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260326.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, March 26, 2026, Vol. 30, No. 85 Headlines ADONAI CONGREGATE: John-Patrick Fritz Named Subchapter V Trustee AEMETIS INC: KPMG In, RSM Out as Independent Auditor for FY 2026 AEMETIS INC: Posts $77MM Loss in 2025, Capital Deficiency Persists ALTOMAR HOME: Case Summary & Four Unsecured Creditors APLD COMPUTECO 2: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ATARA BIOTHERAPEUTICS: Posts $32.7M 2025 Income; Seeks More Capital ATHABASCA OIL: S&P Upgrades ICR to 'B+' on Strong Credit Measures AXE CAPITAL: U.S. Trustee Unable to Appoint Committee B&C PARTNERS: Seeks to Use Cash Collateral BANYAN MEDICAL: Voluntary Chapter 11 Case Summary BARBEQUE EXCHANGE: Richard Maxwell Named Subchapter V Trustee BRC GROUP: Daniel Asher, DBA Trading Hold 8.78% Equity Stake BRC GROUP: Delays FY2025 Form 10-K Filing Amid Auditor Transition BURNETT ENTERTAINMENT: Gets Interim OK to Use Cash Collateral CADENCE INDEMNITY: A.M. Best Cuts Fin. Strength Rating to B-(Fair) CALDWELL HOLDINGS: Court Extends Cash Collateral Access to April 8 CANO HEALTH: S&P Withdraws 'CCC+' Issuer Credit Rating CANTOR GROUP: U.S. Trustee Unable to Appoint Committee CASCADE PARENT: S&P Places 'CCC+' ICR on CreditWatch Negative CEDAR ARCH: Case Summary & 20 Largest Unsecured Creditors CHICKASHA HOSPITALITY: Gets Final OK to Use Cash Collateral CLEANCO CARPET: Gets Interim OK to Use Cash Collateral CLEANCO CARPET: Kevin O'Rourke Named Subchapter V Trustee COCONUT BREEZE: Gets Extension to Access Cash Collateral COEUR MINING: S&P Upgrades ICR to 'BB' on Acquisition of New Gold CRISP MOMENTUM: Delays Q2 FY2026 10-Q Filing Due to Auditor Change CRUX SOLUTIONS: Court Denies Bid to Use Cash Collateral DILLARD'S INC: S&P Affirms 'BB+' ICR Then Withdraw Rating DISH DBS: S&P Revises 'CCC+' ICR Placement to Watch Developing DIVERSIFIED WIRE: Gets Interim OK for DIP Loan From Bridge Business EMPOWER NATUROPATHIC: Gets Interim OK to Use Cash Collateral HNO INTERNATIONAL: Delays Q1 FY26 Filing Due to Compilation Issues HRONIS INC: U.S. Trustee Appoints Creditors' Committee HUNTINGTON GLEN: Seeks Cash Collateral Access INNOVATIVE INDUSTRIAL: Enforces Rights After Tenant Defaults JAMMER LLC: Gets Interim OK to Use Cash Collateral JOD MINERAL: Case Summary & 20 Largest Unsecured Creditors KOOL AIR: Gets Interim OK to Use Cash Collateral MAWSON INFRASTRUCTURE: Forms Strategic Transactions Committee NEW FORTRESS: Delays 2025 10-K Filing Amid Financial Restatement NEW FORTRESS: Secures Creditor Support for Restructuring Plans NEW GOLD: S&P Upgrades ICR to 'BB' on Acquisition by Coeur Mining NEW MEXICO TERMINAL: Century Bank Loses Bid to Appoint Trustee NORTH COUNTY PIZZA: Seeks Cash Collateral Access ONE ALLIANCE: A.M. Best Affirms 'B(Fair)' Fin. Strength Rating PICO-UNION HOUSING: Files Emergency Bid to Use Cash Collateral PREMIER ROOFING: Gets Interim OK to Use Cash Collateral PRIMEMED MARKETING: Melissa Haselden Named Subchapter V Trustee PUGET ENERGY: S&P Rates New Junior Subordinates Notes 'BB' RALIAM HOSPITALITY: Case Summary & Five Unsecured Creditors REALPAGE INC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ROGERS COMMUNICATIONS: S&P Rates Canadian Subordinated Notes 'BB' ROGERS COMMUNICATIONS: S&P Rates New Subordinated Notes 'BB' SHAYN REALTY: Seeks Cash Collateral Access SHERWOOD HOSPITALITY: Seeks Continued Cash Collateral Access SIERRA COMPOUNDING: Christopher Simpson Named Subchapter V Trustee SPIRIT AVIATION: Posts $2.83B Net Loss for 2025 'Successor Period' SPIRIT AVIATION: RSA Provides Equity to DIP Lenders, Cancels Stock STANDARD FREIGHT: Gets Interim OK to Use Cash Collateral SURF CLEAN: Seeks Cash Collateral Access SVETNESS CORP: U.S. Trustee Unable to Appoint Committee TAILWIND AIR SERVICE: U.S. Trustee Unable to Appoint Committee TAILWIND AIR: U.S. Trustee Unable to Appoint Committee TALPHERA INC: Completes Third Closing of $4.1MM Private Placement W&J SUBSHOPS: Seeks Continued Cash Collateral Access WEST DAUPHIN: Leona Mogavero Named Subchapter V Trustee WINDSOR HOLDINGS III: Fitch Affirms B+ LongTerm IDR, Outlook Stable ZUUM TRANSPORTATION: Gets Court OK to Use Cash Collateral [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* ADONAI CONGREGATE: John-Patrick Fritz Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 16 appointed John-Patrick Fritz as Subchapter V trustee for Adonai Congregate Living Inc. Mr. Fritz will be paid an hourly fee of $775 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The compensation for his trustee administrators (Jason Klassi, Linda Riess and Connie Ray) is $300 per hour. Mr. Fritz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John-Patrick M. Fritz Levene, Neale, Bender, Yoo & Golubchik, L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 About 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, with between $100,001 and $500,000 in both assets and 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. AEMETIS INC: KPMG In, RSM Out as Independent Auditor for FY 2026 ---------------------------------------------------------------- Aemetis, Inc. disclosed in a regulatory filing that the Audit Committee of the Board of Directors approved the engagement of KPMG LLP as the Company's independent registered public accounting firm, beginning with the review of the Company's financial statements for the quarter ending March 31, 2026, and including the audit of the Company's consolidated financial statements for the fiscal year ending December 31, 2026. The engagement of KPMG is subject to the execution of an engagement letter. Following the engagement of KPMG LLP, the Audit Committee also dismissed RSM US LLP as the Company's independent registered public accounting firm, effective after the completion of its audit for the fiscal year ended December 31, 2025, and related non-audit services. RSM served as the Company's independent registered public accounting firm since 2012. The audit reports of RSM on the Company's consolidated financial statements for the fiscal years ended December 31, 2025, and December 31, 2024, did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles, except that RSM's report for each of the two fiscal years ended December 31, 2025, and December 31, 2024, contained an explanatory paragraph about the Company's ability to continue as a going concern. During the Company's fiscal years ended December 31, 2025, and December 31, 2024, and the subsequent interim period through March 10, 2026, there were no: (i) disagreements, as defined in Item 304(a)(1)(iv) of Regulation S‑K and the related instructions to Item 304, with RSM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures that, if not resolved to the satisfaction of RSM, would have caused RSM to make reference to the subject matter of such disagreements in its reports, or (ii) reportable events as defined in Item 304(a)(1)(v) of Regulation S‑K and the related instructions to Item 304, except for the material weaknesses in internal control over financial reporting as of December 31, 2024, that were previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The Audit Committee has discussed the subject matter of the material weaknesses with RSM, and the Company has authorized RSM to respond fully to the inquiries of KPMG concerning them. During the Company's fiscal years ended December 31, 2025, and December 31, 2024, and the subsequent interim period through March 10, 2026, neither the Company nor anyone acting on its behalf consulted with KPMG regarding: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and either a written report or oral advice was provided to the Company that KPMG concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a disagreement or reportable event, as defined in Item 304(a)(1)(iv) and Item 304(a)(1)(v) of Regulation S‑K. About Aemetis Inc. Founded in 2006 and headquartered in Cupertino, California, Aemetis, Inc. -- www.aemetis.com -- is an international renewable natural gas, and renewable fuels company focused on the operation, acquisition, development and commercialization of innovative low and negative carbon intensity products and technologies that replace traditional fossil fuel products. The Company operates in three reportable segments consisting of "California Ethanol," "California Dairy Renewable Natural Gas," and "India Biodiesel." The Company's mission is to create sustainable and innovative renewable fuel solutions that benefit communities and restore the environment. The Company achieves this by establishing a local, circular bioeconomy that utilizes agricultural products and waste to produce low-carbon, advanced renewable fuels that reduce greenhouse gas (GHG) emissions and enhance air quality by replacing traditional fossil fuel products. Des Moines, Iowa-based RSM US LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 13, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Decemeber 31, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $259.8 million in total assets, $371.3 million in total current liabilities, $195.4 million in total long-term liabilities, and total stockholders' deficit of $306.8 million. AEMETIS INC: Posts $77MM Loss in 2025, Capital Deficiency Persists ------------------------------------------------------------------ Aemetis, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The Company does not currently, and historically have not typically, generated profits or positive cash flow. As of December 31, 2025, the Company had an accumulated deficit of approximately $639.9 million. For its fiscal years ended December 31, 2025 and 2024, it reported a net loss of $77.0 million and $87.5 million respectively. For the fiscal year ended December 31, 2025 and 2024, the Company recorded a total revenue of $197.6 million and $267.6 million, respectively. Des Moines, Iowa-based RSM US LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 13, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Decemeber 31, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency. This raises substantial doubt about the Company's ability to continue as a going concern. The Company may continue to incur losses for an indeterminate period of time and may not achieve consistent profitability. According to the Company, it historically relied upon cash from debt and equity financing activities to fund the cash it needs that exceeds cash from operations. Going forward, the Company expects to rely on cash on hand, cash generated from our operations, borrowings, if available, and proceeds from other future financing activities, if any, to fund the cash requirements of its business. In some market environments, the Company may have limited access to incremental financing, which could defer or cancel growth projects, reduce business activity or cause it to default on its existing debt agreements if it is unable to meet its payment schedules. An extended period of losses or negative cash flow may prevent the Company from successfully operating and expanding its business. A full text copy of the Company's Annual Report is available at https://tinyurl.com/4tad3n69 About Aemetis Inc. Founded in 2006 and headquartered in Cupertino, California, Aemetis, Inc. -- www.aemetis.com -- is an international renewable natural gas, and renewable fuels company focused on the operation, acquisition, development and commercialization of innovative low and negative carbon intensity products and technologies that replace traditional fossil fuel products. The Company operates in three reportable segments consisting of "California Ethanol," "California Dairy Renewable Natural Gas," and "India Biodiesel." The Company's mission is to create sustainable and innovative renewable fuel solutions that benefit communities and restore the environment. The Company achieves this by establishing a local, circular bioeconomy that utilizes agricultural products and waste to produce low-carbon, advanced renewable fuels that reduce greenhouse gas (GHG) emissions and enhance air quality by replacing traditional fossil fuel products. As of December 31, 2025, the Company had $259.8 million in total assets, $371.3 million in total current liabilities, $195.4 million in total long-term liabilities, and total stockholders' deficit of $306.8 million. ALTOMAR HOME: Case Summary & Four Unsecured Creditors ----------------------------------------------------- Debtor: Altomar Home Healthcare, Inc. 4110 Rio Bravo, St., Suite 104 El Paso TX 79902 Business Description: Altomar Home Healthcare, Inc., based in El Paso, Texas, operates a Medicare-certified home health agency that provides skilled nursing, physical therapy, occupational therapy, speech therapy, and medical social services, along with home health aide support, to patients in their homes under physician and nursing supervision. Founded in 1999 and licensed by the Texas Department of Health Services, the company serves patients across El Paso County and Santa Teresa, New Mexico, offering care for individuals ranging from infants to the elderly and disabled. It also provides pediatric care and durable medical equipment, and accepts private pay, Medicare, Medicaid, and some private insurance as part of its services. Chapter 11 Petition Date: March 23, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-30392 Debtor's Counsel: Carlos Miranda, Esq. MIRANDA & MALDONADO, PC 5915 Silver Springs Bldg. 7 El Paso TX 79912 Tel: (915) 587-5000 E-mail: cmiranda@eptxlawyers.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Eliza Martinez as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OJLQZIQ/Altomar_Home_Healthcare_Inc__txwbke-26-30392__0001.0.pdf?mcid=tGE4TAMA APLD COMPUTECO 2: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned APLD ComputeCo 2 LLC a 'BB-' Long-Term Issuer Default Rating (IDR). Fitch has also assigned the company's $2.15 billion senior secured notes a 'BB-' rating. The Rating Outlook is Stable. The rating for the notes funding APLD ComputeCo 2's 200 MW data center in North Dakota reflects completion and operating risks. The project is in early construction, with exposure to some cost escalation and contractors with modest experience. The schedule is tight, with punitive rent credits, and a tenant termination right for delays beyond 150 days. Mitigants include adequate buffer for cost escalations, locked-in equipment pricing, and the lender's technical advisor's view that the schedule is achievable. The power substation has yet to be built, and delays could affect revenue. In operation, the project has no lease renewal risk, and its financial profile aligns with the rating. The IDR matches the debt ratings, reflecting senior ranking and no material subordinated liabilities. KEY RATING DRIVERS Completion Risk - Weaker Simple Construction, Limited Liquidity The assessment reflects risks from modest contractor experience, a tight implementation schedule, and limited liquidity because of stringent rent credits for construction delays. The developer, Applied Digital, has a strong track record with the core and shell contractor, Century Builders, but A&P, the core and shell and fit-out contractor, has limited experience with 100 MW-plus data centers, which raises execution risks. The guaranteed maximum price (GMP) is fully locked in for FAR-01 but not for FAR-02, exposing the project to cost escalation; however, FAR-02 is smaller (50 MW), is expected to replicate FAR-01's design, and its GMP is expected by April 2026. The project budget is viewed as reasonable and about 82% of total costs are currently known. The LTA finds the tight schedule achievable, and permitting and geotechnical issues are manageable. Supply Risk - Weaker No Electric Service Agreement; Escrowed Funds The project requires 280 MW from a new substation and an upgraded 345 kV transmission line with Minnkota Power Cooperative (BBB+/Negative) and Cass County Electric Cooperative. Applied Digital has secured all long-lead equipment, though schedule risk remains due to limited visibility into construction timelines. An electric service agreement (ESA) has not been executed, but note proceeds are escrowed until the ESA is executed, which reduces this risk. The expected ESA term is six years which creates renewal and price risk. The tenant bears power price risk through pass-through provisions. Revenue Risk - Stronger No Lease Renewal Risk The project's cash flows are fully contracted under a 15-year lease with an Oracle subsidiary, guaranteed by Oracle Corporation (BBB/Stable), with two five-year extension options. The cash flows during the 15-year initial lease term are sufficient to repay the debt under Fitch's rating case assumptions, eliminating renewal risk. Despite less-favorable latency in North Dakota, the strong hyperscaler tenant and lack of lease renewal risk support the assessment. Operation Risk - Midrange Stringent SLAs with Termination Rights The lease is a modified gross plus electricity (MG + E) structure, passing electricity costs to the tenant and reducing cost risk for the project. Stringent performance standards for power, temperature, humidity, and air quality entitle the tenant to uncapped service credits, up to 100% of monthly rent, for service interruptions. The tenant may also terminate leases for chronic outages. These risks are mitigated by system redundancies, including an N+1 backup generator. Infrastructure Development & Obsolescence Risk - Neutral New Building with Minimal Maintenance As debt can fully amortize during the initial 15-year lease under Fitch's rating case assumptions, technological obsolescence risk is limited. The newly built data centers' mechanical and electrical components are expected to outlast the initial lease term, minimizing capital needs. Fitch anticipates only minor later-year capex, mainly for battery replacement. Debt Structure - 1 - Weaker Refinance Risk, No Additional Debt The notes are secured by a first-priority lien on substantially all project assets, contracts, and cash flows, except interconnection capacity above 50 MW for FAR-02 and related revenue. A $148 million debt service reserve account (DSRA) is funded at closing with additional funded interest through completion of FAR-01 phase 1. The project is exposed to refinance and interest rate risk in 2031. The issuer and subsidiary guarantors operate as special purpose entities with covenants restricting material additional debt, and commingling funds with the parent, reflecting project finance protections. Joint ventures and M&A are permitted but they cannot include secured debt. The restricted payments test is weak because it does not include a DSCR test. Peer Analysis The closest peers are APLD ComputeCo LLC (BB-/Stable) and Cipher Compute LLC (BB-/Stable). Like Cipher Compute, APLD ComputeCo 2 faces elevated completion risk due to early construction and tight timelines. APLD Compute Co's rating is constrained by debt-raising flexibility and counterparty credit risk, whereas APLD ComputeCo 2 benefits from a strong counterparty and lacks such flexibility. APLD ComputeCo and Cipher have stronger financial profiles than APLD ComputeCo 2. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Construction delays for any phases that exceed allowable times indicated in the lease terms, leading to potential tenant termination or rent credits; - Delays in signing the ESA or in substation construction that delay revenue generation for the project or risk potential tenant termination; - Weakened liquidity during the construction phase that leaves limited headroom to absorb operational underperformance during the operating phase could lead to a rating downgrade; - Degradation of the financial performance, leading to sustained DSCR or PLCR below 1.13x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade up to the initial maturity of the notes is unlikely due to the low DSCR during the initial years. Financial Profile Fitch's base and rating cases assess project cash flows over the initial lease term and refinancing in year five. The base case assumes 3% annual operating expense growth, a 5% stress to expenses, and an 8% refinancing rate. The rating case is identical except for a 10% stress to expenses. Fitch's rating case results in a PLCR of 1.19x at refinancing, an average DSCR of 1.02x (2027-2030) through note maturity, and average DSCR of 1.14x (2027-2041) over the initial lease term, supported by a $148 million DSRA that provides cushion to absorb further cost escalations or SLA penalties. TRANSACTION SUMMARY $2.15 billion in senior secured notes are issued to fund the project with an 80% debt-to-cost ratio, with $537 million in equity funded at close. Additionally, the notes were issued at a discount, and Applied Digital funded the resulting shortfall at financial close. SECURITY First-priority liens over substantially all assets of the issuer and the subsidiary guarantors. Date of Relevant Committee 02-Mar-2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for APLD ComputeCo 2 LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- APLD ComputeCo 2 LLC LT IDR BB- New Rating BB-(EXP) APLD ComputeCo 2 LLC/Senior Secured Debt/1 LT LT USD 2.15 bln 6.75% bond/note 15-Mar-2031 03772CAA1 LT BB New Rating BB-(EXP) ATARA BIOTHERAPEUTICS: Posts $32.7M 2025 Income; Seeks More Capital ------------------------------------------------------------------- Atara Biotherapeutics, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net income of $32.7 million for the fiscal year ended December 31, 2025, compared to a net loss of $85.4 million for the fiscal year ended December 31, 2024. For the fiscal year ended December 31, 2025 and 2024, the Company recorded a total revenue of $120.8 million and $128.9 million, respectively. The Company has experienced negative cash flows from operations and with the exception of the year ended December 31, 2025, have also incurred substantial operating losses since inception. As of December 31, 2025, the Company had total cash and cash equivalents of $8.5 million. The Company expects that its existing cash, cash equivalents and short-term investments as of December 31, 2025, will not be sufficient to fund planned operations for at least the next 12 months. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 16, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Decemeber 31, 2025, citing that Company's negative cash flow from operations and losses from operations raises substantial doubt about its ability to continue as a going concern. Management Plans To alleviate the conditions that raise substantial doubt about the Company's ability to continue as a going concern, the Company plans to secure additional capital, potentially through a combination of public or private security offerings; use of its ATM facility; issuance of debt; and/or execution of strategic transactions. The Company may need to raise additional funding as required based on the status of our candidate program and its projected cash flows. Even though the Company have been successful in raising capital in the past, and expects to continue to raise capital as required, there is no assurance that it will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all, or identify and enter into any strategic transactions that will provide the capital that it will require. If the Company is unable to obtain sufficient funding on acceptable terms, it could be forced to delay, limit, reduce or terminate ongoing activities for our product candidate, which could have a material adverse effect on its business, results of operations, and financial condition. A full text copy of the Company's Annual Report is available at https://tinyurl.com/54db7vdn About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology Company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first Company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. As of December 31, 2025, the Company had $20.2 million in total assets and $58.7 million in total liabilities, and total stockholders' deficit of $38.5 million. ATHABASCA OIL: S&P Upgrades ICR to 'B+' on Strong Credit Measures ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Calgary-based oil and gas exploration and production (E&P) company Athabasca Oil Corp. to 'B+' from 'B'. S&P said, "At the same time, we raised our issue-level rating on the company's 6.75% senior unsecured notes due 2029 to 'BB-' from 'B+'. Our '2' recovery rating on the notes is unchanged. "The stable outlook reflects our expectation that Athabasca will grow production organically while maintaining consistent operating performance and sustaining strong cash flow and leverage metrics over our 12-month outlook period." S&P expects Calgary-based oil and gas exploration and production (E&P) company Athabasca Oil Corp. to maintain strong leverage metrics and adequate liquidity over the next two years. The company's relatively low gross debt, substantial cash on hand, and growing production support our expectation for limited credit metric volatility. Athabasca's conservative balance sheet is driving strong credit measures and a cushion to absorb earnings volatility. S&P expects the company's funds from operations (FFO) to debt to average about 160% and debt to EBITDA of 0.6x for 2026-2027. Athabasca has maintained a consistently low gross debt balance since 2022, with S&P Global Ratings-adjusted debt of just under C$300 million. The company's only long-term debt is its 6.75% C$200 million senior unsecured notes due 2029. The company also has a C$110 million reserve-based credit facility, with no amounts drawn and C$41 million of letters of credit outstanding under the facility as of year-end 2025. S&P said, "Athabasca also held more than C$300 million of cash on its balance sheet at Dec. 31, 2025, which we do not net in our calculation of S&P Global Ratings-adjusted debt. While we do not expect it to use this cash to reduce debt, we believe the substantial cash balance reduces volatility in Athabasca's credit measures through the hydrocarbon price cycle despite the company's relatively small operating scale and heavy oil exposure. For example, we expect even in a US$50 per barrel (/bbl) WTI price environment with a US$20/bbl WCS heavy oil differential, Athabasca's FFO to debt would remain above 60% with no change to forecast growth capital spending or operating costs. "Our ratings reflect Athabasca's large reserves base and production growth trajectory, balanced with its smaller operating scale compared with peers. Athabasca's reserve base is significantly higher than most similarly rated-peers, with reported net proven reserves of about 325 million barrels of oil equivalent (boe) and net proved plus probable (2P) reserves of about 884 million boe as of year-end 2025. Its 2P reserves base equates to about an 85-year reserve life at current production levels. "We expect Athabasca's Leismer expansion project, which aims to increase the asset's production to about 40,000 barrels per day (bbl/d) versus current production of about 27,000 bbl/d for a total capital cost of C$300 million, to be substantially completed by year-end 2026 with production growth beginning in late 2026. Accordingly, we expect Athabasca's 2027 thermal oil production to grow from about 34,000 bbl/d in 2025 to about 42,000 bbl/d in 2027 and 45,000 bbl/d - 48,000 bbl/d in 2028. "Our analysis also assumes Athabasca sanctions phase one of its Corner greenfield project this year, which would add an incremental 15,000 bbl/d of production by the end of the decade (roughly three years from sanctioning to first oil). Accordingly, we assume Athabasca's capital spending remains elevated at C$320 million to C$350 million annually for 2026-2028. Even with this growth spending assumed in our forecast, we continue to expect Athabasca will generate positive free operating cash flow (FOCF; defined as operating cash flow less capital expenditures) and return 100% of its FOCF to shareholders through share buybacks. "We also assume Athabasca's light oil subsidiary Duvernay Energy Corp. (DEC) continues its self-funded growth trajectory. DEC currently produces about 5,000 boe/d and Athabasca intends to grow the entity to more than 15,000 boe/d by 2030. "While Athabasca is steadily expanding its production base, we expect its overall operating scale--particularly its daily average production profile--will remain smaller than similarly rated peers like Tamarack Valley Energy Ltd. and California Resources Corp. over the next two to three years. In our view, relatively small operating scale amplifies the company's exposure to adverse market or operational events. Accordingly, a higher rating is likely contingent on increasing scale of production to better align with higher rated peers, while maintaining stable operating performance and robust credit measures. "The relatively low decline rates associated with thermal oil production result in modest capital spending to maintain production. We estimate Athabasca's annual maintenance capital expenditure is about C$150 million annually, which affords the company flexibility to cut growth spending and preserve balance sheet strength should oil prices fall materially. In our view, this flexibility--in conjunction with the company's low debt level and material cash on hand--reduces cash flow volatility and should insulate Athabasca's leverage metrics from oil price declines. "The stable outlook reflects our expectation that Athabasca will maintain consistent operating performance and sustain strong cash flow and leverage metrics during our 12-month outlook period, with average two-year FFO to debt of more than 150% and debt to EBITDA of about 0.6x. In addition, we expect the company will continue pursuing organic production growth within internally generated cash flows and maintain adequate liquidity. "We could lower the rating over the next 12 months if Athabasca's credit ratios weaken such that average FFO to debt falls below 60% on a sustained basis, or if the company significantly outspends free cash flow. This could occur if commodity prices decline below our expectations and the company fails to reduce its spending levels accordingly, or if production falls short of our expectations. "We could also lower our rating if Athabasca adopts a more aggressive financial policy, such as pursuing a large, debt-financed acquisition that does not add to its near-term cash flow or increasing its distributions materially beyond its internally generated cash flow. "Although unlikely over the next 12 months, we could raise our rating on Athabasca if it improves its scale of proved reserves and production to be more in line with its peers rated 'BB-' while maintaining consistent operating performance, FFO to debt above 60%, and adequate liquidity." AXE 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 Axe Capital Management, LLC, according to court dockets. About Axe Capital Management LLC Axe Capital Management, LLC is a single-asset real estate entity that owns a commercial property at 10268 and 10256 Beach Blvd. in Jacksonville, Florida, with the property estimated to have a value of $1.2 million. Axe Capital Management filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01054) on February 11, 2026, listing $1,200,000 in assets and $1,627,892 in liabilities. The petition was signed by Joseph William as member. Judge Caryl E. Delano oversees the case. Buddy D. Ford, Esq., at Ford & Semach, P.A. serves as the Debtor's legal counsel. B&C PARTNERS: Seeks to Use Cash Collateral ------------------------------------------ B&C Partners, LLC asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral—primarily rental income—to fund ongoing operations, including tenant attraction, property maintenance, mortgage payments, and other ordinary course expenses. The Debtor owes prepetition debts to BlueBird Lending, LLC, with a disputed amount between $200,000–$400,000 secured by multiple properties, including 19121-3513, 2445 W. Allegheny Avenue, and 3252-3254 N. Bailey Street; U.S. Bank/NewRez, with approximately $190,000 secured by 2538 W. Allegheny Avenue; and the City of Philadelphia, with roughly $36,041 in unpaid real estate taxes and fees. The Debtor proposes that each lender is adequately protected through replacement or rollover liens on post-petition receivables and properties to prevent diminution of collateral value. The Debtor submitted a Budget projecting its operational needs and cash flow, demonstrating its ability to meet post-petition obligations if authorized to use the cash collateral. A court hearing is scheduled for April 1. A copy of the motion is available at https://urlcurt.com/u?l=lsy8It from PacerMonitor.com. About B & C Partners LLC B & C Partners, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10413) on February 2, 2026, with $500,001 to $1 million in assets and liabilities. Judge Ashely M. Chan presides over the case. Ronald G. Mcneil, Esq., at Mcneil Legal Services represents the Debtor as legal counsel. BANYAN MEDICAL: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Banyan Medical Systems, LLC 8701 F Street Omaha, NE 68127 Business Description: Banyan Medical Systems, LLC, based in Omaha, Nebraska, develops and provides telehealth and digital healthcare solutions, including virtual nursing and AI-assisted care platforms, for hospitals and healthcare systems. The company focuses on enabling remote clinical support, patient monitoring, and workflow automation to address staffing shortages and improve operational efficiency. It operates from 8701 F Street and serves healthcare providers seeking to enhance patient care delivery through technology. Chapter 11 Petition Date: March 23, 2026 Court: United States Bankruptcy Court District of Nebraska Case No.: 26-80320 Debtor's Counsel: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC 9375 Burt Street #200 Omaha, NE 68114 Tel: 402-690-3675 E-mail: pturner@turnerlegalomaha.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony S. Buda as authorized representative of the Debtor. The Debtor did not file 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/4PVUZLQ/Banyan_Medical_Systems_LLC__nebke-26-80320__0001.0.pdf?mcid=tGE4TAMA BARBEQUE EXCHANGE: Richard Maxwell Named Subchapter V Trustee ------------------------------------------------------------- Matthew C. Cheney, the Acting U.S. Trustee for Region 4, appointed Richard C. Maxwell at Woods Rogers Vandeventer Black PLC as Subchapter V trustee for The Barbeque Exchange, L.L.C. Mr. Maxwell will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Maxwell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richard C. Maxwell Woods Rogers Vandeventer Black PLC 10 S. Jefferson Street, Suite 1800 Roanoke, VA 24011 Telephone: 540-983-7628 About The Barbeque Exchange L.L.C. The Barbeque Exchange, L.L.C. is a restaurant and food service company specializing in barbecue cuisine and related food offerings. The company serves both dine-in and catering customers and operates within the hospitality industry. The Barbeque Exchange, L.L.C. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60291) on March 10, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Rebecca B. Connelly the case. The debtor is represented by H. David Cox, Esq., of Cox Law Group, PLLC. Richard C. Maxwell serves as the Subchapter V Trustee. BRC GROUP: Daniel Asher, DBA Trading Hold 8.78% Equity Stake ------------------------------------------------------------ Daniel Asher, together with DBA Trading, LLC disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 10, 2026, they beneficially owns 3,017,041 shares of BRC Group Holdings, Inc.'s Ordinary Shares, nominal value $0.01 per share, representing 8.78% of the class of outstanding shares. Daniel Asher may be reached through: Daniel Asher / DBA Trading, LLC 1011 Lake Street Suite 311 Oak Park, IL 60301 A full-text copy of BRC Group Holdings, Inc.'s SEC report is available at: https://tinyurl.com/f6bvscsy About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, it had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. During the nine months ended September 30, 2025, the Company completed five private exchange transactions with institutional investors pursuant to which aggregate principal amounts of approximately: * $115,844,000 of the 5.50% Senior Notes due March 2026, * $2,061,000 of the 6.50% Senior Notes Payable due September 2026, * $146,448,000 of the 5.00% Senior Notes due December 2026, * $51,135,000 of the 6.00% Senior Notes due January 2028, and * $39,485,000 of the 5.25% Senior Notes due August 2028 owned by the investors were exchanged for approximately $228,423 aggregate principal amount of 8.00% Senior Secured Second Lien Notes due 2028, whereupon the Exchanged Notes were cancelled. After the completion of the Exchanged Notes, the Company has approximately: * $101,596,000 of 5.50% Senior Notes due March 31, 2026, * $178,471,000 of 6.50% Senior Notes due September 30, 2026, and * $178,266,000 of 5.00% Senior Notes due December 31, 2026. The Company believes that the current cash and cash equivalents, securities and other investments owned, and funds available under its credit facilities will be sufficient to meet its working capital, capital expenditure requirements, and debt service obligations due the next 12 months. BRC GROUP: Delays FY2025 Form 10-K Filing Amid Auditor Transition ----------------------------------------------------------------- BRC Group Holdings, Inc. disclosed in a regulatory filing that it was unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the year ended December 31, 2025 due to onboarding its new auditor late in September 2025, and subsequently filing its Quarterly Reports for the periods ended March 31, 2025, June 30, 2025 and September 30, 2025 between November 20, 2025 and January 14, 2026. The Company is working diligently to finalize its financial statements for the year ended December 31, 2025 and file the Annual Report as promptly as practical. 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. BURNETT ENTERTAINMENT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued an interim order authorizing Burnett Entertainment, LLC to use cash collateral to support business operations. Under the interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, Subchapter V trustee payments, and necessary operating costs outlined in a preliminary budget, with flexibility of up to 10% per line item. Additional expenditures may be approved in writing by the secured creditor, Achieva Credit Union. This authorization continues until further court order. Secured creditors will be granted replacement liens on post-petition cash collateral, with the same validity and priority as their pre-petition liens, without requiring additional filings. Burnett must comply with all debtor-in-possession obligations, including maintaining proper insurance on its assets. The order is entered without prejudice, preserving the rights of creditors and any future committee to challenge liens or seek modifications. A continued hearing is scheduled for April 1. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/NA8pG from PacerMonitor.com. About Burnett Entertainment Inc. Burnett Entertainment, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00948) on February 6, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Caryl E. Delano presides over the case. James W. Elliott, Esq., at Mcintyre Thanasides Bringgold, Elliott Grimaldi Guito, PA represents the Debtor as legal counsel. CADENCE INDEMNITY: A.M. Best Cuts Fin. Strength Rating to B-(Fair) ------------------------------------------------------------------ AM Best has downgraded the Financial Strength Rating to B- (Fair) from B++ (Good) and the Long-Term Issuer Credit Rating to "bb-" (Fair) from "bbb+" (Good) of Cadence Indemnity Inc. (Cadence) (Texas). Additionally, AM Best has placed these Credit Ratings (ratings) under review with negative implications. Concurrently, AM Best has withdrawn these public ratings of Cadence per the company's request. Operating as a single-parent captive, Cadence provides coverage for a diversified portfolio of risks from several commonly owned operating companies. The ratings reflect Cadence's balance sheet strength, which AM Best assesses as weak, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). The rating downgrades reflect the weakening in Cadence's balance sheet strength, driven by a significant decline in risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and increasing underwriting leverage metrics. In the latter half of 2025, Cadence experienced premium growth that substantially deviated from the business plans originally shared with AM Best at the time the company was initially rated in March 2025. Consequently, the captive's underwriting risk materially increased, causing a significant decline in its BCAR score. These rating actions also reflect a revision in AM Best's assessment of Cadence's ERM to marginal from appropriate. The ratings will remain under review with negative implications pending additional meetings with management to evaluate Cadence's ERM framework, including risk mitigation strategies and processes, receipt of a revised business plan, the filing of Cadence's year-end 2025 statutory financial statements and the finalization of its year-end actuarial review. CALDWELL HOLDINGS: Court Extends Cash Collateral Access to April 8 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, issued its sixth interim order extending Caldwell Holdings, LLC's authority to use cash collateral. The sixth interim order authorized the Debtor to use cash collateral in accordance with its budget through the final hearing scheduled for April 8. The budget shows total projected operational expenses of $135,752.71. The Debtor believes that First Internet Bank of Indiana and Itria Ventures, LLC may have security interests in certain business revenues that may constitute cash collateral. The First Internet Bank of Indiana (as successor to ApplePie Capital, Inc.) has a first position lien on the Debtor's cash collateral. To protect the lenders, the court granted them adequate protection liens on post-petition assets similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. Itria Ventures is represented by: Michael E. Hutchins, Esq. Robyn King Richards, Esq. Paul G. Williams, Esq. Kasowitz LLP 1230 Peachtree Street, NE, Suite 2445 Atlanta, GA 30309 Tel: (404) 260-6080 mhutchins@kasowitz.com rking@kasowitz.com pwilliams@kasowitz.com About Caldwell Holdings, LLC Caldwell Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41374) on September 10, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Hon. Paul W Bonapfel oversees the case. Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. CANO HEALTH: S&P Withdraws 'CCC+' Issuer Credit Rating ------------------------------------------------------ S&P Global Ratings withdrew its 'CCC+' issuer credit rating on Cano Health LLC at the issuer's request. At the same time, S&P withdrew its 'B' issue-level rating and '1' recovery rating on the company's first- and second-out facilities and its 'CCC' issue-level rating and '5' recovery rating on its third-out facility. At the time of the withdrawal, S&P's outlook on Cano was negative. CANTOR GROUP: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 16 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Cantor Group III, LLC. About Cantor Group III LLC Cantor Group III, LLC is a California-based investment and asset management company engaged in business development and portfolio oversight activities. Cantor Group III sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10416) on February 11, 2026. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by William J. Wall, Esq., at Wall & Son. CASCADE PARENT: S&P Places 'CCC+' ICR on CreditWatch Negative ------------------------------------------------------------- S&P Global Ratings placed its 'CCC+' issuer credit rating on CreditWatch with negative implications on Cascade Parent Ltd. The CreditWatch negative placement reflects the possibility of a downgrade in the near term if Cascade does not refinance its debt. Cascade faces near-term debt maturities. Cascade's $60 million revolving facility (no borrowings as of Feb 2026) matures in April 2026 and the $433.8 million first-lien term loan matures in July 2026. S&P does not expect the company to have sufficient internal funds available to repay them. The company plans to refinance its maturities in full in the near term but has made limited progress; failure to do so would lead to a multi-notch downgrade. The company entered into a definitive agreement to sell its portfolio of creativity and productivity software and related brands for a base purchase price of $180 million (expected to close May 2026, subject to customary closing conditions, including regulatory approvals). It plans to use the proceeds to repay its first-lien term loan. The company also plans to refinance the remaining portion before maturity, with a commitment from its financial sponsor, KKR, to repay any portion that cannot be refinanced. S&P continues to assess company's liquidity as weak. As of February, 2026, Cascade had $7.6 million of cash. Over the next 12 months, it expects the company will generate $5 million-$10 million of funds from operations (FFO). However, $433.8 million of its first-lien term loan due in July 2026 is current. Additionally, company's $60 million revolver matures in April 2026. The maturities will result in a liquidity shortfall if they are not extended. The CreditWatch negative placement reflects the possibility of a multi-notch downgrade in the near term if Cascade does not progress toward debt repayment or refinancing, as this will strain liquidity and jeopardize its ability to meet its financial obligations. Consequently, S&P will lower its ratings if the refinancing takes longer than it anticipates, thus intensifying liquidity pressure. CEDAR ARCH: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Cedar Arch Dairies LLC 710 East 600 North Firth, ID 83236 Business Description: Firth, Idaho-based Cedar Arch Dairies LLC operates multiple dairy facilities focused on milk production and livestock management across more than 200 acres. The company runs a main dairy complex with freestall barns, livestock housing, and supporting infrastructure, alongside a second site equipped with automated robotic milking systems, reflecting a mix of traditional and mechanized operations. It manages a dairy herd across multiple production stages, including milking and replacement cattle, to support continuous milk output. Chapter 11 Petition Date: March 23, 2026 Court: United States Bankruptcy Court District of Idaho Case No.: 26-40154 Debtor's Counsel: Mathew W. Grimshaw, Esq. GRIMSHAW LAW GROUP, P.C. 800 W Main Street, Ste. 1460 Boise, ID 83702 Tel: (208) 391-7860 E-mail: matt@grimshawlawgroup.com Total Assets: $24,444,677 Total Liabilities: $19,645,368 The petition was signed by Jeremy Clayson as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BMX5E7A/Cedar_Arch_Dairies_LLC__idbke-26-40154__0001.0.pdf?mcid=tGE4TAMA CHICKASHA HOSPITALITY: Gets Final OK to Use Cash Collateral ----------------------------------------------------------- Chickasha Hospitality, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral strictly in accordance with an approved budget, with a permitted variance of up to 10% per line item, unless further consent is obtained from the secured creditor, Chickasha Inn, LLC, which holds a secured claim of approximately $3.5 million. The budget reflects projected expenses through April 26. It projects total operational expenses of $3,850 for week 1; $24,515 for week 2; $28,150 for week 3; $43,424.26 for week 4; $3,850 for week 5; $24,977 for week 6; $28,150 for week 7; $42,424.26 for week 8; $3,800 for week 9; $24,927 for week 10; $28,100 for week 11; $42,374.26 for week 12; and $3,850 for week 13. As adequate protection, Chickasha Inn will be granted replacement liens on post-petition assets, maintaining the same priority and validity as its pre-petition liens. Additionally, the creditor is entitled to a potential super-priority claim under section 507(b) in the event of any diminution in collateral value. The Debtor must also provide regular financial reporting, maintain insurance, and allow reasonable access for inspection of records and property. The order includes strict compliance conditions and termination events, such as default, case dismissal, or modification of the order. A carve-out is preserved for professional fees and U.S. Trustee costs, and all rights of the creditor are reserved. Overall, the order ensures continued operations while protecting the secured creditor's interests throughout the bankruptcy proceedings. About Chickasha Hospitality Inc. Chickasha Hospitality, Inc. operates a 151-room Quality Inn hotel in Chickasha, Oklahoma. Chickasha Hospitality sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-10318) on February 3, 2026, listing up to $10 million in both assets and liabilities. Rafi Talukder, company owner, signed the petition. Judge Janice D. Loyd oversees the case. Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., represents the Debtor as legal counsel. CLEANCO CARPET: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Washington, Spokane issued an interim order granting the emergency motion of Cleanco Carpet, Window & Air Duct Cleaning, LLC to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through April 3 in accordance with a court-approved budget. As adequate protection, secured creditor, NewTek Bank, National Association, will be granted replacement liens on post-petition assets, including cash, accounts receivable, and inventory, maintaining the same priority as its pre-petition liens. Additionally, the Debtor must make monthly payments of $2,000 to the secured creditor. The order is temporary and subject to further review, with all rights reserved for parties to seek additional relief. A final hearing is scheduled for March 31. The order is available at https://is.gd/5GAiVL from PacerMonitor.com. About Cleanco Carpet, Window & Air Duct Cleaning Cleanco Carpet, Window & Air Duct Cleaning, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00422) on March 10, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Craig Elmblad as member. Judge Hon. Frederick P Corbit oversees the case. The Debtor is represented by: Steven M Palmer, Esq. Cairncross & Hempelmann, P.S. Tel: 206-254-4453 Email: spalmer@cairncross.com CLEANCO CARPET: Kevin O'Rourke Named Subchapter V Trustee --------------------------------------------------------- Jonas V. Anderson, the Acting U.S. Trustee for Region 18, appointed Kevin O'Rourke as Subchapter V trustee for Cleanco Carpet, Window & Air Duct Cleaning, LLC. Mr. O'Rourke will be paid an hourly fee of $485 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. O'Rourke declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin O'Rourke 4407 N Division St., Ste. 618 Spokane, WA 99207 509-624-0159 Email: Kevin@SouthwellOrourke.com About Cleanco Carpet, Window & Air Duct Cleaning Cleanco Carpet, Window & Air Duct Cleaning, LLC, headquartered in Spokane Valley, Washington, provides cleaning services for homes and businesses, covering air ducts, carpets, dryer vents, tile/grout, and wood floors. Its IICRC-certified technicians use professional equipment and methods to remove dust, allergens, and stains, improving indoor air quality and maintaining property surfaces. Founded in 2004 as a family-run company, CleanCo Carpet serves the Inland Northwest, focusing on personalized service and consistent operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00422) on March 10, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Craig Elmblad, member, signed the petition. Judge Frederick P. Corbit presides over the case. Steven M. Palmer, Esq. at CAIRNCROSS & HEMPELMANN, P.S. represents the Debtor as legal counsel. COCONUT BREEZE: Gets Extension to Access Cash Collateral -------------------------------------------------------- Coconut Breeze Cuisine Incorporated and Irie Entree, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court authorized the Debtors to use cash collateral until April 17, strictly in accordance with an approved monthly budget, which projects total operational expenses of $32,237.20. The funds may be used to maintain operations, preserve assets, pay U.S. Trustee fees and cover professional expenses necessary for business continuity. The Debtor was previously allowed to access cash collateral through March 20 under the court's Feb. 25 interim order and March 17 final order. The latest order granted protection to PIDC Community Capital, the U.S. Small Business Administration and the merchant cash advance lenders through replacement liens on post-petition assets and superpriority administrative claims. All parties retain the right to challenge the validity, extent, or priority of the liens held by the lenders. The order is available at https://is.gd/hsVT4L from PacerMonitor.com. A further hearing is scheduled for April 14, with objections due by April 3. If no objections are raised, the court may approve continued use of cash collateral without additional hearings. Irie owes PIDC on a 2024 note used to refinance prior debt at a lower rate, with CBC jointly liable as corporate guarantor. PIDC claims first-priority liens on the Debtors' pre-bankruptcy assets, including Irie's liquor license, with about $115,085.69 owed as of the petition date. In connection with the pre-bankruptcy obligation, the Debtors allowed PIDC to file a UCC-1 asserting an "all assets" lien on the pre-bankruptcy collateral. As for their agreements with MCA lenders, the Debtors believe the MCA loans lack collateral and provided no value. PIDC, as lender, is represented by: Louis I. Lipsky, Esq. Lipsky and Brandt 1101 Market Street, Suite 2820 Philadelphia, PA 19107 (215) 922-6644 About Coconut Breeze Cuisine Incorporated Coconut Breeze Cuisine Incorporated and Irie Entree LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10640 and 26-10642) on February 18, 2026. At the time of the filing, Debtors had estimated assets of between $500,001 and $1 million, and liabilities of between $500,001 and $1 million. Judge Derek J. Baker oversees the case. Obermayer Rebmann Maxwell & Hippel LLP is Debtors' legal counsel. COEUR MINING: S&P Upgrades ICR to 'BB' on Acquisition of New Gold ----------------------------------------------------------------- S&P Global Ratings raised its rating on Chicago-based Coeur Mining Inc. to 'BB' from 'B+' and removed it from CreditWatch, where S&P placed it with positive implications on Nov. 4, 2025. S&P said, "At the same time, we assigned our 'BBB-' issue-level rating and '1' recovery rating to the newly upsized $1 billion revolving credit facility. We also raised our issue-level rating on the existing senior unsecured debt to 'BB' from 'BB-' and revised the recovery rating to '3' from '2'. Concurrently, we assigned our 'BB' issue-level rating and '3' recovery rating to the proposed senior unsecured debt involved in the obligor exchange." The positive outlook reflects the potential for a higher rating as Coeur establishes a track record of low leverage and stable production while integrating the new assets. Coeur Mining Inc. has acquired all issued and outstanding shares of Toronto-based New Gold Inc. in an all-equity transaction valued at approximately $7 billion. The acquisition strengthened Coeur's competitive position through increased scale and operating breadth, almost doubling its production volume from seven mines in total, concentrated in less risky jurisdictions. S&P expects leverage below 1x based on our estimates of stronger earnings and cash flow, its favorable outlook for gold, silver, and copper prices, and the company's stated conservative financial policy. The addition of the New Afton and Rainy River mines strengthens Coeur's competitive profile. The acquisition increases the company's scale by almost doubling its production to about 1.25 million gold equivalent ounces. Its operating breadth also increases with seven operating mines in less risky jurisdictions of Canada, Mexico and U.S. However, Coeur will derive about half of its annual revenues from Canadian assets, which represents some concentration risk, partly mitigated by the stability of the country. The two additional mines add new operating jurisdictions and mines with good cost characteristics, which will improve product diversity and operational efficiency. The addition of meaningful copper by-product volumes from the New Afton mine improves mineral diversity and lowers the cost profile of the mine and that of the combined entity. However, most of the company's operating assets are still located within the third and fourth quartile of the global industry cost curve. Additionally, 4 out of the seven mines have 9 years or fewer of mine life, including the two newly added assets. On the other hand, Coeur has been successful in replacing depleted resources at some of its mines, thereby maintaining production and life-of-mine over the past 10 to 15 years. For example, Wharf's mine life was five years when the company acquired it in 2015. By Dec. 31, 2025, Coeur successfully increased the life of mine to 12 years through years of investment in exploration. Overall, S&P does not expect significant operational synergies, which is typical of mergers in the mining industry. Mining assets are often isolated, which can preclude the asset-level cost savings that often characterize takeovers in other sectors. Mergers in mining improve portfolio breadth and corporate sustainability by adding reserves and resources. Favorable precious metals prices and various growth projects have enhanced Coeur's earnings profile. Coeur could generate S&P Global Ratings-adjusted EBITDA of $2.5 billion-$3.0 billion and free operating cash flows of $1.3 billion-$1.8 billion in fiscal 2026, after accounting for capital expenditure (capex) of $400 million-$460 million. It will use more than half of the proposed capex for various growth projects which could maintain or further enhance the earnings profile. S&P expects gold and silver prices to moderate over the next 12-24 months from recent highs but remain solidly above historic prices of less than $2,000/ounce. Coeur recently completed a period of heavy capex on the Rochester mine expansion in 2024, which increased throughput and production volumes at the mine beginning that same year. This also coincided with the start of the rapid rise in gold and silver prices. At the same time, Coeur aggressively expanded over the last 12 months, completing the acquisition of SilverCrest in February 2025 and now New Gold Inc. The combination of these acquisitions, expansion projects and favorable price outlook for gold and silver have increased Coeur's earnings and cash flow profile S&P said, "We expect leverage well below 1x supported by conservative financial policies. Upon close of the New Gold acquisition, Coeur announced an enhanced shareholder distribution policy which includes a $750 million authorized share repurchase program and fixed semi-annual dividends of 2 cents per share. We expect these distributions will be financed with free operating cash flows based on our forecast for robust earnings and cash flow generation over the next 12 – 24 months. The company has publicly stated it would maintain a net cash position at all times, with a minimum cash balance equal to its gross debt. As a result, we expect Coeur to maintain leverage well below 1x, with a significant cushion to absorb earnings volatility." Coeur's rolling-12-month leverage as of Sept. 30, 2025, was below 1x, driven by higher earnings and repayment of debt levels. Over the past 36 months, Coeur reduced its S&P Global Ratings-adjusted debt through debt-for-equity exchanges and recently utilized free cash flows to pay down all drawings under its revolving credit facility, creating a permanent cushion in its credit metrics even before the combination. Coeur financed its recent acquisitions with equity issuance, preserving balance sheet flexibility and strength. S&P expects the combined entity to have low S&P Global Ratings-adjusted debt of about $1.3 billion comprising about $700 million of unsecured notes and $600 million of debt-like obligations such as asset retirement obligations, pension liabilities, and stream obligations. S&P said, "We believe the company's continuation of its conservative financial policy and maintaining stable operations following the aggressive growth will be key determinants for a higher rating because it currently lacks a track record of operating with such low debt leverage. Therefore, we account for this lack of operating history by applying a negative one-notch comparable rating analysis adjustment. "The positive outlook reflects our expectation for record EBITDA and free cash flows over the next 12 months, supported by the company's enhanced earnings profile from recent acquisitions and a favorable outlook for gold, silver, and copper prices. We expect Coeur will generate robust cash flows to finance high capex associated with various projects that will either maintain or enhance its production profile. "We could revise our outlook on Coeur to stable over the next 12 months if it runs into challenges with operations at any of assets or prolonged operational disruptions at any of its mines lead to lower-than-expected volumes. We could also lower our ratings if the company undertakes debt-financed shareholder distributions or acquisitions that may harm its credit profile. In such scenarios, we would expect leverage to rise above 1.5x. "We could raise our rating on Coeur within the next 12 months if it establishes a track record of operating with leverage below 1.5x, supported by our commodity price assumptions and a stable production profile. We would also expect further clarity on its financial policy and commitment to maintaining conservative financial policies that support low leverage." CRISP MOMENTUM: Delays Q2 FY2026 10-Q Filing Due to Auditor Change ------------------------------------------------------------------ Crisp Momentum Inc. disclosed in a regulatory filing that it is unable to file its Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 without unreasonable effort or expense due to delays in obtaining and compiling and reviewing certain financial statement information for inclusion in the Report as a result of a recent change in the Company's auditor. The Company expects to be able to file the Report on or before the fifth calendar day following its original prescribed due date. About Crisp Momentum Inc. Crisp Momentum Inc. is a U.S.-based global media and technology company focused on the creation, acquisition, and monetization of short-form scripted video content known as Duanju or "microdramas. Crisp develops and distributes professionally produced, high-quality short-form series through the Crisp platform as well as through third-party digital distribution partners worldwide. In its Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2025, the Company disclosed that it has incurred significant losses since its inception and has not demonstrated an ability to generate sufficient revenues to achieve profitable operations. These and other factors create substantial doubt about the Company's ability to continue as a going concern within the next 12 months. As of October 31, 2025, the Company had $5,624,132 in total assets, $729,298 in total liabilities, and $4,894,834 in total stockholders' equity. CRUX SOLUTIONS: Court Denies Bid to Use Cash Collateral ------------------------------------------------------- Crux Solutions, LLC failed to win court approval to use cash collateral to fund its operations. Judge Jeffrey Norman of the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division denied the Debtor's motion to use cash collateral after finding that the Debtor failed to meet its burden of proof. The Debtor on March 11 requested to use cash, cash equivalents and other assets, which constitute cash collateral of the U.S. Small Business Administration and Newtek Small Business Finance, LLC. Both creditors assert liens on the Debtor's assets, including receivables which the Debtor derives its operating cash from. The Debtor said it will be unable to pay employees and meet ordinary operating expenses without access to cash collateral. About Crux Solutions LLC Crux Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-31623) on March 11, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Latonya Alexander as manager. Judge Hon Jeffrey P Norman oversees the case. The Debtor is represented by: Jacqueline Chiba, Esq. The Law Office Of Elias Yazbeck PLLC Tel: 713-259-3316 Email: jackie@yazbecklaw.com DILLARD'S INC: S&P Affirms 'BB+' ICR Then Withdraw Rating --------------------------------------------------------- S&P Global Ratings affirmed all its ratings, including its 'BB+' issuer credit rating on Dillard's Inc. S&P subsequently withdrew all its ratings on Dillard's at the company's request. Before this withdrawal, the stable outlook reflected S&P's expectation that Dillard's would maintain significant credit metric cushion this year, with support from its conservative financial policy despite continued decline in operating margins. Dillard's Inc. reported a decline in its S&P Global Ratings-adjusted EBITDA margin to 13.5% in 2025 from 14.1% in 2024 due to soft demand and increased promotions. Despite continued profitability decline, S&P believes the company has significant cushion on its credit metrics because of its low debt and high cash balance. S&P said, "The affirmation reflects our view that Dillard's capital structure protects its credit metrics as it operates in a secularly declining industry. The company has historically operated with low funded debt and increased its cash balance following the COVID-19 pandemic to $1.1 billion as of Jan. 31, 2026. In addition, Dillard's has minimal lease liabilities as it owns the real estate for more than 90% of its stores. S&P Global Rating-adjusted leverage was zero in 2025, as the company's cash balance exceeded its adjusted debt, and we expect it will remain there for the next two years. In our view, the low adjusted debt and strong liquidity provide operational flexibility to navigate and react to adverse operating conditions. "We believe the company will continue to face top-line and profitability risk. Dillard's reported flat growth with revenue of $6.6 billion in fiscal 2025 due to soft demand for discretionary products, increased promotions and increased competition. In addition, the company remains vulnerable to disruptive long-term trends affecting the department store sector, which include a shift in consumer preference to online shopping, a rapid increase in off-price business models, and a decline in mall foot traffic. "While we view Dillard's as an efficient operator compared with other department store peers, it has not been immune to profitability pressures. S&P Global Ratings-adjusted EBITDA margin has sequentially declined from its peak of 20.1% in 2021 partially due to declining demand, despite the company focusing on improving its retail operations and implementing cost control initiatives. In 2025, adjusted EBITDA margin decreased to 13.5%, compared with 14.1% in 2024 due to lack of comparable sales growth, increased promotions, and elevated supply chain costs caused by tariffs on imports. "Before this withdrawal, the stable outlook reflected our expectation that Dillard's would maintain significant credit metric cushion this year, supported by its conservative financial policy, despite a decline in operating margins." DISH DBS: S&P Revises 'CCC+' ICR Placement to Watch Developing -------------------------------------------------------------- S&P Global Ratings revised the CreditWatch placement on all of our ratings, including its 'CCC+' issuer credit rating, to developing from positive, where S&P placed them on August 28, 2025. S&P intends to resolve the CreditWatch placement once the company repays debt and the capital structure is clarified. Alternatively, S&P could resolve its CreditWatch placement on or after March 31 if the company pursues a Chapter 11 petition to implement the RSA. On March 19, 2026, EchoStar Corp. subsidiaries DISH Network Corp. and DISH DBS Corp. (DDBS), along with others, entered into a restructuring support agreement (RSA) with approximately 82% of DDBS debt security holders. While the RSA resolves potential litigation liabilities, repays intercompany loans, amends indentures to support debt repayments via cash flow sweeps, and mandates significant debt repayment at par, S&P believes there is a notable probability that the company will file for Chapter 11 protection on March 31, 2026, subject to extensions, to implement the RSA and address holdouts. Absent a bankruptcy filing, an upgrade following expected debt repayments remains possible once S&P gains better clarity around pro forma debt capitalization. S&P revised its CreditWatch placement to developing from positive, due to the recently announced RSA, which presents a wide range of potential credit outcomes. On one hand, the RSA outlines a plan for the repayment of approximately $6.75 billion in funded DDBS and DBS Subscriber Co. debt obligations maturing in 2026 and 2027 at par. This includes full repayment or discharge of intercompany loans and the prepayment of certain DDBS notes without penalty. This creates a credible pathway for substantial deleveraging and a potential ratings upgrade, provided these transactions are executed as intended. However, the RSA also introduces the risk that the company may need to file for Chapter 11 bankruptcy protection if it fails to secure participation from 98% of the holders. In such a scenario, S&P would lower its rating on the company to 'D' while it remains under court protection. Nonetheless, the RSA allows full cash payment to DDBS noteholders in the event of a potential Chapter 11 filing. S&P said, "We expect to resolve the CreditWatch placement once the RSA transaction solicitation period closes on March 31, 2026. However, the company may extend this period. Should it pursue a Chapter 11 filing to implement the RSA, we would lower our issuer credit rating on the company to 'D'. "Conversely, we could raise the rating to the 'B' rating category if the company successfully executes its deleveraging plan, demonstrates insulation from DISH Wireless-related litigation with telecommunications tower infrastructure providers over unpaid rent and alleged breaches of contract, and provides greater clarity on its capital structure and operating strategy." DIVERSIFIED WIRE: Gets Interim OK for DIP Loan From Bridge Business ------------------------------------------------------------------- Diversified Wire & Cable, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to obtain post-petition financing. The interim order authorized the Debtor to obtain an initial $932,000 from Bridge Business Credit, LLC, which has committed to provide up to $2 million in DIP financing. It also approved the Debtor's interim use of cash collateral. The Debtor, which operates with roughly $1,215,054 in total assets consisting mainly of inventory and receivables, said that it cannot obtain unsecured credit and requires immediate liquidity to fund essential operations. This financing is structured to immediately satisfy the pre-petition $319,798 debt owed to the Bank of Ann Arbor and to provide working capital for the duration of the bankruptcy proceedings. The DIP facility grants the lender a first-priority priming lien and superpriority administrative claim status, effectively placing this new debt at the top of the repayment hierarchy. To secure this arrangement, the DIP lender is receiving guarantees from Dean J. Stanton, Susan K. Stanton, and Dean G. Stanton, Jr. Additionally, the Susan K. Stanton Revocable Living Trust, which holds a pre-petition all-asset security interest securing a $493,267 note, has agreed to subordinate its lien to the new DIP lender. As adequate protection for this subordination and the Debtor's use of cash collateral, the Debtor will provide the Stanton Trust with monthly interest-only payments starting April 1, along with replacement liens on post-petition assets. The Debtor has submitted a 13-week rolling budget to govern the use of these funds, with the lender maintaining strict oversight through specific "termination events," such as a negative variance exceeding 5% or the conversion of the case to Chapter 7. The Debtor said this financing was negotiated at arm's length and is necessary to avoid "immediate and irreparable harm" to the estate. By securing this funding, the Debtor aims to maintain supplier confidence and preserve the value of its business while pursuing a formal reorganization or asset sale process under Subchapter V. A copy of the interim DIP order is available at https://is.gd/8iZ2hI from PacerMonitor.com. About Diversified Wire & Cable, Inc. Diversified Wire & Cable, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-42632-mlo) on March 12, 2026. In the petition signed by Dean Stanton, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Maria L. Oxholm oversees the case. Lynn M. Brimer, Esq., at Strobl PLLC, represents the Debtor as legal counsel. Bridge Business Credit, LLC, as DIP lender, is represented by: Ronald A. Spinner, Esq Miller Canfield Paddock & Stone PLC 150 W. Jefferson Ave., Suite 2500 Detroit, MI 48226 Tel: (313) 496-7829 Fax: (313) 496-7500 Email: spinner@millercanfield.com EMPOWER NATUROPATHIC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Empower Naturopathic Medicine, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of California to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with its budget until the final hearing, which is scheduled for April 15. Cadence Bank is the only secured creditor with a potential interest in the Debtor's cash collateral. It holds a "blanket lien" with an outstanding balance of $136,324. However, the Debtor asserts that Cadence Bank does not have a perfected lien on the clinic's deposit accounts because the bank lacks "control" (e.g., no Deposit Account Control Agreement exists). The Debtor claims that receivables generated after the bankruptcy filing are the result of new labor and services, not the "proceeds" of pre-petition collateral and, therefore, should not be restricted as cash collateral under 11 U.S.C. section 552. As protection, Cadence Bank will be granted replacement liens on all of the Debtor's assets acquired on or after the petition date, with the same validity, priority and extent as its pre-bankruptcy liens. In case the replacement liens prove inadequate, Cadence Bank will be granted an administrative priority claim. The order is available at https://is.gd/s8MBPt from PacerMonitor.com. The Debtor was forced into reorganization primarily due to a failed business venture by Dr. Carleigh Golightly's husband. The Debtor had provided an unconditional guaranty for a $389,600 SBA loan from Evolve Bank & Trust; when that business failed, the Debtor became liable for the balance, which now totals approximately $422,248. These payments, combined with equipment financing obligations, far exceed the clinic’s average monthly net income of $6,604, making the current debt structure unsustainable outside of bankruptcy. About Empower Naturopathic Medicine Inc. Empower Naturopathic Medicine, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 26-00969-JBM11) on March 11, 2026. In the petition signed by Carleigh Fontaine Golightly-Downing, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Barrett Marum oversees the case. Steven E. Cowen, Esq., at S.E. Cowen Law, represents the Debtor as legal counsel. HNO INTERNATIONAL: Delays Q1 FY26 Filing Due to Compilation Issues ------------------------------------------------------------------ HNO International, Inc. disclosed in a regulatory filing that it could not complete the filing of its Quarterly Report on Form 10-Q for the period ended January 31, 2026 due to a delay in obtaining and compiling information required to be included in its Form 10-Q, which delay could not be eliminated by the Company without unreasonable effort and expense. In accordance with Rule 12b-25 of the Securities Exchange Act of 1934, the Company will file its Form 10-Q no later than the fifth calendar day following the prescribed due date. About HNO International Headquartered in Murrieta, California, HNO International, Inc., a Nevada corporation, focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the near term. Cypress, Texas-based Barton CPA PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated February 6, 2026, attached to the Company's Annual Report on Form 10-K for the year ended October 31, 2025, citing that the Company has sustained significant losses and negative cash flows from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of October 31, 2025, the Company had $1,731,020 in total assets, $3,360,970 in total liabilities, and $1,629,950 in total stockholders' deficit. HRONIS INC: 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 cases of Hronis, Inc. and its affiliates. The committee members are: 1. Buttonwillow Warehouse Company, Inc. 2. Batth Brothers Farm 3. Robinhood Logistics, Inc. 4. Wescott Agri Products, Inc. 5. Nutrien Ag Solutions, Inc. 6. LMG Logistics, LLC 7. Bloom Fresh International Limited 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 Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, California, that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. HUNTINGTON GLEN: Seeks Cash Collateral Access --------------------------------------------- Huntington Glen SWNG TIC I, LLC and Huntington Glen SWNG TIC 2, LLC ask the U.S. Bankruptcy Court for the District of Delaware for authority to use cash collateral and provide adequate protection. The Debtors have filed Chapter 11 bankruptcy petitions to restructure their financial obligations and sell a 364-unit garden-style apartment complex located in Houston, Texas, originally acquired by Nord Group in November 2021. Despite approximately $3–4 million in capital improvements over the past three years, the property has faced ongoing financial challenges, including a soft rental market, rising payroll and maintenance costs, delinquent tenants, and management instability. As of the petition date, the Debtors owe approximately $39 million under a non-recourse multifamily loan from Arbor Commercial Funding, secured by the property and its rents, while the estimated property value is $42 million, providing a significant equity cushion. The Debtors, operating as debtors-in-possession, seek interim and final court authorization to use cash collateral—primarily rents from the property—to fund ongoing business operations and administrative expenses, including payroll, insurance, taxes, utilities, and maintenance. They argue that without access to this cash collateral, operations would be disrupted, jeopardizing the property's value and the potential sale process. The Debtors contend that the substantial equity cushion in the property adequately protects the secured lender and provides sufficient assurance under the law for use of the cash collateral. They request that the Court approve the interim use of cash collateral according to a proposed budget, schedule a final hearing, and grant any further relief deemed necessary to maintain operations and preserve asset value during the Chapter 11 proceedings. A copy of the motion is available at https://urlcurt.com/u?l=iKD89P from PacerMonitor.com. About Huntington Glen Swng TIC Huntington Glen Swng TIC 1, LLC and Huntington Glen Swng TIC 2, LLC own the Huntington Glen apartment complex, which is comprised of 364 residential housing units. The property is located at 12023 Bissonnet Street, Houston, Texas. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10315) on March 6, 2026. In their petitions, both Debtors reported up to $50,000 in assets and $500,001 to $1 million in liabilities. Gellert Seitz Busenkell & Brown, LLC is the Debtor's legal counsel. INNOVATIVE INDUSTRIAL: Enforces Rights After Tenant Defaults ------------------------------------------------------------ Innovative Industrial Properties, Inc. announced the following portfolio updates, including the execution of 122,000 square feet of new leases in March 2026, as the Company continues to execute on its previously announced plan to enhance the performance of its real estate portfolio and drive long-term value for its shareholders: PharmaCann The Company has resolved all pending litigation with PharmaCann Inc. with respect to PharmaCann's prior lease defaults. The settlement agreement that the Company has entered into with PharmaCann includes monetary judgments for amounts owed by PharmaCann under the leases for New York, Ohio and Pennsylvania and mandates the turnover of these properties to the Company by May 20, 2026 for the New York and Pennsylvania properties and by May 26, 2026 for the Ohio property. The Company is actively working on retenanting these properties and is in active discussions with prospective tenants for all three properties. The Company has executed lease agreements with new tenants for the other three cultivation assets previously leased to PharmaCann, executing a lease agreement for its 205,000 square foot Michigan property in April 2025, executing a lease agreement for its 58,000 Massachusetts property in November 2025, and most recently executing a lease agreement for its 66,000 square foot Illinois property in March 2026. Gold Flora The Company has executed lease agreements for the three properties previously leased by Gold Flora, executing a lease agreement for its 70,000 Palm Springs property in November 2025, executing a lease agreement for its 204,000 square foot Desert Hot Springs property in January 2026, and executing a lease agreement for its 56,000 Palm Springs property in March 2026. 4Front The Company has reached tentative agreements with prospective new tenants for the four assets leased to 4Front, including a 250,000 square foot asset in Illinois, a 114,000 square foot asset in Washington, and two assets in Massachusetts totaling 124,000 square feet. Each of these agreements are subject to customary diligence and licensing processes and are expected to go into effect at the conclusion of receivership proceedings, expected by the third quarter of 2026. The Cannabist Company The Cannabist Company and its affiliates defaulted on the tenant's obligation to pay rent in full for the month of March 2026 for one property located in Pennsylvania. March rent, including base rent, property management fees and estimated tax and insurance payments, totaled $0.6 million for this property and represented 2.7% of the Company's total rental revenues for the year ended December 31, 2025. The Company intends to use the security deposits held under the Cannabist lease to pay the full amount of March 2026 rent, including any accrued late fees and interest. In total, the Company currently has 20 leases with Cannabist (including the property in Pennsylvania) for properties that it owns, which collectively represented approximately 6.3% of the Company's total rental revenues for the year ended December 31, 2025. Cannabist remains current on all obligations to pay rent for 19 of the 20 leases. Battle Green Battle Green Holdings, Inc. and its affiliates defaulted on the tenant's obligation to pay rent for the month of March 2026 for a property located in Ohio, which is its only property leased to Battle Green. March rent, including base rent, property management fees and estimated tax and insurance payments, totaled $0.8 million for this property and represented 2.9% of the Company's total rental revenues for the year ended December 31, 2025. The Company intends to use security deposits held under the Battle Green lease to pay the full amount of March 2026 rent, including any accrued late fees and interest. The Company expects to enforce its rights under its leases with these tenants aggressively, which may include, but is not limited to, commencing eviction proceedings as the Company deems necessary and pursuing available remedies under applicable guarantees. About Innovative Industrial Properties Inc. Innovative Industrial Properties, Inc. is an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. The Company have acquired and intend to continue to acquire its properties through sale-leaseback transactions and third-party purchases. The Company have leased and expects to continue to primarily lease its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. The Company's independent auditor, Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 24, 2026, citing the Company's significant outstanding debt obligation that matures within the next 12 months raises substantial doubt about the Company's going concern. As of December 31, 2025, the Company had $2.4 billion in total assets, $522.9 million in total liabilities, and $1.8 billion in total stockholders' equity. JAMMER LLC: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The Jammer, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division-Flint, to use cash collateral. The court authorized the Debtor to use $25,390 in cash collateral in accordance with its budget. This authorization remains effective until entry of a final order. The Debtor projects approximately $354,147 in necessary expenses over the first three months of the case and anticipates a small cash flow surplus, based on a detailed budget. To the extent of any diminution in value of their pre-bankruptcy cash collateral, Samson Funding, LLC and SBG Funding/Peac will receive replacement liens, with the same priority and validity as their pre-bankruptcy security interest and liens. The replacement liens do not apply to any Chapter 5 claims and causes of action. The Debtor has secured loans from Samson MCA and SBG Funding/Peac, which have asserted liens on its future receivables. The order is available at https://is.gd/MJxl8l from PacerMonitor.com. The next hearing is set for April 1. The deadline for filing objections is on March 30. The Debtor is seeking to reorganize its finances due to significant debt accrued during and after the pandemic. It continues to operate as debtor-in-possession and requests the court's authorization to use cash collateral to maintain operations, including rent, payroll, utilities, insurance, and food costs. About The Jammer LLC The Jammer, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-30523-jda) on March 3, 2026. In the petition signed by Richard LaFramboise, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Joel D. Applebaum oversees the case. Edward J. Gudeman, Esq., at Gudeman & Associates, PC, represents the Debtor as legal counsel. JOD MINERAL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: JOD Mineral Properties, LLC 15888 Ferrells Creek Road Belcher, KY 41513 Business Description: JOD Mineral Properties, LLC, based in Belcher, Kentucky, is a mineral holdings company that owns surface and subsurface rights associated with coal mining activities in Pike County. The company acts as a property owner in permitted mining and reclamation projects, with its land used for resource extraction. Chapter 11 Petition Date: March 22, 2026 Court: United States Bankruptcy Court Eastern District of Kentucky Case No.: 26-60439 Judge: Hon. Gregory R Schaaf Debtor's Counsel: Dean A. Langdon, Esq. GARTLAND THACKER DELCOTTO PLLC 200 North Upper St. Lexington, KY 40507 Tel: (859) 231-5800 Fax: (859) 281-1179 E-mail: dlangdon@gtdfirm.comdlangdon@gtdfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by J. Christopher Adkins as authorized signatory. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6HDRYTY/JOD_Mineral_Properties_LLC__kyebke-26-60439__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Community Trust Bank $8,641,813 346 North Mayo Trail Pikeville, KY 41501 2. W. Miller Richardson Estate $941,783 PO Box 2100 Grundy, VA 24614 3. Kentucky Berwind Land Company Mineral Tax $672,376 (Unmined Mineral Taxes) PO Box 79018 Baltimore, MD 21279-0018 4. Kentucky Berwind Land Co. $314,558 PO Box 79018 Baltimore, MD 21279 5. Berkeley Energy Corporation $255,000 PO Box 279 Pikeville, KY 41502 6. David L Baird $254,853 Atty-in-Fact PO Box 351 Pikeville, KY 41502 7. Buchanan Realty Company LLC $176,115 3006 E Autumn Run Circle Sugar Land, TX 77479 8. Carles David Bales $154,265 337 Vine Street Paris, KY 40361 9. Alma Land Company $153,393 PO Box 279 Pikeville, KY 41502 10. JS Cline Estate LLC $124,785 2177 Broadbottom Road Pikeville, KY 41501 11. The Black Diamond Company $98,905 2020 Northpark Drive, Suite 1A Johnson City, TN 37604 12. Penn Virginia $89,250 Operating Co LLC PO Box 102992 Atlanta, GA 30368-2992 13. Kincom Investment LLC $84,515 PO Box 155 Allen, KY 41601-0155 14. Dennis Blankenship $65,316 3000 Conaway Road Big Rock, VA 24603 15. Richard Wayne Blankenship $65,316 2315 Smith Branch Road Grundy, VA 24614 16. Pike County Clerk Property Taxes $62,565 PO Box 631 Pikeville, KY 41502 17. WPP LLC $56,000 175 Irwin Road Huntington, WV 25705 18. Phyllis White $53,641 PO Box 25 Phelps, KY 41553 19. Anne Irvin Lootens $50,082 3006 E Autumn Run Circle Sugar Land, TX 77479 20. Estate of Della Griffey $46,767 PO Box 200 Phelps, KY 41553 KOOL AIR: Gets Interim OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division issued a second interim order authorizing Kool Air, LLC to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, U.S. Trustee quarterly fees, and necessary operating expenses outlined in the budget, with flexibility of up to 10% per line item. Any additional spending requires written approval from the secured creditor, Olympus Lending, LLC. This authorization remains in effect until further order of the court. Kool Air must fulfill all obligations of a debtor-in-possession, including compliance with bankruptcy rules, maintaining insurance coverage, and providing the secured creditor with reasonable access to business records and premises. In exchange, secured creditors will receive a replacement lien on post-petition cash collateral with the same priority and validity as their pre-petition liens, automatically perfected without further action. The order is entered without prejudice, preserving the rights of all parties, including any future creditors' committee. The court retains jurisdiction to enforce the order. Notably, no cash collateral payments are required to the secured lender at this time, due to interest rate considerations, subject to later determination of the creditor’s secured status. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0UCjz from PacerMonitor.com. A continued hearing is scheduled for March 31. Kool Air executed a loan agreement with Olympus in which its post-petition account receivables, cash and other assets were pledged as collateral. The Debtor estimates the value of the cash and accounts receivable to be approximately $51,000 based on a current aging report of receivables less than 90 days old. The Debtor believes the assets that were pledged to the lender were secured by a loan, which exceeds the allowable interest rate under state or federal law. About Kool Air LLC Kool Air, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00175) on January 16, 2026, with $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. MAWSON INFRASTRUCTURE: Forms Strategic Transactions Committee ------------------------------------------------------------- Mawson Infrastructure Group Inc. provided an update on its progress to deliver value to stockholders. Mawson has achieved a range of objectives over the past year, including regaining Nasdaq compliance, settling multiple lawsuits which reduced the Company's current liabilities by $19 million, and initiating a strategic pivot to artificial intelligence and high-performance computing. As these achievements were obtained over the course of fiscal 2025, the Mawson Board of Directors formed a Strategic Transactions Committee to evaluate a range of alternatives to the Company, including potential M&A transactions, joint ventures and other opportunities. The Strategic Transactions Committee is being assisted by independent legal and financial advisors and is focused on maximizing stockholder value. "Mawson remains committed to transparency, disciplined decision-making, and pursuing every path that can unlock sustainable value," said Kaliste Saloom, Interim CEO and General Counsel of Mawson. "While our review of strategic opportunities is ongoing, we will continue to take actions that position Mawson for long-term growth and shareholder value creation." Ryan Costello, Chair of the Board of Directors, said, "Mawson has valuable assets, strong potential, and a strategy built for sustainable growth, and the Board will continue to explore all opportunities to unlock significant value and deliver superior returns for our shareholders." There can be no assurance that the strategic process will result in the Company pursuing any specific outcome. There is no deadline or definitive timetable set for completion of the strategic process. Mawson does not intend to make any further public comment on the process unless and until it determines that further disclosure is appropriate or necessary. Additional Stockholder Information * Mawson expects to file its Form 10-K for the year ended December 31, 2025, on March 31, 2026. Preliminary unaudited results for the 2025 fourth quarter and fiscal year can be found at https://www.mawsoninc.com/ under "Press Releases." * On April 2, 2026, Mawson will present at the Emerging Growth Conference from 2:55 PM to 3:05 PM Eastern Time. This live, interactive online event offers stockholders and the investment community an opportunity to engage directly with Interim CEO Kaliste Saloom. -- Questions may be submitted in advance to Questions@EmergingGrowth.com which, if the limited time allows, may be addressed during the presentation. -- Register at: https://goto.webcasts.com/starthere.jsp?ei=1748971&tp_key=add80b0ab6&sti=migi -- An archived webcast will be available on EmergingGrowth.com and the Emerging Growth YouTube Channel after the event. About Mawson Infrastructure Group Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. Previously, Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. On November 4th, 2025, the United States Bankruptcy Court for the District of Delaware issued a written Order formalizing its ruling from the bench on October 21, 2025, dismissing with prejudice the involuntary bankruptcy petition filed against Mawson. The Order enables Mawson to pursue attorneys' fees and costs, any damages proximately caused by the involuntary petition, and potentially punitive damages against the petitioning creditors. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $52 million in total assets, $61.4 million in total liabilities, and $9.4 million in total stockholders' deficit. NEW FORTRESS: Delays 2025 10-K Filing Amid Financial Restatement ---------------------------------------------------------------- New Fortress Energy Inc. disclosed in a regulatory filing that is working diligently and plans to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as soon as practicable. The Company reported on March 17, 2026, that the Audit Committee of the Board of Directors concluded that the Company's previously issued financial statements for the years ended December 31, 2024 and 2023 included in the Company's Annual Report on Form 10-K/A for the fiscal year ended December 31, 2024, filed on June 30, 2025, and each of the Company's previously issued financial statements included in its Quarterly Reports on Form 10-Q as of and for each of the interim periods in 2025 and 2024 should no longer be relied upon. The Company requires additional time to complete a restatement of its historical financial statements related to the incorrect presentation of certain capital expenditures on its statements of cash flows. Additionally, certain errors were identified in the capitalization of interest, as well as other insignificant errors, that require restatement of the Company's 2025 interim financial statements. The Company continues to work diligently to complete the remaining review and restatement procedures. As a result, the Company has determined that it is unable, without unreasonable effort or expense, to file the Annual Report within the prescribed time period. The Company expects to file the Annual Report, including all required restated financial statements, no later than March 31, 2026, or as soon as practicable; however, the timing of the filing may be subject to further delay, and the Company cannot provide assurance regarding the definitive filing date while this work remains in progress. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW FORTRESS: Secures Creditor Support for Restructuring Plans -------------------------------------------------------------- New Fortress Energy Inc. disclosed in a regulatory filing that the Company and certain of its subsidiaries entered into a restructuring support agreement with its lenders and noteholders, including: * certain members of an ad hoc group of holders of the 12.000% Senior Secured Notes due 2029 pursuant to that certain Indenture, dated as of November 22, 2024, by and among NFE Financing LLC, an indirect subsidiary of the Company, as the issuer, the guarantors from time to time party thereto and Wilmington Savings Fund Society, FSB, as trustee and collateral agent, which Supporting 2029 New Notes Holders, together with other Supporting Creditors, hold a majority of the aggregate principal amount of 2029 New Notes outstanding as of the date the RSA was executed; * certain members of an ad hoc group of term lenders under that certain Credit Agreement, dated as of October 30, 2023, by and among the Company, as the borrower, the guarantors from time to time party thereto, the lenders from time to time party thereto, and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, which Supporting Term Loan B Lenders, together with other Supporting Creditors, hold a majority of the loans outstanding under the Term Loan B Agreement as of the RSA Execution Date; * certain holders of debt under that certain Credit Agreement, dated as of April 15, 2021, by and among the Company, as the borrower, the guarantors from time to time party thereto, the lenders and issuing banks from time to time party thereto, and MUFG Bank Ltd., as administrative agent and collateral agent, which Supporting Revolving Loan Lenders, together with other Supporting Creditors, hold a majority of the loans outstanding under the Revolving Loan Agreement as of the RSA Execution Date; * certain members of an ad hoc group of term lenders under that certain Credit Agreement, dated as of July 19, 2024, by and among the Company, as the borrower, the guarantors from time to time party thereto, the lenders from time to time party thereto, and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, which Supporting Term Loan A Lenders, together with other Supporting Creditors, hold a majority of the loans outstanding under the Term Loan A Agreement as of the RSA Execution Date; and * a majority of the members of a group of creditors with recourse to the collateral assets in the Company's core business, but not to the Company's Fast LNG assets or Brazil business, including: (1) holders of the 6.500% Senior Notes due 2026 issued pursuant to that certain Indenture, dated as of April 12, 2021, by and among the Company, as issuer, the guarantors from time to time party thereto and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee and collateral agent, (2) holders of the 8.750% Senior Secured Notes issued pursuant to that certain Indenture, dated as of March 8, 2024, by and among the Company, as the issuer, the guarantors from time to time party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent and (3) creditors of the Series I Loan Debt and Series II Loan Debt. Kroll Issuer Services Limited, the Company's information agent for purposes of the RSA and the Restructuring Plans, is party to the RSA for certain limited purposes. A holder of or lender under the debt instruments described above that is not already party to the RSA may become an Additional Supporting Creditor by executing and delivering an Additional Supporting Creditor Joinder to the Information Agent in accordance with the terms of the RSA and as available on the Information Agent's website: https://deals.is.kroll.com/nfe. Provided certain conditions are met (as set out in the RSA), the Company will pay to holders of or lenders under the debt instruments described above that become Supporting Creditors on or before 5:00 p.m. New York City time on March 31, 2026, an early consent fee in an amount equal to 0.75% of the principal amount of such Supporting Creditors' eligible applicable notes and loans. A Supporting Creditor's entitlement to the Early Consent Fee will be determined by reference to the aggregate principal amount of notes and loans held by that Supporting Creditor as of the record date specified to creditors for voting under the Restructuring Plans. If holders of or lenders under the debt instruments become a Supporting Creditor after the Early Consent Deadline but acquires notes or loans that are eligible for the Early Consent Fee, its entitlement to the Early Consent Fee will be determined by reference to the aggregate principal amount of those acquired notes or loans by that Supporting Creditor as of the Record Date. Such early consent fee will be payable in kind in the form of the consideration to be afforded to such Supporting Creditors under the Restructuring Plans. Separately, the Company has agreed to pay each Revolving Loan Agreement lender that agrees to forbear from taking any enforcement action under the Revolving Loan Agreement and/or with respect to the Revolving Loan Agreement collateral a standstill fee (the "Standstill Fee") in an amount equal to 2.00% of the outstanding loans made by such forbearing Revolving Loan lender, provided that a simple majority of Revolving Loan Agreement lenders (constituting Required Lenders, under and as defined in the Revolving Loan Agreement) agree to forbear. The RSA sets forth principal terms for a comprehensive restructuring of the Company's principal funded debt obligations. The RSA contemplates, among other things, the following: * The Company will separate into two separate, independent companies: one generally comprising the Company's businesses and assets in Brazil ("BrazilCo"), and the other generally comprising the Company's other businesses and assets, which will be retained by NFE ("CoreCo"); * Obligations under the 2026 Legacy Notes, the 2029 Legacy Notes, the Term Loan A Agreement, the Term Loan B Agreement, the Revolving Loan Agreement, the 2029 New Notes, and the Intercompany Credit Agreements will be exchanged (in each case on a ratable basis) for one or a combination of the following debt obligations and equity securities: * 100% of the common equity interests in BrazilCo; * up to $643 million (assuming full exercise of the elections provided for in the Restructuring Support Agreement allowing an exchange of a limited amount of CoreCo Convertible Preferred Stock (defined below) to debt thereby increasing the amount of New CoreCo Term Loans from $527.5 million) in senior secured term loans incurred by NFE, as borrower, and guaranteed by each subsidiary of NFE that will be part of CoreCo (subject to customary exclusions and other exclusions to be agreed and assuming all eligible participants exchange preferred equity for debt); * convertible preferred stock of NFE with an aggregate liquidation preference of up to $2.5 