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260406.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, April 6, 2026, Vol. 30, No. 96 Headlines 1029 KIPLING: Commences Chapter 11 Bankruptcy in New Jersey 1300 DESERT: $18MM Claim Not a Loan, Judge Rules 1983 PAMELA: Seeks Chapter 11 Bankruptcy in New York 22ND CENTURY: Cuts Net Loss to $5.1MM for Fiscal Year 2025 25 AUGUSTA: Seeks Cash Collateral Access 25350 PLEASANT: To Sell Chantilly Property to Pleasant Valley 28-30 RIVERDALE: Files Emergency Bid to Use Cash Collateral 407 SMILEY: Gets Interim OK to Use Cash Collateral 4901 16TH: Court Extends Cash Collateral Access to May 22 4US CORP: Court Extends Cash Collateral Access to April 10 535 12TH AVE: Gets Final OK to Use Cash Collateral 535 12TH AVE: Unsecureds Will Get 100% of Claims over 60 Months 771 BROADWAY: Commences Chapter 11 Bankruptcy in New York 7TH STATE BUILDERS: Gets Final OK to Use Cash Collateral 8973 GRANTLINE: Seeks to Hire Hughey Law as Legal Counsel 904 X 4 INC: Gets Extension to Access Cash Collateral A.B. INTERNATIONAL: To Hire Mensah Klu & Associates as Accountant ACI FEDERAL: Voluntary Chapter 11 Case Summary ADAVEN PLUMBING: Gets Final OK to Use Cash Collateral ADVANCE CHIMNEY: Hires Erik Scully as Accountant and Tax Counsel ADWOA BEAUTY: Court Extends Cash Collateral Access to April 15 AFC ACQUISITION: Gets Extension to Use Cash Collateral AGORIANI INC: Seeks to Sell Pizza Restaurant Business at Auction AJ RENO: Seeks Chapter 11 Bankruptcy in Texas ALGORHYTHM HOLDINGS: Debts Exceed Assets by US$1.9MM at Dec. 31 ALL PRO CONSTRUCTION: Hires Jennings and Messer PC as Counsel ALL PRO CONSTRUCTION: Linda Gore Named Subchapter V Trustee ALLIED TELECOM: Gets Final OK to Use Cash Collateral ALOFT REMODELING: Case Summary & 20 Largest Unsecured Creditors ALTOMAR HOME: To Hire Miranda & Maldonado P.C. as Legal Counsel AMC ENTERTAINMENT: Vanguard Realignment Disaggregates Equity Stake AMERICAN PICTURE HOUSE: Debts Exceed Assets by $300,000 at Dec. 31 ANR INSULATION: Gets OK to Use Cash Collateral Until April 30 APPLE TREE: Taps Atlantic-Pacific Capital as Global Placement Agent APPLIANCE PRO: Gets Final OK to Use Cash Collateral ARCADIA BIOSCIENCES: Posts $2.3M Loss in FY25, Warns of Cash Crunch ARTELLA SOLUTIONS: Court Extends Cash Collateral Access to April 20 ARTETA LLC: Case Summary & Six Unsecured Creditors ARTSTOCK: Gets Final OK to Use Cash Collateral ASCENCION MEDICAL: Gets Final OK to Use Cash Collateral ASHFORD HOSPITALITY: Sets $25 Liquidation Value for Preferred Stock ASOCIACION HOSPITAL: Gets Extension to Use BPPR's Cash Collateral ASPIRA WOMENS: Liabilities Exceed Assets by US$6.9MM at Dec. 31 BARBEQUE EXCHANGE: Employs Cox Law Group as Legal Counsel BARDWELL & SONS: Douglas Adelsperger Named Subchapter V Trustee BARMASTERS LLC: Court Extends Cash Collateral Access to May 5 BEACON LIGHT: Case Summary & 12 Unsecured Creditors BETHUNE SUITES: Section 341(a) Meeting of Creditors on April 27 BEYOND MEAT: Vanguard Group Reports Disaggregated Ownership BIOLARGO INC: Secures Up to $10MM Equity Commitment From Clearthink BLACK SPOT: Gets Final OK to Use Cash Collateral BLACKSTONE CLAIM: Taps Sutin, Hrdlicka as Expert Consultants BLINK CHARGING: Director Crawford to Depart Board at Annual Meeting BRANDHOOT LLC: Seeks Cash Collateral Access BRD LAND: Gets Interim OK to Use Cash Collateral BRIGHT MOUNTAIN: Faces Move to OTCID as Bid Price Stays Under $0.01 BROOKDALE SENIOR: Vanguard Realignment Disaggregates Equity Stake BULLIVANT HOUSER: Taps Development Specialists as Financial Advisor BURMAN'S TREE: Gets OK to Use Cash Collateral Until April 10 BUSTER SJE: Gets Interim OK to Use Cash Collateral CANPACK GROUP: Fitch Alters Outlook on BB Long-Term IDR to Negative CENTER FOR EMOTIONAL HEALTH: Trustee Taps Sanderson Law as Counsel CERA TILE: Court OKs Interim Use of Cash Collateral CHAINCE DIGITAL: Alleviates Going Concern Doubt With $33.8MM Cash CHARLES & COLVARD: Director Duc Pham Resigns Without Disagreement CHARLES & COLVARD: Michael Levin to Serve Extra Month as Exec Chair CHC901 LLC: Gets Final OK to Use Cash Collateral COMMUNITY HEALTH: Vanguard Realignment Disaggregates Equity Stake COMMUNITY HOUSE: To Hire Kerr Russell and Weber as Counsel COOLSYS HOLDING: Moody's Appends 'LD' Designation to 'Caa1-PD' PDR COOPER-STANDARD HOLDINGS: Vanguard Realignment Disaggregates Stake COPPERLEAF SERVICES: Case Summary & Six Unsecured Creditors COREBRIDGE FINANCIAL: Moody's Affirms (P)Ba1 Preferred Shelf Rating COSAMIA LLC: Court Extends Cash Collateral Access to May 5 CROUSE HEALTH: Fitch Alters Outlook on 'B' IDR to Stable CROWN BOILER: Files Emergency Bid to Use Cash Collateral CUMULUS MEDIA: Hires Alvarez & Marsal as Restructuring Advisor CUMULUS MEDIA: Seeks to Hire Porter Hedges LLP as Co-Counsel CURIS INC: Reports $7.6MM Net Loss in FY25, Warns of Cash Crunch CURIS INC: Stonepine Capital Holds 9.9% Equity Stake CV SCIENCES: Narrows Net Loss to $958K for Fiscal Year 2025 DAI YON: Seeks to Hire Breaud & Meyers as Special Counsel DARE BIOSCIENCE: Posts $13.4MM Net Loss in FY 2025; Seeks Capital DAVID SCOTT: Jodi Dubose Named Subchapter V Trustee DEL MONTE: Decision on Lenders' Appeal Bid Expected Soon DEL RAY II: Seeks Cash Collateral Access DIGITAL DOLPHIN: To Sell Ink Business to Rick Roussin for $2.2MM DIOCESE OF FRESNO: Judge OKs Catholic Abuse Claims Fees Sharing DIOCESE OF OAKLAND: Drops Insurance Deals in Revised Plan DIOCESE OF PHOENIX: Moody's Alters Outlook on 'Ba2' Rating to Pos. DIXIE GROUP: Forvis Mazars LLP Raises Going Concern DOLPHIN SHORES: Seeks Cash Collateral Access EAST DUNDEE FIRE: Moody's Confirms 'B1' Issuer & GOULT Ratings ECHOSTAR CORP: Vanguard Realignment Disaggregates Equity Stake EDMUNDSON INC: To Sell Broomfield House to Jennifer Lee for $2.4MM ELIJAH'S XTREME: Gets Final OK to Use Cash Collateral ELITE PRINTING: Court OKs Continued Access to Cash Collateral ELITE PRINTING: Gets Final OK for $700,000 DIP Loan From BCDP EMORY INDUSTRIAL: Seeks Cash Collateral Access ENDRA LIFE: Seeks Strategic Options to Maximize Shareholder Value ENERPRISE MANAGEMENT: Seeks Chapter 11 Bankruptcy in Pennsylvania EQUITECS: Gets Interim OK to Use Cash Collateral EX-CEL CORNED BEEF: Seeks Chapter 11 Bankruptcy in Illinois EXTENSIONS PLUS: Has Deal on Cash Collateral Access FAIR OFFER: Court OKs Residential Properties Sale at Auction FASHIONABLE INC: Court Extends Cash Collateral Access to April 30 FIRST AMERICA RESOURCES: Debts Exceed Assets by $1.6MM at Dec. 31 FLUX POWER: Elects 5 Board Directors at Annual Meeting FORTUNE CIRCLE: Affiliate Gets Extension to Access Cash Collateral FRANCESCA'S ACQUISITION: Committee Taps Emerald Capital as Advisor FTE NETWORKS: US Trustee Seeks to Dismiss Ch. 11 After Case Lapses FTX TRADING: Ex-Chief Engineer Settles CFTC Fraud Case for $3.7MM FUND FOR SANDY: Taps Hendren Redwine & Malone as Legal Counsel GAAT HOLDINGS: Gets Extension to Use Cash Collateral GENESIS ENERGY: S&P Upgrades ICR to 'B+' on Reduced Leverage GEORGES REALTY: Belmont Property to Lisa & Nick J. Therrien GLASS MANAGEMENT: Court Extends Cash Collateral Access to April 30 GLENWOOD CAVERNS: Hires Hilco Corporate as Investment Banker GLOBAL LUXURY: Mark Schlant Named Subchapter V Trustee GOLIATH VENTURES: Receiver Seeks Chapter 11 Trustee Appointment GREEN D ENTERPRISES: Taps Bulgarella LLC, Walding LLC as Counsels GWG HOLDINGS: Ankura Sued Over Alleged Fake Accounting HAIN CELESTIAL: CastleKnight Entities Hold 8.3% Equity Stake HAIN CELESTIAL: Receives Nasdaq Bid Price Deficiency Notice HAIN CELESTIAL: Vanguard Exits Reported Stake After Realignment HAIRANDO LLC: Taps Breaud & Meyers APLC as Special Counsel HAN & JU: Edward Burr Named Subchapter V Trustee HEALTHCARE FOR ALL: Gets OK to Use Cash Collateral Until April 15 HEAVENLY PET: Gets Final OK to Use Cash Collateral HERITAGE WVILLE: Seeks Chapter 11 Bankruptcy in Washington HERNAN REYES: Court Extends Cash Collateral Access to April 14 HERRERA REALTY: Commences Chapter 11 Bankruptcy in New Jersey HNO INTERNATIONAL: Posts $182K Net Loss in Q1, Warns of Cash Crunch HOWARD HUGHES: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable HUDSON PACIFIC: Vanguard Holds Exits Stake After Realignment HYPERMIND CORP: Case Summary & 12 Unsecured Creditors ICU MEDICAL: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable IHN PODIATRY: Gets Final OK to Use Cash Collateral IMMACULATE WINKS: Court OKs Tampa Property to By Gary for $930K INNOVATE CORP: BDO USA, P.C. Raises Going Concern Doubt INNOVATIVE INDUSTRIAL: Vanguard Exits Stake After Realignment INTERCHANGE LOGISTICS: Unsecureds to Split $33K over 36 Months IVANHOE MINES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable J.A. CARRILLO: Court OKs $500K DIP Loan, Cash Collateral Access KABUKI LLC: Seeks to Tap Breaud & Meyers as Special Counsel KAIMUKI REALTY: U.S. Trustee Unable to Appoint Committee KARYOPHARM THERAPEUTICS: Secures $30MM via Private Placement KITCHEN AND BATH: Hearing Today on Bid to Use Cash Collateral KITCHEN MAN: Court OKs Continued Access to Cash Collateral LANE LIVING: Voluntary Chapter 11 Case Summary LEESTMA MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors LEO CHULIYA: Gets Final OK to Use Cash Collateral LIA HOSPITALITY: Section 341(a) Meeting of Creditors on April 23 LIFE CARE: Fitch Affirms 'BB+' IDR, Outlook Stable LILLY INDUSTRIES: Court Extends Cash Collateral Access to July 19 LS INTERIORS: Gets Interim OK to Use Cash Collateral Until Aug. 31 LUCERO LLC: Court OKs Interim Use of Cash Collateral LUCIENNE HOME: Case Summary & Four Unsecured Creditors LUCKY LIKE THAT: Seeks to Hire Newark Firm as Bankruptcy Counsel LUCKY LIKE THAT: Stephen Moriarty Named Subchapter V Trustee LUMINAR TECHNOLOGIES: Gets Court OK to Exit Chapter 11 Bankruptcy M.K. WEEDEN: Seeks to Hire Schwabe Williamson as Legal Counsel MADISYN ON PARK: Lender Seeks to Prohibit Cash Collateral Access MAIN LINE: Hires Law Offices of Musa Jan as Special Counsel MAISEL-HINSON MAINLAND: Gets Final OK to Use Cash Collateral MAKHANI PROPERTIES: Employs H. Anthony Hervol as Attorney MARQUIE GROUP: Names Kelly Kirchhoff as CEO MAST TRUCKING: U.S. Trustee Unable to Appoint Committee MAYFIELD REAL: Voluntary Chapter 11 Case Summary MBIA INC: Vanguard Holds No Beneficial Ownership After Realignment MCCAMMONS IRISH: Case Summary & 20 Largest Unsecured Creditors MERRIMACK HEALTH: S&P Lowers Bond Rating to 'CCC+', Outlook Neg. MICHELLE ANNE: Seeks Cash Collateral Access MICK'S GRASS: Gets Final OK to Use Cash Collateral MIRROR LAKE: Seeks to Tap Snell & Wilmer LLP as Bankruptcy Counsel MORA OAK: Court Extends Cash Collateral Access to May 4 MOUNTAIN REGIONAL: Seeks Cash Collateral Access MZS PROPERTIES: Court Extends Cash Collateral Access to April 14 NATHAN SPENCER: Gets Interim OK to Use Cash Collateral NEO ZONE: Gets Interim OK to Use Cash Collateral NEW FORTRESS: Eliminates 4.8% Series A and B Preferred Stock NEW FORTRESS: Extends Letter of Credit Agreement to Sept. 15 NEW WAVE PROPERTY: Douglas Adelsperger Named Subchapter V Trustee NFN8 GROUP: U.S. Trustee Appoints Creditors' Committee NORTH FLORIDA ADULT: U.S. Trustee Unable to Appoint Committee NORTH STAR: Ombudsman Taps Porzio Bromberg as Legal Counsel NORTH STAR: PCO Taps SAK Healthcare as Medical Operations Advisor NORTHSTAR HOLDINGS: Seeks to Tap Brian K. McMahon as Counsel NOSTRUM LABORATORIES: US Trustee Seeks to Convert or Dismiss Ch. 11 OCUGEN INC: Vanguard Exits Beneficial Ownership After Realignment ONE DREAM: Douglas Adelsperger Named Subchapter V Trustee ONEMEDNET CORP: Liabilities Exceed Assets by US$3.0MM at Dec. 31 ONYX PORTFOLIO: Autumn Harvest Property Sale to R. Jimenez OK'd ONYX PORTFOLIO: Gets OK to Use Cash Collateral OPTIV INC: S&P Downgrades ICR to 'CC', Outlook Negative ORANGE COURIER: Court Extends Cash Collateral Access to April 15 ORANGE COURIER: Court OKs Chapter 11 Trustee Appointment P3 HEALTH: Posts $323.1MM Net Loss in FY25, Going Concern Remains P3 HEALTH: Signs SOW With Nebraska Medicare Advantage Client PAPPAS PIPING: Has Deal on Cash Collateral Access PATHFINDER AUTO: U.S. Trustee Unable to Appoint Committee PENNSYLVANIA BREWING: Seeks Ch.11 Bankruptcy After Creditor's Suit PERNA OIL: August 26 Governmental Claims Bar Date PHILLIPS ACRES: Court Extends Cash Collateral Access to April 30 PHILLIPS FAMILY: Commences Chapter 11 Bankruptcy in New York PLAZA CONTINENTAL: Commences Chapter 11 Bankruptcy in California PLURI INC: Inks $2.5MM Private Placement With Chutzpah Holdings PLZ CORP: S&P Withdraws 'CCC' Issuer Credit Rating, Outlook Neg. PORTLAND HUNT: Starts Chapter 11 Bankruptcy in Maine PRAESUM HEALTHCARE: Trustee to Employ KapilaMukamal as Accountant PROPERTY RESTORATION: U.S. Trustee Unable to Appoint Committee PSCD TRINITY: Seeks to Hire Newmark as Real Estate Broker PUERTO RICO: Bankruptcy Blocks Paul Weiss, ACLU Fee Requests PUTNAM PULMONARY: Gets Interim OK to Use Cash Collateral QVC GROUP: Vanguard Holds No Beneficial Ownership After Realignment R.M. PUTNEY: Taps McConville Considine as Bankruptcy Counsel RAINMAKER CIDER: To Hire Cairncross & Hempelmann as Counsel RALIAM HOSPITALITY: September 21 Governmental Claims Bar Date RAY'S PIZZA: Seeks Cash Collateral Access RAY'S PIZZA: Seeks Court OK to Tap Ellett Law Offices as Attorney RB MARKETPLACE: To Sell Freightliner to Eduard Vega Delgado REGISTER MEAT: Gets Final OK to Use Cash Collateral REKOR SYSTEMS: CEO, CFO Ink Multi-Year Agreements Through 2028 REKOR SYSTEMS: Professor Sanjay Sarma Resigns From Board RELIZ TECHNOLOGY: Retains Ordinary Course Professionals REVIVA PHARMACEUTICALS: CVI Investments Reports 5.2% Equity Stake REYNOLDS CRAFT: To Sell McDonald Property to Mike Erik Lewis RM IMAGING: Court Extends Cash Collateral Access to June 2 RND PROPERTIES: Lender Seeks to Prohibit Cash Collateral Access ROGERS COMMUNICATIONS: DBRS Rates Subordinated Notes 'BB' SABLE OFFSHORE: Vanguard Realignment Disaggregates Equity Stake SAKS GLOBAL: Reaches $500MM Exit Financing Agreement w/ Bondholders SANTA PAULA HAY: Has Deal on Cash Collateral Access SANTIN AUTO: Eric Terry Appointed as Chapter 11 Trustee SCOTLAND DEVELOPMENT: Seeks to Hire Howard Hanna as Brokers SCOTLAND DEVELOPMENT: To Employ Appraisers Village as Appraisers SHAW WELLNESS: Hires Berkshire Hathaway as Listing Agent/Realtor SHREE OF MEMPHIS: Lender Seeks to Prohibit Cash Collateral Access SJ HOLDINGS: Seeks Continued Cash Collateral Access SKYX PLATFORMS: Liquidity Sources Alleviate Going Concern Doubt SLY MANAGEMENT: Taps Law Offices of Robert S. Lewis as Counsel SOUND VISION: Amends U.S. Eagle Secured Claims Pay Details SOUTH FLORIDA PULMONARY: Gets Final OK to Use Cash Collateral SOUTHERN CHICKEN: To Sell Georgia Properties to Tristan Burgess SPOKANE INDUSTRIES: U.S. Trustee Appoints New Committee Member STAGWELL INC: Moody's Affirms 'B1' CFR & Alters Outlook to Positive STAR ONE: Case Summary & Three Unsecured Creditors STEVE CLARK: U.S. Trustee Unable to Appoint Committee SUPERIOR PLUS: Moody's Alters Outlook on 'Ba2' CFR to Negative TOASTED BARREL: Case Summary & 14 Unsecured Creditors TOMATLAN INC: Court Extends Cash Collateral Access to May 5 TONIX PHARMACEUTICALS: Vanguard Group Exits Stake After Realignment TOWER CAPITAL: Hires West & West Attorneys as Legal Counsel TRANSOCEAN LTD: Vanguard Group Exits Stake After Realignment TRAXX CONSTRUCTION: To Hire Green Law Group as Special Counsel TRINITY AUTO: Gets Final OK to Use Cash Collateral TSUNAMI RESTAURANTS: To Employ Breaud & Meyers as Special Counsel TURNING POINT: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable TWO DELUNA: Seeks to Hire Bruner Wright as Legal Counsel TYRO ENTERPRISES: Nicole Nigrelli Named Subchapter V Trustee ULTINON MOTION: Hires Kroll as Claims and Noticing Agent UNITED NATURAL: S&P Raises Senior Secured Term Loan to 'B+' VELCHOFF'S CORNER: Jerrett McConnell Named Subchapter V Trustee VELOCITY ESPORTS: Court OKs Bid Rules for Property Sale VENUS CONCEPT: EW Healthcare Entities Hold 5.4% Equity Stake VILLAGE HOMES: To Sell Sunset Lane & Hogan Hill to Multiple Buyers VIVAKOR INC: Completes 1-for-200 Reverse Split to Meet Nasdaq Rule VMI FURNITURE: Court Extends Cash Collateral Access to April 30 VOICES OF FAITH: To Sell Conyers Property to IK Holdings for $2.2MM VOICES OF FAITH: To Sell Conyers Vacant Lot to IK Holdings VOICES OF FAITH: To Sell Shopping Center to Crown Point Capital WATER ENERGY: To Sell George West Property to Carlos Riojas WATERFRONT RESORT: Albert Togut Named Chapter 11 Trustee WEABER INC: Gets Final OK to Use Cash Collateral WEATHERSTONE LLC: Amends Builder's Capital Secured Claim Pay WEEDEN RANCH: Hires Schwabe Williamson & Wyatt as Legal Counsel WELCH & WELCH: Helena Seeks Chapter 11 Trustee Appointment WILLIAM D. LEDFORD: Taps Less Tax for Dentists as Accountant WILLOW CREEK: Seeks to Employ Salish Sea as Legal Counsel WISDOM DENTAL: Gets Extension to Access Cash Collateral WOODHILL NC: Gets Extension to Access Cash Collateral WORKSPORT LTD: Reports $19.4MM FY25 Net Loss, Going Concern Doubt WSONE-55 INC: Has Deal on Cash Collateral Access Thru April 30 ZLA SOLUTIONS: Voluntary Chapter 11 Case Summary [] March 2026 Sees Spike in Freight and Trucking Bankruptcies ********* 1029 KIPLING: Commences Chapter 11 Bankruptcy in New Jersey ----------------------------------------------------------- On March 31, 2026, 1029 Kipling Rd LLC filed for Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About 1029 Kipling Rd LLC 1029 Kipling Rd LLC is a New Jersey-based real estate holding company that owns and manages commercial and residential properties. The company focuses on property acquisition, leasing, and management services within the regional market. 1029 Kipling Rd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13508) on March 31, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. The Debtor is represented by Michael Schonberger, Esq. of Law Office of Michael C. Schonberger, LLC. 1300 DESERT: $18MM Claim Not a Loan, Judge Rules ------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that a New York bankruptcy judge has rejected an $18 million claim filed by Equity Funding LLC against 1300 Desert Willow Road, ruling that the transaction at issue was not a loan. The decision removes the claim from the New Mexico property owner’s Chapter 11 case. The court found that the underlying agreement lacked essential elements of a lending relationship, including clear repayment terms and indicia of debt. Without those features, the judge concluded that the claim could not be enforced in bankruptcy as a valid obligation. The ruling trims the liabilities faced by the debtor and may shift the distribution landscape for remaining creditors. It also highlights judicial scrutiny of complex financial arrangements in bankruptcy disputes, the report states. About 1300 Desert Willow Road 1300 Desert Willow Road, LLC, owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. Romspen Investment LP, as lender, is represented by Brigid K. Ndege, Esq. of Bryan Cave Leighton Paisner, LLP 1983 PAMELA: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On March 31, 2026, 1983 Pamela LLC filed for Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on April 30, 2026 at 02:30 PM at Zoom.us - USTrustee 10: Meeting ID 161 1310 5467, Passcode 8815187370, Phone 1 (202) 796-9384. About 1983 Pamela LLC 1983 Pamela LLC is a New York-based real estate holding company focused on the ownership and management of residential and commercial properties. The company provides leasing, property management, and tenant services. 