transaction is modestly leveraging on a gross leverage basis and neutral on a net leverage basis, as INR expects to maintain about $50 million of cash on hand. Fitch expects credit facility borrowings will remain minimal under the company's projected two-rig drilling program, given management's self-funded development approach. Accretive, Leveraging Asset Acquisition: Fitch views INR's acquisition of 60% interest in Antero Resources' Ohio Utica shale assets favorably although it was a leveraging transaction. The acquisition increases the company's total net acres in the Ohio Utica by about 50% and adds about 80 million cubic feet equivalent per day (Mmcfe/d) of production (81% gas, 19% liquids) while providing high-return development inventory. The transaction was primarily debt-funded via the proposed senior unsecured notes and the preferred equity issuance, which Fitch treats as debt. This increases Fitch-calculated EBITDA leverage toward 2.0x in 2026. Balanced Asset Base Creates Optionality: INR's pro forma asset profile consists of approximately 174,000 net horizon acres split between the Ohio Utica volatile oil window and the Marcellus and Utica dry gas formations, providing balanced exposure to oil, NGLs and natural gas. INR's hydrocarbon diversification and asset proximity supports its ability to shift drilling activity to take advantage of commodity prices, a uncommon feature among peers. The Antero transaction also included around 141 miles of gathering lines (600 mmcf/d of throughput capacity), 90 miles of water lines along with compression and water storage facilities to support the asset base and lower costs. Self-Funded Development, Moderate FCF: Management intends to maintain its self-funded development program with a two-rig drilling program in 2026. Fitch projects INR will generate about breakeven FCF in 2026 and moderately positive FCF thereafter based on its assumed $57/bbl WTI price and $2.75/Mcf natural gas midcycle prices. Management could accelerate development if the current strip price environment is maintained over the medium term. Sub-2.5x Leverage Profile: Fitch-calculated EBITDA leverage is forecast at 2.0x in 2026 following the proposed notes and preferred equity issuances. Fitch expects leverage will remain below 2.5x through 2029 at its mid-cycle Henry Hub price of $2.75/mcf and $57/bbl WTI price. Management has a net leverage tolerance of 1.5x to facilitate value-added M&A activity with a targeted return to 1.0x shortly thereafter, excluding the preferred equity. Fitch expects management will continue to pursue accretive M&A and remain disciplined with its hedging program. Supportive Hedging Program: Fitch views management's commitment to hedging over 70% of proved developed producing (PDP) volumes over the next 24 months favorably, as it supports the company's growth and development objectives. INR is hedging about 75% of Fitch's projected 2026 oil volumes at $64/Bbl WTI and 35% of 2027 oil volumes at $63/bbl. The company has also hedged over 70% of Fitch's projected 2026 natural gas volumes, 50% of 2027 natural gas volumes and around 30% of 2028 natural gas volumes at average prices ranging between approximately $4.00/mcf and $3.75/mcf, as well as NGL hedges. Preferred Equity Treated as Debt: Fitch treats INR's preferred equity instrument as 100% debt-like as it does not meet Fitch's criteria for equity credit. The instrument's equity credit is limited by the holder's change-of-control repurchase right, which allows the holder to require cash repurchase. Equity credit is also limited by a 400-bp coupon step-up at year five, which Fitch believes creates an economic incentive to redeem the instrument. Dividends are cumulative and must be paid in cash after year two, limiting the issuer's ability to defer distributions. Fitch therefore adds the full $350 million to debt in its calculations, which raises EBITDA leverage and reduces FFO fixed-charge coverage. INR is a medium-sized Appalachian operator with pro forma production projected to grow to over 420 Mmcfe/d (30% liquids, 70% gas) by the end of 2026. The company remains smaller than mid-con peer BKV Corporation (B/Stable; 940 Mmcfe/d in 4Q25) Haynesville peer Aethon United BR LP (B/RWP; 867 Mmcfe/d in 3Q25), South Texas peer Caturus Energy, LLC (B-/RWP; around 850 Mmcfe/d pro forma) and Appalachia peer Gulfport Energy Corp. (B+/Stable; 1,097 Mmcfe/d in 4Q25) by production scale. INR has a higher oil and NGL mix than its peers and is most similar in scale to BKV on an EBITDA basis. The higher liquids mix also results in cash netbacks and EBITDA margins above those of its peers. Fitch projects INR will maintain leverage below 2.5x under its mid-cycle commodity assumptions, which is higher than peer levels although within 'B' rating tolerances. The company will also maintain meaningful liquidity through its $875 million RBL. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Failure to complete the proposed unsecured notes transaction and repay revolver borrowings in a timely manner; - Consistently negative FCF and/or excessive use of the RBL that reduces financial flexibility; - Deviation from stated financial policy including aggressive organic growth initiatives and/or overly debt-funded M&A activity; - Mid-cycle EBITDA leverage sustained above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Continued growth resulting in mid-cycle EBITDA approaching $750 million; - Track record of consistently positive FCF and successful asset development while maintaining inventory and reserve life; - Maintenance of conservative financial policy resulting in mid-cycle EBITDA leverage sustained below 2.0x Pro forma the proposed senior unsecured note issuance and RBL repayment, Infinity will have full availability under its recently upsized $875 million RBL facility ($875 million borrowing base) and around $50 million cash on its balance sheet. Liquidity is further supported by the company's strong, multi-year hedge book, which adds downside price protection and helps de-risk near-term development. Fitch believes the company will be able to fund its drilling program with internally generated cash flow. The RBL could be utilized for future bolt-on M&A and/or organic growth opportunities. Fitch’s Key Rating-Case Assumptions - WTI oil price of $65/bbl in 2026, $58/bbl in 2027 and $57/bbl thereafter; - Henry Hub natural gas prices of $3.50/mcf in 2026, $3.00/mcf in 2027 and $2.75 thereafter; - Successful launch of the proposed high-yield issuance with proceeds used to reduce RBL borrowings; - 2026 average production of around 400 Mmcfe/d, high single-digit growth in 2027 and flat growth thereafter; - Acquisition-related capex in 2026 with moderation thereafter given price deck assumptions; - No material M&A activity following close of the Antero Resources asset acquisition; - No shareholder returns as cash will be maintained within the business for growth opportunities. 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 (b+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b, Moderate), Profitability (b-, Higher), Financial Structure (a-, Lower), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b'. Issuer Profile INR is an Appalachian-focused oil & natural gas exploration & production (E&P) company. The company holds approximately 107,000 Ohio Utica net acres and another 67,000 net acres in the Marcellus and Utica dry gas formation in Pennsylvania. 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 Fitch uses Climate Vulnerability Signals (Climate.VS) as a screening tool to identify sectors and Fitch-rated issuers that are potentially most exposed to credit-relevant climate transition risks and, therefore, require additional consideration of these risks in rating reviews. Climate.VS range from 0 (lowest risk) to 100 (highest risk). For more information on Climate.VS, see Fitch's Corporate Rating Criteria. For more detailed, sector-specific information on how Fitch perceives climate-related transition risks, see Climate Vulnerability Signals for Non-Financial Corporate Sectors. INR's revenue-weighted Climate.VS is 52 out of 100, which is in-line with North American upstream oil and gas producers and INR's rated peers. Key transition risks arise from a potential reduction in demand driven by policies designed to reduce the use of oil and gas in the global economy and, in the shorter term, from policies designed to limit greenhouse gas emissions from oil and gas production. These risks do not currently have a material influence on the rating, given the very long-term time frame over which the transition may take place. There is also uncertainty regarding the extent and nature of the changes and how markets and companies will react to them. INR does not have long-term scope 1 and scope 2 emissions reduction targets, which is consistent with most high-yield E&P companies. However, the company has internal goals to improve water recycling and sharing. It also engages with industry experts to measure and track emissions to ensure accurate reporting. 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. For more information on Fitch's ESG Relevance Scores, click here. Date of Relevant Committee 08-Mar-2026 Entity/Debt Rating Recovery ----------- ------ -------- Infinity Natural Resources, LLC LT IDR B New Rating senior unsecured LT B New Rating RR4 Infinity Natural Resources, Inc. LT IDR B New Rating ISAGENIX INTERNATIONAL: Cion Marks $10.2M 1L Loan at 53% Off ------------------------------------------------------------ Cion Investment Corp has marked its $10,279,000 loan extended to Isagenix International, LLC to market at $4,857,000 or 47% 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 Isagenix International, LLC. The Loan accrues interest at a rate of S+ 750, 1.00 % SOFR Floor per annum. The Loan matures on April 14, 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 Isagenix International, LLC Isagenix International, LLC operates in the beverage, food and tobacco sector, indicating a business focused on consumable products and nutrition-related offerings. ISM HOLDINGS: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: ISM Holdings, LLC 224 Spencer Street Brooklyn, NY 11205 Business Description: ISM Holdings, LLC owns a portfolio of residential properties in Newark, Irvington, and Sicklerville, New Jersey, comprising single-family and multi-family homes, with a combined assessed value of approximately $6.35 million. Chapter 11 Petition Date: March 16, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-41242 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Btzalel Hirschhorn, Esq. SHIRYAK, BOWMAN, ANDERSON, GILL & KADOCHNIKOV, LLP 80-02 Kew Gardens Road Suite 600 Kew Gardens, NY 11415 Tel: 718-263-6800 Fax: 718-520-9401 Email: Bhirschhorn@sbagk.com Total Assets: $6,355,275 Total Liabilities: $3,888,200 The petition was signed by Solomon Weisz as sole member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V3MM52A/ISM_Holdings_LLC__nyebke-26-41242__0001.0.pdf?mcid=tGE4TAMA J KRUSE INVESTMENTS: Seeks to Hire JB James Law Firm as Attorney ---------------------------------------------------------------- J Kruse Investments, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire JB James Law Firm as attorneys. The firm's services include: a) advising Debtor of its rights, powers and duties as Debtor and Debtor-in-Possession, including those with respect to the operation and management of its business; b) preparing on behalf of Debtor such applications, motions, pleadings, orders, notices, schedules and other documents as may be necessary and appropriate, and reviewing the financial and other reports to be filed; c) advising Debtor concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed and served; d) counseling Debtor in connection with the formulation, negotiation and promulgation of a Chapter 11 plan and related documents; and, e) performing such other legal services for and on behalf of Debtor as may be necessary or appropriate in the administration of the case. The firm's hourly rates are: Jim James $275 Legal Assistants $125 The firm received $3,000 prior to the filing. JB James does not represent any interest adverse to the Debtor, according to court filings. The firm can be reached through: Jim James, Esq. JB James Law Firm, PC 313 S. Glenstone Avenue Springfield, MO 65810 Tel: (417) 886-5940 Fax: (417) 886-4343 Email: jimjames@jbjameslawfirm.com About J Kruse Investments LLC J Kruse Investments, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60861) on December 17, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Brian T. Fenimore presides over the case. James B. James, Esq., at JB James Law Firm, P.C. represents the Debtor as bankruptcy counsel. J.R. WATKINS: Stellus Capital Marks $10MM 1L Loan at 75% Off ------------------------------------------------------------ Stellus Capital Investment Corp. has marked its $10,082,316 loan extended to J.R. Watkins, LLC to market at $2,520,579 or 25% of the outstanding amount, according to Stellus Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Stellus Capital Investment Corp. is a participant in a First Lien loan extended to J.R. Watkins, LLC. The 1L Loan accrues interest at a rate of 4.09% per annum. The 1L Loan matures on Dec. 31, 2026. Stellus Capital Investment Corp. is a business development company that primarily provides financing solutions to middle-market companies. The Fund is led by Robert T. Ladd as Chief Executive Officer, President and Chairman of the Board of Directors and W. Todd Huskinson as Chief Financial Officer, Chief Compliance Officer and Secretary (Principal Accounting and Financial Officer). The Fund can be reached at: Robert T. Ladd Stellus Capital Investment Corp. 4400 Post Oak Parkway, Suite 2200 Houston, TX 77027 Telephone: (713) 292-5400 About J.R. Watkins, LLC J.R. Watkins, LLC operates in the non-durable consumer goods sector, producing and selling everyday household and personal care products. JACKSON HOSPITAL: Amends Unsecured Claims Pay Details ----------------------------------------------------- Jackson Hospital & Clinic, Inc., and JHC Pharmacy, LLC submitted a Second Amended Disclosure Statement describing Second Amended Joint Plan dated March 12, 2026. Since the filing of the Chapter 11 case, the Debtors have continued to manage their property as debtors-in-possession. Settlement of MTI and Bridge Debt The Plan incorporates a settlement pursuant to Bankruptcy Rule 9019 between the Debtors and the MTI Secured Parties and Bridge Debt Secured Parties, and an intercreditor settlement as to the relative distributions of Class 3 Distributable Assets among the various MTI Secured Parties and the Bridge Debt Secured Parties. The settlement also provides for the substantive consolidation as of the Effective Date of the assets and liabilities of the Medical Clinic Board into Debtor JHC. The Medical Clinic Board owns assets that are critical to the Debtors' operations, and many of those assets, including foremost the main hospital building, are real estate assets that are mortgaged to the MTI Secured Parties and the Bridge Debt Secured Parties. The DIP Lender would not fund the exit lending facility necessary to consummate the Plan if transfer of those essential Medical Clinic Board assets to the Reorganized Debtors were not a condition to the Plan consummation. Thus, the substantive consolidation of the Medical Clinic Board assets is an essential component of the Plan and necessary to its consummation. The Plan allocates the Class 3 Distributable Assets' value among the holders of Allowed Class 3 Claims, settling conflicting collateral value arguments arising from the swapping priority of liens on the collateral. By avoiding litigation over collateral value, the Plan's intercreditor settlement not only reduces the risk and cost of litigation among the creditors, but also serves to eliminate the inevitable cost to the Estates if such matters were litigated as part of the Plan confirmation process or through separate litigation commenced in the Chapter 11 Cases. On Feb. 20, 2026, the Debtors filed the Debtors' Emergency Motion for Approval of the Agreement to Ensure Continuity of Healthcare Services to Citizens of Montgomery, Alabama (the "Montgomery County Grant Motion"), seeking the approval of the agreement (the "Montgomery Grant Agreement") between the Debtors and Montgomery County, Alabama (the "County"), which provides for a total of $17,500,000.00 in funding over a three-year period by the County to the Debtors. The funding is provided by the County for the Debtors to continue their ongoing operations to ensure that the citizens of the County continue to have access to essential health care services and may not be used to repay any indebtedness incurred by JHC prior to Nov. 1, 2025. On Feb. 25, 2026, the Bankruptcy Court entered the Order Granting Debtors' Motion for Approval of the Agreement to Ensure Continuity of Healthcare Services to Citizens of Montgomery, Alabama, granting authorization for the Debtors to enter into the Montgomery Grant Agreement with the County. The Debtors subsequently entered into the Montgomery Grant Agreement with the County. Class 6 consists of all Allowed General Unsecured Claims against the Debtors. The allowed unsecured claims total $138,914,859.78. Class 6 consists of all Allowed General Unsecured Claims against the Debtors. Class 6A consists of all Allowed General Unsecured Claims against JHC, including the Prepetition Secured Creditor Deficiency Claims. The Prepetition Secured Creditor Deficiency Claims shall constitute Allowed Claims (the "Allowed Deficiency Claims") on the Effective Date and shall not be subject to the claims reconciliation process or further disallowance, reduction, disgorgement, or expungement. The Allowed Deficiency Claims shall be treated the same as any other Allowed Class 6 Claim. Class 6B consists of all Allowed General Unsecured Claims against JP. In full satisfaction of their Class 6 Claims, the respective Holders of Class 6A and Class 6B Claims shall receive 100% of the proceeds of the GUC Trust after payment of all fees, costs, and expenses of the GUC Trust, as set forth in Section 4.6.1 of the Plan. The Class 6A and 6B creditors shall be combined and receive, from the GUC Trust Assets, the following: * The first $1,000,000.00 of Distributions from the GUC Trust to Holders of Allowed General Unsecured Claims shall be made Pro Rata to each Holder of such Claims, including the Holders of Allowed Deficiency Claims. * The next $2,000,000.00 of Distributions from the GUC Trust to Holders of Allowed General Unsecured Claims shall exclude Holders of Allowed Deficiency Claims. * All subsequent Distributions from the GUC Trust to Holders of Allowed General Unsecured Claims shall be made Pro Rata to each Holder of such Claims, including the Holders of Allowed Deficiency Claims. Distributions may be made at such times as the GUC Trustee may determine, in his sole discretion. The GUC Trustee shall use the Reorganized Debtors as the Disbursing Agent for any GUC Trust distributions. Furthermore, in the event the Reorganized Debtors reach a settlement or obtain and execute a judgment in connection with their Claims against BCBS prior to the fifth anniversary of the Effective Date that generates net proceeds in excess of the amounts necessary to satisfy the Exit Facility, the Class 3 Senior Notes, and the Class 3 Junior Notes, and such amounts are actually applied in full satisfaction of all amounts due thereunder, then such excess amount up to $4,000,000.00 shall be distributed by the Reorganized Debtors to Holders of Allowed Class 6 Claims as soon as reasonably practicable following the completion of the claim reconciliation process for Class 6 Claims. On the Effective Date, the Debtors and the GUC Trustee shall sign the GUC Trust Agreement, which shall be drafted by counsel for the Creditors' Committee and shall be in form and substance reasonably acceptable to the Debtors, the Creditors' Committee, the Master Trustee, Bridge Noteholder Representative, the Bridge Loan Lender, and the DIP Lender. Before the Effective Date, JHC shall obtain the following grants or commitments from the State of Alabama, Montgomery County, and/or the City of Montgomery: (i) approximately $65,000,000.00 to fund hospital operations and infrastructure needs, and to pay down the balance of the DIP Loan to $25,000,000.00 on the Effective Date (the "Grants"), with an additional $15,000,000.00 in grant commitments during the first three years after the Effective Date; (ii) commitments to raise $20,000,000.00 to fund improvements to hospital infrastructure within the first two years after the Effective Date; and (iii) sales tax abatement for five years after the Effective Date. The Grant funds shall first be used to pay down the balance of the DIP Loan to $25,000,000.00. The Grant funds may not be used to repay, satisfy, or otherwise address any indebtedness incurred by JHC prior to November 1, 2025, nor may they be used to pay or settle claims arising from or related to such indebtedness. On the Effective Date, the Exit Lender shall extend a secured exit loan facility to the Reorganized Debtors of $75,000,000.00 (the "Exit Facility") to be used by the Debtors in an amount of up to $50,000,000.00 for infrastructure and deferred maintenance needs of the Reorganized Debtors following exhaustion of the Grants, providing that no portion of the Exit Facility shall be used to pay or satisfy any obligations that arose prior to the Effective Date, other than the Exit Funding Amount. The Exit Facility shall include assumption of up to $25,000,000.00 of DIP Loans made by the DIP Lender under the DIP Facility and all amounts advanced by JIG to the Medical Clinic Board during the Chapter 11 Cases. Pursuant to section 1128 of the Bankruptcy Code, the Bankruptcy Court has scheduled a hearing to consider confirmation of the Plan (the "Confirmation Hearing") on April 21, 2026, at 2:00 p.m., in the United States Bankruptcy Court for the Middle District of Alabama. The Bankruptcy Court has directed that objections, if any, to confirmation of the Plan be filed and served on or before April 15, 2026. A full-text copy of the Second Amended Disclosure Statement dated March 12, 2026 is available at https://urlcurt.com/u?l=cIg6nv from PacerMonitor.com at no charge. Counsel for the Debtors: Derek F. Meek, Esq. Marc P. Solomon, Esq. Catherine T. Via, Esq. James H. Haithcock III, Esq. Burr & Forman LLP 420 20th Street North, Suite 3400 Birmingham, Alabama 35203 Telephone: (205) 251-3000 E-mail: dmeek@burr.com msolomon@burr.com jhaithcock@burr.com cvia@burr.com Stuart H. Memory, Esq. MEMORY MEMORY & CAUSBY, LLP 469 S. McDonough Street (36104) Post Office Box 4054 Montgomery, Alabama 36103-4054 Telephone: (334) 834-8000 About Jackson Hospital & Clinic Jackson Hospital & Clinic, Inc., is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on Feb. 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. KABUKI LLC: Seeks to Hire Exit Strategy USA as Consultant --------------------------------------------------------- Kabuki, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Paul Daryl Schouest of Don Juan Enterprises, LLC, dba Exit Strategy USA, as consultant. Mr. Schouest will render these services: (a) make restructuring process decisions; (b) potential court-approved sales of the Debtor's assets; (c) negotiations with stakeholders and counterparties; (d) review and develop any material drafted for consumption outside the Debtor; (e) assist in developing and evaluating the Debtor's business plan, and the preparation of a revised operating plan and cash flow forecasts; (f) approval of any new expenditures or cash payments; (g) management of the financial and operational reporting processes to creditors; (h) make business and financial decisions with respect to any Debtor-in-Possession financing sought or put in place; (i) make decisions with respect to the Debtor's day-to-day operations; (j) engage in day-to-day normal business operations; (k) provide assistance with pleadings, Debtor's Schedules of Assets and Liabilities, Statements of Financial Affairs, DIP budgets and cash flow forecasts; (l) in general, assist the Debtor in the preparation of documents and disclosures required by the Court subsequent to the Chapter 11 bankruptcy filing, including, but not limited to, Monthly Operating Reports, compliance reporting, periodic budgets, and other disclosure documents required by the Court or the Debtors' stakeholders from time to time; (m) make decisions with respect to all professionals engaged by, strategies developed, and activities taken by the Debtors related to the Reorganization Efforts; (n) other services and activities as mutually agreed by the Debtor's management to the extent not be duplicative of services provided by other professionals. Mr. Schouest will charge $200 for his services. Mr. Schouest assured the court that he neither holds nor represents an interest adverse to the Debtor estates or has any connection to the Debtor, its creditors or other parties in interest in these chapter 11 cases. The firm can be reached through: Paul Daryl Schouest Don Juan Enterprises, LLC dba Exit Strategy USA P.O Box 390 Leonville, LA 70551 Phone: (337) 418-9290 Email: daryl@exitstrategyusa.com About Kabuki, LLC Kabuki, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. La. Case No. 26-10173) on March 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 Michael A. Crawford oversees the case. H. Kent Aguillard and Caleb K. Aguillard are Debtor's legal counsel. KC GLOBAL NETWORK: Case Summary & Eight Unsecured Creditors ----------------------------------------------------------- Debtor: KC Global Network, Inc. 20501 Ventura Blvd Suite 106 Woodland Hills CA 91364 Business Description: Based in Woodland Hills, California, KC Global Network, Inc. is a privately held importer and supplier of conventional and organic cane sugar that operates within the wholesale commodity trading and food distribution sectors. The company sources sugar from domestic and international suppliers and distributes bulk products to business customers across the United States, managing import-export logistics and supply chain coordination. Chapter 11 Petition Date: March 11, 2026 Court: United States Bankruptcy Court Case No.: 26-10506 Debtor's Counsel: Sheila Esmaili, Esq. LAW OFFICES OF SHEILA ESMAILI 10940 Wilshire Blvd. Suite 1600 Los Angeles, CA 90024 Tel: 310-734-8209 E-mail: selaw@bankruptcyhelpla.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Havri Babakhan Vartanian as CEO. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ESSGRCI/KC_Global_Network_Inc__cacbke-26-10506__0001.0.pdf?mcid=tGE4TAMA KING CHAVEZ ACADEMIES: S&P Affirms 'BB+' Rating on Refunding Bonds ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' rating on the California Municipal Finance Authority's series 2016A charter school refunding and improvement bonds, issued on behalf of King Chavez Academies (KCA). The outlook is stable. S&P said, "We analyzed KCA's environmental, social, and governance factors, and consider them neutral in our credit rating analysis overall. However, data from S&P Global Sustainable1 indicates that entities in San Diego County face comparatively elevated exposure to coastal flooding and sea-level rise and these exposures may increase under several climate change scenarios. Additionally, we believe there is elevated physical risk in California given the state's exposure to wildfire and seismic activity risks, although we believe the state's building codes somewhat mitigate these risks. "The stable outlook reflects our expectation that KCA will maintain sound liquidity, restore coverage to levels sufficient for the rating, and progress toward enrollment stabilization or improvement. We do not expect KCA to issue any additional debt. "We could take a negative rating action if the school continues to generate negative operating margins, translating to below 1.0x MADS coverage, or if any additional debt is issued that would materially affect operations and coverage. A substantial drop in liquidity would also be viewed negatively. "We could raise the rating if enrollment were to stabilize or increase following successful consolidation of the schools and financial performance improves and is sustained at levels consistent with a higher rating." KLEIN HERSH: Cion Investment Virtually Writes Off $4.3MM Loan ------------------------------------------------------------- Cion Investment Corp. has marked its $4,368,000 loan extended to Klein Hersh, LLC to market at $153,000 or 4% 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 Klein Hersh, LLC. The Loan is on non-accrual status. The Loan matures on April 27, 2032. 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 Klein Hersh, LLC Klein Hersh, LLC operates in the business services arena, likely focusing on specialized professional or advisory services to corporate clients. LARCHMONT CHARTER SCHOOL: S&P Assigns 'BB+' LT Rating on Rev Bonds ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' long-term rating to the California School Finance Authority's (CSFA) $19.7 million series 2026 bonds, issued for Larchmont Charter School (Larchmont). S&P also assigned a 'BB+' long-term rating to the CSFA's series 2018A bonds outstanding, issued for Larchmont. The outlook is stable. S&P said, "We view the network's environmental, social, and governance factors as neutral in our analysis. Although environmental risks in California are typically elevated given the state's exposure to seismic risk and extreme weather conditions such as drought and wildfires, the borrower's location in primarily urban areas somewhat mitigate these. In addition, we believe California's robust building codes for educational buildings substantially mitigate any elevated seismic risk." The stable outlook reflects S&P Global Ratings' opinion that Larchmont will successfully relocate its grades 4-6 to the campus to be purchased, continue to strengthen its enterprise profile by adding about 50 more students by fall 2026, and generate sufficient revenue to cover lease-adjusted MADS while maintaining a good liquidity position. S&P said, "We could consider a negative rating action if the school fails to meet enrollment, operating, or coverage projections. In addition, we could do so if it spends more cash down than anticipated. "We could consider a positive rating action should Larchmont execute its relocation plan successfully while improving lease-adjusted MADS coverage and liquidity to levels consistent with a higher rating." LASEN INC: $4.7M Unsecured Claims to Get Profit Share over 3 Years ------------------------------------------------------------------ Lasen, Inc. and SkySkopes, Inc., filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement for First Amended Joint Plan of Reorganization dated March 11, 2026. Lasen Inc. was founded to deliver industry-leading methane leak detection services to the oil and gas sector using airborne LiDAR technology. It was formed in 1989 and started Leak Detection services in 2005. Lasen manufactures and develops its proprietary LiDAR in Las Cruces, NM. SkySkopes Holdings, Inc. purchased Lasen, Inc. in April 2023. SkySkopes, Inc was founded originally in 2014 as Snowy Owl Productions, LLC before converting to a DE C-corp in 2017. The company began as a drone service provider, primarily for energy related applications. Lasen will reorganize and will continue Lasen's business operations as a provider of methane leak detection services to the oil and gas industries using proprietary airborne LiDAR technology. Reorganized Lasen will be recapitalized by a New Value Contribution from the Plan Sponsor that will be funded by a partial waiver and contribution of the Lasen DIP Loan in the amount of $350,000.00, plus any interest accrued on the Lasen DIP Loan to and through the Effective Date consistent with the terms and conditions set forth in the Plan. In exchange for his New Value Contribution, the Plan Sponsor will receive 100% of the new equity interests in Reorganized Lasen on the Effective Date. Except as otherwise provided in the Plan, all operating assets of Lasen will vest free and clear in Reorganized Lasen as of the Effective Date, and all Lasen Administrative Expense Claims will be satisfied in full, and all other prepetition claims will be paid in accordance with the terms of the Plan. SkySkopes will cease ongoing operations and will be liquidated pursuant to the terms of the Liquidation Trust Agreement. The Liquidation Trust Assets will be transferred and deposited into the Liquidation Trust on the Effective Date. The Liquidation Trust will be initially funded by the Farstad Trust Contribution. Additional funding will be provided from the other Liquidation Trust Assets and any recoveries therefrom. The Liquidation Trust Assets will vest in the Liquidation Trust free and clear of all liens, claims, and encumbrances on the Effective Date, except that the ONB Collateral shall remain subject to the pre and post petition liens held by ONB on the Effective Date. The Liquidation Trust will assume all of SkySkopes' liabilities to SkySkopes' creditors holding Allowed Claims and Allowed Administrative Expense Claims as of the Effective Date. The Liquidation Trust will perform post-Effective Date administrative functions traditionally fulfilled by a reorganized debtor, including claims review, objections, and reconciliations, and other matters pertaining to the implementation of the Plan, and will prosecute and liquidate those Causes of Action and claims preserved for the benefit of SkySkopes' creditors under the Plan. Class 3 is comprised of any Allowed Unsecured Claims not otherwise treated under this Plan. Lasen estimates that Allowed Class 3 Claims against Lasen will total approximately $4,700,000.00. Allowed Claims in Class 3 will be paid their pro-rata share of the GUC Profit Share over three years. Specifically, each holder of an Allowed Claim Class 3 will receive a pro-rata share of the GUC Profit Share with other holders of Allowed Claims in Class 3 as calculated and distributed on a semiannual basis beginning on the 6-month anniversary after the Effective Date and continuing thereafter until earlier of such time that: (A) Allowed Claims in Class 3 have been paid in full, or (B) Reorganized Lasen has issued a total of six semiannual distributions. Should the result of the GUC Profit Share calculation be negative or zero in any given semiannual period, then no distribution will be paid (and count as 1 of the distribution periods) and the negative balance will roll over to the next 6-month period for a cumulative amount for the 12-month period until the net amount is positive and distribution can be paid. The Class 3 Claims are impaired. All existing Shareholder Interests in Lasen shall be cancelled, released, and extinguished on the Effective Date, and Reorganized Lasen shall not have any continuing obligations with respect to such Shareholder Interests. Anyone holding a Shareholder Interest in Lasen shall receive, in full satisfaction, settlement, release, extinguishment and discharge, distributions from the remaining amounts of any amounts otherwise allocated for the payment and distribution to the holders of Allowed Claims against Lasen after all such Allowed Claims are otherwise satisfied by the terms of the Plan, if any. Class 3 is comprised of Allowed Unsecured Claims not otherwise treated under this Plan. SkySkopes estimates that Allowed Class 3 Claims against the SkySkopes Bankruptcy Estate will total approximately $8,800,000. Claims will be paid by the Liquidation Trust on a pro rata basis after all Allowed Administrative Claims, all Class 1 and 2 Allowed Claims, and all costs and expenses of the Liquidating Trust are paid in full and all Liquidating Trust Assets have been fully liquidated. The Class 3 Claims are impaired. All existing Shareholder Interests in SkySkopes shall be cancelled, released, and extinguished on the Effective Date, and the Liquidation Trust shall not have any continuing obligations with respect to such Shareholder Interests. Anyone holding a Shareholder Interest in SkySkopes shall receive, in full satisfaction, settlement, release, extinguishment and discharge, distributions from the remaining amounts of any amounts otherwise allocated for the payment and distribution to the holders of Allowed Claims against the SkySkopes Bankruptcy Estate after all such Allowed Claims are otherwise satisfied by the terms of the Plan, if any. On the Effective Date and subject to the conditions set forth in Article VIII of the Plan, Plan Sponsor shall be deemed to have satisfied his New Value Contribution