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260402.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, April 2, 2026, Vol. 30, No. 92 Headlines 1001 BEACH AVE: Douglas Stanger Named Subchapter V Trustee 143 BLAKE: Commences Chapter 7 Bankruptcy in New York 3000 E. IMPERIAL: Hilco Sets May 15 Deadline for L.A. Land Sale 6201 BLAIR ROAD: Voluntary Chapter 11 Case Summary 7452 N. WESTERN: Gets Interim OK to Use Cash Collateral 8311 PRESTON: Gets Interim OK to Use Cash Collateral ALEXANDER PLASTICS: To Sell Intangible Assets for $5K AMG OILFIELD: Seeks Chapter 7 Bankruptcy in Georgia ART-OF-FORM: Seeks to Sell Amityville Property at Public Auction ASHFORD HOSPITALITY: BDO USA Raises Going Concern Doubt ATBIZ LLC: Gets Interim OK to Use Cash Collateral AXIOM IMAGING: Case Summary & Five Unsecured Creditors B&B HAULING: Seeks Chapter 7 Bankruptcy in Pennsylvania B.A.D. LLC: Seeks Chapter 11 Bankruptcy in California BEE & G: Gets Final OK to Use Cash Collateral BERRY CAPITAL: Farm Equipment Sale to Ad Legacy Management OK'd BIOLINERX LTD: Narrows Loss to $2MM in 2025, Going Concern Remains BLUE STAR: Gets Final OK to Use Cash Collateral CANACOL ENERGY: Court Appoints Breakpoint Advisory as CRO CANPACK GROUP: S&P Affirms 'BB' ICR Despite Lower EBITDA Forecast CAROLINA'S CONTRACTING: To Sell Grading Equipment at Auction CFMS TEXAS: Court OKs Fort Worth Property Sale to Russell Living CHINO CENTRAL: Section 341(a) Meeting of Creditors on April 23 CLEVELAND-CLIFFS INC: Fitch Lowers IDR to 'B+', Outlook Stable CLINTWOOD JOD: Seeks Chapter 11 Bankruptcy After Layoffs CPV THREE RIVERS: S&P Assigns (P) 'BB-' Rating on New Term Loan B DEANWOOD REAL: Seeks Chapter 11 Bankruptcy in D.C. DEL MONTE: Says Lenders’ Appeal Must Be Taken to District Court DEL RAY II: Section 341(a) Meeting of Creditors on April 21 DIOCESE OF ALBANY: Reaches $148M Settlement With Abuse Survivors DIOCESE OF BUFFALO: Updates Ch. 11 Settlement Parish Contributions DOW RUMMEL: Fitch Affirms 'BB' IDR, Outlook Stable EMC GLOBAL: Sept. 21 Governmental Claims Bar Date FERRARI IMPORTING: Gets Interim OK to Use Cash Collateral FIREHOUSE GRILL: Court Extends Cash Collateral Access to May 1 FIRST BRANDS: Premium Guard Inc. to Acquire Key IP and Assets FIRST BRANDS: Wants to Sell Windshield Wiper, Filter Biz for $25MM G & R SYSTEMS: Seeks Chapter 11 Bankruptcy in New Jersey GET 20 HOLDINGS: Alexandra Garrett Named Subchapter V Trustee GULF STATES: To Sell Tangible Inventory to Jonathan Lynn HAWTHORNE RACE: Bankruptcy Financing Faces Creditor Objections HEALTHIER CHOICES: Narrows Loss to $7M as Revenue Remains Minimal HIGH WIRE: To Rebrand as O'Leary Industries Inc. IAMGOLD CORP: Fitch Alters Outlook on 'B+' IDR to Positive IMAGE TECHNOLOGY: Voluntary Chapter 11 Case Summary INDITEX VENTURES: Gets Interim OK to Use Cash Collateral INSPIRED HEALTH: Lenders Push Back on Bid to Retain Raymond James JONGELLE LLC: Dwayne Murray Named Subchapter V Trustee JOSEPHINES RESTAURANT: Gets Extension to Access Cash Collateral JSL TRUCKING: Commences Chapter 7 Bankruptcy in California KBS REAL ESTATE: Posts Wider Net Loss of $78.8 Million in 2025 KENNEDY WILSON: Terminates Senior Note Exchange and Consents LENDINGTREE INC: S&P Upgrades ICR to 'B+', Outlook Stable LIGADO NETWORKS: Inmarsat Settlement Payment Placed into Escrow LIPELLA PHARMACEUTICALS: Files for Ch. 11 to Pursue 363 Asset Sale MAMA BIRD'S: Gets Final OK to Use Cash Collateral MAYAS INDUSTRIES: Seeks Chapter 7 Bankruptcy in New York MOUNTAIN SPORTS: Court Okays Chapter 11 Liquidation Plan MULTI-COLOR CORP: Asks Court to Disband Creditors' Committee MUTINY BBQ: Brian Hofmeister Named Subchapter V Trustee NEARSHORE NETWORK: Gets Final OK to Use Cash Collateral NICKLAUS COMPANIES: Closes Sale to Jack Nicklaus-Backed 20 Majors NORTH STAR: Secures $15MM from NY State in the Next 2 Months NORTHWEST WATERPROOFING: Gets Final OK to Use Cash Collateral OFFICE PROPERTIES: Reaches Chapter 11 Exit Plan Deal with Creditors OSCAR TRANSPORTATION: Commences Chapter 7 Bankruptcy in New Jersey PACIFIC RIM: Voluntary Chapter 11 Case Summary PARKERVISION INC: Going Concern Persists Despite Lower FY2025 Loss PATRIOT DSP: Frances Smith Named Subchapter V Trustee PITTS FUNERAL: Seeks Chapter 11 Bankruptcy with Huge Unpaid Taxes PRECIOUS GEMS: Gets Final OK to Use Cash Collateral PRESENTATION MEDIA: Unsecureds Will Get 10% of Claims in 72 Months PSS TRUCKING: Case Summary & Six Unsecured Creditors PSS TRUCKING: Commences Chapter 11 Bankruptcy in California RAVELIN PROPERTIES: Agrees to $1.1B Acquisition by Clarke Inc. RAVENNA HILLSIDE: Seeks Chapter 7 Bankruptcy in Colorado RED RIVER: Beasley Allen Wants to Halt Fed. J&J Talc MDL DQ Ruling REIGN ROOFING: Gets Final OK to Use Cash Collateral RESTORATION DOCTOR: Gets Interim OK to Use Cash Collateral RUN VEGGIE: Angela Shortall of 3Cubed Named Subchapter V Trustee SALT AND LIME: Michael Carmel Named Subchapter V Trustee SAVI CONSTRUCTION: Gets Court OK to Use Cash Collateral SCOOTER'S TRUCKING: Gets Extension to Access Cash Collateral SKEENA RESOURCES: S&P Assigns 'CCC+' ICR, Outlook Stable SLK TRANSPORTATION: Seeks Chapter 7 Bankruptcy in Illinois SMITH CUSTOM: Gets Interim OK to Use Cash Collateral SOUND VISION: Court Extends Cash Collateral Access to April 30 SP TRANS: Commences Subchapter V Bankruptcy in Illinois STEWARD HEALTH: Creditor Trustee Files $6.4MM Lawsuit Against Aetna SUNATION ENERGY: Shrinks FY25 Net Loss to $10.9MM; Seeks Capital SUPERPSYCHED LLC: Douglas Adelsperger Named Subchapter V Trustee SURF CLEAN: Gets Interim OK to Use Cash Collateral TALPHERA INC: FY25 Net Loss Hits $14.3MM; Warns of Cash Crunch TAS AMERICA: Commences Chapter 7 Bankruptcy in California TEDDER INDUSTRIES: Cadre to Acquire Alien Gear Holsters for $10.3M TERRA PROPERTY: Exchange Offer Sees Low Uptake, Consent Fails THOUGHTWORKS INC: S&P Downgrades ICR to 'B', Outlook Negative TW ELECTRIC: Court Extends Cash Collateral Access to April 23 TZADIK SIOUX: Says 3rd Amended Plan Addresses Concerns UNCLE NEAREST: Court Dismisses Bankruptcy Case VIVIANS RESTAURANT: Gets Extension to Access Cash Collateral VSM PROPERTIES: Court OKs Interim Use of Cash Collateral YUNHONG GREEN: Posts $2.5MM Net Loss in FY25; Warns of Cash Crunch [] Arkansas Ranks First for Chapter 12 Filings in 2025 [] Fortress Buys Bankruptcy Services Firm Omni Agent Solutions [] Major Dioceses Near Final Settlement Payout Phase [] Northgate Closes $18.6M Brooklyn Multifamily Bankruptcy Sale [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1001 BEACH AVE: Douglas Stanger Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Douglas Stanger, Esq., at Flaster, Greenberg, PC as Subchapter V trustee for 1001 Beach Ave, LLC. Mr. Stanger will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Stanger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Douglas S. Stanger, Esq. Flaster, Greenberg, PC 646 Ocean Heights Avenue Linwood, NJ 08221 Phone: (609) 645-1881 Doug.stanger@flastergreenberg.com About 1001 Beach Ave LLC 1001 Beach Ave, LLC is a Brigantine, New Jersey-based company that owns a residential property and has offered it for lease. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-12968) on March 18, 2026, with $1 million to $10 million in assets and liabilities. Geralyn Touhill, sole member, signed the petition. Jeffrey Kurtzman, Esq., at Kurtzman | Steady, LLC represents the Debtor as legal counsel. 143 BLAKE: Commences Chapter 7 Bankruptcy in New York ----------------------------------------------------- On March 25, 2026, 143 Blake LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 143 Blake LLC 143 Blake LLC is a real estate investment company engaged in property ownership, management, and leasing activities. 143 Blake LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41378) on March 25, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 3000 E. IMPERIAL: Hilco Sets May 15 Deadline for L.A. Land Sale --------------------------------------------------------------- The Hilco Global real estate group announces May 15, 2026, as the qualifying bid deadline for two pieces of development land in Lynwood, California, being sold individually or together. The Chapter 11 bankruptcy sale is subject to approval by the United States Bankruptcy Court for the Central District of California. Located at 2949 and 3000 E. Imperial Highway in Lynwood, California, within the Los Angeles--Long Beach--Anaheim MSA, the properties sit directly across from one another along Imperial Highway and total 4.28+/- acres. Zoned SPA, these sites allow for mixed-use development, including residential and commercial uses. The sale includes a path toward entitlements for a proposed 348-unit multifamily project, providing a basis for future development in a market with limited available land. The sites offer convenient access to major transportation routes, including Interstate 105, Interstate 110 and Interstate 710, and are approximately 12 miles from Los Angeles International Airport (LAX). The location provides connectivity to employment centers throughout Los Angeles County, supporting residential demand. "This offering presents an opportunity to acquire development sites in a well-located area of Los Angeles County," said Jonathan Cuticelli, director at Hilco Global. "With utilities already to both sites and zoning entitlements that allow for mixed-use development, a buyer can move forward with a defined development program." Lynwood is a densely populated community with approximately 64,000 residents within 4.8+/- square miles, and the limited supply of new housing in the area has contributed to sustained demand for residential development. These parcels are located near schools, parks, retail centers and healthcare facilities, which further support their suitability for multifamily use. The sale is subject to Bankruptcy Court Approval of the United States Bankruptcy Court for the Central District of California, Petition No. 8:25-bk-11912-SC, In re: 3000 E. Imperial, LLC. Bids must be received on or before the deadline of May 15, 2026, by 2:00 p.m. (PDT) and must be submitted on the Purchase and Sale Agreement (PSA) document available for review and download from Hilco Real Estate Sales' website. Interested bidders should reach out directly for requirements to participate in the sale process. For further information, contact: Jonathan Cuticelli at Phone: (203) 561-8737 Email: jcuticelli@hilcoglobal.com - and - Henry Nash Phone: (847) 313-4696 Email: hnash@hilcoglobal.com To obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors and more. Hilco Global provides a range of customized solutions to healthy, stressed and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. About 3000 E. Imperial LLC 3000 E. Imperial LLC is a real estate holding company that manages commercial property in Buena Park, Calif. 3000 E. Imperial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11912) on July 14, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Jeffrey I. Golden, Esq., at Golden Goodrich LLP. 6201 BLAIR ROAD: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: 6201 Blair Road LLC 6201 Blair Road, NW Washington, DC 20011 Business Description: 6201 Blair Road LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B), focused on owning and managing a single income-generating property. Chapter 11 Petition Date: March 30, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00150 Debtor's Counsel: Craig M. Palik, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 E-mail: cpalik@mhlawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Greenwald as owner. The Debtor stated in the petition that it has no creditors with unsecured claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DDGXQ5A/6201_Blair_Road_LLC__dcbke-26-00150__0001.0.pdf?mcid=tGE4TAMA 7452 N. WESTERN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered a third interim order authorizing 7452 N. Western Ave., Inc. to use cash collateral. The court authorized the Debtor to use the cash collateral of Byline Bank, Newtek Bank, N.A. and the U.S. Small Business Administration from March 27 through May 1, strictly in accordance with the approved budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $100,200. As conditions of use, the Debtor must allow the secured creditors and the Subchapter V trustee access to its books and records; maintain insurance covering the collateral; provide evidence of collateral upon request; properly maintain and manage the collateral; and deliver profit-and-loss statements and budget-to-actual reports covering the interim period. As protection, the court granted the secured creditors valid, perfected replacement liens on all property acquired by the Debtor or its bankruptcy estate before and after its Chapter filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. As of the petition date, the secured creditors' cash collateral consists of cash ($30,000) and inventory ($23,000). Newtek is owed approximately $650,000 while the SBA is owed approximately $185,000. The order is available at https://shorturl.at/QpiF1 from PacerMonitor.com. A further interim hearing is scheduled for April 27. About 7452 N. Western Ave. Inc. 7452 N. Western Ave., Inc. is an Illinois-based company that owns and manages commercial real estate, including property located along North Western Avenue in Chicago. It conducts business under the names Candelite Chicago, Candelite Restaurant, Candelite Evanston, Candlelite Pizza, Chi Burger, Candlelite Cafe, Candlelite Pizza Cafe, and Candlelite, 7452 N. Western Ave. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00911) on January 20, 2026. In its petition, the Debtor listed between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com Newtek Bank, N.A., as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com 8311 PRESTON: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, entered an interim agreed order allowing 8311 Preston Highway LR, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral, including rental income, through May 14, strictly in line with an approved budget and only for ordinary operating expenses. Any use outside the budget requires lender consent or further court approval. The Debtor is not currently permitted to pay its legal fees from cash collateral during this interim period. As adequate protection, the Debtor must maintain a positive DIP account balance and make $20,000 monthly payments to Regions Bank. Additionally, Regions will be granted replacement liens on post-petition receipts but only to the extent necessary to protect against any decline in collateral value, and subject to existing lien priorities. The order is interim in nature and does not determine the validity or priority of liens or claims. A further hearing is scheduled for May 14. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/s31UG from PacerMonitor.com. Regions Bank, as secured creditor, is represented by: Erika R. Barnes, Esq. Stites & Harbison, PLLC 401 Commerce Street, Suite 800 Nashville, TN 37219 Telephone: (615) 782-2252 ebarnes@stites.com About 8311 Preston Highway LR LLC 8311 Preston Highway LR, LLC is a Delaware limited liability company that owns commercial real property located at 8311 Preston Highway in Louisville, Kentucky. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00886) on February 27, 2026. In the petition signed by Clifford F. Boyle, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. ALEXANDER PLASTICS: To Sell Intangible Assets for $5K ----------------------------------------------------- Alexander Plastics Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's remaining potential assets are comprised of intangible property that include: a. The trade name Creations Global Retail; b. Any domain names registered by the Debtor, including www.CreationsGR.com; www.MobileKTCHN.com; and www.Luxury-Shop.com; c. CAD Drawings, renderings, and project files; d. Customer lists and software; e. Project engineering files; f. MRP software (source code and all rights and interests); g. Web site, URL, and all property related to creationsdallas.com; h. Web site, URL, and all property related to creationsglobal.com; i. Web site, URL, and all property related to clientvis.com; and j. Web site, URL, and all property related to creationsglobalretail.com. The Debtor in its business judgment has determined that, and otherwise the reality is that, the Debtor no longer can utilize the Subject Intangible Assets in the operation of any business operations going forward. The Debtor has obtained a valuation of the Subject Intangible Assets from an experienced business appraiser indicating that the value of the Subject Intangible Assets is speculative and/or de minimis. The Debtor proposes to sell the Intangible Assets to Creative Environments Construction, free and clear of all liens, claims, encumbrances, and interests, for the purchase price of $5,000. The Debtor proposes the sale for the Debtor and creditors may realize some value from the Subject Intangible Assets. The Debtor believes that the sale proposed maximizes the value of the Intangible Assets under the current circumstances. The Debtor discloses that Ben Goldfarb is the principal and sole member of CEC. The Small Business Administration possesses an allowed secured claim in the amount of $74,966.57 and first priority lien in, to, and against the Subject Intangible Assets. About Alexander Plastics Alexander Plastics, Inc., doing business as, Creations Global, manufactures and distributes plastic products and kiosk systems from its facility in Garland, Texas. The Company offers engineered interior systems, mobile fabrication services, and VMS hybrid kiosks for retail and commercial clients. It provides design, prototyping, and engineering support tailored to custom specifications, and also supplies wholesale plastic components to various industries through direct and contract channels. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33013) on August 6, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Ben Goldfarb, chairman, signed the petition. Frances A. Smith, Esq., at Ross & Smith, P.C., is the Debtor's legal counsel. AMG OILFIELD: Seeks Chapter 7 Bankruptcy in Georgia --------------------------------------------------- On March 20, 2026, Amg Oilfield Services Inc filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Amg Oilfield Services Inc Amg Oilfield Services Inc is an oilfield services company. Amg Oilfield Services Inc sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-53772) on March 20, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jonathan W. Jordan handles the case. The Debtor is represented by William A. Rountree, Esq. of Rountree Leitman Klein & Geer, LLC. ART-OF-FORM: Seeks to Sell Amityville Property at Public Auction ---------------------------------------------------------------- Art-of-Form Architects, P.C., seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property at public auction, free and clear of liens, claims, interests, and encumbrances. Debtor is the fee simple owner of the real property located at, and known as, 159 Broadway, Amityville, New York and does not conduct other business. The Real Property is encumbered by a consolidated mortgage held by DD Notes, LLC. In or about 2022, Debtor stopped making payments to the predecessor-in-interest to the Mortgagee based on the belief no additional amounts were due. The Debtor retains Maltz Auctions, Inc., as auctioneer for the Auction Sale. Pursuant to the terms of the Retention Application, Mortgagee and the Auctioneer have agreed that the Mortgagee shall pay the Auctioneer a two percent commission if the Mortgagee is the successful bidder at the Auction Sale as a result of a credit bid. The Debtor intends to hold the Auction Sale free and clear of all liens, claims or encumbrances against the Real Property. The Debtor, in its business judgment, has determined that an Auction Sale of the Real Property is in the best interests of the Debtors' estate and creditors. The Debtor submits that the sale of the Real Property at the Auction Sale will be an arm's length transaction, in which the Debtor and potential bidders will, at all times, have acted in good faith. As such, the Auction Sale was proposed in good faith, and the successful bidder who becomes the ultimate purchaser of the Real Property is entitled to the protections. About Art-Of-Form Architects, P.C. Art-Of-Form Architects, P.C., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 8-24-71703-ast) on May 2, 2024, disclosing under $1 million in both assets and liabilities. Judge Alan S. Trust presides over the case. The Debtor is represented by Macco & Corey, P.C. ASHFORD HOSPITALITY: BDO USA Raises Going Concern Doubt ------------------------------------------------------- Ashford Hospitality Trust, 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 audited report contains a blunt warning: "substantial doubt about the Company's ability to continue as a going concern may negatively affect the price of its preferred or common stock and may make it challenging for the Company to issue additional debt on favorable terms to the extent necessary or desirable to increase its liquidity." Dallas, Texas-based BDO USA, P.C., the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 20, 2026, citing that the Company has final debt maturities within one year from the date the financial statements are issued, which raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company held cash and cash equivalents of $66.8 million and restricted cash of $149.6 million (including amounts held for sale). During the year ended December 31, 2025, the net decrease in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) was $4.1 million. Net income (loss) attributable to the Company changed $119.5 million from a net loss of $60.3 million for the year ended December 31, 2024 to a net loss of $179.8 million for the year ended December 31, 2025. Total revenue for the year ended December 31, 2025, was $1.1 billion, compared to $1.2 billion in 2024. Ashford forecasts it may not have enough cash to support the Company's daily operations one year from March 23, 2026, the date the financial statements are issued due primarily to anticipated debt service costs, debt maturities and the potential termination fee the Company would owe to Ashford LLC upon the triggering of the change of control provision in the Advisory Agreement. The Company have $1.9 billion of non-recourse loans that mature within the next 12 months. If these loans are not refinanced and the Company's lenders elect to foreclose on these properties, the change of control provision in the Advisory Agreement could be triggered beginning November 16, 2026 resulting in a termination fee. The Company said, "We are taking several steps to reduce our cash utilization and potentially raise additional capital. The Company's ability to continue as a going concern is dependent upon its ability to improve the profitability of its operations, refinance or extend the maturity of its loans and increase our cash position from the sale of certain hotel properties." While the Company believes in the viability of its strategy, GAAP requires that in making this determination the Company cannot consider any remedies outside of the Company's control which have not been fully implemented. As such, the Company could not consider future potential fundraising activities, whether through equity or debt offerings or dispositions of hotel properties as it could not conclude they were probable of being effectively implemented. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/f7ec2558 About Ashford Hospitality Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels. As of December 31, 2025, the Company had $2.8 billion in total assets and $3.2 billion in total liabilities, and total stockholders' deficit of $610.8 million. ATBIZ LLC: Gets Interim OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division issued an interim order authorizing ATBIZ, LLC to use cash collateral. Under the interim order, the Debtor is permitted to use cash collateral in accordance with a court-approved budget, with flexibility to exceed line items by up to 10%, and more with lender or court approval. The Debtor must also comply with all Chapter 11 obligations, maintain insurance, and pay taxes when due. The Debtor projects total operational expenses of $414,667.07 for April and $456,428.32 for May. As adequate protection, TD Bank, N.A. will be granted significant safeguards, including monthly payments of $15,000 starting this month, and a post-petition lien on receivables and inventory up to approximately $2.41 million. The Debtor must also provide monthly borrowing base reports and allow inspection of records and inventory. Additional requirements include monthly payments of $1,000 to the Subchapter V trustee, detailed reporting in operating reports, and compliance with default provisions (with a 5-day cure period). A final hearing is scheduled for April 30. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/8vp5A from PacerMonitor.com. About ATBIZ LLC ATBIZ LLC is a Miami, Florida-based wholesale distributor and exporter of appliances, consumer electronics, furniture, and related products, serving retailers, importers, and distributors across the United States, the Caribbean, Central America, and South America. The company offers a catalog of products including TVs, audio equipment, small and large home appliances, health and beauty items, commercial appliances, and furniture. It also provides OEM and private-label manufacturing services, handling product design, quality control, and logistics for business clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12500) on February 27, 2026. In the petition signed by Giovanni Ramos, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Geoffrey Aaronson, Esq., at AARONSON SCHANTZ BAILEY P.A., represents the Debtor as legal counsel. AXIOM IMAGING: Case Summary & Five Unsecured Creditors ------------------------------------------------------ Debtor: Axiom Imaging Solutions Inc. 1400 Meadowlark Lane Lancaster TX 75146 Business Description: Axiom Imaging Solutions Inc., headquartered in Lancaster, Texas, provides sales, repair, and maintenance of medical imaging systems, including MRI and CT machines, for hospitals, clinics, and diagnostic centers across the region. Founded as an independent service organization, the company handles equipment installation, lifecycle support, and parts distribution, offering third-party imaging solutions outside original-equipment manufacturer channels. Chapter 11 Petition Date: March 29, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-41359 Judge: Hon. Mark X Mullin Debtor's Counsel: Richard Grant, Esq. CM LAW LLP 13101 Preston Road, Suite 110-1510 Dallas TX 75240 Tel: 214-210-2929 E-mail: rgrant@cm.law Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Marshall Shannon as CEO. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PP3RVQY/Axiom_Imaging_Solutions_Inc__txnbke-26-41359__0001.0.pdf?mcid=tGE4TAMA B&B HAULING: Seeks Chapter 7 Bankruptcy in Pennsylvania ------------------------------------------------------- On March 25, 2026, B&B Hauling and Transportation LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About B&B Hauling and Transportation LLC B&B Hauling and Transportation LLC is a Pennsylvania-based hauling and transportation services company. B&B Hauling and Transportation LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20830) on March 25, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Carlota M. Bohm handles the case. The Debtor is represented by Albert Green Reese, Jr., Esq. of Agr Law PC. B.A.D. LLC: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------- On March 25, 2026, B.A.D. LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About B.A.D. LLC B.A.D. LLC is a limited liability company. B.A.D. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-21633) on March 25, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Christopher M. Klein handles the case. BEE & G: Gets Final OK to Use Cash Collateral --------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington entered a final order authorizing Bee & G Enterprises, LLC to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to fund post-petition operating expenses in accordance with an approved budget. The order allows limited flexibility in spending. The Debtor may exceed certain budget categories such as fuel, payroll, and repairs by up to 10% without court approval while other expenses remain fixed. Any savings in specific budget items may be carried forward for future use within the same category, provided they are used reasonably and in the ordinary course of business. As adequate protection, Heritage Bank will be granted replacement liens on the Debtor's 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 $10,000 starting April 5 and continuing until a plan is confirmed or the order terminates. The authority to use cash collateral will terminate on June 30 or upon conversion or dismissal of the Debtor's Chapter 11 case, appointment of a trustee, or plan confirmation. The order is available at http://bankrupt.com/misc/BeeandG_FinalCashCollOrder.pdf Heritage Bank, as secured creditor, is represented by: Dan Zellner, Esq. Tara J. Schleicher, Esq. Foster Garvey, P.C. 1111 Third Avenue, Suite 3000 Seattle, WA 98101 Phone: (206) 447-4400 / (503) 228-3939 dan.zellner@foster.com tara.schleicher@foster.com About Bee & G Enterprises LLC Bee & G Enterprises, LLC, a company based in Tacoma, Washington, operates as a motor carrier under the doing-business-as name Four Ports Logistics, providing general freight transportation including fresh produce, refrigerated goods, and intermodal container shipments. It is registered with the U.S. Department of Transportation and conducts its operations within the freight and logistics industry. Bee & G Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-40385) on February 14, 2026. In the petition signed by Julie Bollmann, managing member, the Debtor disclosed up $1,418,597 in total assets and $3,362,581 in total liabilities. Judge Mary Jo Heston oversees the case. Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as bankruptcy counsel. BERRY CAPITAL: Farm Equipment Sale to Ad Legacy Management OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, has permitted Berry Capital Management II LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of several farm equipment and machineries. The Court has authorized the Debtor to sell the Property to Ad Legacy Management, LLC in the purchase price of $242,500.00. The Court held that the Property shall be conveyed free and clear of liens. The Court has determined that the sale of the Debtor's Property is in the best interests of the bankruptcy estate and interested parties to the bankruptcy proceeding. The proceeds of sale of any unencumbered or under-encumbered property shall be subject to payment of all reasonable administrative costs of this proceeding as provided for by Sections 330, 503 and 507 and other applicable sections of the Bankruptcy Code, as the Court may allow. The proceeds of sale of any over-encumbered property shall be subject to the payment of the reasonable, necessary costs and expenses of preserving, or disposing of, such property to the extent of any benefit to the holder of an allowed secured claim. In connection with this sale, Iron Auction Group, LLC shall be entitled to compensation based on the following schedule: a. 20% on the first $20,000.00 of gross sales proceeds b. 10% on the next $50,000.00 of gross sales proceeds c. 8% of balance of gross sales proceeds The Property will be sold in an "AS IS" condition, and no warranties shall be made as to the condition, use or fitness of the Property for a particular purpose. About Berry Capital Management II, LLC Berry Capital Management LLC, based in Brevard, North Carolina, is an agricultural investment company providing capital for a 400-acre organic blueberry farm. Its affiliated entity, Berry Capital Management II, LLC, supports the same investment projects. Berry Capital Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04002) on October 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by David J. Haidt, Esq. of AYERS & HAIDT, PA. BIOLINERX LTD: Narrows Loss to $2MM in 2025, Going Concern Remains ------------------------------------------------------------------ BioLineRx Ltd. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 20-F for the fiscal year ended December 31, 2025. The audited report contains a blunt warning: "there is substantial doubt about the Company's ability to continue as a going concern, which could prevent it from obtaining new financing on reasonable terms or at all." Tel Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2003, issued a "going concern" qualification in its report dated March 23, 2026, citing that the Company has suffered recurring losses from operations and has cash outflows from operating activities that indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) about its ability to continue as a going concern. The Company recorded net losses of $60.6 million in 2023, $9.2 million in 2024, and $2.0 million in 2025. The Company has incurred accumulated losses in the amount of $401 million through December 31, 2025, and it expects to continue incurring losses and negative cash flows from operations until the cash flows from its strategic partnerships reach a level to offset its ongoing development costs. As of December 31, 2025, the Company held $20.9 million of cash, cash equivalents and short-term bank deposits. In this regard, Company management monitors rolling forecasts of the Company's liquidity reserves on the basis of anticipated cash flows and seeks to maintain liquidity balances at levels that are sufficient to meet its needs. Management believes that the Company's current cash and other resources will be sufficient to fund its projected cash requirements into the first half of 2027. Revenues for the year ended December 31, 2025 were $1.2 million, a decrease of $27.7 million, compared to $28.9 million for the year ended December 31, 2024. While the Company generates revenue from royalties on product sales of APHEXDA and have the potential to generate additional revenue from milestone payments, these have not been at a level to sustain its operations and there can be no assurance that significant revenue from product sales of APHEXDA will ever be generated or that milestones will be met. As a result, the Company expect to continue to incur significant expenses and sustain net losses for the foreseeable future as it continues its planned development activities for GLIX1 and motixafortide in other indications. Management's plans include the realization of capital inflows from its strategic partnerships and, if and when required, raising capital through the issuance of debt or equity securities. There are no assurances, however, that the Company will be successful in obtaining the level of financing needed for its operations. If the Company is unsuccessful in realizing the potential cash flows from its strategic partnerships and/or in raising capital, it may need to reduce activities, or curtail or cease operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/33z79pha About BioLineRx Ltd. Headquartered in Modi'in, Israel, BioLineRx is a commercial-stage biopharmaceutical company focused on developing life-changing therapies in oncology and rare diseases. As of December 31, 2025, the Company had $38.9 million in total assets and $25.4 million in total liabilities, and total equity of $13.5 million. BLUE STAR: Gets Final OK to Use Cash Collateral ----------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada entered a final order approving Blue Star Management Group, LLC's use of cash collateral and stipulation with JPMorgan Chase Bank, N.A. Under the final order, the Debtor is authorized to use cash collateral strictly in the ordinary course of business and in accordance with an approved budget, subject to a 10% monthly variance cap. As adequate protection, the Debtor must make monthly payments of $3,500 to JPMorgan and $1,996 to Range Rover Financial, with payments due by the 15th of each month. In addition, JPMorgan will receive a superpriority claim and replacement liens on the Debtor's assets, limited to any decline in collateral value. The order prohibits the Debtor from granting any liens senior or equal to existing pre-petition secured interests. The order includes default provisions allowing JPMorgan to terminate consent to cash collateral use after a 30-day cure period if the Debtor breaches terms. About Blue Star Management Group LLC Blue Star Management Group LLC, a Nevada limited liability company, d/b/a Azuza Hookah Lounge, operates a restaurant offering Halal Mediterranean cuisine, hookah, and cocktails in Las Vegas, Nevada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10688-abl) on February 2, 2026. In the petition signed by Nancy Bedwan, manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge August B. Landis oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. CANACOL ENERGY: Court Appoints Breakpoint Advisory as CRO --------------------------------------------------------- Canacol Energy Ltd., announces that, on March 26, 2026, the Court of King's Bench of Alberta granted an order in the Company's ongoing restructuring proceedings under the Companies' Creditors Arrangement Act (Canada) approving the engagement of Breakpoint Advisory Partners LLC as Chief Restructuring Officer of the Company. Breakpoint will oversee and direct at the management level all Company strategic, transactional, and operational matters in connection with the Company's restructuring. Breakpoint will provide direct input and advice to the Board of Directors of Canacol. These services will be provided through Breakpoint personnel including Mr. Peter Laurinatis, Mr. Jeffrey Stein and Mr. Joe Turner. Mr. Laurinaitis was an independent director of Canacol. Mr. Laurinaitis disclosed his interest in Breakpoint and abstained from voting on Breakpoint's appointment as CRO. Following the CRO appointment, Mr. Laurinaitis has resigned as an independent director from the Board. Breakpoint and Mr. Laurinaitis will continue to attend Board and special committee meetings to assist and support the Board during the Company's restructuring efforts. The Company's Interim Co-Chief Executive Officers, Mr. Jason Bednar and Mr. Ravi Sharma, will continue in such role, as well as their roles as Chief Financial Officer and Chief Operating Officer, respectively. About Breakpoint Advisory Partners LLC Breakpoint Advisory Partners LLC is a restructuring and special situations advisory firm that provides strategic, financial and operational advisory services to companies undertaking complex transactions and restructurings. The firm works with boards of directors, management teams and other stakeholders to develop and implement value-maximizing solutions, including in-court and out-of-court restructurings, complex negotiations, capital structure adjustments, mergers and acquisitions, and operational improvement initiatives. Breakpoint's senior professionals have significant experience in restructuring and transactional matters and are frequently engaged to serve in interim executive roles, including as Chief Restructuring Officer, to support the execution of restructuring processes. About Peter Laurinaitis Peter Laurinaitis is an experienced financial advisor and investment banker with 30 years of transactional experience in financial restructuring, capital raising, mergers & acquisitions, special situations, and corporate turnarounds. Mr. Laurinaitis currently serves as a Managing Partner of Breakpoint Partners LLC, a restructuring and special situations advisory firm. Previously and over the last 24 years, Mr. Laurinaitis served as a Partner in both the Restructuring and Special Situations Group of PJT Partners and the Restructuring Group at Blackstone. Mr. Laurinaitis also served as a CPA and turnaround consultant in the Corporate Restructuring Group of Arthur Andersen. About Canacol Energy Ltd. Canacol Energy Ltd. is a Canadian natural gas explorer. Canacol Energy Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12576) on November 18, 2025. The Debtor is represented by Steven William Golden, Esq. of Pachulski Stang Ziehl & Jones LLP. CANPACK GROUP: S&P Affirms 'BB' ICR Despite Lower EBITDA Forecast ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term issuer credit rating on U.S.-based Canpack Group Inc. and issue rating on the company's two senior unsecured bonds. The stable outlook reflects S&P's expectations of 3.8x-4.0x debt to EBITDA and 17%-18% funds from operations (FFO) to debt over the next 12 months. Canpack has lost access to its Russian assets, cash, and operations due to external administration. Russia accounted for around 111% of the group's EBITDA. With the loss of the Russian EBITDA, an expected increase in the use of factoring facilities, and negative free operating cash flow (FOCF) due to growth capital expenditure, S&P now anticipates S&P Global Ratings-adjusted debt to EBITDA of 3.8x-4.0x for 2026-2027, versus 3.3x-3.5x previously. Despite this, credit metrics remain commensurate with the 'BB' rating. The affirmation follows Canpack's announcement that its Russian operations have been seized. Effective Dec. 31, 2025, Canpack's Russian operations were placed under external administration by a Russian presidential decree. While Canpack retains nominal shareholding, it no longer has control over decision-making, operations, or cash flows. The Russian business, which represented around 11% of EBITDA, is now reported as discontinued operations. S&P said, "We do not anticipate Canpack will regain control over the Russian business in our base-case scenario. We estimate the EBITDA contribution from these assets at $62 million in 2025 and we understand that the business had virtually no local debt." S&P said, "Credit metrics remain commensurate with our 'BB' rating, but rating headroom is constrained. We anticipate S&P Global Ratings-adjusted debt will increase to $1.9 billion-$2.0 billion in 2026 (from $1.5 billion in 2025) due to substantial expansionary investments in greenfield projects (India, Colombia, and Brazil) and European capacity expansions. This will result in approximately $580 million-$590 million in capital expenditure (capex) in 2026 and $270 million-$280 million in 2027, and negative FOCF in both years. We also anticipate a $122 million increase in the use of factoring facilities in 2026. Including the loss of the Russian business, we project adjusted debt to EBITDA of 4.0x in 2026, 3.8x in 2027, and 3.0x-3.3x in 2028 (compared with 3.2x in 2025), up from our previous forecasts of 3.4x, 3.3x, and 2.5x-2.8x. We expect leverage to decline in 2027-2028, driven by incremental EBITDA--supported by strong demand and customer commitments--and no further growth capex once these projects are completed. That said, given limited leverage headroom, any delays in execution of Canpack's business plans could put pressure on our assessment." The impact of the conflict in the Middle East is currently limited. Canpack's Dubai plant represents 6% of total group capacity. Of its production, 25% heads to local markets, 25% to regional markets, and 50% is shipped to India. The plant continues to operate with approximately one month of aluminum stock (shipped via the Strait of Hormuz). While short-term impact on group results is contained, potential aluminum and energy cost increases, along with further logistics disruptions from a prolonged conflict, pose downside risks to our forecast. S&P said, "We expect liquidity to remain adequate in the next 12 months. Supporting this are substantial cash balances, availability under the two asset-backed lines, and recurring cash generation. Exclusion of Russian operations does not affect our liquidity analysis. "The stable outlook reflects our expectation that Canpack's credit metrics will remain commensurate with a 'BB' rating, despite weaker EBITDA and higher debt levels from expansionary investments and the use of factoring facilities. We forecast S&P Global Ratings-adjusted debt to EBITDA of 3.8x-4.0x and FFO to debt of 17%-18% over the next 12 months. "We could lower the ratings if adjusted debt to EBITDA exceeds 4x in the next 12 months. This could happen because of large contract losses or softer demand for beverage cans, or unexpected cost increases that are not passed on to customers. We could also downgrade Canpack if its FFO to debt did not revert to 20% in the next two years. Large debt-funded shareholder distributions or capacity expansions could also result in higher leverage. Furthermore, we could lower the rating if our assessment of holding company Giorgi Global Holdings Inc.'s (GGH's) group credit profile deteriorates." An upgrade would require a reduction in leverage below 3x on a sustained basis and a material improvement in sustained adjusted FOCF. An upgrade would also be contingent upon an improvement in GGH's group credit profile. CAROLINA'S CONTRACTING: To Sell Grading Equipment at Auction ------------------------------------------------------------ Carolina's Contracting LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Winston Salem Division, to sell Equipment at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a LLC formed in South Carlina, which maintains a place of business at 2861 Shilo Church Road Davidson, NC 28036. The Debtor is a grading and wet utility (Storm/Sewer/Water) contractor specializing in residential and light commercial development. Started by Louis Matthews and Jay Sistrunk in 2023, the Debtor has worked primarily in the North and South Carolina markets working for local and national developers. Due to the slowdown in the work received and the inability to collect on several significant account receivables, the Debtor was forced to suspend operations in order to avoid incurring significant Administrative Expense claims. The Amended sale is intended to deal with the encumbered equipment and the unencumbered equipment which is not necessary for the hauling business. The Debtor received an Asset Purchase Agreement from Southern Resolution Services LLC for the purchase of certain equipment for the purchase price of $7,700,000. The Buyer agreed that the Initial Purchase could be exposed as the Initial Bid in a public auction sale upon the terms and conditions. The purchaser has amended its offer with the total purchase price of $2,566,240. The total purchase price is allocated as follows Komatsu $1,789,467, Wells Fargo $311,000 unencumbered equipment $465,773. The Equipment per the Asset Purchase Agreement includes a large portion of the Debtor's equipment. As indicated several PMSI creditors have obtained relief from the 362 stay. Southern Resolution has continued to engage with creditors to attempt to obtain a private sale agreement for equipment released. The general terms of the Asset Purchase Agreement and the description of the equipment are also provided. https://urlcurt.com/u?l=TCflIL The Debtor employs Will Lilly and Ironhorse Auction for advertising the sale. About Carolina's Contracting, LLC Carolina's Contracting, LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, the Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reported total assets of $31,405,291 and total liabilities of $25,942,522. Judge Lena M. James oversees the case. Dirk W. Siegmund, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP serves as the Debtor's counsel. CFMS TEXAS: Court OKs Fort Worth Property Sale to Russell Living ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division has granted CFMS Texas Properties LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 6001 Tension Dr., Fort Worth, Texas 76112. The Debtor's business is involved in single asset real estate. The Debtor received an offer from Russell Living Trust to purchase the Property for $1,450,000. The Court has authorized the Debtor to sell the Property to Russell Living Trust and is further authorized to take any and all actions necessary to effectuate the transfer of the Property, including any and all additional documents and instruments that may be reasonably necessary to implement the Sale. The purchase price shall be paid in cash at closing, plus 50% of the allowed amount, including any post-petition interest, of unpaid ad valorem taxes owing to the Tarrant County taxing authorities that arose and were assessed prior to January 1, 2026. Although the Sale price is less than the amount of the secured debt of the Bank, based on the agreement of Bank, which is granted in reliance upon the terms and conditions, the sale of the Property shall be free and clear of all liens, claims and encumbrances. All liens, claims and encumbrances other than the Tax Liens shall attach to the proceeds of Sale in the same order of priority they attached to the Property. The ad valorem tax liens arising and attaching to the subject Property by operation of law on January 1, 2026, shall remain attached to the real Property to secure payment of 2026 ad valorem taxes, which, notwithstanding any pro rations under the contract, shall become the liability of the Buyer to be paid in the ordinary course. The reasonable and necessary closing costs shall be paid at closing along with the Broker's commission. The Buyer shall be solely responsible for the payment of any and all taxes assessed against or arising from the transfer or sale of the Property, including any taxes associated with the consummation of the sale, to the applicable taxing authorities. About CFMS Texas Properties LLC CFMS Texas Properties LLC is a single-asset real estate company whose principal asset is located at 6001 Tension Drive, Fort Worth, TX 76112. CFMS Texas Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42027) on June 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated assets between $100,000 and $500,000. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtors are represented by Joyce W. Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. CHINO CENTRAL: Section 341(a) Meeting of Creditors on April 23 -------------------------------------------------------------- On March 24, 2026, Chino Central Group LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $10MM - $50MM in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on April 23, 2026 at 11:30 AM at UST-SA1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8695724. About Chino Central Group LLC Chino Central Group LLC is a single asset real estate company. Chino Central Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10925) on March 24, 2026. In its petition, the debtor reports estimated assets of $10MM - $50MM and estimated liabilities of $10MM - $50MM. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The debtor is represented by Kyra E. Andrassy, Esq. of Raines Feldman Littrell LLP. CLEVELAND-CLIFFS INC: Fitch Lowers IDR to 'B+', Outlook Stable -------------------------------------------------------------- Fitch Ratings has downgraded Cleveland-Cliffs, Inc.'s (Cliffs) Issuer Default Rating (IDR) to 'B+' from 'BB-'. Fitch has also downgraded Cliffs' guaranteed unsecured notes to 'B+' with a Recovery Rating of 'RR4' from 'BB-'/'RR4', and Cliffs' unsecured notes not benefiting from a guarantee to 'B-'/'RR6' from 'B+'/'RR5'. Fitch has affirmed Cliffs' ABL at 'BB+'/'RR1'. The Rating Outlook is Stable. In addition, Fitch has withdrawn the IDR for Cliffs' subsidiary, Cleveland Cliffs Steel Corporation, following the repayment of that entity's notes. Cliffs' ratings and Outlook reflect Fitch's expectation that EBITDA margins will average around 7.5% starting in 2027 and EBITDA leverage declines but remains above 4.0x through 2029. Fitch has withdrawn the IDR for Cleveland Cliffs Steel Corporation after the repayment of the notes issued to that entity. Key Rating Drivers Elevated Leverage: Cliffs raised about $2.5 billion in debt to finance the Stelco Holdings Inc. (Stelco) acquisition in 2024 and added $1.3 billion in unsecured debt, net of repayments, to fund operations in 2025. The company also raised $951 million in equity to reduce $1.1 billion of ABL borrowings in 2025. The net increase in debt burden results in about $200 million of additional cash interest per year relative to 2024 levels. Limited Deleveraging from Operations: Fitch expects 2026 EBITDA to be about $1.4 billion and improve to about $1.6 billion per year thereafter as restructuring efforts and exit of loss-making businesses take effect. Fitch expects Cliffs to prioritize debt repayment although Fitch expects FCF in 2026 and 2027 to be neutral. Cliffs is pursuing non-core assets sales with expected aggregate proceeds of $425 million. Cliffs has received $60 million in proceeds. Fitch expects EBITDA leverage to be above 4.0x through 2029, even if Cliffs receives the proceeds and uses them to reduce debt. Stelco Challenged by 232 Tariffs: Canada exported significant volumes of steel to the U.S. before the U.S. reduced exceptions and increased tariff to 50% from 25% in June 2025. The current Section 232 tariff environment has sharply constrained Canadian steel exports. This has resulted in an oversupply in the Canadian market and reduced Stelco's profitability. The company does not report Stelco results as a separate segment. However, Fitch believes the operations were loss making in 2025. Cliffs expects Stelco to make a positive contribution in 2026. Low Profitability: Fitch expects EBITDA margins to recover from negative territory but be sustained under 8% given most of the benefit from import curtailment has lifted pricing and improved mill throughput in the U.S. Its view incorporates the expiry of the below-market slab contract. Stronger-than-expected demand for Cliffs products could improve profitability through higher prices and better capacity utilization. High-Value Add Focus: Cliffs is the largest supplier of steel to the automotive sector and one of the few North American steel producers capable of producing some of the most sophisticated grades of advanced high-strength steels and value-added stainless-steel products. The company is also the only producer of grain-oriented electrical steel in the U.S., which is used in the production of transformers and can facilitate electrical grid modernization. Cliffs is one of only two producers of non-oriented electrical steel in the U.S., a critical component of motors used in hybrid and electric vehicles. Peer Analysis Cliffs is comparable in size but less diversified than integrated majority blast furnace steel producer United States Steel Corporation (BBB-/Stable). However, it has weaker credit metrics. Cliffs is larger compared with electric arc furnace (EAF) long steel producer Commercial Metals Company (BB+/Stable) in terms of steel capacity, but has less-favorable credit metrics. Cliffs is also larger in terms of annual capacity, although has less-favorable credit metrics compared with EAF producer Steel Dynamics, Inc. (BBB+/Stable). It is smaller and has weaker credit metrics than EAF steel producer Nucor Corporation (A-/Stable). Fitch’s Key Rating-Case Assumptions - Annual steel shipments at 16.1 million tons in 2026 improving to 16.4 million tons in 2027 and thereafter; - Modest improvement in average steel prices in 2026 and 2027 and relatively flat thereafter; - EBITDA margins approaching 7% in 2026 and averaging about 7.5% thereafter; - Capex of $700 million in 2026, increasing in 2027 and returning to $700 million per year thereafter; - No additional acquisitions; - Excess cash allocated to debt repayment. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b+, Higher), Financial Structure (b-, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 20% for the forecast year 2027, 30% for the forecast year 2028 and 30% for the forecast year 2029. - 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 that Cleveland-Cliffs Inc. would be reorganized as a going-concern in bankruptcy rather than liquidated. - Fitch has assumed a 10% administrative claim. - Fitch has assumed the ABL credit facility is 80% drawn in the recovery analysis. Going-Concern (GC) Approach - Fitch has assumed a bankruptcy scenario exit GC EBITDA of $1,350 million. The GC EBITDA estimate is reflective of a mid-cycle sustainable EBITDA level upon which Fitch bases the enterprise valuation. - The GC EBITDA estimate compares with the average EBITDA of $1.2 billion for the years 2022 through 2025. Fitch's GC EBITDA estimate considers recent efforts to optimize the company's footprint and exit unprofitable businesses. It also reflects CLF's high exposure to the cyclical automotive market and the cyclical and volatile nature of steel prices. - Fitch generally applies EBITDA multiples that range from 4.0x-6.0x for metals and mining issuers given the cyclical nature of commodity prices. - Fitch has applied a 5.0x multiple to the GC EBITDA estimate to calculate a post-reorganization enterprise value of $6.1 billion after an assumed 10% administrative claim. The 5.0x multiple compares with CLF's current trading multiple of 8.9x based on its GC EBITDA. - The allocation of value in the liability waterfall results in a Recovery Rating of 'RR1' for the first lien secured ABL credit facility for a 'BB+' rating, a Recovery Rating of 'RR4' for the CLF senior unsecured guaranteed notes for a 'B+' rating and a Recovery Rating of 'RR6' for the CLF unsecured notes not benefitting from guarantees for a 'B-' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA margins sustained below 7.0%; - EBITDA leverage sustained above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.0x; - EBITDA margins sustained above 8.5%. Liquidity and Debt Structure As of Dec. 31, 2025, Cliffs had $57 million in cash and cash equivalents and approximately $3.2 billion available under its $4.75 billion ABL credit facility due 2028. The ABL credit facility matures on June 9, 2028, and $452 million was drawn at Dec. 31, 2025. The facility is subject to a minimum 1.0x fixed charge coverage covenant if availability falls below the greater of 10% of the facility and $250 million. The next substantial maturities are the $368 million and $900 million unsecured notes due in 2029. Issuer Profile Cleveland-Cliffs is a majority blast furnace producer of steel with some EAF production. The company is the largest flat-rolled steel producer and largest producer of iron ore pellets in North America. 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 Climate.VS for Cleveland-Cliffs Inc. is 50, similar to that of other majority blast furnace steel producers given the use of metallurgical coal as a raw material. Currently, these risks do not have a material influence on the rating, given the very long-term timescale over which the transition may take place. 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 ----------- ------ -------- ----- Cleveland-Cliffs Inc. LT IDR B+ Downgrade BB- senior unsecured LT B- Downgrade RR6 B+ senior unsecured LT B+ Downgrade RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ Cleveland-Cliffs Steel Corporation LT IDR WD Withdrawn BB- CLINTWOOD JOD: Seeks Chapter 11 Bankruptcy After Layoffs -------------------------------------------------------- Austin R. Ramsey of msn reports that Pike County coal producer Clintwood JOD LLC has filed for Chapter 11 bankruptcy after recently furloughing and laying off employees. The filing, which includes an affiliated mineral properties company, temporarily halts collections and allows the business to continue operating while attempting to reorganize its finances. A federal judge granted the temporary relief Monday, providing breathing room to restructure debts. The company employs over 100 workers, but notices of mass layoffs were issued under a waiver for unforeseen circumstances, bypassing the standard 60-day requirement. Early March notices converted previous temporary furloughs into permanent layoffs, though the total number of affected employees has not been disclosed, according to report. Court records list assets of $100 million to $500 million and liabilities exceeding $60 million. Key creditors include a New Jersey hedge fund with $26.6 million at stake, $8.9 million in equipment payments, and $3.4 million in Kentucky coal severance taxes. Officials warned that unsecured creditors are unlikely to receive payouts after debt reorganization, and a creditors' meeting is set for April 16, 2026. Clintwood JOD, formed in 2019 after taking over Cambrian Coal’s 72 million tons of unmined reserves, manages multiple deep and surface mines in Pike County and Virginia. The company has diversified its operations to serve steel, ferroalloy, and power producers, though environmental restrictions and declining coal demand nationwide have strained operations. The bankruptcy underscores the broader challenges facing the U.S. coal sector, the report relays. About Clintwood JOD, LLC Clintwood JOD, LLC is a coal mining company based in Belcher, Kentucky, operating surface and underground mining activities focused on producing bituminous coal for industrial and metallurgical use. Founded in 2019, the company works across eastern Kentucky and nearby regions, supplying coal to domestic energy and steel-related markets. Its operations center on extracting, processing, and transporting coal, supporting demand from industrial clients in the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 26-60438) on March 22, 2026. In the petition signed by J. Christopher Adkins, authorized signatory, the Debtor disclosed up to $500 million in assets and up to $100 million in liabilities. Judge Gregory R. Schaafoversees the case. Dean A. Langdon, Esq., at GARTLAND THACKER DELCOTTO PLLC, represents the Debtor as legal counsel. CPV THREE RIVERS: S&P Assigns (P) 'BB-' Rating on New Term Loan B ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' rating and '1+' recovery rating to CPV Three Rivers LLC's (CPV3) proposed $750 million term loan B. CPV3 will use the proceeds to refinance debt, pay transaction fees, and make a distribution. S&P's '1+' recovery rating indicates its expectation for full (100%) recovery in a default scenario. S&P said, "The stable outlook reflects our expectation for robust debt service coverage ratios (DSCR) during the asset life, with a minimum of 1.56x in the post-refinancing period. We expect the project will repay $325 million of its term loan B over the TLB period." CPV3 is an approximate 1.26-gigawatt operational gas-fired combine-cycle gas turbine (CCGT) generator in Grundy County, Ill., southwest of Chicago. The project is composed of two General Electric Co. (GE) Vernova 7HA.02 combustion turbines and GE A650 steam turbines and consists of two single-shaft trains arranged in a 1x1x1 configuration. Having reached COD in 2023 and with a realized heat rate in the mid- to high-6,000 Btu/kilowatt hour range, CPV3 is new and highly efficient. Although the facility engages in hedging via several gas netback agreements (GNA) and hedged power sales and benefits from some cleared capacity revenues, it primarily sells merchant power and capacity into the Pennsylvania-New Jersey-Maryland (PJM) interconnection. The plant is currently owned by Axium Infrastructure, Concord Infrastructure Investments, Harrison Street Asset Management, Osaka Gas USA Corporation, and Competitive Power Ventures. CPV3 is a modern, highly efficient CCGT facility positioned to benefit from tightening supply/demand dynamics in PJM, driven largely by accelerating data center load growth and the retirement of other generation. However, to date, the plant has comparatively weaker dispatch levels and lower spark spreads than other PJM assets in our portfolio. Since beginning commercial operation in 2023, CPV3 has operated with some of the newest and most efficient GE gas and steam turbine technology. The facility is cost-competitive, with a baseload heat rate of approximately 6,400 Btu/KW hour. Despite its strong efficiency profile, the plant has recorded an average capacity factor in the low-60% area. In the initial period following COD, performance was partly affected by typical ramp-up dynamics, including commissioning "teething issues", resolved promptly by the operator's prudent and experienced management. As operations stabilized, performance in 2025 improved with less than 4% EFOR and higher realized spark spreads. Unlike certain PJM generators in markets such as Pennsylvania and Ohio with capacity factors in the 80% area, CPV3 operates in a more competitive local environment. Elevated renewable generation and nuclear output, among other supply dynamics, have compressed spark spreads and reduced dispatch opportunities during off-peak hours. Thus, the plant often competes with lower-cost resources, leading to narrower margin windows in which dispatch is not consistently optimal or economic. The project benefits from access to competitively priced gas via dual gas interconnects to the Alliance and NGPL Pipelines, supplemented by hedging structures that enhance near-term cash flow stability and downside protection. S&P said, "These include a GNA through 2028, which we view as material, and a smaller agreement through 2035. We view these arrangements favorably because they provide downside protection relative to a fully merchant structure. Fuel costs are effectively linked to power prices, preserving a fixed percentage margin per megawatt (MW) hour." While this helps maintain margin integrity, absolute dollar profitability remains sensitive to power price volatility. To further mitigate this exposure, CPV3 has layered in incremental power hedges through 2028, which S&P views as supporting cash flow stability. CPV3 operates in Illinois, which has adopted aggressive decarbonization policies under CEJA, including a requirement for gas-fired generation to reach zero emissions by 2045 (subject to reliability exceptions) and a cap on dispatch above a plant's first three-year average output. S&P said, "While this framework introduces regulatory risk, we do not view it as materially constraining the outlook. Our forecast capacity factors do not exceed the plant's initial three-year average, effectively incorporating the dispatch limitation. Although our assumed 2048 asset life extends beyond the 2045 target, the legislation allows reliability-based exemptions, which we view as a meaningful mitigant given real and projected load growth and grid reliability concern." Studies indicate Illinois could meet its decarbonization goals through expanded renewables, storage, and firm low-carbon resources. However, this pathway carries significant execution and buildout risk. To the extent implementation is delayed, S&P believes a modern, highly efficient facility such as CPV3 is likely to remain economic beyond 2045. S&P said, "The stable outlook reflects our belief that CPV3 will demonstrate supportive dispatch levels, minimal forced outages, and benefit from elevated energy and capacity prices that engender strong debt service coverage ratios over the TLB and refinancing period and meaningful debt reduction via the project's cash flow sweep mechanism. We expect the project to repay nearly $325 million of its debt through the TLB period." S&P could consider a negative rating action if expected DSCRs fall below 1.35x on a sustained basis. This could occur if: -- The project experiences forced outages that reduce its dispatch, increase costs, or result in performance penalties; Economic factors cause the power plant to dispatch materially less than our base case expectations; -- The project experiences weaker realized spark spreads or lower PJM capacity prices; and/or -- The project's excess cash flows do not translate into expected debt paydowns, leading to a higher-than-expected debt balance at maturity; and/or -- There are further regulatory developments or actions that bode negatively for conventional gas-fired generators that change S&P's view of CPV3's competitive ability or asset life. S&P could consider a positive rating action on the project if: -- Expected DSCRs remain above 1.8x; -- The project establishes a track record of improved operations characterized by low forced outage rates and capacity factors commensurate with those of a highly efficient, baseload facility; and -- S&P has a qualitative view that the project can be rated in the 'BB' category given the project's single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk. DEANWOOD REAL: Seeks Chapter 11 Bankruptcy in D.C. -------------------------------------------------- On March 24, 2026, Deanwood Real Estate Investment Group, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Columbia. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Deanwood Real Estate Investment Group, LLC Deanwood Real Estate Investment Group, LLC is a real estate investment company focused on property ownership, management, and development activities. Deanwood Real Estate Investment Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00136) on March 24, 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 Elizabeth L. Gunn handles the case. The Debtor is represented by Diana Pereira Dias, Esq. of Martin Law Group, P.C. DEL MONTE: Says Lenders’ Appeal Must Be Taken to District Court ----------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Del Monte Foods has asked a New Jersey bankruptcy judge to reject a lender group's effort to secure direct appellate review of a settlement order by the Third Circuit, arguing that the request falls short of the statutory requirements for certification. The company said the lenders are seeking to bypass the usual appellate path without sufficient justification. The company asserted that the dispute does not involve novel or unresolved legal issues, but rather challenges the court's application of established law. Del Monte emphasized that such arguments are better suited for review by the district court before reaching a federal appellate panel. Del Monte added that granting the request could slow the administration of the bankruptcy case and create unnecessary expense. It urged the court to deny the motion and allow the proceedings to continue under the existing timeline. About Del Monte Foods Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. The Debtors' bankruptcy cases are pending before the Honorable Michael B. Kaplan. The Debtors tapped Michael D. Sirota, Esq., at Cole Schotz P.C. and Herbert Smith Freehills Kramer (US), LLP as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster, LLP and Kelley Drye & Warren, LLP as legal counsel; Province, LLC as financial advisor; and Stifel, Nicolaus & Co., Inc. as investment banker. Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is represented by ARENTFOX SCHIFF LLP. JPMorgan Chase Bank, N.A., as Prepetition and DIP ABL Agent, is represented by GREENBERG TRAURIG, LLP and SIMPSON THACHER & BARTLETT LLP. DEL RAY II: Section 341(a) Meeting of Creditors on April 21 ----------------------------------------------------------- On March 25, 2026, Del Ray II LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Washington. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on April 21, 2026 at 09:30 AM via Telephonic meeting. About Del Ray II LLC Del Ray II LLC is a real estate investment and development company engaged in property acquisition, management, and related operations. Del Ray II LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40834) on March 25, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Mary Jo Heston handles the case. The Debtor is represented by Timothy J. Conway, Esq. of Tonkon Torp LLP. DIOCESE OF ALBANY: Reaches $148M Settlement With Abuse Survivors ---------------------------------------------------------------- Slater Slater Schulman LLP, a leading, full-service law firm with decades of experience representing survivors of traumatic and catastrophic events, announced that a settlement agreement has been reached with the Diocese of Albany and its related entities. Under the terms of the agreement, the Diocese has agreed to pay $148 million toward the resolution of approximately 440 child sexual abuse claims pending against it, a significant milestone that lays the groundwork for a full resolution of the Diocese's ongoing bankruptcy proceedings. "The trauma from childhood sexual assault isn't episodic, it's a lifelong burden," said Adam Slater, Founding and Managing Partner of Slater Slater Schulman LLP. "Survivors of abuse by the Diocese of Albany have carried this burden for far too long, and this agreement is a meaningful acknowledgment of the harm they suffered. Our firm has significant experience bringing cases against religious institutions from coast to coast, ensuring that dioceses are held accountable for the harm its clergy has caused generations of children." This Diocese of Albany settlement reflects the firm's growing national presence in institutional abuse litigation. In 2024, Slater Slater Schulman announced an $880 million settlement with the Diocese of Los Angeles and a $320.5 million settlement with the Diocese of Rockville Centre, the latter being the largest Diocese settlement in New York State history. NOTE: Individuals seeking to be linked to resources for sexual assault survivors can call 800.656.HOPE (4673) to be connected with a trained staff member from a sexual assault service provider in your area. The National Sexual Assault Hotline operated by RAINN (Rape, Abuse & Incest National Network) provides confidential support from trained staff members and can assist with finding local healthcare resources, help talk through what happened, and offer referrals for long-term support. About Slater Slater Schulman LLP Slater Slater Schulman LLP is a leading, full-service law firm with decades of experience representing survivors of traumatic and catastrophic events. Our dedicated attorneys are committed to ensuring the best results for our clients through persistence and compassionate representation. With 11 offices in 10 states, Slater Slater Schulman has achieved successful resolutions in some of the most challenging cases in the nation. We have considerable experience with complex, historical sexual abuse cases involving massive institutions, including academic, religious, and youth organizations. Our firm also represents clients in litigation involving pharmaceutical drugs, product liability, environmental law, employment and labor law, medical malpractice, and personal injury, and has proudly represented thousands of World Trade Center survivors. About Roman Catholic Diocese of Albany, New York The Roman Catholic Diocese of Albany is a religious organization in Albany, N.Y. It covers 13 counties in Eastern New York, including a portion of the 14th county. Its Mother Church is the Cathedral of the Immaculate Conception in the city of Albany. New York's Child Victims Act, which took effect in August 2019, temporarily sets aside the usual statute of limitations for lawsuits to give victims of childhood sexual abuse a year to pursue even decades-old claims. Hundreds of new lawsuits have been filed against churches and other institutions since the law took effect on Aug. 14, 2019. Facing the financial weight of new sexual misconduct lawsuits, at least four of the eight Roman Catholic dioceses in the state, has already sought Chapter 11 protection. The dioceses that have declared bankruptcy include the Diocese of Rochester and the Diocese of Rockville Centre on Long Island. The Catholic Diocese of Albany sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on March 15, 2023. In the petition filed by Fr. Robert P. Longobucco, the Debtor estimated assets between $10 million and $50 million and liabilities between $50 million and $100 million. Judge Robert E. Littlefield, Jr. oversees the case. The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel; Tobin and Dempf, LLP as special litigation counsel; Keegan Linscott & Associates, PC as financial advisor; and Bonadio & Co., LLP as accountant. Donlin, Recano & Company, Inc. is the claims and noticing agent. On April 17, 2023, the U.S. Trustee for Region 2 appointed two separate committees to represent unsecured creditors and tort claimants in the Debtor's Chapter 11 case. The unsecured creditors' committee tapped Lemery Greisler, LLC as legal counsel; Dundon Advisors, LLC as financial advisor; and OneDigital Investment Advisors, LLC as special investment consultant. Stinson, LLP and OneDigital Investment Advisors serve as the tort committee's legal counsel and special investment consultant, respectively. DIOCESE OF BUFFALO: Updates Ch. 11 Settlement Parish Contributions ------------------------------------------------------------------ Francis Boeck of WIVB 4 reports that the Roman Catholic Diocese of Buffalo has updated its plan for parish contributions tied to a $150 million bankruptcy settlement addressing over 800 sexual abuse claims. The move alters earlier expectations placed on local parishes to help fund the agreement. Bishop Michael Fisher told priests this week that the diocese is scrapping the requirement that merging parishes contribute up to 80% of their assets. At the same time, the diocese will raise its own share of the settlement from $30 million to $40 million. Going forward, parish contributions will be calculated based on total available cash, including combined funds for parishes that merge. The earlier plan called for $80 million from parishes using a progressive scale tied to unrestricted assets. Remaining funds are expected from Catholic affiliates, property sales, and insurance coverage, with the revised model intended to ensure fairness, the report states. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DOW RUMMEL: Fitch Affirms 'BB' IDR, Outlook Stable -------------------------------------------------- Fitch Ratings has affirmed the healthcare facility revenue bonds issued by the City of Sioux Falls, SD on behalf of Dow Rummel Village (Dow Rummel) at 'BB'. Fitch has also affirmed Dow Rummel's Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Dow Rummel Village (SD) LT IDR BB Affirmed BB Dow Rummel Village (SD) /General Revenues/1 LT LT BB Affirmed BB The affirmation of the 'BB' rating reflects Fitch's expectation of relative balance sheet stability though Fitch's forward-looking scenario analysis. Dow Rummel's business profile is characterized by solid independent living (ILU) occupancy in a competitive market. Fitch expects core operating metrics to moderate toward levels more consistent with a midrange operating risk assessment over the next couple of years after softening in fiscal 2025 due to a lighter year of entrance fees and one-time revenue recognized in fiscal 2024. SECURITY The bonds are secured by a pledge of Dow Rummel's gross revenues, a first mortgage lien, and a debt service reserve fund (DSRF) equal to maximum annual debt service (MADS). KEY RATING DRIVERS Revenue Defensibility - 'bbb' Strong Occupancy in a Competitive Market Dow Rummel's midrange revenue defensibility reflects its history of strong demand despite local competition. Over the last five years, occupancy has averaged above 90% across the continuum of care. At fiscal YE 2025, ILU occupancy was approximately 99%. In fiscal 2026, Dow Rummel converted 15 ILU/ALU units to ILUs. Occupancy temporarily dipped as units were offline for renovation in fall 2025. Management reports the units are back online and being filled. As of Feb. 28, 2026, ILU occupancy was 94.1%. There are several competing senior living facilities in Sioux Falls but they have not materially impacted Dow Rummel's ability to fill its units. This is demonstrated by a history of strong occupancy and a solid waitlist. Dow Rummel's weighted average entrance fee is approximately $149,000, which is affordable relative to prevailing home values and income levels in its primary market area (PMA). Dow Rummel also has a history of regular rate increases across the continuum of care. Operating Risk - 'bbb' Softer Operations in Fiscal 2025; Improvement Seen in Fiscal 2026 Dow Rummel's core operating metrics softened in fiscal 2025, driven by a light year of net entrance fees and lower revenue relative to fiscal 2024 due to a one-time Employee Retention Credit (ERC) of $2.9 million recognized in fiscal 2024. As a result, in fiscal 2025 operating ratio was 104.6% and its net operating margin (NOM) and NOM-adjusted were 3.5% and 5%, respectively. Core operations have improved in the first nine months ended Jan. 31, 2026, aided by improved net entrance fees and continued focus on reducing agency labor. Operating ratio was 100.9% and net operating margin (NOM) and NOM-adjusted were 4.7% and 8.5%, respectively. Fitch expects Dow Rummel's operating metrics to moderate toward levels more consistent with a midrange assessment. However, the inability to do so may strain the operating risk assessment. Dow Rummel's most recent campus expansion added 17 memory care units (MCUs) and 30 ALUs to its continuum in 2019. Following the expansion, capex to depreciation has been modest, averaging 32.5% of depreciation over the last five years. The average age of plant was 12.8 years in fiscal 2025. Fitch expects near term capex to be elevated relative to recent spending as focus on facility and technology infrastructure updates and refreshing the campus. Management reports Dow Rummel is in the process of completing strategic planning, which may include refinancing existing debt and potentially adding ILUs. Fitch will incorporate project details into its analysis as plans are finalized. In fiscal 2025, Dow Rummel's capital-related metrics softened, with 0.9x revenue-only MADS coverage, 13.6x debt-to-net available, and 12.8% MADS to revenue. Capital-related metrics have improved through the first nine months of fiscal 2026 and capital-related metrics remain in line with the overall midrange assessment. Financial Profile - 'bb' Modest Balance Sheet; Improvement in fiscal 2026 Dow Rummel carries a relatively high debt load due financing the most recent campus expansion. At fiscal YE 2025, Dow Rummel had approximately $16 million in unrestricted cash and investments and a $3.5 million debt service reserve fund (DSRF), representing 43% cash-to-adjusted debt and 241 days cash on hand (DCOH). Dow Rummel's unrestricted cash position grew to $20.7 million as of Jan. 31, 2026, representing 54.6% cash-to-adjusted debt, largely due to the receipt of $2.9 million in ERC funds in fiscal 2026. Dow Rummel did not meet its 1.15x debt service coverage ratio (DSCR) covenant in fiscal 2025. DSC was 1.05x per Dow Rummel's calculation. This does not constitute an Event of Default per the bond documents as coverage was between 1x-1.15x. As outlined, management has engaged a consultant to complete a management report. Management expects to meet its DSC covenant in fiscal 2026. As of Jan. 31, 2026, DSC was 1.34x per Dow Rummel's calculation. Fitch's stress scenario shows Dow Rummel maintaining key liquidity and leverage metrics that are consistent with a 'bb' financial profile assessment, which models operating and investment stresses. Asymmetric Additional Risk Considerations No asymmetric risk factors are relevant to the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to sustain improved operations and coverage metrics, resulting in the compression of Dow Rummel's operating performance or liquidity, or the issuance of additional debt that results in weakened leverage and capital-related ratios; - Inability to meet debt service coverage covenant over the next couple of years. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained improvement in balance-sheet metrics, with cash-to-adjusted debt remaining above 50% in a stress case. PROFILE Dow Rummel is a predominantly type-C life plan community (LPC) situated on 13.2 acres in Sioux Falls, SD. The community consists of 129 ILUs, 49 ALUs, 60 memory care/high acuity ALUs, and a 50-bed SNF. Dow Rummel had total revenues of approximately $23.6 million in fiscal 2025. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. EMC GLOBAL: Sept. 21 Governmental Claims Bar Date ------------------------------------------------- On March 25, 2026, EMC Global Investments, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. The last day to file government claims is on September 21, 2026. About EMC Global Investments, LLC EMC Global Investments, LLC is an investment firm engaged in managing and holding a portfolio of financial and real estate assets. EMC Global Investments, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13643) on March 25, 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 Mindy A. Mora handles the case. The Debtor is represented by Mikhael E. Keifitz, Esq. FERRARI IMPORTING: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Ferrari Importing, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral. Under the order, the Debtor is authorized to use cash collateral to pay ordinary business expenses such as vendors, utilities, insurance, and taxes consistent with an approved budget. The use is limited to amounts necessary to avoid immediate and irreparable harm to the estate until a final hearing is held. As adequate protection for secured creditor, Citizens Bank, N.A., the Debtor must make monthly interest payments of approximately $10,000 at the contractual rate. In addition, the bank will be granted replacement liens on the Debtor's existing and post-petition assets and may receive a superpriority administrative claim if the value of its collateral declines. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/SXDnC from PacerMonitor.com. The court scheduled a final hearing for April 22, with objections due by April 16. Citizens Bank asserts a lien on all of the Debtor's personal property, including cash and proceeds from the sale of inventory, which constitute the bank's cash collateral. The collateral's value exceeds the debt, which totals $1,761,110.74 as of the petition date. Citizens Bank, as secured creditor, is represented by: George W. Fitting, Esq. William C. Price, Esq. Clark Hill, PLC One Oxford Centre 301 Grant St., 14th Fl. Pittsburgh, PA 15219 Tel.: (412) 338-2929 Fax: (412) 394-2555 gfitting@clarkhill.com wprice@clarkhill.com About Ferrari Importing Inc. Ferrari Importing, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa., Case No. 26-20738) on March 17, 2026. In its petition, the Debtor reports estimated assets of $50 million to $100 million and estimated liabilities of $50 million to $100 million. Honorable Chief Bankruptcy Judge Gregory L. Taddonio handles the case. The Debtor is represented by Jason L. Ott, Esq. of Frost Brown Todd LLC. FIREHOUSE GRILL: Court Extends Cash Collateral Access to May 1 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division entered a third interim order authorizing Firehouse Grill Inc. to use cash collateral. The court authorized interim use of the purported cash collateral of Newtek Bank, and the U.S. Small Business Administration for the period from March 27 through May 1 in accordance with the budget, plus up to a 10% variance. The court found such use necessary to avoid immediate and irreparable harm to the bankruptcy estate. The 30-day budget projects total operational expenses of $151,900 for April. As adequate protection, secured creditors will be granted replacement liens on any property acquired by the Debtor or the estate before and after the bankruptcy filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The order imposes several conditions to protect Newtek and the SBA interests, including allowing inspections of the Debtor's books and records, maintaining insurance on the collateral, providing proof of collateral upon request, and properly maintaining the collateral. A further interim hearing is scheduled for April 27. The interim order is available at https://shorturl.at/uM28R from PacerMonitor.com. About Firehouse Grill Inc. Firehouse Grill Inc. is a restaurant operator providing prepared food and beverage services to customers through its dining location. The company participates in the food service sector, focusing on in-person dining and related hospitality operations. Firehouse Grill Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00903) on January 20, 2026. In its petition, the Debtor listed up to $1 million in estimated assets and up to $10 million in estimated liabilities. The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman as counsel and Weinberg Barton & Company as accountant. FIRST BRANDS: Premium Guard Inc. to Acquire Key IP and Assets ------------------------------------------------------------- Premium Guard Inc. (PGI), a leading filter manufacturer and supplier founded in 1996, announced it has signed an agreement to acquire key intellectual property and related assets from First Brands Group. The transaction is subject to bankruptcy court approval, among other closing conditions, and is expected to close in early April. This agreement represents an important step in strengthening PGI's product offering and development capabilities, while maintaining its core focus as a leading supplier of private label programs. Over the past three decades, PGI has built a robust global supply chain, an expansive distribution network, and strong capabilities in product management, engineering, and category management. The addition of these intellectual property assets enhances PGI's ability to further develop its product offering, accelerate innovation, and support customers across multiple segments and geographies. "This is a meaningful step forward for PGI," said Anan Bishara, Founder and CEO of PGI. "The know-how, patents, and engineering capabilities we are acquiring, particularly in wiper blades, spark plugs, and diesel filtration, significantly strengthen our platform, enabling us to continue developing advanced, reliable, and complete solutions across multiple tiers. This will allow us to better support our customers with differentiated products in highly competitive categories, while accelerating innovation and speed to market." The acquisition also supports PGI's expansion into additional maintenance categories, including ignition and spark plugs. Combined with PGI's existing strengths in filtration, wiper blades, and related maintenance products such as drain plugs, this creates a more complete maintenance-product portfolio. This broader offering enhances PGI's category management capabilities, allowing customers to benefit from a more integrated approach across different categories, improved assortment strategies, and stronger attachment opportunities. The addition of internationally recognized brands provides PGI with an enhanced foundation to expand its presence in global markets. This not only supports the company's long-term strategy to grow beyond North America but also enables PGI to better support and service its customers as they expand their own businesses globally. By leveraging its global supply chain and distribution capabilities, PGI will be well positioned to align with customers' international growth strategies. PGI emphasized that this transaction does not change its core business model or its commitment to customers. The company will continue to focus on supporting its partners with best-in-class private label programs, category management, and supply chain excellence. This investment strengthens PGI's ability to deliver high quality products, expanded coverage, and advanced technology, while remaining fully aligned with its customers' brands and growth strategies. About Premium Guard Inc. (PGI) Premium Guard Inc. is a leading developer and supplier of premium automotive filtration solutions serving retail, traditional, quick lube, and e-commerce channels across North America. Beyond its Premium Guard(R) branded product line, PGI powers many of the industry's most successful private-label programs, delivering turnkey solutions in engineering, product design, packaging, marketing, logistics, and data management. Through relentless innovation, global sourcing excellence, and a customer-first mindset, PGI continues to raise the standard for quality, agility, and value in the automotive aftermarket. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Wants to Sell Windshield Wiper, Filter Biz for $25MM ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that auto parts manufacturer First Brands Group LLC has asked a Texas bankruptcy judge to quickly approve a proposed $25 million sale of several of its filter and windshield wiper brands, saying the deal is essential to preserving value for its estate. The company told the court that the assets are subject to ongoing market pressures, making a prompt transaction critical to avoid further declines. According to the filing, the proposed buyer emerged after a marketing process designed to attract interest in the company's noncore product lines. First Brands said the agreement represents the highest and best offer available and reflects fair value under current market conditions, particularly given the challenges facing the auto parts sector. The debtor emphasized that expedited approval would allow it to move forward with its broader Chapter 11 restructuring strategy, including reducing debt and stabilizing operations. Without swift court authorization, the company warned that delays could jeopardize the transaction and harm creditor recoveries, the report states. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. G & R SYSTEMS: Seeks Chapter 11 Bankruptcy in New Jersey -------------------------------------------------------- On March 13, 2026, G & R Systems, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About G & R Systems, LLC G & R Systems, LLC is a business entity engaged in systems-related services, including operations, support, and technical solutions. G & R Systems, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-12779) on March 13, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Melinda D. Middlebrooks, Esq. at Middlebrooks Shapiro, P.C. serves as the Debtor's counsel. GET 20 HOLDINGS: Alexandra Garrett Named Subchapter V Trustee ------------------------------------------------------------- Mark S. Zimlich, the U.S. Bankruptcy Administrator for the Southern District of Alabama, appointed Alexandra K. Garrett as Subchapter V trustee for Get 20 Holdings, LLC. About Get 20 Holdings LLC Get 20 Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-10722) on March 16, 2026, with $100,001 to $500,000 in assets and liabilities. Barry A. Friedman, Esq., at Barry A Friedman & Associates, PC represents the Debtor as legal counsel. GULF STATES: To Sell Tangible Inventory to Jonathan Lynn -------------------------------------------------------- Gulf States Performance LLC, d/b/a Floyd's Performance, seeks permission from the U.S. Bankruptcy Court for the Southern District of Alabama, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor, an Alabama limited liability company established in 2024, owned and operated a full service automotive repair, maintenance, upgrades and accessories shop located in Robertsdale, Alabama. The Debtor offered specialized services ranging from custom exhaust and performance upgrades and accessories to routine auto repair and maintenance, as well as fleet and business services. The assets of the Debtor include various tangible equipment, inventory, etc. used in connection with its business, which remain inside its leased operating premises located at 22519 AL-59 in Robertsdale, AL. The Debtor also has cash collateral. The First Bank of Central Ohio is the Debtor's senior secured lender and asserts a lien against substantially all of the assets of the Debtor, including the Assets and the cash collateral. The Bank obtained an appraisal of the Assets on September 25, 2025, which resulted in the list and valuation attached hereto as Exhibit A. https://urlcurt.com/u?l=4B11vr On March 11, 2026, the Court granted the Debtor's motion to reject its unexpired lease of the Premises with JPF Properties, LLC, effective on April 1, 2026. On or about March 30, 2026, the Debtor received an offer to purchase the Assets for $75,000.00 from Jonathan Lynn. The preliminary terms of the proposed sale are: a. Transfer of the Assets free and clear of liens, claims and encumbrances b. Purchase Price: $75,000.00, payable by Lynn or his Assignee at closing c. Closing: within five business days of entry of a final order of this Court approving the proposed sale d. Contingencies to closing: i. Consent of the Bank and the SBA to release their lien at closing. ii. Finalization of Buyer financing iii. Execution of an acceptable lease of the Debtor's operating location with the Landlord, to commence April 1, 2026, in lieu of pursuing stay relief remedies, but allow for termination if the Approval Order is not entered for any reason. iv. Entry of a final Approval Order granting this motion and approving the proposed sale to the Buyer. The Debtor believes the proposed sale is the highest and best offer it can obtain for the Assets. The proposed purchase price is well within the range of value stated in Exhibit A. The Debtor has or will provide notice of the proposed sale to the Bank and all creditors by service of this motion and a complete terms sheet at least seven days prior to the Hearing Date. The Debtor requests an expedited hearing on this motion due to the shortened time constraints imposed by the contingencies of the proposed sale. About Gulf States Performance Gulf States Performance, LLC, doing business as Floyd's Performance, provides automotive repair and performance upgrade services, including custom exhaust work and fleet maintenance. The Company serves individual vehicle owners and local businesses in Baldwin County. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-12354) on September 2, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Mark Jones, president, signed the petition. Jodi Daniel Dubose, Esq., at Stichter, Riedel, Blain, & Postler P.A. represents the Debtor as legal counsel. HAWTHORNE RACE: Bankruptcy Financing Faces Creditor Objections -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the unsecured creditors of Hawthorne Race Course Inc. are urging a bankruptcy judge to require a longer marketing and sale process before approving a proposed $16 million loan, saying the current plan risks undermining recoveries. The historic Chicago-area racetrack is seeking financing to navigate its Chapter 11 case. In a filing with the U.S. Bankruptcy Court for the Northern District of Illinois, the creditors' committee objected to a 120-day financing deal with JDI Realty. They argued that the tight deadline effectively forces a quick sale, discouraging broader market participation and limiting the potential value of the company's assets. The committee noted that Hawthorne's secured lenders, owed roughly $60 million, stand to be repaid ahead of other creditors, raising concerns that unsecured claims could be left with minimal recoveries. A longer timeline, they said, would allow for a more robust bidding process and improved outcomes. Hawthorne has countered that the financing terms are appropriate given its liquidity needs and are designed to keep the business operating while it pursues a restructuring or sale. The dispute now awaits resolution by the bankruptcy court, according to Bloomberg. About Hawthorne Race Course Inc. Hawthorne Race Course Inc. operates a historic racetrack that provides Thoroughbred and Standardbred racing events along with off-track betting throughout Chicago. Hawthorne Race Course Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03505) on February 27, 2026. In its petition, the Debtor reports assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Barry A. Chatz, Esq. of Saul Ewing Arnstein & Lehr LLP. Getzler Henrich & Associates serves as Financial Advisor, Omni Agent Solutions as Claims Agent. HEALTHIER CHOICES: Narrows Loss to $7M as Revenue Remains Minimal ----------------------------------------------------------------- Healthier Choices Management Corp. reported in a Form 10-K filing with the Securities and Exchange Commission that it narrowed its net loss to $7.02 million on $2,979 in net sales for the year ended Dec. 31, 2025, from a net loss of $11.89 million on $501 in net sales a year earlier, reflecting a significant reduction in losses despite sales remaining negligible. TAAD LLP, in an audit report dated March 27, 2026, issued a going concern qualification, noting recurring net losses and operations that have not generated cash flows, which raised substantial doubt about the company's ability to continue as a going concern. The company said net sales and cost of sales were de minimis in both 2025 and 2024, following the closure of all brick-and-mortar vape stores as management shifted its retail strategy to wholesale and online channels. Store closures led to obsolete inventory write-offs of approximately $66,600 in 2024, and sales continued to be limited by delays in bringing new products to market. Selling, general and administrative expenses fell to $7.0 million in 2025 from $8.4 million in 2024, primarily due to reduced stock compensation, the company noted. Total other income and expenses, net, resulted in a $15,000 expense in 2025, compared with $0.4 million in other income in 2024. As of Dec. 31, 2025, Healthier Choices held $1.47 million in total assets, $1.59 million in total liabilities, $1.11 million in convertible preferred stock, and a stockholders' deficit of $1.23 million. Cash on hand was $1.1 million, with negative working capital of $0.3 million. Net cash used in operating activities totaled $3.9 million in 2025, compared with $0.6 million in 2024. Investing activities used $0 in 2025, following $47,000 in 2024, while financing activities provided $3.4 million in 2025, largely from related-party proceeds. In December 2025, the company strengthened its balance sheet by settling approximately $4.0 million in related-party debt through an equity issuance, eliminating a significant current liability. Management said it expects to continue incurring losses in the foreseeable future. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/844856/000149315226013232/form10-k.htm#a_002 About Healthier Choices Management Corp. Healthier Choices Management Corp. (HCMC) focuses on marketing its patented Q-Cup and Imitine products and monetizing its intellectual property through licensing and royalty agreements via its wholly owned subsidiary, HCMC Intellectual Property Holdings, LLC. The IP portfolio covers patents related to these products, and the company continues to pursue licensing, joint ventures, and other commercialization opportunities to generate revenue. HCMC promotes its Q-Cup technology directly to consumers, offering a quartz cup design that heats concentrates externally for both medicinal and recreational use, providing efficiency and convenience. HIGH WIRE: To Rebrand as O'Leary Industries Inc. ------------------------------------------------ High Wire Networks, Inc. disclosed in a regulatory filing that it received a written consent in lieu of a special meeting from the holder of a majority of the voting power of the Company's outstanding capital stock. The Written Consent was executed by Dennis O'Leary, who holds 16,597,353 shares of the Company's common stock and 1,000 shares of the Company's Series B Preferred Stock, collectively representing 38,897,044 out of 43,724,884 total votes outstanding, or approximately 88.96% of the total voting power of the Company as of March 17, 2026. No special meeting of shareholders was held; the action was taken by written consent pursuant to applicable Nevada law. The following matter was approved by the Written Consent: * Name Change -- To authorize and approve a change of the Company's name from "High Wire Networks, Inc." to "O'Leary Industries, Inc." through the filing of an amendment to the Company's Articles of Incorporation with the Secretary of State of the State of Nevada. The Name Change will not become effective until: (i) the Company files and mails to shareholders of record a definitive information statement on Schedule 14C in accordance with Rule 14c-2 under the Securities Exchange Act of 1934, as amended, (ii) at least 20 calendar days have elapsed following the mailing of the information statement, (iii) FINRA has approved the related corporate action, and (iv) the Company files a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada. About High Wire High Wire Network, Inc., incorporated on Jan. 20, 2017, is a global provider of managed cybersecurity, managed networks, and tech-enabled professional services delivered exclusively through a channel sales model. The Company's Overwatch managed security platform-as-a-service offers organizations end-to-end protection for networks, data, endpoints, and users via multiyear recurring revenue contracts in this fast-growing technology segment. HWN has continuously operated under the High Wire Networks brand for 23 years. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred losses since inception, has negative cash flows from operations, and has negative working capital, which creates substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $1,228,300 in total assets, $7,402,284 in total liabilities, and a total stockholders' deficit of $6,173,984. IAMGOLD CORP: Fitch Alters Outlook on 'B+' IDR to Positive ---------------------------------------------------------- Fitch Ratings has revised the Rating Outlook on IAMGOLD Corporation's (IAG) Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'B+'. Fitch has also affirmed IAG's secured revolving credit facility (RCF) at 'BB-' with a Recovery Rating of 'RR3' and upgraded its senior unsecured notes to 'BB-'/'RR3' from 'B+'/'RR4' following the second lien term loan repayment. The ratings reflect Fitch's expectation that IAG will generate positive FCF which will be used to repay debt and build cash, along with modest shareholder returns, while sustaining EBITDA leverage below 3.0x. IAG has benefited from a full production year at the Cote Gold mine, with a second-quartile cost position. This is partially offset by the increased royalty and reduced ownership in Essakane, with a fourth-quartile cost position and short mine life. The Positive Outlook reflects Fitch's expectation that IAG can maintain current production levels over the longer term. Key Rating Drivers Altered Operational Profile: IAG owns 70% of the Cote Gold project unincorporated joint venture (JV). Cote Gold achieved attributable production of 280,000 ounces for 2025. The mine currently has an 18-year mine life. Fitch expects Cote Gold's 2026-2029 attributable average annual gold production to remain flat at around 300,000 ounces. Essakane was impacted by the amended Burkina Faso Mining Code as the government of Burkina Faso increased its ownership interest in the Essakane mine to 15% from 10%. In addition, the government of Burkina Faso updated the royalty, increasing the minimum royalty rate applicable to gold prices above $3,000/oz to 8%, with the rate increasing by an additional 1% for each $500/oz thereafter. The previous rate was 7% on all gold sold at or above $2,000/oz whereas IAG's average royalty rate was 10.0% in 4Q25 and 8.6% for FY25. Third-Quartile Cost Position: Fitch views the Essakane mine's short mine life and high-cost position as partially offset by solid mine lives and lower cost positions at Westwood and Cote Gold. According to Wood Mackenzie's global total cash plus sustaining capex cost curve, IAG's average cost position is expected to remain the same in the third quartile of 2026. According to Wood Mackenzie's global total cash plus sustaining capex cost curve, the Essakane mine, located in Burkina Faso, has a fourth-quartile all-in sustaining cost (AISC) position. IAG has an 85% interest in the mine which has a three-year mine life and accounted for 49% of 2025 attributable production. Fitch expects IAG to be able to extend the Essakane mine life in the near term. Westwood, in Canada, has a third-quartile AISC position and represented 15% of 2025 attributable production. Cote Gold, also in Canada, has a second-quartile AISC position and accounted for 36% of 2025 attributable production. Gold Price Sensitivity: Fitch expects EBITDA to be approximately USD1,994 million in 2026 based on its gold price assumptions. Fitch's rating case assumes gold prices at USD4,500/oz in 2026 moderating to USD3,800/oz in 2027, USD3,300/oz in 2028, USD2,700/oz in 2029 and USD2,300/oz thereafter. This compares with realized gold prices of USD3,431/oz in 2025 and current gold price above USD4,300/oz as of March 24, 2026. Conservative Capital Structure: Fitch expects IAG to generate positive free cash flow (FCF) and to maintain a conservative financial profile over the forecast and repay the RCF in the near term. Fitch anticipates that the company may increase shareholder repurchases over the forecast if current commodity prices are maintained. EBITDA leverage was 0.5x as of Dec. 31, 2025, and Fitch expects it to be sustained below 3.0x throughout the forecast. Peer Analysis Fitch views IAG's sustainable attributable production as similar to Eldorado Gold Corporation (Eldorado Gold; B+/Stable). In 2025, IAG had attributable production of 765,900 oz and Eldorado Gold had production of 488,268 oz. However, Eldorado Gold has a mine that is expected to start producing in 2H26 which will increase production in the near term. IAG has higher-cost mines, higher country risk and a shorter operating reserve life compared with Eldorado Gold. IAG has three mines, compared with Eldorado Gold 's four operating mines and one near-term project. IAG is larger in terms of EBITDA than copper producers Ero Copper Corp. (Ero Copper; B+/Stable) and Taseko Mines Limited (Taseko; B-/Positive), with a lower cost position compared to Taseko and a higher cost position compared to Ero Copper and Artemis Gold Inc. (Artemis; B+/Stable). IAG's EBITDA leverage was 0.5x as of Dec. 31, 2025, compared with Eldorado Gold's 1.3x and Hudbay Minerals Inc.'s (BB-/Stable) 1.0x. Fitch’s Key Rating-Case Assumptions - Attributable gold production of about 740,000 oz per year on average and assumes the Essakane mine life is extended; - Gold prices of USD4,500/oz in 2026, USD3,800/oz in 2027, USD3,300/oz in 2028, USD2,700/oz in 2029 and USD2,300/oz thereafter; - Annual capital expenditures (capex) of around USD420 million, on average; - Excess cash flow applied to debt repayment, cash build and for share repurchases. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (b+, Higher), Profitability (bb+, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 30% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'b+'. Recovery Analysis The recovery analysis assumes that IAG would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. The GC EBITDA estimate of USD295 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption incorporates the industry's transition from peak gold prices to a sustainably weak gold price environment, which would stress the capital structure. An EV multiple of 4.0x EBITDA is applied to the GC EBITDA to calculate the post-reorganization enterprise value. The choice of this multiple reflects the high-cost position of IAG's currently operating mines, and the elevated country risk associated with Burkina Faso, as well as improvements in the company's profile from Cote Gold. The revolver is assumed to be 80% drawn, given the liquidity requirement of USD150 million and the total net debt maximum ratio of 3.5x, which would limit revolver availability under its GC EBITDA assumption. The allocation of value in the liability waterfall analysis results in a Recovery Rating of 'RR1' for the first lien RCF. However, according to Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," Fitch applies a cap of 'RR3' to reflect its view that roughly 56% of 2025 EBITDA came from Canada (Group A) and 44% of 2025 EBITDA from Burkina Faso (Group D). Therefore, Fitch caps the instrument's RR at 'RR3', resulting in a 'BB-' rating for the first lien secured RCF. The unsecured notes recover at 'RR3', resulting in a 'BB-' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative FCF or a material deterioration in cost position or production profile; - EBITDA leverage sustained above 3.3x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Annual gold production sustained above 800,000 oz, with average all-in sustaining costs trending toward the lower half of the global cost curve and/or successful extension of the Essakane mine in the medium term; - EBITDA leverage sustained below 2.3. Liquidity and Debt Structure As of Dec. 31, 2025, IAG had USD421.9 million in cash on hand and USD445.7 million available under its USD650 million secured RCF maturing in 2028. The RCF is subject to early maturity dates if the 2028 note is not repaid or refinanced prior to the stated maturity date. Fitch expects FCF to be positive over the forecast. RCF financial covenants include a total net debt ratio maximum of 3.5x, a senior secured debt ratio maximum of 2.0x, an EBITDA to interest ratio minimum of 3.0x, and a minimum liquidity of USD150 million. Fitch expects IAG to be in compliance with these covenants. Issuer Profile IAMGOLD is a mid-tier gold mining company with three operating gold mines: the Essakane mine in Burkina Faso, the Cote mine in Canada and the Westwood mine in Canada. 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 IAMGOLD Corporation. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- IAMGOLD Corporation LT IDR B+ Affirmed B+ senior unsecured LT BB- Upgrade RR3 B+ senior secured LT BB- Affirmed RR3 BB- IMAGE TECHNOLOGY: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Image Technology Consulting II, LLC 527 Ida Bess Avenue Desoto, TX 75115 Business Description: Image Technology Consulting II, LLC, based in DeSoto, Texas, provides parts, service, and consulting for medical imaging systems, including CT and MRI machines, with a focus on Philips and Siemens equipment. The company handles installation, de-installation, inspections, technical troubleshooting, and mobile storage, maintaining a comprehensive inventory of replacement imaging parts. It serves hospitals, diagnostic centers, and clinics in the Dallas–Fort Worth area, offering third-party support and lifecycle management outside original equipment manufacturer channels. Chapter 11 Petition Date: March 29, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-41358 Judge: Hon. Mark X. Mullin Debtor's Counsel: Richard Grant, Esq. CM LAW LLP 13101 Preston Road, Suite 110-1510 Dallas TX 75240 Tel: 214-210-2929 E-mail: rgrant@cm.law Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Marshall Shannon as managing member. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PFFANQI/Image_Technology_Consulting_II__txnbke-26-41358__0001.0.pdf?mcid=tGE4TAMA INDITEX VENTURES: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division granted IndiTex Ventures, LLC interim authority to use cash collateral to continue operations. The court allowed the Debtor to use cash collateral strictly in accordance with an approved budget. Spending is limited to specified categories and cannot exceed 120% of budgeted amounts without consent or court approval. The Debtor is prohibited from paying pre-petition debts without court approval and must maintain transparency with LendingClub and the Office of the U.S. Trustee. LendingClub, a secured creditor, will be granted adequate protection in the form of replacement liens on post-petition assets and superpriority administrative claims to the extent of any diminution in the value of its collateral. Additionally, the Debtor must make monthly payments of approximately $2,500 and comply with strict financial reporting requirements, including bank statements, budgets, and operating reports. Termination events include failure to meet plan deadlines, violation of terms, or case dismissal or conversion. If a default occurs and is not cured within five business days after notice, the Debtor's right to use cash collateral immediately terminates. A final hearing is scheduled for April 20. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LD1hM from PacerMonitor.com. LendingClub, as secured creditor, is represented by: Patrick J. Schurr, Esq. Scheef & Stone, LLP 2600 Network Boulevard Suite 400 Frisco, TX 75034 Telephone: 214.472.2100 Telecopier: 214.472.2150 Patrick.schurr@solidcounsel.com About IndiTex Ventures LLC IndiTex Ventures LLC operates a Pet Supplies Plus franchise in Houston, Texas, providing retail pet products and grooming services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31376) on March 1, 2026. In the petition signed by Leticia Hess, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Jeffrey P. Norman oversees the case. William Haddock, Esq., at Pendergraft & Simon LLP, represents the Debtor as legal counsel. INSPIRED HEALTH: Lenders Push Back on Bid to Retain Raymond James ----------------------------------------------------------------- Emlyn Cameron of Law360 reports that six creditors have objected to Inspired Healthcare Capital's plan to retain Raymond James & Associates Inc., urging a Texas bankruptcy judge to withhold approval in the company’s Chapter 11 case. The creditors say the proposed engagement warrants closer scrutiny. In their objection, the creditors argue that the services outlined for Raymond James may overlap with those already performed by other advisors, creating the risk of unnecessary costs. They also questioned whether the retention is essential to the company’s restructuring efforts. The creditors asked the court to require additional disclosures and justification before allowing the engagement to proceed. A decision from the bankruptcy judge is pending and will determine whether the firm can move forward with hiring the investment bank, the report states. About Inspired Health Capital Fund Services, LLC Inspired Healthcare Capital operates as a private equity firm specializing in senior housing. Its portfolio includes 35 operating senior living communities in 14 states, providing housing and care services to roughly 2,620 residents across independent living, assisted living, and memory care settings. Inspired Health Capital Fund Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-90004) on February 2, 2026. In its petition, the Debtor reports $1 billion to $10 billion in both assets and liabilities. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Marcus Alan Helt, Esq. of Mcdermott Will & Schulte LLP. M. Benjamin Jones of Ankura Consulting Group, LLC serves as Financial Advisor/CRO. Raymond James & Associates, Inc. serves as Investment Banker.Epiq Corporate Restructuring, LLC serves as Claims Agent. Realty Cap Advisors, LLC serves as Equity Security Holders with 100% equity interest. JONGELLE LLC: Dwayne Murray Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 5 appointed Dwayne Murray, Esq., at Murray & Murray, LLC, as Subchapter V trustee for Jongelle, L.L.C. Mr. Murray 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. Murray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dwayne Murray, Esq. Murray & Murray, LLC 4970 Bluebonnet Blvd., Suite B Baton Rouge, LA 70809 Tel: (225) 925-1110 Fax: (225) 925-1116 Email: dmm@murraylaw.net About Jongelle L.L.C. Jongelle, L.L.C., doing business as Spectacular Tubers, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 26-10221) on March 18, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Michael A. Crawford presides over the case. Ryan James Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. JOSEPHINES RESTAURANT: Gets Extension to Access Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, granted Josephines Restaurant Inc. third interim approval to use cash collateral. The court authorized interim use of the purported cash collateral of Newtek Bank, National Association for the period from March 27 through May 1, strictly in accordance with the approved budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $48,625. The order imposes several conditions to protect Newtek's interests, including allowing inspections of the Debtor's books and records, maintaining insurance on the collateral, providing proof of collateral upon request, and properly maintaining the collateral. In addition, Newtek will be granted replacement liens and security interests on post-petition property of the Debtor or its bankruptcy estate, preserving the lender's priority and protections during the bankruptcy case. The order is available at https://shorturl.at/BnLPw from PacerMonitor.com. A further interim hearing is scheduled for April 27. As of the petition, the Debtor's cash collateral consists of cash ($18,000) and inventory ($6,200) such as liquor, food and supplies in which Newtek holds an interest. The Debtor owes Newtek approximately $756,000. Josephines Restaurant sought Chapter 11 protection after rising food costs and a post-COVID drop in revenue led it to take on high-interest merchant cash advance loans with frequent payments. Newtek Bank is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com About Josephines Restaurant Inc. Josephines Restaurant Inc. operates the restaurants La Rosa Pizza and Tick Tock Tacos in Skokie, Illinois, providing casual dining services. La Rosa Pizza serves Italian and American cuisine, including pizzas, pastas, salads, and sandwiches, while Tick Tock Tacos focuses on Mexican-style dishes such as tacos, burritos, and quesadillas. Both establishments offer catering services and operate from the same location. Josephines Restaurant sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00909) on January 20, 2026. In its petition, the Debtor reported between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. JSL TRUCKING: Commences Chapter 7 Bankruptcy in California ---------------------------------------------------------- On March 13, 2026, JSL Trucking, Inc., filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About JSL Trucking, Inc. JSL Trucking, Inc. is a transportation company providing trucking and logistics services across regional and national routes. JSL Trucking, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00993) on March 13, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge J. Barrett Marum handles the case. The Debtor is represented by Marco Antonio Rodriguez, Esq. of Chula Vista Law. KBS REAL ESTATE: Posts Wider Net Loss of $78.8 Million in 2025 -------------------------------------------------------------- In a Form 10-K filing with the Securities and Exchange Commission, KBS Real Estate Investment Trust III, Inc., reported a net loss of $78.76 million for 2025 on revenue of $249.96 million, compared with a net loss of $10.85 million on revenue of $277.67 million in 2024. The Newport Beach, California-based REIT disclosed that as of Dec. 31, 2025, it held $1.56 billion in total assets, $1.39 billion in total liabilities, and $177.80 million in stockholders' equity. In its audit report dated March 27, 2026, Ernst & Young LLP issued a going concern opinion, citing $1.3 billion of loan maturities and required principal paydowns within one year of the financial statements' issuance. Net cash used in operating activities totaled $6.1 million in 2025, a shift from $7.7 million provided in 2024. The company attributed the change mainly to the timing of payments and cash receipts, as well as property sales in 2024 and 2025 and $6.6 million of interest rate swap settlement proceeds received in 2024. Investing activities generated $195.3 million in 2025, led by $220.1 million of net proceeds from the sale of Sterling Plaza and Park Place Village, partly offset by $24.8 million spent on property improvements. During 2025, cash used in financing activities reached $168.6 million, reflecting $188.7 million in principal payments on notes payable and $11.0 million in deferred financing costs, partially offset by $31.1 million in proceeds from new borrowings. The company said that if it is unable to meet the terms of its loan agreements, it expects to pursue additional refinancing or debt restructuring, or carry out further asset sales to repay obligations, though it noted there is no assurance such efforts would be successful. It added that it may relinquish ownership of certain secured properties to mortgage lenders and could seek bankruptcy court protection to implement a restructuring plan, which would constitute an event of default under its debt. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1482430/000148243026000014/kbsriii-20251231.htm About KBS Real Estate Investment Trust KBS Real Estate Investment Trust III, Inc., headquartered in Newport Beach, California, is a Maryland corporation taxed as a REIT. Formed in 2009, it conducts operations primarily through KBS Limited Partnership III. As of Dec. 31, 2025, the company owned 12 U.S. office properties and held an investment in a Singapore real estate investment trust. Its focus remains on core office assets, and it has no paid employees. KENNEDY WILSON: Terminates Senior Note Exchange and Consents ------------------------------------------------------------ Kennedy-Wilson, Inc., a wholly-owned subsidiary of global real estate investment company Kennedy-Wilson Holdings, Inc. announced that it has elected to terminate, effective immediately, its previously announced offers to exchange any and all of its outstanding 4.750% Senior Notes due 2029, 4.750% Senior Notes due 2030 and 5.000% Senior Notes due 2031 for the Issuer's newly issued 6.125% Senior Notes due 2032 or 6.375% Senior Notes due 2034. The Issuer has also elected to terminate, effective immediately, its solicitation of consents to the adoption of certain amendments to the indentures governing the Existing Notes. As a result of the termination of the Exchange Offers, none of the Existing Notes that have been tendered in the Exchange Offers will be accepted for exchange for New Notes, and no New Notes will be issued to holders of Existing Notes who have validly tendered their Existing Notes in the Exchange Offers. In addition, as a result of the termination of the Consent Solicitations, the Proposed Amendments will not be adopted, and the Existing Notes will remain subject to the indentures that currently govern the Existing Notes. All Existing Notes validly tendered and not validly withdrawn will be promptly returned to the respective tendering holder. Consummation of the previously announced proposed acquisition of the Company by a consortium led by William McMorrow, Chairman and Chief Executive Officer of the Company, and certain other senior executives of the Company, together with Fairfax Financial Holdings Limited is not conditioned on the consummation of the Exchange Offers or Consent Solicitations. The Company currently expects the Merger to close in the second quarter of 2026. D.F. King & Co., Inc. served as the exchange agent and information agent for the now terminated Exchange Offers and Consent Solicitations. You should direct all questions and requests for assistance to D.F. King & Co., Inc. by phone (toll-free) at (800) 967-7635 or by email at kw@dfking.com. About Kennedy Wilson Kennedy Wilson (NYSE: KW) is a leading real estate investment company with $36 billion of assets under management in high growth markets across the United States, the UK and Ireland. Drawing on decades of experience, its relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $60 billion in total transactions across the property spectrum since going public in 2009. Kennedy Wilson owns, operates, and builds real estate within its high-quality, core real estate portfolio and through its investment management platform, where the company targets opportunistic equity and debt investments alongside partners. For further information, please visit www.kennedywilson.com. LENDINGTREE INC: S&P Upgrades ICR to 'B+', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on LendingTree Inc. to 'B+' from 'B'. S&P also raised its rating on its senior secured debt to 'B+' from 'B'. The recovery rating remains '3'. The stable outlook reflects S&P's expectations of steady annual improvements in leverage and FOCF, sustained by solid top-line increases and underlying margin stability. The 'B+' rating reflects better-than-expected earnings. LendingTree's year-end 2025 S&P Global Ratings-adjusted gross leverage of 3.5x was down from 5.6x in 2024, and FOCF to debt of 12% improved year over year from 9.4%. S&P said, "Our base case assumes revenues will increase about 15% in 2026, anchored by continued strength in the insurance segment's underlying operating environment and augmented by stable demand across its consumer and home segments, even amid lingering macroeconomic headwinds pressuring some personal and consumer finance products. We expect some near-term pressure in S&P Global Ratings-adjusted EBITDA margins due to increased investments in brand marketing and customer experience, partially offset by lower advertising expenses in its insurance segment relative to last year's elevated spending aimed at rapid scaling. We believe the combination of a stable EBITDA margin at 11%-11.5% over the next several years, broadly rising revenues, low capital intensity, and minimal cash taxes will increase FOCF to debt to 20%-25% in 2026 and 2027." Macroeconomic volatility could impede deleveraging efforts. Advertising revenue is particularly exposed to economic cyclicality, with operating performance highly dependent on consumer discretionary spending and macroeconomic conditions. However, LendingTree targets customers for its network partners across home mortgages, credit cards, auto loans, personal loans, insurance, and other financial offerings. Over the last three years, significantly outsized growth has expanded the insurance segment's share of total revenues to about 64% in 2025 from 30% in 2022. Across its other businesses, modest diversification enables it to offset at least some declines in one product with gains in another. For instance, in 2020, consumer segment revenue declined 51% due to lower demand for products such as credit cards and personal loans, but the home segment expanded 15% and insurance 17%, aided by low interest rates and an expanding client base. More recently, strong property and casualty insurance market tailwinds have more than offset pressures in home and commercial. But even within those segments, LendingTree improved the 2025 top line, with increased home-equity lending supporting growth in home despite weaker purchasing and refinancing. Consumer benefited from a larger emphasis on small and midsize business customers. S&P said, "Still, we believe deteriorating market conditions, particularly in insurance, could significantly contract earnings with deteriorating credit measures. Our assessment of LendingTree's financial risk profile reflects the potential for earnings volatility stemming from business cyclicality." The stable outlook on LendingTree reflects S&P's expectations of steady annual improvements in leverage and FOCF cash flow, sustained by solid top-line improvement and underlying margin stability. It also reflects sufficient cushion in credit measures to withstand some earnings volatility stemming from a market downturn. S&P could lower its outlook if it expects LendingTree to sustain leverage above 4x or FOCF to debt well below 10%. This could occur if: -- Macroeconomic conditions worsen, leading to declining user traffic and/or advertising spending from customer acquisition partners; or -- Increased competition from competitors, including generative AI platforms, reducing user traffic and subsequently revenue and EBITDA. S&P could raise its ratings on LendingTree over the next 12 months if: -- Macroeconomic pressures affecting consumer lending and the mortgage market ease, augmented further by ongoing strong property and casualty insurance improvement, sustaining revenue and EBITDA expansion; and -- S&P expects substantial FOCF, leverage maintained below 3x, FOCF to debt above 15%, and a financial policy supporting these metrics. LIGADO NETWORKS: Inmarsat Settlement Payment Placed into Escrow --------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has ordered a $100 million settlement payment from Ligado Networks to Inmarsat to be held in escrow after Ligado accused the satellite company of breaching their agreement. The decision prevents immediate distribution of the funds pending further court review. According to Ligado, Inmarsat did not fulfill key terms required under the settlement, prompting the debtor to seek judicial intervention. Inmarsat pushed back on the allegations, asserting that it upheld its contractual duties and should receive the payment without delay. The escrow arrangement ensures that the disputed funds remain secure while the court evaluates both sides' arguments. The judge's decision reflects an effort to protect the interests of the bankruptcy estate while the contractual dispute is resolved, the report states. About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LIPELLA PHARMACEUTICALS: Files for Ch. 11 to Pursue 363 Asset Sale ------------------------------------------------------------------ Lipella Pharmaceuticals Inc., a clinical-stage biotechnology company, announced on March 30, 2026, that it filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Western District of Pennsylvania (the "Court"). The Company intends to undergo a 363 sale process under Chapter 11 in order to maximize value for creditors. In connection with the Chapter 11 cases, the Company expects to seek customary "first-day" relief that, if approved by the Court, would allow it to continue day-to-day operations, including maintaining cash management systems and paying employee wages and benefits in the ordinary course. The Company will provide updates as appropriate throughout the restructuring process. About Lipella Pharmaceuticals Lipella Pharmaceuticals Inc. operates as a clinical-stage biotechnology company. The Company focuses on developing proprietary drug delivery platform that optimizes drug delivery to mucosal membranes for the treatment of cancer survivors. Lipella Pharmaceuticals serves customers in the United States. MAMA BIRD'S: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division entered a final order authorizing Mama Bird's Cookies N Cream, LLC to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral for necessary operating expenses such as payroll, rent, utilities, and inventory, in accordance with a court-approved budget. The Debtor may exceed individual budget line items by up to 10% without prior approval, but larger deviations require consent from secured creditors and the Bankruptcy Administrator. As adequate protection, secured creditors including the U.S. Small Business Administration and other lienholders will be granted post-petition replacement liens on the same assets as their pre-petition collateral, with the same validity and priority. The Debtor must also make monthly adequate protection payments of $200 to the SBA beginning this month. These liens are subject to a carveout for approved professional fees and expenses. The order imposes ongoing reporting and compliance obligations, including monthly budget submissions, financial disclosures, and maintaining insurance. Events of default under the final order include misuse of funds; appointment of a trustee or examiner; conversion of the Debtor's Chapter 11 case to a proceeding under Chapter 7; or failure to comply with the order. The final order is available at http://bankrupt.com/misc/MamaBirds_FinalCashCollOrder.pdf About Mama Bird's Cookies N Cream Mama Bird's Cookies N Cream, LLC, doing business as Mama Bird's Ice Cream, produces handcrafted ice cream and baked goods from its locations in Holy Springs and Apex, North Carolina, offering a range of rotating flavors that highlight traditional recipes with unique twists. The company emphasizes scratch-made desserts, including gluten-free options, and serves customers through its physical locations and a mobile unit. Its operations focus on creating a community-oriented environment, catering to local consumers and families seeking artisanal frozen treats. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00272) on January 20, 2026, with $321,096 in assets and $1,044,349 in liabilities. Lesley Richmond, managing member, signed the petition. Judge David M. Warren presides over the case. Laurie B. Biggs, Esq., at Biggs Law Firm, PLLC represents the Debtor as bankruptcy counsel. MAYAS INDUSTRIES: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------------- On March 28, 2026, Mayas Industries Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1 to 49 creditors. About Mayas Industries Inc. Mayas Industries Inc. is an industrial company. Mayas Industries Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41469) on March 28, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1,000,000 to $10,000,000. MOUNTAIN SPORTS: Court Okays Chapter 11 Liquidation Plan -------------------------------------------------------- Ben Zigterman of Law360 reports that A Delaware bankruptcy judge on Tuesday, March 31, 2026, confirmed the Chapter 11 liquidation plan of sports retailer Mountain Sports LLC, following approval from unsecured creditors. The ruling clears the way for the company to formally wind down and distribute its assets. Under the confirmed plan, a liquidation structure will be implemented to manage remaining assets and oversee payments to creditors. The support of unsecured creditors played a critical role in securing confirmation, as the plan outlines recoveries based on available proceeds from asset sales. The confirmation enables Mountain Sports to complete its bankruptcy process, including resolving claims and administering distributions. The decision brings the retailer closer to concluding its Chapter 11 case and finalizing its exit from the market, Law360 reports. About Mountain Sports Mountain Sports LLC, doing business as Bob's Stores, Eastern Mountain Sports, EMS, and Sport Chalet, is a sporting goods, hobby and musical instrument retailer. Mountain Sports LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11385) on June 18, 2024. In the petitions filed by David Barton, authorized representative, Mountain Sports disclosed between $10 million and $50 million in both assets and liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Goldstein & McClintock LLLP as counsel, and Silverman Consulting as financial advisor. The Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel and Morris James LLP as Delaware counsel. MULTI-COLOR CORP: Asks Court to Disband Creditors' Committee ------------------------------------------------------------ Multi-Color Corporation and its affiliates asked the U.S. Bankruptcy Court for the District of New Jersey to issue an order disbanding the official committee of unsecured creditors appointed in their Chapter 11 cases. In a motion, Michael Sirota, Esq., the companies' attorney, said the three-member committee appointed to represent the companies' unsecured creditors "serves none of the statutory purposes of a creditors' committee." Mr. Sirota questioned the composition of the committee, which is comprised of two duplicative holders of unsecured notes claims and one litigation claimant. On March 18, the U.S. Trustee for Regions 3 and 9 appointed UMB Bank, N.A., Shenkman Capital Management, Inc. and James Castillo to serve as committee members. UMB, as successor indenture trustee, asserts about $1.2 billion in claims on behalf of unsecured noteholders, representing the notes' full outstanding principal as of the petition date. Shenkman, part of the minority holdout group, held $137.3 million in 2027 unsecured notes and $6.9 million in 2029 unsecured notes as of March 2. Meanwhile, Mr. Castillo, a plaintiff in a class action in Sacramento Superior Court, holds a contingent, unliquidated general unsecured claim that will be reinstated under the companies' joint prepackaged Chapter 11 plan and is, therefore, unimpaired. "The committee is unnecessary to advance the interests of a discrete group of financial stakeholders comprising sophisticated financial institutions because that task is already being carried out by the minority holdout group and the minority first lien group, with the assistance of multiple global law firms and other advisors," Mr. Sirota said in a court filing. "The financial burden required to support the committee will place these already cash-strapped Chapter 11 cases under further liquidity pressure and jeopardize the reinstatement of general unsecured claims that serves as the core of the plan," the attorney further said. Mr. Sirota said, "The committee cannot possibly negotiate for a better deal for holders of general unsecured claims, including for the benefit of the sole individual holder of a general unsecured claim on the committee -- general Unsecured claims are riding through these Chapter 11 cases unaffected." The ad hoc group of secured first-lien lenders and noteholders expressed support for the disbandment of the committee, saying its appointment is both "untimely and unnecessary." "The unsecured creditors already have voted in favor of the plan, which means there is absolutely nothing for an official committee to do for this constituency, other than make mischief. And even if there were work to be done on behalf of unsecured creditors, that constituency is already adequately represented," the ad hoc group said. Based on the March 17 voting report, all voting classes overwhelmingly supported the plan, with over 96% of first-lien secured claims and more than 83% of junior funded debt claims voting in favor. No impaired class rejected the plan. The plan states that general unsecured claims are unimpaired and will be paid in the ordinary course as if no Chapter 11 cases had been filed. A court hearing is scheduled for April 7. The ad hoc group is represented by: Matthew E. Beck, Esq. Thomas M. Walsh, Esq. Sam Della Fera, Jr., Esq. CHIESA SHAHINIAN & GIANTOMASI PC 105 Eisenhower Parkway Roseland, NJ 07068 Telephone: (973) 325-1500 Facsimile: (973) 325-1501 mbeck@cgslaw.com twalsh@csglaw.com sdellafera@csglaw.com -and- Evan R. Fleck, Esq. Matthew Brod, Esq. Alexander Lees, Esq. Justin Cunningham, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001-2163 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 efleck@milbank.com mbrod@milbank.com alees@milbank.com jcunnin1@milbank.com -and- Melanie Westover Yanez, Esq. Hannah A. Blazek, Esq. MILBANK LLP 1101 New York Avenue, N.W. Washington, D.C. 20005 Telephone: (202) 835-7500 mwyanez@milbank.com hblazek@milbank.com About Multi-Color Corporation Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped Kirkland & Ellis LLP and Cole Schotz PC as legal counsel, Evercore as investment banker, AlixPartners as financial advisor, PwC US Tax LLP as tax services provider, and PricewaterhouseCoopers Advisory Services LLC as margin reporting review services provider. Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.'s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as its financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. MUTINY BBQ: Brian Hofmeister Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Brian Hofmeister, Esq., as Subchapter V trustee for Mutiny BBQ Company, LLC. Mr. Hofmeister will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hofmeister declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian W. Hofmeister, Esq. 3131 Princeton Pike Building 5, Suite 110 Lawrenceville, NJ 08648 Phone: (609) 890-1500 Email: bwh@hofmeisterfirm.com About Mutiny BBQ Company LLC Mutiny BBQ Company, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-12938) on March 18, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Jonathan Goldsmith Cohen, Esq., at I. Mark Cohen Law Group represents the Debtor as legal counsel. NEARSHORE NETWORK: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas issued a final order allowing Nearshore Networks, Inc. to use cash collateral to maintain operations and preserve the value of its assets during the restructuring process. Under the final order, the Debtor is permitted to use cash collateral only in accordance with a court-approved budget for the period from March 23 through July 19. The funds may be used to cover necessary operating expenses such as payroll, rent, taxes, and materials, as well as required payments to the Subchapter V trustee. Several lenders claim secured interests in the Debtor's assets, including First State Bank (Clute Branch) and Agile Capital Funding LLC, along with entities represented by CT Corporation System. Additional creditors such as First National Bank Texas, 2M7 Financial Corp., and Fox Funding Group, LLC assert claims but may lack properly filed financing statements. These creditors collectively claim interests in the Debtor's accounts, proceeds, and future receipts. As adequate protection, the court granted secured creditors replacement liens on post-petition assets and proceeds except bankruptcy recoveries, subject to professional fee carveouts. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/zM9nc from PacerMonitor.com. About Nearshore Networks, Inc. Nearshore Networks, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-31567) on March 8, 2026, with $100,001 to $500,000 in assets and $ million to $10 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by: Joseph G. Epstein, Esq. Joseph G. Epstein Tel: 713-222-8400 Email: joe@epsteintexaslaw.com NICKLAUS COMPANIES: Closes Sale to Jack Nicklaus-Backed 20 Majors ----------------------------------------------------------------- Nicklaus Companies LLC, home to some of the most prestigious global brands in golf, and a worldwide leader in golf-course design, announced on March 27, 2026, that it has successfully closed on the sale of substantially all of its assets, including its licensing and design businesses, to 20 Majors, LLC, an investment group led by Jack Nicklaus. The sale followed a robust chapter 11 sale process, which culminated in an auction at which 20 Majors was the successful bidder. On March 9, 2026, the sale was approved by the U.S. Bankruptcy Court for the District of Delaware. The sale also encompasses a global resolution of ongoing litigation amongst Jack Nicklaus and the Company's prepetition investor, PMP Nick LLC. The sale represents a new chapter for the iconic Jack Nicklaus(TM), Golden Bear(TM) and Nicklaus(TM) brands as well as the world-class golf-course design business that bears Mr. Nicklaus' name. 20 Majors is committed to continuing the Company's proud legacy of commitment to the game of golf, growing the Company's business and brands, and making golf more approachable and enjoyable for all. 20 Majors' business lines will continue to include golf-course design, golf and real estate community development, and the marketing and licensing of lifestyle products worldwide under the iconic Jack Nicklaus and Golden Bear brands. Alan Carr, independent manager of the Company, said: "We are thrilled to see Nicklaus Companies' iconic merchandising and design businesses reunited with the Nicklaus family. The sale represents a major step forward in the Company's mission to deliver world-class products and services and grow the game of golf." Spencer Wells, independent manager of the Company, said: "We are proud to have been able to guide this case to a place where years of complex litigation is being put to bed, and of course, we're thankful to the Company's management team, employees, and all advisors involved for their tireless efforts." "While this moment is about the future, my family and I will be eternally grateful to our attorneys at Stearns Weaver Miller, Gene Stearns, Matt Buttrick, Cecilia Duran Simmons, and Albert Lichy for their passionate advocacy on our behalf over the last four years," Mr. Nicklaus said. A spokesperson for PMP Nick LLC, said: "Our main concern has always been with Nicklaus Companies and its employees, many of whom have worked at the company for decades, dedicating their lives to promoting and enhancing Jack Nicklaus' legacy and brand. Putting this matter behind us is in the best interest of everyone -- especially those dedicated employees. We're confident their dedication will continue to be rewarded under new ownership." He added: "We wish Gary Nicklaus and his team, as well as Jack and the entire Nicklaus family, all the best." Phil Cotton, Nicklaus Companies Chief Executive Officer, added: "I would like to thank all our employees for their hard work and professionalism and our clients for their unwavering support during this period. The iconic brands and associated businesses are best in class and are poised for continued growth for many years to come." Advisors The Company's sale and restructuring are being overseen by an independent Special Committee comprised of L. Spencer Wells and Alan J. Carr of Drivetrain, LLC and the Company was advised by Weil, Gotshal & Manges LLP and Richards, Layton & Finger P.A. as legal counsel, Cassel Salpeter & Co. as investment banker, and Alvarez & Marsal LLC as financial advisor. 20 Majors was advised by Morris, Nichols, Arsht & Tunnell LLP as legal counsel and Raymond James & Associates, Inc. as investment banker. Jack Nicklaus was advised by Stearns Weaver Miller and Cole Schotz. PMP Nick LLC (the Company's prepetition lender) was advised by Kirkland & Ellis LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel. About Nicklaus Companies LLC Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. It operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. Nicklaus Companies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NORTH STAR: Secures $15MM from NY State in the Next 2 Months ------------------------------------------------------------ Lexi Bruening of 7 News reports that North Star Health Alliance's recent bankruptcy hearing in Syracuse was short but full of positive developments. The presiding judge described the situation as "fantastic" and "wonderful news." The New York State Department of Health transferred $1.3 million to North Star on March 25, 2026, the first installment of a state-approved funding program that could deliver up to $15 million over the next eight weeks as the health system navigates its Chapter 11 proceedings. The funding comes with requirements: North Star must engage fully with its new financial advisor, Accordion, and apply for debtor-in-possession (DIP) financing, emergency funds that allow operations to continue during restructuring. The DOH also expects the hospital group to explore potential partnerships to strengthen its finances. Lawyers emphasized that the case has advanced significantly compared with the previous week, according to report. According to court filings, North Star's three facilities face projected 13-week deficits totaling $16.5 million. Carthage Area Hospital is expected to run a $11.5 million deficit, Claxton-Hepburn Medical Center nearly $5 million, and Meadowbrook Terrace about $60,000 by June 12, 2026. The projections underscore the critical role of the state funding and DIP financing in maintaining operations while the bankruptcy plan moves forward, the report states. About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. NORTHWEST WATERPROOFING: Gets Final OK to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon entered a final stipulated order allowing Northwest Waterproofing, LLC to use cash collateral. The order reflects agreement among the Debtor and secured lenders, including U.S. Bank National Association, CAN Capital Inc., and Vox Funding, LLC. Under the order, the Debtor is authorized to use cash collateral strictly in accordance with an approved budget, with a 10% variance cap per line item. In exchange, the secured creditors will receive replacement liens on post-petition assets, maintaining the same priority and validity as their pre-petition liens without improving their position. As adequate protection, the Debtor must make monthly payments to U.S. Bank, including interest payments and $5,000 installments toward legal fees and costs. The Debtor also must maintain accounts with U.S. Bank, provide regular financial reporting, and grant lender access to its books and records. The order imposes strict controls, including maintaining a $50,000 adequate protection reserve, segregating certain receivables, and automatic termination of cash collateral use upon default or budget violations. The final stipulated order remains effective unless modified. About Northwest Waterproofing LLC Northwest Waterproofing LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-33899-thp11) on November 20, 2025. In the petition signed by Richard Dowers, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Teresa H. Pearson oversees the case. Noah Bishop, Esq., at Bishop Bankruptcy Law, LLC, represents the Debtor as legal counsel. OFFICE PROPERTIES: Reaches Chapter 11 Exit Plan Deal with Creditors ------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that the counsel for Office Properties Income Trust said Tuesday, March 31, 2026, that a recently reached deal with certain creditors is a key component of the company's Chapter 11 process, urging a Texas bankruptcy judge to back the agreement. The attorneys explained that the deal resolves potential conflicts with creditors and lays the groundwork for a smoother restructuring process. By securing creditor support, the debtor aims to minimize delays and avoid protracted litigation. They argued that the agreement is in the best interests of the estate and its stakeholders, providing a viable path forward as the company navigates its financial restructuring. The court will determine whether the deal should be approved, the report states. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OSCAR TRANSPORTATION: Commences Chapter 7 Bankruptcy in New Jersey ------------------------------------------------------------------ On March 16, 2026, Oscar Transportation LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Oscar Transportation LLC Oscar Transportation LLC is a transportation company engaged in providing freight and logistics services. Oscar Transportation LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12887) on March 16, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The Debtor is represented by Aiden Murphy, Esq. of Scura, Wigfield, Heyer, Stevens & Cammarota LLP. PACIFIC RIM: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Pacific Rim Winemakers, Inc. 8111 Keene Road West Richland, WA 99353-7202 Business Description: Pacific Rim Winemakers, Inc., doing business as Pacific Rim & Company, is a West Richland, Washington-based wine producer that makes Riesling-focused wines ranging from dry to dessert styles. A member of Banfi Vintners' U.S. portfolio, the company produces labels including Pacific Rim Dry Riesling, Rainstorm, Silver Raven, and Thick Skinned from grapes sourced in the Columbia and Yakima valleys. Chapter 11 Petition Date: March 30, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-71230 Judge: Hon. Sheryl P Giugliano Debtor's Counsel: Alex Spizz, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway 11th Floor New York, NY 10018 Tel: (212) 216-8000 Email: aspizz@tarterkrinsky.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Cristina Mariani-May a vice president. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HLV7OVQ/Pacific_Rim_Winemakers_Inc__nyebke-26-71230__0001.0.pdf?mcid=tGE4TAMA PARKERVISION INC: Going Concern Persists Despite Lower FY2025 Loss ------------------------------------------------------------------ ParkerVision, 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 audited report contains a blunt warning: "Our financial condition raises substantial doubt as to our ability to continue as a going concern." With the exception of the year ended December 31, 2023, the Company has incurred significant losses from operations and negative cash flows in every year since inception, largely as a result of its significant investments in developing advanced technologies and protecting its intellectual property. ParkerVision said, "We have utilized the proceeds from sales of debt and equity securities and contingent funding arrangements with third parties to fund our operations, including the cost of litigation to enforce our intellectual property rights. At December 31, 2025, we had cash and cash equivalents of approximately $4.4 million, working capital of $2.3 million, and an accumulated deficit of approximately $455.6 million." "For the year ended December 31, 2025, we incurred a net loss of approximately $7.4 million (compared to $14.5 million in 2024) and used cash for operations of approximately $5.1 million. A significant amount of future proceeds that we may receive from our patent enforcement and licensing programs will be utilized to repay borrowings, legal fees, and litigation expenses under our contingent funding arrangements. We have $0.9 million in convertible debt, at conversion prices ranging from $0.08 to $0.13 per share, with maturity dates between July 2026 and January 2027 that we anticipate will be converted or extended in accordance with the current terms of the notes. "Additionally, we issued 3.3 million shares of our common stock in March 2026 in satisfaction of $0.7 million in convertible debt and related accrued interest that matured in March 2026. Although all of our remaining convertible notes have conversion prices that are below the market price of our common stock, conversion is at the option of the holder and there can be no assurance that the holders will exercise their conversion option prior to maturity. "Our independent registered public accounting firm has included in their audit report an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. Atlanta, Georgia-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 23, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. "We used cash for operations of approximately $5.1 million and $3.2 million for the years ended December 31, 2025 and 2024, respectively. The increase in cash used for operations from 2024 to 2025 is primarily due to reductions in wages payable and other accrued liabilities from 2024 to 2025, along with an increase in prepaid insurance and prepaid services in 2025." "We paid approximately $0.1 million and $0.2 million in debt obligations during the years ended December 31, 2025 and 2024, respectively. During the years ended December 31, 2025 and 2024, we received aggregate net proceeds from equity-based financings and option and warrant exercises of approximately $4.8 million and $5.8, respectively. "Significant portions of our litigation costs to date have been funded by contingent payment arrangements with legal counsel. Fee discounts offered by legal counsel in exchange for contingent payments upon successful outcome in our litigation are not recognized in expense until such time that the related proceeds on which the contingent fees are payable are considered probable. Contingent fees vary based on each firm's specific fee agreement. We currently have contingent fee arrangements in place for all of our active cases. "In addition to our contingent fee agreements with legal counsel, we have secured and unsecured contingent payment obligations to third parties that have priority payments due from patent-related proceeds... "Based on our current outstanding legal proceedings, funding arrangements and contingent payment arrangements, we estimate that up to 100% of our initial future proceeds will be used to repay contingent payment arrangements at least until the first $5.8 million of outstanding principal under our secured contingent payment obligation has been repaid. After repayment of $5.8 million in principal, we estimate that at least 75% of future proceeds could be payable to others until such time that certain minimum repayments have been achieved or our non recourse note matures in August 2028. The amount of proceeds payable to others depends on the proceeding and the nature, amount and timing of proceeds, among other factors. "Patent enforcement litigation is costly and time-consuming, and the outcome is difficult to predict. We expect to continue to invest in the support of our patent enforcement and licensing programs. We expect that cash flows generated from proceeds received from patent enforcement actions and/or technology licenses in 2026, after deduction of contingent payment obligations, may not be sufficient to cover our operating expenses and debt repayment obligations. "In the event we do not generate revenues, or other patent-related proceeds, sufficient to cover our operational costs and contingent repayment obligations, we will be required to raise additional working capital through the sale of debt or equity securities or other financing arrangements. "The long-term continuation of our business plan is dependent upon our ability to secure sufficient financing to support our business, and our ability to generate revenues and/or patent-related proceeds sufficient to offset expenses and meet our contingent payment obligations and other long-term debt repayment obligations. "Failure to generate sufficient revenues, raise additional capital through debt or equity financings, and/or reduce operating costs could have a material adverse effect on our ability to meet our short and long-term liquidity needs and achieve our intended long-term business objectives." Jeffrey Parker, CEO of ParkerVision, commented, "We began 2025 on the heels of a favorable appellate court ruling in our Qualcomm case that we anticipated would lead to a much-awaited jury trial in 2025. Unfortunately, following the remand from the federal circuit, the district court decided to allow Qualcomm a third chance at claim construction in an over ten-year old, trial-ready case, and furthermore ruled that a 'generating limitation,' which imposes a requirement that does not appear anywhere in the alleged infringing patent specifications or claims, should be added to each of the receiver patent claims currently under appeal. This resulted in a stipulation of noninfringement of our receiver claims and, ultimately, a return to the appellate court. We are pleased that the appellate court granted our motion for an expedited appeal, and we remain optimistic that we will once again receive a favorable decision." Mr. Parker continued, "Meanwhile, we, along with our litigation team, were in Waco, Texas a week ago anticipating the start of our first of three jury trials against MediaTek. In a pre-trial hearing held just days before scheduled jury selection, the judge requested that our damages expert provide additional support in certain areas of his damages calculations, resulting in a postponement of the trial. The court indicated it would reset a pretrial and trial schedule once the parties have updated the expert reports and related briefings. We have been looking forward to sharing the merits of our case with a jury and are, of course, disappointed that the trial was postponed. However, we feel that the guidance from the court provides us with an opportunity to further strengthen the expert reports for this and all future cases in this district. Despite the delay in the MediaTek case, we still believe that 2026 will be a pivotal year for ParkerVision's patent enforcement activities." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/msuncvvf About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. As of December 31, 2025, the Company had $5.4 million in total assets, $50.5 million in total liabilities, and $45.1 million in total shareholders' deficit. PATRIOT DSP: Frances Smith Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Patriot DSP, LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Patriot DSP LLC Patriot DSP, LLC, a company based in North Richland Hills, Texas, is an independent last-mile logistics operator delivering parcels and freight for Amazon as a Delivery Service Partner under FMCSA authority. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-41165) on March 16, 2026, with $245,839 in assets and $2,346,648 in liabilities. Blake Vaughn, owner, signed the petition. Judge Mark X. Mullin presides over the case. Robert C. Lane, Esq. at The Lane Law Firm represents the Debtor as bankruptcy counsel. PITTS FUNERAL: Seeks Chapter 11 Bankruptcy with Huge Unpaid Taxes ----------------------------------------------------------------- Ed Palattella of Erie Times-News reports that the Erie-based Pitts Funeral Home & Cremation Services Inc., also operating in Aliquippa, is undergoing Chapter 11 bankruptcy as it faces financial strain. Court records show the funeral home may surrender its Pine Avenue property in Erie to pay creditors, but attorney Rodney Shepherd noted that no final determination has been made. Owner Antonio Pitts affirmed that the business will continue operating, stating, "We are going to stay in business." The filing lists total assets of $545,000 and liabilities of $631,728, which includes unpaid property taxes of $30,000. Major creditors include the IRS, Huntington Bank, and Bridgeway Capital, while smaller debts are owed to suppliers and local agencies such as the Erie County Coroner's Office. The Chapter 11 filing currently protects the business from immediate liquidation or forced sales. The funeral home purchased the Pine Avenue property in 2015 for $228,800, and it is currently valued at approximately $275,000. Shepherd explained that surrendering the property could trigger a sale, but the decision depends on whether the case remains in Chapter 11 or is converted to Chapter 7, which would require liquidation of assets. The Office of the U.S. Trustee had earlier requested conversion due to lack of insurance, the report relays. Judge Carlota M. Bohm appointed trustee William G. Krieger to supervise the bankruptcy, with Krieger seeking accounting support to review the estate. A hearing on the trustee's recommendation is scheduled for April 15, 2026. Shepherd said the funeral home now has insurance coverage in place, and Antonio Pitts confirmed the business's commitment to continue providing funeral and cremation services during the bankruptcy process, according to report. About Pitts Funeral Home & Cremation Service, LLC Pitts Funeral Home & Cremation Service, LLC is a licensed funeral home serving families in southwestern Pennsylvania with funeral and cremation services. Pitts Funeral Home & Cremation Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Pa. Case No. 25-23211 CMB) on November 25, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Honorable Judge Carlota M. Bohm oversees the case. Rodney D. Shepherd, Esquire serves as the Debtor's legal counsel. PRECIOUS GEMS: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered a final order authorizing Precious Gems Academy, Inc. to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with an approved operating budget after determining that it lacks sufficient unencumbered funds to maintain operations. The Debtor projects total operational expenses of $132,652 for April. The primary secured creditor, PNC Bank, holds approximately $60,723.44 in secured debt and maintains collateral rights in funds held in the Debtor's PNC account. Under the order, PNC Bank may continue an administrative hold on $30,000 in the account, and the Debtor may use only funds exceeding that amount unless further court approval is obtained. As adequate protection for the use of its collateral, PNC Bank will be granted several protections, including monthly adequate protection payments of $1,200, replacement liens on post-petition assets, continuing security interests in deposited funds, and preserved setoff rights subject to the automatic stay. These replacement liens are deemed automatically perfected upon entry of the order without additional filings. The order also establishes protections for other secured creditors and creates a limited carve-out for statutory fees, subchapter V trustee expenses, and potential Chapter 7 trustee fees. The order is available at http://bankrupt.com/misc/PreciousGems_FinalCashCollOrder.pdf About Precious Gems Academy, Inc. Precious Gems Academy, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.Y. Case No. 26-11503) on Feb. 10, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Karen Villacari as director. Judge Michael B. Kaplan oversees the case. The Debtor is represented by: Andrew J. Kelly, Esq. The Kelly Firm, P.C. 732-449-0525 akelly@kbtlaw.com PRESENTATION MEDIA: Unsecureds Will Get 10% of Claims in 72 Months ------------------------------------------------------------------ Presentation Media, Inc., filed with the U.S. Bankruptcy Court for the Central District of California an Original Disclosure Statement describing Chapter 11 Plan dated March 23, 2026. PMI was founded in 1969 to provide presentation visual aids to the aerospace and defense industry for companies such as Hughes (now Raytheon, Boeing, and DirecTV), Northrop Grumman, and NASA. Nathan Nielson holds a 50% interest in the Debtor and his spouse holds the other 50% interest. Mr. Nielson operates the business. Prepetition, Nielson Properties owned the building in which the Debtor operated its business. Prepetition, Nielson Properties was merged into the Debtor. To the extent the Debtor paid monies to any merchant cash advance company ("MCA"), the Debtor will retain the right as the Reorganized Debtor, to bring suit against any MCA for avoidances, for fraud and for other legal claims. Prepetition the Debtor paid monies to AMEX and to Citibank for credit card charges made for the Debtor for the Debtor's business needs. The sums paid are substantial and the Debtor retains the power to sue them post-confirmation. The financial projections demonstrate the Debtor can pay its bills as they come due plus have monies to make plan payments. Prepetition losses have shifted to some profitability post petition. The Debtor has implemented procedures to improve its business operation. Prior to filing Chapter 11, the debtor's reporting was not reliable for a number of reasons. The filing of Chapter 11 motivated the owner to learn and necessitate changes which were implemented quickly, yet required time and effort to settle in to new and correct practices. Lower revenue and higher margins are central to the debtor's new business plan. Accordingly, this plan estimates revenue at 340-360K per month. The annual growth rate ranges between 1-3% beginning in year 2. Class 4 consists of General Unsecured Creditors. Based upon unsecured claims of $6,433,549.84. The unsecured claims are paid at 10% beginning in month 10 in the amount of $2,145/month in years 1-3, $8,578/month in year 4, $10,723/month in year 5, and $14,754/month in years 6-7 with an adjustment of $257 in the final payment. A total of $643,355 is paid during the 72-month plan. The percentage stated above is estimated. The Debtor is paying a set amount of money which the Debtor believes will amount to 10%. The actual percentage may be higher or lower and this depends on any rejection claims being filed, any secured claims being reclassified or any unsecured claims being amended. As to any contractual provision in any writing, entered into prepetition and/or through the Plan's Effective Date with the Debtor and that asserts an entitlement to attorneys' fees and costs against the Debtor, such provision is nullified and of no legal force from and after the Effective Date. The Plan will be funded by the Debtor's business operation. The Debtor anticipates having $150,000 on hand from ongoing operations. The Debtor does not intend to sell any assets in order to fund the Plan. A full-text copy of the Original Disclosure Statement dated March 23, 2026 is available at https://urlcurt.com/u?l=jCRqHW from PacerMonitor.com at no charge. Counsel to the Debtor: Steven R. Fox, Esq. The Fox Law Corporation Inc. 17835 Ventura Blvd., Ste. 306 Encino, CA 91316 Telephone. (818) 774-3545 Facsimile: (818) 774-3707 Email: Srfox@Foxlaw.com About Presentation Media Inc. Presentation Media Inc. provides visual presentation solutions and manufacturing services primarily for the aerospace and defense sectors, including clients such as Hughes (now Raytheon), Boeing, Northrop Grumman, and NASA, and has since expanded to newer clients like SpaceX, Tesla, Honda, and Lyft. Operating from its Los Angeles facility, the Company produces large-format graphics, dimensional letters, signs, 3D printing, sculptural art, and trade show or museum exhibits, while offering services including 3D modeling, graphic and interior design, exhibit design, engineering, digital media, and onsite consultation. PMI also works with strategic partners that do not have sufficient production capacity, fulfilling orders on their behalf and maintains its signature "Midnight Express" overnight production service to deliver projects by the start of clients' business days. Presentation Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-17723) on Sept. 2, 2025. In its petition, the Debtor reported total assets of $5,990,852 and total liabilities of $12,204,312. Judge Sheri Bluebond oversees the case. The Debtor is represented by Steven R. Fox, Esq., at The Fox Law Corporation. PSS TRUCKING: Case Summary & Six Unsecured Creditors ---------------------------------------------------- Debtor: PSS Trucking, Inc. 640 Bailey Rd Pittsburg, CA 94565 Business Description: PSS Trucking, Inc. provides freight transportation services in Pittsburg, California, handling general and temperature-controlled cargo including fresh produce and intermodal shipments. Chapter 11 Petition Date: March 28, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-40651 Judge: Hon. Charles Novack Debtor's Counsel: Lars Fuller, Esq. THE FULLER LAW FIRM PC 60 N Keeble Avenue San Jose, CA 95126 E-mail: lars@fullerlawfirm.net Total Assets: $26,000 Total Liabilities: $2,479,331 The petition was signed by Parmvir Sidhu as president. A full-text copy of the petition, which includes a list of the Debtor's six largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ONIO6OY/PSS_Trucking_Inc__canbke-26-40651__0001.0.pdf?mcid=tGE4TAMA PSS TRUCKING: Commences Chapter 11 Bankruptcy in California ----------------------------------------------------------- On March 28, 2026, Pss Trucking, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1 to 49 creditors. About Pss Trucking, Inc. Pss Trucking, Inc. is a transportation and trucking company. Pss Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40651) on March 28, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Charles Novack handles the case. The Debtor is represented by Lars T. Fuller, Esq. of The Fuller Law Firm. RAVELIN PROPERTIES: Agrees to $1.1B Acquisition by Clarke Inc. -------------------------------------------------------------- Clarke Inc. announced that they have entered into an arrangement agreement, pursuant to which Clarke has agreed to acquire all of the outstanding units of the REIT and all of the REIT's outstanding 9.00% convertible unsecured subordinated debentures, 5.50% convertible unsecured subordinated debentures and 7.50% convertible unsecured subordinated debentures by way of a Court approved plan of arrangement. The Transaction values Ravelin at $1.1 billion, including the assumption of debt, and the pro-forma entity at a combined $1.7 billion. Pursuant to the Arrangement Agreement: (i) holders of the REIT Units will receive approximately 0.582 common shares of Clarke for each 1,000 REIT Units held; (ii) holders of REIT Debentures will receive approximately 14.562 Clarke Shares for each $1,000 principal amount of REIT Debentures held; and (iii) Early Consenting Debentureholders will receive a pro rata allocation of an aggregate 150,000 Clarke Shares in respect of the principal amount of REIT Debentures held by such Early Consenting Debentureholder. Based on Clarke's share price, the consideration to be received by REIT Debentureholders (including Early Consenting Debentureholders) represents a premium of 93% to the 20-day volume-weighted average trading price of the REIT Debentures, and a premium of 171% to the closing price of the REIT Debentures on the Toronto Stock Exchange on March 26, 2026, the day prior to this announcement. As previously disclosed, the REIT, led by an independent committee of its trustees, has been evaluating available alternatives to address its continuing financial difficulties, including the current defaults on its existing indebtedness and its ongoing capital requirements. The Transaction is the result of extensive negotiations not only between the Special Committee and Clarke, but also among the Special Committee, G2S2 Capital Inc. and the REIT's other stakeholders regarding the terms of an acceptable recapitalization plan. "After considering with our external financial and legal advisors the strategic and viable financial alternatives available to Ravelin, the Board determined that this Transaction is in the best interests of Ravelin and its stakeholders given the current and go forward solvency and leverage challenges facing the REIT," said Calvin Younger, Chair of the Board of Trustees of the REIT. "The Transaction will be a great outcome for both companies. It gives Ravelin securityholders the benefit of Clarke's strong, well-capitalized platform and provides an immediate solution for the capital and liquidity pressures facing the REIT. It will allow Ravelin's management team to focus on what matters most - improving the portfolio's performance, attracting new tenants, and restoring occupancy -- rather than being distracted by liquidity and lender defaults" said Tom Casey, Chief Financial Officer of Clarke. "The acquisition will result in a company with diversified geographic exposure and scale, which will provide Clarke shareholders -- new and existing -- with significant upside and liquidity." Clarke expects to issue 2,500,000 Clarke Shares as part of the Transaction, representing approximately 19.3% of the outstanding Clarke Shares. Upon completion of the Transaction, existing Clarke Shareholders and REIT Securityholders will own approximately 83.8% and 16.2% of Clarke, respectively. The Transaction is expected to close in the second quarter of 2026, subject to the satisfaction of customary closing conditions including Court approval, approval of the TSX, and approval of REIT Unitholders and REIT Debentureholders. In connection with the Transaction, G2S2 Capital Inc. has agreed to extend the forbearance period on certain loans of the REIT held by G2S2 to June 1, 2026. In connection with the Forbearance Extensions, the REIT has agreed to, if requested by G2S2, commence proceedings under the Companies' Creditors Arrangement Act (the "CCAA Proceedings") under which G2S2 or its affiliate will implement a credit bid or similar transaction, if: (i) Debentureholders holding 50% or more of the aggregate principal amount of REIT Debentures outstanding have not consented to the Transaction on or before the Early Consent Deadline; or (ii) any of the requisite approvals are not obtained at the REIT Meetings. REIT Unitholders and REIT Debentureholders are not expected to receive any consideration for their REIT Units and REIT Debentures, respectively, under any transaction under the CCAA Proceedings. The REIT's secured debt will be unaffected by the Transaction and will be paid in the ordinary course in accordance with its terms. Transaction Highlights and Strategic Rationale -- Immediate Liquidity and Long-Term Value -- The Transaction offers a pragmatic solution for REIT Securityholders by providing immediate liquidity and balance-sheet certainty, while providing long-term upside participation. REIT Securityholders will get the benefit of Clarke's