1983 Pamela LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10696) on March 31, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Martin Glenn handles the case. 22ND CENTURY: Cuts Net Loss to $5.1MM for Fiscal Year 2025 ---------------------------------------------------------- 22nd Century Group, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $5.1 million for the year ended December 31, 2025, compared with a net loss of $15.2 million for the year ended December 31, 2024. Net revenue for the year ended December 31, 2025 were $17.6 million compared with $24.4 million in the prior period Buffalo, New York-based WithumSmith+Brown, PC, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. The Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. The Company had negative cash flow from operations of $7.7 million and $14.3 million for the years ended December 31, 2025 and 2024, respectively, and an accumulated deficit of $398.9 million and $393.9 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company had cash and cash equivalents of $7.1 million. Given the Company's projected operating requirements and its existing cash and cash equivalents, there is substantial doubt about the Company's ability to continue as a going concern through the next 12 months. In response to these conditions, management is currently evaluating different strategies for reducing expenses, as well as pursuing financing strategies which include raising additional funds through the issuance of securities, asset sales, and through arrangements with strategic partners. If capital is not available to the Company when, and in the amounts needed, it could be required to liquidate inventory or assets, cease or curtail operations, or seek protection under applicable bankruptcy laws or similar state proceedings. There can be no assurance that the Company will be able to raise the capital it needs to continue operations. Management's plans do not alleviate substantial doubt about the Company's ability to continue as a going concern through the next 12 months. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3wajpa73 About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of December 31, 2025, the Company had $27 million in total assets and $8.5 million in total liabilities, $2.7 million in total mezzanine equity and total stockholders' equity of $15.6 million. 25 AUGUSTA: Seeks Cash Collateral Access ---------------------------------------- 25 Augusta, LLC asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral and provide adequate protection. The cash collateral is allegedly held by secured lender, LP25 Asset Fund II, LLC, in connection with a portfolio of income-producing real estate properties. The Debtor's business consists of owning and managing a substantial number of residential properties located throughout Chicago, Illinois, which collectively serve as collateral for two loans held by the lender, with outstanding balances totaling approximately $4.37 million. The Debtor estimates the total value of its real estate holdings at approximately $8.09 million, with about $7.53 million attributable to properties securing the lender's claims, suggesting a potential equity cushion. The Debtor asserts that access to cash collateral -- primarily rental income generated from the properties -- is essential to maintaining operations, including paying ordinary business expenses such as maintenance, taxes, and other property-related costs. Without such access, the Debtor contends it would be unable to meet its financial obligations, which would likely force a premature liquidation and diminish the value of the estate for all stakeholders. To support its request, the Debtor has submitted an average monthly budget outlining anticipated income and expenses and seeks authority to use cash collateral on an interim basis pending further proceedings. Although the Debtor believes the lender's lien may be valid, it reserves the right to investigate the extent, validity, and priority of that lien. In the meantime, the Debtor proposes to provide adequate protection to the lender by granting replacement liens on post-petition assets to the extent that cash collateral is used, thereby preserving the lender's secured position. The Debtor argues that such use will not materially harm the lender, particularly in light of the asserted value of the underlying real estate, and that continued operations will help maintain or enhance the value of the collateral. A court hearing is scheduled for April 14. A copy of the motion is available at https://urlcurt.com/u?l=7xsunV from PacerMonitor.com. About 25 Augusta LLC 25 Augusta, LLC is a private limited-liability company, is principally a real-estate holding entity associated with the ownership of a multi-family residential property in the West Town/Ukrainian Village area of Chicago. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04618) on March 16, 2026. In the petition signed by Monserrate Hernandez, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., at Bach Law Offices, represents the Debtor as bankruptcy counsel. 25350 PLEASANT: To Sell Chantilly Property to Pleasant Valley ------------------------------------------------------------- 25350 Pleasant Valley LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is commonly known as units 175 and 180 situated at 25350 Pleasant Valley Road, Chantilly, Virginia 20152, together will all improvements and fixtures. The proposed purchaser of the Property is Pleasant Valley Holdings III LLC, the sales price is $4,218,000, and a deposit of $25,000.00 has been paid by the purchaser. The proposed purchaser is Pleasant Valley Holdings III LLC, an arm's length, third party entity with no relation to the Debtor. The Purchaser does not have any pre-petition relationship with the Debtor. The Debtor submits that the Purchase Price is fair and reasonable and the sum was arrived upon by the open marketing of the Property, by a reputable real estate agent, for a sufficient period of time. About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive, LLC filed Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor was represented by John P. Forest, II, Esq., in Fairfax, Virginia. The case was converted to Chapter 7 on April 19, 2024. 28-30 RIVERDALE: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- 28-30 Riverdale Avenue, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral -- primarily rental income from its fully occupied commercial property in Newton, Massachusetts -- in accordance with its budget. The Debtor needs access to cash collateral to cover critical expenses including upcoming interest payments to its primary secured creditor, Coastal Heritage Bank. As adequate protection, Coastal Heritage Bank and other secured creditors will be granted continuing liens on rents, with the same validity, priority and extent as their pre-bankruptcy liens. Other forms of protection include preservation of the property through proper maintenance, insurance and payment of taxes. The property, acquired in 2014 and later expanded through a financed construction project, encountered delays and cost overruns due to unforeseen subsurface conditions. Although construction was completed in 2024 and the property now generates over $34,000 in monthly revenue, Riverdale fell behind on loan payments during development. Despite curing earlier defaults, Coastal Heritage Bank refused to modify or convert the loan and instead pursued foreclosure, prompting Riverdale to file for bankruptcy on March 16, 2026, to halt the sale and restructure its debts. Riverdale reports assets of over $5 million and liabilities of approximately $5.1 million, most of which is owed to Coastal Heritage Bank. The next hearing is set for April 27. The deadline for filing objections is on April 24. The order is available at http://bankrupt.com/misc/28-30Riverdale_CCOrder.pdf Coastal Heritage Bank is represented by: Jonathan M. Hixon, Esq. Jacqueline M. Doyle, Esq. Hackett Feinberg P.C. 155 Federal Street, 9th Floor Boston, MA 02110 (617) 422-0200 jmh@bostonbusinesslaw.com jmd@bostonbusinesslaw.com About 28-30 Riverdale Avenue 28-30 Riverdale Avenue, LLC is a single-asset real estate company that owns and manages an industrial property at 28-30 Riverdale Avenue. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10558) on March 16, 2026. In the petition signed by Teresa Coppola-Jones, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Kate E Nicholson, Esq., at Nicholson Devine, LLC, represents the Debtor as legal counsel. 407 SMILEY: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts granted 407 Smiley Crossing LLC's motion to use cash collateral on an interim basis through May 22. The Debtor may use cash collateral in accordance with a revised budget, with a variance of up to 10% in the aggregate. As adequate protection, the Debtor must make monthly interest payments to Newburyport Five Cents Savings Bank at a 3% rate based on a $14.4 million valuation, subject to later determination. All rights regarding claim amounts, valuation, and allocation of payments are reserved. The Debtor must continue using a segregated account structure for handling income and transfers to its debtor-in-possession account. The order preserves all parties' rights to object to claims, liens, and the motion prior to a final hearing. A further hearing is scheduled for May 19. The Debtor must file a budget-to-actual reconciliation by May 12. About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a single asset real estate company. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on Nov. 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon Law Firm LLP. 4901 16TH: Court Extends Cash Collateral Access to May 22 --------------------------------------------------------- 4901 16th, LLC received fifth interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral through May 22. The fifth interim order authorized the Debtor to use cash collateral, which consists primarily of rents from its Brooklyn property, pursuant to its budget, with a 10% variance. As adequate protection for the Debtor's use of its cash collateral, FinWise Bank will be granted a continuing post-petition security interest in all of the Debtor's assets and the proceeds thereof. This security interest does not apply to any avoidance actions and is subject to a fee carveout. As further protection, the pre-bankruptcy lender will receive payment of $10,236. The provisions of the order will survive entry of any order (i) confirming a plan of reorganization in the Debtor's Chapter 11 case; (ii) converting the case to one under Chapter 7 of the Bankruptcy Code; (iii) dismissing the case; and (iv) approving the sale of the lender's collateral. Notwithstanding the entry of any such order, the terms and provisions of the order will continue in full force and effect, and the liens, security interests and other protections granted to FinWise Bank will maintain their priority until the lender is repaid in full. A further hearing is scheduled for May 20. The order is available at http://bankrupt.com/misc/490116th_5thCCOrder.pdf About 4901 16th LLC 4901 16th, LLC owns a commercial office building located at 4901 16th Avenue, Brooklyn, N.Y., with an estimated value of $2.5 million. 4901 16th sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-40777) on February 19, 2025, listing $2.5 million in assets and $4.31 million in liabilities. Bernard Gelbstein, a member of 4901 16th, signed the petition. Judge Jil Mazer-Marino oversees the case. Joseph Y. Balisok, Esq., at Balisok & Kaufman, PLLC, is the Debtor's legal counsel. Finwise Bank, as lender, is represented by: Richard J. McCord, Esq. Robert D. Nosek, Esq. Certilman Balin Adler & Hyman, LLP 90 Merrick Avenue, 9th Floor East Meadow, NY 11554 (516)296-7000 rmccord@certilmanbalin.com rnosek@certilmanbalin.com 4US CORP: Court Extends Cash Collateral Access to April 10 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division issued a second interim order authorizing 4 US Corp, Inc. to use cash collateral to fund ordinary business operations. Under the second interim order, the Debtor is authorized to use assets considered cash collateral, including $1,000 in a checking account at Bank of America, $50,000 in accounts receivable, $2,000 in office equipment, a fleet of 26 trucks and 30 trailers valued at about $3,030,000, and a forklift valued at $35,000. These assets can be used only to pay necessary operating expenses and only within the limits of a court-approved budget. The order places restrictions on how the collateral can be used. Any spending that exceeds a budgeted line item by more than 5% requires prior written approval from the U.S. Small Business Administration or additional authorization from the court. The Debtor is also required to maintain insurance coverage on its property and assets to protect the collateral while it is being used during the bankruptcy process. The authorization to use the cash collateral is temporary and will expire on April 10 unless the court extends it. A status hearing regarding the Debtor's continued use of cash collateral is scheduled for April 7. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hdAiq from PacerMonitor.com. About 4US Corp Inc. 4US Corp, Inc. operates as a transportation and logistics company, providing freight hauling services through ownership of commercial trucks and trailers, including Freightliner trucks and Wabash, Dorsey, Mac, Fontaine, Hyundai, and Eagle trailers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01936) on February 2, 2026. In the petition signed by Eli Malikovsky, president, the Debtor disclosed $3,118,000 in total assets and $9,253,165 in total liabilities. Judge Timothy A. Barnes oversees the case. David Freydin, Esq., at LAW OFFICES OF DAVID FREYDIN, represents the Debtor as legal counsel. 535 12TH AVE: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, granted 535 12th Ave NE, LLC final approval to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay U.S. Trustee fees and necessary operating expenses listed in its approved budget, with up to a 10% variance per line item. Any spending beyond this requires written consent from U.S. Bank Trust N.A., the secured creditor. The Debtor projects total operational expenses of $51,125.00 for the period from March to June. As adequate protection, U.S. Bank Trust and other secured creditors will be granted replacement liens on post-petition cash collateral, with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor must maintain insurance coverage as required under its loan agreements with secured creditors. The order preserves the rights of all parties, including the ability to seek modified protections or challenge liens, and does not affect the U.S. Trustee's authority to appoint a creditors' committee. Authorization to use cash collateral will remain in effect until the court orders otherwise. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/YyIN1 from PacerMonitor.com. About 535 12th Ave NE 535 12th Ave NE, LLC is a single-asset real estate entity as defined under 11 U.S.C. Section 101(51B). It owns a property located at 535 12th Ave NE in St. Petersburg, Florida, which has an appraised value of $1.63 million. 535 12th Ave NE sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06747) on September 16, 2025, with $1,636,583 in assets and $1,058,802 in liabilities. Kathleen L. DiSanto, Esq., serves as Subchapter V trustee. Judge Catherine Peek Mcewen oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the Debtor as bankruptcy counsel. 535 12TH AVE: Unsecureds Will Get 100% of Claims over 60 Months --------------------------------------------------------------- 535 12th Ave NE, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated March 24, 2026. The Debtor is a Florida limited liability company formed for the purpose of owning and operating residential rental property. The sole member and manager of the Debtor is CJ Favour. The Debtor owns a four-unit residential complex located at 535 12th Ave NE, St. Petersburg, Florida 33701 (the "Property"). The Property was purchased on June 7, 2021 for a purchase price of $1,050,000.00. The Debtor's financial distress was caused by a dramatic escalation in insurance and property tax costs that fundamentally altered the economics of the Property. The Florida property insurance market experienced severe disruption following a series of hurricanes, resulting in premium increases across the state. The Debtor's last successful mortgage payment was made in approximately May 2025. The Secured Creditor accelerated the Note and initiated foreclosure proceedings in August 2025, incurring attorney fees of $2,235.00 and additional costs. Facing imminent loss of the Property, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on September 16, 2025, invoking the automatic stay to halt the foreclosure and preserve the opportunity to reorganize. The Property's value is supported by the 2025 Pinellas County Property Appraiser assessment of $1,300,000.00 and an independent appraisal of $1,630,000.00 (August 2023). Class 2 consists of General Unsecured Claims. The allowed unsecured claim of Truist Bank total $16,735.19. This Class shall receive 100% payment over 60 months in 20 equal quarterly installments of approximately $836.76 per quarter, funded from Projected Net Profits. CJ Favour retains his 100% membership interest. Class 3 is Unimpaired and deemed to accept the Plan. Retention is permissible under the absolute priority rule because all Classes receive 100% of their Allowed Claims. Payments and distributions under the Plan will be funded by the following: rental income generated by the Property through its mixed-use short-term rental (Unit 1, via Airbnb and VRBO) and long-term rental (Units 2, 3, and 4) operations, supplemented by the Debtor's existing cash reserves of approximately $22,830.00. A full-text copy of the Disclosure Statement dated March 24, 2026 is available at https://urlcurt.com/u?l=5m2zmo from PacerMonitor.com at no charge. Counsel to the Debtor: Jake C. Blanchard, Esq. Blanchard Law, P.A. 8221 49th Street North Pinellas Park, FL 33781 Tel: (727) 531-7068 Fax: (727) 535-2086 Email: Jake@jakeblanchardlaw.com About 535 12th Ave NE 535 12th Ave NE, LLC is a single-asset real estate entity as defined under 11 U.S.C. Section 101(51B). It owns a property located at 535 12th Ave NE in St. Petersburg, Florida, which has an appraised value of $1.63 million. 535 12th Ave NE sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06747) on Sept. 16, 2025, with $1,636,583 in assets and $1,058,802 in liabilities. Kathleen L. DiSanto, Esq., serves as Subchapter V trustee. Judge Catherine Peek Mcewen oversees the case. Jake C. Blanchard, at Blanchard Law, P.A., is serving as the Debtor's bankruptcy counsel. 771 BROADWAY: Commences Chapter 11 Bankruptcy in New York --------------------------------------------------------- On March 30, 2026, 771 Broadway Bean LLC filed for Chapter 11 protection in the Eastern District of New York. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 771 Broadway Bean LLC 771 Broadway Bean LLC is a New York-based company engaged in the food and beverage sector, operating a café or coffee shop concept serving local customers. 771 Broadway Bean LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41531) on March 30, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Lawrence Morrison, Esq. 7TH STATE BUILDERS: Gets Final OK to Use Cash Collateral -------------------------------------------------------- 7th State Builders, LLC received final approval from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral. The court granted the Debtor authority to use cash collateral in the ordinary course of business in accordance with an approved budget, finding such use necessary "to avoid irreparable harm and preserve the value of the estate." No objections were filed and both the U.S. Trustee and Subchapter V trustee consented. As adequate protection, secured lenders will be granted replacement liens on all post-petition assets to the extent of any decline in value of their pre-petition collateral, maintaining the same priority and scope as their pre-bankruptcy liens. This ensures lenders remain protected while the Debtor continues operations. The authorization to use cash collateral remains in effect throughout the Chapter 11 case unless modified, and the protections granted to lenders survive plan confirmation and conversion or dismissal of the Debtor's bankruptcy case. The final order is available at http://bankrupt.com/misc/7thStateBuilders_FinalCCOrder.pdf About 7th State Builders LLC 7th State Builders, LLC is a Maryland-based home improvement and construction company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-10938) on January 29, 2026. In the petition signed by Ashley Gallagher, member and owner, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Lori S. Simpson oversees the case. Janet M. Nesse, Esq., at McNamee Hosea, P.A., represents the Debtor as legal counsel. 