by waiver of the Lasen DIP Loan in the amount equal to $350,000 principal, plus all interest accrued upon such principal. Any other Amounts due on the Lasen DIP Loan shall remain due and payable as an Allowed Administrative Claim against Lasen and be paid in full on the Effective Date or at such other time and on such other terms as the Plan Sponsor and Reorganized Lasen may agree. On or before the Effective Date, SkySkopes shall form the Liquidation Trust and, in consultation with the Creditor's Committee, appoint the Liquidating Trustee. The beneficiaries of the Liquidation Trust shall be solely comprised of holders of Allowed Unsecured Claims. On the Effective Date, the Liquidation Trust Assets shall vest in the Liquidation Trust including, without limitation, the ONB Collateral, the SkySkopes Receivable, the Collection Causes of Action, the SkySkopes Executive Causes of Action, and other Causes of Action, held by SkySkopes on the Effective Date. A full-text copy of the Disclosure Statement dated March 11, 2026 is available at https://urlcurt.com/u?l=mQhq7x from PacerMonitor.com at no charge. Counsel to the Debtors: Randy Nussbaum, Esq. The Cavanagh Law Firm, PA 1850 North Central Avenue, Suite 1900 Phoenix, AZ 85004 Telephone: (602) 322-4000 Facsimile: (602) 322-4100 Email: rnussbaum@cavanaghlaw.com About Lasen Inc. Lasen Inc. develops and operates airborne LiDAR systems for leak detection and pipeline inspections across North America. Its proprietary Airborne LiDAR Pipeline Inspection System (ALPIS) identifies methane leaks with high accuracy and efficiency, supporting right-of-way and transmission line monitoring. Founded in 1989, LaSen has inspected over 500,000 miles of pipeline and specializes in remote sensing technologies adapted from U.S. defense applications. Lasen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05316) on June 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Bankruptcy Judge Brenda K. Martin handles the case. The Debtor is represented by Randy Nussbaum, Esq., at The Cavanagh Law Firm, P.A. LATOUR HOMES: Hires Jason Ward Law LLC as Bankruptcy Counsel ------------------------------------------------------------ Latour Homes, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire Jason Ward Law, LLC as bankruptcy counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice and representation in connection with bankruptcy matters; (b) prepare or amend schedules on behalf of the Debtor and Debtor-in-Possession; (c) represent the Debtor in contested matters; (d) prepare a plan of reorganization and disclosure statement; and (e) perform other matters which may arise during the administration of this case. Jason Ward Law, LLC shall receive an hourly rate of $400 for Jason Ward, and an hourly rate of $150 is for paralegals and support staff. The firm accepted a pre-petition retainer of $16,738 and will later apply to the Court for compensation from the retainer and from income or proceeds of the Chapter 11 estate. Jason Ward Law, LLC 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: Jason M. Ward, Esq. Jason Ward Law, LLC 414-D Pettigru St. Greenville, SC 29601 Telephone: (864) 239-0007 E-mail: Jason@wardlawsc.com About Latour Homes LLC Latour Homes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No. 26-00837) on February 26, 2026, with $500,001 to $1 million in assets and liabilities. Judge Helen E. Burris presides over the case. Jason Michael Ward, Esq., at Jason Ward Law, LLC represents the Debtor as bankruptcy counsel. LDM LLC: Claims to be Paid from Continued Operations ---------------------------------------------------- LDM, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Plan of Reorganization dated March 11, 2026. The is a Michigan limited liability corporation with its offices at 8101 Lyndon Ave., Detroit, Michigan. Prior to the Petition Date, the Debtor operated as a metal stamping manufacturer, providing engineering, tooling design/build and prototype development, including flat and five axis lasers, as well as multiple high-speed presses, to maximize productivity and market competitiveness. The business is commonly known by its d/b/a "United Metal Products". The bankruptcy was filed to preserve the going-concern value of LDM; to allow LDM to continue performing manufacturing services and generating revenue; to end substantial litigation expense being incurred in state court proceedings with a former sales representative the Debtor believes substantially damaged its business; and to manage payment of the unliquidated claim, if any, of the former sales representative without the interference of the sales representative in the business operations of the Debtor. This Plan of Reorganization proposes to pay the Debtor's creditors from revenue generated by LDM. The Plan establishes two groups and four classes of claims. Class III shall consist of the allowed unsecured claims of the Debtor. Any Class III General Unsecured Claim that was identified as disputed, unliquidated or contingent in the Debtor's Schedules shall be deemed disallowed unless such Creditor holding a claim identified as disputed, unliquidated or contingent has timely filed a Proof of Claim. The Class III Claims shall be paid in 60 monthly payments in the amounts, and totaling the sum of $1,154,831.00, which is an amount that is greater than the liquidation value of LDM's assets ($967,542.00). Creditors will receive their pro rata share of these payments, based on the allowed amounts of the general unsecured claims. The Class III Creditors are impaired. Class IV shall consist of the claim of LDM's equity holders, Leonard MacEachern and Michael Mattei. The Class IV interests shall be deemed cancelled as of the Effective Date of this Plan. The Class IV interests will receive no distribution under this Plan. The Debtor will not make any payments and will not incur any debts unless the debts and the payments comply with the terms and conditions of this Plan. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. All plan payments may be prepaid without penalty. The Plan proposes MacEachern and Mattei continue to operate LDM, with the Plan being funded by revenue generated from the operation of LDM. The Officers of the Debtor, immediately prior to the Effective Date, shall serve as the initial Officers of the Reorganized Debtor on and after the Effective Date. Each Officer shall serve in accordance with applicable non-bankruptcy law and the Debtor's certificate or articles of incorporation and bylaws, as each of the same may be amended from time to time. A full-text copy of the Plan of Reorganization dated March 11, 2026 is available at https://urlcurt.com/u?l=4Fi1mH from PacerMonitor.com at no charge. Counsel to the Debtor: Mark H. Shapiro, Esq. Steinberg Shapiro & Clark 25925 Telegraph Road, Suite 203 Southfield, MI 48033 Telephone: (248) 352-4700 Email: shapiro@steinbergshapiro.com About LDM LLC LDM, LLC, doing business as United Metal Products, manufactures metal stampings and fabricated components from its facility at 8101 Lyndon Avenue in Detroit, Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-52563) on December 11, 2025. In the petition signed by Leonard MacEachern, CEO, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Maria L. Oxholm oversees the case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark, represents the Debtor as legal counsel. LIFE CENTER: Seeks to Hire Murphy Appraisal Services as Appraiser ----------------------------------------------------------------- Life Center Full Gospel Baptist Cathedral Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Thomas M. Hancock, MAI and Murphy Appraisal Services, LLC as appraiser. The firm will assist it in valuing the Debtor's real property for purposes of plan confirmation and a liquidation analysis. The firm has agreed to a flat fee of $4,200. Mr. Hancock assured the court that Murphy Appraisal Services, LLC is a "disinterested person" within the meaning of Bankruptcy Code section 101(14). The firm can be reached through: Thomas M. Hancock, MAI Murphy Appraisal Services, LLC 400 Poydras St., Suite 1160, New Orleans, LA 70130 Phone: (504) 274-1028 Email: tomh@murphyappraisal.com About Life Center Full Gospel Baptist Cathedral Inc. Life Center Full Gospel Baptist Cathedral Inc. operates as a religious organization providing worship services and community programs within the Baptist denomination. Life Center Full Gospel Baptist Cathedral Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12353) on October 20, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Michael Landis, Esq. of HELLER, DRAPER & HORN, LLC. LIGHTNING POWER: S&P Raises ICR to 'BB' on Acquisition by NRG Corp ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Lightning Power LLC to 'BB' to equalize it to that of NRG Corp. S&P said, "We also raised our issue-level rating on Lightning's senior secured debt to 'BBB-' and raised the recovery rating to '1' (90%) from '2' (80%). "At the same time, we removed all the ratings on Lightning from CreditWatch, where we placed them with positive implications on May 12, 2025." The outlook is stable, consistent with NRG. NRG Corp. completed the acquisition of Lightning Power LLC in January 2026. The total transaction includes cash and common stock and assumption of Lightning's existing $3.2 billion of debt, and is valued at nearly $12 billion. The transaction doubles NRG's generation capacity to approximately 25 gigawatts (GW) and improves diversification across U.S. electricity markets. S&P said, "We consider Lightning to be a core subsidiary of NRG under our group rating methodology. This is because of the strategic importance of Lightning due to its relative scale, the improved diversification it introduces to NRG's generation fleet, and the improved match of NRG generation, including the LS Power assets, to NRG's customer demand. "While there is no guarantee of Lightning's debt by NRG or vice versa and there are no cross-default provisions between the entities, we expect NRG will likely opportunistically refinancing Lightning's debt over time at the NRG level. "As a core subsidiary of NRG, we assign the same rating to Lightning as we have on NRG." The stable outlook on Lightning mirrors that on parent NRG. As a core subsidiary, any rating action on NRG would be reflected in our rating on Lightning. LMD HOLDINGS: Claims to be Paid from Asset Sale Proceeds -------------------------------------------------------- LMD Holdings, LLC and Luca Mariano Distillery, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Combined Plan of Liquidation and Disclosure Statement dated March 12, 2026. The Debtors are Michigan limited liability companies and operate on a 529-acre estate of historical significance in Danville, Kentucky. The whiskey campus features a traditional 17,500-barrel American whiskey distillery and an 11,000-barrel rickhouse currently housing approximately 6,600 barrels of premium whiskey. The Distillery can produce approximately 72,000 bushels of corn and wheat annually, which can yield approximately 6,500 barrels of estate whiskey annually offering seamless vertical integration. Holdings owns the real estate upon which the Distillery operates. Prior to the Petition Date, Keystone commenced litigation in Boyle County, Kentucky (Case No. 25-CI-00181) asserting that its asserted liens against Holdings' real property are prior and superior to all liens and security interests asserted by other secured creditors of the Debtors, including SummitBridge Farm Credit MidAmerica, and Farm Credit Leasing. The parties were litigating issues, including lien priority, when Holdings filed its petition for relief on the Holdings Petition Date, thereby staying the litigation. The Debtors have also incurred significant liabilities to other unsecured creditors. The Bankruptcy Case was filed in an effort to preserve value for all constituents of the Estates. The Debtors estimate that total liabilities exceed $32 million. During the pendency of the Case, the Debtors filed the Motion for Entry of (A) Order (I) Establishing Bidding Procedures, (II) Scheduling an Auction and a Sale Hearing in Connection with the Sale of Substantially All of Debtors' Assets, (III) Setting Certain Dates and Deadlines in Connection Therewith, (IV) Approving the Form of the Asset Purchase Agreement, Including the Stalking Horse Bid Protections, and (V) Granting Related Relief; (B) Order (I) Approving the Sale of the Debtors' Assets Free and Clear of Liens, Claims, and Encumbrances; and (II) Approving the Assumption and Assignment of Executory Contracts and Unexpired Leases; and (C) Certain Related Relief (the "Sale Motion"). On January 14, 2026, the Court entered the Order (I) Establishing Bidding Procedures, (II) Scheduling an Auction and a Sale Hearing in Connection with the Sale of Substantially All of Debtors' Assets, (III) Setting Certain Dates and Deadlines in Connection Therewith, (IV) Approving the Form of the Asset Purchase Agreement, including the Stalking Horse Bid Protections, and (V) Granting Related Relief (the "Bidding Procedures Order"). Distillery estimates that its Non-Priority Unsecured Creditors are owed $1,307,328.37 in the aggregate, and that its filed Non Priority Unsecured Claims total $2,807,290.00. These amounts may increase in the event that executory contracts are rejected and/or the Court overrules certain objections to Claims that have been or will be made. This amount does not include any deficiency claims of secured creditors, if any. Holdings estimates that its Non-Priority Unsecured Creditors are owed $7,506,575.19 in the aggregate, and that its filed Non Priority Unsecured Claims total $390,726.00. These amounts may increase in the event that executory contracts are rejected and/or the Court overrules certain objections to Claims that have been or will be made. This amount does not include any deficiency claims of secured creditors, if any. Class V shall receive payments and consists of all Allowed Unsecured Claims of Distillery. Neither pre-confirmation interest nor postconfirmation interest shall be Allowed or paid with respect to any Allowed Unsecured Claims of Distillery. Each Holder of an Allowed Unsecured Claim of Distillery shall receive a Pro Rata share of the net proceeds of the Assets allocable to the Distillery after the payment of all Allowed Secured Claims, all Allowed Professional Fee Claims, all Allowed Administrative Claims, all Allowed Priority Tax Claims, and the payment of all fees and expenses of the Plan Administrator and any professionals the Plan Administrator employs to fulfill the Plan Administrator's duties set forth in this Plan. The Plan Administrator shall make distributions to Holders of Allowed Unsecured Claims of Distillery as frequently and expeditiously as is reasonably practicable. This Class is Impaired. Class VI shall receive payments and consists of all Allowed Unsecured Claims of Holdings. Neither pre-confirmation interest nor postconfirmation interest shall be Allowed or paid with respect to any Allowed Unsecured Claims of Holdings. Each Holder of an Allowed Unsecured Claim of Holdings shall receive a Pro Rata share of the net proceeds of the Assets allocable to Holdings after the payment of all Allowed Secured Claims, all Allowed Professional Fee Claims, all Allowed Administrative Claims, all Allowed Priority Tax Claims, and the payment of all fees and expenses of the Plan Administrator and any professionals the Plan Administrator employs to fulfill the Plan Administrator's duties set forth in this Plan. The Plan Administrator shall make distributions to Holders of Allowed Unsecured Claims of Holdings as frequently and expeditiously as is reasonably practicable. This Class is Impaired. Class VII consists of Holders of Interests in the Debtors. Francesco Viola is the sole Holder of Interests in each of the Debtors. All Holders of the equity security Interests in the Debtors shall not receive any distributions or retain any property under the Plan on account of those Interests. One day after the Effective Date, all Interests (and all certificates, documents, and other instruments evidencing or memorializing the Interests) shall be deemed canceled and of no further force or effect. Upon the occurrence of the Effective Date, the Plan shall be implemented and administered by the Plan Administrator. The Debtors, in consultation with SummitBridge, shall select the Plan Administrator, notice of whose selection and identity shall be filed with the Court no later than seven calendar days before the Confirmation Hearing. Upon the Effective Date, the Assets (including, without limitation, all Causes of Action) shall vest in the Plan Administrator pursuant to Section 4.5 of the Plan and, to the extent not yet liquidated, shall be liquidated and reduced to Cash by the Plan Administrator for distribution among Holders of Allowed Claims in accordance with the Plan. The Plan will be funded by the Exit Facility and the proceeds of the Assets. A full-text copy of the Combined Plan and Disclosure Statement dated March 12, 2026 is available at https://urlcurt.com/u?l=bKHCIz from PacerMonitor.com at no charge. Counsel for Luca Mariano Distillery, LLC: STEVENSON & BULLOCK, P.L.C. Charles D. Bullock, Esq. Elliot G. Crowder, Esq. Ernest M. Hassan, III, Esq. 26100 American Drive, Suite 500 Southfield, MI 48034 Phone: (248) 354-7906 Facsimile: (248) 354-7907 Email: cbullock@sbplclaw.com Email: ecrowder@sbplclaw.com Email: ehassan@sbplclaw.com Counsel for LMD Holdings, LLC: Robert N. Bassel, Esq. P.O. Box T Clinton Township, MI 49236 Phone: (248) 677-1234 Email: bbassel@gmail.com About LMD Holdings LLC LMD Holdings LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. LMD Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17, 2025. In its petition, the Debtor reported between $1 million to $10 million in assets and liabilities. Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Robert Bassel, Esq., at Robert N. Bassel. LUCKY LIKE THAT: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: Lucky Like That Inc. 5408 Edmond Rd NE Piedmont OK 73078 Business Description: Lucky Like That Inc., doing business as Rose Creek Farm & Equestrian Centre, provides equine boarding, lessons, training, and riding services in Piedmont, Oklahoma. The company focuses on care and surroundings for horses and their owners. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Western District of Oklahoma Case No.: 26-10824 Debtor's Counsel: Robert Newark, Esq. A NEWARK FIRM 1019 Waterwood Pkwy Ste C Edmond OK 73034 Tel: 866-230-7236 E-mail: robert@newarkfirm.com Total Assets: $2,337,860 Total Liabilities: $1,460,397 The petition was signed by Shannon Ronney as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7SP6WTQ/LUCKY_LIKE_THAT_INC__okwbke-26-10824__0001.0.pdf?mcid=tGE4TAMA LURIN REAL LXV: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Lurin Real Estate Holdings LXV, LLC d/b/a Fitzroy Grove 2101 Cedar Springs, Suite 1050 Dallas, TX 75201 Business Description: Lurin Real Estate Holdings LXV, LLC, doing business as Fitzroy Grove, is a Dallas-based single-asset real estate company that owns Fitzroy Grove, an apartment community in Rogers, Arkansas. The property has 250 units and is located at 2950 S. Fitzroy Place. The company is affiliated with the LURIN platform, which acquires and redevelops multifamily housing through a vertically integrated operating model. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-90424 Judge: Hon. Alfredo R Perez Debtor's Counsel: Joshua W. Wolfshohl, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 E-mail: jwolfshohl@porterhedges.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million Mark Shapiro signed the petition in his capacity as chief restructuring officer. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RJN6IJY/Lurin_Real_Estate_Holdings_LXV__txsbke-26-90424__0001.0.pdf?mcid=tGE4TAMA MAGNITE INC: S&P Upgrades ICR to 'BB' on Debt Reduction ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating to 'BB' from 'BB-' on Magnite Inc. S&P said, "We also raised our issue-level rating on its first-lien credit facility to 'BB+' from 'BB'. The recovery rating on this debt remains '2'. "The stable outlook reflects our expectations that Magnite will maintain S&P Global Ratings-adjusted leverage below 3.0x over the next 12 months as revenue and EBITDA growth benefits from higher general advertising spend and continued CTV advertising strength. Magnite Inc.'s S&P Global Ratings-adjusted gross leverage declined to 2.6x in 2025 from 3.2x in 2024, due to strong EBITDA growth from increased Connected Television (CTV) advertising spend. S&P expects leverage to decline below 2.0x in 2026 as the company repaid its $205 million convertible notes due March 15, 2026. Magnite's strong operating performance will sustain improved credit metrics. The company ended 2025 with revenue growth of about 7% primarily due to stronger CTV and mobile advertising, in line with our previous forecast. S&P Global Ratings-adjusted EBITDA grew about 23% over the past year, reflecting good flow through from revenue growth along with lower technology and development costs. EBITDA growth outpaced our prior expectations given materially lower operating expenses and capitalized software development costs as a percentage of revenue. The strong operating performance has materially reduced S&P Global Ratings-adjusted gross leverage to 2.6x as of Dec. 31, 2025, from 3.2x on Dec. 31, 2024. In addition, Magnite recently repaid its convertible notes due March 2026 using cash on hand. S&P said, "We expect the continued expansion of CTV advertising will drive further revenue and EBITDA growth. We forecast revenue growth in the 8%-10% area in 2026 with modest EBITDA margin expansion to the 33%-34% area from 33.2% in 2025, benefiting from operating leverage. We expect the company to further reduce gross leverage to 1.6x in 2026 and 1.5x in 2027 due to stronger earnings and lower debt balances following the convertible note repayment. "Magnite's board recently authorized a $200 million share repurchase program and we expect the company to use free cash flows to repurchase about $100 million in shares annually over the next two years. We do not net cash in our calculation of Magnite's leverage due to our weak business risk assessment, so share repurchases using cash do not affect our S&P Global Ratings-adjusted leverage. We expect Magnite will maintain leverage within its 1x net leverage target. "Magnite remains well-positioned to benefit from the fast-growing CTV advertising space. We expect CTV viewership will continue expanding due to the ongoing shift toward digital media consumption and rapidly expanding digital ad inventory, e-commerce, and enhanced targeting capabilities at the expense of linear TV. While the volume of advertising spending on linear TV is still larger than for CTV, the growing CTV audience supports our expectations of digital advertising to grow at a high-single-digit percent rate in 2026, as advertisers continue to shift toward digital platforms. "Advertising inventories in the company's DV+ segment (online video, display, and audio segments) runs across desktop and mobile channels and tends to be more commoditized, which could pressure pricing. However, we expect Magnite's established relationships with key major publishers in these segments will partially offset some risk. In addition, the CTV segment has been steadily increasing as a percentage of the company's consolidated contribution excluding traffic acquisition costs (TAC) and we expect this trend to continue. Nonetheless, as the digital advertising industry evolves, the efficacy of programmatic advertising could decline if privacy controls materially restrict advertisers' access to user data. A significant portion of Magnite's client base utilizes first-party data which could mitigate industry changes. While we don't forecast any immediate material effects to the industry, sustained limitations on obtaining effective user data could temper the appeal of programmatic advertising and reduce Magnite's pricing and volume across the board. "We believe the impact of AI on ad exchanges will likely be a net positive. AI utilization will improve efficiency on both the demand and supply side of ad exchanges. Lower supply inventory due to declining website traffic will only partially offset the improved efficiency and ad targeting. The auction process can be better managed with AI-driven algorithmic bidding, saving precious milliseconds from when a user views content and a winning ad is placed, lowering costs for the exchanges. These efficiency improvements could add to pricing pressure, though we believe the net earnings effect would still be positive." AI can also help reduce wasted impressions by improving contextual targeting or with ad placement that does not require user data, which has become more important given heightened data privacy concerns. Higher quality impressions will become even more salient as website traffic decreases. Lower supply will limit the total number of ads placed. Suppliers will look to secure a higher price per impression, and advertisers will only be willing to pay up if they see a return. Exchanges that successfully use AI to improve ad matching stand to benefit greatly and are likely to win market share. The stable outlook reflects S&P's expectations that Magnite will maintain S&P Global Ratings-adjusted leverage below 3.0x over the next 12 months as revenue and EBITDA growth benefits from general advertising spend increases and continued CTV advertising strength. S&P could lower its rating if it expects Magnite's S&P Global Ratings-adjusted leverage to increase above 3.0x on a sustained basis. This could occur if: -- The company pursues an aggressive financial policy of debt-funded shareholder distributions or acquisitions that reflects a higher leverage tolerance. -- Intensifying competitive environment results in significant pricing pressure and/or technology expenses, driving down EBITDA margins. S&P could raise its ratings on Magnite over the next 12 months if it: -- Strengthens its business scale and diversification such that S&P views it as more comparable with those of its higher-rated peers; -- Revenue growth remains in the mid- to high-single digit percent area, demonstrating a strong market position, while EBITDA margins remain over 30% on a sustained basis; and -- It demonstrates a relatively conservative financial policy with leverage sustained below 3x. MARE ISLAND: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Mare Island Dry Dock, LLC. The committee members are: 1. E&H Fluid Power DBA Max Performance Hydraulics Representative: Matthew Hanchett 4220 22nd Ave West Seattle, WA 98199 Phone: (206) 352-6869 matt@mphyd.com 2. MD Marine Electric Ltd. Representative: Dawn Hinthorn 672 E. 11th St. Tacoma, WA 98421 Phone: (253) 383-9983 dawn.hinthorn@mdmarineelectric.com 3. Oceanwide Repair Representative: Kyle Wilkinson 1697 Seabright Ave. Long Beach, CA 90813 Attorney: Kevin T. Cauley Schwartz Semerdjian Cauley Schena & Bush LLP Phone: (619) 699-8331 kevin@sscelaw.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Mare Island Dry Dock LLC Mare Island Dry Dock, LLC operates as a maritime services company providing ship repair, maintenance, and dry dock services. It supports commercial and industrial marine vessels through repair, refurbishment, and related waterfront operations. Mare Island Dry Dock sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20777) on February 14, 2026. In its petition, the Debtor disclosed up to $50 million in both assets and liabilities. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. Julie H. Rome-Banks, Esq., at Binder Malter Harris & Rome-Banks, LLP serves as the Debtor's legal counsel. MARLEY SPOON: Runway Growth Marks $434,000 1L Loan at 22% Off ------------------------------------------------------------- Runway Growth Finance Corp. has marked its $434,000 loan extended to Marley Spoon SE (Revolver) to market at $339,000 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 (Revolver). The Loan accrues interest at a rate of SOFR + 8.75% PIK, 9.51% floor per annum. The Loan matures on March 31, 2026. 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 is a corporate borrower supported by a senior secured revolving credit facility with a SOFR-linked, payment-in-kind coupon and a relatively high floor. MARLEY SPOON: Runway Growth Marks $6.8M Loan at 22% Off ------------------------------------------------------- Runway Growth Finance Corp. has marked its $6,805,000 loan extended to Marley Spoon SE to market at $5,310,000 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 loan accrues interest at a rate of SOFR + 8.75% PIK, 9.51% floor per annum. The loan matures on March 31, 2026. 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. MATTHEWS 350: Seeks to Hire Kroger Gardis & Regas LLP as Counsel ---------------------------------------------------------------- Matthews 350 E LaSalle LLC and Commerce Center Development, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Indiana to hire Kroger, Gardis & Regas, L.L.P. as their counsel. The firm will provide these services: a. prepare filings and applications and conducting examinations necessary to the administration of these matters; b. advise regarding Debtor's rights, duties, and obligations as debtors-in-possession; c. perform legal services associated with and necessary to the day-today operations of the business; d. represent and assist Debtor in complying with the duties and obligations imposed by the Bankruptcy Code, the orders of this Court, and applicable law; e. represent Debtor at hearings and other proceedings before this Court; f. make negotiation, preparation, confirmation, and consummation of a plan of reorganization; and g. take any and all other necessary action incident to the proper preservation and administration of the state in the conduct of Debtor's business. The firm will be paid at these rates: Weston E. Overturf, Partner $495 Anthony T. Carreri, Associate $395 Ryan M. Murphy, Associate $325 Deidre Gastenveld, Paralegal $215 Laura Stella, Legal Assistant $125 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Weston E. Overturf, Esq., a partner at Kroger Gardis & Regas, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Weston E. Overturf, Esq. Kroger Gardis & Regas, LLP 111 Monument Circle, Suite 900 Indianapolis, IN 46204 Tel: (317) 777-7434 Email: woverturf@kgrlaw.com About Matthews 350 E LaSalle LLC Matthews 350 E LaSalle LLC, doing business as 300 E LaSalle and 300 East LaSalle, is a real estate company based in South Bend, Indiana. Matthews 350 E LaSalle LLC and Commerce Center Development, LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Lead Case No. 26-30288) on March 10, 2026. At the time of filing, Matthews 350 E LaSalle estimated up to $50,000 in assets and $10 million to $50 million in liabilities. Weston E. Overturf, Esq. at KROGER, GARDIS & REGAS, LLP serves as the Debtor's counsel. MCHUGH JUNK: Gets Interim OK to Use Cash Collateral --------------------------------------------------- McHugh Junk Removal, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Central Division, to use cash collateral to fund operations. The Debtor is ordered to file, on or before April 16, a reconciled budget showing actual to projected income and expenses for the period ending March 31, 2026, as well as beginning and ending bank balances monthly, and a projected budget for April, May and June. The next hearing is scheduled for April 16. The order is available at http://urlcurt.com/u?l=WxS0SDfrom PacerMonitor.com. McHugh provides residential trash removal to over 1,000 customers and project-based refuse services in Central Massachusetts. It filed for Chapter 11 on November 24 and continues to operate as a debtor-in-possession. Key secured creditors include Clinton Savings Bank, holding a first lien on vehicles, equipment, and accounts receivable valued at approximately $250,000; and M&T Equipment Financing, which holds a first lien on a 2022 Freightliner valued at $100,000. Other potential creditors, including merchant cash advance providers, may hold unsecured claims. Clinton Savings Bank is represented by: Mark S. Foss, Esq. Fletcher Tilton PC 100 Front Street, 5th Floor Boston, MA 02110 Worcester, MA 01608 Phone: 508.459.8018 mfoss@fletchertilton.com About McHugh Junk Removal Inc. McHugh Junk Removal, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-41270) on November 24, 2025. In the petition signed by William F. McHugh, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Elizabeth D. Katz oversees the case. Louis S. Robin, Esq., at Law Offices of Louis S. Robin, represents the Debtor as legal counsel. MERCHANTWISE SOLUTIONS: Commonwealth Marks $2.4MM Loan at 16% Off ----------------------------------------------------------------- Commonwealth Credit Partners BDC I, Inc. has marked its $2,424,000 loan extended to MerchantWise Solutions, LLC to market at $2,033,000 or 84% 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 delayed draw term loan extended to MerchantWise Solutions, LLC. The Loan accrues interest at a rate of SOFR + 3.00 % (0.75 % floor) + 4.50 % PIK, 11.17 % per annum. The Loan matures on June 1, 2028. 