entrepreneurial approach to investing and an active pipeline of real estate developments, while preserving their exposure to Ravelin's portfolio; -- Enhanced Platform Scale -- The pro-forma entity would have an asset base valued at over $1.8 billion, adding scale and greater visibility among capital markets and potential investors; -- Reinvestment flexibility -- The combined entity would have flexibility to reinvest cash flows in value-creating opportunities, which are often more accretive than a strict distribution policy. Over the past 24 years, Clarke's growth in book value per share plus dividends paid have compounded at an annual rate of 11.7%, a cumulative growth of nearly 1,200%; -- Significant G&A Cost Savings -- The integration of the two companies is expected to reduce certain redundant professional, legal and administrative expenses; -- Strong Support -- The Transaction has been (in each case, subject to recusals) unanimously approved by the Board of Directors of Clarke and the Board of Trustees of the REIT. The REIT Board, having received a unanimous recommendation from the Special Committee, unanimously recommends that REIT Unitholders and REIT Debentureholders vote in favour of the Transaction. In addition, each of the trustees and officers of the REIT that hold REIT Units and REIT Debentures have entered into voting support agreements with Clarke, pursuant to which they have agreed to, among other things, vote all of their REIT Units and REIT Debentures in favour of the Transaction (the "Voting Support Agreements"). Benefits to REIT Securityholders -- Immediate liquidity for REIT Securityholders and enhanced balance sheet clarity for the REIT, addressing the most significant near-term challenge it currently faces. The Transaction provides a pathway to restore portfolio value while meaningfully improving the REIT's capital structure and financial flexibility; -- A material reduction of the REIT's indebtedness, with an aggregate of $157,950,000 principal amount of REIT Debentures, plus accrued interest, being exchanged for Clarke Shares. The pro-forma entity is anticipated to have loan-to-value ratio (LTV) of approximately 68.5%, significantly lower than the REIT's December 31, 2025, LTV of 94.2%; -- By exchanging into Clarke Shares, REIT Securityholders gain ownership in a substantially stronger, well-capitalized platform with diversified cash flows, enhanced access to capital, and a demonstrated track record of value creation through challenging market environments. Over the past 24 years, Clarke has averaged total shareholder return (share price appreciation plus dividends) of 15.4% annually, far surpassing major equity markets; -- The Transaction addresses capital structure and leverage considerations at the corporate level, enabling the REIT to maintain strategic and pricing discipline across its asset base and avoid capital-driven or reactive dispositions; and -- By comprehensively addressing near-term balance-sheet pressures, management of the REIT can refocus on operational execution and asset performance. Benefits to Clarke Shareholders -- The Transaction builds on Clarke's experience from similar past transactions that have a proven track record of creating significant shareholder value; -- The Transaction meaningfully grows Clarke's asset base and operations, creating a company of significant scale and enhanced capital markets exposure; -- The issuance of an additional 2,500,000 common shares substantially increases Clarke's public float and improves trading liquidity; and -- The Transaction diversifies Clarke's cash flows beyond predominantly hospitality and Western Canadian markets by adding exposure to real estate across a broader geographic and economic base. The pro-forma entity will have operations in 11 of Canada's 13 provinces and territories, as well as Chicago and Ireland. Transaction Details Transaction Approvals The Transaction will be implemented by way of a statutory plan of arrangement under the Canada Business Corporations Act. Subject to the terms of the Arrangement Agreement, completion of the Transaction requires the approval of: (i) at least two--thirds of the votes cast by the REIT Unitholders present in person or represented by proxy at the special meeting of REIT Unitholders to be called to consider the Transaction; and (ii) at least two--thirds of the aggregate principal amount of REIT Debentures outstanding present in person or represented by proxy at the special meeting of REIT Debentureholders to be called to consider the Transaction. REIT Debentureholders who, by 5:00 p.m. (Toronto time) on the date that is 14 days following the date on which the Information Circular is filed under the REIT's issuer profile on SEDAR+ (or such later date as may be agreed upon by the parties to the Transaction), have executed a voting support agreement or voted in favour of the special resolution of the REIT Debentureholders approving the Transaction, and, if applicable, the special resolution of the REIT Unitholders approving the Transaction, at the REIT Meetings, will receive a pro rata allocation of an aggregate 150,000 Clarke Shares in respect of the principal amount of REIT Debentures held by such Early Consenting Debentureholder. The Transaction is also subject to approval of the Ontario Superior Court of Justice (Commercial List) and the satisfaction of other customary closing conditions, including approval of the TSX. Board Recommendations The REIT Board, having received a unanimous recommendation from the Special Committee, and after receiving outside legal and financial advice, has unanimously determined that the Transaction is fair and reasonable and in the best interests of the REIT and unanimously recommends that REIT Unitholders and REIT Debentureholders vote in favour of the Transaction. In making their respective determinations, the REIT Board and the Special Committee considered, among other factors, the fairness opinion of KSV Soriano Inc. ("KSV") to the effect that, as of March 26, 2026, subject to the assumptions, limitations and qualifications contained therein: (i) the REIT Unitholder Consideration to be received by REIT Unitholders pursuant to the Transaction is fair, from a financial point of view, to REIT Unitholders; and (ii) the REIT Debentureholders would be in a better financial position under the Transaction than if the REIT was liquidated, as the estimated aggregate value of the REIT Debentureholder Consideration to be received by the REIT Debentureholders pursuant to the Transaction would exceed the estimated aggregate value the REIT Debentureholders would receive in a liquidation. A copy of the fairness opinion of KSV will be included in the management information circular to be filed and mailed to REIT Unitholders and REIT Debentureholders in connection with the REIT Meetings. Arrangement Agreement The Arrangement Agreement provides for customary deal protection provisions, including non-solicitation covenants of the REIT and "fiduciary out" provisions in favour of the REIT. In addition, the Arrangement Agreement provides for a termination fee of $1,000,000 payable by the REIT to Clarke if it accepts a superior proposal and in certain other specified circumstances. Each of the REIT and Clarke have made customary representations and warranties and covenants in the Arrangement Agreement, including covenants regarding the conduct of their businesses prior to the closing of the Transaction. Subject to the satisfaction of all conditions to closing set out in the Arrangement Agreement, it is anticipated that the Transaction will be completed in the second quarter of 2026. Upon closing of the Transaction, it is expected that the REIT Units and REIT Debentures will be delisted from the TSX, and that the REIT will cease to be a reporting issuer under applicable Canadian securities laws. The foregoing summary is qualified in its entirety by the provisions of the respective documents. Copies of the fairness opinion of KSV and a description of the various factors considered by the Special Committee and the REIT Board in their determination to approve the Transaction, as well as other relevant background information, will be included in the Information Circular. Copies of the Information Circular, the Arrangement Agreement, the Plan of Arrangement, the Voting Support Agreements and certain related documents will be filed with the applicable Canadian securities regulators and will be available on SEDAR+ at www.sedarplus.ca. Advisors Bennett Jones LLP acted as legal advisor to Clarke. Voorheis & Co. LLP and Thornton Grout Finnigan LLP acted as legal advisors to the Special Committee and Board of Trustees of the REIT and KSV Advisory Inc. acted as financial advisor to the Special Committee and Board of Trustees of the REIT. About Clarke Inc. Clarke Inc. is a real estate company with holdings across real estate sectors -- primarily residential, furnished suites and hospitality. Clarke's common shares (CKI) trade on the Toronto Stock Exchange. Further information about Clarke is available on SEDAR+ at www.sedarplus.ca and www.clarkeinc.com. About Ravelin Properties REIT The REIT owns and operates a portfolio of well-located commercial real estate assets in North America and Europe. The majority of the REIT's portfolio is comprised of government and high-quality credit tenants. Visit https://ravelinreit.com to learn more. RAVENNA HILLSIDE: Seeks Chapter 7 Bankruptcy in Colorado -------------------------------------------------------- On March 25, 2026, Ravenna Hillside LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Ravenna Hillside LLC Ravenna Hillside LLC is a real estate holding company involved in property ownership and investment activities. Ravenna Hillside LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11845) on March 25, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. RED RIVER: Beasley Allen Wants to Halt Fed. J&J Talc MDL DQ Ruling ------------------------------------------------------------------ Jake Maher of Law360 reports that Beasley Allen Law Firm has asked a federal judge in New Jersey to stay its disqualification from the Johnson & Johnson talc multidistrict litigation as it appeals the order, which it described as both unprecedented and erroneous. The firm said the ruling should not be enforced while appellate review is underway. In its motion, the firm argued that disqualification at this stage would disrupt years of work and harm plaintiffs who rely on its representation. It emphasized its extensive involvement in the litigation and warned that removing counsel midstream would complicate case management and delay progress, the report states. Beasley Allen also asserted that it has strong grounds for reversal on appeal and that a temporary pause would preserve judicial resources. The court must now weigh those arguments against anticipated opposition from Johnson & Johnson in deciding whether a stay is warranted, according to Law360. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REIGN ROOFING: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, entered a final order authorizing Reign Roofing, LLC to use cash collateral. Under the final order, the Debtor is permitted to use cash collateral strictly in accordance with an approved operating budget and only for expenses listed in that budget. Spending is limited to the amounts and timing specified, with an allowed aggregate variance of up to 15% per month. Any unused budgeted funds may be carried forward and used in later periods, but the Debtor cannot exceed monthly limits or use funds outside the budget without prior written consent from the secured lenders. The court found that access to cash collateral from secured lenders -- For1, LLC, Ford Credit, and Texas Capital Bank -- is necessary for the Debtor to continue ordinary business operations and preserve the value of the bankruptcy estate. To protect the secured lenders' interests, the court granted these lenders adequate protection in the form of replacement and additional liens on the Debtor's existing and after-acquired assets, including cash, inventory, accounts receivable, and proceeds. These liens maintain the same validity, priority, and extent as the lenders pre-petition security interests and apply only to the extent of any decrease in collateral value caused by the bankruptcy or the Debtor's use of cash collateral. The order also establishes a carveout allowing payment of certain administrative expenses, including court fees, United States Trustee fees, trustee expenses (up to $15,000), and approved Subchapter V trustee fees. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/sGKUF from PacerMonitor.com. About Reign Roofing, LLC Reign Roofing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31034) with $100,001 to $500,000 in assets and $1,000,001 to $10 million in laibilities. The petition was signed by Joel Pond as owner. Judge Hon. Eduardo V Rodriguez oversees the case. The Debtor is represented by: Vicky M Fealy Fealy Law Firm, PC 713-526-5220 vfealy@fealylawfirm.com RESTORATION DOCTOR: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, issued an interim order authorizing Restoration Doctor, LLC to use cash collateral. The court authorized the Debtor to use cash collateral through April 20 to pay business expenses according to an approved operating budget. The Debtor may exceed individual budget line items by up to 10% or exceed them by more than that amount as long as the total excess across the entire budget does not surpass 10% of the overall budget. As adequate protection, the primary secured creditor, Insured Advocacy Group, LLC, will be granted replacement liens on all assets of the Debtor, maintaining the same validity and priority as their pre-petition liens. These liens are subject to limited carveouts, including U.S. Trustee fees and certain bankruptcy estate recoveries. The court scheduled a further interim hearing for April 22. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/6qpZq from PacerMonitor.com. About Restoration Doctor LLC Restoration Doctor, LLC is a property restoration company providing water, fire, and mold remediation services to residential and commercial clients. It specializes in restoring damaged properties to their original condition. Restoration Doctor filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11388) on December 22, 2025. The bankruptcy petition reflects estimated assets of $1 million to $10 million and estimated liabilities in the same range. The case is assigned to Judge Scott M. Grossman. The Debtor is represented by Davidoff Hutcher & Citron, LLP. RUN VEGGIE: Angela Shortall of 3Cubed Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC, as Subchapter V trustee for Run Veggie, LLC. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Run Veggie LLC Run Veggie, LLC supplies a broad range of food, beverage, and operational products to restaurants, hotels, cafes, quick-service restaurants, and sub-distributors across the United States, offering fresh produce, seafood, dairy, frozen items, pantry and baking goods, and paper and cleaning supplies, supported by technology-driven services and insights designed to optimize clients' menus and supply chain operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00119) on March 16, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Jermaine Kelly, owner, signed the petition. Judge Elizabeth L. Gunn presides over the case. Robert S. Brandt, Esq., at The Law Office of Robert S. Brandt represents the Debtor as bankruptcy counsel. SALT AND LIME: Michael Carmel Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 14 appointed Michael Carmel of Michael Carmel, Ltd. as Subchapter V trustee for Salt and Lime 44, LLC. Mr. Carmel will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Carmel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael W. Carmel Michael W. Carmel, Ltd. 80 E. Columbus Ave Phoenix, AZ 85012-4965 Phone: 602-264-4965 Fax: 602-277-0144 Email: michael@mcarmellaw.com About Salt and Lime 44 LLC Operating a Salt + Lime Modern Mexican Grill at 5031 N. 44th Street in Phoenix, Arizona, Salt and Lime 44, LLC delivers modern Mexican dining with offerings such as tacos, barbacoa, enchiladas, tamales, and handcrafted beverages. Founded to manage this Arcadia neighborhood location, the company provides lunch, dinner, weekend brunch, and happy hour service in a lively, casual atmosphere, positioning the restaurant as both a culinary destination and a social gathering point within the Phoenix metropolitan area. Salt and Lime 44 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-02478) on March 17, 2026, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Sandra E. Van Deraa, owner, signed the petition. Lawrence D. Hirsch, Esq., at Parker Schwartz, PLLC represents the Debtor as legal counsel. SAVI CONSTRUCTION: Gets Court OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, issued an order authorizing Savi Construction, LLC to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use the cash collateral of secured creditors -- ReadyCap Lending, LLC, RDM Capital Funding, LLC, Greyhaven Partners, and Samson MCA, LLC -- for the period from April 1 through June 30. The secured creditors hold perfected security interests in the Debtor's bank accounts and accounts receivable, which constitute cash collateral. As of the petition date, the Debtor had approximately $1,367 in cash and $130,721 in accounts receivable, while total secured debt to these creditors was about $370,527, with ReadyCap holding the largest claim. As protection, the Debtor is required to make these monthly payments to secured creditors: $3,371 to ReadyCap, $1,365 to RDM Capital Funding, $820 to Greyhaven Partners, and $1,755 to Samson MCA. Additionally, creditors -- particularly ReadyCap -- will be granted replacement liens on the Debtor's assets, maintaining the same validity, priority, and extent as their pre-petition liens. The replacement liens do not extend to certain avoidance actions under the Bankruptcy Code (such as claims under Sections 544–549 and related provisions). A copy of the court's order and the Debtor's budget is available at https://shorturl.at/w5yy0 from PacerMonitor.com. About Savi Construction LLC Savi Construction LLC, previously operating as Solutions Ramirez LLC, provides construction, remodeling, and related services across residential and commercial markets. Savi Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-13979) on November 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Judge Rene Lastreto II oversees the case. Leonard K. Welsh, Esq., at Law Offices of Young Woolridge, represents the Debtor as legal counsel. SCOOTER'S TRUCKING: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Scooter's Trucking Services, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's continued interim use of cash collateral and set a further hearing for April 15. The Debtor was previously allowed to access cash collateral through March 26 under the court's March 23 interim order. The interim order approved the payment of court-approved expenses and necessary operating costs from the cash collateral in accordance with the Debtor's budget and granted secured creditors a post-petition replacement lien on cash collateral, with the same validity, extent, and priority as their pre-petition liens. The Debtor's budget projects total operational expenses of $2,582,050 for the period from February to July. About Scooter's Trucking Services Inc. Scooter's Trucking Services, Inc. is a Florida-based transportation company providing commercial trucking and freight services to regional customers. Scooter's Trucking Services, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00510) on January 27, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Scott W. Spradley, Esq., of the Law Offices of Scott W. Spradley, P.A. SKEENA RESOURCES: S&P Assigns 'CCC+' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issuer-credit rating (ICR) to Skeena Resources Ltd. At the same time, S&P assigned its 'B-' issue-level rating and '2' recovery rating (70%-80%; rounded estimate: 85%) to the company's proposed US$750 million senior secured notes due 2031. The stable outlook reflects S&P's expectation that it will take Skeena 12-18 months to complete the significant Eskay Creek development project, which entails financial and execution risks. In its view, this renders the company dependent on favorable business, financial, and economic conditions to meet its financial commitments. Skeena is currently developing the Eskay Creek gold-silver project in the Golden Triangle region of British Columbia, Canada. The company plans to issue US$750 million of senior secured notes, which it will use most of the net proceeds from, to buyback two-thirds of its gold stream deposit facility and fund construction costs at Eskay Creek. S&P said, "We assume Eskay Creek will begin producing in late 2027 and could generate solid annual free operating cash flow (FOCF) once it achieves steady state production. This reflects our assumptions that the project will likely benefit from high-grade deposits, low unit costs, and a long-term gold price of about US$3,000 per ounce. "That said, Skeena has no operating mines and we estimate it is near halfway through the development of the project, with about C$700 million of capex remaining without taking into consideration leasing credits. In our view, this exposes the company to potential cost overruns and delays, which are common in the industry and could exhaust its liquidity." The 'CCC+' ICR reflects Skeena's lack of operating mines and financial and execution risks. The company plans to issue US$750 million (about C$1.03 billion) of senior secured notes and use the net proceeds to buy back two-thirds of its gold stream deposit facility (for about US$184 million) while dedicating most of the remainder to fund the construction of Eskay Creek and an interest-reserve account to cover the first three coupon payments on the secured notes. S&P said, "Following the proposed refinancing, we estimate Skeena will have more than C$750 million of liquidity, excluding the interest reserve account, that it could use to fund its selling, general, and administrative (SG&A) costs and capital expenditure (capex) through the project's development phase. In our view, the company is near halfway through the construction at Eskay Creek and continues to face the risk of cost overruns and delays that could exhaust its liquidity. We think this renders the company dependent upon favorable business, financial, and economic conditions to meet its financial commitments." S&P said, "Specifically, we assume Skeena faces remaining construction capex of about C$700 million when it achieves initial production in late 2027 (about six months later than the company's estimates). Combined with our forecast for at least C$200 million of SG&A cash costs through 2027, this level of spending could leave the company with very little remaining liquidity prior to achieving first ore. We believe this could render Skeena dependent on a liquidity injection to continue operating, particularly if it faces significant cost overruns or delays, which are common in the industry. That said, we note that the mine is fully permitted and the company appears to be making good progress on construction. In addition, construction is well underway and Skeena has already taken possession of key equipment, such as grinding mills and high electrical components. "Once it achieves steady state production, we assume Eskay Creek will generate more than C$500 million of annual FOCF. The Eskay Creek project involves reopening a mine in the Golden Triangle region of B.C. that was operated by Barrick Gold Corp. as an underground mine between 1994 and 2008. Skeena optioned Eskay Creek from Barrick in 2017, before acquiring it in 2020, and is developing the mine as a conventional truck and shovel open-put operation. Over the past two decades, the price of gold has risen to above US$4,500 per ounce (/oz; from less than US$900/oz), the permitting environment has become more supportive of operating Eskay Creek as an open pit, and the construction of a hydroelectric facility in McLymont Creek in October 2015 has significantly reduced the costs to power the operations. Skeena also projects Eskay Creek will be one of the highest-grade open pit gold mines in the world. According to the company's definitive feasibility study released in 2023, it expects the mine to produce an average of 450,000 gold equivalent ounces (GEO) per year between 2028 and 2032, achieve a 12 year mine life, and operate with an average all-in sustaining cost (AISC) of US$687 per GEO on a co-product basis (based on an US$1,800/oz gold price and US$23/oz silver price). "Therefore, we think the mine will likely be at the lower end of the industry cost curve once it achieves steady state production. We also believe the company will generate solid FOCF from Eskay Creek, even if gold prices fall considerably below current levels. We forecast Skeena will generate more than C$500 million of annual FOCF generation between 2028 and 2030, assuming a gold price of US$3,000/oz, average annual production of 300,000 GEO–350,000 GEO, and an average AISC of US$1,100-US$1,200 per GEO. Our production and unit cost estimates are more conservative than those in the company's recent feasibility study to incorporate cost inflation, its lack of an operating track record, and potential issues that may arise during the ramp up period. Nevertheless, we consider the project to have favorable economic characteristics that could support Skeena's efforts to raise additional capital, if needed. We also estimate that in our hypothetical default scenario for the company--under which cost overruns and delays exhaust its liquidity--it will retain sufficient value for its secured lenders to realize substantial (70%-90%) recovery. "The stable outlook reflects our expectation that it will take Skeena 12-18 months to complete the significant Eskay Creek development project, which entails financial and execution risks. In our view, this renders the company dependent on favorable business, financial, and economic conditions to meet its financial commitments. "We could lower our ICR on Skeena in the next 12 months if we believe it will likely consider undertaking a distressed exchange or subpar debt repurchase in the near term. This could occur if we expect the company will exhaust its available liquidity, potentially due to significant development cost overruns or delays. "We could raise our ICR on Skeena in the next 12 months if it nears completion of Eskay Creek while maintaining sufficient liquidity. Under this scenario, we would also expect the mine to generate sustained positive FOCF once it achieves steady state production." SLK TRANSPORTATION: Seeks Chapter 7 Bankruptcy in Illinois ---------------------------------------------------------- On March 20, 2026, Slk Transportation, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Slk Transportation, Inc. Slk Transportation, Inc. is a transportation company engaged in freight hauling and logistics services. Slk Transportation, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04962) on March 20, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by David Freydin, Esq. of Law Offices Of David Freydin Ltd. SMITH CUSTOM: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division entered an interim order authorizing Smith Custom Home Corporation to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay necessary operating expenses in accordance with an approved budget, with a permitted variance of up to 10% per line item. Additional expenditures may be approved in writing by secured creditors. However, payments to insiders or professionals require specific court approval, and any unauthorized use may expose the Debtor to remedies by secured creditors. The Debtor projects total operational expenses of $513,449 for the period from March to August. As adequate protection, secured creditors including CT Corporation, Caymus Funding, Inc., and BizFund, LLC will be granted post-petition replacement liens on cash collateral, maintaining the same validity and priority as their pre-petition liens. The Debtor must also comply with standard obligations, including maintaining insurance, providing access to financial records, and submitting reports upon request. The order is entered without prejudice, preserving the rights of all parties, including potential creditor committees, to challenge liens or seek modified protections. A continued hearing is scheduled for April 15. About Smith Custom Home Corporation Smith Custom Home Corporation, doing business as Maverick Design & Construction, is a Florida-based residential construction company headquartered in Tampa, Florida. Founded in 2017, it provides custom home design, construction, and remodeling services across the Tampa Bay area, emphasizing personalized project management and client-driven home builds. Smith Custom Home sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01812) on March 9, 2026, with $135,764 in assets and $2,476,493 in liabilities. Marcus Smith, president of Smith Custom Home, signed the petition. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. SOUND VISION: Court Extends Cash Collateral Access to April 30 -------------------------------------------------------------- Sound Vision Care, Inc. and its affiliates received eighth interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral through April 30. The eighth interim order authorized the Debtors to use cash collateral to pay the expenses set forth in the approved budget, subject to a 10% variance. As adequate protection, the Debtors will continue its monthly payments of $45,457.76 to U.S. Eagle Federal Credit Union, $1,822 to Bank of America, N.A., and $4,331.40 to Flushing National Bank. In addition, the secured creditors will be granted automatically perfected replacement liens on all assets of the Debtors, with the same validity, priority and order as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 avoidance actions and the proceeds thereof. In case the replacement liens prove inadequate, the secured creditors will receive superpriority administrative expense claims., according to the order. The order also provides for a carveout for U.S. trustee fees and hypothetical Chapter 7 trustee fees (capped at $10,000). The Debtors' right to use cash collateral terminates upon occurrence of certain events such as case dismissal or conversion, plan confirmation, uncured defaults, unauthorized modifications to the order, or cessation of business operations. A final hearing is scheduled for April 9. A copy of the Debtor's budget is available at https://shorturl.at/8DqN0 from PacerMonitor.com. About Sound Vision Care Inc. Sound Vision Care, Inc. provides comprehensive eye care services, including eye exams, treatment for various eye conditions, and personalized fittings for eyeglasses and contact lenses. Operating in Riverhead, Southold, and Southampton, New York, the practice serves patients of all ages and needs. The clinic is staffed by trained professionals and led by Dr. Jeffrey Williams, who offers referrals to ophthalmologists for surgical care. Sound Vision Care and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 25-72421) on June 23, 2025. In its petition, Sound Vision Care reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP. SP TRANS: Commences Subchapter V Bankruptcy in Illinois ------------------------------------------------------- On March 24, 2026, SP Trans, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1 to 49 creditors. About SP Trans, Inc. SP Trans, Inc. is a transportation and logistics company. SP Trans, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-05232) on March 24, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1,000,000 to $10,000,000. The Debtor is represented by Laxmi P. Sarathy, Esq. of Whitestone, P.C. STEWARD HEALTH: Creditor Trustee Files $6.4MM Lawsuit Against Aetna ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a creditor trust established in Steward Health Care's Chapter 11 case has sued Aetna Health in Texas bankruptcy court, accusing the insurer of refusing to turn over payments owed to the debtor's estate. The adversary proceeding was filed by the trust's administrator, who is tasked with pursuing claims on behalf of unsecured creditors. The complaint alleges that Aetna failed to reimburse Steward for covered medical services, despite contractual and statutory obligations to do so. The trustee argues that the insurer's actions constitute a breach of agreement and unjustly deprive creditors of funds they are entitled to receive, according t report. Through the lawsuit, the trust is seeking roughly $6.4 million in damages. The trustee emphasized that recovering these funds is a critical component of the broader effort to maximize creditor returns in the bankruptcy case, Law360 cites. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SUNATION ENERGY: Shrinks FY25 Net Loss to $10.9MM; Seeks Capital ---------------------------------------------------------------- SUNation Energy 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 audited report contains a blunt warning: "there is substantial doubt about the Company's ability to continue as a going concern, which conditions may adversely affect the Company's stock price and its ability to raise capital." Melville, N.Y.