8973 GRANTLINE: Seeks to Hire Hughey Law as Legal Counsel --------------------------------------------------------- 8973 Grantline LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division to hire Hughey Law, APC to serve as legal counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor the necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor which may be necessary herein; and (d) represent the Debtor in any adversary proceeding and all other matters related to this Chapter 11, Sub V case. Hughey Law, APC will receive an hourly rate of $500 for attorney Mr. Kevin Hughey and an hourly rate of $200 for paralegals. Hughey Law, APC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kevin Hughey, Esq. HUGHEY LAW, APC 500 Capitol Mall, Suite 2350 Sacramento, CA 95814 Telephone: (916) 758-2100 E-mail: khughey@hugheylaw.net About 8973 Grantline LLC 8973 Grantline, LLC is an investment entity classified as a Single Asset Real Estate business under 11 U.S.C. Section 101(51B), engaged in the ownership and leasing of a single property. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-21179) on March 4, 2026, with $1 million to $10 million in assets and liabilities. Judge Christopher M. Klein presides over the case. Kevin Hughey, Esq. at HUGHEY LAW, APC represents the Debtor as legal counsel. 904 X 4 INC: Gets Extension to Access Cash Collateral ----------------------------------------------------- 904 X 4, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral to fund operations. The court issued a third interim order authorizing the Debtor to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with approval from the U.S. Small Business Administration. The SBA and other creditors with a security interest in cash collateral will have a perfected replacement lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. As additional protection, the SBA will continue to receive a $500 monthly payment. The authorization remains in effect until further order of the court, and the order is without prejudice to future requests for modified adequate protection or challenges by a creditors' committee. A continued hearing is scheduled for May 21. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/V4ln8 from PacerMonitor.com. About 904 X 4 Inc. 904 X 4 Inc. is a Florida-based company that offers specialized products or services, likely focused on the automotive or retail sector. The company caters to local and regional clients, providing solutions designed to meet market demand with a focus on practical utility and service quality. 904 X 4, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-04400) on November 25, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickle, Esq., at Mickler & Mickler. A.B. INTERNATIONAL: To Hire Mensah Klu & Associates as Accountant ----------------------------------------------------------------- A.B. International Market Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Mensah Klu & Associates, CPA to serve as accountant for A.B. International Market Inc. d/b/a A B International Market Inc. The firm will provide these services: (a) prepare a liquidation analysis and financial projections in support of the plan of reorganization; (b) prepare monthly operating reports, including financial statements and accompanying DIP reports; (c) review the existing accounting systems and procedures and establish new systems and procedures, if necessary; (d) review bank reconciliations, cash receipts, cash disbursements, and general ledger; (e) review necessary payroll depositories for the Debtor along with the quarterly federal, state, and local payroll tax returns and the year-end W-2s, W-3s, NYS45, and federal 940 form; (f) prepare all federal, state, and local income tax returns for the Debtor, if required; (g) assist the Debtor and counsel in the development of a plan of reorganization, if required; (h) appear on behalf of the Debtor at any hearings, if required; and (i) render other financial assistance or services as may be necessary in this case. The firm will receive an hourly rate of $100, with all services billed in one-tenth of an hour increments. The firm will also seek reimbursement for all out-of-pocket disbursements. Mensah Klu & Associates, CPA is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Moses Mensah MENSAH KLU & ASSOCIATES, CPA 1200 W Plate 106, B New York, NY 10461 About A.B. International Market Inc. A.B. International Market Inc., doing business as A B, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12533) on November 13, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge John P. Mastando, III presides over the case. Kamini Fox, Esq., at Kamini Fox, PLLC represents the Debtor as legal counsel. ACI FEDERAL: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: ACI Federal, Inc. 1901 Pennsylvania Ave NW, Suite 900 Washington DC 20006 Business Description: ACI Federal, Inc., founded in 2011 and based in Fredericksburg, Va., provides cybersecurity and IT consulting and services, including information security, penetration testing, compliance, certification and accreditation, and investigation services. The company serves government agencies and enterprises, supporting operations in national security and healthcare. Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00160 Judge: Hon. Elizabeth L. Gunn Debtor's Counsel: Christopher Viviani, Esq. VIVIANI LAW FIRM PLLC 1629 K Street NW, Ste. 300 Washingto DC 20006 Tel: 202-349-3949 E-mail: cv@chrisvivianiesq.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tony Asefi as managing partner. The Debtor failed to include a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M5WYMDA/ACI_Federal_Inc__dcbke-26-00160__0001.0.pdf?mcid=tGE4TAMA ADAVEN PLUMBING: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada issued a final order authorizing Adaven Plumbing Inc., a Nevada corporation, to use cash collateral and approving its 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, with a 10% monthly variance. However, the Debtor is prohibited from granting any liens or security interests that would be equal or senior to existing pre-petition liens, preserving the priority of secured creditors. As protection, the Debtor must make monthly payments of $1,298 to JPMorgan, due by the 15th of each month. Additionally, JPMorgan will be granted a superpriority administrative claim and replacement liens on the Debtor's assets to the extent of any decline in collateral value resulting from the use of cash collateral. The order includes default provisions requiring the Debtor to cure any breach within 30 days after notice, failing which JPMorgan may terminate consent to cash collateral use and seek relief from the automatic stay. The order is immediately effective, preserves the Debtor's rights to challenge claims, and allows the court to retain jurisdiction over related matters. The final order is available at http://bankrupt.com/misc/ADAVEN_FinalCCOrder.pdf Adaven Plumbing employs several plumbers and office staff, serves all of Southern Nevada, and filed bankruptcy primarily to address approximately $585,000 in secured business debt and about $133,000 in unsecured credit card obligations. Its secured debt includes a $75,000 Chase line of credit perfected in 2019 with a first-priority lien on substantially all assets; a later, high-interest $554,000 BHG Financial loan with a junior lien; three truck loans with Ally Financial totaling about $62,000 secured by vehicle titles; and a merchant cash advance from Pipe Advance that the Debtor argues is unperfected and unenforceable. An appraisal valued the Debtor's physical assets at $103,745, with $60,000 attributed to the Ally-financed trucks, leaving only $43,745 to secure Chase and no value for BHG. The Debtor asserts no creditor holds a perfected lien on its bank accounts. About Adaven Plumbing Inc. Adaven Plumbing Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10812-nmc) on February 9, 2026. In the petition signed by Gerardo Salazar, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Natalie M. Cox oversees the case. Zachariah Larson, Esq. and Matthew C. Zirzow. Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. ADVANCE CHIMNEY: Hires Erik Scully as Accountant and Tax Counsel ---------------------------------------------------------------- Advance Chimney Sweeps, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Erik Scully, Esquire, CPA to serve as accountant and tax counsel to the Debtor. Mr. Scully will provide these services: (a) tax preparation; (b) financial reporting advice; and (c) general tax counsel to the Debtor. The professional's current charge for his time is $255 per hour for transactional services (accounting and bookkeeping), $295 per hour for legal representation during administrative hearings (tax audit/collection representation before governmental agencies), and $395 per hour for litigation services (tax appeals before the IRS and government agencies, and Tax Court litigation). The associate billing rates for the said services are $175 per hour, $200 per hour, and $245 per hour, respectively. The minimum billing unit for any work performed is .10 hours. In addition certain costs may be incurred on your behalf. At this time, the firm request a retainer of $2,500 as partial payment toward the aforementioned services. Erik Scully, Esquire, CPA does not represent any interest adverse to the Debtor's estate, the Debtor or creditors of the estate and is a disinterested person within the meaning of 11 U.S.C. Section 101. The professional can be reached at: Erik Scully, Esq., CPA SCULLY & SCULLY, PC 7500 Brooktree Road, Suite 202 Wexford, PA 15090 About Advance Chimney Sweeps, Inc. Advance Chimney Sweeps, Inc. is a Pennsylvania-based company providing chimney cleaning, inspection, and maintenance services for residential and commercial properties. Advance Chimney Sweeps, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20707) on March 13, 2026. In its petition, the debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. The debtor is represented by Edgardo D. Santillan, Esq. of Santillan Law, P.C. ADWOA BEAUTY: Court Extends Cash Collateral Access to April 15 -------------------------------------------------------------- Adwoa Beauty, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The court issued its sixth interim order extending the Debtor's authority to use cash collateral through April 15 to pay the expenses set forth in its budget, subject to a 10% variance. The 30-day budget projects total operational expenses of $277,455.89. The Debtor identified two secured lenders -- the U.S. Small Business Administration and Aurous Financial Svcs, LLC -- each holding liens on substantially all of its assets. To protect lenders, the court granted them adequate protection through replacement liens on post-petition assets. A final hearing is scheduled for April 15. The order is available at https://shorturl.at/OZ22D from PacerMonitor.com. Aurous Financial Svcs, as secured creditor, is represented by: Vincent J. Roldan, Esq. Mandelbaum Barrett, PC 3 Becker Farm Road, Suite 105 Roseland, NJ 07068 Phone: (973) 974-9815 vroldan@mblawfirm.com -and- Trey A. Monsour, Esq. Fox Rothschild, LLP 2501 N. Harwood St., Suite 1800 Dallas, TX 75201 Phone: (214) 231-5796 tmonsour@foxrothschild.com About Adwoa Beauty LLC Adwoa Beauty, LLC, doing business as Adwoa Beauty, develops and sells hair-care products for textured hair from Dallas, Texas. It uses natural ingredients designed for curls, coils, and waves. Founded in 2017 and led by Julian Addo, Adwoa Beauty operates in the personal care and cosmetics industry. Adwoa Beauty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44261) on October 31, 2025. In the petition signed by Julian Addo, managing member, the Debtor disclosed $2,184,143 in assets and $6,192,343 in liabilities. Judge Mark X. Mullin oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. AFC ACQUISITION: Gets Extension to Use Cash Collateral ------------------------------------------------------ AFC Acquisition Corporation received another extension from the U.S. Bankruptcy Court for the District of New Mexico to use cash collateral to fund operations. The court entered a stipulated order allowing the Debtor to use cash collateral under an approved budget through the final hearing on April 22. The Debtor was initially allowed to access cash collateral under the court's March 5 interim order. The initial order granted the U.S. Small Business Administration replacement liens on the Debtor's post-petition assets as protection. The SBA is the Debtor's sole creditor that has a claim to assets constituting cash collateral. The SBA is owed approximately $1,912,156 from an Economic Injury Disaster Loan and has a security interest in accounts, deposit accounts and other assets perfected by the filing of a UCC-1 in 2021. About AFC Acquisition Corporation AFC Acquisition Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 26-10283) on March 5, 2026, with $1 million to $10 million in both assets and liabilities. The petition was signed by Kenton Van Harten as chief executive officer. Judge Hon. Robert H. Jacobvitz oversees the case. The Debtor is represented by: Christopher M Gatton, Esq. Gatton & Associates, P.C. Tel: 505-271-1053 Email: chris@gattonlaw.com AGORIANI INC: Seeks to Sell Pizza Restaurant Business at Auction ---------------------------------------------------------------- Agoriani Inc. seeks permission from the U.S. Bankruptcy Court for the Southern District of New York to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a well-established pizza restaurant in New York City. The Debtor commenced this case to address financial pressure resulting from the COVID-19 pandemic and the general downturn in the surrounding marketplace. Prior to the commencement of this case, the Debtor undertook a substantial marketing effort for its business. Through a series of brokers, including Newmark's commercial leasing group, the Debtor canvassed interest from numerous potential purchasers and operators active in the East Village, NoHo, and Union Square retail markets. Those efforts encountered significant challenges. The Debtor does not possess a long term lease for its premises, and the Debtor's equipment is aged and does not have substantial intrinsic resale value. The absence of an assignable lease, in particular, materially limited interest from prospective restaurant operators. Notwithstanding these challenges, one of the Debtor's long-term employees indicated an interest in acquiring the business. That employee—who has never held any equity interest in the Debtor—formed the Proposed Buyer and entered into arm's-length negotiations with the Debtor. Those negotiations resulted in the execution of a purchase agreement pursuant to which the Proposed Buyer has agreed to acquire the Debtor's equipment and goodwill for $104,000. Although the Debtor believes the Proposed Buyer's offer reflects fair market value under the circumstances, the Debtor recognizes that the Bankruptcy Code strongly favors subjecting estate assets to competitive bidding where doing so may maximize value for creditors. The Debtor therefore seeks approval of bidding procedures that will designate the Proposed Buyer as a stalking horse bidder and permit the Debtor's assets to be exposed to higher and better offers through an auction process. The Proposed Buyer's agreement establishes a meaningful floor for the Debtor's assets. At the same time, an auction process will ensure that the market is fully tested and that any party willing to offer greater value to the estate has an opportunity to do so. If no higher offers are received, the Debtor will proceed with the Proposed Buyer's transaction. The proposed procedures represent a prudent exercise of the Debtor's business judgment and the most reliable method of ensuring that the estate receives the highest and best value for its assets. The Debtor operates a pizza restaurant located at 2 Saint Marks Place, New York, New York. Like many small businesses in New York City, the Debtor was severely affected by the COVID-19 pandemic and the resulting decline in foot traffic in the surrounding neighborhood. Although operations eventually resumed, the Debtor has never fully recovered the level of revenue necessary to comfortably sustain the business. Given these circumstances, the Debtor has concluded that a prompt sale is necessary to preserve value for its creditors. The Debtor engaged Newmark's commercial leasing group to market the business. The primary obstacle was the absence of an assignable lease. Without the ability to assume and assign a long-term lease—or obtain a new lease in connection with a transaction— prospective operators were unwilling to proceed. Under the circumstances, the assets available for sale consist primarily of the goodwill associated with the Debtor's business and its existing furniture, fixtures, and equipment. The equipment itself is aged and does not represent significant intrinsic value. Transactions involving the sale of restaurant equipment and goodwill without an accompanying lease have become increasingly uncommon in the current market. The Proposed Buyer approached the Debtor and expressed an interest in acquiring the business. The Proposed Buyer subsequently formed a corporate entity and entered into negotiations with the Debtor. Those negotiations were conducted at arm's length and resulted in the execution of a purchase agreement pursuant to which the Proposed Buyer has agreed to acquire the Debtor’s equipment and goodwill for $104,000. The Debtor believes the Proposed Buyer's offer represents a fair baseline value for the assets under the circumstances. A description of the Debtor's Purchased Assets is also provided. https://urlcurt.com/u?l=KFqQ5X The Debtor requests entry of a Bid Procedures Order containing certain requirements for qualified counteroffers and other bidding protections. The Debtor believes that the Bid Procedures are the procedures most likely to maximize the value of the Purchased Assets for Debtor's bankruptcy estate and its creditors. The Bid Deadline and the sale and bidding procedures, including with respect to the Auction (if qualified counterbid(s) are received) are all outlined in the attached Bid Procedures. About Agoriani Inc. Agoriani Inc. operates in the food-service and restaurant business. Agoriani Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12287) on October 17, 2025. In its petition, the Debtor reports estimated aasets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Lisa G Beckerman handles the case. The Debtor is represented by Lawrence Morrison, Esq. AJ RENO: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------- On March 27, 2026, AJ Reno Enterprises, LLC filed for Chapter 11 protection in the Southern District of Texas. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About AJ Reno Enterprises, LLC AJ Reno Enterprises, LLC, doing business as Crust Pizza Co Magn, operates a restaurant business under the Crust Pizza Co brand, offering pizza and casual dining services in Texas. AJ Reno Enterprises, LLC d/b/a Crust Pizza Co Magn sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-32029) on March 27, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The Debtor is represented by Lloyd A. Lim, Esq. of Kean Miller LLP. ALGORHYTHM HOLDINGS: Debts Exceed Assets by US$1.9MM at Dec. 31 --------------------------------------------------------------- Algorhythm Holdings, Inc.'s stockholder's deficit was US$1.9 million at Dec. 31, 2025. The stockholder's deficit was US$10.5 million at Dec. 31, 2024. At Dec. 31, 2025, the company had total assets of US$12.7 million and total liabilities of US$14.6 million. At Dec. 31, 2024, the company had total assets of US$18.3 million and total liabilities of US$28.8 million. The Company said: "We expect net sales to increase substantially over the next 12 months as we generate more business through our growing customer base in India and as we begin to generate business in the United States and Europe. We expect costs of sales to increase over the next 12 months in connection with the increase in net sales that we expect to generate from our SemiCab business. We expect operating expenses and net loss available to common stockholders to increase over the next 12 months as we continue to fund the growth and development of our SemiCab business." The Company added: "Since our inception, we have funded our operations primarily through cash generated by our operations, private sales of equity securities and the use of short- and long-term debt. As of March 25, 2026, our cash and restricted cash balance was approximately $10,939,000." "Our limited cash resources along with our recent history of recurring operating losses and decreases in working capital create substantial doubt about our ability to continue as a going concern. To date, our capital needs have been met through cash generated by our operations, sales of our equity securities and the use of short- and long-term debt to fund our operations. We have used these sources of capital to pay virtually all of the costs and expenses that we have incurred to date. These costs and expenses have been comprised primarily of the professional fees, employee compensation expenses, and general and administrative expenses.... We intend to continue to rely upon each of these sources to fund our operations and expansion efforts, including additional acquisitions of controlling or non-controlling financial interests in other complementary businesses and companies during the next 12 months. "We can provide no assurance that these sources of capital will be adequate to fund our operations and expansion efforts during the next 12 months. If these sources of capital are not adequate, we will need to obtain additional capital through alternative sources of financing. We may attempt to obtain additional capital through the sale of equity securities or the issuance of short- and long-term debt. If we raise additional funds by issuing shares of our common stock, our stockholders will experience dilution. If we raise additional funds by issuing securities exercisable or convertible into shares of our common stock, our stockholders will experience dilution in the event the securities are exercised or converted, as the case may be, into shares of our common stock. Debt financing may involve agreements containing covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, issuing equity securities, making capital expenditures for certain purposes or above a certain amount, or declaring dividends. In addition, any equity securities or debt that we issue may have rights, preferences and privileges senior to those of the shares of common stock held by our stockholders. "We have not made arrangements to obtain additional capital and can provide no assurance that additional financing will be available in an amount or on terms acceptable to us, if at all. Our ability to obtain additional capital will be subject to a number of factors, including market conditions and our operating performance. These factors may make the timing, amount, terms and conditions of any proposed future financing transactions unattractive to us. If we cannot raise additional capital when needed, or if such capital cannot be obtained on acceptable terms, we may not be able to pay our costs and expenses as they are incurred, take advantage of future acquisition opportunities, respond to competitive pressures or unanticipated events, or otherwise execute upon our business plan. This may adversely affect our business, financial condition and results of operations and, in the extreme case, cause us to discontinue our operations." A full-text copy of the Form 10-K is available at https://tinyurl.com/5r6m66fu About Algorhythm Holdings, Inc. Algorhythm Holdings, Inc. (NASDAQ: RIME) is an artificial intelligence technology company focused on the growth and development of SemiCab, an AI-enabled software logistics and distribution business that utilizes the Company's SemiCab technology platform to enable retailers, brands and transportation providers to address common supply chain problems globally. The Company operates the SemiCab business through its subsidiary, SemiCab Holdings, LLC. ALL PRO CONSTRUCTION: Hires Jennings and Messer PC as Counsel ------------------------------------------------------------- All Pro Construction Service LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire the law firm of Jennings and Messer, PC, as counsel. The firm will render these services: a. give Debtor legal advice with respect to its powers and duties as debtor-in-possession; b. take necessary action against various creditors, entities, governmental agencies, etc., to enforce the stay and protect the interests of the Debtor; c. prepare on behalf of or to assist the Debtor in preparing, as debtor-in-possession, all necessary applications, answers orders, reports and legal papers including the formulation of a disclosure statement and plan of reorganization; and d. perform all other legal services for Debtor, as debtor-in-possession, which may be necessary. Christopher R. Messer, Esq. will represent the Debtor at his standard hourly rate of $300 per hour and John W. Jennings, Jr., Esq. shall represent the debtor at his standard rate of $350 per hour. In addition, the firm will seek reimbursement for expenses incurred. Christopher Messer, Esq., a partner at Jennings and Messer, P.C., disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher Messer, Esq. JENNINGS AND MESSER, PC 1518 Leighton Avenue Anniston, AL 36207 Telephone: (256) 236-7222 E-mail: christopher@jenningsandmesser.com About All Pro Construction Service LLC All Pro Construction Service LLC is a construction company engaged in providing building, contracting, and related project services for residential and commercial clients. All Pro Construction Service LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-40309) on March 19, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge James J. Robinson handles the case. The Debtor is represented by Christopher R. Messer, Esq. of Jennings and Messer, P.C. ALL PRO CONSTRUCTION: Linda Gore Named Subchapter V Trustee ----------------------------------------------------------- J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Linda Gore as Subchapter V trustee for All Pro Construction Service, LLC. The Subchapter V trustee can be reached at: Linda B. Gore P.O. Box 1338 Gadsden, AL 35902 Telephone No. 256-546-9262 Email: linda@ch13gadsden.com About All Pro Construction Service All Pro Construction Service, LLC is an Attalla, Alabama-based construction company that provides general construction services, including foundational and utility-related work, to residential and commercial clients. The company has more than 10 years of combined experience in the construction industry and helps coordinate project execution and progress. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-40309) on March 19, 2026, with $1,382,500 in assets and $1,428,270 in liabilities. Kevin Chastain, co-owner, signed the petition. Judge James J. Robinson presides over the case. Christopher Messer, Esq., at Jennings And Messer, PC represents the Debtor as legal counsel. ALLIED TELECOM: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Allied Telecom Group, LLC received final approval from the U.S. Bankruptcy Court for the District of Columbia to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral to cover payroll and operating expenses strictly in accordance with an approved budget. Quaint Oak Bank, a secured lender, has consented on a final basis to the Debtor's limited use of cash collateral (with the exception of the blocked cash reserve account with funds in excess of $500,000 as collateral). As adequate protection, Quaint Oak Bank will receive monthly interest payments and replacement liens on post-petition collateral, along with a superpriority administrative claim if collateral value declines. The final order also includes significant waivers and releases in favor of Quaint Oak Bank. The Debtor has waived rights under section 506(c) and, following expiration of the challenge period, released all claims against the lender, including challenges to its liens or debt. Termination events and milestones govern the Debtor's continued use of cash collateral. These include compliance with the final order, restrictions on additional liens, and deadlines for a sale process such as closing a sale by July 10. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/OpMrc from PacerMonitor.com Quaint Oak Bank, as secured lender, is represented by: Edmond M. George, Esq. Michael D. Vagnoni, Esq. Obermayer Rebmann Maxwell & Hippel, LLP Centre Square West 1500 Market Street, Suite 3400 Philadelphia, PA 19102 Phone: 215-665-3140 Fax: 215-665-3165 edmond.george@obermayer.com michael.vagnoni@obermayer.com About Allied Telecom Group LLC Allied Telecom Group, LLC provides Internet access and data transport services to business, nonprofit, educational, and government customers, focusing on last-mile connectivity, wide-area network transport, and cloud and data center interconnection. The Washington, D.C.-based company operates as a local exchange carrier serving the District of Columbia, Maryland, and Virginia, and also offers managed IT and network security services such as firewall protection, intrusion detection, network monitoring, and disaster recovery planning. Allied Telecom Group serves a customer base of about 1,200 organizations across the public and private sectors, including federal, state, and local government agencies and educational institutions. Allied Telecom Group sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-00599) on Dec. 23, 2025, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. Ken Williams, as designated officer, signed the petition. Judge Elizabeth L. Gunn oversees the case. Hunton Andrews Kurth, LLP serves as the Debtor's legal counsel. ALOFT REMODELING: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Aloft Remodeling of AZ LLC f/k/a Aloft Remodeling Plumbing LLC 3549 E. Broadway Road Phoenix, AZ 85040 Business Description: Aloft Remodeling of AZ LLC and affiliated Aloft Remodeling LLC provide residential kitchen and bathroom remodeling services, with the Arizona business serving the Phoenix and Tucson areas and Aloft Remodeling LLC having operated in California. Their services include design consultation, proposal presentation, and delivery and installation, as well as bathroom upgrades such as custom showers, tubs, lighting, storage and aging-in-place features. Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court District of Arizona Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Aloft Remodeling of AZ LLC (Lead Case) 26-03204 Aloft Remodeling LLC 26-03205 Judge: Hon. Brenda K Martin Debtors' Bankruptcy Counsel: Philip J. Giles, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Avenue, Suite 1025 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 Email: pgiles@bkfirmaz.com Aloft Remodeling of AZ's Estimated Assets: $500,000 to $1 million Aloft Remodeling of AZ's Estimated Liabilities: $1 million to $10 million Aloft Remodeling LLC's Estimated Assets: $50,000 to $100,000 Aloft Remodeling LLC's Estimated Liabilities: $1 million to $10 million The petitions were signed by Charles Carlson as CEO. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/IPMQAFI/ALOFT_REMODELING_OF_AZ_LLC__azbke-26-03204__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IQIHAKA/ALOFT_REMODELING_LLC__azbke-26-03205__0001.0.pdf?mcid=tGE4TAMA ALTOMAR HOME: To Hire Miranda & Maldonado P.C. as Legal Counsel --------------------------------------------------------------- Altomar Home Healthcare, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, to hire Miranda & Maldonado, P.C. to serve as legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports, and other legal papers; (c) review prepetition executory contracts and unexpired leases to determine which should be assumed or rejected; (d) assist the Debtor in the preparation of a Disclosure Statement, negotiation of a Plan of Reorganization, and any amendments or modifications thereto, and seek confirmation of the Plan of Reorganization; (e) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary to effectuate a reorganization of the Bankruptcy Estate; and (f) attend the Initial Debtor Conference (IDC) and §341 Meeting of Creditors. Miranda & Maldonado, P.C. will receive hourly rates of $400 for services performed by Carlos A. Miranda, Esq.; $350 for services performed by Carlos G. Maldonado, Esq.; and $150 for Legal Assistant services. Miranda & Maldonado, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Carlos A. Miranda, Esq. Carlos G. Maldonado, Esq. MIRANDA & MALDONADO, P.C. 5915 Silver Springs, Bldg. 7 El Paso, TX 79912 Telephone: (915) 587-5000 Facsimile: (915) 587-5001 E-mail: sylvia@altomar.us About Altomar Home Healthcare, Inc. Altomar Home Healthcare, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Tex., El Paso Division Case No. 26-30392-CGB) on March 23, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10,000,000. Miranda & Maldonado, P.C. is Debtor's legal counsel. AMC ENTERTAINMENT: Vanguard Realignment Disaggregates Equity Stake ------------------------------------------------------------------ The Vanguard Group, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of AMC Entertainment Holdings, Inc.'s Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/2hpp5usf About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of December 31, 2025, the Company had $8,017.8 million in total assets, $9,912.6 in total liabilities, and $1,894.8 in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all Companys remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). AMERICAN PICTURE HOUSE: Debts Exceed Assets by $300,000 at Dec. 31 ------------------------------------------------------------------ American Picture House Corp's stockholder's deficit was US$257,547 at Dec. 31, 2025. The stockholder's deficit was US$16,672 at Dec. 31, 2024. At Dec. 31, 2025, the company had total assets of US$1.5 million and total liabilities of US$1.8 million. At Dec. 31, 2024, the company had total assets of US$1.2 million and total liabilities of US$1.2 million. The Company said: "Over the next twelve months management plans to use borrowings and the sale of Common Stock to mitigate the effects of cash flow deficits; however, no assurance can be given that debt or equity financing, if and when required, will be available on commercially reasonable terms." "We had an accumulated deficit of approximately $7.8 million, incurred a net loss of approximately $534,000 and cash outflow from operations of approximately $406,000 as of and for the year ended December 31, 2025. Further, we expect to continue to incur significant costs in the pursuit of our business plans. We cannot assure you that our plans to raise capital or to complete our film development and production activities and commercially release our products will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern." "In addition, on December 31, 2025, the Company's Chief Executive Officer delivered a letter confirming a cash salary waiver (effective January 1, 2025 through March 31, 2026) and a temporary standstill on transfers or conversions of his preferred shares during the same period." "Since inception, we have incurred operating losses and expect to continue to incur expenses as we pursue our business plan, including development, packaging, financing, production, distribution, and commercialization of our film and content portfolio, and as we operate as a public reporting company. To date, we have funded operations primarily through equity issuances and debt financings (including related party borrowings). Our ability to improve operating results depends on the successful commercial exploitation of our projects, including the timing and amount of receipts under applicable distribution and revenue-sharing arrangements, and there can be no assurance that additional capital will be available on acceptable terms, or at all. As of December 31, 2025, we had cash and cash equivalents of $124." As of March 25, 2026 and during 2025, the Company has participated in these feature film projects: -- BARRON'S COVE (director: Evan Ari Kelman; lead: Garrett Hedlund) -- POSE (director: Jamie Adams; lead: James McAvoy) -- THIEVES HIGHWAY (director: Jesse V. Johnson; lead: Aaron Eckhart) -- PROTECTOR (director: Adrian Grunberg; lead: Milla Jovovich) -- MOTION (director: Tim McCann; lead: Tiffany Haddish) On Jan. 20, 2026, the Company completed a convertible note financing with Labrys Fund II, L.P. for a cash purchase price of $150,000, of which $114,000 was disbursed to the Company, net of placement agent fees, legal fees, and a repayment to the investor. Effective as of Jan. 27, 2026, the Company and SSS Entertainment, LLC entered into a Multi-Film Investment and Compensation Agreement that revised the parties' commercial arrangement with respect to POSE, contemplated Company funding relating to MOTION, and contemplated a potential additional investment in an untitled SSS-produced motion picture, in each case subject to the terms of the agreement and applicable approvals. Under that agreement, the parties converted a prior POSE option-based payment structure into a fixed payment structure consisting of a $175,000 partial payment and a $575,000 remaining payable due on or before Jan. 31, 2027; contemplated a $500,000 funding amount relating to MOTION in exchange for an assigned economic interest; and contemplated a $200,000 investment in an untitled SSS-produced picture, subject to mutually agreed definitive documentation. The agreement also contemplated certain equity-based consideration and incentive arrangements, including credit-based share incentives and an option grant under the Company's equity incentive plan, each subject to applicable approvals and the terms of the agreement. On March 12, 2026, the Board of Directors approved the Company’s entry into the Multi-Film Investment and Compensation Agreement and ratified Amendment No. 1 effective Dec. 29, 2025. A full-text copy of the Form 10-K is available at https://tinyurl.com/mt3xj9kz About American Picture House Corp American Picture House Corp is a media and entertainment company focused on developing, producing and distributing film and related content. The company typically operates as an independent studio, leveraging partnerships and financing arrangements to bring motion picture projects to market. Its activities may include content development, production management and securing distribution channels for its titles. ANR INSULATION: Gets OK to Use Cash Collateral Until April 30 ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona entered a stipulated order authorizing ANR Insulation, LLC to continue using cash collateral through April 30. Under the order, the Debtor is authorized to use cash collateral solely for ordinary operating expenses in accordance with an approved budget, with a variance of up to 15% per week (except for taxes, which may be paid in full). Any underspending in one week may be carried forward to the next. As adequate protection, secured creditors including King Insulation of Arizona, LLC, Newtek Bank, Insulation Distributors, Inc., Lendistry, and merchant cash advance lenders will be granted replacement liens on post-petition assets, maintaining the same priority, validity, and extent as their pre-petition liens. Additionally, the Debtor must make weekly payments of $3,500 to King, subject to a short cure period in case of default. The Debtor is also required to provide weekly financial reporting, including cash receipts, disbursements, account balances, and budget variance reports. All parties' rights, claims and objections regarding the use of cash collateral are fully preserved. A continued hearing is scheduled for April 23. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/D3Ukq from PacerMonitor.com. About ANR Insulation LLC ANR Insulation, LLC, doing business as King Insulation, provides thermal and sound insulation materials and services for residential, commercial, and industrial properties in Arizona. Since 1981, the Company has supplied insulation solutions that comply with local building codes and energy efficiency standards, serving homeowners, contractors, property managers, developers, and business owners across the state. Its offerings include installation and re-insulation for projects ranging from small residential additions to large commercial warehouses. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11784) on December 7, 2025. In the petition signed by Ricardo Caceres, president, the Debtor disclosed $3,666,410 in assets and $5,566,839 in liabilities. Judge Brenda K. Martin oversees the case. Christopher C. Simpson, Esq., at Osborn Maledon, P.A., represents the Debtor as legal counsel. APPLE TREE: Taps Atlantic-Pacific Capital as Global Placement Agent ------------------------------------------------------------------- Apple Tree Life Sciences, Inc., et al., seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Atlantic-Pacific Capital, Inc. as global placement agent, effective as of February 18, 2026. The firm will provide these services: (a) assist in the preparation of summary marketing materials describing the Securities and the Transaction; (b) assist in the preparation of a confidential offering memorandum and any other organizational documents; (c) organize and disseminate due diligence materials to prospective investors and the management of a virtual data room; (d) advise on the structure and terms of the New Fund and the execution process for the Transaction; (e) identify, solicit, and market to prospective investors of the New Fund; (f) arrange presentation meetings between prospective investors and the General Partner, and participate in such meetings; (g) provide periodic updates to the General Partner on the status of the Transaction process; (h) consult with the General Partner as to strategy and tactics for initiating discussions and negotiations with prospective investors; (i) forward to the General Partner any requests for additional information by prospective investors and assist the General Partner in responding to such requests; (j) provide recommendations on the selection of investors for the New Fund and assist in closings of the New Fund; and (k) provide such other services in connection with the private placement as may be mutually agreed upon by Atlantic-Pacific Capital, Inc. and the General Partner. Atlantic-Pacific Capital, Inc. will receive compensation pursuant to an advisory fee of $200,000 per quarter during the first two quarters of the engagement period and $100,000 per quarter thereafter. The firm is also entitled to a placement fee equal to the greater of $1.5 million or a percentage of capital commitments, along with deferred placement fees payable in installments, carried interest fees ranging from 2.5% to 5%, and additional placement-related fees as outlined in the engagement agreement. The Debtors will also reimburse reasonable and documented expenses incurred in connection with the services. Atlantic-Pacific Capital, Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Atlantic-Pacific Capital, Inc. 444 Madison Avenue, 34th Floor New York, NY 10022 Telephone: 212.981.0630 About Apple Tree Life Sciences, Inc. Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre -intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, the Debtor reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors' General Bankruptcy Co-Counsel is L. Katherine Good, Esq. of POTTER ANDERSON & CORROON LLP. The Debtors' General Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP. The Debtors' Financial & Restructuring Advisor is B. RILEY. The Debtors' Cayman Law Counsel is WALKERS. APPLIANCE PRO: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of South Carolina entered a final order authorizing Appliance Pro, LLC to use cash collateral. Under the final order, the Debtor is permitted to use cash collateral in accordance with an approved budget. The Debtor may exceed individual budget line items by up to 10%, provided the variance does not exceed that limit for each item. The Debtor projects total operational expenses of $46,413 for April, $45,026 for May, and $46,093 for June. As adequate protection, secured creditors, including Live Oak Bank, will be granted replacement liens on post-petition cash collateral to the same extent, validity, and priority as their pre-petition liens, but limited to any diminution in value of the collateral. In addition, the Debtor must make monthly adequate protection payments of $667 to Live Oak Bank and $437 to Ally Financial. Any funds allocated in the budget for estate professionals must be held in trust and paid only upon court approval. The order is available at http://bankrupt.com/misc/AppliancePro_FinalCCOrder.pdf About Appliance Pro LLC Appliance Pro, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No. 26-00132) on January 12, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Elisabetta Gm Gasparini presides over the case. William Harrison Penn, Esq., at Penn Law Firm, LLC represents the Debtor as bankruptcy counsel. ARCADIA BIOSCIENCES: Posts $2.3M Loss in FY25, Warns of Cash Crunch ------------------------------------------------------------------- Arcadia Biosciences 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. Tempe, Arizona-based Deloitte & Touche LLP, the Company's auditor since 2007, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has an accumulated deficit, recurring net losses and net cash used in operations, and resources that will not be sufficient to meet its anticipated cash requirements, which raises substantial doubt about its ability to continue as a going concern. Since inception, the Company has financed its operations primarily through equity and debt financings. As of December 31, 2025, the Company had an accumulated deficit of $281.2 million and cash and cash equivalents of $0.3 million. For the years ended December 31, 2025 and 2024, the Company had net losses of $2.3 million and $7.0 million, respectively, and net cash used in operations of $4.7 million and $9.6 million, respectively. With cash and cash equivalents of $0.3 million as of December 31, 2025, the Company believes that its existing cash and cash equivalents will not be sufficient to meet its anticipated cash requirements for at least the next 12 months from the issuance date of these financial statements, and thus raises substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company may seek to raise additional funds through debt or equity financings or sales of assets. The sale of additional equity would result in dilution to the Company's stockholders. The incurrence of debt would result in debt service obligations, and the instruments governing such debt could provide for additional operating and financing covenants that would restrict operations. In addition, the Company may seek to raise additional funds through the sale of shares of Above Food Ingredients, Inc. that are held by the Company, at such times as those shares may be sold. If the Company requires additional funds and is unable to secure adequate additional funding on terms acceptable to the Company, the Company may be forced to reduce spending, extend payment terms with suppliers, or liquidate assets. Any of these actions could materially harm the Company's business, results of operations and financial condition. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/2ubrmty4 About Arcadia Biosciences Inc. Headquartered in Dallas, Texas, Arcadia Biosciences Inc. is a producer and marketer of innovative, plant-based health and wellness products. Since its inception in 2002, it has worked on creating next-generation wellness products, particularly by enhancing wheat with unique nutritional profiles, including increased fiber, improved protein quality, fewer calories, reduced gluten, and extended shelf stability. Their portfolio also includes Zola Coconut Water, a hydrating beverage that is Non-GMO, low in calories, and rich in electrolytes. The Company collaborates with food manufacturers to create healthier wheat-based products. As of December 31, 2025, the Company had $6.5 million in total assets and $2.4 million in total liabilities, and total stockholders' equity of $4.1 million. ARTELLA SOLUTIONS: Court Extends Cash Collateral Access to April 20 ------------------------------------------------------------------- Artella Solutions, Inc. received second interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. Under the second interim order, the Debtor is permitted to use cash collateral in line with an approved budget, subject to a 10% variance, on a rolling basis until the final hearing. The use of funds must also remain consistent with the terms of a separate DIP financing order with Pulse Layer, Inc., and in case of conflict, the DIP order governs. The Debtor projects total operational expenses of $103,700 for week 1; $167,500 for week 2; $51,881 for week 3; and $102,700 for week 4. As adequate protection, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on post-petition assets, maintaining their pre-petition priority. However, these liens are subordinate to the DIP lender's senior liens, and certain assets such as avoidance actions and DIP collateral are excluded from the replacement liens. The order also requires the Debtor to remain current on taxes, maintain insurance, and file monthly operating reports. All creditor rights are preserved, including the ability to seek modifications or object to improper use of funds. 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/slV44 from PacerMonitor.com. About Artella Solutions Inc. Artella Solutions, Inc provides remote patient monitoring solutions focused on cardiac rhythm management. It is a Texas corporation and a wholly owned subsidiary of CorMedica Group, Inc. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31092) on February 19, 2026). In the petition signed by Patrick Magill, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Melissa A. Haselden, Esq., at Haselden Farrow, PLLC, represents the Debtor as legal counsel. ARTETA LLC: Case Summary & Six Unsecured Creditors -------------------------------------------------- Debtor: Arteta, LLC 51 South Route 9W West Haverstraw, NY 10993 Business Description: Arteta, LLC, a single-asset real estate company, owns and leases a commercial property valued at $2.8 million, located at 51 South Route 9W in West Haverstraw, New York. Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-22329 Judge: Hon. Kyu Young Paek Debtor's Counsel: H Bruce Bronson, Esq. BRONSON LAW OFFICES PC 480 Mamaroneck Ave Harrison, NY 10528-1621 Tel: (914) 269-2530 Fax: (888) 908-6906 E-mail: hbbronson@bronsonlaw.net Total Assets: $2,800,000 Total Liabilities: $9,294,075 The petition was signed by Thomas Fogarty as manager and owner. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IANT6DI/Arteta_LLC__nysbke-26-22329__0001.0.pdf?mcid=tGE4TAMA ARTSTOCK: Gets Final OK to Use Cash Collateral ---------------------------------------------- Artstock received final approval from the U.S. Bankruptcy Court for the District of Maine to use cash collateral to fund operations. The court issued a final order authorizing the Debtor to use cash collateral through May 12 in accordance with its budget, subject to a cap of 115% of the aggregate expenditures. As protection, the Debtor must make monthly payments to Cambridge Savings Bank consisting of non-default interest under the loan documents and a $1,000 collateral monitoring fee. To protect Cambridge Savings Bank and other pre-bankruptcy lienholders, the court granted them replacement liens on all post-petition assets of the Debtor (excluding avoidance action proceeds), maintaining the same priority as existed on the petition date. Any shortfall in adequate protection may give rise to a superpriority administrative expense claim under section 507(b). The Debtor must also provide weekly budget compliance reports, including variance analysis and inventory levels, to allow secured creditors and any committee to closely monitor performance. The Debtor's authority to use cash collateral will terminate upon dismissal or conversion of its Chapter 11 case, budget violations, appointment of a trustee or examiner, and failure to provide ordered adequate protection. The order preserves all parties' rights and does not constitute a determination of lien validity or sufficiency of protection. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/BjbxT from PacerMonitor.com. A review of records and financing statements filed with the Maine Secretary of State indicates that Cambridge Savings Bank and the U.S. Small Business Administration assert interests in cash collateral. Prior to the bankruptcy filing, the SBA provided $2 million to the Debtor while Cambridge Savings Bank provided up to $4 million under a revolving line of credit. As security, the bank was granted a lien on all of the Debtor's assets and proceeds while the SBA was granted a lien on personal property. Cambridge Savings Bank, as secured creditor, is represented by: David C. Johnson, Esq. Marcus | Clegg 16 Middle Street, Suite 501A Portland, ME 04101 dcj@marcusclegg.com bankruptcy@marcusclegg.com About Artstock Artstock, doing business as Artist & Craftsman Supply, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 25-20305) on December 23, 2025, listing between $10 million and $50 million in both assets and liabilities. Judge Peter G. Cary oversees the case. The Debtor is represented by D. Sam Anderson, Esq., and Adam R. Prescott, Esq., at Bernstein Shur Sawyer & Nelson, PA. ASCENCION MEDICAL: Gets Final OK to Use Cash Collateral ------------------------------------------------------- Ascencion Medical Center, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with its budget through the confirmation hearing scheduled for May 19. The Debtor may exceed any line item by up to 10% or exceed a line item by more than 10% if total excesses across all line items do not exceed 10% of the total budget. As adequate protection, secured lenders will be granted post-petition liens on cash collateral, maintaining the same validity and priority as their pre-petition liens. This ensures lenders remain protected against any loss in collateral value. The final order is available at http://bankrupt.com/misc/AscencionMedical_FinalCCOrder.pdf Ascencion Medical Center's primary assets consist of accounts receivables, office furniture, fixtures, equipment and office furniture. It also has two bank accounts as of the petition date, with a total balance of over $332,397.49. The Debtor's secured lenders -- Amerant Bank, N.A., Everest Business Funding, First Citizens Bank, and TD Bank, N.A. -- assert claims totaling $547,046.71. Under filed UCC-1s, the lenders may claim a security interest in the Debtor's accounts and proceeds, including receivables and payment rights from goods or services sold or delivered after the date of their security agreement. About Ascencion Medical Center Ascencion Medical Center, Inc. operates a general medical center providing general family health care services to the public out of the leased premises located at 1060 SW 67th Avenue, Miami, Florida 33144. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22422) on October 22, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and liabilities. The Debtor tapped Sardi Law, PLLC as counsel and Dinnall Fyne & Company Inc. as accountant. ASHFORD HOSPITALITY: Sets $25 Liquidation Value for Preferred Stock ------------------------------------------------------------------- Ashford Hospitality Trust disclosed in a regulatory filing that in order to assist broker-dealers in complying with their obligations under FINRA Rule 2331(c)(1)(B) with respect to customer account statements and its non-traded Series J Redeemable Preferred Stock, non-traded Series K Redeemable Preferred Stock, non-traded Series L Redeemable Preferred Stock, and non-traded Series M Redeemable Preferred Stock, the Company engaged Robert A. Stanger & Co., Inc. to provide an opinion of the liquidation value of the Company's Non-Traded Preferred Stock as of December 31, 2025. The liquidation value is the amount that a holder of the Non-Traded Preferred Stock would receive per share in the event of its liquidation. Based on certain assumptions and qualifications set forth in its report, Stanger concluded that the estimated liquidation value of the Non-Traded Preferred Stock was $25.00 per share, which equals the per share liquidation preference for each series as set forth in the articles supplementary creating the Non-Traded Preferred Stock. In arriving at this conclusion, Stanger used the following valuation approaches: * Market capitalization. Stanger reviewed the public market capitalization of the Company's common stock at its 52-week low, its 52-week high and the closing price as of the Valuation Date. Stanger adjusted the public common stock market capitalization for the liquidation value of all outstanding preferred securities to determine an adjusted market capitalization (before the preferred securities). In all cases, the preferred stock coverage ratio, which is the ratio of the adjusted market capitalization to the total liquidation preference for all of the Company's outstanding preferred securities, was adequate as of the Valuation Date. * Analyst target prices. Stanger reviewed the most recently available target common stock prices published by analysts, as reported by Bloomberg Professional Terminal. However, Stanger observed there are no active analyst target prices for the Company's common stock as of the Valuation Date. As a result, Stanger did not perform an analysis based on analyst target prices in connection with the valuation. * Direct capitalization analysis. Stanger applied an estimated range of capitalization rates to the Company's net operating income to determine an estimated range of real estate values, deducted the Company's indebtedness, adjusted for available working capital, other investments and for estimated non-controlling interests due to third parties as of the Valuation Date to derive an estimate of the Company's equity value (before accounting for the preferred securities). Using the highest and lowest capitalization rates in Stanger's range, the Company's equity value exceeded the total liquidation preference for all of the Company's outstanding preferred securities as of the Valuation Date. * Third-party appraisals. Stanger prepared a range of equity values based upon the most recent appraised values of the Company's assets using the absolute low and high values for each property, deducted the Company's indebtedness, and adjusted for available working capital, other investments and for estimated non-controlling interests due to third parties as of the Valuation Date to derive an estimate of the Company's equity value (before accounting for the preferred securities). Using the range of equity values, the Company's equity value exceeded the total liquidation preference for all of the Company's outstanding preferred securities. Stanger is engaged in the business of providing valuation services for real estate assets and consulting services for non-traded REITs and their sponsors as well as for other real estate programs. Stanger has previously provided valuation services to us, most recently as of December 31, 2024, for which Stanger was paid normal and customary compensation, none of which was contingent upon their findings. In addition, Stanger has provided consulting services to Ashford Securities LLC, a subsidiary of Ashford Inc., since 2019 and has received normal and customary fees in connection with those services. As previously disclosed, the Company provides funds to Ashford Inc. in connection with the formation, registration and operations of Ashford Securities LLC. Limitations of Estimated Liquidation Value per Share As with any valuation methodology, the methodologies used to assess the estimated liquidation value per share are based upon a number of estimates and assumptions that may not be accurate or complete. Different parties with different assumptions and estimates or methodologies could derive different estimated liquidation values per share, and this difference could be significant. The estimated liquidation value per share of each of the Non-Traded Preferred Stock are not audited and do not represent a determination of the fair value of the Company's assets or liabilities based on U.S. generally accepted accounting principles (GAAP) or the amount at which the Company's shares of Non-Traded Preferred Stock would trade on a national securities exchange. Further, the Company did not make any adjustments to the valuation for the impact of other transactions occurring subsequent to December 31, 2025. Because of, among other factors, the high concentration of the Company's total assets in real estate, changes in the value of individual assets in the Company's real estate portfolio or changes in valuation assumptions could have a significant impact on the liquidation values of the Non-Traded Preferred Stock. About Ashford Hospitality Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels. 