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 MerchantWise Solutions, LLC MerchantWise Solutions, LLC is a corporate borrower accessing delayed draw term loan financing, likely supporting growth, liquidity, or refinancing needs. METROPOLITAN OPERA: Moody's Cuts Debt Rating to Caa1, Outlook Neg. ------------------------------------------------------------------ Moody's Ratings has downgraded the Metropolitan Opera Association's (NY) debt rating to Caa1 from B3. As of July 30, 2025 total debt outstanding was $178 million. The outlook is negative. The downgrade to Caa1 from B3 is driven by the Metropolitan Opera's pronounced structural deficit, which has necessitated substantial endowment withdrawals and reliance on non-recurring revenues to balance its operations. The organization's liquidity position is minimal, leaving it vulnerable to operational volatility and includes full reliance on a bank line that has remained drawn for several years. Furthermore, three years of extraordinary endowment draws have eroded total cash and investments and will impede credit quality in future years. RATINGS RATIONALE The Metropolitan Opera Association's Caa1 rating reflects a persistent and material structural imbalance, acute liquidity constraints, and substantial exposure to expiring bank agreements. Between fiscal 2023 and fiscal 2025, extraordinary endowment draws totaling $120 million have reduced the endowment below its historic perpetual core value, materially weakening the organization's long-term financial flexibility and diminishing the endowment's role as a source of operating income. Absent a material cash infusion-such as through the major licensing agreement or the receipt of a sizeable bequest that are currently anticipated -the Met is likely to confront a substantial budgetary shortfall in fiscal 2026, potentially requiring further unsustainable endowment draws. Additionally, the Met remains exposed to near-term risks associated with expiring bank agreements, which heighten refinancing and liquidity risks. Although the Met's renowned global brand and exceptionally strong donor base, together with the potential for extraordinary revenues and planned cost reductions, could support credit improvement, these positive factors are outweighed by its elevated liquidity and credit risks. RATING OUTLOOK The negative outlook reflects the risk that potential one-time sources of cash may be delayed or fail to materialize, leading to further significant endowment draws in fiscal 2026 and limited options for immediate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Material gains in unrestricted liquidity, with substantially reduced reliance on the operating line -- Growth of total wealth, including rebuilding spendable cash and investments through a significant increase in fundraising and repayment of amounts drawn from the endowment -- Consistent strengthening in operating performance with improved debt service coverage from recurring operations FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Failure to implement budgetary measures that sufficiently increase revenues or decrease expenses to restore financial sustainability -- Any indications that the line of credit due February 2027 will not be extended, or inability to access alternative sources of liquidity -- Additional extraordinary draws on the endowment or further depletion of financial reserves -- Any reduction in donor support, which is critical for ongoing operations and wealth -- An inability to narrow the structural imbalance in fiscal 2026 and fiscal 2027 PROFILE The Metropolitan Opera is one of the largest cultural organizations in the US with fiscal 2025 operating revenue at around $281 million. Founded in 1883 and relocated to its current home in 1966 as part of Lincoln Center, the Met's opera house, with 3,786 seats, is owned by Lincoln Center for the Performing Arts (LCPA). A long-term Constituency Agreement defines the Met's relationship with LCPA, including its use of the hall. With the likely exercise of its remaining optional renewal period, the agreement is expected to run through 2066. METHODOLOGY The principal methodology used in this rating was Nonprofit Organizations (Other Than Healthcare and Higher Education) published in August 2024. MGM RESORTS: Fitch Affirms 'BB-' IDR, Outlook Stable ---------------------------------------------------- Fitch Ratings has affirmed MGM Resorts International (MGM) and its subsidiaries' (collectively MGM) Issuer Default Ratings (IDRs) at 'BB-'. The subsidiary includes MGM China Holdings Limited. Fitch has also affirmed MGM's senior secured debt at 'BB+' with a Recovery Rating of 'RR1' and unsecured debt at 'BB-'/'RR4'. The rating reflects MGM's mid-5x EBITDAR leverage, conservative financial policy, and robust liquidity position. It also considers the company's scale, strong competitive position and diversification. These positive factors are offset by the company's active development plan, earnings volatility from high-end play in both Las Vegas and Macau, increasing cost pressure, and asset light strategy, which could affect financial flexibility. The Rating Outlook is Stable. Fitch's expects leverage will remain stable, and liquidity is sufficient to fund growth opportunities. Potential higher fuel prices could have a short-term impact on gaming markets and affect the Outlook if prices remain higher over an extended period. Key Rating Drivers Strong Scale and Diversification: MGM is one of the largest and most diversified gaming operators in the U.S. The company maintains a leading market position in most of the markets where it operates. The company is a dominant operator on the Las Vegas Strip and continues to increase its market share in Macau, two of the largest gaming markets in the world. The company has a rapidly growing digital business and a strong presence in regional U.S. gaming markets. MGM's diversification is also driven by its strong non-gaming revenues in Las Vegas, ability to reach customer segments from the high-end to value-oriented customers, and its offering of digital gaming platforms. Conservative Financial Policy: MGM maintains a financial policy of net EBITDAR leverage below 4.5x. Gross EBITDAR leverage (adjusted leverage equals debt plus 8x lease expense) is high for a 'BB-' rating, but MGM's EBITDA rating (gross debt to EBITDAR minus lease expense) is in line with 'BBB' rating levels. MGM also has a policy of maintaining $3 billion of liquidity through a combination of availability under its revolver and cash (excluding $500 million of cage cash). The stated liquidity policy helps offset MGM's fixed charge coverage ratio of 1.7x as of 2025, which is at the low-'B' range for that sub-factor. Asset-Light Structure: MGM has monetized all its meaningful wholly owned assets. The move to asset-light allowed the company to materially reduce debt but reduces its flexibility to mortgage securities during distressed situations if funds are needed. MGM's run-rate triple-net leases (including non-cash lease expense) are expected to annualize to roughly $2.3 billion in 2026. MGM China Increases Share: MGM China has performed well in the Macau market despite uncertainty with the China economy and a more promotional environment. EBITDA increased 11% in 2025 and the company has strengthened its competitive position. Fitch anticipates future growth to be steadier but still provides steady cash flow to the parent in the form of branding fees and distributions. Headwinds in Las Vegas: Las Vegas visitation and room revenues declined in 2025, which appears to be initially carrying into 2026. Reduction in international travel, timing of major sporting events and convention exhibits, and perception of higher costs in the market has been attributable to the market softness. MGM's luxury-oriented properties have performed better than its value-oriented properties, as higher-end customers continue to spend on leisure consumer products and services. Fitch believes the Las Vegas market could be volatile given current economic conditions. Favorable Asset Mix: MGM has good geographic diversification, which includes its Las Vegas Strip properties, diverse regional gaming portfolio, and Macau assets. MGM's portfolio has many high-quality assets on the Strip, and its regional assets are typically market leaders. The regional portfolio's diversification partially offsets the more cyclical nature of Las Vegas Strip properties. MGM's two properties in Macau provide global diversification benefits and exposure to a market with favorable long-term growth trends. Strong PSL Linkage: Fitch views MGM on a consolidated basis and the IDRs are equalized because the linkage between the parent, MGM Resorts International, and subsidiaries is strong. MGM Resorts International is the primary debt-issuing entity in the U.S. and is considered a stronger parent relative to the Macau subsidiaries, given it benefits from ownership in the operations of all U.S. domestic casinos and its 56% equity interest in MGM China. Fitch applies the strong parent/weak subsidiary approach under its Parent and Subsidiary Linkage Rating Criteria. The linkage is strong because of perceived high strategic and operational incentives, as the subsidiaries share brands and customers across the system. Peer Analysis MGM is a large, diversified operator of casinos on the Las Vegas Strip, in regional U.S. gaming markets, and in Macau. The company has sold and leased-backed all of its U.S. casino operations and has primarily used the cash to repay debt and expand operations. The company operates high quality assets and is the largest operator of assets on the Las Vegas Strip. Regional gaming operations and Macau operations are somewhat protected from new competition due to limited licenses. MGM has a conservative financial policy and operates with relatively strong liquidity. Wynn Resorts, Limited (BB-/Stable) is smaller in scale but has strong relative market share in Las Vegas and Macau. Wynn also has high-quality assets and operates in attractive regulatory regimes. Wynn maintains strong liquidity, although its debt will temporarily increase during periods of large development projects. Las Vegas Sands Corp. (BBB/Stable) is the largest operator of casino resorts in Macau. The company also has a presence as being only one of the two operators of casino resorts in Singapore. Leverage is relatively low given the scale of the company's operations. The company has a strong commitment to a conservative financial policy and maintains very strong liquidity. Fitch’s Key Rating-Case Assumptions - Total revenues are expected to be flat in 2026. Slight declines in Las Vegas and regional markets will be offset by growth in Macau and Digital gaming. Expect improvements in Las Vegas and regional markets to lead to low single digit growth over the forecast horizon. - EBITDAR margins are forecasted to range in the 25.5%-26.5% area. - Total rent of $2.3 billion in 2026 (including non-cash rent), which is straight-line across the forecast horizon. - Capex is $1.0 billion-$1.1 billion per year with no major growth capex assumed. Fitch incorporates $200 million of capex in Macau annually, in line with the required new concession. - Assume no dividend policy for the domestic entity. - Assume $750 million-$1 billion share repurchases over the forecast horizon, which is governed by the company's financial commitment to its liquidity coverage. Fitch's Key Assumptions - Stress Case - Total revenues are forecasted to decline by 6% in 2026 owing to continued weakness in Las Vegas and reduction in regional demand from economic uncertainty. MGM China is also expected to decline by mid-single digits due to economic uncertainty in China. Revenues return to flat to low-single digit growth over the forecast horizon. - EBITDAR margins are forecasted in the 24.5% area owing to the lower revenue projections. - Total rent of $2.3 billion in 2026 (including non-cash rent), which is straight-line across the forecast horizon. - Capex is $1.0 billion-$1.1 billion per year with no major growth capex assumed. Fitch incorporates $200 million of capex in Macau annually, in line with the required new concession. - Assume no dividend policy for the domestic entity. - Assume $750 million-$1 billion share repurchases over the forecast horizon, which is governed by the company's financial commitment to its liquidity coverage. 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-, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. - No adjustments made to SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR Leverage sustaining above 6.0x, either through a more prolonged disruption to global gaming demand or adoption of a more aggressive financial policy. - A reduction in overall liquidity (low cash and revolver availability, heightened covenant risk or increased FCF burn) due to weaker economic conditions or a more aggressive financial policy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased scale and diversification while meeting stated credit metric sensitivities. - EBITDAR Leverage sustaining below 5.0x. - EBITDAR Fixed Charge Coverage approaching 2.0x. Liquidity and Debt Structure As of Dec. 31, 2025, MGM had cash on hand of $2.06 billion, including $565 million of cash on hand at MGM China. The company has an additional $210 million investment in marketable debt securities. MGM has a stated financial policy of maintaining $3 billion of liquidity through a combination of availability under its revolver and cash (excluding $500 million of cage cash). The U.S. domestic revolver was undrawn with availability of $2.3 billion and there was $488 million outstanding on the MGM China revolving credit facility. The next domestic maturity consists of $400 million in senior unsecured notes due 2026 at the parent level and $750 million at MGM China. Fitch anticipates these notes and future bond maturities will be refinanced. The company repurchased approximately $1.2 billion in stock in 2025 and $1.4 billion in 2024. Fitch expects further share repurchases that will be opportunistic; however, this could be bound by the company's commitment to the Japan project and ability to be within its stated financial policy. Issuer Profile MGM operates nine Las Vegas casinos and seven in U.S. regional markets. MGM has a 56% stake in MGM China, which operates two casinos in Macau SAR. MGM has a 50% ownership in BetMGM, a large U.S. digital gaming operator. 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 ----------- ------ -------- ----- MGM China Holdings Limited LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- MGM Resorts International LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ MOBIVITY HOLDINGS: Signs Master Services Agreement With PayPal -------------------------------------------------------------- Mobivity Holdings Corp. disclosed in a regulatory filing that it entered into a Master Services Agreement with PayPal, Inc. Under the MSA, Mobivity will provide offer planning and placement services in connection with marketing promotions and advertisements to PayPal, as further described in one or more statements of work and/or insertion orders that may be entered into from time to time and that reference the MSA. The MSA has an initial one-year term beginning on the effective date and will automatically renew for successive one-year terms unless terminated as provided therein. Either party may terminate the MSA by providing written notice at least 30 days prior to the end of the then-current term. Except as set forth in an IO or SOW, PayPal may not terminate an IO or SOW during a promotional flight; Mobivity may cancel an IO or SOW in limited circumstances, including for non-payment by Client when applicable or if a third-party partner does not agree to execute a program. Compensation under the MSA is not a guaranteed or agreed upon rate and is determined by the applicable IOs or SOWs. The compensation is generally based on specified performance metrics, with monthly settlement following the end of each month pursuant to the tracking of such metrics. The MSA provides customary representations and warranties, mutual confidentiality obligations, and mutual indemnification provisions. The MSA includes typical limitations of each party's liability for damages. The MSA is governed by the laws of the State of Delaware. The Company will assign the MSA to Mistplay Inc. in connection with the closing of the transactions contemplated by the Asset Purchase Agreement, dated January 16, 2026, by and between the Company and Mistplay Inc. A redacted text copy of the MSA is available at https://tinyurl.com/ywter5mz About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency, resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $3,019,511 in total assets, $27,132,181 in total liabilities, and $24,112,670 in total stockholders' deficit. MONTANA VILLAGE: Amends Plan to Include Plumb Crazy Secured Claim ----------------------------------------------------------------- Montana Village Developers, LLC, submitted a Disclosure Statement to accompany Amended Plan of Reorganization dated March 11, 2026. The Debtor is townhome development located in Denver, Colorado (the "Project"). The project is complete with nineteen townhomes. In January of 2022, the Debtor applied for energy to the townhomes from Xcel Energy. Xcel did not provide power until February of 2025, resulting in an inability to sell the townhomes and caused the project to go into foreclosure. While the Debtor's assets have the market values listed, the liquidation values are substantially lower. As detailed in the liquidation analysis of this Disclosure Statement, due to the Claims held by secured creditors and the estimated costs of sale for selling such assets, the Debtor's assets have an estimated liquidation value of $0.00 if sold in a Chapter 7 liquidation/fire sale. The market value of the real property, the nineteen townhomes, comes from an appraisal completed in February of 2025. It values the nineteen townhomes as follows: (1) $700,00; (2) $685,000; (3) $685,000; (4) $685,000; (5) $685,000; (6) $685,000; (7) $685,000; (8) $685,000; (9) $685,000; (10) $700,000; (11) $685,000; (12) $660,000; (13) $660,000; (14) $660,000; (15) $660,000; (16) $660,000; (17) $660,000; (18) $660,000; (19) $675,000. The Debtor has a number of unsecured pre-petition creditors. Several of the unsecured creditors may filed Proofs of Claim on or before the bar date set in this case for filing claims which was December 8, 2025. Unsecured Claims against the Debtor in the total amount of $422,765.58 have been asserted against the Debtor's estate. On the Effective Date of the Plan, the Debtor will open a separate interest bearing deposit account at a federally insured commercial bank selected by the Debtor. This account will be maintained by the Debtor as the Unsecured Creditor Account into which all payments made by the Debtor for the benefit of holders of unsecured creditors will be made until the term of the Plan is completed. In order to fund the Plan, the Debtor is taking a three prong approach. The Debtor will be refinancing a portion of its debt which is anticipated to payoff a substantial portion of the first lien holder. The Debtor will commence selling the townhomes. While the financing and the sales are proceeding the Debtor will deposit into the Unsecured Creditor Account $1,000 on a monthly basis for distribution to Administrative Claimant and then Class 10 general unsecured creditors for the five-year term of this Plan or until the assets of the Debtor, the nineteen townhomes, are sold. The Debtor believes the real estate market will have corrected sufficiently to be able to begin to market and sell the nineteen townhomes in January of 2027 and that it will be able to sell all or at a minimum a sufficient number of the townhomes to pay all the Secured Claims in full within 36 months. Accordingly, the Debtor will take all steps it determines in its judgment necessary to generate Sale Proceeds/Net Sale Proceeds. The Debtor will use the balance of the Net Sale Proceeds to pay Administrative Claims and general unsecured Claims. Class 9 consists of the Allowed Secured Claim of Plumb Crazy, LLC. The Class 9 Claim shall be Allowed in the principal amount of $7,406.98, or such other amount as agreed to by the parties or adjudicated by the Court. The Class 9 Claim shall not accrue interest. The Class 9 Claim shall be paid from Sale Proceeds and/or Net Refinance Proceeds on the townhome(s) on which it has a lien in the order of its priority and to the extent Sale Proceeds and/or Net Refinance Proceeds exist to pay the Claim. The balance of the Claim shall be treated as a Class 10 general unsecured Claim pursuant to Section 506 of the Bankruptcy Code. The Class 9 claimant is enjoined from taking any action to collect upon its Claim unless there is a default under this Section 6.4 of the Plan or in accordance with paragraph 9.12 of the Plan. Class 10 consists of the Allowed Claims held by unsecured creditors. Holders of Class 10 Allowed Claims shall share on a Pro Rata basis money deposited by the Debtor into the Unsecured Creditor Account to be distributed in accordance with paragraph 9.2 of the Plan after the satisfaction of Allowed Administrative Claims for the five-year term of the Plan. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued collection of rent and the sale of any townhomes and the refinancing of secured debt. The Debtor is currently leasing fourteen townhomes. Each townhome leases for between $2,400 and $2,800. Currently the Debtor is receiving $35,000 in rent on account of the fourteen townhomes. Increased rentals will increase the Debtor's income. The rental income allows the Debtor to pay its obligations under the Plan. From the rental income, the Debtor can make the monthly deposit into the Unsecured Creditor Account and pay the payment to Indicate Capital REIT, LLC and then unsecured creditors. A full-text copy of the Disclosure Statement dated March 11, 2026 is available at https://urlcurt.com/u?l=E2ql2J from PacerMonitor.com at no charge. Counsel to the Debtor: Aaron J. Conrardy, Esq. Hallie S. Cooper, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Email: aconrardy@wgwc-law.com hcooper@wgwc-law.com About Montana Village Developers LLC Based in Denver, Colorado, Montana Village Developers, LLC, is a real estate development company focused on a single property, qualifying it as a single-asset real estate entity under 11 U.S.C. Section 101(51B). It is managed by Nathan Adams through its sole equity holder, redtCapital Partners, LLC. Montana Village Developers filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-16406) on Oct. 1, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Nathan Adams in his capacity as manager of redtCapital Partners, LLC, the Debtor's managing member. Judge Joseph G Rosania Jr. oversees the case. Wadsworth Garber Warner Conrardy, P.C., serves as the Debtor's legal counsel. MORE OPPORTUNITY: Hires Ameriwest Accounting as Accountant ---------------------------------------------------------- More Opportunity Regarding Education, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Ameriwest Accounting, LLC to provide bookkeeping and accounting services. The firm will assist the Debtor in the preparation of monthly financial reports, monthly operating reports, the pro forma and other bookkeeping/accounting matters. The firm's hourly rates range from $75 for administrative staff, and $250 per hour for managers and reviewers. The firm requires a retainer of $1,500 prior to beginning any service. Ameriwest Accounting, LLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The accountant can be reached through: Michael Haller Ameriwest Accounting, LLC 1001 East Warner Road, Suite 102 Tempe, Arizona 85284 Tel: (480) 396-9940 About More Opportunity Regarding Education, Inc. More Opportunity Regarding Education, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01245) on February 11, 2026, with $50,001 to $100,000 in assets and $50,001 to $100,000 in liabilities. Judge Daniel P. Collins presides over the case. Allan Newdelman, Esq., at Allan D Newdelman, PC represents the Debtor as legal counsel. MOSAIC MENTAL: Unsecureds Will Get 15.40% of Claims over 3 Years ---------------------------------------------------------------- Mosaic Mental Health, PLLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated March 11, 2026. The Debtor was formed in April 2021. Debtor operates a Multi-state outpatient psychiatric practice. The Debtor is currently owned 100% by Elizabeth Macshadiya. The Debtor elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. Debtor turned to merchant cash advance lenders for working capital but, as is typical with these loan products, Debtor was unable to keep up with the repayments. The Debtor's operating account was frozen by Mercury Funding, requiring Ch.11 relief. Debtor's collections of receivables has been the primary challenge. Debtor has contracts and accrued receivables, but is working to collect on those receivables. The Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into seven classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next three years. Creditors shall receive quarterly disbursements based on the projection distributions of each 12-month period with the first monthly payment due 30 days after the Effective Date. Debtor will distribute $33,400.92 to the general allowed unsecured creditor pool over the three-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 15.40% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 5 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $217,303.93. Class 6 consists of Equity Interest Holders (Current Owners). The sole owner, Elizabeth Machshadiya, will receive no payments under the Plan; however, she will be allowed to retain ownership in the Debtor. Class 6 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated March 11, 2026 is available at https://urlcurt.com/u?l=Wq1JCr from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Mosaic Mental Health PLLC Mosaic Mental Health, PLLC operates a multi-state outpatient psychiatric and counseling practice. Mosaic Mental Health sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-37534) on Dec. 11, 2025, with up to $100,000 in assets and up to $500,000 in liabilities. Elizabeth Macshadiya, company owner, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Robert C Lane, at The Lane Law Firm, is the Debtor's legal counsel. MOUNTAIN RIDGE: Hires K&L Gates LLP as Bankruptcy Co-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 K&L Gates LLP as bankruptcy co-counsel. The firm's services include: (a) advising Debtors with respect to their rights, powers, and duties as debtor-in- possession in the continued management and operation of their business and assets, as well as management of the Properties; (b) advising Debtors with respect to the conduct of these Chapter 11 Cases, including all legal and administrative requirements imposed by the Bankruptcy Code and Bankruptcy Rules; (c) taking all necessary actions to protect and preserve Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against any Debtor, the negotiation of disputes in which any Debtor is involved, and the preparation of objections to claims filed against any Debtor's estate; (d) preparing on behalf of the Debtors all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of Debtors' estates; (e) taking all necessary actions in connection with any chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of Debtors' estates; (f) appearing before the Court and any other courts to represent the interests of Debtors' estates; (g) attending meetings and representing the Debtors in negotiations with representatives of creditors and other parties-in-interest; (h) negotiating and preparing documents and pleadings relating to the disposition of assets as requested by the Debtors, including in connection with the marketing and sale of the Debtors' interests in the Properties together with the interests of all Association Members in the Properties; (i) advising the Debtors on transactions and matters relating to any sale of each Debtor's respective assets, including the Association Interests together with the interests of all Association Members in the Properties; and (j) performing such other legal services for the Debtors as may be necessary and appropriate in the administration of these Chapter 11 Cases, including: (a) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (b) analyzing the validity of liens against any Debtor's assets; and (c) advising the Debtors on corporate matters and governance issues. The firm's current hourly rates are: Daniel M. Eliades, Partner $865 Brandy A. Sargent, Partner $730 Jonathan N. Edel, Partner $760 Ryan W. DeSimone, Associate $540 Joy M. VanDerWeert, Paralegal $380 Kyra Swinney-Darby, Paralegal $380 K&L Gates received retainer payments from each of the Debtors on Sep. 18, 2025, and Feb. 2, 2026, in the amounts of $37,500 and $30,000, respectively. K&L Gates is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Brandy A. Sargent, Esq. K&L GATES LLP One SW Columbia Street, Suite 1900 Portland, OR 97204 Telephone: (503) 228-3200 Email: brandy.sargent@klgates.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: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Multi-Color Corporation and its affiliates. The committee members are: 1. UMB Bank, N.A., as Successor Indenture Trustee 120 South Sixth Street Suite 1400 Minneapolis, MN 55402 Attn: Jordana Renert jordana.renert@umb.com 2. Shenkman Capital Management, Inc. 151 West 42nd Street, 29th Floor New York, NY 10036 Attn: Adam Kurzer Adam.Kurzer@shenkmancapital.com 3. James Castillo 2192 Sacramento St., Apt 6 Vallejo, CA 94590 Attn: James Castillo Westwood_ra2@yahoo.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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. MVP GROUP: Plan Exclusivity Period Extended to March 27 ------------------------------------------------------- Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida extended MVP Group, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 27 and May 26, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that this case is approximately 6 months old; however, the company had no access to much of its inventory during the first month of the case. Moreover, the Debtor has been engaged in discussions with a plan sponsor and its senior secured lender, and the Debtor believes it is making progress. The Debtor has also drafted a plan of reorganization subject, however, to final modifications. Accordingly, more time is necessary to finalize and file a plan of reorganization, and to seek and obtain confirmation. The Debtor states that the early stages of this case have been marked with progress. The Debtor negotiated a new warehouse agreement and transitioned inventory from the old to the new warehouse. The Debtor has also been engaged in discussions with a plan sponsor and its senior secured lender, which should facilitate the filing of a plan. Finally, the Debtor has had regular communications with and has provided financial reporting to the senior secured lender. The Debtor asserts that it is not seeking to use exclusivity to pressure creditors into accepting a plan they find unacceptable or as a delay tactic. Rather, the Debtor legitimately requires additional time to finalize and file a plan of reorganization, as well as to seek and obtain confirmation. The Debtor further asserts that approximately six months have elapsed in this case, and while the company has made progress, additional time is needed to finalize and file a plan of reorganization, as well as to seek and obtain confirmation. This Motion represents the Debtor's second request to extend the Exclusivity Period and Solicitation Period. Pursuant to the Debtor's initial request, the Exclusive Period and Solicitation Period were extended for a period of only sixty days. MVP Group LLC is represented by: Michael D. Seese, Esq. Seese, P.A. 101 N.E. 3rd Avenue, Suite 1500 Ft. Lauderdale, FL 33301 Tel: (954) 745-5897 Email: mseese@seeselaw.com About MVP Group LLC MVP Group LLC is a Fort Lauderdale-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20199) on Aug. 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Michael D. Seese, Esq. at SEESE, P.A. NARU LLC: Unsecured Creditors to Split $20.8K over 4 Years ---------------------------------------------------------- Naru LLC, d/b/a Pier 215 Restaurant, filed with the U.S. Bankruptcy Court for the District of Nevada a Subchapter V Plan of Reorganization dated March 11, 2026. The Debtor is a sushi, sashimi, and Japanese fusion restaurant located at 7060 S. Durango Dr., Suite 101, Las Vegas, Nevada 89113. The Debtor is owned by Krissy S. Jung, and her husband, Ted Jung, is the lead chef. The Debtor is filing for bankruptcy principally to restructure a $300,000 PLP loan arranged by Newtek Bank, N.A. through the U.S. Small Business Administration (the "SBA"), about $137,000 in various merchant cash advances ("MCAs"), about $143,000 in Federal and State priority tax debts, and about $145,000 in unsecured debts including principally credit card debts, all incurred in the operation of the business. The Debtor's financial projections show that it will have projected disposable income of $204,107 over the next four years, which is calculated prior to any payments to creditors under this Plan. The final Plan payment is expected to be paid by May 2029 (assuming the Plan is confirmed and goes effective in May 2026). This Plan of Reorganization under chapter 11 of the Code proposes to pay creditors of the Debtor from cash flow from future operations as needed. Non-priority unsecured creditors holding Allowed claims will receive distributions, which the Debtor has valued at about $0.03 on the dollar, based on $20,787 in total distributions to Class 8, divided by an estimated $658,010 of estimated claims in this Class. This projected distribution percentage could change depending on the final Allowed amount of Claims in this Class, which may change as a result of the motions to value and claim objections, and the Court's rulings on those matters. This Plan also provides for the payment in full of Allowed administrative and priority claims. Class 8 consists of Non-Priority General Unsecured Claims. Each holder of an Allowed general unsecured, non-priority claim in Class 8 shall receive its pro rata share of the aggregate sum of $20,787, or such greater amount as the Court may require at the confirmation hearing on the Plan and as consistent with Sections 1190 and 1191 of the Code, which shall be paid at the rate of $5,197 per year, by the 15th day of Months 12, 24, 36 and 48 following the Effective Date. Class 8 is impaired and is entitled to vote on the Plan. Class 9 consists of Equity security holders of the Debtor. Except to the extent that the Holder of Class 9 Equity Interests agrees to less favorable treatment, it shall retain its Equity Interests, subject to the terms and conditions of this Plan. Class 9 is unimpaired and thus is deemed to accept the Plan, and is not entitled to vote on it. This Plan will be funded through cash on hand as of the Plan's Effective Date, and cash flow generated from the future operations of the Debtor's business. A full-text copy of the Plan of Reorganization dated March 11, 2026 is available at https://urlcurt.com/u?l=ZoWji3 from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com About Naru LLC Naru LLC, doing business as Pier 215, is a Nevada-based limited liability company. Naru LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10815) on Feb. 9, 2026. In the petition signed by Krissy Jung, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Mike K. Nakagawa oversees the case. Matthew C. Zirzow, at Laron & Zirzow, LLC, is the Debtor's legal counsel. NAVAJO SMILES: Hires Allen Jones & Giles as Bankruptcy Counsel -------------------------------------------------------------- Navajo Smiles, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Allen, Jones & Giles, PLC as counsel. The firm's services include: a. providing the Debtor with legal advice with respect to its reorganization; b. representing the Debtor in connection with negotiations involving secured and unsecured creditors; c. representing the Debtor at hearings set by the Court in Debtor's bankruptcy case; and d. preparing necessary applications, motions, answers, orders, reports or other legal papers necessary to assist in the Debtor's reorganization. The firm's current rates are: Thomas H. Allen, Member $550 per hour David B. Nelson, Associate $425 per hour Ryan M. Deutsch, Associate $350 per hour Zachary Phillips, Associate $325 per hour Legal Assistants and Law Clerks $205 to $235 per hour The Debtor paid AJG a retainer of $32,500. From the retainer, $12,894.50 was applied to pre-petition fees and costs, including the Chapter 11 filing fee. According to court filings, Allen, Jones & Giles, PLC is disinterested and does not hold or represent any interest adverse to the Debtor or the estate. The firm can be reached through: Thomas H. Allen, Esq. David B. Nelson, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Ave., Suite 1025 Phoenix, AZ 85004 Ofc: (602) 256-6000 Fax: (602) 252-4712 Email: tallen@bkfirmaz.com dnelson@bkfirmaz.com About Navajo Smiles LLC Navajo Smiles, LLC operates a dental clinic in Peoria, Arizona. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-02081) on March 6, 2026. In the petition signed by Chad Lyons, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Brenda K. Martin oversees the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the Debtor as legal counsel. NEW FORTRESS: S&P Lowers ICR to 'D' After Restructuring Agreement ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'D' from 'SD' (selective default). S&P said, "At the same time, we lowered our issue-level rating on the company's senior secured notes due 2026 and 2029 (legacy notes) to 'D' from 'CC'. The '5' recovery rating is unchanged, indicating our expectation for modest (10%-30%; rounded estimate: 25%) recovery in the event of a default. "Our 'D' issue-level rating and '3' recovery rating on the company's senior secured term loan B due 2028 and our 'D' issue-level rating and '5' recovery rating on its senior secured notes due 2029 (exchanged notes) are unchanged. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery and the '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 20%) recovery in the event of a default." On March 17, 2026, NFE announced it had entered into a restructuring support agreement with its creditors as part of a corporate reorganization under a U.K. Restructuring Plan. Through the U.K. restructuring process, the creditors will exchange the company's debt for a combination of debt and common and preferred equity. The downgrade reflects S&P's view that the restructuring is tantamount to a default. The company will restructure its operations and capital structure under the terms of the restructuring support agreement with its creditors. Under the agreement, the different creditor groups will exchange their debt instruments for a combination of debt, preferred equity, and common shares in the new publicly traded NFE. The transaction will reduce the company's corporate debt to about $528 million, from $5.7 billion, and involve the issuance of $2.5 billion of preferred equity and 65% of the common equity in the new public entity. The agreement also stipulates NFE will separate into two independent entities: a privately held Brazilian company comprising all its operations and assets, including its terminals and power plants; and a new publicly traded company comprising all the remaining assets. S&P believes it could take the company 90 days or more to complete the U.K. restructuring process, potentially until in the third quarter of 2026. It is unlikely S&P will reevaluate its ratings on NFE prior to its completion of this process. NEWBURGH EOM: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Newburgh EOM LLC S. Lakeside Road Newburgh, NY 12550 Business Description: Newburgh EOM LLC is a single-asset real estate company that owns one income- producing property. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-35294 Judge: Hon. Kyu Young Paek Debtor's Counsel: Craig Saunders, Esq. MUNZER & SAUNDERS, LLP 2 Park Ave, 20th Fl New York, NY 10016 Tel: 212-221-3078 E-mail: craig@munzersaunders.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chana Vashovsky as managing member. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q4XA4LI/Newburgh_EOM_LLC__nysbke-26-35294__0001.0.pdf?mcid=tGE4TAMA NEWSCYCLE SOLUTIONS: Cion Marks $14.1MM 1L Loan at 48% Off ---------------------------------------------------------- Cion Investment Corp has marked its $14,161,000 loan extended to NewsCycle Solutions, Inc. to market at $7,381,000 or 52% 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 NewsCycle Solutions, Inc. The LOAN is on non-accrual status. The LOAN matures on Sept. 30, 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 NewsCycle Solutions, Inc. NewsCycle Solutions, Inc. operates in the media, advertising, printing and publishing sector, providing technology and services to support content production and distribution. NORTH STAR: Hires Barclay Damon LLP as Bankruptcy Counsel --------------------------------------------------------- North Star Health Alliance, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Barclay Damon LLP as its counsel. The firm will render these services: (a) analyze the Debtor's financial situation, and render advice regarding its obligations and responsibilities after filing a petition in bankruptcy; (b) prepare and file any petition, schedules, statements of financial affairs, and plan which may be necessary or appropriate; (c) represent the Debtor at any and all meetings; (d) give the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (e) advise the Debtor on the conduct of this Chapter 11 case; (f) confer and negotiate with the United States Trustee, representatives of the Debtor's creditors, landlords, and other parties in interest on various issues as they arise; (g) prepare, on behalf of the Debtor, pleadings in connection with this Chapter 11 case; (h) advise the Debtor in connection with sales or other disposition of its assets; (i) advise the Debtor in connection with any debtor-in-possession financing; (j) represent the Debtor in adversary proceedings and other contested bankruptcy matters; (k) appear before the court and any appellate court to represent the interests of the Debtor's estates; (l) take any necessary action on behalf of the Debtor to negotiate, prepare, and obtain confirmation of a Chapter 11 plan and all documents related thereto; (m) analyze the Debtor's executory contracts and the assumption, assumption and assignment, or rejection thereof; (n) advise the Debtor on corporate, litigation, tax, employee, and other matters; and (o) perform all other legal services for the Debtor. The firm will be paid at these hourly rates: Partners $475 - $1,000 Counsel $325 - $650 Paraprofessionals $290 Barclay Damon will charge the Debtor at its regular hourly rates, subject to a 10% courtesy discount. In addition, the firm will seek reimbursement for expenses incurred. The firm received payments totaling $1,220,000 during 90 days prior to the petition date. Janice Grubin, Esq., a partner at Barclay Damon, 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: Janice B. Grubin, Esq. Barclay Damon LLP Barclay Damon Tower 1270 Avenue of the Americas, Suite 2310 New York, NY 10020 Telephone: (315) 413-7112 Email: jgrubin@barclaydamon.com About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. OCUGEN INC: Raises $15 Million from Partial Warrant Exercise ------------------------------------------------------------ Ocugen, Inc. previously closed a registered direct offering in August 2025, pursuant to a securities purchase agreement with an institutional investor, for the purchase and sale of 20,000,000 shares of common stock, $0.01 par value per share, and warrants to purchase up to an aggregate of 20,000,000 shares of Common Stock. On March 12, 2026, the Investor purchased 10,000,000 shares of Common Stock upon the partial exercise of its warrants for the gross proceeds of $15.0 million to Ocugen. Ocugen anticipates that proceeds from such partial exercise of the warrants will extend its cash runway into the first quarter of 2027. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report attached to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise the doubt of its ability to continue as a going concern. As of December 31, 2025, the Company had $43.5 million in total assets, $55.7 million in total liabilities, and $12.2 million in total stockholders' deficit. OLENOX INDUSTRIES: Secures $810K in 2nd Closing of Preferred Stock ------------------------------------------------------------------ Olenox Industries Inc. (formerly Safe & Green Holdings Corp.) disclosed in a regulatory filing that the Company and an institutional investor -- the purchaser -- mutually agreed to effect an Additional Closing pursuant to Section 1(b) of the Purchase Agreement. The Company previously entered into a Securities Purchase Agreement, dated November 25, 2025, with the Purchaser for the purchase and sale of shares of the Company's Series C Convertible Preferred Stock, $1.00 par value per share. The Purchase Agreement provides that the Company and the Purchaser may effect one or more additional closings for the purchase and sale of additional shares of Series C Preferred Stock, subject to the terms and conditions set forth therein. The purchase price for any Additional Preferred Shares is approximately $900 for each $1,000 of Stated Value of the Additional Preferred Shares. At the Second Closing, the Company issued and sold to the Purchaser 900 shares of Series C Preferred Stock, representing an aggregate Stated Value of $900,000, for an aggregate purchase price of $810,000. The Additional Preferred Shares have the same rights, preferences, and privileges as the shares of Series C Preferred Stock issued at the initial closing, as set forth in the Certificate of Designations of Rights and Preferences of Series C Convertible Preferred Stock. The Series C Preferred Stock is convertible into shares of the Company's common stock, $0.01 par value per share, at a conversion price subject to adjustment as set forth in the Certificate of Designation. In connection with the Second Closing, the Company and the Purchaser entered into a Registration Rights Agreement, dated March 12, 2026, pursuant to which the Company agreed to file with the Securities and Exchange Commission, no later than 30 days from the date of the Additional Closing, a registration statement covering the resale of the shares of Common Stock issuable upon conversion of the Additional Preferred Shares and have such registration statement declared effective by the SEC within 30 days of the filing deadline (which may be extended to 60 days in the event the SEC elects to conduct a full review of such registration statement, or 45 days in the event of a partial review). The Additional Preferred Shares were offered and sold in reliance upon the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder. Pursuant to the terms of the placement agency agreement with WestPark Capital Inc., the Company paid the placement agent a commission equal to 7.0% of the gross proceeds from the Additional Closing. The net proceeds to the Company from the Second Closing were approximately $718,300, after deducting placement agent fees and the payment of other offering expenses associated with the offering that were payable by the Company. Full text copies of the Certificate of Designation, Purchase Agreement, and Additional Registration Rights Agreement are available at https://tinyurl.com/4heuz8m8, https://tinyurl.com/bddbewbs, and https://tinyurl.com/2usuhymx, respectively. About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. OMNICARE LLC: Taps Marcy Wilder of Hogan Lovells as Expert Service ------------------------------------------------------------------ Omnicare, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Marcy Wilder and Hogan Lovells LLP to provide expert services. Ms. Wilder will render these services: a. conduct a review of the Debtors' privacy policies and practices; b. depending on the outcome of her review, submit a declaration opining whether the transfers of PII in connection with a sale or sales of the Debtors' businesses under section 363 of the Bankruptcy Code would contravene the Debtors' privacy policies; c. make herself available for any questions that the U.S. Trustee or any statutory committee may have concerning whether the transfer of PII in connection with a sale or sales of the Debtors' businesses would contravene the Debtors' privacy policies, and also concerning the need for the appointment of a consumer privacy ombudsman; and d. if necessary, prepare and appear for depositions and provide expert testimony at any contested hearing on these issues. Ms. Wilder and Hogan Lovells will receive a fix fee of $180,000. Any Testimony or work in addition to the Privacy Expert Opinion work will be billed on an hourly basis. As of January 1, 2026, Ms. Wilder's standard rate is $2,150 per hour. Ms. Wilder and Hogan Lovells are each a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: Marcy Wilder Hogan Lovells LLP Columbia Square 555 Thirteenth Street, NW Washington, D.C. 20004 Phone: (202) 637-5729 Email: marcy.wilder@hoganlovells.com About Omnicare LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. The committee tapped Herbert Smith Freehills Kramer (US) LLP as counsel. ONECARE MEDIA: Commonwealth Credit Marks $1.4MM Loan at 68% Off --------------------------------------------------------------- Commonwealth Credit Partners BDC I, Inc. has marked its $1,461,000 loan extended to Onecare Media, LLC to market at $472,000 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 C 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. ONECARE MEDIA: Commonwealth Credit Marks $13.4MM Loan at 66% Off ---------------------------------------------------------------- Commonwealth Credit Partners BDC I has marked its $13,379,000 loan extended to Onecare Media, LLC to market at $4,496,000 or 34% 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 loan extended to Onecare Media, LLC. The Loan is on non-accrual status. The Loan matures on Oct. 1, 2024. 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 maintains a proprietary portfolio of consumer-facing online destinations within the health vertical. ONECARE MEDIA: Commonwealth Credit Marks $2.3MM Loan at 68% Off --------------------------------------------------------------- Commonwealth Credit Partners BDC I, Inc. has marked its $2,337,000 loan extended to Onecare Media, LLC to market at $755,000 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 B 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. ONECARE MEDIA: Commonwealth Credit Marks $888,000 Loan at 68% Off ----------------------------------------------------------------- Commonwealth Credit Partners BDC I, Inc. has marked its $888,000 loan extended to Onecare Media, LLC to market at $287,000 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 D 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 Dec. 31, 2027. 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. OWLATES CHILDCARE: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division issued an order granting Owlates Childcare, LLC interim approval to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral to cover post-petition operating expenses including taxes, rental payments, insurance, payroll and payroll-related expenses, utility charges, and business supply costs necessary for operating the childcare business. The Debtor projects total monthly operational expenses of $29,688. To protect creditors that hold liens on the Debtor's cash collateral, the court granted them replacement liens on all post-petition accounts receivable. These liens provide adequate protection for creditors' interests while the Debtor uses cash collateral during the Chapter 11 proceedings. The final hearing is scheduled for April 13. The Debtor's primary assets consist of approximately $10,000 in equipment used in its childcare operations and roughly $7,000 in outstanding receivables owed by CCS. Several merchant cash advance lenders claim interests in the Debtor's accounts receivable and other assets although the lenders assert that their agreements represent purchases of future receivables rather than traditional loans. The Debtor disputes this characterization, arguing that the lenders' filing of security interests in the same collateral is inconsistent with a true receivables purchase. About Owlates Childcare LLC Owlates Childcare, LLC operates a childcare business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-50569) on March 3, 2026. In the petition signed by Tisha S. Percival, president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Craig A. Gargotta oversees the case. William R. Davis, Jr, Esq., at Langley & Banack, Inc, represents the Debtor as legal counsel. PAPA JOHN'S: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings changed Papa John's International, Inc.'s ("Papa John's") outlook to negative from stable and affirmed its existing ratings, including its corporate family rating at Ba3, probability of default rating at Ba3-PD and its senior unsecured notes at B2. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2. The outlook change to negative reflects Papa John's weakened credit metrics as sales performance remains weak as it pursues its ongoing business transformation initiatives. The company is focused on improving the overall cost structure and value perception in North American after completing its multi-year transformation of its international businesses in 2025. The restructuring will result in approximately $16 million to $23 million in charges, which are primarily cash, as the company continues to make incremental investments of around $22 million annually in marketing and franchisee subsidies. While Moody's expects these initiatives will have a positive impact on Papa John's operating performance in 2027, Moody's expects credit metrics to remain weak in 2026 with debt/EBITDA exceeding 4.5x and EBIT/Interest below 2.5x as free cash flow remains negative. Execution risk is also high given the currently difficult consumer environment. Nevertheless, Moody's views the company's liquidity as good, supported by its cash, operating cash flow, expected refranchising proceeds and ample revolver availability to funds its cash outlays. including restructuring charges, investments and dividends. RATINGS RATIONALE Papa John's Ba3 CFR reflects its solid brand awareness and scale in terms of units, despite its weaker credit metrics from both the difficult consumer spending environment and increased investments in restructuring and transformation initiatives. As of December 2025, Moody's-adjusted debt/EBITDA was around 4.4x and EBIT/Interest was around 1.8x, (not adjusted for restructuring or the accelerated depreciation associated with these actions which are expected to continue in 2026). Free cash flow will also remain negative due to ongoing transformation costs, as well as sizeable dividend and capital expenditure needs. The rating also reflects Papa John's relatively smaller dollar revenue scale, narrow brand and product offering, and weak cash flow metrics. Also, while Papa John's restaurant unit base is predominantly franchised, reported revenue is largely derived from company-owned restaurants and commissaries, which are its primary areas of operating risk. However, its commissary business operates on a cost plus fixed margin basis which mitigates the segment's exposure to rising costs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could result in an upgrade include consistent positive revenue and earnings growth, with positive same store sales driven by both traffic and check. An upgrade would also require increased scale, brand and product diversification, very good liquidity, including solid positive free cash flow, and maintaining a conservative and clearly articulated financial strategy, which prioritizes debt reduction. Specific metrics include debt to EBITDA sustained below 2.5x and EBIT to interest coverage sustained over 4.0x. Factors that could lead to downgrade include its business transformation is delayed or unsuccessful resulting in an inability to improve sales and earnings performance, more aggressive financial strategies, including debt financed share repurchases or material asset sales proceeds not being utilized to reduce debt, or if liquidity deteriorates, including continued negative free cash flow. Specific metrics include Moody's debt to EBITDA sustained above 4.25x or EBIT to interest coverage below 2.5x. Papa John's, with headquarters in Louisville, KY, is the world's third largest pizza delivery company with 6,083 restaurants (475 are company owned) in 50 countries and territories as of December 28, 2025. Revenue was around $1.9 billion (excluding franchise contributions for advertising); although systemwide sales were around $4.92 billion. The principal methodology used in these ratings was Restaurants 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. PARKERVISION INC: Cancels $675,000 Debt Through Stock Exchange -------------------------------------------------------------- ParkerVision, Inc. disclosed in a regulatory filing that it entered into Exchange Agreements with holders of the Company's outstanding convertible promissory notes. Pursuant to the Exchange Agreements, the Holders agreed to exchange the outstanding principal amount of the Exchange Notes held by them, together with accrued and unpaid interest thereon through the closing date of the exchange, for shares of the Company's common stock, par value $0.01 per share at an exchange price of $0.21 per share. The exchanges were effected pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended, which provides an exemption from registration for securities exchanged by the issuer with its existing security holders exclusively where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange. In connection with the exchanges, the Company issued an aggregate of 3,277,099 shares of Common Stock to the Holders in exchange for the cancellation of Exchange Notes having an aggregate outstanding principal amount of $675,000 and accrued and unpaid interest of approximately $13,200. Upon completion of the exchanges, the Exchange Notes surrendered by the Holders were cancelled and extinguished and are no longer outstanding. The Exchange Agreements contain customary representations and warranties of the parties and provide that the Exchange Shares are being issued pursuant to the exemption from registration provided by Section 3(a)(9) of the Securities Act. A full text copy of the Exchange Agreement is available at https://tinyurl.com/44mys3k3 About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. Atlanta, Ga.-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current resources are not sufficient to meet their liquidity needs for the next 12 months, the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $1.9 million in total assets, $51.7 million in total liabilities, and $49.8 million in total shareholders' deficit. PERRIGO COMPANY: Fitch Alters Outlook on 'BB' IDR to Negative ------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Perrigo Company plc (Perrigo) at 'BB'. Fitch has also affirmed Perrigo Investments LLC's senior secured instrument ratings at 'BBB-' with a Recovery Rating of 'RR1' and Perrigo Company plc's, Perrigo Finance Unlimited Company's, and Perrigo Ireland 2 Designated Activity Company's senior unsecured instrument ratings at 'BB'/'RR4'. The Rating Outlook is revised to Negative from Stable. The Negative Outlook reflects Fitch's expectations that leverage will remain above its negative sensitivity of 4.5x over the next 24 months due to weaker OTC consumption, slower-than-expected recovery in the infant formula business and margin contraction. Fitch also expects near-term cash flow generation to weaken due to cash expenses related to restructuring, litigation and other one-time expenses. The Negative Outlook also captures the potential for weak consumption trends to persist beyond 2026, resulting in further deterioration in Perrigo's top-line growth, profitability and cash flow profile. Key Rating Drivers Top-Line Growth Pressure: Fitch assumes revenue will decline 3.0%-3.5% in 2026 due to weak OTC consumption and ongoing challenges in the infant formula segment. Near-term OTC demand weakness assumes retailer inventory adjustments and low consumer confidence due to economic uncertainty. While management expects a recovery in 2H26, subdued consumer sentiment driven by macroeconomic pressures may constrain demand. Fitch assumes flat to modest revenue growth in 2027 and 1%-2% growth in 2028. The Negative Outlook captures the potential for weak consumption trends to persist beyond 2026. The recovery of Perrigo's infant formula business was below Fitch's expectations in 2025 as domestic brands took actions to compete with non-U.S. manufacturers, reducing store brand volume and narrowing the pricing gap with store brand products. Fitch assumes this trend will continue in the near term despite Perrigo's value proposition. Management has put the previously announced $240 million investment on hold, and the company is assessing options, including a potential sale. Fitch forecasts annual revenue of $380 million to $400 million for the nutrition segment (largely infant formula) over the rating horizon. High Leverage for Longer: Fitch forecasts Fitch-defined EBITDA leverage will remain above 4.5x over the next 24 months due to demand-related headwinds and margin contraction. Fitch expects Perrigo to reduce debt by $350 million in 2026 using proceeds from the sale of its Dermacosmetics business. The degree to which leverage declines over the rating horizon depends on management's ability to convert volume share gains into top-line growth and expand the core product portfolio into new markets, as well as a disciplined cost management strategy. Given the near-term headwinds, management has revised the total net leverage target from below 3.0x by YE 2027 to approximately 3.0x over the next two to three years. To achieve this target, Perrigo will need to deliver organic growth and margin expansion while managing the tariff impact and price competition and reducing debt. Voluntary debt repayment using asset sale proceeds may accelerate Perrigo's debt reduction plan; however, it is not sufficient alone to maintain leverage below 4.5x. Demand Less Cyclical: Fitch assumes Perrigo will benefit from stable demand over the rating horizon because the consumer health industry tends to be recession-resistant. In prior slow-growth periods, private-label products served as less expensive alternatives, increasing sales volumes and total spending to partially offset lower revenue from higher-margin products. However, Fitch believes U.S. trade policies and geopolitical issues will influence consumer behavior, likely resulting in consumers cutting back on non-essential items or switching to lower-priced brands. Margin Erosion: Fitch assumes a $100 million reduction in Fitch-defined EBITDA in 2026 due to weakness in OTC consumption and challenges in the infant formula business. This will result in plant under-absorption as Perrigo works through higher-cost inventory in 2026. Fitch assumes the infant formula business will be a drag on profitability over the next 24 months. The degree to which margins expand after 2026 depends on how quickly OTC consumption rebounds and how effectively management rebalances production volume with demand. The Negative Outlook captures the potential for margins to remain depressed beyond 2026. Softening Cash Flow Generation: Fitch forecasts negative to neutral Fitch-defined FCF (after dividends) over the next 24 months, driven by assumed revenue decline, margin deterioration, restructuring, litigation and one-time cash costs, and working capital outflows. Fitch assumes Perrigo will maintain its dividend policy over the forecast period, and Fitch expects the company to have sufficient liquidity, which includes more than $450 million of cash on hand and an undrawn revolving credit facility (RCF) of $1 billion, to mitigate unforeseen events. As Perrigo returns to growth and restructuring activities subside, Fitch assumes FCF margins will improve to 2%-3% of revenue. Ongoing Strategic Review: Management has not yet confirmed any action related to the oral care and infant formula businesses. Fitch believes potential sales could benefit Perrigo's profit margin and leverage profile in the near term as Fitch assumes these segments are a drag on profitability and management would be inclined to repay some debt. If the sales materialize, Fitch will reassess the long-term growth prospects of the remaining product lines and management's investment strategy for these businesses. Peer Analysis The 'BB' IDR reflects Perrigo's leading scale in a durable segment and favorable position to offer alternatives to branded products. The company has meaningful financial flexibility, supported by strong cash flow from operations (CFO) and management's commitment to balance sheet deleveraging. However, these strengths are offset by competition from numerous companies of varying sizes and capabilities, and declining diversification benefits as Perrigo continues to optimize its product portfolio. Perrigo competes with P&L Development Holdings, LLC (PLDH; CCC/Negative). Perrigo's higher rating reflects the company's larger scale and stronger financial profile than Padagis Holding Company LLC's (B+/Stable) and PLDH's. Fitch also compares Perrigo to other health care companies in the 'BB' category. Both Avantor, Inc. (BB+/Stable) and Jazz Pharmaceuticals plc (BB/Stable) have stronger cash flow profiles and are expected to maintain leverage at or below 3.5x in the near term. Fitch’s Key Rating-Case Assumptions - Revenue of $4.1 billion in 2026, with annual organic growth rate in the low-single digits thereafter; - Fitch-defined EBITDA of approximately $680 million in 2026, with annual growth rate in the mid-single digits thereafter, reflecting Fitch's margin assumptions of approximately 16.5% in 2026 and 17%-18% in 2027 and 2028; - Effective interest rates of 5.5%-6.0% over the forecast period, moving with SOFR; - One-time cash expenses of approximately $175 million in 2026 and $80 million to $100 million annually thereafter; - Working capital will be a use of cash, averaging approximately 1.0% of revenue annually; - Capex of $95 million in 2026 and $130 million to $150 million annually thereafter, including discretion capex after 2026; - Annual dividends of $160 million in 2026 and 2027, growing at 2.5% thereafter; - Negative FCF of approximately $65 million in 2026, improving gradually to positive FCF of approximately $115 million in 2028; - The Dermacosmetics divestiture to close in 2Q26, providing proceeds of approximately $350 million; - Voluntary debt repayment of $350 million in 2026 and $25 million in 2028; the RCF and term loans to be refinanced at maturity; - No discretionary FCF directed toward M&A or share repurchase over the rating horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb-, Lower), Profitability (bb, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. Recovery Analysis Fitch considers the senior secured debt to be Category 1 first-lien debt. Therefore, the senior secured debt instruments are rated 'BBB-'/ 'RR1', two notches above Perrigo's 'BB' IDR. The senior unsecured debt instruments are rated 'BB-'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually and Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation that EBITDA leverage will be sustained above 4.5x, driven by declining growth prospects and margin contraction; - Fitch's expectation that the (CFO-capex) to debt ratio will be maintained below 5%. Factors that Could, Individually and Collectively, Lead to Positive Rating Action/Upgrade Fitch would revise the Outlook to Stable if Perrigo exceeds top-line and margin projections over the next 12 to 18 months through a combination of improving end-market consumption, volume and dollar share gains, and effective cost control initiatives. - Fitch's expectation that EBITDA leverage will be sustained below 4.0x driven by EBITDA growth and voluntary debt repayment; - Fitch's expectation that the (CFO-capex) to debt ratio will be maintained above 10%. Liquidity and Debt Structure Liquidity is supported by $532 million of cash on hand and an undrawn RCF of $1 billion as of Dec. 31, 2025. Fitch forecasts Fitch-defined CFO of approximately $190 million in 2026 and more than $300 million annually thereafter, assuming a moderation in non-recurring cash expenses and working capital outflows. Fitch expects discretionary cash flow to be directed to organic growth and productivity improvement initiatives, with excess cash potentially allocated to voluntary debt repayment. Perrigo has annual term loan amortization of $35 million in 2026 and $10 million thereafter, with $397 million and $944 million of debt maturing in 2027 and 2029, respectively. Fitch expects the company to use proceeds from the sale of its Dermacosmetics business to repay debt in 2026. Fitch assumes all debt will be refinanced at maturity to support Perrigo's long-term growth prospects. Over the forecast period, Fitch forecasts cash interest expense of $200 million in 2026 and $185 million annually thereafter. Management targets total net leverage of approximately 3.0x over the next two to three years, a revision from prior expectation of below 3.0x by YE 2027. Issuer Profile Perrigo Company plc is a global consumer self-care company providing OTC health and wellness solutions. It is the largest manufacturer of OTC pharmaceutical products for the private-label market in the U.S. Summary of Financial Adjustments Fitch adjusts both historical and projected EBITDA to remove non-cash and non-recurring expenses, including stock-based compensation, infant formula remediation expenses, gain/loss on divestitures and investment securities, restructuring expenses and other one-time costs. 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 Perrigo Company plc. 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 ----------- ------ -------- ----- Perrigo Finance Unlimited Company senior unsecured LT BB Affirmed RR4 BB Perrigo Ireland 2 DAC senior unsecured LT BB Affirmed RR4 BB Perrigo Company plc LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Perrigo Investments LLC senior secured LT BBB- Affirmed RR1 BBB- POINT CLEAR: Seeks to Hire Fanda Partners LLC as Tax Counsel ------------------------------------------------------------ Point Clear Capital Advisors, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Scott W. Falkner, CPA of Fanda Partners LLC as certified public accountant and tax counsel. The firm will prepare an amended 2023 federal income tax return for Seelhorst, LRB and 2024 federal and state income tax returns for the Debtors. Fanda will be paid on a flat-fee basis of $5,000. Fanda is disinterested as such term is defined by §101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Scott W. Faulkner, Esq. CPA Fanda Partners LLC 630 Grant St. SE Decatur, AL 35601 About Point Clear Capital Advisors Point Clear Capital Advisors, LLC provides investment management and advisory services and is based in Pensacola, Florida. Point Clear Capital Advisors and their affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30963) on Oct. 1, 2025. The case is jointly administered in Case No. 25-30963. In its petition, Point Clear Capital Advisors reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtors are represented by Stichter, Riedel, Blain & Postler, PA. PRECISION OPTICS: Shareholders OK Key Proposals at Annual Meeting ----------------------------------------------------------------- Precision Optics Corporation, Inc. held its annual meeting of stockholders on March 19, 2026. Proxies were solicited pursuant to our definitive proxy statement filed on February 3, 2026, with the Securities and Exchange Commission under Section 14(a) of the Securities Exchange Act of 1934. The number of shares of common stock that voted on matters presented at the annual meeting was 5,950,539, representing approximately 77.07% of the 7,720,229 shares of common stock outstanding as of January 29, 2026, the record date for the annual meeting. At the annual meeting, stockholders considered and voted on the following proposals: Proposal 1 – Election of Directors Peter H. Woodward, Andrew J. Miclot, Buell G. Duncan, Joseph P. Pellegrino, Jr., and Joseph N. Forkey were each duly elected as directors. The results of the elections were as follows: 1. Peter H. Woodward * For: 2,819,370 * Withheld: 254,718 * Broker Non-Votes: 2,876,451 2. Andrew J. Miclot * For: 2,835,006 * Withheld: 239,082 * Broker Non-Votes: 2,876,451 3. Buell G. Duncan * For: 2,836,742 * Withheld: 237,346 * Broker Non-Votes: 2,876,451 4. Joseph P. Pellegrino, Jr. * For: 2,837,092 * Withheld: 236,996 * Broker Non-Votes: 2,876,451 5. Joseph N. Forkey * For: 2,478,442 * Withheld: 595,646 * Broker Non-Votes: 2,876,451 Proposal 2 – Advisory Vote on Executive Compensation Stockholders voted upon and approved, on an advisory basis, the compensation paid to the Named Executive Officers for the fiscal year ended June 30, 2025. The votes on this proposal were as follows: * For: 3,009,650 * Against: 4,802 * Abstain: 59,636 * Broker non-votes: 2,876,451 Proposal 3 – Ratification of the Appointment of Independent Registered Public Accounting Firm Stockholders voted upon and approved the ratification of the appointment of Stowe & Degon, LLC to serve as independent registered public accounting firm for the fiscal year ending June 30, 2026. The votes on this proposal were as follows: * For: 5,949,026 * Against: 415 * Abstain: 1,098 * Broker non-votes: 0 About Precision Optics Precision Optics Corporation, Inc. has been a developer and manufacturer of advanced optical instruments since 1982 and operates primarily in two key market segments: medical devices and advanced defense/aerospace products. Within its proprietary optical and imaging technology, its unique custom designs, expert manufacturing capabilities, and advanced engineering and development capabilities have generated traditional endoscopes and endocouplers, digital imaging endoscopes using CMOS sensor technology, some designed and manufactured for single use, as well as other, more advanced, custom imaging and illumination products for our customers' use in minimally invasive surgical procedures. The Company designs and manufactures ultra-high precision endoscopes and very small Microprecision lenses, assemblies and complete medical devices to meet the surgical community's continuing demand for smaller, disposable, and more enhanced imaging systems for minimally invasive surgery. It also applies its unique technologies to applications in the Defense / Aerospace markets including applications supporting satellite network communications. Management anticipates that its cash on hand of $0.9 million as of December 31, 2025 is insufficient to fund its planned operations for a period of at least one year. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $22,895,553 in total assets, $13,565,819 in total liabilities, and $9,329,734 in total stockholders' equity. PUTNAM PULMONARY: Case Summary & Five Unsecured Creditors --------------------------------------------------------- Debtor: Putnam Pulmonary & Primary Care, P.A. 110 Lake Shore Terrace Interlachen, FL 32148 Business Description: Putnam Pulmonary & Primary Care, P.A. is a medical practice based in Palatka, Florida, providing pulmonary and primary care services to patients in the surrounding region. The practice diagnoses and treats respiratory conditions, including asthma and chronic obstructive pulmonary disease (COPD), while also offering general primary care services. Operating from its Zeagler Drive location, it serves patients across Putnam County through physician-led care focused on respiratory health and general medicine. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-01181 Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: dvelasquez@lathamluna.