-based CBIZ CPAs P.C., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 20, 2026, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Net loss in 2025 was $10,892,833, compared to $15,849,805 in 2024. Consolidated sales increased to $71,905,527 in 2025 from $56,861,753 in 2024. As of December 31, 2025, the Company had approximately $7,182,344 in cash, restricted cash and cash equivalents, and liquid investments, compared to $1,151,348 at December 31, 2024. Of this amount, $665,582 was invested in short-term money market funds that are not considered to be bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. These money market funds seek to preserve the value of the investment at $1.00 per share; however, it is possible to lose money investing in these funds. The remainder in cash and cash equivalents is operating cash. The Company had working capital of $1,066,408, consisting of current assets of approximately $16,473,979 and current liabilities of $15,407,571 at December 31, 2025 compared to a working capital deficit of $(16,051,658), consisting of current assets of $11,110,385 and current liabilities of $27,162,043 at December 31, 2024. Cash flow provided by operating activities was approximately $954,978 in 2025 compared to $6,302,686 used in operating activities in 2024. The positive cash flow from operations is primarily driven by the decrease in the Company's operating loss and the decrease in interest expense. Significant working capital changes in 2025 included a $575,858 decrease in accounts receivable, $1,720,872 increase in accrued compensation and benefits related to the earnout liability as discussed further in Note 8, Commitments and Contingencies, and a $635,556 decrease in accrued interest. Cash used in investing activities was $48,594 in 2025 compared to $26,667 used in 2024 primarily related to capital expenditures. Net cash provided by financing activities was $5,124,612 in 2025 compared to $2,084,358 provided in 2024. Net cash provided by financing activities in 2025 was due to $17,871,964 in net proceeds from the issuance of common stock under a registered direct offering and $351,372 in proceeds from the issuance of common stock under the at-the-market offering, partially offset by $10,081,464 in payments against loans payable, $2,500,000 in payments of contingent consideration $267,391 in payments for the termination of warrants, and $276,000 in CVR distributions. Net cash provided by financing activities in 2024 was due to $1,000,000 in proceeds from the issuance of common stock under a registered direct offering, $2,457,352 in proceeds from the issuance of common stock under the at-the-market offering and $1,604,000 in borrowings from Conduit Capital US Holdings LLC and MBB Energy, LLC, partially offset by $1,595,364 in payments against loans payable and $856,736 in CVR distributions. In connection with the SUNation NY acquisition, on November 9, 2022, the Company issued a $5,486,000 Long-Term Promissory Note. The Long-Term Note was unsecured and matured on November 9, 2025. It carried an annual interest rate of 4% until the first anniversary of issuance, then 8% thereafter until the Long-Term Note was paid in full. The Company was required to make a principal payment of $2.74 million on the second anniversary of the Long-Term Note. The Long-Term Note may be prepaid at our option at any time without penalty. On April 10, 2025, the Long-Term Note was amended and restated whereby the principal amount of $5,486,000 previously due and payable under the original Long-Term Note, together with all accrued and unpaid interest owing thereunder, shall be due and payable on May 1, 2028, and such amended note became a senior secured instrument. Principal and interest payments under the amended Long-Term Note are payable monthly on the first day of each month commencing on June 1, 2025 for thirty-six consecutive months thereafter. Additionally, pursuant to the terms of that certain Senior Secured Contingent Note Instrument, entered into on April 10, 2025, the unearned 2024 earnout was rescheduled and is based on the earnout terms set forth therein pursuant to the financial conditions and terms covering each of fiscal years 2024 and 2025 and, if attained, shall be payable in fiscal year 2026, which payment is further conditioned on the continued employment of the note holders at the time of such earnout payment trigger date. Based on the Company's current financial position and the Company's forecasted future cash flows for next 12 months, substantial doubt exists around the Company's ability to continue as a going concern for a reasonable period of time. The Company raised capital and satisfied certain outstanding debt obligations during 2025, however there remains uncertainty related to its future cash flows as it relies on the ability to generate enough cash flow from its operating segments to cover the Company's corporate overhead costs. As a result, the Company requires additional funding and seeks to raise capital through sources that may include public or private equity offerings, debt financings and/or strategic alliances. On February 27, 2025, the Company entered into a securities purchase agreement with certain institutional investors for the purchase and sale of an aggregate of $20.0 million in securities, with $15.0 million in gross proceeds in the first closing on February 27, 2025 and $5.0 million in gross proceeds in the second closing on April 7, 2025. While the Company was able to use the proceeds to pay off approximately $12.6 million in outstanding debt and contingent liability obligations, it was not sufficient to cover all of the Company's current and future obligations. Additional funding may not be available on terms acceptable to the Company, or at all. If the Company is unable to raise additional funds, it would have a negative impact on the Company's business, results of operations and financial condition. To the extent that additional funds are raised through the sale of equity or securities convertible into or exercisable for equity securities, the issuance of securities will result in dilution to the Company's shareholders. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/5cr94fdk About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. As of December 31, 2025, the Company had $48.2 million in total assets, $15.4 million in total current liabilities, $8.5 million in total long-term liabilities, and $24.3 million in total shareholders' deficit. SUPERPSYCHED LLC: Douglas Adelsperger Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 10 appointed Douglas Adelsperger, Esq., as Subchapter V trustee for Superpsyched LLC. Mr. Adelsperger will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Adelsperger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Douglas R. Adelsperger, Trustee 1251 N. Eddy St., Suite 200 South Bend, IN 46617 Tel: (260) 407-0909 Email: trustee@adelspergerlawoffices.com About Superpsyched LLC Superpsyched LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 26-20500) on March 16, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge James R. Ahler presides over the case. The Debtor is represented by Sheila Ramacci, Esq., at Daniel L. Freeland & Associates, P.C. SURF CLEAN: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York issued an interim order authorizing Surf Clean Energy, Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use the cash collateral of JPMorgan Chase Bank, N.A. for ordinary course business expenses in accordance with a court-approved budget. This authorization is effective from the filing date and continues through April 17, allowing the Debtor to maintain operations while the bankruptcy case proceeds. As adequate protection, the lender will be granted a post-petition replacement lien on all assets of the Debtor, with priority over most other claims, subject to a fee carveout. The carveout includes Subchapter V trustee fees, certain avoidance actions, and limited funds for a Chapter 7 trustee, ensuring administrative expenses are protected. Events of default under the interim order that can terminate the Debtor's authority to use funds include the appointment of a bankruptcy trustee or examiner with enlarged powers; dismissal of the Debtor's Chapter 11 case; conversion of the case to one under Chapter 7; unauthorized use of cash collateral; and entry of an order granting relief from or modifying the automatic stay. A continued hearing is scheduled for April 14, with objections due by April 7. The order is available at http://bankrupt.com/misc/SurfClean_InterimCashCollOrder.pdf 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. 26-71015) on March 13, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Tyler Moston as chief executive officer. Judge Sheryl P Giugliano oversees the case. The Debtor is represented by: C. Nathan Dee, Esq. Cullen And Dykman, LLP Tel: 516-357-3700 Email: ndee@cullenanddykman.com TALPHERA INC: FY25 Net Loss Hits $14.3MM; Warns of Cash Crunch -------------------------------------------------------------- Talphera, 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 audited report contains a blunt warning: "the Company's current capital is not expected to be sufficient to fund its operations for the next 12 months." Additionally, Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 23, 2026, citing that 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 December 31, 2025, the Company had cash, cash equivalents and short-term investments totaling $20.4 million, compared to $8.9 million as of December 31, 2024. Cash and investment balances are held in a variety of interest-bearing instruments, including obligations of commercial paper, U.S. government sponsored enterprise debt securities and money market funds. Cash in excess of immediate requirements is invested with a view toward capital preservation and liquidity. To date, the Company has incurred losses and generated negative cash flows from operations and expects to incur significant losses in 2026 and may incur significant losses and negative cash flows from operations in the future. For the year ended December 31, 2025, the Company recorded a net loss of $14.3 million, compared to $13 million for the year ended December 31, 2024. The Company recognized $28,000 of non-cash revenue in 2025, and no revenue recognized in 2024. Although the Company raised additional capital during 2025 through the sale of common stock, pre-funded warrants and common stock purchase warrants in private placements, considering its current cash resources and current and expected levels of operating expenses for the next 12 months, the Company expects to need additional capital to fund its planned operations prior to the 12-month anniversary of the filing date of the Annual Report on Form 10-K. The Company said, "We may seek to raise such additional capital through public or private equity offerings, the issuance of debt securities, a new debt facility, or entering into product development, license or distribution agreements with third parties. Our existing capital resources will not be sufficient to fund our operations until such time as we may be able to generate sufficient revenues to sustain our operations." "While we believe our plans to raise additional funds will alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, these plans are not entirely within our control and cannot be assessed as being probable of occurring. Additional funds may not be available when we need them on terms that are acceptable to us, or at all. If adequate funds are not available, we may be required to further reduce our workforce, delay, reduce the scope of, or cease, the development of our product candidates in advance of the date on which our cash resources are exhausted to ensure that we have sufficient capital to meet our obligations and continue on a path designed to preserve stockholder value. "In addition, if we raise additional funds through collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish rights to our technologies, future revenue streams or product candidates, or to grant licenses on terms that may not be favorable to us." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/bddwu9rv 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). As of December 31, 2025, the Company had $29.7 million in total assets, $12.7 million in total liabilities, and $17 million in total stockholders' equity. TAS AMERICA: Commences Chapter 7 Bankruptcy in California --------------------------------------------------------- On March 25, 2026, Tas America Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Tas America Inc. Tas America Inc. is a company operating in [industry – not specified]. Tas America Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12839) on March 25, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Erika Luna, Esq. of The Law Office of Erika Luna. TEDDER INDUSTRIES: Cadre to Acquire Alien Gear Holsters for $10.3M ------------------------------------------------------------------ Cadre Holdings, Inc. announced on March 26, 2026, that it has agreed to acquire Alien Gear Holsters and certain assets from Tedder Industries, LLC, for $10.3 million through a court-supervised bankruptcy auction. Cadre President Brad Williams commented, "This transaction represents a compelling opportunity to acquire a recognized holster brand with an established direct-to-consumer presence. Alien Gear brings an experienced team with a customer-first mindset, and we are excited about the attractive business synergies and growth opportunities ahead. As always, the Cadre operating model will guide our execution, driving continuous improvement across our businesses and reinforcing our market leadership over the long term." Launched in 2014, Alien Gear Holsters is a leading manufacturer of proprietary holsters and gear for the consumer, law enforcement, military, and security markets. Alien Gear's innovation-driven approach has elevated consumer holster standards and enhanced safety, performance and comfort for everyday firearm carry worldwide. Subject to bankruptcy court and regulatory approvals and other customary closing conditions, the transaction is expected to close in the second quarter of 2026. About Cadre Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety products. Cadre's equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company's core products include body armor, explosive ordnance disposal equipment, duty gear and nuclear safety products. Its highly engineered products are utilized in over 100 countries by federal, state and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians. Its key brands include Safariland(R) and Med-Eng(R), amongst others. About Tedder Industries, LLC Tedder Industries, LLC is a Texas limited liability company with a principal place of business in Idaho that operates a consumer brand manufacturing business in the firearms and accessories market, producing American-made injection-molded gun holsters for institutional purchasers, B2B partners, and direct-to-consumer channels. The company conducts business in the marketplace under the name Alien Gear Holsters and manufactures various holster types, including hybrid and modular designs, for concealed-carry users and other end markets. Tedder supplies its products to U.S. military branches, international militaries, defense organizations, and law-enforcement agencies. Tedder Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90805) on December 8, 2025, listing between $10 million and $50 million in both assets and liabilities. Thomas Magrath, president of Tedder Industries, signed the petition. Judge Alfredo R. Perez oversees the case. Jeff Protok, Esq., at Vartabedian Hester & Haynes, LLP, represents the Debtor as legal counsel. Main Street Capital Corporation, as lender, is represented by Joshua W. Wolfshohl, Esq., and Joanna D. Caytas, Esq., at Porter Hedges, LLP, in Houston, Texas. TERRA PROPERTY: Exchange Offer Sees Low Uptake, Consent Fails ------------------------------------------------------------- Terra Property Trust, Inc. announced the results of its previously announced exchange offers and consent solicitation. The Company offered to exchange all validly tendered: (i) unsecured 6.00% Senior Notes due June 30, 2026, issued by the Company and (ii) unsecured 7.00% Senior Notes due March 31, 2026, issued by Terra Income Fund 6, LLC, the Company's wholly owned subsidiary, for new secured 7.00% Senior Notes due March 31, 2029 to be issued by the Company, and solicited consents to amend the indenture governing the TPT Notes to, among other things, eliminate substantially all of the restrictive covenants in such indenture, certain events of default provisions and certain reporting obligations under the indenture governing the TPT Notes. A registration statement on Form S-4 (File No. 333-293479) (as amended from time to time, the "Registration Statement") relating to the issuance of the Exchange Notes was filed with the Securities and Exchange Commission on February 13, 2026, amended on March 12, 2026 and March 19, 2026, and was declared effective by the SEC on March 26, 2026. As of 5:00 p.m. New York City time, on March 26, 2026, the aggregate principal amounts listed on the table of each series of Existing Notes had been validly tendered and not validly withdrawn in connection with the Exchange Offers. Terra Property Trust, Inc.'s 6.00% Senior Notes due June 30, 2026 * Amount Tendered: $24,027,025 * Percentage of Total Outstanding Principal: 29.89% Terra Income Fund 6, LLC's 7.00% Senior Notes due March 31, 2026 * Amount Tendered: $1,550,975 * Percentage of Total Outstanding Principal: 4.04% In addition, as of the Expiration Date, the Company did not receive valid consents from holders of the requisite majority of the outstanding aggregate principal amount of the TPT Notes. Accordingly, the proposed amendments will not become effective, and the indenture governing the TPT Notes will remain in effect without modification. The consummation of the Exchange Offers is subject to, and conditioned upon, the satisfaction or waiver of the conditions set forth in the Company's prospectus which forms a part of the Registration Statement, that contains a more comprehensive description of the terms and conditions of the Exchange Offers. Ladenburg Thalmann & Co. Inc. served as the dealer manager and solicitation agent for the Exchange Offers. D.F. King & Co., Inc. served as the exchange agent and information agent for the Exchange Offers. About Terra Property Trust, Inc. Terra Property Trust, Inc. is an externally managed real estate investment trust that originates, invests in, and manages loans and assets secured by commercial real estate across the United States and makes strategic real estate equity and non-real estate-related investments that align with its investment objectives and criteria. The Company's objective is to continue to provide attractive risk-adjusted returns to its stockholders, primarily by earning high current income that allows for regular distributions and, in certain instances, benefiting from potential capital appreciation. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2016. The Company is externally advised by Terra REIT Advisors, LLC, an affiliate of Mavik Capital Management, LP. THOUGHTWORKS INC: S&P Downgrades ICR to 'B', Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating by one notch to 'B' on ThoughtWorks Inc. Additionally, S&P lowered its issue-level rating on its first-lien credit facility by one notch to 'B'. S&P said, "The negative outlook reflects ThoughtWorks' sustained underperformance and our potential to lower the ratings to 'B-' or lower if earnings and cash flow do not improve, or if debt refinancing proves challenging. Our base case projections forecasts significant deleveraging in 2026, with adjusted debt to EBITDA declining to 2.6x from 12.5x, driven by reduced restructuring expenses and a rise in S&P Global Ratings-adjusted EBITDA margins to the low-double digits from 2.9%." ThoughtWorks faces high execution risks in its business turnaround plan. It heavily invested in its transformation plan, deploying $64 million over 2024 and 2025, which weighed down its S&P Global Ratings-adjusted EBITDA margins to 3.4% and 2.9% in both years, respectively. S&P said, "We expect the program to be substantially complete in 2026. The transformation program addressed various aspects of ThoughtWorks' business, including its delivery model, go-to-market, AI based platform AI/Works, and general and administrative savings. It undertook this extensive program while its revenue environment faced growth challenges from cautious customer IT spend on strategic initiatives. "We now see more robust customer spend returning, as evidenced by the company's quarterly revenue improvements through the last three quarters (pro forma for the divestment of its China local business). Consequently, we expect 2026 to be a critical year for ThoughtWorks, as a recovering revenue environment will reveal the success of its transformation efforts." Specifically, labor utilization and margin improvements, and a growing pipeline of bookings would indicate the transformation program was a success. Sustaining margin improvements will be a key focus of S&P's analysis. Any reversal of transformation initiatives--including those designed to enhance productivity through agentic tooling--could lead to deleveraging pressures. The industry shift to outcome-based contracts represents both risk and an opportunity. As the IT services industry embraces more AI into its workflows, S&P believes the shift to "outcome-based" contracts from "time and materials" (T&M) contracts will accelerate. This shift could unlock economies of scale and improve profitability. However, it also introduces challenges in navigating fixed-price arrangements without cost overruns, adapting to evolving pricing dynamics, and managing customer expectations around cost savings from AI efficiencies. Currently, 70% of ThoughtWorks' contracts are still on a T&M basis, but S&P believes the company will emphasize conversions to a hybrid fixed fee/T&M model in order to encourage customer use of its new AI/Works platform and introduce a reward system to share AI-led savings with customers. To date, ThoughtWorks has not experienced pricing pressures, but S&P notes there could be deflationary revenue trends as AI becomes more powerful in automating tasks. Its ability to continually innovate and develop new AI-powered solutions, while effectively managing pricing and value propositions, will be crucial for sustaining its competitive advantage and improving profitability. The company's ambition to increase the contribution of data and AI work to 50% of revenue by 2029 from 20% currently underscores the strategic importance of this area. ThoughtWorks' 2025 underperformance led to significant revolver utilization. Approximately $80 million is currently drawn (intra- first quarter 2026) on the company's $250 million revolver, maturing in December 2027, with its term loan due in March 2028. This near dated maturity profile is a growing risk. Partially mitigating debt maturity risk is our expectation that improved performance will enable the company to repay a majority of its current borrowings before the facility goes current ending this year with less than $30 million outstanding by the end of 2026. This expectation is underpinned by robust revenue growth during the last two quarters. S&P believes this will continue through the year, while it benefits from better labor utilization metrics and transformation plan-driven efficiencies. However, if project pipelines freeze, driven by either macroeconomic/geopolitical headwinds or company-specific issues, this could jeopardize EBITDA improvements necessary to support revolver repayments under our base case. While S&P anticipates $24 million of free operating cash flow (FOCF) in 2026 from profitability gains and reduced transformation expenses, its FOCF deficit of $83.9 million in 2025 highlights the sensitivity of cash flow to operating performance and revenue. ThoughtWorks' ability to maintain adequate liquidity and proactively manage its debt obligations will be crucial for navigating potential calls on cash (such as addressing its ongoing shareholder litigation related to its take-private transaction in 2024) and sustaining its growth initiatives. In particular, it will be key for the expansion into Singapore's public sector and its joint venture with McKinsey for the Kingdom of Saudi Arabia's Humain AI ecosystem project. S&P said, "The negative outlook reflects ThoughtWorks' sustained underperformance and our potential to lower the ratings to 'B-' or lower if earnings and cash flow do not improve, or if debt refinancing proves challenging. Our base case projections forecasts significant deleveraging in 2026, with adjusted debt to EBITDA declining to 2.6x from 12.5x, driven by reduced restructuring expenses and a rise in S&P Global Ratings-adjusted EBITDA margins to the low-double digits from 2.9%. "We could lower the rating to 'B-' or lower within the next three to six months if ThoughtWorks fails to demonstrate meaningful improvement in earnings and cash flow, its debt becomes current, or we assess the capital structure as unsustainable and refinancing of the revolving credit facility (due December 2027) and term loan (due March 2028) as unlikely. A rating downgrade is also possible if leverage remains above 5x or profitability initiatives fail. "We could revise the outlook to stable if ThoughtWorks successfully executes its business improvement plan and we project adjusted debt-to-EBITDA consistently below 5x. This scenario assumes meaningful cash flow generation that significantly reduces revolver borrowings from the current $80 million, a credible track record of consistent earnings and cash flow growth, S&P Global Ratings-adjusted EBITDA margins near the low-teens, positive free operating cash flow above $25 million, and strong execution of its debt refinancing plan to address 2027 to 2028 maturing debt in a timely manner." TW ELECTRIC: Court Extends Cash Collateral Access to April 23 ------------------------------------------------------------- TW Electric Service, Inc. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget until the earlier of April 23 or upon termination of the interim order or filing of a notice of default. The Debtor projects total operational expenses of $97,644.15 for April. As protection, the U.S. Small Business Administration and CT Corporation System, as representative of an unidentified secured creditor, will be granted post-petition replacement liens on their collateral including post-petition assets, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The replacement liens are subject to and subordinate to a carveout for the payment of allowed professional fees and disbursements incurred by court-approved professionals. Both the SBA and CT Corporation System asserting security interests in the Debtor's assets. Certain proceeds from the Debtor's operations are claimed as cash collateral by these creditors. The next hearing is set for April 23. The order is available at https://shorturl.at/454NP from PacerMonitor.com. About TW Electric Service Inc. TW Electric Service, Inc. is a family-owned electrical contracting company based in Benson, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00840-5-PWM) on February 25, 2026. In the petition signed by Terry Wood, president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Pamela W. McAfee oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. TZADIK SIOUX: Says 3rd Amended Plan Addresses Concerns ------------------------------------------------------ Tzadik Sioux Falls Portfolio I, LLC, and affiliates submitted a Third Amended Disclosure Statement for Third Amended Plan of Reorganization dated March 23, 2026. The Debtors commenced the Chapter 11 Case with an intention to satisfy secured claims through the sales of property leaving significantly deleveraged reorganized Debtors and their going concern operations intact (the "Reorganization"). As part of the Reorganization, the Plan provides for a structured series of sale, refinancing, and restructuring transactions designed to satisfy secured indebtedness while preserving the Debtors' ongoing operations. The Plan contemplates the payment or consensual restructuring of the Fannie Mae and Merchants secured debt pursuant to negotiated settlements, the orderly satisfaction of the Gatoralex and SBA secured claims from sale or refinancing proceeds or net disposable income, and the full payment of remaining secured and unsecured claims over time. The Reorganization is intended to deleverage the Debtors' balance sheets, preserve equity interests where appropriate, and allow the Reorganized Debtors to continue operating certain Properties as going concerns. This Plan presently contemplates the following treatment for certain key classes of creditors as part of each of the Debtors' Reorganization plans, as applicable: * Fannie Mae Claims: The Fannie Mae Claims are Impaired and Allowed pursuant to settlement. They will be satisfied through sale or refinancing proceeds or otherwise paid in full in Cash in accordance with the Fannie Mae Settlement. Fannie Mae retains its liens unless and until paid in full. * Merchants Claims: The Merchants Claims are Impaired and Allowed pursuant to settlement. The Plan requires payment through a refinancing or sale transaction by August 31, 2026, failing which Merchants may receive the transfer of its collateral or the proceeds of a public auction sale. Merchants retains the right to credit bid its secured claim. * Gatoralex Secured Claims: The Gatoralex Secured Claims are Impaired and will be paid from sale or refinancing proceeds after satisfaction of senior secured debt, or through quarterly payments of net disposable income, with the balance due no later than the Plan Conclusion Date. Any unsecured deficiency is treated as a General Unsecured Claim. * SBA Secured Claims: The SBA Secured Claims are Impaired and will be satisfied from sale or refinancing proceeds after senior secured claims or, if necessary, through quarterly payments of net disposable income, with full payment required by the Plan Conclusion Date. * Other Secured Claims: The Other Secured Claims are Impaired and will be paid from sale or refinancing proceeds or, if applicable, from net disposable income over time, with full payment required by the Plan Conclusion Date. Certain claims are cross-collateralized and allocated among Debtors as provided in the Plan. * General Unsecured Claims: The General Unsecured Claims are Impaired and will be paid from residual sale or refinancing proceeds after satisfaction of senior classes or, if necessary, through quarterly payments of net disposable income. The Plan contemplates payment of such claims in full by the Plan Conclusion Date. Fannie Mae Settlement The Debtors entered into a Term Sheet with Fannie Mae resolving the allowance and treatment of Fannie Mae Claims against TSF Portfolio I and TSF I (the "Fannie Mae Settlement"). Under the Fannie Mae Settlement, Fannie Mae's Claims are allowed in the amounts of $47,887,036.73 (TSF Portfolio I) and $30,610,578.83 (TSF I), together with all amounts allowable. The Fannie Mae Settlement provides for a structured repayment over a thirty-month period, including phased interest payments (with a portion accruing as payment-in-kind), mandatory reduction of 50% of principal by month twenty-four, and full indefeasible payment by month thirty. Net sale proceeds and excess cash above $200,000 per month must be remitted to Fannie Mae and applied to accrued interest and principal, and sales of Fannie Mae Properties are subject to defined release price mechanics. Merchants Settlement The Debtors entered into a comprehensive Settlement Agreement with Merchants resolving its claims, which total approximately $79.6 million exclusive of accruing amounts (the "Merchants Settlement"). Under the Merchants Settlement, the Debtors must, by August 31, 2026, either (i) refinance and pay Merchants $60 million in a lump sum, or (ii) complete a portfolio sale and remit the first $70 million of net sale proceeds (plus up to an additional $2 million after payment of an $8 million carve-out to junior classes), with Merchants' recovery capped at $72 million in a sale scenario. If the Debtors fail to complete a refinance or sale by that date, Merchants may obtain title to the collateral or compel an absolute auction with full credit-bid rights. The Merchants Settlement also provides for increased monthly adequate protection payments, continued use of cash collateral, marketing and reporting requirements, mutual general releases upon court approval, and Merchants' agreement to support and vote in favor of a Plan incorporating the Merchants Settlement. Gatoralex Settlement The Debtors entered into a Settlement Agreement with Alejandro Arguelles and Gatoralex Consulting, LLC resolving the allowance and treatment of the Gatoralex Secured Claims against the applicable Debtors (the "Gatoralex Settlement"). Under the Gatoralex Settlement, the Gatoralex Secured Claims are allowed in the amounts asserted in proofs of claim numbers 68/69, 70/71, and 72/73, to the extent secured by junior liens on the applicable collateral above all senior secured claims, together with postpetition interest allowable at the Florida judgment rate and $350,000 in attorneys' fees and costs. The Gatoralex Settlement provides that, to the extent of Gatoralex's properly perfected security interests, net sale proceeds from applicable properties, after payment of senior secured claims, shall be paid to Gatoralex until its allowed secured claims are paid in full. To the extent the Gatoralex Secured Claims are not paid in full from sale proceeds prior to the Effective Date, Gatoralex shall retain its liens, receive post-Effective Date sale proceeds from applicable collateral after payment of senior claims, and, where the Debtors retain the properties, quarterly payments from net disposable income after satisfaction of senior secured debt, with the remaining balance to be paid in full by the Plan Conclusion Date through a refinancing or sale transaction. The Gatoralex Settlement also incorporates quarterly financial reporting, inspection and enforcement rights, default remedies, and Gatoralex's agreement to vote in favor of and not object to the Plan so long as its treatment is incorporated therein. The Plan is not premised upon the substantive consolidation of the Debtors with respect to the Classes of Claims or Interests set forth in the Plan. Notwithstanding the foregoing, certain claims are overlapping or cross-collateralized against one or more of the Debtors within the Four Pack and TSF Portfolio III. To the extent that any of the Debtors within the Four Pack and TSF Portfolio III pay a disproportionate amount of overlapping or crosscollateralized claims, each other member of the Four Pack or TSF Portfolio III is entitled to assert a claim for contribution from all other Debtors. For any Sale Transaction or Refinance Transaction of properties constituting the Merchants Properties: (A) net sale proceeds: (i) above $70 Million and less than $78 Million and (ii) above $80 Million (in a Sale Transaction); or (B) net refinancing proceeds above $60 Million (in a Refinance Transaction), shall be allocated to each property (and the respective debtor owner) in proportion to such property's value compared to the total value of all Merchants Properties subject to the Sale Transaction or Refinance Transaction. Thereafter, net sale proceeds or net refinancing proceeds shall be made available to junior classes of claims and interest as provided by each plan treatment provided. The Debtors shall fund distributions and satisfy applicable Allowed Claims and Allowed Interests under the Plan using Cash on hand and the Net Proceeds of the Restructuring Transactions (which includes the Net Proceeds from any proceeds of a Sale Transaction, and, if applicable, the proceeds of an Asset Sale Transaction), transfers of property in satisfaction of secured claims and anticipated Refinancing Transaction. A full-text copy of the Third Amended Disclosure Statement dated March 23, 2026 is available at https://urlcurt.com/u?l=rZhhcH from PacerMonitor.com at no charge. Counsel for the Debtors: Morgan Edelboim, Esq. Brett D. Lieberman, Esq. Edelboim Lieberman Revah PLLC 20200 W. Dixie Highway, Suite 905 Aventura, FL 33180 Tel: (305) 768-9909 Fax: (305) 928-1114 E-mail: morgan@elrolaw.com About Tzadik Sioux Falls Portfolio I Tzadik Sioux Falls Portfolio I, LLC, possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, is the Debtor's legal counsel. Fannie Mae, as secured lender, is represented by: Alexis A. Leventhal, Esq. Keith Aurzada, Esq. Jay Krystinik, Esq. Devan Dal Col, Esq. Reed Smith, LLP 1001 Brickell Bay Drive, Suite 900 Miami, FL 33131 Phone: 786-747-0247 aleventhal@reedsmith.com kaurzada@reedsmith.com jkrystinik@reedsmith.com ddalcol@reedsmith.com Merchants Bank of Indiana, as secured lender, is represented by: Scott N. Brown, Esq. Bast Amron, LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: 305.379.7904 sbrown@bastamron.com UNCLE NEAREST: Court Dismisses Bankruptcy Case ---------------------------------------------- Judge Suzanne H. Bauknight of the U.S. Bankruptcy Court for the Eastern District of Tennessee dismissed the bankruptcy case of Uncle Nearest Real Estate Holdings, LLC. On March 19, 2026, the Court delivered a bench opinion granting the motions to dismiss filed by Phillip G. Young, Jr., Receiver, and Farm Credit Mid-America, PCA, which was heard and decided on an emergency basis. The Court supplements the March 19 bench decision to clarify, but not alter, the decision by elaborating on the authorities relied on by the Court to find that Ms. Weaver lacked authority to file the bankruptcy petition in this case. The Debtor relied on "controlling Sixth Circuit authority" to argue that the appointment of the Receiver did not divest the debtor of authority to file a bankruptcy petition. The only supposed "controlling authority" cited by Debtor was In re 530 Donelson, LLC, 660 B.R. 887 (Bankr. M.D. Tenn. 2024) (Mashburn, C.J.), which is not binding on this Court. Further, the facts underlying the court's decision in In re 530 Donelson make it inapposite. In 530 Donelson, a state court had appointed a receiver for the debtor, an LLC. The order also authorized the receiver to hire professionals and to seek reimbursement of fees and expenses. Also, the movant in 530 Donelson did not contest that the member who signed the bankruptcy petition had authority to do so under the LLC's operating agreement. According to Judge Bauknight, "The Receivership Order here is anything but plain vanilla. Through it, the district court exclusively vested in the Receiver all the powers of officers, directors, members, and/or managers (as applicable) of Uncle Nearest and the Subject Entities to take (or refrain from taking) any and all actions on behalf of Uncle Nearest and the Subject Entities. Such exclusive vesting, by definition, effected a divesting of such powers in anyone but the receiver." The petition having been filed without authority of the Receiver, who was vested exclusively with the powers of officers and directors of the receivership entities, including Debtor, the Court was required to dismiss it for cause under Sec. 1112(b). A copy of the Court's Supplemental Memorandum Opinion dated March 23, 2026, is available at https://urlcurt.com/u?l=Abv1rj from PacerMonitor.com. Attorneys for Debtor: Kelli Danielle Holmes, Esq. Thomas Lynn Tarpy, Esq. TARPY, COX, FLEISHMAN & LEVEILLE, PLLC 1111 Northshore Drive Landmark Tower North, Suite N-290 Knoxville, TN 37919 Email: ltarpy@tcflattorneys.com Attorneys for Receiver, Phillip G. Young, Jr.: Justin T. Campbell, Esq. THOMPSON BURTON PLLC 1801 West End Avenue, Suite 1550 Nashville, TN 37203 Email: justin@thompsonburton.com Attorneys for Farm Credit Mid-America, PCA: Erika R. Barnes, Esq. STITES & HARBISON PLLC 401 Commerce Street, Suite 800 Nashville, TN 37219 Email: ebarnes@stites.com - and - Demetra Liggins, Esq. MCGUIREWOODS LLP Texas Tower, Suite 2400 845 Texas Avenue Houston, TX 77002 Email: dliggins@mcguirewoods.com About Uncle Nearest Uncle Nearest Real Estate Holdings, LLC, based in Shelbyville, Tennessee, owns the Nearest Green Distillery, including the building, furniture, equipment, and fixtures used in its operations. Uncle Nearest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30472) on March 17, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Lynn Tarpy, Esq., of Tarpy,Cox, Fleishmann, & Leveille, PLLC. VIVIANS RESTAURANT: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division entered a third interim order authorizing Vivians Restaurant, Inc. to use cash collateral. The court authorized interim use of the purported cash collateral of Byline Bank, Newtek Bank, National Association, and the U.S. Small Business Administration for the period from March 27 through May 1 in accordance with the budget, plus up to a 10% variance. The court found such use necessary to avoid immediate and irreparable harm to the bankruptcy estate. The 30-day budget projects total operational expenses of $103,200 for April. As adequate protection, secured creditors will be granted replacement liens on any property acquired by the Debtor or the estate before and after the bankruptcy filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The Debtor must maintain insurance, properly maintain collateral, provide access to books and records, and deliver profit-and-loss and budget-to-actual reports by April 15. The third interim order is available at https://shorturl.at/5Q3dG from PacerMonitor.com. A further interim hearing is scheduled for April 27. As of the petition, the Debtor's cash collateral consists of cash ($30,000) and inventory ($28,300) such as liquor, food and supplies in which the secured creditors hold an interest. The Debtor owes Newtek and the SBA approximately $514,000 and $346,000, respectively. Vivian's Restaurant filed for Chapter 11 protection due to rising food costs and a post-COVID revenue decline, which forced it to rely on high-interest merchant cash advance loans with frequent repayments. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com Newtek Bank, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com About Vivians Restaurant Inc. Vivians Restaurant Inc. is an Illinois-based full-service restaurant company specializing in casual and fine dining experiences, offering a variety of cuisines to local customers and event clients. Vivians Restaurant Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00919) on January 20, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., Crane, Simon, Clar & Goodman. VSM PROPERTIES: Court OKs Interim Use of Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee, Northern Division entered an agreed interim order allowing VSM Properties, LLC to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral in the ordinary course for property-related expenses, including management fees, utilities, insurance, and maintenance, subject to a 20% budget variance. Weekly financial reporting to creditors and the U.S. Trustee is required to ensure transparency. As adequate protection, secured creditors will receive replacement liens on pre- and post-petition collateral, maintaining the same priority and validity as their pre-petition liens. The Debtor must also escrow funds monthly for property taxes and stay current on post-petition tax filings and obligations. The order imposes compliance requirements, including maintaining insurance and filing operating reports, with potential case dismissal for non-compliance. A further hearing on continued use of cash collateral is scheduled for December 17, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/BGPbQ from PacerMonitor.com. About VSM Properties LLC VSM Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12708) on October 9, 2025, listing up to $50,000 in assets and between $10 million and $50 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25-32042). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. YUNHONG GREEN: Posts $2.5MM Net Loss in FY25; Warns of Cash Crunch ------------------------------------------------------------------ Yunhong Green CTI. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $2.5 million for the fiscal year ended December 31, 2025, compares to a net loss of $1.5 million for the year ended December 31, 2024. Net Sales for the year ended December 31, 2025 and 2024 were $19.7 million and $18 million, respectively. Boston, Massachusetts-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 23, 2026, citing that the Company has suffered recurring losses from operations and has an accumulated deficit. This raises substantial doubt about the Company's ability to continue as a going concern. The Company has a cumulative net loss from inception to December 31, 2025 of approximately $28.4 million and had approximately $0.1 million of cash as of December 31, 2025. As of December 31, 2025, the Company had an accumulated deficit of $28.4 million. The Company's cash resources may be insufficient to meet its anticipated needs during the next 12 months. The Company's cash resources from operations may be insufficient to meet its anticipated needs during the next 12 months. If the Company does not execute its plan, it may require additional financing to fund its future planned operations. The ability of the Company to continue as a going concern is dependent on the Company having adequate capital to fund its operating plan and performance. Management's plans to continue as a going concern may include raising additional capital through sales of equity securities and borrowing, continuing to focus our Company on the most profitable elements, and exploring alternative funding sources on an as needed basis. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. Supply chain challenges and inflationary pressures have impacted the Company's business operations to some extent and is expected to continue to do so and, these impacts may include reduced access to capital. The Company's primary sources of liquidity have traditionally been comprised of cash and cash equivalents as well as availability under the Credit Agreement in place at the time. This credit facility, as amended, matures on April 30, 2027. -- On September 30, 2021, the Company entered into a loan and security agreement with Line Financial, which provides for a senior secured financing consisting of a revolving credit facility in an aggregate principal amount of up to $7.0 million as amended, subject to borrowing base provisions, and term loan facility in an aggregate principal amount of $731,250. The Senior Facilities are secured by substantially all assets of the Company. The Company has remained in compliance with all material covenants since inception. Borrowings under the Revolving Credit Facility bear interest at the prime rate + 7.82% (14.57% as of December 31, 2025), payable monthly in arrears. The Term Loan Facility bears interest at the prime rate + 1.45% (8.2% as of December 31, 2025) and is repaid in 48 monthly installments of approximately $15,000, beginning November 1, 2021. The Company also pays collateral monitoring fees of 4.62% of the eligible accounts receivable, inventory, and equipment supporting both facilities. Originally maturing September 30, 2023, the Senior Facilities were extended to April 30, 2027 pursuant to a Fifth Amendment executed on September 30, 2025, which also increased the revolving commitment from $6.0 million to $7.0 million and added a 0.75% renewal fee, payable in two equal installments in October 2025 and September 2026. A $12,500 commitment fee was also incurred. All other material terms, including borrowing base, collateral, and covenants, remained unchanged. The facility automatically renews for successive one-year periods unless either party provides written notice of termination not less than 90 days prior to the end of the then-current term. The Company may prepay the Term Loan Facility (together with accrued interest and any applicable prepayment fee) in whole, but not in part, upon at least 60 days' prior written notice At December 31, 2025 and 2024, the term loan balance was approximately $0.5 and $0.6 million, respectively, and the revolving balance was $6.8 million and $6.6 million, respectively. We had $0.2 million remaining available for borrowing under the Revolving Credit Facility as of December 31, 2025. The Agreement requires the Company to maintain minimum tangible net worth of $4.0 million, subject to adjustment by the Lender. The Company was in compliance with this covenant as of December 31, 2025 and 2024. The Agreement also limits additional indebtedness, liens, dividends, mergers, and annual capital expenditures exceeding $1.0 million. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/yc777caz About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. As of December 31, 2025, the Company had $22.2 million in total assets, $11.6 million in total liabilities, and $10.5 million in total stockholders' equity. [] Arkansas Ranks First for Chapter 12 Filings in 2025 ------------------------------------------------------ Stuttgart Daily Leader reports that Arkansas recorded the highest number of Chapter 12 farm bankruptcy filings in 2025, with 33 cases, more than doubling its total from the previous year, according to the American Farm Bureau Federation. Georgia and Iowa followed, reporting 27 and 18 filings, respectively, as farm financial stress intensified. The trend aligns with a broader increase in U.S. bankruptcy filings. The Administrative Office of the U.S. Courts said total filings rose 11% year over year in 2025, reflecting growing economic pressures across both businesses and households. However, current levels remain well below long-term historical peaks, according to report. Industry experts point to sustained economic challenges in agriculture. Ryan Loy explained that declining revenues and rising costs have squeezed farm margins, leaving many producers unable to sustain operations without restructuring their financial obligations. Chapter 12 offers a specialized bankruptcy option for family farmers seeking to reorganize and continue operations. Other chapters, including Chapter 11, Chapter 13, and Chapter 7, provide different approaches ranging from reorganization to liquidation, depending on the debtor's financial position and future plans, the report states. [] Fortress Buys Bankruptcy Services Firm Omni Agent Solutions -------------------------------------------------------------- Omni Agent Solutions Inc., a pioneer in bankruptcy and corporate restructuring case administration services, announced that it has been acquired by funds managed by affiliates of Fortress Investment Group. Founded in 1970, Omni Agent Solutions provides services for Chapter 11 proceedings, including claims, noticing, and solicitation support, securities services, disbursements, and call center operations. Omni is known for its deep operational expertise, high-touch client service, and technology-enabled workflows that support large stakeholder populations and compressed timelines. The investment from Fortress is intended to support Omni's next phase of growth, including continued technology development and expanded scale across core service lines. "We have administered some of the most complex restructuring cases in the country for more than 55 years, and the trust professionals place in us is something we take seriously every day," said Brian Osborne, Chief Executive Officer of Omni Agent Solutions Inc. "With Fortress as a partner, we can accelerate our investment in our platform, people, and services. Our focus remains the same: helping restructuring professionals run the most complex cases with the precision and expertise our clients have come to expect." "Omni Agent Solutions has earned long-standing trust with restructuring counsel and advisory teams by executing at a high level when timing and accuracy matter most," said Joseph Dunn, Managing Director and Global Co-Head of Legal Assets at Fortress Investment Group. "We are pleased to support Brian and the rest of Omni's proven management team as they continue the company's remarkable growth trajectory, focused on best-in-class client services." "When we acquired Omni eight years ago, we saw a business with unmatched institutional knowledge and exceptional growth potential," said Marc Beilinson, outgoing owner of Omni and continuing member of the board. "Brian and the team have executed beyond expectations. I'm proud of what this team has built and genuinely excited about this next chapter with Fortress." Omni's executive and operational teams will remain in place following the transaction, and Marc Beilinson will continue to serve on the board. About Omni Agent Solutions Omni Agent Solutions is a leading claims and noticing agent providing bankruptcy and restructuring case administration services, including noticing, claims management, plan solicitation support, securities services, disbursements, and call center solutions. Founded in 1970, Omni has been at the forefront of case administration for more than five decades and thousands of cases. For more information, visit omniagentsolutions.com [] Major Dioceses Near Final Settlement Payout Phase ---------------------------------------------------- Legal-Bay, a leading litigation funding firm specializing in sex abuse cases, settlement funding, pre settlement funding, lawsuit loans, lawsuit loan services, settlement loans, and settlement loan programs, released an update on several major Catholic Church bankruptcy abuse settlements that are progressing toward approval and eventual payment to survivors. Many of these cases have remained tied up in bankruptcy courts for years, delaying compensation for victims. Legal-Bay reports that multiple dioceses are now approaching critical milestones, signaling that payouts may soon begin. "Our firm has been closely tracking these cases throughout the bankruptcy process," said Chris Janish, CEO of Legal-Bay. "We receive daily requests from clients seeking updates, so we felt it was important to provide a clear snapshot of which cases are closest to reaching the payout stage." If you're a lawyer or plaintiff involved in an active lawsuit and need an immediate cash advance against a pending settlement, please visit Legal Bay HERE or call toll-free at 877.571.0405. Legal-Bay has provided settlement funding, pre settlement funding, lawsuit loans, and settlement loans for clergy sex abuse cases for more than a decade and continues to assist survivors facing financial hardship while their claims remain unresolved. The company encourages individuals who may have previously been denied funding--whether because the defendant was in bankruptcy or there is a prior funding advance--to reapply as case conditions evolve. Legal-Bay is currently assisting clients involved in the following Catholic Church bankruptcy abuse settlements: Catholic Church Bankruptcy Abuse Settlements (Ranked by Estimated Average Payout per victim) * Rockville Centre (NY): $323M settlement; (approved by court) * Camden (NJ): $180M settlement; (pending approval by court) * Rochester (NY): $246--256M settlement; (approved by court) * Syracuse (NY): $176M settlement; (approved by court) * New Orleans (LA): $230M settlement; (pending approval by court) * Buffalo (NY): $150M--$274M proposed settlement; (pending approval by court) These cases highlight the wide range of outcomes in clergy abuse bankruptcies, with average compensation varying significantly based on claim volume, insurance participation, and claim validation. Legal-Bay's staff is available 24/7 to assist survivors seeking settlement funding, lawsuit loans, pre settlement funding, and settlement loans during ongoing litigation and bankruptcy proceedings. About Legal-Bay Legal-Bay is a premier litigation funding company providing settlement funding, pre settlement funding, lawsuit loans, and settlement loans to plaintiffs in personal injury, sex abuse, and other civil cases. With over a decade of experience, Legal-Bay helps clients access cash advances while awaiting settlement or trial outcomes, ensuring financial stability during the legal process. [] Northgate Closes $18.6M Brooklyn Multifamily Bankruptcy Sale --------------------------------------------------------------- Northgate Real Estate Group announced on March 26, 2026, the closing of a seven-building Brooklyn multifamily portfolio for $18.6 million, a 54% premium over the $12.1 million opening bid. The sale was conducted live and online and approved by the U.S. Bankruptcy Court, Eastern District of New York. The portfolio comprises 47 residential units and three ground-floor retail spaces spanning 47,057 square feet across four Brooklyn neighborhoods: Williamsburg, Greenpoint, Bushwick, and Crown Heights. The residential units are predominantly free-market, with the buildings classified under New York City's Tax Class 2A and 2B designations. Northgate ran a dual-track marketing process, soliciting bids both for individual buildings and for the portfolio as a whole. Qualified offers were received on both bases. The portfolio ultimately traded at a price that exceeded the combined total of the highest bids for each individual property. "There's a misconception that bankruptcy sales yield below market prices. To the contrary, it's consistently proven that when buyers believe they are pursuing a 'discounted opportunity,' they often become more aggressive and ultimately pay more than they would in a traditional sale. In this case, we performed robust marketing, fielded abundant inquiries, and conducted a competitive auction that drove pricing to a level substantially above where the broader market had been valuing the asset." -- Greg Corbin, President, Northgate Real Estate Group "Bids were taken on both an individual-building and portfolio basis, giving us the pleasure of working with a diverse pool of buyers, ranging from local owners to international funds. The market ultimately determined that achieving economies of scale across these prime Brooklyn neighborhoods made the deal far more valuable as a package rather than individually." -- Felix Ades, Managing Director, Northgate Real Estate Group Transaction Details -- Sale Price: $18,600,000 -- Opening Bid: $12,100,000 -- Premium to Opening Bid: 54% -- Portfolio Premium Over Aggregate Individual Bids: 8.1% -- Total Square Footage: 47,057 SF -- Residential Units: 47 -- Retail Spaces: 3 -- Number of Buildings: 7 -- Neighborhoods: Williamsburg, Greenpoint, Bushwick, Crown Heights -- Tax Classification: Class 2A / 2B -- Sale Structure: Court-supervised bankruptcy auction, U.S. Bankruptcy Court, Eastern District of New York About Northgate Real Estate Group Ranked the #1 bankruptcy, foreclosure, and restructuring brokerage in New York and among the top firms nationwide, Northgate Real Estate Group is a New York City--based brokerage and advisory firm focused on the sale of distressed real estate assets and loans. Northgate's agents have been involved in over $4.3 billion in commercial real estate transactions and advise property owners, lenders, financial institutions, and investors on complex bankruptcy, foreclosure, and special situations sales and workouts. The firm is widely recognized for its ability to structure and execute highly competitive, court-supervised sale processes that drive pricing and maximize recoveries. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- 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. E-mail: RJC@COLECOLELAW.COM In re David Allan Tuck Bankr. C.D. Cal. Case No. 26-10912 Chapter 11 Petition filed March 24, 2026 See https://www.pacermonitor.com/view/ASF2SEY/David_Allan_Tuck__cacbke-26-10912__0001.0.pdf?mcid=tGE4TAMA represented by: Summer Shaw, Esq. SHAW & HANOVER, PC E-mail: ss@shaw.law In re Solita C. Hines Bankr. S.D. Cal. Case No. 26-01131 Chapter 11 Petition filed March 24, 2026 represented by: S. Slaughter, Esq. In re Fleur-De-Lis Whole Healthcare LLC LA Bankr. E.D. La. Case No. 26-10688 Chapter 11 Petition filed March 24, 2026 See https://www.pacermonitor.com/view/372VXTI/Fleur-De-Lis_Whole_Healthcare__laebke-26-10688__0001.0.pdf?mcid=tGE4TAMA represented by: Ralph Bickham, Esq. BICKHAM LAW PRACTICE PLLC E-mail: rbickham@bickhamlaw.com In re Alexander Gorelik Bankr. E.D.N.Y. Case No. 26-41356 Chapter 11 Petition filed March 24, 2026 See https://www.pacermonitor.com/view/TSEEEQY/Alexander_Gorelik__nyebke-26-41356__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. Email: alla@kachanlaw.com In re Midwood Standard 1 LLC Bankr. E.D.N.Y. Case No. 26-41355 Chapter 11 Petition filed March 24, 2026 See https://www.pacermonitor.com/view/TBVUBGA/Midwood_Standard_1_LLC__nyebke-26-41355__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re ISC Nutra LLC Bankr. E.D.N.Y. Case No. 26-71139 Chapter 11 Petition filed March 24, 2026 See https://www.pacermonitor.com/view/C6JYQNA/ISC_Nutra_LLC__nyebke-26-71139__0001.0.pdf?mcid=tGE4TAMA represented by: Morse Geller, Esq. MORSE GELLER & ASSOCIATES E-mail: mgadv1@aol.com In re Kimo W. Brandon Bankr. W.D.N.Y. Case No. 26-10347 Chapter 11 Petition filed March 24, 2026 See https://www.pacermonitor.com/view/BHPCU2I/Kimo_W_Brandon__nywbke-26-10347__0001.0.pdf?mcid=tGE4TAMA represented by: Scott J. Bogucki, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. In re Southern Workover, Inc. Bankr. S.D. Tex. Case No. 26-20096 Chapter 11 Petition filed March 24, 2026 See https://www.pacermonitor.com/view/DXVIFCI/Carl_Hubert_Shanklin__txsbke-26-20096__0001.1.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/DK2JX7Y/Carl_Hubert_Shanklin__txsbke-26-20096__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Cyber Broadband Inc Bankr. N.D. Ala. Case No. 26-80695 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/4B2XM7Y/Cyber_Broadband_Inc__alnbke-26-80695__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Green D Enterprises, Inc. dba Green's Dependable Hardware Bankr. N.D. Ala. Case No. 26-80707 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/YWEEP4A/Green_D_Enterprises_Inc_dba_Greens__alnbke-26-80707__0001.0.pdf?mcid=tGE4TAMA represented by: Joseph E. Bulgarella, Esq. BULGARELLA, LLC E-mail: joe@bulgarella.com In re Ray's Pizza 88 LLC Bankr. D. Ariz. Case No. 26-02881 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/33PVNMA/Rays_Pizza_88_LLC__azbke-26-02881__0001.0.pdf?mcid=tGE4TAMA represented by: Ronald J. Ellett, Esq. ELLETT LAW OFFICES, P.C. E-mail: rjellett@ellettlaw.com In re B.A.D. LLC Bankr. E.D. Cal. Case No. 26-21633 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/FYBCOXQ/BAD_LLC__caebke-26-21633__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lavish Lifestyles Capital Investment Group LLC Bankr. S.D. Fla. Case No. 26-13605 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/4OUSDGY/Lavish_Lifestyles_Capital_Investment__flsbke-26-13605__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Nuno Morais Bankr. S.D. Fla. Case No. 26-13661 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/2LJYDCQ/Nuno_Morais__flsbke-26-13661__0001.0.pdf?mcid=tGE4TAMA represented by: Bradley S. Shraiberg, Esq. SHRAIBERG PAGE PA E-mail: bss@slp.law In re Yunisleidis Higdon Bankr. S.D. Fla. Case No. 26-13677 Chapter 11 Petition filed March 25, 2026 represented by: Stan Riskin, Esq. In re McCammons Irish Market, LLC Bankr. S.D. Ind. Case No. 26-01735 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/YZW2ZHQ/McCammons_Irish_Market_LLC__insbke-26-01735__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Valentina B Nikityuk Bankr. S.D.N.Y. Case No. 26-35315 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/ILJMFCA/Valentina_B_Nikityuk__nysbke-26-35315__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Jeni Lyn Lanier Bankr. E.D.N.C. Case No. 26-01340 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/HXUGE4Q/Jeni_Lyn_Lanier__ncebke-26-01340__0001.0.pdf?mcid=tGE4TAMA represented by: George Mason Oliver, Esq. THE LAW OFFICES OF GEORGE OLIVER, PLLC In re Maxum Genesis Group, Inc. Bankr. E.D. Va. Case No. 26-31259 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/KPPB6CY/Maxum_Genesis_Group_Inc__vaebke-26-31259__0001.0.pdf?mcid=tGE4TAMA represented by: Robert S. Westermann, Esq. SPOTTS FAIN PC E-mail: rwestermann@spottsfain.com In re Mitchell E. Maddox Bankr. E.D. Va. Case No. 26-50307 Chapter 11 Petition filed March 25, 2026 represented by: Paul Driscoll, Esq. In re Hetland Sports and Services LLC Bankr. W.D. Wash. Case No. 26-10911 Chapter 11 Petition filed March 25, 2026 See https://www.pacermonitor.com/view/Y2PDWLI/Hetland_Sports_and_Services_LLC__wawbke-26-10911__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Paul D. Weeks and Mary Betts Weeks Bankr. M.D. Ala. Case No. 26-10366 Chapter 11 Petition filed March 26, 2026 represented by: J. Espy, Esq. In re Kathleen Lydia Lawrence and Wendell Lawrence, Jr. Bankr. D. Idaho Case No. 26-00243 Chapter 11 Petition filed March 26, 2026 In re Majestic Desserts LLC Bankr. D.N.J. Case No. 26-13281 Chapter 11 Petition filed March 26, 2026 See https://www.pacermonitor.com/view/6FUAHUA/Majestic_Desserts_LLC__njbke-26-13281__0001.0.pdf?mcid=tGE4TAMA represented by: E. Richard Dressel, Esq. LEX NOVA LAW, LLC E-mail: rdressel@lexnovalaw.com In re AP 5781 Inc Bankr. E.D.N.Y. Case No. 26-41423 Chapter 11 Petition filed March 26, 2026 See https://www.pacermonitor.com/view/BEJ6U4Y/AP_5781_Inc__nyebke-26-41423__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Greaves Paint & Hardware Corp Bankr. E.D.N.Y. Case No. 26-41418 Chapter 11 Petition filed March 26, 2026 See https://www.pacermonitor.com/view/Q6SB4UA/Greaves_Paint__Hardware_Corp__nyebke-26-41418__0001.0.pdf?mcid=tGE4TAMA represented by: Richard S. Feinsilver, Esq. RICHARD S. FEINSILVER, ESQ. E-mail: feinlawny@yahoo.com In re Svitlana Kletsova Bankr. E.D.N.Y. Case No. 26-41437 Chapter 11 Petition filed March 26, 2026 See https://www.pacermonitor.com/view/BQEADRI/Svitlana_Kletsova__nyebke-26-41437__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Aarons Landscaping LLC Bankr. W.D. Wash. Case No. 26-40864 Chapter 11 Petition filed March 26, 2026 See https://www.pacermonitor.com/view/VUNHKUQ/Aarons_Landscaping_LLC__wawbke-26-40864__0001.0.pdf?mcid=tGE4TAMA represented by: Christina L. Henry, Esq. DEVLIN LAW FIRM LLC E-mail: chenry@devlinlawfirm.com In re Joseph David Rodriguez Bankr. C.D. Cal. Case No. 26-10649 Chapter 11 Petition filed March 27, 2026 represented by: Anthony Egbase, Esq. In re Paul K. Guthrie Bankr. D. Colo. Case No. 26-11939 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/LMU4L5A/Paul_K_Guthrie__cobke-26-11939__0001.0.pdf?mcid=tGE4TAMA represented by: Katharine Sender, Esq. THE SENDER LAW FIRM E-mail: kate@cosenderlaw.com In re David Stuart Goldman Bankr. D. Conn. Case No. 26-50233 Chapter 11 Petition filed March 27, 2026 In re Benjamin Allen Finley Bankr. M.D. Fla. Case No. 26-02432 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/2BSIUKI/Benjamin_Allen_Finley__flmbke-26-02432__0001.0.pdf?mcid=tGE4TAMA represented by: Pierce J. Guard, Jr., Esq. THE GUARD LAW GROUP, PLLC E-mail: jguardjr@aol.com In re Fritz Lemoine Bankr. M.D. Fla. Case No. 26-00696 Chapter 11 Petition filed March 27, 2026 represented by: Michael Dal Lago, Esq. In re Jack Lee Marcum, III Bankr. S.D. Ind. Case No. 26-01844 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/CIHK3II/Jack_Lee_Marcum_III__insbke-26-01844__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey Hester, Esq. ALLMAN KIGHT HESTER LLC E-mail: jhester@akhlaw.com In re Jose L. Veras-Pola Bankr. E.D. La. Case No. 26-10734 Chapter 11 Petition filed March 27, 2026 represented by: Eric Derbes, Esq. In re Richard M. Blosser Bankr. D. Mont. Case No. 26-20082 Chapter 11 Petition filed March 27, 2026 In re Niafa Inc. Bankr. E.D.N.Y. Case No. 26-41454 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/PL7MK7I/Niafa_Inc__nyebke-26-41454__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Smartsell Inc. Bankr. E.D.N.Y. Case No. 26-41455 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/P66Q2LY/Smartsell_Inc__nyebke-26-41455__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 3 J'S Manhattan Corp Bankr. E.D.N.Y. Case No. 26-41453 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/O6NGPVI/3_JS_Manhattan_Corp__nyebke-26-41453__0001.0.pdf?mcid=tGE4TAMA represented by: Elio Forcina, Esq. E-mail: forcinalaw@gmail.com In re Alexis Antonio Ramos Bankr. E.D.N.C. Case No. 26-01378 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/HFJ72WA/Alexis_Antonio_Ramos__ncebke-26-01378__0001.0.pdf?mcid=tGE4TAMA represented by: Kathleen O'Malley, Esq. STEVENS MARTIN VAUGHN & TADYCH, PLLC E-mail: komalley@smvt.com In re Marshall Robert Shannon Bankr. N.D. Tex. Case No. 26-31283 Chapter 11 Petition filed March 27, 2026 represented by: Robert DeMarco, Esq. In re Michelle Anne Company Bankr. W.D. Tex. Case No. 26-10524 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/DE5OESY/Michelle_Anne_Company__txwbke-26-10524__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re New York Tailors, Inc. Bankr. E.D. Va. Case No. 26-10730 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/4NTBAYQ/New_York_Tailors_Inc__vaebke-26-10730__0001.0.pdf?mcid=tGE4TAMA represented by: Craig M. Palik, Esq. MCNAMEE HOSEA, P.A. E-mail: cpalik@mhlawyers.com In re Community Automative Repair, LLC Bankr. W.D. Wash. Case No. 26-10953 Chapter 11 Petition filed March 27, 2026 See https://www.pacermonitor.com/view/RDNNTSY/Community_Automative_Repair_LLC__wawbke-26-10953__0001.0.pdf?mcid=tGE4TAMA represented by: Karen E. Richmond, Esq. RICHMOND HILL, PLLC E-mail: karen@law-rh.com In re Immaculate Detail LLC Bankr. D. Ariz. Case No. 26-03016 Chapter 11 Petition filed March 28, 2026 See https://www.pacermonitor.com/view/B4MYH3I/Immaculate_Detail_LLC__azbke-26-03016__0001.0.pdf?mcid=tGE4TAMA represented by: Ronald J. Ellett, Esq. ELLETT LAW OFFICES, P.C. E-mail: rjellett@ellettlaw.com In re Luis Carlos Chavez Bankr. D. Colo. Case No. 26-12031 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/4QWE4YY/Luis_Carlos_Chavez__cobke-26-12031__0001.0.pdf?mcid=tGE4TAMA represented by: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY. P.C. E-mail: agarber@wgwc-law.com In re Orlando Private School Inc. Bankr. M.D. Fla. Case No. 26-02210 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/DMTG6GY/Orlando_Private_School_Inc__flmbke-26-02210__0001.0.pdf?mcid=tGE4TAMA represented by: Stefan Chrzanowski, Esq. SHARK LAW E-mail: Stefan@SharkLaw.Law In re Quilla Painting, Corp. Bankr. S.D. Fla. Case No. 26-13901 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/JQ2PK4I/QUILLA_PAINTING_CORP__flsbke-26-13901__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas L. Abrams, Esq. THOMAS L ABRAMS PA E-mail: tabrams@tabramslaw.com In re Uchendu Ikenna Azodo and Gail Danielle Hamilton Azodo Bankr. S.D. Fla. Case No. 26-13896 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/OL4O3BA/Uchendu_Ikenna_Azodo_and_Gail__flsbke-26-13896__0001.0.pdf?mcid=tGE4TAMA represented by: Samantha L Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE E-mail: sdammer@bbdglaw.com In re Image Dental Arts, Inc. Bankr. N.D. Ind. Case No. 26-10354 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/MCRGOVQ/Image_Dental_Arts_Inc__innbke-26-10354__0001.0.pdf?mcid=tGE4TAMA represented by: H. Faith Welch, Esq. HALLERCOLVIN PC E-mail: fwelch@hallercolvin.com In re David Philip Schupmann Bankr. N.D. Ill. Case No. 26-05587 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/SWIY7AQ/David_Philip_Schupmann__ilnbke-26-05587__0001.0.pdf?mcid=tGE4TAMA represented by: Ariane Holtschlag, Esq. PAULSEN & HOLTSCHLAG LLC Email: aholtschlag@ph-firm.com In re Ex-Cel Corned Beef Factory Corporation Bankr. N.D. Ill. Case No. 26-05527 Chapter 11 Petition filed March 29, 2026 See https://www.pacermonitor.com/view/WKVPZFQ/Ex-Cel_Corned_Beef_Factory_Corporation__ilnbke-26-05527__0001.0.pdf?mcid=tGE4TAMA represented by: Paul M. Bach, Esq. BACH LAW OFFICES E-mail: paul@bachoffices.com In re Evona, LLC Bankr. D. Mass. Case No. 26-10699 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/UOI6VYA/Evona_LLC__mabke-26-10699__0001.0.pdf?mcid=tGE4TAMA represented by: George J Nader, Esq. RILEY & DEVER E-mail: nader@rileydever.com In re Herrera Realty LLC Bankr. D.N.J. Case No. 26-13458 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/K626A7I/Herrera_Realty_LLC__njbke-26-13458__0001.0.pdf?mcid=tGE4TAMA represented by: Karl J. Norgaard, Esq. NORGAARD OBOYLE HANNON E-mail: knorgaard@norgaardfirm.com In re 771 Broadway Bean LLC Bankr. E.D.N.Y. Case No. 26-41531 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/7SDP65I/771_Broadway_Bean_LLC__nyebke-26-41531__0007.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Joy Collington Bankr. E.D.N.Y. Case No. 26-41526 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/CWV6HVI/JOY_COLLINGTON__nyebke-26-41526__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin Golding, Esq. GOLDING & ASSOCIATES PLLC E-mail: goldingassociates99@gmail.com In re The Simpson Group I, Inc. Bankr. E.D.N.C. Case No. 26-01423 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/WH7DZ5I/The_Simpson_Group_I_Inc__ncebke-26-01423__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Virginia Lee Godfrey Bankr. M.D.N.C. Case No. 26-80090 Chapter 11 Petition filed March 30, 2026 represented by: Joseph Frost, Esq. In re Seagoville Farms Homeowners Association, Inc. Bankr. N.D. Tex. Case No. 26-31336 Chapter 11 Petition filed March 30, 2026 See https://www.pacermonitor.com/view/KT5GTKY/Seagoville_Farms_Homeowners_Association__txnbke-26-31336__0001.0.pdf?mcid=tGE4TAMA represented by: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC E-mail: joyce@joycelindauer.com In re Ramon Gonzalez Bankr. C.D. Cal. Case No. 26-13053 Chapter 11 Petition filed March 31, 2026 represented by: Michael Kwasigroch, Esq. In re Ying Ma Bankr. S.D.N.Y. Case No. 26-10694 Chapter 11 Petition filed March 31, 2026 represented by: Erica Itzhak, Esq. ********* 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. 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