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, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, 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 had $2.8 billion in total assets and $3.2 billion in total liabilities, and total stockholders' deficit of $610.8 million. ASOCIACION HOSPITAL: Gets Extension to Use BPPR's Cash Collateral ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico granted the seventh extension of the stipulation between Asociacion Hospital Del Maestro, Inc. and Banco Popular de Puerto Rico to use the secured creditor's cash collateral. The stipulation is extended from March 25 to April 17, with all prior terms and conditions remaining in effect. Under the stipulation, the Debtor is authorized to use up to $146,859 in cash collateral strictly in accordance with a detailed budget. These funds may only be used for specified "permitted expenditures," and spending is limited both by category and by monthly caps. The Debtor is not allowed to exceed the authorized amount, deviate from the budget (subject to limited variance allowances), or use funds beyond the agreed period unless further court approval is obtained. As protection, the Debtor agrees to make a $50,000 payment to the bank during the extension period. A copy of the stipulation is available at https://urlcurt.com/u?l=s9f2hI from PacerMonitor.com. The original stipulation, first filed on August 27, 2025, authorized the Debtor to use the bank's cash collateral for a limited period and was approved shortly thereafter. Since the initial expiration on September 22, 2025, the parties have repeatedly sought and obtained six prior extensions from the court, each allowing continued use of cash collateral for short, defined periods while maintaining the protections afforded to the bank. These extensions reflect an ongoing need for the Debtor to access operating funds while negotiations and case administration continue under Chapter 11. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. a financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by Luis C. Marini-Biaggi, Esq. and Carolina Velaz-Rivero, Esq. at Marini Pietrantoni Muniz, LLC. ASPIRA WOMENS: Liabilities Exceed Assets by US$6.9MM at Dec. 31 --------------------------------------------------------------- Aspira Women's Health Inc.'s stockholder's deficit was US$6.9 million at Dec. 31, 2025. The stockholder's deficit was US$2.6 million at Dec. 31, 2024. At Dec. 31, 2025, the company had total assets of US$5.5 million and total liabilities of US$12.4 million. At Dec. 31, 2024, the company had total assets of US$5.5 million and total liabilities of US$8.1 million. The Company said: "We plan to continue to expend resources selling and marketing our ovarian cancer and endometriosis offerings and developing our pipeline and service capabilities." "We do not believe our existing cash and cash equivalents balance and cash flow from operations will be sufficient to meet our working capital, capital expenditures, and material cash requirements from known contractual obligations for the next twelve months and beyond. Our future capital requirements, the adequacy of available funds, and cash flows from operations could be affected by various risks and uncertainties" "We have incurred significant net losses and negative cash flows from operations since inception, and as a result has an accumulated deficit of approximately $544,177,000 as of December 31, 2025. We also expect to incur a net loss and negative cash flows from operations for 2026. In order to continue our operations as currently planned through 2026 and beyond, we will need to raise additional capital, which may include public or private equity offerings, debt financing, collaborations, licensing arrangements. Given the above conditions, there is substantial doubt about our ability to continue as a going concern." Aspira on June 9, 2025, received a notice from Advanced Research Projects Agency for Health that the Company's ENDOinform(TM) contract originally signed in October 2024 was terminated for failure to meet the specifications of the third milestone under the contract. Aspira received $2,000,000 in the fourth quarter of 2024 and $1,500,000 in the first quarter of 2025 prior to the termination of the contract. The ENDOinform program is focused on developing a multi-marker test that combines serum proteins, micro RNA and clinical data (metadata) for the identification of endometriosis. "The loss of this non-dilutive funding eliminates a planned source of support for development activities and may delay the timeline to commercialize ENDOinform unless we are able to reinstate the award or secure alternative financing," Aspira said. A full-text copy of the Form 10-K is available at https://tinyurl.com/47kjcf4f About Aspira Women's Health Inc. Aspira Women's Health Inc. (OTC: AWHL) is a U.S.-based healthcare company focused on developing and commercializing diagnostic tools for gynecologic disease, with an emphasis on ovarian cancer risk assessment. The company leverages biomarker discovery, proprietary algorithms and machine-learning-driven analytics to provide blood-based tests intended to improve early detection and risk stratification for women's health conditions. BARBEQUE EXCHANGE: Employs Cox Law Group as Legal Counsel --------------------------------------------------------- Barbeque Exchange, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Cox Law Group PLLC to serve as legal counsel. Cox Law Group PLLC will provide these services: (a) advising the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of the assets of the Debtor's estate; (b) advising and consulting on the conduct of the case, including all of the legal requirements of operating in Chapter 11; (c) attending meetings and negotiating with representatives of Debtor's creditors and other parties in interest; (d) taking all necessary action to protect and preserve the Debtor's estates; (e) preparing all pleadings, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; (f) advising the Debtor in connection with any potential sale of assets; (g) appearing before the Court to represent the interests of the Debtor's estate before the Court; (h) taking any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of Chapter 11 plan and documents related thereto; and (i) performing all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this case. Cox Law Group PLLC will charge hourly rates of $500 for H. David Cox, $350 for other attorneys, and $125 for paralegals. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: H. David Cox, Esq. COX LAW GROUP PLLC 900 Lakeside Drive Lynchburg, VA 24501 Telephone: (434) 845-3838 Facsimile: (434) 845-3838 E-mail: david@coxlawgroup.com About The Barbeque Exchange L.L.C. The Barbeque Exchange, L.L.C. is a restaurant and food service company specializing in barbecue cuisine and related food offerings. The company serves both dine-in and catering customers and operates within the hospitality industry. The Barbeque Exchange, L.L.C. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60291) on March 10, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Rebecca B. Connelly the case. The debtor is represented by H. David Cox, Esq., of Cox Law Group, PLLC. Richard C. Maxwell serves as the Subchapter V Trustee. BARDWELL & SONS: Douglas Adelsperger Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Douglas Adelsperger, Esq., as Subchapter V trustee for Bardwell & Sons Properties 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 Bardwell & Sons Properties LLC Bardwell & Sons Properties LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-01604) on March 20, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Jeffrey J. Graham presides over the case. BARMASTERS LLC: Court Extends Cash Collateral Access to May 5 ------------------------------------------------------------- Barmasters, LLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The court issued a third interim order authorizing the Debtor to use cash collateral for court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with U.S. Bank N.A.'s approval, effective until May 5, unless extended by agreement. The cash collateral the Debtor intends to use is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the liens of U.S. Bank and other creditors. As adequate protection, these creditors will be granted a replacement lien on post-petition cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens. The Debtor must also maintain insurance in compliance with applicable loan and security agreements. The next hearing is scheduled for May 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/M8KF4 from PacerMonitor.com About Barmasters LLC Barmasters LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07727) on November 26, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Andrew Layden serves as Subchapter V trustee for Barmasters, LLC. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. BEACON LIGHT: Case Summary & 12 Unsecured Creditors --------------------------------------------------- Debtor: Beacon Light Missionary Baptist Church 1937 Mirabeau Avenue New Orleans, LA 70122 Business Description: Beacon Light Missionary Baptist Church, based in New Orleans, La., is a multi-ethnic ministry focused on evangelism, community outreach, and spiritual education. Led by Bishop Darryl Sylvester Brister, who has served as senior pastor since 1993, the church offers worship services, supports students through the Darryl S. Brister Scholarship Fund, and extends outreach to incarcerated individuals via DSB International Ministries. After Hurricane Katrina destroyed its buildings and dispersed its membership, the church reopened in 2014 and continues to serve congregants and the broader New Orleans community. Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 26-10789 Judge: Hon. Meredith S. Grabill Debtor's Counsel: James Graham, Esq. THE LAW OFFICE OF JAMES A GRAHAM, LLC 701 Loyola Ave New Orleans, LA 70113 Tel: (504) 777-3625 Fax: (504) 324-0507 E-mail: jgraham@jamesgrahamlaw.com Total Assets: $3,630,000 Total Liabilities: $23,281,925 The petition was signed by Darryl Brister as Bishop. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PMF6RMQ/Beacon_Light_Missionary_Baptist__laebke-26-10789__0001.0.pdf?mcid=tGE4TAMA BETHUNE SUITES: Section 341(a) Meeting of Creditors on April 27 --------------------------------------------------------------- On March 31, 2026, Bethune Suites, LLC filed for Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on April 27, 2026 at 11:00 AM at Zoom.us - USTrustee 1: Meeting ID 160 7717 9142, Passcode 0186029495, Phone 1 (202) 381-3292. About Bethune Suites, LLC Bethune Suites, LLC is a New York-based real estate company focused on the ownership and management of residential and hospitality-style properties. The company provides leasing, property management, and tenant accommodation services. Bethune Suites, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22323) on March 31, 2026. In its petition, the Debtor reports estimated assets of $1MM-$10MM and estimated liabilities of $1MM-$10MM. The Debtor is represented by Joel Shafferman, Esq. of Shafferman & Feldman, LLP. BEYOND MEAT: Vanguard Group Reports Disaggregated Ownership ----------------------------------------------------------- The Vanguard Group, disclosed in a Schedule 13G (Amendment No. 7) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Beyond Meat, Inc.'s Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/36nsjvbz About Beyond Meat Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand promise, Eat What You Love(R), represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of September 27, 2025, the Company had $599.7 million in total assets, $1.4 billion in total liabilities, and $784.1 million in total stockholders' deficit. BIOLARGO INC: Secures Up to $10MM Equity Commitment From Clearthink ------------------------------------------------------------------- BioLargo, Inc. disclosed in a regulatory filing that it entered into a Purchase Agreement and a registration rights agreement, both dated as of March 20, 2026, with Clearthink Capital Partners, LLC, pursuant to which Clearthink has committed to purchase up to $10 million of the Company's common stock, par value $0.00067 per share, subject to certain limitations and the satisfaction of the conditions set forth in the Purchase Agreement. Under the Purchase Agreement, the Company has the right, but not the obligation, to sell to Clearthink, and Clearthink is obligated to purchase up to $10 million of the Company's Common Stock. Such sales of Common Stock, if any, will be subject to certain limitations set forth in the Purchase Agreement, and may occur from time to time, at the Company's sole discretion, over the 36-month period commencing on the date that the conditions to Clearthink's purchase obligation set forth in the Purchase Agreement are satisfied, including that a registration statement covering the resale by Clearthink of shares of Common Stock that may be issued to Clearthink under the Purchase Agreement, which the Company agreed to file with the Securities and Exchange Commission pursuant to the Registration Rights Agreement, is declared effective by the SEC and a final prospectus relating thereto is filed with the SEC (the date on which all of such conditions are satisfied, the "Commencement Date"). From and after the Commencement Date, on any trading day the Company selects, it may, by written notice delivered to Clearthink, direct Clearthink to purchase up to the lesser of: (i) $500,000 of common stock, and (ii) 300% of the daily average shares traded value for the eight trading days prior to the date of the purchase notice, with a minimum of no less than $25,000. At least five business days must elapse between each purchase notice unless the parties mutually agree otherwise. Subject to the foregoing, and pursuant to the terms of the Purchase Agreement, the Company will control the timing and amount of any sales of its common stock to Clearthink. Clearthink has no right to require the Company to sell any shares of Common Stock to Clearthink, but Clearthink is obligated to make purchases as the Company directs, subject to certain conditions. The purchase price per share of Common Stock sold in each such Regular Purchase, if any, will be based on prevailing market prices of the Common Stock immediately preceding the time of sale as computed under the Purchase Agreement, equal to the average of the two lowest daily closing prices of our Common Stock during the eight trading days preceding the purchase notice. Actual sales of shares of Common Stock to Clearthink will depend on a variety of factors the Company will take into consideration from time to time, including, among others, market conditions, the trading price of its Common Stock and determinations as to the appropriate sources of funding for the Company and its operations. The net proceeds under the Purchase Agreement to the Company will depend on the frequency and prices at which it sells shares of Common Stock to Clearthink. The Company expects that any proceeds it receives from such sales to Clearthink will be used for working capital and general corporate purposes. The Purchase Agreement prohibits the Company from directing Clearthink to purchase any shares of Common Stock if those shares, when aggregated with all other shares of Common Stock then beneficially owned by Clearthink (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder), would result in Clearthink beneficially owning more than 9.99% of the then issued and outstanding shares of Common Stock. There are no restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement or Registration Rights Agreement. Clearthink has agreed not to engage in or effect, directly or indirectly, for its own principal account or for the principal account of any of its affiliates, any short sales of the Common Stock or hedging transaction that establishes a net short position in the Common Stock during the term of the Purchase Agreement. As consideration for Clearthink's commitment to purchase shares of our Common Stock from time to time at our direction upon the terms of and subject to satisfaction of the conditions set forth in the Purchase Agreement, the Company agreed to issue Clearthink 500,000 shares of Common Stock upon the execution of the Purchase Agreement. The Company will not receive any cash proceeds from the issuance of the Commitment Shares to Clearthink pursuant to the Purchase Agreement. The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties. The Company has the right to terminate the Purchase Agreement at any time with one business days' notice, at no cost or penalty. During any "event of default" under the Purchase Agreement, Clearthink does not have the right to terminate the Purchase Agreement; however, the Company may not initiate any regular or other purchase of shares by Clearthink, until such event of default is cured. Full text copies of the Registration Rights Agreement and the Purchase Agreement are available at https://tinyurl.com/35j7ka7j and https://tinyurl.com/5n869fca, respectively. About BioLargo Inc. Headquartered in Westminster, Calif., BioLargo, Inc. -- www.BioLargo.com -- is a cleantech and life sciences innovator and engineering services solution provider. The Company's core products address PFAS contamination, achieve advanced water and wastewater treatment, control odor and VOCs, improve air quality, enable energy-efficiency and safe on-site energy storage, and control infections and infectious disease. Its approach is to invent or acquire novel technologies, develop them into product offerings, and extend their commercial reach through licensing and channel partnerships to maximize their impact. Hacker, Johnson & Smith PA (the Company's independent registered public accounting firm since 2023 and headquartered in Tampa, Florida) included an explanatory paragraph in its audit report dated March 4, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has suffered recurring losses from operations, has negative cash flow from operations and has a significant accumulated deficit. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $8,311,000 in total assets, $6,785,000 in total liabilities, and $1,526,000 in total stockholders' deficit. BLACK SPOT: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York entered a final order authorizing Black Spot, LLC to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with an approved budget, subject to a 10% variance per line item, to pay business expenses and costs of the Chapter 11 case. The authorization is effective immediately and continues unless a termination event occurs such as default under the order or unauthorized liens. As adequate protection, the Debtor must make monthly payments of $8,000 to JPMorgan Chase Bank, NA and grant a replacement lien on post-petition assets (excluding avoidance claims) and proceeds, maintaining the same validity, priority and extent as its pre-petition liens. Additionally, JPMorgan will be granted a superpriority administrative expense claim to the extent its collateral value diminishes, subject to a limited carveout for certain administrative expenses, including court fees and capped professional fees. The order includes provisions for termination upon default, preservation of JPMorgan's rights and remedies, and continuation of liens and claims even if the Debtor's Chapter 11 case is converted or dismissed. Parties in interest have a limited period (60 days) to challenge the validity or priority of JPMorgan's claim, after which such challenges are barred. The final order is available at https://shorturl.at/CZbk1 from PacerMonitor.com. Black Spot filed for bankruptcy on November 20, 2025, and continues to operate as debtor-in-possession. JPMorgan holds a secured claim arising from a pre-petition loan of approximately $425,000, with about $446,464.46 owed as of the petition date, and has consented to the use of cash collateral under the terms of the order. JPMorgan is represented by: Matthew G. Roseman, Esq. Cullen and Dykman, LLP 333 Earle Ovington Boulevard, 2nd Floor Uniondale, NY 11553 (516) 357-3700 mroseman@cullenllp.com About Black Spot LLC Black Spot, LLC is a New York-based full-service production agency that provides concept-to-completion media production, including writing, shooting, editing, mixing, and finishing projects for on-air, streaming, and digital platforms. The Company produces trailers, upfronts, live award shows, sizzles, campaigns, and behind-the-scenes content, operating from its own SoHo sound stage and on global locations. Black Spot also offers delivery services that optimize media for multiple platforms, including captioning, quality control, and distribution of over 500 spots per month. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. N.Y. Case No. 25-12592) on November 19, 2025. In the petition signed by John Laskas, sole shareholder of Soapy Film, Inc., majority owner of the Debtor, the Debtor disclosed $159,401 in assets and $1,465,517 in liabilities. Judge Martin Glenn oversees the case. James J. Rufo, Esq., at The Law Office of James J. Rufo, represents the Debtor as bankruptcy counsel. BLACKSTONE CLAIM: Taps Sutin, Hrdlicka as Expert Consultants ------------------------------------------------------------ Blackstone Claim Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Joshua Sutin and Chamberlain Hrdlicka, consulting professionals doing business in Texas, as expert consultants. The consultants will provide expert testimony regarding the status of certain incentive stock option plans instituted by the Debtor and the affect the plans may have upon the Debtor, the estate, and potential creditors of the estate. The consultants will be paid as follows: Joshua Sutin $850 per hour Jeffery Della Rocco $415 per hour Joshua Sutin and Chamberlain Hrdlicka are "disinterested persons" within the meaning of Sec. 101(14), according to court filings. The firm can be reached through: Joshua Sutin, Esq. Chamberlain Hrdlicka 112 E. Pecan Street, Suite 1450 San Antonio, TX 78205 Tel: (210) 278-5810 Fax: (210) 253-8384 Email: Joshua.sutin@chamberlainlaw.com About Blackstone Claim Services, Inc. Blackstone Claim Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52804) on November 19, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Craig A Gargotta presides over the case. Ronald J Smeberg, Esq. at Smeberg Law Firm, PLLC serves as the Debtor's counsel. BLINK CHARGING: Director Crawford to Depart Board at Annual Meeting ------------------------------------------------------------------- Blink Charging Co. disclosed in a regulatory filing that Martha J. Crawford, Ph.D., a member of the Board of Directors informed the Board Chair that she will not stand for re-election to the Board as a director at the 2026 Annual Meeting of Stockholders. Dr. Crawford will continue in her role as director and member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee of the Board until the expiration of her current term at the 2026 Annual Meeting. To fill the vacancy that will result from Dr. Crawford's decision not to stand for re-election, the Board has undertaken a process to identify a qualified nominee for election to the Board at the 2026 Annual Meeting. About Blink Charging Blink Charging Co., through its wholly-owned subsidiaries, is an owner, operator and provider of electric vehicle charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs. Blink offers residential and commercial EV charging equipment and services, enabling EV drivers to recharge at various location types. As of September 30, 2025, the Company had cash and cash equivalents of $23.110 million compared to $41.774 million in cash and cash equivalents and $13.630 million in marketable securities as of December 31, 2024, representing a decrease of $32.294 million in available liquidity due to ongoing operating losses, working capital requirements, and limited cash inflows from operations. Absent a near-term capital infusion or significant improvement in cash flow from operations, the Company expects that its current cash resources will be insufficient to fund operations for the next 12 months. As such, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern within the next 12 months. As of September 30, 2025, the Company had $171.3 million in total assets, $80.5 million in total liabilities, and $90.8 million in total stockholders' equity. BRANDHOOT LLC: Seeks Cash Collateral Access ------------------------------------------- BrandHoot, LLC asks the U.S. Bankruptcy Court for the District of Minnesota for approval to use cash collateral both retroactively to February 6 and on an ongoing basis until a reorganization plan is confirmed or the court orders otherwise. An expedited hearing on the motion is scheduled for April 14, with parties permitted to appear either in person, via WebEx video, or telephonically. The Debtor's prior interim cash collateral order authorized use through February 6. After that period, the Debtor continued using cash collateral in the ordinary course of business to preserve going-concern value, maintain customer relationships, and prevent operational disruption. No material changes have occurred in the Debtor's operations since that time, and the Debtor seeks only to ratify and continue the previously approved framework, which includes adequate protection for the secured creditor, the U.S. Small Business Administration, consisting of replacement liens, periodic reporting, insurance maintenance, and monthly payments of $858. Financial projections, including a 36-month cash flow forecast, demonstrate stable liquidity, with projected balances ranging from approximately $30,000 to $150,000, and anticipated net cash flow of roughly $149,893 over the plan term, ensuring sufficient funds for creditor distributions while preserving the value of the SBA's collateral. The Debtor emphasizes that retroactive approval of cash collateral use is warranted because the use was necessary to avoid disruption, consistent with prior authorization, and adequately protected the secured creditor. The Debtor clarifies that auction proceeds from the liquidation of the Debtor's bicycle inventory, totaling approximately $101,594 as of March 17, 2026, are being held in a segregated account for the SBA and are not included in the cash collateral requested for use. The continued use of operating cash collateral is critical to fund payroll, ongoing business operations, software and service activities, and the implementation of the Debtor’s reorganization strategy. Without access to these funds, the Debtor would face immediate and irreparable harm, including potential shutdown and loss of value. A copy of the motion is available at https://urlcurt.com/u?l=ziwxP2 from PacerMonitor.com. About BrandHoot LLC BrandHoot, LLC is a Rochester, Minnesota-based web design and mobile app development firm that provides digital strategy, UI/UX design, and custom software solutions. It develops and operates technology products, including Easy Board, a board management software platform. BrandHoot also maintains affiliated retail operations through New Spin Bicycle Shop, which sells bicycles and related goods under a separate trade name. Brandhoot filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 25-33565) on November 7, 2025, listing between $500,001 and $1 million in assets and between $500,001 and $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. BRD LAND: Gets Interim OK to Use Cash Collateral ------------------------------------------------ BRD Land & Investment and its affiliated debtors received interim approval from the U.S. Bankruptcy Court for the Western District of North Carolina to use cash collateral. Under the interim order, the Debtors are permitted to use the cash collateral of secured creditors through April 30 in accordance with an approved budget. The Debtors may utilize cash collateral for expenses not set forth in the budget without further court order so long as it is within a 10% cumulative variance of the budget. The Debtors are required to provide weekly financial reports to DLP Lending Fund, LLC and the Bankruptcy Administrator, including cash flow, operating results, accounts receivable activity, and cash balances. DLP and two other secured creditors -- Shumaker Loop & Kendrick, LLP and Harvey & Vallini, LLC -- may have security interest in the cash collateral on account of their pre-petition arrangements with the Debtors. Prior to their Chapter 11 filing, the Debtors entered loan transactions with DLP to acquire real estate. As of the petition date, three loans remain outstanding, one allegedly linked to a financing statement filed with the North Carolina Secretary of State on January 28, 2025. Meanwhile, Shumake and Harvey & Vallini have historically provided legal services for the Debtors as outside corporate counsel and transactional counsel, respectively. Both have filed a UCC financing statement with BRD's consent, covering all of BRD's assets. BRD also issued several promissory notes to individual and institutional lenders. These noteholders were approached by aggregators who collected a pool of funds to be loaned to BRD. The notes are directly between BRD and each noteholder, while the aggregators earned a fee. No noteholder filed UCC financing statements to perfect its purported security interest in BRD's assets. BRD reserves its right to challenge the security interests of noteholders to the extent those interests are asserted. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/P8uVx from PacerMonitor.com. About BRD Land & Investment BRD Land & Investment filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30215) on February 24, 2026, listing $10,000,001 to $50 million in assets and $50,000,001 to $100 million in liabilities. Judge Laura T Beyer presides over the case. Matthew L Tomsic, Esq. at Rayburn Cooper Durham P.A., serves as the Debtor's counsel. BRIGHT MOUNTAIN: Faces Move to OTCID as Bid Price Stays Under $0.01 ------------------------------------------------------------------- Bright Mountain Media, Inc. disclosed in a regulatory filing that on December 9, 2025, it received notice from OTC Markets Group that as the Company's bid price had closed below $0.01 for more than 30 consecutive calendar days, it no longer met the OTCQB Standards for Continued Eligibility, which state that the Company must "maintain proprietary priced quotations published by a Market Maker in OTC Link with a minimum closing bid price of $0.01 per share on at least one of the prior thirty consecutive calendar days." OTC Markets Group granted the Company a cure period of 90 calendar days during which the minimum closing bid price for the Company's common stock must be $0.01 or greater for ten consecutive trading days in order to continue trading on the OTCQB marketplace. By correspondence dated March 9, 2026, this deadline was extended until April 9, 2026. In addition, the Company was informed further that in the event that the Company's closing bid price falls below $0.001 at any time for five consecutive trading days, the Company will be immediately removed from OTCQB. Management reviewed the notices and evaluated potential alternatives available to the Company to regain compliance with the OTCQB rules, including implementing a reverse stock split or pursuing other actions intended to increase the trading price of the Company's common stock. After considering various factors, including the costs and administrative burden associated with implementing a reverse stock split and the relatively low trading volume of the Company's common stock, management determined that it would be in the best interests of the Company and its shareholders not to pursue actions to regain compliance with the OTCQB bid price requirement. As of March 27, 2026, the Company has been unable to regain compliance with the OTCQB minimum closing bid price requirement. Accordingly, unless compliance occurs by April 9, 2026, on April 10, management expects that the Company's common stock will commence trading on the OTCID market tier of the OTC Markets Group under the same symbol, "BMTM". About Bright Mountain Bright Mountain Media, Inc. (together with its wholly-owned subsidiaries) is an end-to-end marketing services company that helps brands with the right audiences, at the right time, with the right message, both effectively and efficiently by removing the middlemen in the marketing workflow. The Company's end-to-end offerings combine consumer insights with creative services, media services, and advertising technology to deliver solutions to improve audience fidelity for brands. The Company focuses on digital publishing, advertising technology, consumer insights, creative services, and media services. New York, New York-based WithumSmith+Brown, PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 10, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024. The report cited that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $37.6 million in total assets, $111 million in total liabilities, and $73.4 million in total stockholders' deficit. BROOKDALE SENIOR: Vanguard Realignment Disaggregates Equity Stake ----------------------------------------------------------------- The Vanguard Group, disclosed in a Schedule 13G (Amendment No. 11) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Brookdale Senior Living Inc.'s Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/ymy8hh2n About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of December 31, 2025, the Company had $5.95 billion in total assets, $6 billion in total liabilities, and $43.38 million in total stockholders' deficit. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BULLIVANT HOUSER: Taps Development Specialists as Financial Advisor ------------------------------------------------------------------- Bullivant Houser Bailey, PC filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Oregon to employ Development Specialists, Inc. as financial advisor and consultant. The firm seeks to include additional professional services effective as of March 1, 2026: a. general accounting functions including daily bank reconciliations and reviewing/inputting accounting transactions to maintain the books and records of the Debtor; b. review, process and close month-end accounting records and accounting software functions; c. prepare a claims schedule and assist in review of potential claim objections; d. prepare and process monthly and quarterly tax forms and payments. e. assist, only as necessary, daily review and approval of banking transactions related to Debtor’s fraud prevention services; and f. assist, only as necessary, the tax preparer with preparation of state and federal tax schedules and returns. Joseph Zagajeski, a managing director at Development Specialists, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph A. Zagajeski Development Specialists, Inc. One Sansome Street, Suite 1400 San Francisco, CA 94104 Tel: (415) 981-2717 Email: jzagajeski@DSIConsulting.com About Bullivant Houser Bailey, PC Bullivant Houser Bailey PC was a West Coast law firm founded in 1938 and headquartered in Portland, Oregon, with offices in California, Washington, and Nevada. The firm offered a broad range of legal services, including corporate law, commercial litigation, employment, real estate, insurance coverage, and products liability. Bullivant Houser Bailey PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-31017) on December 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor tapped Kevin W. Coleman, Esq., at Nuti Hart LLP as counsel and Donlin, Recano & Company, LLC as claims and noticing agent. BURMAN'S TREE: Gets OK to Use Cash Collateral Until April 10 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Michigan entered an interim order allowing Burman's Tree Services, LLC to use cash collateral through April 10. Under the interim order, the Debtor is authorized to use up to $558,438 in cash collateral in accordance with a revised budget, with a 10% variance. These funds are intended to cover essential operating expenses such as payroll, fuel, taxes, rent, and utilities, which are critical to keeping the business running. The Debtor is required to make monthly payments of $2,840.95 to Farmers & Merchants State Bank as adequate protection and deposit $5,379.31 into escrow for Meged Funding Group, and Rowan Advance Group. Additionally, Farmers & Merchants State Bank will be granted a replacement lien on post-petition assets (excluding certain bankruptcy-related claims), maintaining the same priority and validity as its pre-petition lien. A final hearing is scheduled for April 10. About Burman's Tree Services LLC Burman's Tree Services, LLC provides tree care and related services, including tree removal, trimming, stump grinding, land clearing, arborist consultations, and emergency tree response, serving residential and commercial customers. Established in 2016, the Company operates a 24-hour emergency response team and focuses on storm-related and hazardous tree clearing. Burman's Tree Services operates primarily in Southeast Michigan, including Jackson, Vandercook Lake, Spring Arbor, and Michigan Center. Burman's Tree Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41101) on February 2, 2026. In its petition, the Debtor lists estimated assets and liabilities each in the range of $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Lisa S. Gretchko. The Debtor is represented by Donald C. Darnell, Esq. BUSTER SJE: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Buster SJE, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral in accordance with its budget from March 31 until a further order is entered. The Debtor may exceed the total allotted amount by up to 10%. The Debtor has identified one or more secured lenders asserting liens on its assets, including cash collateral based on pre-petition security agreements and UCC filings. As protection, secured lenders including the U.S. Small Business Administration will be granted replacement liens on all of the Debtor's equipment, inventory, accounts and the proceeds thereof, subject and subordinate to the fee carveout. The replacement liens do not apply to avoidance actions. The SBA will receive a monthly payment of $1,200, with the first such payment due on or before April 10. The order is available at http://bankrupt.com/misc/BusterSJE_InterimCashCollOrder.pdf The final hearing is set for April 20. About Buster SJE Inc. Buster SJE, Inc. provides property inspection, maintenance and pest control services, and operates an industrial coatings business, including powder coating, in Mansfield, Texas. The company uses a fleet of service vehicles and heavy equipment to carry out field operations and surface treatment work for residential and commercial clients. Buster SJE sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41259) on March 23, 2026, listing $715,619 in assets and $3,773,229 in liabilities. Eric Evans, company owner, signed the petition. Judge Edward L. Morris oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. CANPACK GROUP: Fitch Alters Outlook on BB Long-Term IDR to Negative ------------------------------------------------------------------- Fitch Ratings has revised CANPACK Group, Inc.'s Outlook to Negative from Stable, while affirming its Long-Term Issuer Default Rating (IDR) at 'BB' and senior unsecured rating at 'BB' with a Recovery Rating of 'RR4'. The Negative Outlook reflects Fitch's expectation of prolonged negative free cash flow (FCF) in 2026 and 2027, before turning positive only in 2028. Negative FCF is mainly driven by lower EBITDA from the deconsolidation of Russian operations that were recently placed under external administration, the impact of the conflict in Middle East on operations, and higher committed greenfield capex and dividends. Lower EBITDA and increased debt requirements to fund the negative FCF will also result in EBITDA leverage peaking at 4.0x at end-2026, before it returns below the negative rating sensitivity from 2027. The rating affirmation is supported by a strong business profile, benefitting from a good market position, geographical diversification, strong customer relationships and cost pass-through mechanisms. Fitch may revise the Outlook to Stable once Fitch has better visibility on recovery of key metrics, or downgrade the rating should CANPACK underperform its rating case. Key Rating Drivers Negative FCF: Fitch now forecasts CANPACK's FCF to turn negative