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dr. Richard Feibelman as managing member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PO24L7A/Putnam_Pulmonary__Primary_Care__flmbke-26-01181__0001.0.pdf?mcid=tGE4TAMA R.E.M. US: Seeks to Hire Donald Wyatt PC as Bankruptcy Counsel -------------------------------------------------------------- R.E.M. US, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Donald Wyatt, PC as its legal counsel. The Debtor requires legal services to administer its Chapter 11 case, which include the formulation of a plan of reorganization and the filing and prosecution of adversary proceedings. The firm's standard hourly rates range from $150 per hour for a paralegal and a law clerk to $720 per hour for highly experienced shareholder attorney. At the time of filing, the firm had $3,936.38 balance on hand in Debtor's IOLTA retainer account and was not owed any funds. Donald Wyatt, Jr., Esq., a shareholder of Donald Wyatt PC, 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: Donald L. Wyatt, Jr., Esq. Donald Wyatt PC 431 Nursery Road The Woodlands, TX 77380 Telephone: (281) 419-8733 Facsimile: (281) 419-8703 Email: don.wyatt@wyattpc.com About R.E.M. US, LLC R.E.M. US, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31561) on March 6, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Eduardo V Rodriguez presides over the case. Donald L Wyatt at Donald Wyatt PC serves as the Debtor's counsel. RAILHEAD INC: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Railhead Inc. About Railhead Inc. Railhead, Inc. is a Virginia-based government contracting and consulting firm. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10508-BFK) on March 2, 2026. In the petition signed by Jason Butler, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Jeffery T. Martin, Esq., at Martin Law Group PC, represents the Debtor as bankruptcy counsel. RAMANUJAN GROUP MOM: Case Summary & One Unsecured Creditor ---------------------------------------------------------- Debtor: Ramanujan Group MOM LLC 520 Newport Center Drive Suite 480 Newport Beach, CA 92660 Business Description: Ramanujan Group MOM LLC is a privately held company engaged in the ownership and leasing of real estate. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10888 Debtor's Counsel: Kyra E. Andrassy, Esq. RAINES FELDMAN LITTRELL LLP 4675 MacArthur Court Suite 1550 Newport Beach, CA 92660 Tel: (310) 440-4100 Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Miller as member. Nano Banc, located at 7755 Irvine Center Drive, 3rd Floor, Irvine, California, is identified by the Debtor as its sole unsecured creditor, holding a claim of $4.94 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MGQMEZQ/Ramanujan_Group_MOM_LLC__cacbke-26-10888__0001.0.pdf?mcid=tGE4TAMA RAPID TEST: Hires Real Estate Investors Law Firm LLC as Counsel --------------------------------------------------------------- Rapid Test Laboratories LLC and Winter Desert Holdings LLC seek approval from the U.S. Bankruptcy Court for the District of Arizona to hire The Real Estate Investors Law Firm, LLC as their counsel. The firm's services include: a. advising Debtor with respect to the rights, powers and duties as Debtor and Debtor-in-Possession in the continued operation and management of Debtor's business; b. preparing and pursuing confirmation of a plan of reorganization and approval of a disclosure statement; c. preparing on behalf of the Debtor all necessary applications, motions, answers, proposed orders, other pleadings, and notices, and reviewing all financial and other reports to be filed; d. advising the Debtor concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed by other parties; e. appearing in Court to protect the interests of the Debtor; f. representing the Debtor in connection with use of cash collateral and/or obtaining post-petition financing; g. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; h. investigating the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; i. investigating and advising the Debtor concerning, and taking such action as may be necessary to collect, income and assets in accordance with applicable law, and the recovery of property for the benefit of the Debtor's estate; j. advising and assisting the Debtor in connection with any potential property dispositions; k. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and re-characterizations; l. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; m. commencing and conducting litigation necessary and appropriately to assert rights held by the Debtor, protect assets of the Debtor's estate or otherwise further the goal of completing the Debtor's successful reorganization; and n. to perform all other legal services for the Debtor which may be necessary and proper in this Chapter 11 Case. The firm's rates range from $75 per hour to $300 per hour. As disclosed in the court filings, The Real Estate Investors Law Firm, LLC does not hold or represent any interest adverse to Debtor's estate and Firm is a disinterested person within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, as modified by Section 1107(b). The firm can be reached through: Joseph Gregory Urtuzuastegui, III, Esq. THE REAL ESTATE INVESTORS LAW FIRM 1237 S Val Vista Drive Mesa, AZ 85204 Tel: (480) 326-9832 Email: filings@reilawfirm.com About Rapid Test Laboratories LLC Rapid Test Laboratories LLC and Winter Desert Holdings LLC concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Lead Case No. 26-02210) on March 10, 2026. At the time of filing, Rapid Test estimates $610,594 in assets and $3,858,024 in liabilities. Winter Desert listed $4,502,000 in assets and $4,062,832 in liabilities. The petitions were signed by Wendy Bryant as manager. Joseph Gregory Urtuzuastegui, III, Esq. at THE REAL ESTATE INVESTORS LAW FIRM serves as the Debtors' counsel. RAYFORD SURGICAL: Taps Nathan Sommers Gibson as Bankruptcy Counsel ------------------------------------------------------------------ Rayford Surgical Center LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Nathan Sommers Gibson Dillon, A Professional Corporation, as its general bankruptcy counsel. The firm will render these services: (a) provide legal advice with respect to the Debtor’s powers and duties as a debtor-in-possession in the continued operation of its properties including, but not limited to, sale or lease of property of the estate, obtaining credit, assumption and rejection of unexpired leases and executory contracts, requests for security interests, and relief from the automatic stay; (b) examine claims of creditors in order to determine their validity and objections to claims as may be appropriate; (c) prepare and pursue confirmation of a plan and approval of a disclosure statement; (d) prepare, on behalf of the Debtor, any and all necessary applications, motions, answers, orders, reports, and other legal documents; (e) appear in Court and to protect the interests of the Debtor before the Court; (f) give advice and counsel to Debtor in connection with its plan of reorganization; (g) appear in and prosecute or defend suits and proceedings, if any, when they arise and to take all necessary and proper steps in other matters and things involving bankruptcy law or connected with the affairs of the bankruptcy estate if and when a necessity exists therefor; (h) in general, act on behalf of Debtor in any and all bankruptcy law matters which may arise in the course of this case; and (i) perform all other legal services for the Debtor that may be necessary and proper in this proceeding. The firm will be paid at these hourly rates: Shareholders $600 to $700 Associates $280 to $340 Legal Assistants $100 to $125 The firm requested a retainer of $50,000 from Debtor. Iain L. Kennedy, Esq., a partner at Nathan Sommers Gibson Dillon, disclosed in the court filing that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Iain L. C. Kennedy, Esq. Nathan Sommers Gibson Dillon, A Professional Corporation 1400 Post Oak Blvd., Suite 300 Houston, TX 77056 Tel: (713) 960-0303 Fax: (713) 892-4800 Email: ikennedy@nathansommers.com About Rayford Surgical Center LLC Rayford Surgical Center LLC owns multiple land parcels in Spring, Texas, including a restricted reserve in Block 1 of Spring Surgical Center Subdivision, an unrestricted reserve in Block 1 of Pollack Medical Plaza, and an unrestricted reserve in a subdivision of EVEN Holdings LLC, all recorded in Montgomery County, with a total appraised value of $22.4 million, and operates in the healthcare-related real estate sector. Rayford Surgical Center LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-30744) on February 2, 2026, listing $23,070,000 in assets and $15,001,783 in liabilities. The petition was signed by Ravi Moparty as managing member. Judge Jeffrey P Norman presides over the case. Samuel L. Milledge, Esq. at THE MILLEDGE LAW GROUP PC serves as the Debtor's counsel. RECHARGED OPCO: Stellus Capital Marks $5.3MM 1L Loan at 45% Off --------------------------------------------------------------- Stellus Capital Investment Corp. has marked its $5,324,759 loan extended to Recharged Opco, LLC to market at $2,901,994 or 55% of the outstanding amount, according to Stellus' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Stellus Capital Investment Corp. is a participant in a First Lien Term loan extended to Recharged Opco, LLC. The Loan accrues interest at a rate of 12.50% per annum. The Loan matures on Feb. 7, 2028. Stellus Capital Investment Corp. is a business development company that primarily provides financing solutions to middle-market companies. The Fund is led by Robert T. Ladd as Chief Executive Officer, President and Chairman of the Board of Directors and W. Todd Huskinson as Chief Financial Officer, Chief Compliance Officer and Secretary (Principal Accounting and Financial Officer). The Fund can be reached at: Robert T. Ladd Stellus Capital Investment Corp. 4400 Post Oak Parkway, Suite 2200 Houston, TX 77027 Telephone: (713) 292-5400 About Recharged Opco, LLC Recharged Opco, LLC is a consumer services company providing products and services to retail customers. RECONNECT INCORPORATED: Unsecureds Will Get 22.51% over 60 Months ----------------------------------------------------------------- Reconnect Incorporated submitted a First Modified Combined Plan of Reorganization and Disclosure Statement dated March 11, 2026. The Debtor currently operates the Business from commercial real property located at 69 Wesley Street, Unit D, South Hackensack, New Jersey 07606 (the "Premises"). The Debtor is in the process of seeking Court approval to move its Business operations from the Premises to a new location, 195 Main Street, Hackensack, New Jersey 07601, under a certain lease dated as of July 3, 2025 with Main Portfolio, LLC. The Debtor will pay all allowed administrative claims in full on the Effective Date, unless the parties agree in writing to different treatment, which claims are estimated to total $27,742.50. The Debtor has no priority tax claims. The Debtor proposes the following treatment of secured creditors: * Class 1 (U.S. Small Business Administration) (Claim 1-1). This claim is impaired. The Debtor proposes to treat $48,700.00 of this claim as an allowed secured claim and to pay that amount in equal monthly installments of $811.67 over sixty months. The Debtor proposes to treat the balance of the claim as a general unsecured claim and to make pro rata distributions on the same. * Class 2 (Internal Revenue Service) (Claim 2-4). The Debtor proposes to pay the secured claim of $15,699.23 in full, at the required statutory interest rate, in forty-eight monthly installments commencing on the Effective Date, totaling $18,045.00. The Debtor proposes to pay its general unsecured creditors, Class 3, in sixty monthly pro rata installments of $3,970.48. The Debtor will make total payments to general unsecured creditors of approximately $238,228.98 through its Plan, which is approximately a 22.51% distribution to claimants holding allowed general unsecured claims totaling approximately $1,058,224.66. Total distributions are subject to the impact of amended administrative and priority claims. The Debtor proposes to fund its Plan using its projected net disposable income from its operation of its Business over a five-year period commencing on the Petition Date, which is currently projected at $330,000.00. The Debtor submits that this Plan is feasible considering this projected disposable income. The Debtor will implement the Plan by contributing its net disposable income to fund its Plan of Reorganization. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the First Modified Plan and Disclosure Statement dated March 11, 2026 is available at https://urlcurt.com/u?l=7DU6Bx from PacerMonitor.com at no charge. Counsel to the Debtor: MIDDLEBROOKS SHAPIRO, P.C. Joseph M. Shapiro, Esq. P.O. Box 1630 Belmar, New Jersey 07719-1630 Tel: (973) 218-6877 E-mail: jshapiro@middlebrooksshapiro.com About Reconnect Incorporated Reconnect Incorporated operates as an e-commerce retailer of footwear, apparel, and accessories under the brand "HighKickz" through its website and third-party platforms like Amazon, Walmart, and eBay. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-18785) on August 21, 2025. In the petition signed by Thomas Koo, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., represents the Debtor as legal counsel. RED ROCK ISD 2884: Moody's Lowers Issuer & GOULT Ratings to Ba2 --------------------------------------------------------------- Moody's Ratings has downgraded Red Rock Central Independent School District 2884, MN's issuer rating and outstanding general obligation unlimited tax (GOULT) rating to Ba2 from Baa3. The district had about $41 million in debt outstanding at the close of fiscal 2025 (year-end June 30). The downgrade to Ba2 from Baa3 reflects the expectation that the district's financial profile will remain challenged at least into fiscal 2028 in part because large cost overruns related to the construction of a new school building resulted in a sharp decline in general fund reserves that are now deeply negative. Governance was a driver of the rating action because of weak budget management and financial oversight. RATINGS RATIONALE The Ba2 issuer rating reflects a reserve position that is on track to become deeply negative during current fiscal year following six years of operating deficits and significant cost overruns associated with a recent construction project. The district will likely be placed under Statutory Operating Debt (SOD) status because of the fiscal 2026 financial results, which places it under state oversight and requires it to submit to the Commissioner of Education a five-year budget plan to balance operations. The prior fiscal year also closed with nearly $900,000 in unpaid contractor invoices related to a recent construction project that have been outstanding well beyond the state's statutory payment period. Management is working through a plan to pay the invoices in full through a combination of about $200,000 in general fund reserves and about $650,000 in proceeds from a loan with a bank. The unassigned general fund balance was on track to increase to about $195,000 in fiscal 2026 from $170,000 in fiscal 2025. However, the construction fund closed fiscal 2025 with a negative balance of about $2 million and the fund will be merged with the general fund this year. After repaying a portion of the negative construction fund balance, merging the funds will bring the available general fund balance closer to negative $1 million or about -17% of revenue. The district has access to a line of credit of about $560,000 and is also considering issuing aid anticipation certificates to support cash flow. Several cost saving measures are being put into place to help restore fund balance, including switching to contracted bus services, improving processes for purchasing and overtime and shifting some general fund expenses to food services. The local economy is relatively limited and concentrated in agriculture, with a resident income ratio at about 100% and a very strong full value per capita of more than $700,000. Enrollment has been declining with three-year CAGR at -1.2%. Long-term liabilities and fixed costs are elevated at about 570% and nearly 40%. The Ba2 GOULT rating is at the same level as the Ba2 issuer rating based on the district's full faith and credit pledge and the authority to levy a dedicated property tax unlimited as to rate and amount. RATING OUTLOOK Moody's do not assign outlooks to local governments with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Consistent operational improvements that provide confidence the district's fund balance will return to a positive position -- A stable to growing enrollment trend while improving general fund reserves FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Fiscal 2026 financial performance that results in the available general fund balance declining below the current estimate of about 17%, or the inability to increase general fund reserves in fiscal 2027 -- The failure to receive the state's approval for a SOD plan that places the district on a path to balanced financial operations -- The inability to maintain a cash position sufficient to meet operating expenditures on a timely basis PROFILE Red Rock Central ISD 2884 encompasses more than 300 square miles about 150 miles southwest of the Twin Cites metropolitan area. The district serves a population of about 3,200 residents and provides K-12 education to about 400 students. METHODOLOGY The principal methodology used in these ratings was US K-12 Public School Districts published in December 2025. REGAL INVESTMENT: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Regal Investment Properties LLC 25665 Mulholland Hwy Calabasas, CA 91302 Chapter 11 Petition Date: March 10, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10496 Judge: Hon. Martin R Barash 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 E-mail: matt@rhmfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Justin James Aguilera as president. 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/JGYFVCA/Regal_Investment_Properties_LLC__cacbke-26-10496__0001.0.pdf?mcid=tGE4TAMA RENPRO LLC: Case Summary & 13 Unsecured Creditors ------------------------------------------------- Debtor: Renpro, LLC 1577 SR-49 Constantia, NY 13044 Business Description: Renpro, LLC is a real estate holding company that owns and operates a portfolio of residential properties across upstate New York, including Rochester, Auburn, and Syracuse. The company derives income from leasing single-family homes and small multifamily properties to residential tenants. Its assets are organized into multiple geographically grouped packages, reflecting a portfolio-based ownership structure focused on rental income and long-term asset appreciation. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Northern District of New York Case No.: 26-30189 Judge: Hon. Wendy A Kinsella Debtor's Counsel: Peter A. Orville, Esq. ORVILLE & MCDONALD LAW, P.C. 4100 Vestal Road, Suite 103 Vestal, NY 13850 Tel: 607-770-1007 Fax: 607-770-1110 Total Assets: $15,246,641 Total Liabilities: $14,375,197 The petition was signed by Ronald Starusnak as sole member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/C7OPZOA/Renpro_LLC__nynbke-26-30189__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 13 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Express Credit Card $12,850 P.O. Box 981537 El Paso, TX 79998 2. Cayuga County Real Property Unknown 60 Central Ave Room 131 Cortland, NY 13045 3. Fay Servicing Unknown PO Box 815548 Dallas, TX 75381 4. Frank Ciardi, Esq., $0 as Receiver 45 Exchange Blvd Suite 400 Rochester, NY 14614 5. Housemax Funding, LLC Unknown 3711 S Mopac Expy, Bldg. 2, Ste. 400 Austin, TX 78746 6. Lima One Capital, LLC Unknown 300 East McBee Ave., Ste. 200 Greenville, SC 29601 7. Monroe County Real Unknown Property Taxes 39 W. Main St. Rochester, NY 14614 8. Onondaga County Unknown Real Property 15th Flr - 421 Montgomery St. Syracuse, NY 13202 9. Oswego County Unknown Real Property 46 East Bridge Street Oswego, NY 13126 10. Pacific RBLF Unknown Funding Trust c/o Chartwell Law One Battery Park, Ste. 710 New York, NY 10004 11. Schaefer Holdings, LLC Unknown 524 W Riviera Dr. Tempe, AZ 85282 12. Tryon Street Unknown Acquisition Trust 300 South Tryon St., Ste. 2500 Charlotte, NC 28202 13. Wilmington Trust Company Unknown As Trustee for structured asset 1100 N Market Street Wilmington, DE 19890 RITE GUIDE: Hires Harris Law Practice LLC as Bankruptcy Counsel --------------------------------------------------------------- Rite Guide LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Harris Law Practice LLC as counsel. The firm will provide these services: (a) examine and prepare records and reports as required by the Bankruptcy Code, Federal Rules of bankruptcy Procedure and Local Bankruptcy Rules; (b) prepare applications and proposed orders to be submitted to the Court; (c) identify and prosecute claims and causes of action assertable by the Debtor on behalf of the estate; (d) examine proofs of claim anticipated to be filed and the possible prosecution of objections to certain claims; (e) advise the Debtor and prepare documents in connection with the contemplated ongoing operation of its business; (f) assist and advise the Debtor in performing other official functions as set forth in Section 521, et.seq., of the Bankruptcy Code; and (g) advise and prepare a plan of reorganization, and related documents and confirmation of said plan, as provided in Section 1121, et seq., of the Bankruptcy Code. The firm will be paid at these hourly rates: Stephen Harris, Attorney $650 Norma Guariglia, Attorney $550 Paraprofessionals $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition advance retainer of $4,000 from the Debtor. Mr. Harris disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen Harris, Esq. Harris Law Practice LLC 850 E. Patriot Blvd., Suite F Reno, NV 89511 Telephone: (775) 786-7600 Email: steve@harrislawreno.com About Rite Guide LLC Rite Guide LLC is a business services company that provides operational support and guidance solutions to its clients. The company focuses on managing internal processes and delivering consulting-style services within its market segment. Rite Guide LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50031) on January 14, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $100,001 to $1,000,000. The case is assigned to the Honorable Hilary L. Barnes. The Debtor is represented by Norma Guariglia, Esq., of Harris Law Practice LLC. ROCKY MOUNTAIN: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Montana issued a final order authorizing Rocky Mountain Sleep Disorders Center, Inc. to use cash collateral. Under the final order, the Debtor is authorized to use up to $126,000 per month in accordance with the approved cash flow projections while it works toward confirming a Chapter 11 reorganization plan. During the proceedings, the Debtor presented updated financial projections showing monthly gross income of about $125,250 and expenses of approximately $113,588, resulting in a projected net monthly cash flow of about $11,661. Testimony from the Debtor's president indicated that the business has roughly $274,000 in accounts receivable, though payments are often delayed due to typical insurance, Medicare, and Medicaid reimbursement timelines. To protect secured creditors, the court granted them replacement liens on the Debtor's accounts receivable to the extent their collateral may diminish from the Debtor's use of cash collateral. These replacement liens are valid and perfected without the need for additional filings, and they will remain in effect pending a final determination of the identity and value of secured claims. About Rocky Mountain Sleep Disorders Center Rocky Mountain Sleep Disorders Center, Inc. is a regional sleep medicine provider based in Montana that diagnoses and treats a broad range of sleep disorders through overnight and daytime polysomnography, titration studies, PAP-related procedures, and related testing services. Operating clinics in Great Falls, Butte, Bozeman and Kalispell, the center serves patients across a five-state region with comprehensive diagnostic, therapeutic and support services for conditions such as obstructive sleep apnea and narcolepsy. Rocky Mountain sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 26-40007) on January 14, 2026, with $1 million to $10 million in both assets and liabilities. Paul Schmook, president of Rocky Mountain, signed the petition. Judge Benjamin P. Hursh oversees the case. Zach B. Duhon, Esq., at Deschenes & Associates Law Offices represents the Debtor as bankruptcy counsel. ROLLING MEADOWS: Fitch Affirms 'BB+' IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed Rolling Meadows, TX's Issuer Default Rating (IDR) at 'BB+' and the rating on the Series 2021 revenue bonds issued by the New Hope Cultural Education Facilities Finance Corporation. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Rolling Meadows (TX) LT IDR BB+ Affirmed BB+ Rolling Meadows (TX) /General Revenues/1 LT LT BB+ Affirmed BB+ The 'BB+' affirmation reflects Rolling Meadow's relatively small revenue base and stagnant independent living (IL) census, balanced by a low leverage profile and favorable contract type that has historically enabled adept cost management. Due to its size, Rolling Meadows is sensitive to fluctuations in occupancy, which underscores the 'BB+' rating, despite a relatively resilient financial profile. The Stable Outlook reflects Fitch's expectation that management will maintain current occupancy levels and cost containment programs over the Outlook period. SECURITY The bonds are secured by a gross revenue pledge, a mortgage, and a debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bb' Soft, Albeit Stable, Occupancy in a Declining Market Rolling Meadows' demand profile is weak, primarily due to consistently weak independent living unit (ILU) occupancy. Fitch attributes the communities' stagnant ILU occupancy over the past several years to declining primary market area (PMA) population, moderate competition, and the trend of seniors aging in place within their residences. Rolling Meadows operates with a moderate amount of competition in its 50-mile PMA. Over the past few years, it has lost a significant portion of its short-term rehab referrals to competitors without much expectation for recovery in this business line. IL occupancy was 85% in 2025. Fitch expects ILU occupancy to remain in the low-to-mid 80% range. Material deterioration in occupancy will negatively pressure the rating as Rolling Meadows' revenue base is relatively small. Average household income is below state and national averages. As a rental facility, local real estate values are minimally relevant to Fitch's pricing characteristics assessment. Operating Risk - 'bbb' Favorable Cost Management Rolling Meadows has a history of strong cost management for type D contracts, with an average operating ratio of 89.7% and net operating margin (NOM) of 10.7% from 2021 through 2025. Favorably, Rolling Meadows offers a rental contract allowing management to increase rates and manage expenses across the continuum of care given the minimal health care liability. Rolling Meadows' has an elevated average age of plant and will likely need future capital spending to address its consistently soft demand profile and maintain the property. Rolling Meadows' capex has averaged about 147.8% of depreciation over the last five years. Capital related metrics are sound with debt-to-net available measuring 5.2x in 2025, indicating a moderate debt burden. MADS represented a favorably low 8.9% of 2025 revenues. Financial Profile - 'bb' Resilient Financial Profile At YE 2025, Rolling Meadows had cash-to-adjusted debt of 162.7% and MADS coverage of 2.4x. Given Rolling Meadows' weak revenue defensibility and midrange operating risk assessments key leverage metrics remain consistent with the rating level through a moderate stress in Fitch's forward-looking scenario analysis. As of YE 2025, Rolling Meadows had unrestricted cash and investments of approximately $19 million. Days cash on hand was strong at 762 days for the same period. Asymmetric Additional Risk Considerations No asymmetric risk considerations apply. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in liquidity such that cash to adjusted debt is sustained at less than 70%. - Deterioration in operating ratios to levels consistently sustained at or above 95%; - IL occupancy sustained below 75%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained liquidity growth such that cash to adjusted debt approaches 160%; - MADS coverage sustained at greater than 2.6x. PROFILE Rolling Meadows is a type D (rental) continuing care retirement community located in Wichita Falls, TX, approximately 130 miles northwest of the Dallas-Fort Worth metroplex. The Rolling Meadows 25.2-acre community includes 167 ILUs, 86 SNF beds, and 22 memory care units. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information 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. RTB HOSPITALITY: Hires The Bankruptcy Group P.C. as Attorney ------------------------------------------------------------ RTB Hospitality, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire The Bankruptcy Group, P.C. as its bankruptcy attorneys. The firm will render these services: a. provide legal advice to the Debtor with respect to its powers and duties as debtor in the continued management of its property; b. take all necessary action to protect and preserve the estate of Debtor; c. assist the Debtor in obtaining approval of disclosure statements and confirmation of its Chapter 11 plan of reorganization; d. prepare on behalf of Debtor the necessary applications, motions, answers, orders, reports and other legal papers; e. appear in Court and to protect the interests of Debtor before the Court; and f. perform all other legal services for Debtor that may be necessary and proper in this proceeding. The firm's current standard rates are: Stephan M. Brown, Esq. $525 per hour Legal Administrators $300 per hour Law Clerks and Paralegals $250 per hour Administrative Staff $160 per hour Bankruptcy Group will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephan Brown, a partner at The Bankruptcy Group, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Bankruptcy Group can be reached at: Stephan M. Brown, Esq. The Bankruptcy Group, P.C. 2408 Professional Drive Roseville, CA 95661 Tel: (800) 920-5351 Fax: (916) 242-8588 Email: ECF@thebklawoffice.com About RTB Hospitality, LLC RTB Hospitality, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-21226) on March 7, 2026. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities in the range of $100,001 - $1,000,000. The Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Stephan M. Brown, Esq., of The Bankruptcy Group, P.C. RUINS LLC: 63-Unit Multifamily Building Set for Bankruptcy Sale --------------------------------------------------------------- The Hilco Global real estate practice, in cooperation with NAI Sioux Falls, announces April 16, 2026, as the qualifying bid deadline for a 63-unit, newly constructed multifamily building in Watertown, South Dakota. The Chapter 7 bankruptcy sale is subject to approval by the United States Bankruptcy Court for the District of South Dakota, Fargo Division. The property, located at 315 E. Kemp Avenue, is a newly developed multifamily community approximately 90% complete. Designed with modern living in mind, the property will offer 63 residential units in a well-located area of Watertown, proximate to national and local restaurants, fitness centers, parks and other everyday amenities. The offering presents a compelling opportunity for investors to acquire a substantially completed asset, finish construction and deliver a new residential community to a growing regional market. Watertown serves as an economic hub for northeastern South Dakota with a diverse employment base spanning manufacturing, healthcare, education and financial services. Major employers in the region include Prairie Lakes Healthcare System, Terex Utilities, Worthington Industries and Premier Bankcard, along with the Watertown School District. The city supports more than 12,000 jobs across the region, with manufacturing representing a significant portion of the workforce. With a population of approximately 23,000 residents and continued investment from major employers, Watertown has demonstrated steady economic growth and sustained demand for quality housing. "This property represents a unique opportunity to acquire a nearly completed multifamily asset in a stable and growing Midwestern market," said Jonathan Cuticelli, director at Hilco Global. "With construction well advanced and strong local economic fundamentals supporting housing demand, investors have the ability to step in, complete the project and deliver much-needed residential inventory to the Watertown community." The sale is subject to Bankruptcy Court Approval of the United States Bankruptcy Court for the District of South Dakota, Fargo Division, Petition No. 25-30004. Bids must be received on or before the deadline of April 16, 2026, by 5:00 p.m. (CT) and must be submitted on the Purchase and Sale Agreement (PSA) document available for review and download from Hilco Real Estate Sale's website. Interested bidders should reach out directly for requirements to participate in the sale process. For further information, please contact Jonathan Cuticelli at (203) 561-8737 or jcuticelli@hilcoglobal.com. To obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors and more. Hilco Global provides a range of customized solutions to healthy, stressed and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. About The Ruins, LLC The Ruins, LLC is the fee simple owner of the property located at 315 E Kemp Avenue, Watertown, South Dakota 57201, which has an appraised value of $8.79 million. The Ruins, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.D. Case No. 25-30004) on January 6, 2025. In its petition, the Debtor reported $8,802,860 in total assets and $14,261,203 in total liabilities. Judge Shon Hastings oversees the case. The Debtor is represented by Maurice Verstandig, Esq., at The Dakota Bankruptcy Firm, in Fargo, North Dakota. RYDER HEALTHCARE: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Ryder Healthcare CT Note LLC 41 Mariner Way Monsey NY 10952 Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-22281 Judge: Hon. Sean H Lane Debtor's Counsel: Ted Mozes, Esq. TED MOZES PLLC 16 Gladwyne Court Spring Valley NY 10977 Tel: 845-362-6951 E-mail: tmozeslaw@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Goldstein as managing member. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DMZWZYA/RYDER_HEALTHCARE_CT_NOTE_LLC__nysbke-26-22281__0001.0.pdf?mcid=tGE4TAMA S & A INDUSTRIAL: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: S & A Industrial Contracting, Inc. 175 Memorial Drive Perryopolis, PA 15473 Business Description: S & A Industrial Contracting, Inc., based in Perryopolis, Pennsylvania, provides repair and maintenance services for commercial and industrial machinery and equipment. The company operates within the industrial services sector and serves customers that utilize crane and hoist systems, positioning it in the broader market for industrial equipment maintenance and support. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-20786 Debtor's Counsel: Michael Shiner, Esq. TUCKER ARENSBERG, P.C. Tel: 412-594-5586 1500 One PPG Place Pittsburgh, PA 15222 E-mail: mshiner@tuckerlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stephen Celesti as authorized representative of the Debtor. A full-text copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6KR5TSI/S__A_Industrial_Contracting_Inc__pawbke-26-20786__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6MEDT4I/S__A_Industrial_Contracting_Inc__pawbke-26-20786__0001.0.pdf?mcid=tGE4TAMA S&G HOSPITALITY: Court Extends Cash Collateral Access to April 30 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division issued an order granting S&G Hospitality, Inc. and its affiliated debtors another extension to use cash collateral. Under the order, the Debtors are authorized to use cash collateral through April 30 in accordance with a court-approved operating budget. The order requires that expenditures remain within specific limits, generally not exceeding 10% of each budgeted operating expense line item, with utilities permitted up to a 15% variance. The Debtors must also maintain existing debtor-in-possession bank accounts with U.S. Bank, N.A. and deposit all revenue, including credit-card receipts, into those accounts. Any modification to the approved budget requires prior consent from the secured creditor or approval by the court. The order provides adequate protection to purported secured creditors, including RSS COMM2015-PC1 – OH BL, LLC, the U.S. Small Business Administration, Itria Ventures, and Knight Capital. As protection, secured creditors will be granted administrative expense claims and replacement liens on the Debtors' pre-petition and post-petition collateral to cover any potential decline in collateral value during the bankruptcy case. However, the court noted that certain creditors may not be entitled to direct adequate protection payments because their liens likely had no value when the bankruptcy petition was filed. Additionally, the order imposes several reporting and operational requirements on the Debtors. They must provide monthly financial reports comparing actual receipts and expenditures to the approved budget, maintain insurance and taxes on collateral, and allow creditor representatives to inspect business records upon notice. The authorization to use cash collateral will terminate if specified termination events occur, such as dismissal or conversion of the Debtors' bankruptcy cases to Chapter 7, appointment of a trustee, violation of the order, or cessation of business operations. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Z5tPH from PacerMonitor.com. About S&G Hospitality Inc. S&G Hospitality, Inc. operates a series of hotels under national franchise systems in Central Ohio. S&G Hospitality filed Chapter 11 petition (Bankr. S.D. Ohio Case No. 23-52859) on August 18, 2023, listing up to $10 million in assets and up to $1 million in liabilities. Abijit Vasani, president of S&G Hospitality, signed the petition. Judge Mina Nami Khorrami oversees the case. The Debtor is represented by David Alan Beck, Esq. at Carpenter Lipps & Leland, LLP. SADDI LLC: Hires Valbridge Property as Real Estate Appraiser ------------------------------------------------------------ Saddi, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Valbridge Property Advisers as real estate appraiser. The firm will market and sell the Debtor's property located at 2660 E. York Street, Philadelphia, PA 19125. The firm will receive $5,000 as compensation with a $2,500 retainer. As disclosed in the court filings, Valbridge Property Advisers is a disinterested person as defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Richard Wolf Valbridge Property Advisers 900 W. Valley Road, Suite 503 Wayne, PA 19087 Telephone: (215) 545-1900 Facsimile: (215) 545-8548 Email: rwolf@valbridge.com About Saddi, LLC Saddi, LLC is a single-asset real estate company that owns one income-producing property. Saddi, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10034) on January 5, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Vijay Bhardwaj as managing member. Judge Derek J Baker presides over the case. Albert A. Ciardi, III, Esq. at CIARDI CIARDI & ASTIN represents the Debtor as counsel. SAKS GLOBAL: Hires Deloitte & Touche LLP as Independent Auditor --------------------------------------------------------------- Saks Global Enterprises LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Deloitte & Touche LLP as their independent auditor. Deloitte & Touche will provide independent audit services as follows: a. Saks Global Audit Engagement Letter. Pursuant to the terms and conditions set forth in the Saks Global Audit Engagement Letter, Deloitte & Touche will perform an audit in accordance with auditing standards generally accepted in the United States of America ("generally accepted auditing standards"). Deloitte & Touche will express an opinion on whether the Global Debtors' consolidated financial statements for the year ending January 31, 2026 are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the U.S. ("generally accepted accounting principles"). Further, Deloitte & Touche may provide audit services and conduct procedures associated with the base audit services described above that are beyond the scope of procedures that were anticipated to be performed at the time the Saks Global Audit Engagement Letter was signed (collectively, the "Out-of-Scope Services"). b. Saks Flagship Audit Engagement Letter. Pursuant to the terms and conditions set forth in the Saks Flagship Audit Engagement Letter, Deloitte & Touche will perform an audit in accordance with generally accepted auditing standards to express an opinion on whether the financial statements for the year ended February 1, 2026 are presented fairly, in all material respects, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. The firm will receive compensation as follows: a. Pursuant to the terms of the Saks Global Audit Engagement Letter, the firm will bill the Global Debtors for the base audit services: January 2026 $600,000 February 2026 $400,000 March 2026 $400,000 b. Pursuant to the Saks Global Audit Engagement Letter, Deloitte & Touche and the Global Debtors agree that Deloitte & Touche will charge hourly rates for the Out-of-Scope Services, as follows: Partner/Principal/ Managing Director $1,600 to $2,200 Senior Manager $650 to $850 Manager $500 to $700 Senior $400 to $650 Staff $280 to $550 c. Pursuant to the terms of the Saks Flagship Tax Advisory Engagement Letter, Deloitte & Touche will bill the Global Debtors a fixed fee of $33,800 for the base audit services. Jonathan Rothman, a partner of the firm of Deloitte & Touche LLP, disclosed that the firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Jonathan S. Rothman Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY, 10112 Phone: (212) 492-4000 Email: jrothman@deloitte.com About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, NA, is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Cole Schotz, PC as counsel. SANTA PAULA HAY: Hires Century 21 Masters as Real Estate Broker --------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Century 21 Masters as real estate broker. The firm will market and sell the Debtor's properties commonly known as 120 South Ojai Street, Santa Paula, California and 125 South 10th Street, Santa Paula, California. The broker will receive a commission in an amount equal to 2.5 percent of the total purchase price for any of the properties sold. As disclosed in the court filings, Century 21 Masters does not hold or represent an interest adverse to the bankruptcy estate and is disinterested within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Cynthia C. Aguilar Century 21 Masters 744 E Main Street Santa Paula, CA 93060 Phone: (805) 256-5088 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SANTA PAULA HAY: Hires Curt Kopetsky as Motor Vehicle Appraiser --------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Curt Kopetsky Appraisals as motor vehicle appraiser. Among the assets of this bankruptcy proceeding are approximately 40 motor vehicles. The Debtor requires the assistance of the appraiser in order to value the vehicles in order to propose a plan of reorganization. The appraiser shall be paid as follows: Expert witness testimony and court ti $250 per hour (with a 4 hour minimum) Research time $150 per hour Deposition $950 (flat fee) Travel Time $150 per hour plus expenses Full day of travel $1,000 Due to the number of vehicles to be appraised, the appraiser has agreed to waive all travel, overnight, and expense fees related to the appraisal of the Vehicles and to charge a flat rate of $350 per vehicle. As disclosed in the court filings, Curt Kopetsky Appraisals is a disinterested person as defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Curt Kopetsky Curt Kopetsky Appraisals 3110 S. Olive St. Santa Ana, CA 92707 Phone: (714) 585-0960 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SANTA PAULA HAY: Hires Evans Appraisal as Real Estate Appraiser --------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Evans Appraisal Service, Inc. as real estate appraiser. The firm will value these real properties in order to propose a plan of reorganization at these fixed rates: Upper Ojai $5,000 Maricopa $5,000 Cummings Ranch $5,000 606 Sespe $5,000 Piru $5,000 Bardsale $5,000 Balcom $5,000 Packinghouse $12,000 LA Avenue $5,000 Valestrino $5,500 Hampton Ranch $5,500 Sandrini $5,000 116/120 Rental Houses $5,000 Cummings House $5,000 Feedstore $5,000 As disclosed in the court filings, Evans Appraisal Service, Inc. is a disinterested person as defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Michael H. Evans Evans Appraisal Service, Inc. 479 E. Avenue Chico, CA 95926 Phone: (503) 895-1212 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SANTA PAULA HAY: Seeks to Hire Buxman Group as Real Estate Broker ----------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Buxman Group as real estate broker. The firm will market and sell the Debtor's property known as Comanche Ranch located in Edison City, Kern, California 93220. The broker will receive a commission in an amount equal to 5 percent of the total purchase price. As disclosed in the court filings, Buxman Group does not hold or represent an interest adverse to the bankruptcy estate and is disinterested within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Carl J. Buxman The Buxman Group 10425 S. Kings River Rd. Reedley, CA 93654 Phone: (559) 318-0818 Email: cbuxman@sunnycalag.com About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SANTA PAULA HAY: Taps Ball & Yorke/Weilbacher as Special Counsel ---------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Ball & Yorke and Weilbacher & Weilbacher APC as special legal litigation counsel. The firms will advise, consult, and prosecute two pending lawsuit against Southern California Edison seeking monetary compensation for fire damage done to agricultural real property by the Thomas Fire. The Litigation consists of the cases of: (1) Ofelia Guzman v. Southern California Edison Company and Edison International, styled Case Number 19STCV00444, pending in the Superior Court of California, Los Angeles County is set for trial on July 20, 2026; (2) Guadalupe Guzman v. Southern California Edison Company and Edison International, styled Case Number 19STCV00444 pending in the Superior Court of California, Los Angeles County, which is waiting for a trial date to be set, which is anticipated to be set for January 19, 2027. The special counsel will receive compensation through a contingent fee of 30% of the gross amounts paid on account of the claims advanced in the Litigation plus 40% of any amounts paid as punitive damages. Ball & Yorke and Weilbacher & Weilbacher APC are disinterested persons within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firms can be reached through: Alan R. Ball, Esq. Ball & Yorke 1001 Partridge Dr., Suite 330 Ventura, CA 93003 Telephone: (805) 642-5177 - and - William Weilbacher, Esq. Weilbacher & Weilbacher APC 1280 Victoria Avenue, Suite 270 Ventura, CA 93003 Telephone: (805) 485-4575 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SCENIC CITY: Gets Extension to Access Cash Collateral ----------------------------------------------------- Scenic City Boot Camp, LLC and Kevin and Kristen Harvey received fifth interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Southern Division, to use cash collateral through April 2. Subject to the carveout for U.S. Trustee quarterly fees, the Debtors were authorized to continue using cash collateral to pay the items listed in the budget and professional fees and expenses (subject to separate court approval). Disbursements exceeding 25% of budgeted amounts require approval by the court or the U.S. Small Business Administration. As adequate protection for the Debtors' use of its cash collateral, SBA will be granted replacement liens on assets similar to its pre-bankruptcy collateral. These replacement liens will have the same validity and priority as the secured creditor's pre-bankruptcy lien. SBA asserts a lien on the Debtors' assets including cash collateral based on a UCC financing statement recorded in 2020. A final hearing is scheduled for April 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/AjJj6 from PacerMonitor.com. About Scenic City Boot Camp LLC Scenic City Boot Camp, LLC filed Chapter 11 petition (Bankr. E.D. Tenn. Case No. 25-10863) on April 4, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Kevin Harvey, president of Scenic City Boot Camp, signed the petition. Judge Nicholas W. Whittenburg oversees the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law, represents the Debtor as bankruptcy counsel. SCILEX HOLDING: Files $100MM Fraud Suit Over Pledged Securities --------------------------------------------------------------- Scilex Holding Company disclosed in a regulatory filing that it filed a complaint against Marc Wade, The St. James Bank & Trust Company Ltd., Omega & Corinth Group Ltd., certain affiliates thereof, and Bank of New York Mellon Corporation in the United States District Court for the Central District of California. The complaint asserts five causes of action: (1) federal securities fraud (against all defendants); (2) state securities fraud (against the Wade Defendants); (3) fraudulent inducement (against the Wade Defendants); (4) unlawful conversion (against all defendants); and (5) negligence (against BNY). The Complaint alleges a scheme involving the unauthorized transfer and sale of approximately 96 million Datavault AI, Inc. common shares that were pledged as collateral in a stock loan transaction. The lawsuit also names The Bank of New York Mellon Corporation for its alleged role in opening and administering brokerage accounts through which the Pledged DVLT Shares were allegedly improperly transferred and traded. Scilex is seeking recovery of the Pledged DVLT Shares, compensatory damages exceeding $100 million, punitive damages, disgorgement of profits, and other relief. Allegations of Unauthorized Sale of Collateral Securities According to the Complaint, in late 2025 Scilex entered into a stock loan agreement with St. James Bank (the "Loan Agreement"), pursuant to which Scilex pledged Datavault shares as collateral. Under the Loan Agreement, the pledged securities were to be held as collateral and were not authorized to be sold or otherwise disposed of unless certain contractual conditions occurred. Approximately 96 million shares of Datavault stock were transferred as collateral under the Loan Agreement. The Complaint further alleges that, rather than safeguarding the Pledged DVLT Shares, the Wade Defendants transferred the shares into brokerage accounts at BNY Mellon and systematically sold them into the public market without authorization, using the proceeds to fund the loan and generate profits. St. James Bank's Representations, Trading Activity, and Market Impact The Complaint further alleges that St. James Bank repeatedly and falsely represented to Scilex that the Pledged DVLT Shares had not been transferred or sold. But as the Complaint alleges, Scilex learned that the Pledged DVLT Shares were transferred into brokerage accounts which Scilex had never opened or authorized at BNY Mellon and subsequently sold. The Complaint also alleges that the large volume of trading activity involving the Pledged DVLT Shares significantly impacted the market price of DVLT shares, causing substantial financial harm to the Company. Litigation and Recovery Efforts The Complaint asserts claims under Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, along with claims for state law securities fraud, fraud, conversion, and negligence. Scilex is seeking: * Recovery of the 96 million Pledged DVLT shares or the full value of such shares * Compensatory damages exceeding $100 million * Punitive damages * Disgorgement of profits derived from the alleged scheme * Attorneys' fees and costs * Other relief as deemed appropriate by the court Marc Kasowitz, Scilex's lead lawyer, says, "as the Complaint alleges, this is an egregious conspiracy to defraud Scilex out of tens of millions of dollars' worth of securities. By this action, Scilex intends to hold the Wade Defendants responsible for the full extent of their alleged illegal activities, as well as BNY Mellon for allegedly opening and administering brokerage accounts through which the securities were sold without Scilex's authorization." The Company intends to pursue all available remedies to recover the misappropriated securities and hold the responsible parties accountable. A full text copy of the Complaint is available at https://tinyurl.com/yvu6fjw2 About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, Scilex Holding had $275.9 million in total assets, $455.6 million in total liabilities, and a total stockholders' deficit of $179.7 million. SEAL ROCK: Claims to be Paid from Income & Capital Contributions ---------------------------------------------------------------- Seal Rock Property LLC filed with the U.S. Bankruptcy Court for the Eastern District of California a Disclosure Statement describing Plan of Reorganization dated March 11, 2026. The Debtor is a California limited liability company formed to own and manage the property located at: 103 Seal Rock Ranch, The Sea Ranch, CA 95497 ("Property"). The Debtor has no employees and no business operations other than ownership and maintenance of the Property. The Debtor is 100% owned by Azita Alizadeh, who holds the equity interest. A foreclosure sale was imminent. To preserve the Property and reorganize its obligations, the Debtor filed this Chapter 11 case. The Plan is feasible due to the Property's substantial equity and the Debtor's ability to fund payments through contributions and property-related income. Class 4 consists of General Unsecured Claims of Insurance and HOA Dues. Put the HOA into escrow each month with US Bank. Pay monthly insurance bill. This Class is impaired. Class 5 consists of Equity Interests (Azita Alizadeh). Equity holder retains ownership of Seal Rock Property LLC. No distribution until all senior classes are paid. Plan payments will be funded through: * Property-related income * Capital contributions from the equity holder * Potential refinance after stabilization * Cash reserves The Debtor projects sufficient cash flow and capital support to meet these obligations. A full-text copy of the Disclosure Statement dated March 11, 2026 is available at https://urlcurt.com/u?l=GT0FSh from PacerMonitor.com at no charge. Counsel to the Debtor: Cyrus Zal, Esq. Law Office Of Cyrus Zal 102 Mainsail Ct. Folsom, CA 95630 Tel: (916) 985-3576 Fax: (916) 526-1670 Email: czal47@comcast.net About Seal Rock Property LLC Seal Rock Property LLC is a single-asset real estate entity that owns a property at 103 Seal Rock Reach within The Sea Ranch, California 95497, operating in the real estate sector. Seal Rock Property LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-27068) on December 16, 2025. In its petition, the Debtor reports estimated assets of $1 million $10 million and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Cyrus Zal, Esq. of Cyrus Zal, A Professional Corporation. SECOND STREET: Court Extends Cash Collateral Access to Mar. 30 -------------------------------------------------------------- Second Street Sandwiches, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of Missouri to use cash collateral. The court issued a fourth interim order extending the Debtor's authority to use cash collateral from February 25 to March 30 in accordance with an approved budget. The Debtor's secured creditors are Midwest Regional Bank and the U.S. Small Business Administration, which hold perfected liens on substantially all business assets. Midwest is owed approximately $2.41 million as of the petition date and holds first-priority liens on both real property and business assets while the SBA holds a $150,000 secured claim subordinate to Midwest's. As adequate protection, the Debtor must make post-petition interest payments of $20,000 to Midwest and $731 to SBA. The Debtor must also provide bi-weekly cash flow reports, maintain insurance naming both secured creditors as additional insureds, and continue performing its obligations under the pre-bankruptcy loan documents. As additional protection, both creditors will be granted replacement liens on post-petition collateral, with the same priority as their pre-bankruptcy liens, excluding Chapter 5 avoidance actions. Events of default that would terminate the Debtor's authority to use cash collateral include violation of the fourth interim order and the entry of an order dismissing or converting the Debtor's Chapter 11 case; granting Midwest and the SBA relief from the automatic stay; terminating the third interim order; appointing a trustee or examiner; and reversing, staying, vacating or otherwise modifying the terms of the third interim order.. A further hearing is scheduled for March 30. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0ebu3 from PacerMonitor.com. Midwest Regional Bank is represented by: Paul C. Hamill, Esq. Hockensmith McKinnis Hamill, P.C. 12801 Flushing Meadow Drive, Suite 101 St. Louis, MO 63131 (314) 965-2255 Hamill@hmhpc.com About Second Street Sandwiches Inc. Second Street Sandwiches, Inc. doing business as Rooster, operates a food service establishment at 3150 S. Grand Blvd. Saint Louis, Missouri, serving sandwiches, brunch, local coffee, craft beer, and cocktails. Second Street Sandwiches sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-44600) on November 25, 2025, listing up to $10 million in assets and liabilities. David Bailey, president of Second Street Sandwiches, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. SEIC HOLDINGS: Seeks to Hire World Impact as Real Estate Broker --------------------------------------------------------------- SEIC Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire World Impact Real Estate as real estate broker. The firm will market and sell the Debtor's property located in Orange Beach, Alabama. The firm will receive a commission equal to 5.5% of the gross sales price of the property. World Impact Real Estate is a "disinterested person" person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Carleen Hutto World Impact Real Estate 4776 Main St. L202 Phone: (251) 504-6808 Email: everythingsbeachy01@gmail.com About SEIC Holdings, LLC SEIC Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-81609) on December 17, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Bess M Parrish Creswell presides over the case. Anthony B. Bush, Esq. at The Bush Law Firm, LLC represents the Debtor as counsel. SELECT REHABILITATION: Commonwealth Marks $13.1MM Loan at 47% Off ----------------------------------------------------------------- Commonwealth Credit Partners BDC I, Inc. has marked its $13,191,000 loan extended to Select Rehabilitation, LLC to market at $6,965,000 or 52.8% 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 B extended to Select Rehabilitation, LLC. The Loan accrues interest at a rate of 7.50% PIK and 7.50% cash per annum. The Loan matures on Dec. 29, 2028. 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 Select Rehabilitation, LLC Select Rehabilitation, LLC is a provider of rehabilitative therapy services. SIERRA COMPOUNDING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Sierra Compounding, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The court authorized the Debtor to use cash collateral to fund operations in accordance with its budget from March 19 until entry of a final order. To ensure that secured creditors are adequately protected during the Debtor's use of cash collateral, the Debtor offers several forms of protection. First, the Debtor argues that the continued operation of the pharmacy as a going concern benefits secured creditors by preserving the value of the business and improving the likelihood that they will recover on their claims. Second, the Debtor offers granting replacement liens to the secured creditors on the same categories of assets that previously served as collateral, with the same priority and validity as their prepetition liens. These replacement liens would be limited to the value of the collateral that existed at the time of the bankruptcy filing. Additionally, the Debtor offers making a monthly adequate protection payment of $3,850 to First Financial Bank, which holds the first-priority lien on the Debtor's assets. The Debtor argues that this payment, combined with replacement liens and the preservation of the business's going-concern value, provides sufficient protection against any potential decrease in the value of the lender's collateral. The final hearing is set for April 14. The deadline for filing objections is on April 7. The order is available at https://is.gd/PDGNpD from PacerMonitor.com. The Debtor was formed in July 2019 to operate a compounding pharmacy in Sierra Vista, Arizona. The business provides customized compounded medications, medication delivery services, vaccinations, and hormone replacement therapy consultations. The pharmacy operates from its location on East Fry Road and employs approximately twelve employees, including the sole member and manager, Elizabeth Davie. Most employees are paid hourly wages. According to the Debtor's filing, several creditors may assert security interests in the Debtor's assets and cash collateral. Based on a review of UCC financing statements filed with the Arizona Secretary of State, the Debtor identified nine creditors that potentially hold liens on its assets. These include First Financial Bank, McKesson Corporation, the U.S. Small Business Administration, Secured Lender Solutions, CT Corporation, Global Merchant Cash Solutions, Apollo Funding Co., Prosperity Funding, LLC, and Holly Funding, LLC. Among them, the Debtor believes that First Financial Bank holds the first-priority blanket lien on substantially all of the Debtor's assets, and that the total value of the Debtor's assets is significantly less than the outstanding balance owed to that lender. The Debtor also notes that it may have additional merchant cash advance loans from other lenders, although it is unclear whether financing statements were filed for those obligations. The Debtor filed the Chapter 11 case in order to restructure its financial obligations and continue operating its pharmacy business, with the goal of maximizing recovery for creditors. The Debtor intends to communicate with First Financial Bank to attempt to reach a consensual agreement regarding the continued use of cash collateral after the interim period. However, the Debtor asserts that it cannot continue operating the business without immediate authorization to use cash collateral. At the time of filing, the Debtor had only about $14,215 in cash in its bank account, which is subject to the asserted security interests of the secured creditors. About Sierra Compounding, LLC Sierra Compounding, LLC operates a compounding pharmacy in Sierra Vista, Arizona. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 4:26-bk-02156-BMW) on March 9, 2026. In the petition signed by Elizabeth Davie, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Brenda Moody Whinery oversees the case. Patrick Keery, Esq., at Keery McCue, PLLC, represents the Debtor as legal counsel. SIERRA COMPOUNDING: Hires Keery McCue PLLC as Bankruptcy Counsel ---------------------------------------------------------------- Sierra Compounding, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Keery McCue, PLLC as bankruptcy counsel. The firm's services include: (a) prepare pleadings and applications; (b) conduct examinations incidental to administration; (c) advise the Debtor of its rights, duties, and obligations under Chapter 11 of the Bankruptcy Code; (d) take any and all other necessary action incident to the proper preservation and administration of this Chapter 11 estate; and (e) advise the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and concerning any and all matters relating thereto. The firm's hourly rates range from $165 to $550. Martin McCue, Esq., an attorney at Keery McCue, 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: Martin J. McCue, Esq. Keery McCue, PLLC 6803 East Main Street, Suite 1116 Scottsdale, AZ 85251 Telephone: (480) 478-0709 Facsimile: (480) 478-0787 Email: mjm@keerymccue.com About Sierra Compounding, LLC Sierra Compounding, LLC is a Sierra Vista, Arizona-based pharmacy specializing in prescription compounding. Sierra Compounding, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-02156) on March 9, 2026, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Elizabeth Davie as owner. Judge Brenda Moody Whinery presides over the case. Patrick Keery, Esq. at KEERY MCCUE, PLLC serves as the Debtor's counsel. SOUTHERN TIRE: Hearing Today on Bid to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division is set to hold a hearing today to consider extending Southern Tire and Fleet Service, LLC's authority to use cash collateral. The Debtor was previously allowed to access cash collateral under the court's interim orders entered on Feb. 24 and January 20. Under the interim orders, the Debtor was permitted to use cash collateral to pay expenses authorized by the court, including payments to the Subchapter V trustee as well as other necessary operating expenses listed in its approved budget. The interim orders granted secured lenders post-petition replacement liens on the Debtor's cash collateral, with the same validity, priority, and extent as their pre-petition liens. Southern Tire and Fleet Service owes $997,300 to six pre-petition lenders -- U.S. Small Business Administration, Bizfund, Essentia Funding, Fox Funding Group, LLC, and Parkside Funding Group -- which claim liens or rights over its cash, receivables, and other assets. About Southern Tire and Fleet Service Southern Tire and Fleet Service, LLC, a company in Jacksonville, Florida, provides tire sales and services, emergency roadside assistance, and fleet maintenance for trucks and trailers, including tire repair, brake services, hubs, and wheel seals. Southern Tire and Fleet Service filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04762) on December 23, 2025, with $256,751 in assets and $1,160,257 in liabilities. Jason Cobb, member, signed the petition. Judge Jason A. Burgess oversees the case. The Debtor tapped Thomas Adam, Esq., at Adam Law Group, PA as counsel and William G. Haeberle, CPA, PLLC as accountant. SP EA HOLDINGS: Stellus Capital Marks $76,245 Loan at 82% Off ------------------------------------------------------------- Stellus Capital Investment Corp has marked its $76,245 loan issued by SP EA Holdings LLC to market at $13,724 or 18% of the outstanding amount, according to Stellus Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Stellus Capital Investment Corp is a participant in an unsecured loan extended to SP EA Holdings LLC. The loan accrues interest at a rate of 15.00% / 15.00% per annum. The Bond matures on Jan. 31, 2026. Stellus Capital Investment Corp is a business development company that primarily provides financing solutions to middle-market companies. The Fund is led by Robert T. Ladd as Chief Executive Officer, President and Chairman of the Board of Directors and W. Todd Huskinson as Chief Financial Officer, Chief Compliance Officer and Secretary (Principal Accounting and Financial Officer). The Fund can be reached at: Robert T. Ladd Stellus Capital Investment Corp 4400 Post Oak Parkway, Suite 2200 Houston, TX 77027 Telephone: (713) 292-5400 About SP EA Holdings LLC SP EA Holdings LLC is a corporate borrower that has issued an unsecured term loan at a high coupon rate, indicating a highly leveraged or distressed credit profile. SPIN HOLDCO: Cion Investment Marks $11.8MM Loan at 18% Off ---------------------------------------------------------- Cion Investment Corp has marked its $11,870,000 loan extended to Spin Holdco Inc. to market at $9,778,000 or 82% 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 loan extended to Spin Holdco Inc. The loan accrues interest at a rate of S+ 400, 0.75% SOFR Floor per annum. The loan matures on March 4, 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 Spin Holdco Inc. Spin Holdco Inc. provides laundry solutions. The Company offers residential and commercial laundry solutions, as well as tire inflation and vacuum vending services at convenience stores and gas stations. Spin Holdco serves clients in North America and Europe. SPINAL USA: Cion Investment Marks $1.7MM Loan at 59% Off -------------------------------------------------------- Cion Investment Corp has marked its $1,774,000 loan extended to Spinal USA, Inc. / Precision Medical Inc. to market at $723,000 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 Investment Marks $19MM 1L Loan at 59% Off ---------------------------------------------------------- Cion Investment Corp has marked its $19,965,000 loan extended to Spinal USA, Inc./Precision Medical Inc. to market at $8,136,000 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. STARCOMPLIANCE MIDCO: Monroe Capital Marks $450,000 Loan at 61% Off ------------------------------------------------------------------- Monroe Capital Enhanced Corporate Lending Fund has marked its $450,000 loan extended to StarCompliance MidCo, LLC to market at $176,000 or 39% 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 Senior Secured loan extended to StarCompliance MidCo, LLC. The Loan accrues interest at a rate of SF 5.85% 9.52% per annum. The Loan matures on Jan. 12, 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 StarCompliance MidCo, LLC StarCompliance MidCo, LLC is likely a holding company for a regulatory technology business providing software solutions to help financial institutions manage and monitor compliance obligations. STONEX GROUP: Moody's Affirms 'Ba3' Issuer & Secured Notes Ratings ------------------------------------------------------------------ Moody's Ratings affirmed the Ba3 long-term issuer and senior secured notes ratings of StoneX Group Inc. (StoneX). The outlook remains stable. RATINGS RATIONALE The rating affirmation reflects StoneX's franchises in a range of specialized financial services functions, including commercial hedging and risk management advisory, commodities trading, clearing and execution, securities market making and global payments. The firm's credit profile benefits from its diversified business mix, consistent earnings generation, and favorable regulatory and market trends. The ratings are constrained by Moody's views that StoneX management's strong focus on growth introduces creditor risks as the firm has expanded the geographic scale and scope of its operations – organically and through acquisition. Importantly, StoneX manages and controls its market and credit risk through a comprehensive set of internal risk limits. Nevertheless, the increasing volume of StoneX's transactions potentially exposes it to an elevated level of operational and counterparty risks that could result in unexpected losses in the event of a risk management failure. StoneX's 2025 acquisition of R.J. O'Brien (RJO) was StoneX's largest transaction to date and expanded StoneX's capabilities especially in exchange-traded derivatives. StoneX is on track to realize $50 million of expense and $50 million of capital synergies from the RJO acquisition. StoneX also incurred $650 million of incremental debt to acquire RJO and the acquisition has contributed to balance sheet expansion and led to increases in balance sheet leverage and double leverage. From fiscal year-end 2024 to 2025, balance sheet leverage (measured by Tangible Assets over Tangible Common Equity) grew from 16.8x to 27.1x and double leverage (measured by Investment in Subsidiaries over Parent Company Equity) increased to 1.5x from 1.3X. StoneX's outlook is stable, reflecting Moody's expectations that the firm will continue to generate diversified net operating revenue while maintaining solid liquidity and a conservative approach to risk management. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS -- Structural improvements in StoneX's liquidity profile as well as achievement of RJO expense and capital synergies and a reduction in holding company double leverage below 1.3X could lead to an upgrade. -- StoneX's ratings could be downgraded were there to be a decline in its liquidity profile of its operating entities or its holding company. Additionally, evidence that management oversight, controls and risk management are not keeping pace with growth could contribute to downward rating pressure. -- A change in financial policy further towards shareholder interests via dividend payments or more share repurchases that slows the growth in retained capital could also result in a downgrade. The principal methodology used in these ratings was Securities Industry Market Makers published in June 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. STRUNZ MILK: Unsecureds to be Paid in Full over 10 Years -------------------------------------------------------- Strunz Milk Transport LLC filed with the U.S. Bankruptcy Court for the Western District of Wisconsin a Disclosure Statement describing Plan of Reorganization dated March 12, 2026. The Debtor is in the food product transport business and transports milk, whey, oat base, soymilk, proteins, permeate, and whey cream products to customers in the Midwest and the east coast. Strunz Transport originated in 1997 when Theodore J. Strunz ("Strunz") purchased the business, then known as Hoerler Transport, from Willis Hoerler. Over the years, Strunz expanded the business to its current operations, and incorporated the Debtor as a Wisconsin Limited Liability Corporation in 2007. The Debtor continues to recover operationally from COVID and its future prospects are strong. Directly after the pandemic, the Debtor had a difficult time hiring experienced drivers. At the time, the Debtor was servicing 12 to 14 farms doing milk pickup. The Debtor's staffing gaps and inexperience caused problems for Strunz, including vehicle accidents, including the Personal Injury Lawsuit, and hikes in its insurance premiums. In 2023, these increased costs lead to Strunz falling behind on its obligations to Brodhead. During this time, Strunz Transport obtained operating loans from the Willis and Doris Hoerler Trust u/a/d/ 10/15/2007 ("Hoerler Trust"), whose trustee is Hoerler, which loans were instrumental in keeping Strunz Transport afloat and in business during its lean year. The need for and urgency of the bankruptcy filing was precipitated by the breakdown of discussions with Brodhead regarding the servicing of the Prepetition Brodhead Indebtedness. Strunz Transport filed this Case to forestall the Bank of Brodhead Litigation and to use the tools provided by the Bankruptcy Code to reorganize its business. Strunz Transport believes that, with a reorganization of its debts, it will continue to operate successfully, provide good paying jobs and be an asset to the customers and communities it serves. Class 6 consists of all allowed General Unsecured Claims, representing primarily trade debt of the Debtor, and the claim of the Hoerler Trust and the Unsecured General Claim of the IRS, which totals approximately $1,588,305.32 according to claims scheduled as undisputed, non-contingent and liquidated, and filed proofs of claim. The claimants in Class 6 are impaired, and entitled to vote to accept or reject the Plan. General unsecured claimants shall be paid in full at fixed interest rate of 3% per annum, amortized over a term of ten years, in quarterly payments of $46,010.37, with the first payment to be paid on the 21st day of the month following the end of the first full quarter following the Effective Date, and paid on the 21st day of the month following the end of each quarter thereafter. The general unsecured claimants shall share pro rata in the quarterly distributions. The return to unsecured creditors if Debtor's assets were liquidated is difficult to determine; however, due to the perfected pre-petition liens of the Debtor's secured creditors, the amount of the priority unsecured claim of the IRS, and the anticipated costs of liquidation and the depressed prices usually obtained under forced-sale circumstances, general unsecured creditors would likely NOT receive any distribution in a liquidation scenario. However, as provided herein, unsecured claimants shall be paid in full over a period of ten years. All equity interest holders of the Debtor shall receive new equity interests in the reorganized Debtor equivalent to the interests they held in the Debtor at the Petition Date, and are unimpaired and presumed conclusively to have accepted the Plan, in accordance with Bankruptcy Code Section 1126(f). To effectuate the proposed Plan, Strunz Transport shall continue its operations and utilize other income from its operations, and cash on hand on the Effective Date to make all Effective Date payments, and will continue thereafter to utilize profits, revenues, and income from its operations to fund the post Effective Date obligations of its proposed Plan. A full-text copy of the Disclosure Statement dated March 12, 2026 is available at https://urlcurt.com/u?l=ZrOGnU from PacerMonitor.com at no charge. The Debtor's Counsel: Eliza M. Reyes, Esq. Claire Ann Richman, Esq. RICHMAN & RICHMAN LLC 122 W. Washington Avenue Suite 850 Madison, WI 53703-2732 Tel: 608-630-8990 Email: ereyes@randr.law About Strunz Milk Transport LLC Strunz Milk Transport, LLC is a milk transportation company headquartered in Brodhead, Wisconsin. Strunz sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12481) on November 12, 2025. In its petition, the Debtor listed between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Thomas M. Lynch handles the case. The Debtor is represented by Eliza M. Reyes, Esq., at Richman & Richman, LLC. SUNNYCOVE CAPITAL: Seeks to Hire Fuller Law Firm PC as Attorney --------------------------------------------------------------- Sunnycove Capital, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern 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 $14,998, 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 Sunnycove Capital, Inc. Sunnycove Capital, Inc. is a California-based investment and financial services company engaged in managing capital assets and related investment activities. Sunnycove Capital, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20737) on February 12, 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 Christopher M. Klein handles the case. The Debtor is represented by Lars Fuller, Esq., of The Fuller Law Firm PC. SWORD PURCHASER: S&P Assigns 'B+' ICR on Leveraged Buyout by CD&R ----------------------------------------------------------------- S&P Global Ratings assigned a 'B+' issuer credit rating to newly formed Sword Purchaser LLC, which will be the parent company of North Carolina-based food and protective packaging solutions provider Sealed Air Corp. S&P also assigned a 'B+' issue-level rating to the proposed senior secured debt, with a '3' recovery rating, and a 'B' issue-level rating to the proposed senior unsecured debt, with a '5' recovery rating. S&P said, "The stable outlook reflects our forecast that S&P Global Ratings-adjusted leverage will increase to about 7x following the acquisition by CD&R. We expect leverage will remain high, at above 6x, through 2027. "We believe Sword Purchaser will maintain high leverage given its financial sponsor ownership. Our forecast assumes S&P Global Ratings-adjusted leverage will increase to about 7x in 2026. Although we expect leverage will improve in 2027 due to the company's solid profit margins and cash flow, we expect it will remain high through the forecast period. We anticipate the CD&R acquisition will close in the coming months, subject to regulatory approvals. Typical of most financial sponsor-owned companies, we assume it will prioritize strategic growth or shareholder distributions over a meaningful reduction in leverage. The lower issuer credit rating on Sword Purchaser, compared to our previous 'BB+' rating on Sealed Air, is primarily a result of the financial sponsor ownership, the resulting increase in debt leverage, and our expectations for a more aggressive financial policy. "We forecast gradual EBTIDA margin expansion as a result of the company's transformation efforts and cost actions. During 2025, Sealed Air continued executing on its turnaround efforts in its Protective business. These efforts included minimizing customer churn, addressing its fiber offerings, and rebuilding its overall go-to-market strategy. Going forward, the company plans to accelerate these initiatives across its other regions, including EMEA and APAC, and we expect improved execution and productivity to mitigate the potential for further market weakness." Within its Food business, the company is focused on improving its cost structure as well as shifting more into retail and foodservice. These end markets allow for higher growth rates and provide the company the opportunity to take market share. Expansion into these markets will also reduce volatility from its exposure to U.S. beef slaughter rates, which have suffered from steep declines in recent years, within its industrial food processing markets. S&P expects the combination of these actions to support earnings growth despite ongoing market pressures and soft demand. Sword Purchaser benefits from leading positions in both its Food and Protective businesses, global scale, broad end-market exposure, and differentiated product and service offerings. S&P believes these competitive strengths enable the company to generate solid profit margins and robust cash flows. Sword Purchaser maintains leading positions in the highly fragmented flexible food and protective packaging markets. Within its Food segment, it manufactures packaging materials and automated equipment solutions to enhance food safety, extend shelf life, and reduce food waste. S&P said, "In our view, the segment is supported by recession-resilient demand for animal-based protein. We also believe there are modest barriers to entry in this market because of the stringent regulations governing food safety standards, as well as the company's expansive network of packaging systems, which are fully integrated into customers' production processes." Its Protective segment serves several end markets including e-commerce, retail, pharmaceutical and medical devices, and industrial manufacturing. S&P said, "We believe competition is high and pricing power is low due to the number of direct competitors and alternatives packaging solutions that offer similar value-add functions (void fill, cushioning). We also view this segment as more cyclical when compared with its Food segment." S&P said, "The stable outlook reflects our forecast that S&P Global Ratings-adjusted leverage will increase to about 7x following the acquisition by CD&R. We expect leverage will remain high, at above 6x, through 2027." S&P could lower its ratings on Sword Purchaser if: -- Volumes decline beyond expectations as a result of continued market pressures or failed transformation efforts leading to weaker earnings such that S&P Global Ratings-adjusted leverage exceeds 7x on a sustained basis; or -- It pursues debt funded acquisitions or sponsor dividends that deteriorate credit metrics. Although unlikely over the next 12 months, S&P could raise its rating on Sword Purchaser if the company and its financial sponsor commit to a more conservative financial policy which supports S&P Global Ratings-adjusted leverage below 5x on a sustained basis. TALPHERA INC: Receives Nasdaq Minimum Bid Price Deficiency Notice ----------------------------------------------------------------- Talphera, Inc. disclosed in a regulatory filing that it received a written notice from the Listing Qualifications Staff of the Nasdaq Stock Market notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice does not impact the listing of the Company's common stock on The Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days 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 September 7, 2026. In the event that the Company does not regain compliance within this 180-day period, the Company may be eligible to seek an additional compliance period of 180 calendar days if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period by effecting a reverse stock split if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice to the Company that its common stock will be subject to delisting. The Company intends to actively monitor the closing bid price of its common stock and will evaluate available options to regain compliance with the minimum bid price requirement. About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $30.7 million in total assets, $11.6 million in total liabilities, and $19.2 million in total stockholders' deficit. TENASKA PENNSYLVANIA: S&P Assigns 'BB' Rating on Term Loan B ------------------------------------------------------------ S&P Global Ratings assigned its 'BB' rating and '1+' recovery rating to Tenaska Pennsylvania Partners LLC's (TPP) $400 million term loan B (TLB). TPP used the proceeds to refinance existing debt, pay transaction fees, and make a distribution. TPP has very low starting leverage of $410 per kilowatt (/kW) and low leverage at maturity. At the same time, the sweep structure is very modest and the project lacks cash flow visibility. S&P's '1+' recovery rating indicates its expectation for full (100%) recovery in a default scenario. S&P said, "The stable outlook reflects our expectation that TPP will realize robust capacity factors and spark spreads, while maintaining exceptional operational performance with minimal forced outages. We expect the project will repay about $180 million of its debt and maintain a minimum debt service coverage ratio (DSCR) above 2.0x during the project life." TPP is a 980-megawatt (MW) combined-cycle, natural gas-fired generator in Westmoreland, Pa. It reached its commercial operation date in 2018 and participates in the PJM energy, capacity, and ancillary services market. The project is in the PJM West energy hub, with direct access to both the Texas Eastern Transmission Pipeline (TETCO) and Eastern Gas Transmission and Storage (EGTS) gas pipeline systems. The project is owned by J-POWER Westmoreland LLC (25%), Tenaska Pennsylvania Holdings LLC (25%), and DGC Westmoreland LLC (50%). Solid operational performance and supportive market dynamics lead to high capacity factors and robust sparks. S&P said, "TPP has a proven robust operational track record and is well positioned to capitalize on improving market conditions in PJM, leading to our forecast capacity factors of 60%-70% over the project life. TPP has shown a high level of dispatch from 2021-2025 with capacity factors at about 70%-80% and average spark spreads of about $20 per megawatt hour (/MWh), while achieving an average EFORd of less than 0.5%. Availability at about 85%-90% is less robust than that of other 'bb' category projects we rate, where we see closer to 95%. We expect the project will continue to capitalize on increased demand and power prices in the region due in large part to data center growth. At the same time, we forecast lower long-term capacity factors stemming from increased supply that is currently in the queue and will enter the supply stack around 2030 and beyond. In addition, TPP and other natural gas generators will face increasing competition from nuclear, batteries, and new combined-cycle gas turbines (CCGTs), which will result in lower power prices. Currently there are about 9.3 gigawatts of projects in the queue, of which 90% should be online by 2030 and the rest in 2031. We expect TPP will operate the project with high availability and low EFORd to realize expected capacity factors. The sponsor is a proven operator with a solid operating track record, and we expect the project to have an asset life through 2048." TPP has low leverage for a baseload asset in PJM, partially offset by a weak sweep structure. TPP's starting leverage of $410/kW is low for a baseload CCGT in PJM. S&P said, "However, the sweep structure of only 25% for leverage above 2.0x is one of the weakest among projects we rate. We expect the project to sweep 35% of the initial TLB balance, which is less than what we see for typical sweep structures. At the same time, we forecast relatively low leverage at maturity, leading to continued robust DSCRs in the post-refinancing period. We forecast DSCRs above 2.0x during the project life, with a median of 2.25x. The low leverage is supportive of the 'BB' rating." The project is fully merchant without any energy margin locked in, but benefits from solid capacity prices. The project is a merchant CCGT and does not have any hedges or contracts in place, but benefits from high near-term capacity prices. S&P said, "This means that it lacks cash flow visibility on energy margin. This leaves the project fully exposed to market risks, which is less credit supportive than projects with near-term hedges in place that we rate. At the same time, the project does have visibility on cleared capacity though delivery year 2028, and capacity revenues account for about 50% of gross margin for the TLB period. Longer term (2032-2033 and beyond), we forecast capacity prices of $175 per megawatt-day (/MW-day), escalating with inflation and representing an increasing proportion of revenues as energy margin decreases. In addition, we do not expect the project to realize ancillary revenues, as reactive power payments are no longer permitted." S&P said, "The stable outlook reflects our expectation that TPP will realize robust capacity factors and spark spreads, while maintaining exceptional operational performance with minimal forced outages. We expect the project will repay about $180 million of its debt and maintain a minimum DSCR above 2.0x for the project life." S&P would consider a negative rating action if TPP is unable to sustain DSCRs above 1.8x. This could occur if: -- Economic factors lead to lower capacity prices, capacity factors, or spark spreads than S&P forecasts; -- The project experiences higher forced outages, resulting in lower generation or penalties; and -- Excess cash flows don't lead to debt repayment, resulting in a TLB balance of more than $270 million at maturity absent mitigating factors. Although unlikely, S&P could raise the rating if: -- S&P expects TPP will realize a minimum DSCR above 3.0x on a sustained basis for the life of the project; and -- S&P believes qualitative factors support a 'BB+' rating, given the operational and market risks inherent in a single-asset plant. THAI EXPRESS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Thai Express, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral. The court authorized the Debtor to use $16,228.80 in cash collateral for employee wages, payroll taxes, and the purchase of ingredients necessary for continued restaurant operations. As protection for the use of its cash collateral, the U.S. Small Business Administration will receive a monthly payment of $1,796, starting on April 15. The order is available at https://is.gd/IEtpvG from PacerMonitor.com. The final hearing is set for April 7. The deadline for filing objections is on April 2. The Debtor operates a Thai restaurant in Springfield, Missouri, with 30–40% of its business derived from online delivery orders processed through DoorDash via Stripe. Prior to the Feb. 25 Chapter 11 filing, creditors Essential Funding and Cromwell Capital instructed Stripe and DoorDash to withhold payments for completed orders. After an emergency turnover motion was filed, the court partially granted interim relief on March 3, directing Stripe to release future payments while deferring final disposition of pre-petition funds. Subsequently, Cromwell released its lien, and DoorDash released the withheld funds to the Debtor. The Debtor said the released funds constitute property of the estate under Section 541(a) and that their use is authorized under Section 363, as the Debtor has a sound business justification: paying current wages to retain employees and purchasing ingredients to sustain revenue generation. About Thai Express Inc. Thai Express, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-60130) on Feb. 25, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Brian T. Fenimore presides over the case. Robert Baran, Esq. represents the Debtor as legal counsel. THOMAS C. STEET: Taps Medical Management Services as Bookkeeper --------------------------------------------------------------- Thomas C. Steet, DDS PA seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Thomas Jackson Zimmerman III of Medical Management Services as bookkeeper and tax preparer. Medical Management Services will perform bookkeeping, accounting and financial reporting, and tax preparation services. The firm bill the Debtor at $500 per month for monthly accounting and professional accounting services. The fee to prepare the corporate tax return is $3,500. Mr. Zimmerman assured the court that Medical Management Services is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Thomas Jackson Zimmerman III Medical Management Services 8333 N. Davis Hwy, Suite 800 Pensacola, FL 32514 Phone: (844) 931-8444 Email: info@medmgtservices.com About Thomas C. Steet, DDS PA Thomas C. Steet, DDS PA is a dental practice based in Cary, North Carolina, providing general, cosmetic, and restorative dental services, including porcelain veneers, dental implants, crowns, and bridges. The practice is led by Dr. Thomas C. Steet and serves patients in Cary and surrounding communities from a single location. Thomas C. Steet, DDS PA filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04930) on December 11, 2025, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Thomas C. Steet as owner and manager. Philip M. Sasser, Esq. at SASSER LAW FIRM represents the Debtor as counsel. THOMAS TRIO: Case Summary & Nine Unsecured Creditors ---------------------------------------------------- Debtor: The Thomas Trio, LLC d/b/a Mr. Electric of Land O'Lakes d/b/a Mr. Electric of Lakeland d/b/a Mr. Electric of Roswell - Alpharetta 3761 Correia Dr. Zephyrhills, FL 33542 Business Description: The Thomas Trio LLC, based in Zephyrhills, Florida, operates three franchise territories under the Mr. Electric brand: Mr. Electric of Land O' Lakes, Mr. Electric of Lakeland and Mr. Electric of Roswell - Alpharetta, providing electrical installation and repair services to residential and commercial customers. The company maintains franchise relationships with Neighborly and holds separate franchise obligations tied to territories including Land O Lakes, Lakeland, Riverview and Roswell. Chapter 11 Petition Date: March 20, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-02189 Debtor's Counsel: Scott A. Stichter, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: sstichter@srbp.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Melissa Thomas as president. A copy of the Debtor's list of its nine unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XOUMBNA/The_Thomas_Trio_LLC__flmbke-26-02189__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XA3FFCQ/The_Thomas_Trio_LLC__flmbke-26-02189__0001.0.pdf?mcid=tGE4TAMA THOMASVILLE WATERWORKS: S&P Lowers 2018 Rev. Bond Rating to 'BB' ---------------------------------------------------------------- S&P Global Ratings lowered its underlying rating (SPUR) to 'BB' from 'BBB' on the Thomasville Waterworks & Sewer Board, Ala.'s series 2018 water and sewer revenue bonds. The outlook is negative. The rating action reflects the board's significantly reduced coverage and cash position, which based on unaudited and budgeted results is expected to remain weak for fiscal 2025 and through fiscal 2026--at $500,000 and below, or equal to two months' cash or less. The negative outlook reflects S&P's expectation that the board may continue to demonstrate a weaker financial profile despite annually raising rates beyond the automatic consumer price index (CPI) and a historical dependence on the city's general fund. The utility's financial position may rapidly deteriorate depending on the funding of future capital projects. S&P said, "We view risk management factors as a weakness, because the board lacks a history of detailed long-term financial and capital planning. However, we consider some of these risks mitigated by the city's historical support of the utility system, with transfers and additional rate increases that are structured to help make the utility self-sustaining. Management's policies and practices also include an informal succession plan and some cybersecurity measures. We view unfavorably the history of material weaknesses in audited financial statements and sustaining lower DSC and cash metrics, as well as upcoming large capital projects that may continue to stress the financial profile. Material weaknesses in the audits include a lack of segregation of duties, lack of internal controls, misstatements of several accrual transactions, and several other findings. "We view physical risks as elevated, mostly due to the service area's vulnerability to severe weather, and contamination concerns. After storm events in recent years, management has replaced or upgraded all sewer lift station pumps and pumping facilities. Management also has a robust emergency response plan, last updated in May 2022, and system back-up generators. Historically, the board has dealt with higher-than-average water loss but has mitigated this issue in recent years, with the new water superintendent making it a major focus. The water loss for 2025 was about 15% compared with 29% in 2017. The utility's assets continue to be improved with ADEM grants but we note that the system still has PFAS contamination and line breaks, which stress our asset adequacy assessment. "We view affordability risks as somewhat negative given that the service area has below-average income indicators and an elevated poverty rate. Should rates continue to increase, income indicators decrease, and county poverty rise, utility rates could become less affordable. We also note that the utility already has a 6% delinquency rate among payers." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight S&P said, "The negative outlook reflects our view that financial metrics will remain thin despite recent rate increases, while we think future rate rises may be challenged by affordability pressures. The outlook also reflects that capital needs to address expansionary and PFAS contamination challenges may hit financial metrics, as well as a lack of transparency of bond provisions on commercial/equipment loans, which may accelerate debt repayments and further pressure liquidity. "We could lower the rating if financial metrics remain inconsistent with the budget for fiscal years 2025 and 2026. Should the board continue to achieve insufficient coverage or maintain de minimis unrestricted cash, we could consider further negative rating actions. "We do not expect to raise the rating unless the board's economic profile expands and diversifies or it establishes a trend of significantly higher liquidity and DSC for several years while progressing through necessary capital improvements and continuing to receive external grants for projects. A higher rating would depend on achieving robust metrics without additional financial assistance from the city, while maintaining affordable rates." THRILL HOLDINGS: Cion Investment Marks $18.2MM Loan at 18% Off -------------------------------------------------------------- Cion Investment Corp has marked its $18,217,000 loan extended to Thrill Holdings LLC to market at $14,995,000 or 82% 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 Senior Secured First Lien Debt loan extended to Thrill Holdings LLC. The Loan accrues interest at a rate of S+ 600, 1.00 % SOFR Floor per annum. The Loan matures on May 27, 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 Thrill Holdings LLC Thrill Holdings LLC operates in the diversified and production media industry, generating revenue from a mix of content creation, distribution and related media services. TIFARET DISCOUNT: Amends Unsecureds & Several Secured Claims Pay ---------------------------------------------------------------- Tifaret Discount Inc., d/b/a Redelicious Supermarket, submitted a First Amended Plan of Reorganization dated March 11, 2026. The Plan is composed of five classes of creditors and one class of equity holders. Class 1 is the claim of EIDL held by the SBA in the approximate amount of $156,000 as of the Petition Date. This creditor shall be paid $731,00 per month, the amount which the Debtor presently pays, as Adequate Protection Payments, as adequate protection until the debt to this creditor is paid in full. Class 4 is the claim of the unsecured creditors holding an Allowed secured claim. This Class shall receive a total of 10% of the principal amount of the Allowed unsecured claim in two installments of 5% each payable on the Effective Date and one year after the Effective Date. Class 5 are any claims from creditors arising out of the guarantees of debt owed on account of the activities of Maple Avenue Discount Inc. These claims are contingent and subject to a default by Maple Avenue Discount Inc. which has not occurred as of this date. The guarantee exposure of the Debtor shall continue subject to any valid state law defenses which may exist. Class 6 is the equity interest of the Debtor. Baruch Ausch shall continue to own 50% of the equity interest of the Debtor and shall transfer the remaining 50% to Simon Ostreicher. Simon Ostreicher, the lender, has agreed to release its borrowings to the Debtor in the amount of $250,000plus an addition advance of an approximate amount of $82,000to cover the initial distribution to the general unsecured creditors in exchange for 50% of the equity interests of the Debtor. The Debtor shall enter into an Employment Agreement with Baruch Ausch providing for continued employment as President and Chief Operating Officer for the next five years from the Effective Date at a salary of $100,000 plus all fringe benefits as he presently enjoys. The Debtor shall prepare a Shareholders Agreement between Mr. Ausch and Mr. Ostreicher providing for the issuance of 50% equity to Mr. Ostreicher in consideration for the satisfaction and settlement of Mr. Ostreicher's loan to the Debtor. The Debtor shall continue to operate and make payments as described in the Plan. Debtor shall amend the Corporate Charter and New York State filings to reflect the transactions. A full-text copy of the First Amended Plan dated March 11, 2026 is available at https://urlcurt.com/u?l=S7b5dF from PacerMonitor.com at no charge. Tifaret Discount Inc. is represented by: Leo Fox, Esq. 630 Third Avenue - 18th Floor New York, NY 10018 Tel: (212) 867-9595 Email: leo@leofoxlaw.com About Tifaret Discount Inc. d/b/a Redelicious Supermarket Tifaret Discount Inc., operating as Redlicious Supermarket, a grocery retailer based in Monsey, New York. Tifaret Discount Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22623) on July 9, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Bankruptcy Judge Sean H Lane handles the case. The Debtor is represented by Leo Fox, Esq. TMT GROUP: Gets Final OK to Use Cash Collateral ----------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania issued a final order authorizing TMT Group, Inc. to use cash collateral. Under the order, TMT Group is authorized to use cash collateral including cash in its bank account in accordance with its operating budget. The authorization is granted on a final basis to allow the Debtor to continue business operations while proceeding through the Chapter 11 restructuring process. As adequate protection for the use of the collateral, Love's Solutions, LLC (doing business as Saint John Capital Corporation), the Debtor's factoring lender, will be granted replacement liens on the Debtor's collateral. These liens protect the lender against any decrease in the value of its interest resulting from the Debtor's use of the cash collateral. The order also provides for a limited carveout, including up to $20,000 for Subchapter V trustee fees and certain avoidance actions and related proceeds. The lender's liens do not override existing security interests held by Volvo Financial Services in certain vehicles. If the Debtor defaults or violates the final order, the lender may request a court hearing, including an emergency hearing if necessary, according to the order. A copy of the court's order and the budget is available at https://shorturl.at/bvMGt from PacerMonitor.com. Saint John Capital is represented by: Deirdre M. Richards, Esq. Elliott Greenleaf, P.C. 1105 Market Street, Suite 1700 Wilmington, DE 19801 Telephone: (302) 384-9400 dmr@elliottgreenleaf.com About TMT Group Inc. TMT Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10074) on January 7, 2026, with $0 to $50,000 in assets and liabilities. Judge Patricia M. Mayer presides over the case. Maggie S. Soboleski, Esq., represents the Debtor as legal counsel. TONIX PHARMACEUTICALS: Reports $124MM Net Loss for FY 2025 ---------------------------------------------------------- Tonix Pharmaceuticals Holding Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $124 million for the fiscal year ended December 31, 2025, compared to a net loss of $130 million for the fiscal year ended December 31, 2024. For the fiscal year ended December 31, 2025, the Company recorded a product revenue of $13.1 million, compared to $10.1 million in 2024. EisnerAmper LLP, the Company's independent registered public accounting firm since 2010 and headquartered in Iselin, New Jersey, included an explanatory paragraph in its audit report dated March 12, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. At December 31, 2025, the Company had working capital of approximately $198.0 million. At December 31, 2025, the Company had an accumulated deficit of approximately $854.7 million. The Company held unrestricted cash and cash equivalents of approximately $207.6 million as of December 31, 2025. The Company believes that its cash resources at December 31, 2025, and the net proceeds of $8.6 million that it received from the sale of equity in the first quarter of 2026, will meet its planned operating and capital expenditure requirements into the first quarter of 2027. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company continues to face significant challenges and uncertainties and must successfully launch TONMYA and obtain additional funding through public and private financing and collaborative arrangements with strategic partners to increase the funds available to fund operations. However, the Company may not be able to raise capital on terms acceptable to the Company, or at all. Without the successful product launch of TONMYA and obtaining additional funds, the Company may be forced to delay, scale back or eliminate some or all of its research and development activities or other operations, and potentially delay product development in an effort to maintain sufficient funds to continue operations. If any of these events occurs, the Company's ability to achieve development and commercialization goals will be adversely affected and the Company may be forced to cease operations. A full text copy of the Company's Annual Report is available at https://tinyurl.com/2dbvs46s About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of December 31, 2025, the Company had $277.2 million in total assets and $32 million in total liabilities, and total stockholders' equity of $245.2 million. TRADEMARK GLOBAL: Cion Investment Marks $20.6MM 1L Loan at 52% Off ------------------------------------------------------------------ Cion Investment Corp has marked its $20,625,000 loan extended to Trademark Global, LLC to market at $9,848,000 or 48% 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 Senior Secured First Lien loan extended to Trademark Global, LLC. The Loan accrues interest at a rate of S+ 850, 1.00 % SOFR Floor per annum. The Loan matures on June 30, 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 Trademark Global, LLC Trademark Global, LLC operates in the non-durable consumer goods sector, supplying short-lived consumer products that are frequently purchased and rapidly consumed. TRAXX CONSTRUCTION: Hires Kogan Law Firm as Bankruptcy Counsel -------------------------------------------------------------- Traxx Construction, Inc. asks the U.S. Bankruptcy Court for the Central District of California to hire Kogan Law Firm, APC as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; (b) advise the Debtor with respect to its rights, powers, duties and obligations as a Debtor-in-possession in the administration of this case, the management of its business affairs and the management of its properties or other assets; (c) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (d) represent the Debtor in any proceedings or hearings in the Bankruptcy Court or before the United States Trustee; (e) prepare and file pleadings, applications, motions and other papers and conduct examinations incidental to administration of the Chapter 11 case; (f) advise and assist the Debtor-in-possession in the negotiation, formulation, presentation, confirmation and implementation of a Chapter 11 plan of reorganization and any and all matters relating thereto; and (g) perform any and all other legal services as requested by the Debtor in connection with this Chapter 11 case. Kogan Law Firm, APC received a retainer from the Debtor in the total amount of $25,000. Michael S. Kogan's billing rate is $700 per hour, and the associate billing rate is $400 per hour. According to court filings, Kogan Law Firm, APC does not represent any entity having an adverse interest to the Debtor and does not have any connection with the Debtor, debtor in possession, creditors of the estate, or any other party in interest. The firm can be reached at: Michael S. Kogan, Esq. KOGAN LAW FIRM, APC 11500 W. Olympic Blvd., Suite 400 Los Angeles, CA 90064 Telephone: (310) 954-1690 E-mail: mkogan@koganlawfirm.com About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million-$10 million each. Judge Julia W. Brand oversees the case. The Debtor is represented by Michael Jay Berger, Esq. TRI CITY HOTELS: Case Summary & 11 Unsecured Creditors ------------------------------------------------------ Debtor: Tri City Hotels LLC 39 Braemore Lane Newnan GA 30263 Business Description: Tri City Hotels, LLC owns and operates a La Quinta Inn & Suites by Wyndham franchise in Union City, Georgia, following its acquisition of the property in October 2021. The company provides short-term lodging services to both business and leisure travelers. In 2025, the business experienced a decline after an elevator outage disrupted operations, resulting in cancellations and negative reviews that reduced revenue. Chapter 11 Petition Date: March 13, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-10407 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nikita Patel as managing member. 