billion; * shares of NFE common stock representing 65% of NFE common stock as of the Transaction closing date, before giving effect to an incentive plan for directors, officers and other employees of the Company or any conversion of the CoreCo Convertible Preferred Stock into NFE common stock; * corporate governance matters regarding CoreCo; * $400 million in non-recourse term loans (the "FLNG 2 Term Loans") incurred or issued by the subsidiary that owns the Company's Fast LNG 2 assets, payable in full on the third anniversary of the Closing Date, guaranteed by certain subsidiaries of FLNG 2 Co and secured by substantially all assets of FLNG 2 Co and such subsidiaries; and/or * $200 million in non-convertible, preferred equity (the "FLNG 2 Preferred Equity") issued by FLNG 2 Co; * Letters of credit issued under the Company's existing letter of credit facility or Revolving Loan Agreement will be backstopped or replaced by letters of credit issued under new fully committed letter of credit facilities for each of CoreCo and BrazilCo (or, in the case of CoreCo, may remain outstanding under the existing letter of credit facility, as amended, amended and restated, or otherwise modified); * Certain other existing debt facilities and other liabilities will be refinanced, renegotiated, or compromised, or will remain outstanding in accordance with their existing terms; * All shares of NFE common stock outstanding immediately prior to the consummation of the Transaction will remain outstanding and will represent 35% of NFE common stock issued and outstanding following the consummation of the Transaction but before giving effect to an incentive plan for directors, officers and other employees of the Company or any conversion of the CoreCo Convertible Preferred Stock into NFE common stock; and * If required in order to meet a consolidated minimum liquidity threshold ($100 million) on the Closing Date, the Company will offer to all eligible creditors the opportunity to participate in a capital raise, pursuant to which the Company would raise up to $35 million in aggregate principal amount of additional New CoreCo Term Loans and, to the extent the consolidated minimum liquidity threshold would not be met after giving effect to the additional New CoreCo Term Loans, junior term loans secured by a second-priority lien in an amount so that the consolidated minimum liquidity threshold would be met. Summary of the CoreCo Convertible Preferred Stock and FLNG 2 Preferred Equity Pursuant to the terms of the RSA, the CoreCo Convertible Preferred Stock will mandatorily convert on the third anniversary of the Closing Date into shares of NFE common stock representing 87% of the fully diluted common stock of NFE as of the Closing Date (after giving effect to the shares of NFE common stock to be issued on the Closing Date and the incentive plan for directors, officers and other employees of the Company). The conversion rate of the CoreCo Convertible Preferred Stock will be subject to customary adjustments for stock splits, distributions, reorganizations and reclassifications, as well as to certain price-based anti-dilution adjustments for subsequent issuances of NFE common stock (or securities convertible into NFE common stock) made by the Company while the CoreCo Convertible Preferred Stock remains outstanding (subject to certain exempt issuances). CoreCo will have the right to redeem or repurchase the CoreCo Convertible Preferred Stock from time to time with certain sources of proceeds enumerated in the RSA. Holders of the CoreCo Convertible Preferred Stock will be entitled, in arrears, to a cumulative quarterly compounding dividend, which will accrue automatically via an increase to liquidation preference, with a cumulative per annum preferred return of 3.0%, 5.0% and 7.0% in each of the three years, respectively, prior to conversion. The CoreCo Convertible Preferred Stock will participate on an as-converted basis in any dividends and distributions on, and vote together with holders of, NFE common stock. The CoreCo Convertible Preferred Stock will be subordinated in right of payment to all existing and future indebtedness of CoreCo and senior in right of payment to all existing and future equity securities of CoreCo. The FLNG 2 Preferred Equity will be issued by FLNG 2 Co at the Closing Date pursuant to the RSA and will reflect economic and structural features substantially similar to those of the CoreCo Convertible Preferred Stock, except as otherwise provided herein. CoreCo will have the right to redeem the FLNG 2 Preferred Equity from time to time with certain sources of proceeds enumerated in the RSA. The Company will not pay any dividends on the FLNG 2 Preferred Equity. The FLNG 2 Preferred Equity will be subordinated in right of payment to all existing and future indebtedness of FLNG 2 Co and senior in right of payment to all existing and future equity securities of FLNG 2 Co. Summary of the New CoreCo Term Loans NFE expects to use the proceeds of the New CoreCo Term Loans to refinance, on a cashless basis, certain of the loans and other obligations outstanding under NFE's Revolving Loan Agreement and Term Loan B Agreement. If necessary, the cash proceeds of up to $35 million of additional New CoreCo Term Loans will be used to satisfy the consolidated minimum liquidity threshold required by the RSA. The New CoreCo Term Loans will mature five years after the Closing Date and will amortize at a rate of 1% per annum, paid quarterly. The New CoreCo Term Loans will be guaranteed, jointly and severally, on a senior secured basis by each subsidiary that is a guarantor under the Letter of Credit Facility on the Closing Date, and will be secured by substantially the same collateral as the collateral that currently secures the Letter of Credit Facility, subject to certain exceptions, including NFE's FLNG 2 assets. To the extent the minimum liquidity threshold is not satisfied after giving effect to the funding of the New CoreCo Term Loans, the Company is permitted to incur additional indebtedness that will be guaranteed by the same guarantors guaranteeing the New CoreCo Term Loans and secured by a second-priority lien on all of the collateral securing the New CoreCore Term Loans. The New CoreCo Term Loans may be voluntarily prepaid by the Company, in whole or in part, subject to prepayment premiums for optional prepayments equal to 102% of the aggregate principal amount of such term loan prepaid plus accrued and unpaid interest during the first year after the closing of the New CoreCo Credit Agreement, and at par plus accrued and unpaid interest thereafter. The Company will be required to prepay the New CoreCo Term Loans at par with the net proceeds of non-ordinary course asset sales, condemnations and certain other events enumerated in the RSA. The Restructuring Plans; Holder Elections Holders of R-2 Revolving Loan Agreement Debt and Term Loan A Debt may elect to receive: (a) their pro rata share of $45 million in lieu of the BrazilCo Common Equity they would receive in exchange for their Debt and holders of Revolving Loan Agreement Debt may elect to receive (b) additional New CoreCo Term Loans in lieu of the CoreCo Preferred Stock they would receive in exchange for their claims, at a rate of 50% of the liquidation preference of the CoreCo Preferred Stock in aggregate principal amount of New CoreCo Term Loans. In addition, one or more directors and officers of the Company and, potentially certain Supporting Creditors and/or third-party investors, as determined by such directors and officers, will offer to purchase from holders of Revolving Loan Agreement Debt and Term Loan A Debt a limited number of shares of CoreCo Convertible Preferred Stock allocated to such holders (subject to certain terms and conditions, including that the relevant holder timely elects to participate in such arrangements) for a cash purchase price of 25% of the liquidation preference of such shares of CoreCo Convertible Preferred Stock. The following summarizes the allocation of the debt obligations and equity securities to be incurred or issued pursuant to the Restructuring Plans (represents allocations prior to the Early Consent Fee and the Standstill Fee): a. Principal Claims * 2029 New Notes: $2,730,126,770 * Term Loan B Agreement: $1,266,077,800 * Term Loan A Agreement: $294,999,563 * R-1 Revolving Loan Agreement: $100,000,000 * R-2 Revolving Loan Agreement: $560,400,000 * 2026 Legacy Notes: $510,879,463 * 2029 Legacy Notes: $236,728,231 Total to Lenders: $5,699,211,827 b. BrazilCo Allocation * BrazilCo Common Equity: * 2029 New Notes: 94.2977% * Total: 94.2977% * RCF-2 / TLA BrazilCo Equity Pool: * Term Loan A Agreement: 1.9719% * R-2 Revolving Loan Agreement: 3.7305% * Total: 5.7023% * RCF-2 / TLA BrazilCo Cash Pool: * No allocation c. CoreCo Allocation New CoreCo Term Loans * Term Loan B Agreement: $313,094,462 * Term Loan A Agreement: $17,500,000 * R-1 Revolving Loan Agreement: $27,662,979 * R-2 Revolving Loan Agreement: $156,034,559 Total: $514,292,000 CoreCo Convertible Preferred Stock (Initial) * 2029 New Notes: $973,824,550 * Term Loan B Agreement: $698,372,912 * Term Loan A Agreement: $125,104,943 * R-1 Revolving Loan Agreement: $54,393,678 * R-2 Revolving Loan Agreement: $345,226,896 * 2026 Legacy Notes: $178,438,630 * 2029 Legacy Notes: $83,907,201 Total: $2,459,268,809 NFE Common Stock Ownership * 2029 New Notes: 25.7721% * Term Loan B Agreement: 18.4046% * Term Loan A Agreement: 3.3197% * R-1 Revolving Loan Agreement: 1.4337% * R-2 Revolving Loan Agreement: 9.1031% * 2026 Legacy Notes: 4.7390% * 2029 Legacy Notes: 2.2277% Total to Lenders: 65.0000% Existing Equity: 35.0000% FLNG 2 Allocation FLNG 2 Term Loans * Term Loan B Agreement: $228,666,187 * Term Loan A Agreement: $53,087,321 * R-1 Revolving Loan Agreement: $17,813,329 * R-2 Revolving Loan Agreement: $100,433,163 Total: $400,000,000 FLNG 2 Preferred Equity * Term Loan B Agreement: $114,333,093 * Term Loan A Agreement: $26,543,660 * R-1 Revolving Loan Agreement: $8,906,665 * R-2 Revolving Loan Agreement: $50,216,582 Total: $200,000,000 The Company expects to complete the Transaction through restructuring plans promoted by each of two indirect subsidiaries of the Company under Part 26A of the UK Companies Act 2006 and sanctioned by the High Court of Justice in England. The PlanCos will seek recognition of the Restructuring Plans in the United States pursuant to chapter 15 of the U.S. Bankruptcy Code. The Restructuring Plans will bind all relevant creditors, and release the obligations of the Company and all guarantors, under the debt instruments addressed in the Restructuring Plans; however, neither the Company nor any of its subsidiaries other than the PlanCos anticipate being parties to the Restructuring Plans proceedings in the High Court, the chapter 15 recognition proceedings or any other restructuring, bankruptcy or insolvency proceeding in connection with the Transaction. The RSA sets forth the commitments of the Company and the Supporting Creditors to, among other things, cooperate in good faith to negotiate the definitive documents necessary or advisable to effect the Transaction, use their commercially reasonable efforts to consummate the Transaction in accordance with such definitive documents, and refrain from taking any actions that would impede or would otherwise be inconsistent with the Transaction (including by supporting or consenting to any alternative transaction, subject, in the case of the Company, to a "fiduciary out"). In addition, the Supporting Creditors have agreed to forbear from exercising remedies (or directing or consenting to any such exercise of remedies) with respect to certain specified defaults and events of default under the applicable debt instruments while the RSA is in effect. The parties' obligations to consummate the Transaction are subject to the satisfaction of certain conditions, including the High Court's entry of an order sanctioning the Restructuring Plans and the recognition of that order in the United States pursuant to chapter 15 of the U.S. Bankruptcy Code, completion of definitive documents acceptable to the parties in accordance with standards set forth in the RSA, approval of certain matters by the Company's stockholders, receipt of required regulatory and third-party consents and approvals, and satisfaction of certain process "milestones." The RSA may be terminated by the Company and/or the Supporting Creditors, as applicable, upon the occurrence of specified events, including, without limitation, if: (1) a material, uncured breach of certain parties' representations, warranties, covenants, or obligations under the RSA occurs, (2) any of the conditions to the closing of the Transaction (including the timely satisfaction of any of the process "milestones" prescribed in the RSA) is not timely satisfied or waived, or (3) the Transaction has not closed by September 15, 2026 (which date may be automatically extended by up to 90 calendar days in certain circumstances and further extended with the consent of certain parties in accordance with the terms of the RSA through December 31, 2026). In addition, the Company may terminate the RSA if the Company's board of directors determines, upon the advice of counsel, that the Company's continued performance under the RSA would be inconsistent with the fiduciary duties of the Company's directors. The Company intends to submit certain proposals in connection with the Transaction to the Company's stockholders at its 2026 Annual Meeting of Stockholders, including, among other things, an amendment to the Company's Certificate of Incorporation (the "Certificate of Incorporation") to increase the number of authorized shares of NFE common stock; approval for the potential issuance of common stock exceeding 20% of the current outstanding shares to comply with Nasdaq rules; an amendment to the Company's 2019 Omnibus Incentive Plan to increase the number of shares available for grants; and an amendment to the Certificate of Incorporation to authorize a reverse stock split at a ratio to be determined by the Company's board of directors. The Transaction is conditioned upon approval of all of the Stockholder Proposals. Although the Company intends to pursue the Transaction in accordance with the terms set forth in the RSA, there can be no assurance that the Company will satisfy all of the conditions under the RSA and complete the Transaction as contemplated or at all. If the Company is unable to complete the Transaction or any other alternative transactions, the Company will be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, in the UK or the U.S., which could have a material and adverse impact on stockholders. The full text of the RSA is available at https://tinyurl.com/3jwcw5dt Unregistered Sale of Equity Securities The offer and sale as part of the Transaction of the shares of NFE common stock, the CoreCo Convertible Preferred Stock and the FLNG 2 Preferred Equity are being made in reliance upon an exemption from registration under the Securities Act. Any shares of NFE common stock deliverable upon conversion of shares of the CoreCo Convertible Preferred Stock will be issued in reliance upon the exemption from registration in Section 3(a)(9) of the Securities Act. In addition, in partial satisfaction for the assumption of certain of the Company's existing liabilities by a counterparty on the three year anniversary of the Closing Date, the Company has agreed, at its option, to either (i) issue a number of shares of NFE common stock equal to 1.0% of NFE's outstanding common stock (calculated as of the Closing Date, and giving effect to the issuance of NFE common stock pursuant to the Transaction) or (ii) make a payment of $10.0 million. Any shares of NFE common stock will be issued in reliance upon an exemption from registration under the Securities Act. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW GOLD: S&P Upgrades ICR to 'BB' on Acquisition by Coeur Mining ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating (ICR) on Toronto-based gold producer New Gold Inc. to 'BB' (the same level as its ICR on Coeur Mining) from 'B+' and removed it from CreditWatch, where S&P placed it with positive implications on Nov. 4, 2025. S&P said, "At the same time, we revised our recovery rating on New Gold's unsecured notes to '3' from '2' and raised our issue-level rating on the notes to 'BB' from 'BB-'. "The positive outlook on New Gold reflects our positive outlook on Coeur Mining. The positive outlook on Coeur reflects the potential for a higher rating as it establishes a track record of low leverage and stable production as it integrates the new assets." Chicago-based precious metals producer Coeur Mining Inc. has completed its acquisition of Toronto-based gold producer New Gold Inc. through an all-stock transaction valued at $7 billion. S&P now assesses New Gold as a core operating subsidiary of Coeur Mining. "Following the completion of New Gold's acquisition, we now assess New Gold as a core operating subsidiary of Coeur Mining. Therefore, we raised our issuer credit rating to 'BB' (the same as our rating on Coeur Mining) and removed our ratings from CreditWatch, where we placed them with positive implications on Nov. 4, 2025. "We also raised our issue-level rating on New Gold's unsecured debt to 'BB' and revised the recovery rating to '3' from '2'. We generally cap recovery ratings on unsecured debt at '3' for companies rated the 'BB' category. As part of the transaction, we believe Coeur Mining will become an obligor of New Gold's 2032 unsecured notes in due course." The addition of New Gold's Rainy River and New Afton operations will almost double Coeur Mining's annual gold equivalent production. The acquisition adds a new operating jurisdiction and mines with good cost profile, which together should improve product diversity and operational efficiency. The addition of copper by-product volumes from New Afton improves mineral diversity and lowers the cost profile of the mine and the combined entity. However, most of the company's operating assets are still within the third and fourth quartile of the global industry cost curve. S&P said, "The positive outlook for New Gold reflects our outlook on its parent Coeur Mining. The positive outlook on Coeur Mining reflects our expectation of record EBITDA and free cash flows over the next 12 months supported by the company's enhanced earnings profile from recent acquisitions and a favorable outlook for gold, silver and copper prices. We expect Coeur will generate robust cash flows to finance high capital expenditure associated with various projects that will either maintain or enhance its production profile." NEW MEXICO TERMINAL: Century Bank Loses Bid to Appoint Trustee -------------------------------------------------------------- Century Bank failed to win court approval for the appointment of an independent trustee to take over the Chapter 11 case of New Mexico Terminal Services, LLC. Judge Robert Jacobvitz of the U.S. Bankruptcy Court for the District of New Mexico denied the bank's motion to appoint a Chapter 11 trustee, saying it does not serve the interests of the bankruptcy estate, creditors and equity security holders. "Appointment of a Chapter 11 trustee will inject uncertainty, create an additional layer of administrative expense for the estate, and yields the prospect of prejudicing creditors other than Century Bank rather than benefiting them," Judge Jacobvitz said. The bankruptcy judge ruled the company must be allowed to market and sell its real property under court oversight to protect creditors despite the bank's lack of confidence. New Mexico Terminal Services intends to sell its property in Albuquerque to pay all creditors in full and yield a substantial surplus for its members. The property is part of an economic development project. The company aims to sell the property privately to increase its value but will sell it as-is at auction if no deal is reached within six months after the court approves the company's employment of a broker. New Mexico Terminal Services has been seeking a grant from the New Mexico Economic Development Department to obtain funds to complete its portion of the development project. Judge Jacobvitz said completing the Bernalillo County improvements would significantly boost the property's value, and even without such improvements, the bank’s claim is already adequately protected by the property's current estimated value. Judge Jacobvitz warned he will appoint a Chapter 11 trustee if the company fails to meet key deadlines: filing an amended Chapter 11 plan by April 3, securing plan confirmation within 60 days of disclosure statement approval, and moving to set auction procedures within 30 days after confirmation. A copy of the court's order and memorandum opinion is available at https://is.gd/cBMKuT and http://urlcurt.com/u?l=O4lTyS Century Bank is represented by: Jurgens & With, P.A. James R. Jurgens, Esq. 100 La Salle Circle, Suite A Santa Fe, NM 87505 Phone: (505) 984-2020 Email: jrj@j-wlaw.com About New Mexico Terminal Services New Mexico Terminal Services LLC is classified as a single-asset real estate entity under 11 U.S.C. Section 101(51B). New Mexico Terminal Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-11291) on October 16, 2025. 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 Robert H Jacobvitz handles the case. The Debtor is represented by Victor Gerald Grafe III, Esq. of VICTOR GRAFE LAW FIRM LLC. NORTH COUNTY PIZZA: Seeks Cash Collateral Access ------------------------------------------------ North County Pizza, Inc asks the U.S. Bankruptcy Court for the Southern District of California for authority to use cash collateral and provide adequate protection. Specifically, the Debtor requests approval to use cash collateral for an initial 60-day period in accordance with a detailed budget, with flexibility to exceed total budgeted amounts by up to 15%, adjust expenses proportionally with increased revenues, and carry forward unused funds without penalty. The Debtor argues that access to cash collateral is critical to maintaining operations, paying essential expenses such as payroll, leases, utilities, and suppliers, and preserving its status as a going concern while it formulates a reorganization plan. The company anticipates that, if allowed to operate without creditor interference, its financial condition will stabilize within approximately two months and generate positive cash flow. The filing follows significant financial distress caused primarily by reliance on merchant cash advance lenders, which imposed burdensome repayment structures and, in at least one case, disrupted revenue streams by redirecting customer payments. Additional pressures included prepetition litigation and general unsecured debt. Historically, the Debtor operated multiple Domino's franchise locations, but after selling several stores and downsizing to a single profitable location, it was left with debt obligations exceeding its reduced revenue base. The Debtor argues that the MCA lenders do not hold valid or perfected security interests in the Debtor’s cash or deposit accounts, and therefore their claims do not constitute enforceable cash collateral under the Bankruptcy Code. The Debtor contends that these lenders failed to perfect their interests under applicable law—particularly because they lacked “control” over deposit accounts as required under the California Uniform Commercial Code—and that their claims are limited to future receivables, which are not subject to prepetition liens under section 552(a). As adequate protection for secured creditors, the Debtor proposes granting replacement liens on all prepetition and postpetition assets (excluding certain bankruptcy avoidance claims), limited to the extent of any diminution in value of the creditors' collateral, and maintaining the same priority and validity as prepetition liens. The Debtor also seeks to ensure uninterrupted cash flow by directing customers and other payors to remit payments directly to the Debtor and prohibiting creditors from interfering with or redirecting such payments. The Debtor emphasizes that denial of access to cash collateral would force an immediate shutdown of operations, leading to loss of value and harming all stakeholders, including creditors. Conversely, permitting its use will allow the Debtor to continue business operations, collect receivables, maintain obligations, and work toward confirming a reorganization plan. A copy of the motion is available at https://urlcurt.com/u?l=l5zhF6 from PacerMonitor.com. About North County Pizza, Inc. North County Pizza, Inc. operates a Domino's Pizza franchise in Oceanside, California, managing daily restaurant operations, including food preparation and delivery. The privately held company serves the local community with a small, hands-on management team. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 26-00968) March 11, 2026. In the petition signed by Shane Casey, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Richard Sturdevant, Esq., at FINANCIAL RELIEF LAW CENTER, APC, represents the Debtor as legal counsel. ONE ALLIANCE: A.M. Best Affirms 'B(Fair)' Fin. Strength Rating -------------------------------------------------------------- AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb" (Fair) of One Alliance North America Insurance Company (OANAIC) (Forth Worth, TX) (formerly Universal North America Insurance Company). The outlook assigned to these Credit Ratings (ratings) is negative. The ratings reflect OANAIC's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The ratings were removed from under review with negative implications following the executed stock purchase agreement between Universal Group, Inc. and 5B Alliance, LLC. The agreement included the sale of One Alliance Insurance Holdings of North America, Inc. (formerly known as Universal Insurance Holdings of North America, Inc), an intermediate holding company that owns OANAIC and One Alliance Insurance Managers, Inc. (formerly known as Universal Insurance Managers, Inc.), a managing general agent. The rating affirmations are supported by OANAIC's strong risk-adjusted capitalization, as measured by Best's Credit Adequacy Ratio (BCAR), at the 99.6 VaR, generally stable loss reserving trends and a conservative investment portfolio. However, the company's balance sheet has experienced considerable volatility in prior periods as the result of severe weather-related losses, which reduced policyholder surplus through cumulative retained losses. Under the new ownership, OANAIC's balance sheet has shown some improvement with surplus appreciation resulting from profitable operating results in 2025. This was the result of the implementation of profitability initiatives that include derisking and diversifying the portfolio, significant rate increases and benefits from milder weather in areas of concentration. The negative outlooks reflect AM Best's concerns regarding the elevated leverage measures at the holding company. Management has implemented a near-term plan to lower leverage somewhat at the holding company. In the event that this plan is not executed successfully, there will be downward pressure on the ratings. PICO-UNION HOUSING: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- Pico-Union Housing Corporation asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection. The Debtor is a California nonprofit public benefit corporation dedicated to developing, preserving, and managing affordable housing for low- and very-low-income communities in Southern California. The Debtor operates a substantial affordable housing portfolio—owning approximately 123 units and managing roughly 870 units, including a significant number of Section 8 properties—and relies heavily on rental income and government funding from agencies such as HUD, the California Department of Housing and Community Development, and the Los Angeles Housing Department. The request arises in the context of severe financial distress triggered not by operational failure, but by aggressive creditor enforcement actions by Impact Mortgage Opportunities Fund L.P., which pursued claims against the Debtor based on guaranties tied to loans made to affiliated entities. After foreclosing on those affiliates' properties and obtaining deficiency judgments, IMOF secured prejudgment attachment liens and levied the Debtor’s bank accounts—twice in early 2026—seizing funds that the Debtor contends include restricted monies such as tenant security deposits and regulated reserves, which may not constitute property of the bankruptcy estate. These enforcement actions effectively crippled the Debtor's liquidity, impaired its ability to operate its housing programs, and prevented refinancing of its properties, prompting the Chapter 11 filing on March 12, 2026. The Debtor's primary objectives in bankruptcy are to halt IMOF’s collection efforts, negotiate a settlement, refinance its real estate assets to satisfy obligations, and ultimately reorganize its debts while continuing to serve its tenant population. The Debtor's asset base consists primarily of real estate valued at nearly $40 million and rental income streams, both of which are encumbered by multiple secured creditors, including IMOF and several financial institutions. To provide adequate protection to secured creditors, the Debtor proposes granting replacement liens on postpetition assets, consistent with the priority and validity of prepetition liens, limited to the amount of cash collateral used and excluding avoidance actions. The Debtor asserts that such protections are sufficient under bankruptcy law, particularly because the proposed use of funds will preserve and potentially enhance the value of the underlying collateral by maintaining the properties and ensuring continued revenue generation. The motion allows for limited flexibility, including a 10% variance in budgeted expenditures, and emphasizes that no secured creditor will be harmed or suffer diminution in collateral value as a result of the proposed use. A copy of the motion is available at https://urlcurt.com/u?l=Up34uP from PacerMonitor.com. About Pico-Union Housing Corporation Pico-Union Housing Corporation is a Los Angeles-based nonprofit housing developer and property manager that develops, preserves, and operates affordable housing for low- and very-low-income households, primarily in the Pico-Union neighborhood and other areas of the city. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12372 on March 12, 2026. In the petition signed by Gloria Farias, executive director, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Vincent P. Zurzolo oversees the case. David M. Goodrich, Esq., at GOLDEN GOODRICH LLP, represents the Debtor as legal counsel. PREMIER ROOFING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division issued a second interim order authorizing Premier Roofing of Jacksonville, LLC to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, U.S. Trustee fees, and necessary operating costs outlined in a budget, with flexibility of up to 10% per line item. Additional expenditures may be made only with written approval from the secured creditor, the U.S. Small Business Administration. This authorization remains in effect until further order of the court. The Debtor must also make a monthly cash collateral payment of $127 to the secured lender as reflected in its budget. In return, secured creditors will be granted a replacement lien on post-petition cash collateral with the same validity and priority as their pre-petition liens, automatically perfected without additional filings. As part of the Debtor's obligations, Premier must comply with all requirements of a debtor-in-possession, maintain proper insurance coverage, and allow the secured creditor reasonable access to inspect its business records and premises. The order is entered without prejudice, preserving the rights of creditors and allowing future modifications or challenges, including by any creditors' committee that may be appointed. A continued hearing is scheduled for April 14. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/KUe5G from PacerMonitor.com. About Premier Roofing of Jacksonville LLC Premier Roofing of Jacksonville, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00235) on January 21, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Bryan K. Mickler, Esq. at Mickler & Mickler represents the Debtor as legal counsel. PRIMEMED MARKETING: Melissa Haselden Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for PrimeMed Marketing LLC. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About PrimeMed Marketing LLC PrimeMed Marketing LLC is a Houston, Texas-based marketing and distribution company specializing in promoting innovative employer healthcare benefit models to brokers and other intermediaries. It focuses on marketing strategy, integration of bundled healthcare services, and support tools designed to increase adoption and effectiveness of alternative benefit solutions within the employer market. The firm does not directly provide healthcare services but serves as a conduit between healthcare solution providers and broker networks. PrimeMed Marketing LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-31520) on March 5, 2026, with $1 million to $10 million in assets and $0 to $50,000 in liabilities. Robert Thompson, managing member, signed the petition. Judge Eduardo V. Rodriguez presides over the case. Reese Baker, Esq., at BAKER & ASSOCIATES represents the Debtor as legal counsel. PUGET ENERGY: S&P Rates New Junior Subordinates Notes 'BB' ---------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating to Puget Energy Inc.'s proposed fixed-to-fixed rate junior subordinated notes due September 2056. The company intends to use the net proceeds from this issuance to repay debt, as well as for general corporate purposes. S&P said, "We classify these notes as hybrid securities with intermediate equity content (50%) when adjusting Puget Energy's financial statements. The intermediate equity assessment and the 'BB' issue-level rating, two notches below our 'BBB-' long-term issuer credit rating on the company, reflect the securities' subordination and management's ability to defer the interest payments on them. These notes are subordinated to Puget Energy's existing and future senior debt obligations, which satisfies the subordination condition. In addition, the long-term nature of the proposed notes, along with the company's limited ability and lack of incentives to redeem them for a long-dated period, meets our standards for permanence. Furthermore, management's ability to defer the interest payments due on the notes fulfills the deferability element. "While the coupon floor feature on the notes provides Puget Energy with less protection against some interest-rate and refinancing scenarios than equivalent hybrids without a floor, we expect the company would replace this instrument with an equivalent or stronger form of equity before a potential redemption to maintain a similar layer of capital to absorb losses or conserve cash when needed. Redeeming the notes without replacing them with an equivalent or stronger form of equity would likely preclude future equity credit, all remaining else equal. "We will reclassify the notes as having no equity content after September 2036 because the remaining period until maturity will be less than 20 years. Pro forma for this issuance, we expect hybrid securities will account for about 5% of Puget Energy's total capitalization, which is below the 15% threshold in our criteria." RALIAM HOSPITALITY: Case Summary & Five Unsecured Creditors ----------------------------------------------------------- Debtor: Raliam Hospitality Group, LLC d/b/a Quality Inn 3400 N. Everbrook Lane Muncie, IN 47304 Business Description: Raliam Hospitality Group, LLC operates a Quality Inn hotel in Muncie, Indiana, providing midscale lodging and standard hospitality services, including accommodations and complimentary breakfast, under the franchise system of the Choice Hotels International. The company serves travelers in Muncie, Indiana, supported by university-related and regional demand. Chapter 11 Petition Date: March 23, 2026 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 26-01661 Judge: Hon. Jeffrey J Graham Debtor's Counsel: Preeti (Nita) Gupta, Esq. LAW OFFICE OF NITA GUPTA 2680 East Main Street, Suite 322 Plainfield, IN 46168 Tel: (317) 900-9737 E-mail: nita07@att.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chirag Patel as president. A copy of the Debtor's list of its five unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IIFTZWA/Raliam_Hospitality_Group_LLC__insbke-26-01661__0001.3.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IEUNV3Y/Raliam_Hospitality_Group_LLC__insbke-26-01661__0001.0.pdf?mcid=tGE4TAMA REALPAGE INC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed RealPage Intermediate Holdings, Inc.'s and its wholly owned subsidiary, RealPage, Inc.'s (RealPage) Long-Term Issuer Default Rating (IDR) at 'B'. Fitch has also affirmed RealPage Inc.'s first lien secured revolver and term loans 'B+' rating with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. RealPage's ratings are supported by its improved profitability and strong FCF generation. The company is well established as a leading provider of software and data analytics to the real estate industry. The ratings also reflect RealPage's moderate leverage profile and some concerns about the ongoing antitrust lawsuits related to its revenue management products, which may take an extended period to resolve. Key Rating Drivers Ongoing Litigation and DOJ Probe: RealPage's revenue management software (RMS) is under scrutiny for alleged anticompetitive practices. RealPage reached a settlement with the U.S. Department of Justice (DoJ) in November 2025 regarding RMS, which Fitch views as a significant positive development. The settlement resulted in no financial penalties, damages or findings of wrongdoing. However, state attorneys' general lawsuits and private class action cases remain ongoing. These matters are unlikely to be resolved soon, and the outcomes remain unclear. Adverse rulings that materially impact the company's credit profile could result in negative rating action. Fitch projects low-to-mid single-digit revenue growth, reflecting some recovery post-DOJ settlement. Strong Cash Flow Generation: RealPage has strong EBITDA-to-FCF conversion due to recurring revenue, strong EBITDA, and minimal capex requirements. Fitch expects FCF margins to be in low-to-mid teens, and the (CFO-capex)/debt ratio to be in the 6%-8% range throughout the forecast period, consistent with Fitch-rated 'B' technology peers. FCF margins are driven by improved profitability, operational efficiencies, and potentially lower interest rates. Moderate Leverage: Fitch estimates RealPage's Fitch-adjusted gross leverage to be about 6.0x for fiscal 2025 and remain above 5.5x through the rating horizon, with its capacity to deleverage supported by FCF generation. Fitch-adjusted leverage has improved from 6.8x in 2024 and 7.6x in 2023, primarily due to improved profitability. However, due to the private equity ownership that is likely to prioritize growth, Fitch expects capital to be used for acquisitions to accelerate growth, with financial leverage remaining at moderate levels. Sufficient Liquidity: RealPage's debt consists of a first lien $3.3 billion term loan, incremental $1 billion term loan, and a $215 million first lien secured revolver (all maturing in 2028). The company's liquidity is supported by more than $125 million of cash on hand, strong cash flow generation, and fully undrawn revolver. Acquisition-Aided Growth: Fitch expects RealPage to remain acquisitive given the fragmented nature of the industry and the company's goal to expand its platform offerings. RealPage has made several acquisitions in the past, including Knock CRM, HomeWiseDocs, Rexera, and Livble with a combination of cash and/or debt. Fitch believes M&A remains a central growth strategy to drive organic revenue through cross-selling opportunities. Technology Disruption Risk: RealPage leverages over 25 years of industry expertise, public and private rental market data and deep workflow integration across property management, accounting, revenue optimization and utility billing functions, creating substantial barriers and high switching costs. While emerging competitors may leverage large language models for point solutions, Fitch believes RealPage's mission-critical and deeply embedded products, breadth of offerings, and established client relationships provide material insulation from AI disruption in the medium term. Peer Analysis RealPage's leverage profile, high recurring revenues and consistent positive FCF generation fit well with other 'B' rated issuers. While not a direct competitor, CoStar Group, Inc. (BBB/Stable) offers software solutions to manage commercial real estate. RealPage generates significantly higher margins in the mid-30% range, compared to margins in the 20% range for CoStar. However, CoStar is rated higher due to its larger scale (generates twice as much revenue as RealPage) and highly conservative capital allocation policy, with gross leverage of about 2.3x at YE 2025. RealPage directly competes with numerous software providers in the real estate sector, including those offering property management software, cloud services, and software-enabled, value-added services such as applicant screening, customer relationship management (CRM), marketing, internet listing services, and payment processing. Competitors include Yardi, Inc., Entrata, Inc., MRI Software LLC, and AppFolio. RealPage's profitability, leverage, and FCF metrics are comparable with other Fitch-rated software peers in the 'B' rating category, such as Constant Contact Inc. (B/Stable) and Qlik Parent Inc. (B/Stable). Both companies have higher margins near 40% range but similar leverage and FCF profiles. Fitch expects RealPage's gross leverage to remain above 5.5x over the rating horizon. Fitch’s Key Rating-Case Assumptions - Revenue growth in the low-to-mid single digits; - Adjusted EBITDA margins in the mid-30s over the forecast horizon; - Approximately $750 million spent on acquisitions, funded by FCF; - Capex intensity 3.0% of revenue; - Interest rate forecast to be 4.50% in fiscal 2026, falling to 3.50% in fiscal years 2027 and 2028; - No assumptions are made for dividends to the sponsor; - No assumptions are made of the ongoing antitrust matters since the outcomes are unknown. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b'. Recovery Analysis Fitch's recovery analysis assumes RealPage would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has also assumed a 10% administrative claim. Fitch forecasts that RealPage's going-concern EBITDA is $500 million. To arrive at the going-concern EBITDA, Fitch assumes that the company's customer churn increases and that RealPage loses clients to competitors such as AppFolio and Yardi, causing revenues to decline to approximately $1.62 billion and that operating efficiencies are lost, reducing RealPage's EBITDA margins to approximately 30%. An enterprise value multiple of 7.0x EBITDA is applied to the going-concern EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: - The median reorganization enterprise value/EBITDA multiple for the 71 TMT bankruptcy cases that had sufficient information for an exit multiple estimate to be calculated was 5.9x. Of these companies, five were in the software sector: Allen Systems Group, Inc - 8.4x; Avaya, Inc. - 2023: 7.5x, 2017: 8.1x; Aspect Software Parent, Inc. - 5.5x, Sungard Availability Services Capital, Inc. - 4.6x, and Riverbed Technology Software - 8.3x; - The highly recurring nature of RealPage's revenue and mission-critical nature of the product support the multiple being on the high end of the range. Fitch arrived at an enterprise value of $3.5 billion. After applying the 10% administrative claim, an adjusted enterprise value of $3.1 billion is available for claims by creditors. Fitch assumes a full draw on RealPage's $215 million revolver. As a result of these considerations, Fitch rates the first lien term loans and revolver 'B+'/'RR3', or one notch above RealPage's 'B' IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to a Negative Rating Action/Downgrade - Significant monetary damages from state antitrust litigation or class action settlements that materially impact the credit profile; - EBITDA leverage sustained above 7.0x; - (CFO-capex)/debt sustained below 3%; - EBITDA interest coverage sustained below 2.5x; - Material decline in market share or emergence of significant competitor or disruptor. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 5.5x; - (CFO-capex)/debt sustained above 7.0%; - Expectation of sustained growth and/or margin outperformance to Fitch's expectation. Liquidity and Debt Structure Fitch expects RealPage to maintain adequate liquidity. As of Sept. 30, 2025, the company had more than $125 million of cash on hand. The company's liquidity also benefits from its FCF generation in low-to-mid teens, owing to strong cost optimization and fully undrawn revolver of $215 million, which was successfully refinanced by the lenders prior to maturity. RealPage's debt consists of a first lien $3.3 billion term loan (2028 maturity), incremental $1 billion term loan (2028 maturity), and a $215 million first lien secured revolver maturing in 2028 as well. Issuer Profile RealPage, Inc., founded in 1998 and headquartered in Richardson, TX, is a leading global provider of software and data analytics to the real estate industry. Thoma Bravo acquired RealPage on April 22, 2021. 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 RealPage Intermediate Holdings, 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 ----------- ------ -------- ----- RealPage, Inc. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ RealPage Intermediate Holdings, Inc. LT IDR B Affirmed B ROGERS COMMUNICATIONS: S&P Rates Canadian Subordinated Notes 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating to Rogers Communications Inc.'s (RCI's) proposed fixed-to-fixed rate subordinated notes due July 31, 2056. The company intends to use the net proceeds from these notes to fund upcoming maturities. S&P said, "We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content in July 2036 because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our 'BBB-' long-term issuer credit rating on RCI to reflect their subordination and management's ability to defer interest payments on the instrument." RCI plans to use all proceeds in excess of C$2.3 billion from the recent USD (marketed on March 24, 2026) and proposed CAD subordinated notes to redeem the 2081 5% subordinated notes, which will lose its equity treatment in December 2026. As a result, S&P will remove equity content of equivalent amount (above C$2.3 billion) of existing hybrids. Pro forma the transaction and assuming $2.3 billion of hybrid (USD and CAD) issuance, the C$9.2 B of subordinated notes receiving intermediate equity treatment is about 15% of the company's capitalization on an S&P Global Ratings-adjusted basis. Any amount above that will receive 100% debt treatment. The long-term nature of the subordinated debentures, along with the company's limited ability and lack of incentives to redeem the issuance of a long-dated period, meets S&P's standards for permanence. RCI has emphasized its willingness to maintain the instrument as part of its permanent capital structure. In the event RCI were to redeem either of the instruments before the effective maturity date, they must be replaced with an equivalent or stronger equity content instrument issued up to or on the date the original hybrid is redeemed. The instruments are subordinated to all RCI's existing and future senior debt obligations, thereby satisfying the condition for subordination. In addition, the interest payments are deferrable, which fulfills the deferability element. ROGERS COMMUNICATIONS: S&P Rates New Subordinated Notes 'BB' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating to Rogers Communications Inc.'s (RCI) proposed US$-denominated fixed-to-fixed rate subordinated notes (NC5 note) due July 31, 2056. The company intends to use the net proceeds from these notes to fund upcoming maturities. S&P said, "We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content on July 31, 2036, because the remaining period until maturity will be less than 20 years. "We rate these securities two notches below our 'BBB-' long-term issuer credit rating on RCI to reflect their subordination and management's ability to defer interest payments on the instrument. "The long-term nature of the subordinated debentures, along with the company's limited ability and lack of incentives to redeem the issuance meets our standards for permanence. RCI has emphasized its willingness to maintain the instrument as part of its permanent capital structure. In the event RCI redeems either of the instruments before the effective maturity date, the company must replace the instrument with an equivalent or stronger equity content instrument up to or on the date it redeems the original hybrid. The instruments are subordinated to all RCI's existing and future senior debt obligations, thereby satisfying the condition for subordination. In addition, the interest payments are deferrable, which fulfills the deferability element." SHAYN REALTY: Seeks Cash Collateral Access ------------------------------------------ Shayn Realty LLC and affiliates ask the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection, with the consent of their secured lender, ConnectOne Bank. The Debtors, each of which owns and operates residential apartment buildings in Brooklyn, New York, commenced their bankruptcy cases on January 21, 2026, and have since continued operating as debtors-in-possession. Rather than operating under a fixed budget, the agreement allows the Debtors to submit actual monthly expenses to the Lender for review, with payments permitted unless the Lender objects within a short timeframe. The stipulated arrangement imposes structured obligations on the Debtors, including key deadlines such as retaining a real estate broker and filing bidding procedures by March 31, 2026, filing a plan of reorganization by May 31, 2026, and obtaining plan confirmation by July 31, 2026. The Debtors are authorized to use cash collateral to cover necessary property-related expenses, including taxes, insurance, repairs, utilities, and modest management fees, thereby ensuring continued operations and preservation of the properties' value. As part of the adequate protection package, the Debtors grant the Lender replacement liens on the properties and associated rents (excluding avoidance actions), and agree to remit any excess cash flow to the Lender. The agreement also includes limited carve-outs, such as for U.S. Trustee fees and capped professional fees, and preserves certain rights for the Debtors and third parties to challenge aspects of the Lender's claims. The Debtors argue that continued access to cash collateral is essential to maintain the properties, serve tenants, and prevent deterioration of the underlying collateral, which would otherwise cause irreparable harm to the estates and creditors. They emphasize that using rental income to maintain and enhance the properties constitutes adequate protection under bankruptcy law, especially given the Lender's consent and the additional safeguards provided. A copy of the motion is available at https://urlcurt.com/u?l=ibSKXq from PacerMonitor.com. About Shayn Realty LLC Shayn Realty LLC is a single asset real estste company. Shayn Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40286) on January 21, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Kevin J. Nash, Esq., of Goldberg Weprin Finkel Goldstein LLP. SHERWOOD HOSPITALITY: Seeks Continued Cash Collateral Access ------------------------------------------------------------ Sherwood Hospitality Group, LLC and DVKOCR Tigard, LLC ask the U.S. Bankruptcy Court for the District of Oregon for authority to continue using cash collateral and provide adequate protection. Specifically, the Debtors request modification of the original cash collateral order and all 10 prior stipulated modifications, extending the outside date for cash collateral use to April 20 while maintaining all other terms and conditions of the order. The Debtors' authority to use cash collateral under the court's March 16 stipulated order expired on March 20. Aside from the extension, the Debtors have also agreed with lien creditors, L-O Sherwood Finance, LLC and L-O Tigard Finance, LLC, to waive any termination event associated with missed interest or adequate protection payments for February, March, and April 2026. The Debtors assert that this modification is consistent with the 11 U.S.C. sections 105(a) and 363, and Bankruptcy Rules 4001(d), 9014, and 9024, and reflects an agreement among the parties to continue cash collateral use on the same terms as previously approved. A copy of the motion is available at https://urlcurt.com/u?l=b1fK1I from PacerMonitor.com. About Sherwood Hospitality Group Sherwood Hospitality Group LLC, doing business as Hampton Inn Sherwood Portland, operating as Hampton Inn Sherwood Portland, is a hospitality company based in Sherwood, Oregon. The Company manages a hotel offering amenities like free breakfast, free Wi-Fi, a heated indoor pool, and a fitness center. Sherwood Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30484) on February 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Peter C. Mckittrick handles the case. The Debtor is represented by Douglas R. Ricks, Esq., at Sussman Shank, LLP. SIERRA COMPOUNDING: Christopher Simpson Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 14 appointed Christopher Simpson, Esq., at Osborn Maledon P.A. as Subchapter V trustee for Sierra Compounding, LLC. Mr. Simpson will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Simpson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher C. Simpson Osborn Maledon, P.A. 2929 N. Central Avenue, 21st Fl. Phoenix, AZ 85012 Phone: (602) 640-9349 Fax: (602) 640-9050 Email: csimpson@omlaw.com About Sierra Compounding LLC Sierra Compounding, LLC is a Sierra Vista, Arizona-based pharmacy specializing in prescription compounding. The company prepares customized medications tailored to individual patient needs and offers services including home delivery, prescription auto-refill, vaccinations, hormone replacement therapy consultations, and online tools for managing prescriptions and virtual pharmacist consultations. Founded in 2019, it provides personalized pharmaceutical care to local patients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-02156) on March 9, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Elizabeth Davie, owner, signed the petition. Judge Brenda Moody Whinery presides over the case. Patrick Keery, Esq. at KEERY MCCUE, PLLC represents the Debtor as legal counsel. SPIRIT AVIATION: Posts $2.83B Net Loss for 2025 'Successor Period' ------------------------------------------------------------------ Spirit Aviation Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $2.83 billion for the Successor Period from March 13, 2025 through December 31, 2025, compared to a net loss of $1.23 billion for the twelve months ended December 31, 2024. As of December 31, 2025, the Company had $5.99 billion in total assets, $1.28 billion in total (current) liabilities, and $2.09 billion in total stockholders' deficit. Going Concern On March 12, 2025, the Company emerged from the Chapter 11 Cases in accordance with the Plan. As part of the reorganization, it successfully restructured certain of its debt obligations, established new financing arrangements and issued new equity securities consisting of new Common Stock and new warrants. However, the Company have continued to be affected by adverse market conditions, including elevated domestic capacity and continued weak demand for domestic leisure travel, resulting in a difficult pricing environment and diminished revenues. As a result, it continues to experience challenges and uncertainties in our business operations. The Company said, "Since our emergence from the 2024 Chapter 11 Bankruptcy, we have taken certain measures to address these challenges, including the implementation of product enhancements, strategic reductions in certain markets and capacity, consummation of sale-leaseback transactions related to certain of our owned spare engines and other discretionary cost reduction strategies, including the pilot furloughs announced in July and October 2025 and the flight attendant furloughs announced in September 2025. Also, on August 21, 2025, we borrowed the entire available amount of $275.0 million under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility will mature on March 12, 2028." "Effective August 15, 2025 and August 20, 2025, we entered into two amendments with our primary credit card processor. On August 15, 2025, we agreed to make an additional transfer of $50.0 million in cash to a pledged account in favor of the credit card processor. This amount is recorded in restricted cash within our consolidated balance sheets. On August 20, 2025, we agreed to allow the processor: (i) to hold back up to $3.0 million per day until the processor's exposure is fully collateralized and (ii) to remain fully collateralized as the processor's exposure increases or decreases. In exchange, the processor agreed: (i) to extend the term of the Card Processing Agreement from the then current December 31, 2025 expiration date to December 31, 2027, with two automatic one-year extensions unless either party provides a notice of non-renewal not less than 90 days prior to the end of the then-effective term, and (ii) to remove the existing minimum liquidity trigger for holdbacks under the Card Processing Agreement. "On August 29, 2025, we and our Debtor affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. "Since the Petition Date, we have been operating our businesses as a debtor-in-possession under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. We received approval from the Bankruptcy Court for a variety of "first day" motions to continue our ordinary course operations during the Chapter 11 Cases, and approval of various post-petition liquidity initiatives described in further detail below. However, for the duration of the Chapter 11 Cases, our operations and ability to develop and execute our business plan, our financial condition, liquidity and our continuation as a going concern are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. Our ability to continue as a going concern is dependent upon, among other things, our ability to become profitable and maintain profitability, our ability to access sufficient liquidity and our ability to successfully implement a plan of reorganization. As discussed further below, we have entered into a DIP Facility for purposes of accessing ongoing liquidity during the Chapter 11 Cases. "The outcome of the Chapter 11 Cases is dependent upon factors that are outside of our control, including actions of the Bankruptcy Court. We can give no assurances that we will be able to secure additional sources of funds to support its operations, or, if such funds are available to us, that such additional financing will be sufficient to meet our needs." "We have evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within the next 12 months fom March 16, 2026, the filing of this Annual Report on Form 10-K. Based on such evaluation, management believes there is substantial doubt about our ability to continue as a going concern. During the Chapter 11 Cases, our ability to continue as a going concern is contingent upon our ability to obtain approval and successfully implement the Proposed Plan, among other factors." A full text copy of the Annual Report is available at https://tinyurl.com/yzuzutam. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. SPIRIT AVIATION: RSA Provides Equity to DIP Lenders, Cancels Stock ------------------------------------------------------------------ Spirit Aviation Holdings, Inc. disclosed in a regulatory filing that the Company and affiliated debtors entered into a Restructuring Support Agreement with certain holders (collectively, the "Consenting DIP Lenders") of approximately: (i) 74.6% of the aggregate principal amount of the new money term loans issued under that certain Superpriority Secured Priming Debtor-in-Possession Credit Agreement dated as of October 14, 2025 (as further amended, restated, amended and restated, supplemented, or otherwise modified from time to time), by and among Spirit Airlines, LLC, as Borrower, Spirit Aviation Holdings, Inc., as Holdings, the other Debtors party thereto as Guarantors, Wilmington Trust, National Association, as Administrative Agent and Collateral Agent, and the lenders from time to time party thereto; (ii) 71.8% of Roll-Up DIP Loans issued under the DIP Credit Agreement; and (iii) 60.0% of the Debtors' non-rolled up PIK Toggle Senior Secured Notes due 2030. The transactions contemplated in the Restructuring Support Agreement are expected to be implemented through a proposed plan of reorganization. The Restructuring Support Agreement and the Plan provide, in pertinent part, as follows: * Within (2) Business Days of effectiveness of the Restructuring Support Agreement, the Debtors will use an aggregate amount equal to $150 million of Encumbered Cash in the Specified Encumbered Accounts (each as defined in the Final DIP Order) to prepay a principal amount of Term Loans (as defined in the DIP Credit Agreement) and accrued and unpaid interest thereon pursuant to Section 2.05(a) of the DIP Credit Agreement; * Upon the satisfaction of the foregoing prepayment, the Consenting DIP Lenders, constituting Required DIP Lenders, will consent to the Debtors' use of all cash, funds, investments, and securities from the Encumbered Accounts (as defined in the Final DIP Order) during the effective period of the Restructuring Support Agreement, provided the Debtors maintain at least $239 million in the Encumbered Accounts, which amount shall constitute Encumbered Cash (as defined in the Final DIP Order) and shall not be further used, accessed, or otherwise diminished without the prior written consent of the Required Consenting DIP Lenders; * At any time on or after the date that is four weeks following effectiveness of the Restructuring Support Agreement, the Debtors may provide a written request to the Consenting DIP Lenders (including via email to counsel) to use all cash, funds, investments, and securities from the Encumbered Accounts, during the Agreement Effective Period, provided that the Debtors maintain at all times not less than $200 million in the Encumbered Accounts, which amount shall constitute Encumbered Cash (as defined in the Final DIP Order) and shall not be further used, accessed, or otherwise diminished without the prior written consent of the Required Consenting DIP Lenders (as determined in their sole discretion). The Consenting DIP Lenders, constituting Required DIP Lenders, will be deemed not to have consented to such request unless the Required Consenting DIP Lenders deliver a written response to the Debtors (including via email from counsel) approving such request (as determined in their sole discretion) within two (2) Business Days of receipt thereof. If the Required Consenting DIP Lenders do not timely approve the Debtors' request, the Restructuring Support Agreement will automatically terminate; * The Consenting DIP Lenders, constituting Required DIP Lenders, will waive the Debtors' obligation to comply with the covenants set forth in Sections 6.01(c) and 6.01(f)(B) of the DIP Credit Agreement and agree that they will request update calls under Section 6.19 of the DIP Credit Agreement not more often than once every other week or in the event of a material change in the Debtors' business; * On the Plan Effective Date, the Debtors will make a payment of $100 million of Encumbered Cash in the Specified Encumbered Accounts (as such terms are defined in the Final DIP Order) to Holders of Allowed New Money DIP Loan Superpriority Claims and/or Allowed Roll-Up DIP Loan Superpriority Claims (subject to and as such terms are defined in the Plan) * On the Plan Effective Date, the Company (as reorganized, "Reorganized Spirit") will issue new equity interests, which may include warrants, to certain of its creditors as follows: (a) 100% pro rata to the holders of Roll-Up DIP Loans, subject to dilution on account of the Management Incentive Plan and the Class 5 Settlement Distribution (each as defined in the Plan); and (b) 2% of new equity interests, which may be issued in the form of warrants, pro rata to holders of Prepetition Secured Notes and/or Contingent Roll-Up Term Loans, subject to dilution on account of the Management Incentive Plan (as defined in the Plan); * On the Plan Effective Date, the reorganized Debtors will issue senior secured loans, the material terms of which are described in the Exit Secured Loans Facility Term Sheet attached as Exhibit B to the Restructuring Support Agreement, pro rata to holders of Roll-Up DIP Loans; * Distributable Sale Proceeds from the disposition of Specified Assets will be distributed to holders of New Money DIP Loan Superpriority Claims and Roll-Up DIP Loan Superpriority Claims, in accordance with and subject to the Plan (as each such term is defined in the Plan); * On the Plan Effective Date, one or more of the reorganized Debtors will issue, as applicable, either: (a) a $275 million senior secured revolving credit facility, the material terms of which will be filed in the Plan Supplement; or (b)(i) a $75 million term loan facility, the material terms of which will be filed with the Plan Supplement, and (ii) a $200 million revolving credit facility, which shall be on the same terms as the Prepetition Revolving Credit Facility (as defined in the Plan), with only such modifications as are necessary to reflect the issuance of the Class 4 Term Loan Facility; * Discussions with other stakeholders, including lessors and holders of secured aircraft indebtedness, remain ongoing; * All General Unsecured Claims (as defined in the Plan) will be cancelled without any distributions to the holders of such claims; and * All of the Company's existing common stock and other equity interests will be cancelled without any distributions to the holders of such common stock and other equity interests on account thereof. The Restructuring Support Agreement includes certain milestones for the progress of the Chapter 11 Cases and the Plan, which include the dates by which the Debtors are required to, among other things, obtain certain court orders and consummate the transactions contemplated therein. Failure to meet these milestones allows the Restructuring Support Agreement to be terminated by the Consenting DIP Lenders. In addition, signatories to the Restructuring Support Agreement have the right to terminate the Restructuring Support Agreement under certain circumstances, including if the board of directors of the Company determines in good faith, based on the advice of counsel, that performance under the Restructuring Support Agreement would be inconsistent with its fiduciary duties as set forth therein. The Plan remains subject to Bankruptcy Court approval and the satisfaction of certain conditions precedent. Accordingly, no assurance can be given that the transactions described in the Restructuring Support Agreement or the Plan will be consummated. A full text copy of the Restructuring Support Agreement is available at https://tinyurl.com/ymzf8354 About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. STANDARD FREIGHT: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division issued an interim order authorizing Standard Freight Logistics, Inc. to use cash collateral on an interim basis. Under the interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, U.S. Trustee quarterly fees, and necessary operating costs outlined in the budget, with a permitted variance of up to 10% per line item. Any additional expenditures require written approval from the secured creditor, JW Capital Source, LLC. This authority remains in place until further order of the court. Secured creditors will be granted a replacement lien on post-petition cash collateral, maintaining the same priority and validity as their pre-petition liens without additional filings. Standard Freight Logistics must comply with all debtor-in-possession obligations, including maintaining proper insurance and granting the secured creditor reasonable access to inspect business records and premises. The order is entered without prejudice, preserving the rights of all parties, including any future creditors’' committee. A continued hearing is scheduled for April 14. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/YTv9E from PacerMonitor.com. About Standard Freight Logistics, Inc. Standard Freight Logistics, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:26-bk-00730-JAB) on February 23, 2026. In the petition signed by Manuel Rivera, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq., at Law Offices of Mickler & Mickler, LLP, represents the Debtor as legal counsel. SURF CLEAN: Seeks Cash Collateral Access ---------------------------------------- Surf Clean Energy, Inc asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor explained that its immediate need for cash collateral arises from ongoing operational expenses, including payroll, rent, inventory, insurance, and other necessary costs to maintain business continuity, particularly in light of prior disruptions caused by merchant cash advance obligations, the bankruptcy of a major receivable Debtor (PosiGen), and industry-wide impacts from the 2025 Big Beautiful Bill, which eliminated key solar tax incentives. Without immediate access to these funds, the Debtor asserted that it would face irreparable harm, potentially ceasing operations and laying off employees. To protect JPMorgan Chase Bank, N.A., the Debtor proposed granting a post-petition replacement lien on all assets of the company, excluding Chapter 5 causes of action, to the extent of any diminution in value, as well as including a carve-out for U.S. Trustee and Subchapter V trustee fees in the proposed order. The Debtor projected, through a budget, operational expenses reasonably expected through April 19, 2026, and indicated that future budgets would govern continued use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=Dze0Oe from PacerMonitor.com. About Surf Clean Energy, Inc Surf Clean Energy, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 8-26-71015-spg) on March 13, 2026. In the petition signed by Tyler Moston, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Sheryl P. Giugliano oversees the case. C. Nathan Dee, Esq., at Cullen and Dykman LLP, represents the Debtor as legal counsel. SVETNESS CORP: 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 Svetness Corp. About Svetness Corp. Svetness, Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10365) on February 17, 2026, listing $50,001 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Brian F. Kenney oversees the case. Justin Fasano, Esq., at Mcnamee Hosea, P.A. serves as the Debtor's legal counsel. TAILWIND AIR SERVICE: 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 Tailwind Air Service, LLC. About Tailwind Air Service Tailwind Air Service, LLC, based in Falls Church, Virginia, is a U.S.-registered aviation company that owns aircraft and operates private jet and turboprop charter services, primarily in the U.S. Northeast. It operates under FAA regulations and maintains a corporate office in Falls Church, with broader charter operations linked to Tailwind Air's New York activities. Tailwind Air Service sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va., Alexandria Division, Case No. 26-10101) on January 15, 2026. At the time of the filing, the Debtor had estimated assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Brian F. Kenney oversees the case. Henry & O'Donnell, P.C. is Debtor's legal counsel. TAILWIND AIR: 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 Tailwind Air, LLC. About Tailwind Air LLC Tailwind Air, LLC operates as a regional aviation company, providing air transportation services with a focus on short-haul and charter operations. Tailwind Air sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10102) on January 15, 2026. In its petition, the Debtor reports estimated assets of up to $50,000 and estimated liabilities ranging from $1 million to $10 million. Judge Klinette H. Kindred oversees the case. The Debtor is represented by Kevin M. O'Donnell, Esq., at Henry & O'Donnell, P.C. TALPHERA INC: Completes Third Closing of $4.1MM Private Placement ----------------------------------------------------------------- Talphera, Inc. previously disclosed that it entered into a securities purchase agreement, or the Purchase Agreement, with several institutional investors and a member of management, relating to the issuance and sale in a private placement in three separate tranches of: (i) shares of its common stock, par value $0.001 per share and (ii) pre-funded warrants to purchase shares of common stock. The first closing of the private placement occurred on April 2, 2025, and on October 21, 2025, certain Purchasers waived the conditions of subsections 2.3(a)(i) and 2.4(a)(i) of the Purchase Agreement to effect both the second closing and third closing of the private placement with respect to such Purchasers only (collectively, the Optional Closing). On March 6, 2026, the Company achieved the conditions of subsection 2.4(a)(i) of the Purchase Agreement to effect the third closing of the private placement and, on March 13, 2026, issued and sold to the Purchasers who did not participate in the Optional Closing (collectively, the Third Closing): * 639,931 shares of common stock at a purchase price of $0.586 per share; and * Pre-funded warrants at a purchase price of $0.585 per pre-funded warrant to purchase up to an aggregate of 6,399,316 shares of common stock at an exercise price of $0.001 per share. The pre-funded warrants will be exercisable immediately following the Third Closing and have an unlimited term and an exercise price of $0.001 per share. The aggregate gross proceeds to the Company from Third Closing of the private placement were approximately $4.1 million, and excluding the proceeds, if any, from the exercise of the pre-funded warrants issued at the Third Closing. The Purchase Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, and indemnification obligations of the Company and the Purchasers. The representations, warranties and covenants contained in the Purchase Agreement were made only for purposes of the Purchase Agreement and as of a specific date, were solely for the benefit of the parties to the respective Purchase Agreement, and may be subject to limitations agreed upon by the contracting parties. Registration Rights Agreement As previously disclosed, on March 31, 2025, the Company also entered into a registration rights agreement with the Purchasers, or the Registration Rights Agreement, pursuant to which we have agreed to file registration statements under the Securities Act of 1933, as amended, or the Securities Act, with the SEC, covering the resale of the shares of common stock to be issued in the private placement and the shares of common stock underlying the pre-funded warrants no later than 15 days following the applicable closing date, and to use reasonable best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 90 days following the applicable closing date in the event of a "full review" by the SEC. Sale of Unregistered Securities Based in part upon the representations of the Purchasers in the Purchase Agreement, the offering and sale of the securities were offered and sold in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, or the Securities Act, and Regulation D promulgated thereunder, and have not been registered under the Securities Act, or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirement of the Securities Act and such applicable state securities laws. 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. W&J SUBSHOPS: Seeks Continued Cash Collateral Access ---------------------------------------------------- W&J Subshops, LLC asks the U.S. Bankruptcy Court for the Central District of California, Riverside Division, for authority to use cash collateral and provide adequate protection. The Debtor asserts that access to cash collateral is essential to pay ordinary business expenses—including food, royalties, rent, utilities, payroll, taxes, and insurance—necessary to operate its stores and preserve the value of its assets while pursuing a plan to sell the stores. The Debtor's assets, valued at approximately $699,100, are subject to secured claims totaling $760,706 from creditors including the U.S. Small Business Administration, North Mill Credit Trust, Pawnee Leasing Corporation, and others, with priority creditors including the California Department of Tax and Fee Administration and San Bernardino County Tax Collector. The Debtor attributes its financial difficulties to rising labor costs and mandatory store remodels, which reduced customer traffic and hindered its ability to meet financial obligations. To protect creditors' interests, the Debtor proposes granting the SBA replacement liens on post-petition assets, continuing monthly adequate protection payments to the SBA, and maintaining regular payments on equipment loans, while other undersecured creditors would have claims treated as general unsecured claims under the reorganization plan. A court hearing is set for April 9. A copy of the motion is available at https://urlcurt.com/u?l=HSNsz8 from PacerMonitor.com. About W&J Subshops LLC W&J Subshops LLC, a restaurant company based in Victorville, California, operates multiple sub shop locations including 16251 N D Street, 14712 La Paz Drive, Suite 99, and 15319 C. Palmdale Road. The Company is engaged in the preparation and sale of sandwiches and related food products, serving local customers across its stores. W&J Subshops LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18331) on November 19, 2025. In its petition, the Debtor reports total assets of $425,591 and total liabilities of $1,458,962. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. WEST DAUPHIN: Leona Mogavero Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for West Dauphin St., LP. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About West Dauphin St. LP West Dauphin St. LP is a limited partnership engaged in real estate ownership and property investment activities. West Dauphin St. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10938) on March 9, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor is represented by Ibn Devin Uqdah, Esq., of Legis Group LLC. WINDSOR HOLDINGS III: Fitch Affirms B+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Windsor Holdings III, LLC's (d/b/a Univar Solutions) Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has also affirmed the long-term ratings for the company's senior secured term loans and notes at 'BB-' with a Recovery Rating of 'RR3', and the ABL revolver at 'BB+'/'RR1'. The Rating Outlook remains Stable. The 'B+' IDR reflects Univar's leading and defensive market position in chemicals and ingredients distribution, as well as its high but sustainable leverage. The rating also incorporates the issuer's resilient EBITDA margins, solid FCF generation, and strong liquidity. The Stable Outlook reflects Fitch's expectations for EBITDA leverage to remain between 5.5x and 6.5x through the forecast horizon. Key Rating Drivers Stable Cash Flow: Fitch expects Univar to sustain positive FCF generation following its solid performance in a challenging 2025 landscape. The FCF forecast remains supported by resilient EBITDA margins, low capex requirements, and countercyclical working capital dynamics. This is despite flat to modest expected earnings growth near term, assuming continued soft global chemicals demand. Fitch anticipates limited unmitigated cost impacts from Middle East conflict-related supply chain disruptions given Univar's extensive distribution network, majority domestic sourcing, sourcing flexibility, and an ability to pass through incremental logistics costs. Univar's 2025 operating performance was stable amid soft demand and pricing pressure seen throughout chemicals markets, with preliminary reported EBITDA only modestly lower yoy and strong FCF despite approximately 3% lower sales. The issuer's delivered gross profit — defined as gross profit (exclusive of depreciation) less outbound freight and handling expenses — slightly improved, demonstrating the benefits of Univar's cost management, pricing discipline, and product mix. Countercyclical working capital dynamics and market share gains in light of a continued trend of supplier outsourcing also supported earnings. High but Sustainable Leverage: Fitch expects Univar's EBITDA leverage to trend around 5.5x-6.0x through the forecast, reflecting the $500 million dividend recapitalization in February 2024 and moderate EBITDA growth. Univar held its debt balances roughly flat through 2025, as countercyclical working capital aided FCF while M&A activity was light. Fitch believes the 2024 dividend recapitalization represented an opportunistic capital allocation strategy and an appetite for leveraging transactions. An increase in debt-funded acquisitions or special dividends may pressure credit metrics if not balanced with equity contributions or meaningful subsequent debt reduction. Disciplined Acquisition Activity: Fitch expects Univar to continue focusing on organic and inorganic investments to accelerate growth of the business, and that bolt-on acquisition spending remains disciplined relative to cash flow generation. The issuer completed one $36 million acquisition in 2025 for European distributors Brad-Chem Holdings Limited and Brad-Kem BV, which was funded with cash. Fitch expects that any materially leveraging transaction would be supported by a credible plan to bring EBITDA leverage back to the 5.5x-6.5x range within 24 months and for increased penetration into stable end markets to be favorable toward Univar's business profile. Resilient Margins: Univar has successfully improved Fitch-calculated EBITDA margins in recent years by implementing various operational cost-reduction initiatives, pruning or divesting lower margin or non-core products, investing in logistics, and building out its solutions centers. The company aims to focus on growing its Ingredients and Specialty business (reported by Univar to be approximately 40% of gross profit) through further market share gains and new partnerships, which should support stronger margins going forward. Fitch expects Univar to maintain Fitch-calculated EBITDA margins close to the low 8% range through the forecast horizon. Leading Position in Fragmented Market: Univar is better positioned to navigate logistical challenges and counterparty risk than smaller competitors due to its size, operational scale and diversification. The global chemical distribution market is highly fragmented, with an estimated market size of roughly $200 billion and the top two distributors accounting for about 10% of the market. The company maintains the largest chemicals and ingredients sales force in North America, the broadest product offering and an increasingly efficient supply chain network, allowing Univar to continue to grow by leveraging its footprint to cover more products, customers and regions. Peer Analysis Univar is the second-largest global chemical distributor behind Brenntag AG and is the largest North American chemical distributor in a fragmented industry. Fitch compares Univar with IT distributor Arrow Electronics, Inc. (BBB-/Stable) and metals distributor Reliance Inc. (BBB+/Stable). Each of these distributors benefits from significant size, scale and diversification compared with peers within their markets. The fragmented nature of and potential for continued outsourcing within chemicals distribution provides Univar a unique opportunity to increase market share and capture potential market expansion. Supported by an unmatched value-added service offering, Univar generates stronger EBITDA margins than Arrow Electronics. Fitch views cash flow risk within the distribution industry as relatively low compared with chemicals producers due to the limited commodity price risk, diversification of customers and end markets, low annual capex requirements of 1%-2% of revenue, and countercyclical working capital dynamics. While technology and metals distribution market risks differ, the overall operating performances and cash flow resiliency are similar with FCF margins for these distribution peers averaging in the low to mid-single digits over the past five years. Univar's financial structure is weaker than the peer set with expectations for EBITDA leverage to trend between 5.5x and 6.5x. Fitch’s Key Rating-Case Assumptions - Organic sales growth remains muted through 2027, followed by growth exceeding GDP thereafter; - Fitch-calculated EBITDA margins trend around the low 8% range; - Capex spending remains around $120 million annually; - Excess FCF is applied to bolt-on acquisitions. 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 (b+, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance 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 analysis assumes Univar would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim and that the $1.4 billion ABL is 80% drawn. This is due to the likelihood the ABL borrowing base will gradually reduce in a distressed scenario as the pricing environment declines over time. GC Approach Fitch projects Univar's GC EBITDA at $650 million, which assumes a rebound from an assumed trough EBITDA of around $640 million. This reflects an improvement in the underlying economic conditions that would have likely precipitated the default and corrective actions taken during restructuring, or actions that would be priced in by potential bidders. This compares to around $640 million in Fitch-calculated EBITDA generated by Univar in the 2020 trough period. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Specifically, the GC EBITDA depicts a sustained economic contraction in North America resulting in severe, prolonged volume headwinds that more than offset working capital releases. Fitch assumes that upon default, Univar would be unable to improve EBITDA as economic and industry headwinds would likely limit the benefits of cost reductions. However, Fitch assumes the underlying business fundamentals would improve over time as the cycle corrects, leading to the assumed GC EBITDA. Fitch applies a 6.0x enterprise value multiple to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considers the company's high-quality asset profile including a worldwide chemical and ingredient distribution network, various product transportation assets, technical development assets, and a leading proprietary e-commerce platform. Fitch considers these competitive advantages unique relative to most chemical companies, which typically employ a more asset-light approach with a more limited set of value-added assets. These assumptions result in a recovery rating for the ABL within the 'RR1' range to generate a three-notch uplift to the issue rating from the IDR. The assumptions also lead to a recovery rating for the senior secured term loans and notes of 'RR3', generating a one-notch uplift from the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 6.5x; - A sustained reduction in EBITDA margins or ineffective working capital management leading to weaker FCF generation and financial flexibility; - A large transformational debt-funded acquisition or dividend recapitalization where there is no clear path to deleveraging within 24 months. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Gross debt reduction leading to EBITDA leverage sustained below 5.5x; - Balanced allocation of FCF that maintains balance sheet flexibility along with a commitment to lower leverage. Liquidity and Debt Structure Univar has strong liquidity totaling approximately $1.1 billion at YE25, consisting of $196 million in cash and $897 million in availability under the ABL revolver. The issuer's stable FCF generation further supports liquidity through the forecast. The company has a manageable maturity profile with no material maturities until the ABL facility in 2028, followed by the term loans and notes in 2030, beyond scheduled term loan amortization. Issuer Profile Windsor Holdings III, LLC is an issuing holding company that wholly owns Univar Solutions, LLC and its subsidiaries. Univar is a leading global chemical and ingredients distribution company and provider of value-added services, working with leading suppliers worldwide. 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 Windsor Holdings Ill, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Windsor Holdings III, LLC LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ senior secured LT BB- Affirmed RR3 BB- ZUUM TRANSPORTATION: Gets Court OK to Use Cash Collateral --------------------------------------------------------- Zuum Transportation Inc. received approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to continue using cash collateral and provide adequate protection, through April 5, as it pivots from a traditional reorganization to a "going concern" Sale Process under Section 363. The Debtor, which operates a proprietary Transportation Management Software platform, initially intended to reorganize internally but determined it could not monetize revenue quickly enough to fund a full Chapter 11 plan. This strategic shift to a sale was a prerequisite for continued support from its primary secured creditors, Wex Bank (owed approximately $4.5 million) and Trinity Capital (owed approximately $4.68 million), who hold senior and junior liens respectively on the company’s cash, accounts receivable, and intellectual property. The Debtor has already made significant strides in its sale efforts by coordinating with 48 potential purchasers, executing non-disclosure agreements with five serious parties—including major industry players like Estes—and completing a technical "code audit" of its TMS platform. To maintain its lending support, the Debtor is required to file a formal Sale Motion by March 20, 2026. Zuum argues that maintaining its business as a "going concern" through this process is the only way to ensure any recovery for general unsecured creditors, who would otherwise receive nothing in a Chapter 7 "fire sale" liquidation. To secure the lenders' consent for this short-term bridge, the Debtor negotiated a specific "CC Stipulation" that mandates strict adherence to a "bare bones" operating budget focused on maintaining the software's functionality. As adequate protection, Zuum has agreed to pay Trinity an initial $388,604.09 from an IRS Employee Retention Credit payment, with the remaining $1.1 million in expected ERC funds to be held in a segregated account. Furthermore, to address an immediate crisis, a side Payroll Agreement was reached to use $40,000 specifically to fund the March 13, 2026, payroll. This funding is critical to prevent the resignation of essential technical staff who are necessary to keep the TMS Platform operational and preserve the company's remaining goodwill for a potential buyer. The next hearing is set for March 31. The order is available at https://is.gd/T0jP0u from PacerMonitor.com. About Zuum Transportation Inc. Zuum Transportation Inc. based in Irvine, California, operates a digital logistics platform connecting shippers, brokers, carriers, and drivers across the U.S. and globally. It provides technology-driven freight and supply-chain solutions aimed at improving efficiency and cost-effectiveness for shippers while enhancing profitability for carriers. Zuum Transportation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13127) on November 6, 2025. In the petition signed by Matt Tabatabai, chief executive officer, the Debtor listed between $10 million and $50 million in both assets and liabilities. 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Case No. 26-11673 Chapter 11 Petition filed March 19, 2026 See https://www.pacermonitor.com/view/N2JUATI/Mark_Daniel_Lundy__cobke-26-11673__0001.0.pdf?mcid=tGE4TAMA In re 41-24 Associates LLC Bankr. E.D.N.Y. Case No. 26-41307 Chapter 11 Petition filed March 19, 2026 See https://www.pacermonitor.com/view/YYFKOTA/41-24_Associates_LLC__nyebke-26-41307__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Global Luxury Bath, LLC Bankr. N.D.N.Y. Case No. 26-60231 Chapter 11 Petition filed March 19, 2026 See https://www.pacermonitor.com/view/PTEPWUA/Global_Luxury_Bath_LLC__nynbke-26-60231__0001.0.pdf?mcid=tGE4TAMA represented by: Peter A. Orville, Esq. ORVILLE & MCDONALD LAW, P.C. In re R.M. Putney & Associates, Inc. Bankr. W.D.N.Y. Case No. 26-20182 Chapter 11 Petition filed March 19, 2026 See https://www.pacermonitor.com/view/F7NRXCA/RM_Putney__Associates_Inc__nywbke-26-20182__0001.0.pdf?mcid=tGE4TAMA represented by: Mike Krueger, Esq. MCCONVILLE CONSIDINE COOMAN AND MORIN PC E-mail: mkrueger@mccmlaw.com In re Cheryl Mullins Bankr. E.D. Wash. Case No. 26-00493 Chapter 11 Petition filed March 19, 2026 See https://www.pacermonitor.com/view/YQSIXHI/Cheryl_Mullins__waebke-26-00493__0001.0.pdf?mcid=tGE4TAMA represented by: Benjamin Ellison, Esq. SALISH SEA LEGAL PLLC Email: salishsealegal@outlook.com In re Darrington Properties LLC Bankr. W.D. Wash. Case No. 26-10868 Chapter 11 Petition filed March 19, 2026 See https://www.pacermonitor.com/view/SG5XWKI/Darrington_Properties_LLC__wawbke-26-10868__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Litterboys.com, LLC Bankr. W.D. Wash. Case No. 26-10867 Chapter 11 Petition filed March 19, 2026 See https://www.pacermonitor.com/view/PEWOOPY/Litterboyscom_LLC__wawbke-26-10867__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Kevin Price Bankr. C.D. Cal. Case No. 26-12078 Chapter 11 Petition filed March 20, 2026 represented by: Michael Berger, Esq. In re Jerry F Rossi Bankr. N.D. Cal. Case No. 26-40569 Chapter 11 Petition filed March 20, 2026 In re E-D Coat Inc. Bankr. N.D. Cal. Case No. 26-40570 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/ZMZZJEY/E-D_Coat_Inc__canbke-26-40570__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Fralege Group Inc. Bankr. M.D. Fla. Case No. 26-02201 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/FCDIECI/Fralege_Group_Inc__flmbke-26-02201__0001.0.pdf?mcid=tGE4TAMA represented by: Pierce J. Guard, Jr., Esq. THE GUARD LAW GROUP, PLLC E-mail: jguardjr@aol.com In re Velchoff's Corner, LLC Bankr. M.D. Fla. Case No. 26-01179 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/PCJPSYY/Velchoffs_Corner_LLC__flmbke-26-01179__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP Email: dvelasquez@lathamluna.com In re Sean James Germain Bankr. N.D. Ga. Case No. 26-53797 Chapter 11 Petition filed March 20, 2026 represented by: Angelyn Wright, Esq. THE WRIGHT LAW ALLIANCE, P.C. In re Aleksandr Tovstanovskiy Bankr. N.D. Ill. Case No. 26-04963 Chapter 11 Petition filed March 20, 2026 represented by: David Welch, Esq. See https://www.pacermonitor.com/view/5SOMGMY/Aleksandr_Tovstanovskiy__ilnbke-26-04963__0001.0.pdf?mcid=tGE4TAMA represented by: David K. Welch, Esq. BURKE, WARREN, MACKAY & SERRITELLA, P.C. Email: dwelch@burkelaw.com In re Igor Tovstanovsky and Yelena Tovstanovsky Bankr. N.D. Ill. Case No. 26-04966 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/U5SRJ4I/Igor_Tovstanovsky_and_Yelena_Tovstanovsky__ilnbke-26-04966__0001.0.pdf?mcid=tGE4TAMA represented by: David Welch, Esq. BURKE, WARREN, MACKAY & SERRITELLA, P.C. Email: dwelch@burkelaw.com In re A&K Realtor LLP Bankr. S.D. Ind. Case No. 26-01607 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/6EDO2DI/AK_Realtor_LLP__insbke-26-01607__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Bardwell & Sons Properties LLC Bankr. S.D. Ind. Case No. 26-01604 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/ZWMUSKI/Bardwell__Sons_Properties_LLC__insbke-26-01604__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re JT Johnson, Jr. Bankr. D. Kan. Case No. 26-40178 Chapter 11 Petition filed March 20, 2026 In re Bright Star Early Learning, LLC Bankr. D. Md. Case No. 26-12988 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/WLXBDFA/Bright_Star_Early_Learning_LLC__mdbke-26-12988__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey Orenstein, Esq. WOLFF & ORENSTEIN LLC Email: jorenstein@wolawgroup.com In re Blanca Chavarria Bankr. D. Mass. Case No. 26-10614 Chapter 11 Petition filed March 20, 2026 represented by: Carmenelisa Perez-Kudzma, Esq. In re Rocky Angotti Bankr. D. Nev. Case No. 26-11778 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/F4HQ2SI/ROCKY_ANGOTTI__nvbke-26-11778__0001.0.pdf?mcid=tGE4TAMA represented by: Seth Ballstaedt, Esq. FAIR FEE LEGAL SERVICES Email: help@bkvegas.com In re Konstantin Marioutine and Elena Marioutina Bankr. E.D.N.Y. Case No. 26-41324 Chapter 11 Petition filed March 20, 2026 represented by: Alla Kachan, Esq. In re JS Realty Investor LLC Bankr. S.D.N.Y. Case No. 26-10600 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/XAF2MOQ/JS_Realty_Investor_LLC__nysbke-26-10600__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Brunch Room Bistro LLC Bankr. N.D. Tex. Case No. 26-31166 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/5SEX4CI/Brunch_Room_Bistro_LLC__txnbke-26-31166__0001.0.pdf?mcid=tGE4TAMA represented by: Frances A. Smith, Esq. OFFIT KURMAN, PC E-mail: frances.smith@offitkurman.com In re French Quarter Daiquiris, LLC Bankr. N.D. Tex. Case No. 26-31167 Chapter 11 Petition filed March 20, 2026 See https://www.pacermonitor.com/view/DI3OWHQ/French_Quarter_Daiquiris_LLC__txnbke-26-31167__0001.0.pdf?mcid=tGE4TAMA represented by: Frances A. Smith, Esq. OFFIT KURMAN, PC E-mail: frances.smith@offitkurman.com In re David Scott Lofton Contractors, LLC Bankr. S.D. Ala. Case No. 26-10804 Chapter 11 Petition filed March 21, 2026 See https://www.pacermonitor.com/view/AIN2ZDQ/David_Scott_Lofton_Contractors__alsbke-26-10804__0001.0.pdf?mcid=tGE4TAMA represented by: Anthony Brian Bush, Esq. THE BUSH LAW FIRM, LLC Email: abush@bushlegalfirm.com In re Julian F Davis Bankr. E.D. Mo. Case No. 26-41189 Chapter 11 Petition filed March 22, 2026 In re Traditions Oil Group, LLC Bankr. D. Conn. Case No. 26-20268 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/L6VWN5I/Traditions_Oil_Group_LLC__ctbke-26-20268__0001.0.pdf?mcid=tGE4TAMA represented by: John A Sodipo, Esq. SODIPO LAW GROUP, LLC Email: John@sodipolg.com In re Anthony Scott Nicol and Kathleen Marie Kirby Bankr. M.D. Fla. Case No. 26-02256 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/67C6CHQ/Anthony_Scott_Nicol_and_Kathleen__flmbke-26-02256__0001.0.pdf?mcid=tGE4TAMA represented by: Richard J. Cole, III, Esq. COLE & COLE LAW, P.A. Email: RJC@COLECOLELAW.COM In re MU Holdings, LLC Bankr. M.D. Fla. Case No. 26-00637 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/S6IZ6II/MU_Holdings_LLC__flmbke-26-00637__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Dal Lago, Esq. DAL LAGO LAW Email: mike@dallagolaw.com In re Kenneth W Smith and Deborah A Smith Bankr. N.D. Ind. Case No. 26-10310 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/4SPQ3KY/Kenneth_W_Smith_and_Deborah_A__innbke-26-10310__0001.0.pdf?mcid=tGE4TAMA represented by: Fred Wehrwein, Esq. FRED WEHRWEIN, P.C. Email: Wehrweinpc@aol.com In re M & M Buckley, LLC Bankr. N.D. Ill. Case No. 26-05085 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/NDBKLKY/M__M_Buckley_LLC__ilnbke-26-05085__0001.0.pdf?mcid=tGE4TAMA represented by: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. Email: greg@gregstern.com In re NSNetwork Corporation, Inc. Bankr. N.D. Ill. Case No. 26-05134 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/SEGI5UI/NSNETWORK_CORPORATION_INC__ilnbke-26-05134__0001.0.pdf?mcid=tGE4TAMA represented by: Laxmi P. Sarathy, Esq. WHITESTONE, P.C. Email: lsarathy@whitestonelawgroup.com In re Banyan Technology Solutions, LLC Bankr. D. Neb. Case No. 26-80321 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/4XNK7CA/Banyan_Technology_Solutions_LLC__nebke-26-80321__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC Email: pturner@turnerlegalomaha.com In re Banyan Medical Services, Inc. Bankr. D. Neb. Case No. 26-80322 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/45QCUOY/Banyan_Medical_Services_Inc__nebke-26-80322__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC Email: pturner@turnerlegalomaha.com In re Banyan Placeholder, Inc. fka Banyan Medical Solutions, Inc. Bankr. D. Neb. Case No. 26-80323 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/5EB3LSY/Banyan_Placeholder_Inc_fka_Banyan__nebke-26-80323__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC Email: pturner@turnerlegalomaha.com In re Banyan Holdco I, Inc. Bankr. D. Neb. Case No. 26-80324 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/5N6X5HA/Banyan_Holdco_I_Inc__nebke-26-80324__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC Email: pturner@turnerlegalomaha.com In re Banyan Holdco II, Inc Bankr. D. Neb. Case No. 26-80325 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/5WG5YKQ/Banyan_Holdco_II_Inc__nebke-26-80325__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC Email: pturner@turnerlegalomaha.com In re Banyan Capital I, LLC Bankr. D. Neb. Case No. 26-80326 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/57PKYQQ/Banyan_Capital_I_LLC__nebke-26-80326__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC Email: pturner@turnerlegalomaha.com In re Banyan Capital II, LLC Bankr. D. Neb. Case No. 26-80327 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/CGJ2W3Q/Banyan_Capital_II_LLC__nebke-26-80327__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC Email: pturner@turnerlegalomaha.com In re Better Motor Works, Inc. Bankr. D. Nev. Case No. 26-11788 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/QUCEMQQ/BETTER_MOTOR_WORKS_INC__nvbke-26-11788__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC Email: mzirzow@lzlawnv.com In re AJ Petroleum, Inc. Bankr. E.D.N.Y. Case No. 26-71136 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/BAPCHHY/AJ_Petroleum_Inc__nyebke-26-71136__0001.0.pdf?mcid=tGE4TAMA represented by: Rachel L. Kaylie, Esq. LAW OFFICES OF RACHEL L. KAYLIE, P.C. Email: rachel@kaylielaw.com In re Suerte Ocho Cinco Clarkson Group Corp. Bankr. S.D.N.Y. Case No. 26-10613 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/HHJATOQ/Suerte_Ocho_Cinco_Clarkson_Group__nysbke-26-10613__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Laschal Surgical Instruments LLC Bankr. S.D.N.Y. Case No. 26-22291 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/VRBQPNY/Laschal_Surgical_Instruments_LLC__nysbke-26-22291__0001.0.pdf?mcid=tGE4TAMA represented by: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP Email: rlr@dhclegal.com In re Phase To Phase, LLC Bankr. E.D. Tex. Case No. 26-40955 Chapter 11 Petition filed March 23, 2026 See https://www.pacermonitor.com/view/MBD2JPY/Phase_To_Phase_LLC__txebke-26-40955__0001.0.pdf?mcid=tGE4TAMA represented by: Michael S. Mitchell, Esq. DEMARCO MITCHELL, PLLC Email: mike@demarcomitchell.com ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. 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