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/JROVBXA/Tri_City_Hotels_LLC__ganbke-26-10407__0001.0.pdf?mcid=tGE4TAMA TRINSEO PLC: PricewaterhouseCoopers Raises Going Concern Doubt -------------------------------------------------------------- Trinseo PLC filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $545.6 million for the fiscal year ended December 31, 2025, compared to a net loss of $348.5 million for the fiscal year ended December 31, 2024. For the fiscal year ended December 31, 2025 and 2024, the Company recordednet sales of $3 billion and $3.5 million, respectively. PricewaterhouseCoopers LLP, the Company's independent registered public accounting firm since 2017 and headquartered in Philadelphia, Pennsylvania, included an explanatory paragraph in its audit report dated March 13, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company's accumulated deficit and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had liquidity of $334.2 million and an accumulated deficit of $1,339.3 million and used cash in operations of $102.4 million during the year ended December 31, 2025. The Company expects continued operating losses and significant cash outflows from operating activities in the near term. Current macroeconomic and geopolitical conditions, including inflation, conflicts (such as the Russia-Ukraine war and military conflict in Iran), have created, and continue to create, significant uncertainty in operations, and weaker demand in many of the Company's end markets, which have had, and are expected to continue to have, a material adverse effect on the Company's financial performance and liquidity forecasts. The Company's debt agreements include financial covenants, including a minimum liquidity requirement of $100.0 million under the 2028 Refinance Credit Agreement and additional liquidity‑related covenants under the OpCo Super‑Priority Revolver. Although the Company was in compliance with these covenants as of December 31, 2025, based on current forecasts, available borrowing capacity, and expected operating conditions, the Company believes it is unlikely to remain in compliance with these covenants for at least the next 12 months. Failure to meet these covenant requirements in the future would cause the Company to be in default and could cause the maturity of the related debt to be accelerated and become immediately payable absent obtaining waivers from its lenders or negotiating amendments to avoid acceleration of its indebtedness. There can be no assurance that any such waivers or amendments would be available on acceptable terms or at all. Significant debt maturities occur in 2028, including the 2028 Refinance Term Loans, the 2028 Term Loan B, the A/R Facility, and the OpCo Super-Priority Revolver. The Company is evaluating strategic and financial alternatives to address its capital structure and has engaged financial and legal advisors to support these efforts in discussions with the Company's lenders. However, the outcome and timing of these actions are uncertain. As of December 31, 2025, the Company had $2.3 billion in total assets and $3.4 billion in total liabilities, and total stockholders' deficit of $1.1 billion. A full text copy of the Company's Annual Report is available at https://tinyurl.com/2m2czk5z About Trinseo Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) -- www.trinseo.com -- a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. * * * In December 2025, S&P Global Ratings lowered its issuer credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC-'. S&P's recovery ratings on the company's debt are unchanged. TRINSEO PLC: S&P Downgrades ICR to 'D' on Missed Interest Payments ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Trinseo PLC and its issue-level ratings on the company's remaining debt instruments to 'D'. On March 19, 2026, Trinseo PLC, via its subsidiaries, missed the interest payments due on its 2028 term loan B and senior secured notes maturing 2029, which triggered a cross default on the remaining debt in its capital structure. Downgrade follows missed interest payments and cross default across capital structure. Upon the expiration of the grace period on March 19, 2026, Trinseo elected to miss the interest payments of approximately $12 million due on its 2028 term loan B and approximately $10 million due on its senior secured notes maturing 2029. S&P said, "This triggered an event of default under the second-lien notes' indenture and the senior credit agreement and cross-defaults under the super-priority revolver, refinance credit agreement, and accounts-receivable securitization facility. Therefore, we lowered our issuer credit rating on the company and our issue-level ratings on its super-priority revolver and 2028 refinanced term loans to 'D'. Our 'D' issue-level rating on Trinseo's 2028 term loan B and senior secured notes due 2029 is unchanged. We expect the company will either undertake a debt restructuring or file for bankruptcy." TRU LEASE: Gets Final OK to Use Cash Collateral ----------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division issued a final order authorizing Tru Lease, LLC to use cash collateral necessary to maintain operations. Under the final order, the Debtor is authorized to use cash collateral belonging to several secured lenders, including Daimler Truck Financial Services USA LLC, United States Small Business Administration, BMO Harris Bank, N.A., PACCAR Financial Corp., Sumitomo Mitsui Finance & Leasing Co., Ltd., Siemens Financial Services Inc., Engs Commercial Finance Co., PNC Bank, JX Financial, Inc., and Santander Bank, N.A.. The funds may be used for working capital, payroll, operating expenses, and other ordinary business costs in accordance with an approved operating budget. As adequate protection for lenders, the Debtor must grant replacement liens and security interests on all tangible and intangible personal property acquired after the bankruptcy filing. These liens automatically attach and maintain the lenders' secured position during the Debtor's use of cash collateral. The order also outlines events of default, including failure to make required payments, violation of the order's terms, improper use of cash collateral, dismissal or conversion of the Chapter 11 case to Chapter 7, or appointment of a trustee. If a default occurs and is not cured within the allowed period, the Debtor's right to use cash collateral will terminate, lenders may demand immediate repayment, and they may seek relief from the automatic stay. The order is available at X from PacerMonitor.com. About Tru Lease LLC Tru Lease, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00599) on January 14, 2026. Its filing lists estimated assets of no more than $100,000 and estimated liabilities between $1 million and $10 million. Judge Jacqueline P. Cox oversees the case. The Debtor is represented by E. Philip Groben III, Esq., of Gensburg Calandriello & Kanter, P.C. TSUNAMI RESTAURANTS: Seeks to Hire Exit Strategy USA as Consultant ------------------------------------------------------------------ Tsunami Restaurants, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Paul Daryl Schouest of Don Juan Enterprises, LLC, dba Exit Strategy USA, as consultant. Mr. Schouest will render these services: (a) make restructuring process decisions; (b) potential court-approved sales of the Debtor's assets; (c) negotiations with stakeholders and counterparties; (d) review and develop any material drafted for consumption outside the Debtor; (e) assist in developing and evaluating the Debtor's business plan, and the preparation of a revised operating plan and cash flow forecasts; (f) approval of any new expenditures or cash payments; (g) management of the financial and operational reporting processes to creditors; (h) make business and financial decisions with respect to any Debtor-in-Possession financing sought or put in place; (i) make decisions with respect to the Debtor's day-to-day operations; (j) engage in day-to-day normal business operations; (k) provide assistance with pleadings, Debtor's Schedules of Assets and Liabilities, Statements of Financial Affairs, DIP budgets and cash flow forecasts; (l) in general, assist the Debtor in the preparation of documents and disclosures required by the Court subsequent to the Chapter 11 bankruptcy filing, including, but not limited to, Monthly Operating Reports, compliance reporting, periodic budgets, and other disclosure documents required by the Court or the Debtors' stakeholders from time to time; (m) make decisions with respect to all professionals engaged by, strategies developed, and activities taken by the Debtors related to the Reorganization Efforts; (n) other services and activities as mutually agreed by the Debtor's management to the extent not be duplicative of services provided by other professionals. Mr. Schouest will charge $200 for his services. Mr. Schouest assured the court that he neither holds nor represents an interest adverse to the Debtor estates or has any connection to the Debtor, its creditors or other parties in interest in these chapter 11 cases. The firm can be reached through: Paul Daryl Schouest Don Juan Enterprises, LLC dba Exit Strategy USA P.O Box 390 Leonville, LA 70551 Phone: (337) 418-9290 Email: daryl@exitstrategyusa.com About Tsunami Restaurants, LLC Tsunami Restaurants, LLC is a hospitality company engaged in restaurant operations specializing in sushi and Asian-inspired dishes. The company operates dining establishments that cater to customers seeking modern and upscale culinary experiences. Tsunami Restaurants, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. M.D. La. Case No. 26-10176) on March 02, 2026. The Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000 in its bankruptcy petition. Honorable Bankruptcy Judge Michael A. Crawford presides over the case. The debtor is represented by H. Kent Aguillard, Esq. URBAN WELLNESS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Urban Wellness, LLC. About Urban Wellness Urban Wellness, LLC filed Chapter 11 petition (Bankr. D. Ariz. Case No. 26-01279) on Feb .11, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Brenda K. Martin oversees the case. The Debtor is represented by: Bert L. Roos, Esq. Bert L. Roos, PLLC 5045 N. 12th Street, #B Phoenix, AZ 85014 Phone: 602-242-7869 blrpc85015@msn.com VARDIMANBLACK HOLDINGS: Commonwealth Marks $21.5MM Loan at 29% Off ------------------------------------------------------------------ Commonwealth Credit Partners BDC I has marked its $21,561,000 loan extended to Vardimanblack Holdings, LLC to market at $15,847,000 or 71% 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 aTerm loan extended to Vardimanblack Holdings, LLC. The Loan is on non-accrual status. The Loan matured on Oct. 1, 2023. 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 Vardimanblack Holdings, LLC Vardiman Black Holdings, LLC, doing business as Specialty Dental Brands, operates as a holding company. The Company, through its subsidiaries, provides dental care such as pediatric, orthodontic, and oral surgery, as well as routine cleanings, wisdom tooth removal, and corrective jaw treatment services. Specialty Dental Brands serves patients in the State of Tennessee. VARDIMANBLACK HOLDINGS: Commonwealth Marks $21M 1L Loan at 27% Off ------------------------------------------------------------------ Commonwealth Credit Partners BDC I, Inc. has marked its $21,561,000 loan extended to VardimanBlack Holdings, LLC to market at $15,847,000 or 73% 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 First Lien Senior Secured loan extended to VardimanBlack Holdings, LLC. The Loan accrues interest at a rate of SOFR + 7.00% (0.50% floor), 10.97% per annum. The Loan matures on March 18, 2027. 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 VardimanBlack Holdings, LLC VardimanBlack Holdings, LLC operates in the health care equipment and services sector, providing products and support services to medical and clinical end markets. VECTA HOLDINGS: Commonwealth Credit Marks $8.1M 1L Loan at 41% Off ------------------------------------------------------------------ Commonwealth Credit Partners BDC I, Inc. has marked its $8,097,000 loan extended to Vecta Holdings, LLC to market at $4,769,000 or 59% 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 First Lien Senior Secured loan extended to Vecta Holdings, LLC. The Loan accrues interest at a rate of SOFR + 6.50% (1.00% floor), 10.47% per annum. The Loan matures on Dec. 30, 2027. 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 Vecta Holdings, LLC Vecta Holdings, LLC operates in the commercial and professional services industry, providing business support and specialized professional services to corporate clients. VECTA HOLDINGS: Commonwealth Credit Marks $8MM Loan at 41% Off -------------------------------------------------------------- Commonwealth Credit Partners BDC I has marked its $8,097,000 loan extended to Vecta Holdings, LLC to market at $4,769,000 or 59% 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 Vecta Holdings, LLC. The Loan accrues an interest of SOFR + 6.50% (1.00% floor)10.47% per annum. The Loan matures on December 30, 2027. 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 Vecta Holdings, LLC Vecta Holdings, LLC is a privately held holding company whose specific operating focus was not disclosed in the filing. VEL EVAN: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: Vel Evan LLC 3811 University Blvd Jacksonville, FL 32218 Business Description: Vel Evan LLC, a Florida limited liability company doing business as Avigna Granite World, is based in Jacksonville, Florida, where it provides custom fabricated stone slab and countertop services, including design, fabrication, installation, and project management, to homeowners, contractors, and architects. The company offers granite, quartz, and exotic countertop materials for residential and commercial applications. Chapter 11 Petition Date: March 19, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-01171 Judge: Hon. Jacob A Brown Debtor's Counsel: Brandon Stanko, Esq. BRANDON STANKO PA 13475 Atlantic Blvd 8-840 Jacksonville FL 32225 Tel: (904) 217-5159 E-mail: brandon@brandonstanko.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Sriram Guruswamy as owner. 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/TQO7E6A/VEL_EVAN_LLC__flmbke-26-01171__0001.0.pdf?mcid=tGE4TAMA VERDE REAL ESTATE: Seeks to Hire Harris Law Practice as Counsel --------------------------------------------------------------- Verde Real Estate Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Harris Law Practice LLC as counsel. The firm will provide these services: (a) examine and prepare records and reports as required by the Bankruptcy Code, Federal Rules of bankruptcy Procedure and Local Bankruptcy Rules; (b) prepare applications and proposed orders to be submitted to the Court; (c) identify and prosecute claims and causes of action assertable by the Debtor on behalf of the estate; (d) examine proofs of claim anticipated to be filed and the possible prosecution of objections to certain claims; (e) advise the Debtor and prepare documents in connection with the contemplated ongoing operation of its business; (f) assist and advise the Debtor in performing other official functions as set forth in Section 521, et. seq., of the Bankruptcy Code; and (g) advise and prepare a plan of reorganization, and related documents and confirmation of said plan, as provided in Section 1121, et seq., of the Bankruptcy Code. The firm will be paid at these hourly rates: Stephen Harris, Attorney $650 Norma Guariglia, Attorney $550 Paraprofessionals $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition advance retainer of $7,500 from the Debtor. Mr. Harris disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen Harris, Esq. Harris Law Practice LLC 850 E. Patriot Blvd., Suite F Reno, NV 89511 Telephone: (775) 786-7600 Email: steve@harrislawreno.com About Verde Real Estate Holdings LLC Verde Real Estate Holdings LLC is a real estate holding company focused on the ownership, management, and investment of commercial and residential properties. Verde Real Estate Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-50036) on January 15, 2026. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The Debtor is represented by Norma Guariglia, Esq. of Harris Law Practice LLC. VIEWBIX INC: Capitalink Holds 5.04% Equity Stake ------------------------------------------------ Capitalink Ltd. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 4, 2026, it beneficially owns 672,007 shares of Viewbix Inc.'s Common Stock, $0.0001 par value per share, representing 5.04% of the 13,336,392 shares of common stock issued and outstanding as of the reporting date, which amount was provided to the by the Company. The amount beneficially owned by the Capitalink does not include 377,350 Shares which may be acquired by within 60 days of the date hereof through the exercise of a pre-funded warrant, which includes a blocker provision under which the Capitalink does not have the right to exercise the Warrant to the extent (but only to the extent) that such exercise would result in beneficial ownership by Capitalink, together with its affiliates, and any other persons acting as a group together with the Reporting Person or any of the Reporting Person's affiliates, of more than 4.99% of the Shares. Capitalink Ltd. may be reached through: Lavi Krasney, Chief Executive Officer Capitalink Ltd. 20 Raoul Wallenberg Street Tel Aviv, Israel 6971916 Tel: 972-505-501574 A full-text copy of Capitalink Ltd.'s SEC report is available at: https://tinyurl.com/3rcfkfnk About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 21, 2025, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Viewbix had $16.9 million in total assets against $11.1 million in total liabilities. VILLAGES HEALTH: Seeks Court Approval of $80M Bankruptcy Settlement ------------------------------------------------------------------- Responding to a federal bankruptcy court filing on March 20, 2026, that requests court approval of a settlement agreement in the bankruptcy proceedings of the former Villages Health system (TVH), the leadership of The Villages expressed support and optimism for the proposed resolution. "We are encouraged by the continued positive progress toward a final resolution in this case, and we are confident that this proposed agreement creates value and provides finality for the parties involved," said Robert Chandler IV, CEO of The Villages. "Our sole motivation throughout this process has remained consistent: Ensuring the very best in comprehensive healthcare for everyone who has placed their trust in this community as their home. As this process enters a new phase, we are grateful, first and foremost, that residents of The Villages have continued to receive the quality healthcare they expect and deserve." The proposed settlement, which was filed earlier today in the U.S. Bankruptcy Court for the Middle District of Florida, will require final approval from the judge overseeing the case. Via the proposed settlement, the Developer of The Villages has agreed to provide $80 million of value to the now former TVH. The cash amounts paid will be utilized for, among other things, payment of claims through the TVH plan of liquidation. This proposed settlement is also supported by the Department of Justice, which will file a statement in support of the resolution. The resolution submitted Friday is independent of and reached separately from a final agreement between TVH and the Department of Justice, through which the former health system has agreed that the federal government shall have an allowed claim in the TVH bankruptcy case to resolve TVH's self-investigated and self-reported Medicare billing issues. TVH leadership initiated Chapter 11 bankruptcy proceedings in July 2025 following the discovery of the Medicare billing issue, which TVH voluntarily disclosed to the federal government in December 2024. In November 2025, CenterWell Senior Primary Care completed its purchase of TVH. Health care operations across the community have continued, intact, throughout the entirety of this complex process. The Villages community has received non-stop quality care from very same doctors and providers they had come to know over nearly the last decade and a half, now under the CenterWell operating umbrella. About The Villages Health System The Villages Health System, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25 bk-04156) on July 3, 2025. In the petition signed by Neil F. Luria, chief restructuring officer, the Debtor disclosed listed between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Judge Lori V. Vaughan oversees the case. Elizabeth A. Green, Esq., at Baker & Hostetler, LLP, represents the Debtor as legal counsel. VISTA COLLEGE: S&P Lowers ICR to 'BB' on Weakened Finances ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating (ICR) on Vista College Preparatory (VCP), Ariz. to 'BB' from 'BB+'. The outlook is stable. The downgrade reflects VCP's rapid deterioration in liquidity and maximum annual debt service (MADS) coverage primarily because of the school not meeting initial growth projections and the likelihood that it will take some time to restore its financial health. S&P said, "We analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our expectation that VCP will continue to stabilize financial operations with constant monitoring of actual enrollment growth while making the necessary expenditure adjustment to ensure a stable financial position, which will allow for improvements to both the cash and coverage position. "In our opinion, should VCP not be able to curtail rising expenditures in the wake of slower-than-projected enrollment growth and cash and coverage levels further decline, we could lower the rating or revise the outlook to negative. "Conversely, although unlikely, within our one-year outlook horizon should VCP improve and sustain cash and coverage levels more in line with those of higher-rated peers while continuing to address slower-than-projected enrollment growth, we could raise the rating." WAYSTAR HOLDING: Moody's Upgrades CFR to Ba3, Outlook Stable ------------------------------------------------------------ Moody's Ratings upgraded Waystar Holding Corp.'s ("Waystar") corporate family rating to Ba3 from B1 and its probability of default rating to Ba3-PD from B1-PD. Concurrently, Moody's upgraded Waystar Technologies, Inc.'s senior secured first lien bank credit facilities to Ba3 from B1. The senior secured credit facilities consist of a $1.4 billion term loan due October 2029 and a $500 million revolving credit facility expiring in October 2028. The speculative grade liquidity rating (SGL) remains unchanged at SGL-1. The outlooks at both entities are stable. Waystar provides SaaS-based healthcare revenue cycle management software. The CFR upgrade to Ba3 from B1 is supported by Moody's expectations that good organic revenue growth in the high-single digits percentage range and strong EBITDA margins (37% in 2025) will drive already solid credit metrics to improve over the next 12 to 18 months. Moody's anticipates debt/EBITDA (after expensing capitalized software costs) reaching 3x and interest coverage, as measured by EBITDA less capital expenditures/interest expense remaining around 5x during the period. The upgrade is also supported by a very good liquidity profile that includes Moody's expectations for free cash flow of around $275 million in 2026. ESG governance considerations, as reflected by the company's balanced and clearly-articulated financial strategy & risk management, were a key rating driver. Waystar's governance issuer profile score was changed to G-3 from G-4 and the credit impact score was changed to CIS-3 from CIS-4 to reflect the company's consistent operational track record, establishment of a public financial leverage target, and an evolving ownership structure that Moody's expects will include a more independent board of directors and reduced ownership concentration. RATINGS RATIONALE Waystar's Ba3 CFR reflects the company's good revenue growth, high profitability rates and strong cash flow generation, supported by a durable, recurring revenue base and resilient demand for healthcare payment and revenue cycle software. Support for Moody's projections includes sustainable demand growth from increasing healthcare spending, higher patient volumes for healthcare providers, the need for healthcare providers to lower costs, and regulatory complexity in the billing process. Waystar's growing scale, strong customer retention, and embedded AI capabilities support continued expansion opportunities and favorable revenue visibility. Moody's expects that management will be disciplined in maintaining its long-term net leverage target of 3.0x (company's calculation), which translates roughly to Moody's 3.5x debt/EBITDA calculation, which is net of capitalized software costs, as of December 31, 2025. All financial metrics reflect Moody's standard adjustments, including expensing of capitalized software costs. Waystar operates in a highly competitive, consolidating environment that includes many players, some considerably larger and less leveraged. The company has a modest revenue base of about $1.27 billion expected in 2026. Credit metrics could come under pressure if the company were to undertake debt-funded share repurchases or acquisitions. In 2025, the company incurred $280 million of new debt, including a $30 million revolver draw, to partially finance the $1.25 billion acquisition of Iodine Software, resulting in temporarily higher financial leverage. Nonetheless, the company was able to reduce financial leverage below 4x over the next few quarters from strong earnings growth. Moody's considers Waystar's liquidity profile as very good, reflected in the SGL-1 liquidity rating. Liquidity is supported by Moody's anticipations for strong free cash flow/debt in the 20% range over the next 12 months and the company's cash balance of $61.4 million as of December 31, 2025. The company's $500 million revolving credit facility was undrawn and fully available as of December 31, 2025. Waystar also has access to a $100 million accounts receivable securitization facility expiring in February 2029 that had availability of $20 million, with $80 million outstanding, as of December 31, 2025. Access to the company's revolver is governed by a springing maximum senior secured first-lien net leverage covenant of 8.5x, tested when the revolver is 35% drawn. There are no maintenance covenants associated with the term loan. Moody's expects the revolver covenant would have ample cushion if tested. The upgrade of Waystar's senior secured first lien credit facilities to Ba3 from B1 reflects the upgrade of the CFR to Ba3 from B1 as there is no other meaningful debt in the capital structure. The senior secured first lien credit facilities benefit from secured guarantees from all existing and subsequently acquired domestic subsidiaries. The stable outlook reflects Moody's expectations for top-line growth around 9% and high, stable EBITDA margins around 37%+ will allow for solid free cash flow and steady deleveraging toward 3.0x during the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require a significant expansion of Waystar's operating scale and revenue size, including more diverse service offerings. Additionally, Moody's would require the company sustain debt/EBITDA below 3x while maintaining high EBITDA margins and very good liquidity. Adherence to more conservative financial policies and establishment of a fully independent board of directors would also be needed for an upgrade. The ratings could be downgraded if Moody's anticipates revenue and earnings growth will slow meaningfully, profitability erodes, or the company engages in a more aggressive financial policy through debt-funded acquisitions, dividends, or share repurchases. The ratings could be downgraded if Moody's expects debt/EBITDA to remain above 4x. 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. Waystar (NASDAQ: WAY) is a provider of SaaS-based revenue cycle management software, focusing on healthcare claims management and patient payment solutions for physicians' offices, small hospitals, post-acute-care facilities, and dental offices and Medicare-related entities. Affiliates of EQT Partners, the Canada Pension Plan Investment Board and Bain Capital collectively own approximately 30% of the company's common stock. Moody's expects the company will generate revenue of around $1.3 billion in 2026. WESTVIEW BAPTIST: Seeks to Extend Plan Exclusivity to June 17 ------------------------------------------------------------- Westview Baptist Church Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 17 and August 18, 2026, respectively. The Debtor explains that the Court has taken Twin Bays' motion to dismiss under advisement. Debtor needs additional time to move toward plan confirmation. This is the second request for the extension of the exclusivity period. Pursuant to Section 1121(e) of the Bankruptcy Code, the Debtor requests the extension of the exclusivity period granted under Section 1121(e) of the Bankruptcy Code in an abundance of caution for an additional 90-day period, or until June 17, 2026, for Debtor's exclusive period for the filing of its Chapter 11 Plan and disclosure statement and extending the solicitation period accordingly to August 18, 2026. Westview Baptist Church Inc. is represented by: Ariel Sagre, Esq. Sagre Law Firm PA 5201 Blue Lagoon Drive, Suite 892 Miami, FL 33126 Telephone: (305) 266-5999 Facsimile: (305) 265-6223 About Westview Baptist Church Inc. Westview Baptist Church Inc. is a not-for-profit Southern Baptist congregation based in Miami, Florida, providing religious services and community outreach programs. Its activities include worship services, educational ministries, and neighborhood engagement initiatives. Westview Baptist Church Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19573) on August 19, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by Ariel Sagre, Esq. at SAGRE LAW FIRM, P.A. WILLIAMS INDUSTRIAL: Cion Investment Marks $1.5M 1L Loan at 54% Off ------------------------------------------------------------------- Cion Investment Corp. has marked its $1,525,000 million loan extended to Williams Industrial Services Group, Inc. to market at $702,000 or 46% 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 Senior Secured First Lien loan extended to Williams Industrial Services Group, Inc. The Loan accrues interest at a rate of S+ 1100 , 1.00 % SOFR Floor per annum. The Loan matures on Dec. 16, 2025. 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 Williams Industrial Services Group, Inc. Williams Industrial Services Group, Inc. operates in the business services sector, providing industrial support, maintenance and related service solutions to commercial and infrastructure clients. WINDANCE WIND: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Windance Wind Sports, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Oregon to use cash collateral. The court authorized the Debtor to use cash collateral to fund operations in accordance with its budget. The Debtor anticipates approximately $250,000 in average monthly revenue and currently has about $30,000 in cash on hand. Estimated monthly expenses total approximately $231,706. Major expenses include $185,000 per month for inventory and resale costs, payroll expenses of approximately $16,741, rent of $10,900, software costs of $6,500, advertising, utilities, insurance, supplies, bookkeeping services, and maintenance. First Interstate Bank, a secured creditor, will be provided with protection through a replacement lien on and security interest in the post-petition collateral. with the same priority and extent as its pre-bankruptcy lien. As additional protection, First Interstate Bank will receive a monthly payment of $3,000 until the Debtor's Chapter 11 case is confirmed, converted or dismissed. The order is available at https://is.gd/RnDHzL from PacerMonitor.com. The final hearing is set for March 27. Prior to the bankruptcy filing, First Interstate Bank filed a UCC-1 financing statement with the Oregon Secretary of State securing a loan made to the Debtor. The financing statement granted the bank a security interest in substantially all of the Debtor's personal property, including inventory, accounts, equipment, chattel paper, general intangibles, fixtures, and related records. Because this lien covers essentially all business assets and revenues, the Debtor's ongoing income and bank accounts may constitute cash collateral under the Bankruptcy Code. As a result, the Debtor cannot use these funds without either the secured creditor's consent or authorization from the bankruptcy court. The Debtor asserts that the bank's lien has first priority over other creditors because it was filed earlier than any other known security interests. About Windance Wind Sports Inc. Windance Wind Sports, Inc. operates as a retail sporting goods and fitness equipment business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 26-30792-dwh11) on March 9, 2026. In the petition signed by Nicholas Caccavo, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge David W. Hercher oversees the case. Theodore J. Piteo, Esq., at Michael D. O'Brien & Associates PC, represents the Debtor as legal counsel. WOODFORD PROPERTY: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Woodford Property Management, Inc. About Woodford Property Management Inc. Woodford Property Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 26-30054) on Feb 20, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million liabilities. Judge Hon. Douglas L Lutz oversees the case. The Debtor is represented by: Dean A. Langdon, Esq. Gartland Thacker Delcotto PLLC Tel: 859-231-5800 Email: dlangdon@gtdfirm.com WSN CONSTRUCTION: Taps Professional Management as Accountant ------------------------------------------------------------ WSN Construction LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Georgia Evans of Professional Management Systems, Inc. as accountant. Ms. Evans will provide tax advice and accounting/bookkeeping services to the Debtor. Ms. Evans will charge an hourly rate of $85 for services performed. Ms. Evans assured the court that she has no connection with any creditors or parties in interest. The firm can be reached through: Georgia Evans Professional Management Systems, Inc. 4590 Coach Ln Chipley, FL 32428 Phone: (850) 441-2000 About WSN Construction LLC WSN Construction, LLC, a company in Havana, Florida, provides commercial construction services including land clearing, preliminary site work, underground utilities installation, metal fabrication, and asphalt and concrete work, serving Northwest Florida and Southwest Georgia. WSN Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-40059) on February 3, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Byron Wright, III, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. 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