in 2026 and 2027, with a return to positive expected only in 2028. Negative FCF is primarily driven by lower EBITDA, resulting from the deconsolidation of Russian operations and potentially weaker operations in Dubai and India due to ongoing conflict in the Middle East. In addition, higher committed greenfield capex amounting to USD459 million in 2026 and USD101 million in 2027 will further weigh on cash flow. Fitch expects the ramp-up of greenfield capex to improve EBITDA generation in 2027, although this will cause temporary working capital outflows. This, combined with higher dividend distributions (especially from 2027), will keep FCF negative in 2027. Fitch expects CANPACK to fund the negative FCF using existing cash balances and additional debt. EBITDA Generation Constrained: Dubai and India contribute 15%-20% of overall EBITDA, and Fitch now projects a USD35 million impact in 2026 due to the disruptions related to the conflict. Russian operations, recently placed under temporary government administration, will result in annual EBITDA lower by USD40 million-45 million than its earlier forecasts. Fitch now forecasts EBITDA margin to decline to 10% in 2026, before rising to 10.7%-11% for 2027-2028 as revenue increases from its greenfield capex, particularly in the Americas, and as Dubai/India businesses normalise. However, margins will remain below its earlier estimates of around 12%, due to the lack of its high-margin Russian business. Leverage to Peak in 2026: Fitch forecasts CANPACK's EBITDA gross leverage will peak at 4.0x by end-2026, reaching the negative rating sensitivity - before gradually declining to 3.7x and 3.4x at end-2027 and end-2028, respectively. Fitch also expects interest coverage to weaken from 2026. Robust Pass-Through Mechanism: CANPACK incorporates pass-through mechanisms in most customer contracts, particularly for aluminium, where prices remain volatile. The company can pass through about 90% of aluminium-related costs to its customers and hedges the remaining 10%, supporting operational stability and margin resilience. In addition, CANPACK has broadened its European supplier base, which will raise aluminium conversion costs but reduce transit times and support more efficient inventory management. Focused Expansion Strategy: CANPACK's growth has primarily been driven by new greenfield investments across geographies over the past two decades, expanding alongside existing customers, primarily beverage producers, with a substantial portion of pre-contracted volumes for new facilities. This has reduced execution risk for new plant construction. Fitch expects a similar risk-mitigating, demand-driven approach with its upcoming large capex, resulting in a capacity increase of about 5 billion cans in 2026-2028. Solid Business Profile: The company has a strong business profile with a diversified operational footprint and resilient market positioning. Its focus on core markets, long-term customer relationships, and ability to maintain its competitive advantage provide revenue visibility and mitigate operational risks. Peer Analysis CANPACK ranks second in Europe and fourth globally behind major beverage can leaders, such as Ball Corporation, Crown Holdings Inc and the third-largest producer, Ardagh Group S.A. However, these companies are 3x-5x larger than CANPACK, while Ardagh Metal Packaging S.A. (B/Stable) is of a similar size. CANPACK's EBITDA and FCF margin volatility is typically higher than those of other packaging companies, due to its higher greenfield capex and exposure to volatile aluminium prices. The company lacks the scale of its peers, like Berry Global Group, Inc. (BBB+/Stable), Ball and Crown, and has lower margins. CANPACK's gross leverage is better than that of lower-rated Ardagh Metal Packaging estimates of 7.2x at end-2025 and 6.7x at end-2026. Fitch’s Key Rating-Case Assumptions - Revenue to grow at 8.4% in 2026, 7.8% in 2027 and 5.4% in 2028. Growth primarily driven by the ramp-up of fully contracted new capex, especially in American geographies. - EBITDA margins to remain subdued at 10% in 2026 due to weaker operations in Dubai and India, before rising to 10.7%-11% in 2027-2028, driven by normalisation in Dubai and Indian operations and the ramp-up of new capex. - Working capital inflow in 2026 due to increase in factoring use followed by working capital outflows due to the ramp up of green field capex in 2027 and 2028. - Capex to peak at 13.3% of revenue in 2026, due primarily to higher expansionary and greenfield capex. Capex to decline to 6% and 2.8% of revenue in 2027 and 2028, respectively. - Annual net dividend outflows of USD15 million in 2026 and USD50 million a year in 2027 and 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (b, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the historical year 2025, 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. Recovery Analysis Fitch uses a generic approach to evaluate the Recovery Rating of CANPACK's senior unsecured debt. Under its Corporates Recovery Ratings and Instrument Ratings Criteria, unsecured instruments are capped at 'RR4', resulting in a senior unsecured debt rating of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Delays to, and cost-overruns of, investments leading to weaker operating performance - Neutral FCF margins on a sustained basis - EBITDA gross leverage consistently above 4.0x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage below 3.0x on a sustained basis - FCF margins consistently above 2% - Successful integration and ramp-up of new capex leading to improved operational efficiencies Liquidity and Debt Structure CANPACK had readily available cash of USD268 million at end-2025 (after Fitch's adjustment for working capital seasonality). It also has access to USD309.9 million out of a USD400 million asset-based lending facility, maturing in March 2028, and an additional USD87.2 million of EUR100 million asset-based loan maturing in June 2028. Further, the company has non-recourse factoring arrangements, which it plans to use in 2026. CANPACK's debt structure at end-2025 included USD175 million of a senior unsecured term loan maturing in October 2026 with two optional six-month extensions, EUR600 million of senior unsecured notes due in November 2027 and USD800 million senior unsecured notes due in November 2029. Fitch in its rating case forecasts CANPAK to raise additional debt to refinance a portion of its existing debt and for other general corporate purposes. Issuer Profile CANPACK is a leading global manufacturer of aluminum cans, glass containers, and metal closures for beverages, and steel cans for food and chemicals. 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 2024 revenue-weighted Climate.VS for CANPACK for 2035 is 23 out of 100, suggesting moderate exposure to climate-related risks in that year. 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 ----------- ------ -------- ----- CANPACK Group, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB CENTER FOR EMOTIONAL HEALTH: Trustee Taps Sanderson Law as Counsel ------------------------------------------------------------------ George F. Sanderson III, Chapter 11 Trustee for Center for Emotional Health, PC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ George F. Sanderson III and The Sanderson Law Firm, PLLC as counsel for the trustee. Mr. Sanderson will provide these services: (a) assist in and provide legal advice with respect to the Trustee carrying out his appointed duties in this Chapter 11 case; (b) perform professional services necessary for the Trustee; and (c) represent the Trustee as to all legal matters in this proceeding. Mr. Sanderson will be compensated after application to and approval by the Court in accordance with 11 U.S.C. Secs. 330 and 331 and Federal Rule of Bankruptcy Procedure 2015. According to the declaration filed, Mr. Sanderson and the Firm represent no interest adverse to the Trustee or to the bankruptcy estate in the matters upon which they are to be engaged. The firm can be reached at: George F. Sanderson III THE SANDERSON LAW FIRM, PLLC P.O. Box 6130 Raleigh, NC 27628 Telephone: (984) 867-9300 E-mail: george@georgesandersonlaw.com About Center for Emotional Health PC Center for Emotional Health, PC provides outpatient mental health services, including therapy for children and adults, counseling, and medication management, operating from Salisbury, North Carolina. The practice offers treatment for substance-use disorders and specialized programs for veterans, serving patients through a combination of individual and group sessions. It is classified within the healthcare industry, specifically in behavioral and mental health services. Center for Emotional Health sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04478) on November 10, 2025, listing between $1 million and $10 million in assets and liabilities. Jonathan Stoudmire, president of Center for Emotional Health, signed the petition. Judge Pamela W. McAfee oversees the case. Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as bankruptcy counsel. CERA TILE: Court OKs Interim Use of Cash Collateral --------------------------------------------------- Cera Tile, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The court issued an interim order allowing the Debtor to use cash collateral in accordance with a 30-day budget, which projects $133,115 in revenue and $121,819 in expenses. The funds may be used for necessary operating costs such as payroll, materials, utilities, insurance, and administrative expenses. Spending is capped at 110% of budgeted amounts unless further court approval is obtained. As adequate protection, secured creditors will be granted replacement liens on post-petition assets to the extent of any decline in collateral value. The Debtor must also comply with tax obligations, maintain insurance, and provide financial reporting as additional protection. The order is available at http://bankrupt.com/misc/CeraTile_InterimCCOrder.pdf The creditors claiming liens on Cera Tile's assets include Santander Bank, N.A. (whose claim is serviced by Gulf Coast Bank & Trust Co.), Live Oak Banking Company, the U.S. Small Business Administration, CHTD Company, Citizens Bank, N.A., Aspire Fundings, LLC, Corporation Service Company as representative, and CT Corporation System as representative. Based on the Debtor's preliminary assessment of asset values and lien priorities, it appears that only Live Oak Banking Company is fully secured relative to the value of the Debtor's assets. About Cera Tile Inc. Cera Tile, Inc. is a privately owned wholesale tile distribution company headquartered in Middletown, New York. The firm sources and distributes ceramic, porcelain, and design-oriented tile products through partnerships with international manufacturers, supplying a range of contemporary flooring and wall tiles to retail partners across the residential and commercial building sectors. Cera Tile operates from a substantial distribution center and focuses on timely fulfillment and trend-driven product offerings for its wholesale customer base. Cera Tile sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-35243) on March 8, 2026, with up to $50,000 in assets and up to $50 million in liabilities. Steven Wecera, president of Cera Tile, signed the petition. Judge Kyu Young Paek oversees the case. Michael D. Pinsky, Esq., at the Law Office of Michael D. Pinsky, P.C., represents the Debtor as legal counsel. CHAINCE DIGITAL: Alleviates Going Concern Doubt With $33.8MM Cash ----------------------------------------------------------------- Chaince Digital Holdings Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $5.1 million for the year ended December 31, 2025, compared with a net loss of $4.5 million for the year ended December 31, 2024. Total revenue for the year ended December 31, 2025 were $1.9 million compared with $494,025 in the prior period As of December 31, 2025, the Company had an accumulated deficit of approximately $686 million. The Company has experienced recurring operating losses and, both the current period and prior period cash flow from operating activities are negative. These conditions, when considered in the aggregate, initially raised substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are issued, in accordance with ASC 205-40, Presentation of Financial Statements--Going Concern. As of December 31, 2025, the Company had cash and cash equivalents of approximately $33.8 million. Management believes that the Company's existing cash resources are sufficient to fund its planned operations, capital expenditures, and working capital requirements for at least the next 12 months. In response to the conditions, management has implemented and continues to implement plans designed to improve the Company's operating results and liquidity. These plans include: (i) increasing customer acquisition efforts and expanding service offerings within the Company's financial services and advisory businesses, which have become the Company's primary revenue-generating activities, (ii) continuing to strengthen and expand the Company's professional services team to support revenue growth and operational scalability, and (iii) pursuing selective growth opportunities in blockchain and digital asset solutions and AI-enabled intelligent manufacturing, where management believes the Company can leverage its existing expertise and infrastructure. Management believes that these actions, together with the Company's current liquidity position, will enable the Company to meet its obligations as they become due and support the continued execution of its business strategy. While management's plans are subject to inherent uncertainties, including the Company's ability to successfully attract new clients and execute its growth initiatives, management has concluded that the implementation of these plans, combined with the Company's available cash resources, alleviates the substantial doubt previously identified regarding the Company's ability to continue as a going concern for a period of at least one year from March 26, 2026, the date of issuance of the consolidated financial statements. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3ar76bpp About Chaince Digital Holdings Inc. (formerly Mercurity Fintech Holding Inc.) Chaince Digital Holdings Inc. -- http://www.chaincedigital.com/-- (Nasdaq: CD, effective November 13, 2025) is a fintech group powered by blockchain infrastructure, offering technology and financial services. Through its subsidiaries, including Chaince Securities, LLC, Chaince Digital Holdings Inc. aims to be an industry leader in tokenization and on-chain innovation solutions, offering services spanning digital assets, financial advisory, and capital markets solutions. As of December 31, 2025, the Company had $46.6 million in total assets and $2.6 million in total liabilities, and total shareholders' equity of $44 million. * * * This concludes the Troubled Company Reporter's coverage of Chaince Digital Holdings Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. CHARLES & COLVARD: Director Duc Pham Resigns Without Disagreement ----------------------------------------------------------------- Charles & Colvard, Ltd. disclosed in a regulatory filing that Duc Pham, a member of the board of directors, resigned from the Board, which became effective on March 25, 2026. His resignation from the Board was not the result of any disagreement with the Company, the Board, or Company management on any matter relating to the Company's operations, policies or practices. Mr. Pham was a member of the Audit Committee and was Chair of the Compensation Committee. In connection with the resignation of Mr. Pham, the size of the Board was subsequently decreased from four to three members. On March 27, 2026, the Board amended the Company's Bylaws to provide that the number of directors constituting the Board can be between three and nine directors, which was previously between four and nine directors. A full text copy of the Amendment of Bylaws is available at https://tinyurl.com/46j9pkbh About Charles & Colvard Ltd. Charles & Colvard Ltd. is a jewelry manufacturer known for its lab-grown moissanite gemstones. Charles & Colvard Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-00969 on March 2, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Rebecca Redwine Grow, Esq. and Jason L. Hendren, Esq. of Hendren Redwine & Malone, PLLC. CHARLES & COLVARD: Michael Levin to Serve Extra Month as Exec Chair ------------------------------------------------------------------- Charles & Colvard, Ltd. disclosed in a regulatory filing that the Board of Directors approved extending the term of Michael Levin's appointment as Executive Chair for an additional one-month period. As previously reported, Mr. Levin was appointed by the Board to serve as Executive Chair on January 5, 2026, for an initial term of three months. During the Extended Term, the Board determined that Mr. Levin will receive $7,500 per month for his services as Executive Chair, in lieu of any other Board compensation applicable for the time period during which he is acting as Executive Chair. About Charles & Colvard Ltd. Charles & Colvard Ltd. is a jewelry manufacturer known for its lab-grown moissanite gemstones. Charles & Colvard Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-00969 on March 2, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Rebecca Redwine Grow, Esq. and Jason L. Hendren, Esq. of Hendren Redwine & Malone, PLLC. CHC901 LLC: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, entered a final order authorizing CHC901, LLC to use cash collateral. Under the final order, the Debtor is permitted to use cash collateral, including funds in its bank accounts, in accordance with an approved budget and may spend up to 105% of the budgeted expenditures. The order does not determine the validity, extent, or priority of any creditor's liens and does not enhance any prepetition security interests. The order is immediately effective, overrules any unresolved objections, and authorizes the Debtor to take all necessary actions to implement its terms. CHC901 continues to operate an ambulance, wheelchair, and nonmedical transportation business with employees and ongoing operating expenses. It projects average monthly gross income of approximately $42,333, which constitutes cash collateral. Access to this cash collateral is essential to the Debtor's continued operations and successful reorganization. About CHC901 LLC CHC901, LLC operates an ambulance, wheelchair, and nonmedical transportation business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-20114) on January 7, 2026. In the petition signed by Justin G. James, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Denise E. Barnett oversees the case. C. Jerome Teel Jr., Esq., at Teel & Gay, PLC, represents the Debtor as legal counsel. COMMUNITY HEALTH: Vanguard Realignment Disaggregates Equity Stake ----------------------------------------------------------------- The Vanguard Group, disclosed in a Schedule 13G (Amendment No. 16) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Community Health Systems Inc's Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/2vy855ec About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of December 31, 2025, the Company had $13.2 billion in total assets, $14 billion in total liabilities, $322 million in redeemable noncontrolling interests in equity of consolidated subsidiaries and $1.2 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. COMMUNITY HOUSE: To Hire Kerr Russell and Weber as Counsel ---------------------------------------------------------- The Community House Association, Birmingham, Michigan seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Kerr, Russell and Weber, PLC to serve as its counsel. The firm will provide these services: (a) advising the Debtor with respect to its powers and duties as Debtor and Debtor in Possession in the continued management and operation of its business; (b) preparing necessary applications, motions, memoranda, orders, reports, and other legal papers; (c) appearing in Court and at meetings to represent the interests of the Debtor; (d) negotiating with creditors and other parties in interest; (e) advising the Debtor concerning an appropriate exit strategy, which may involve preparing and prosecuting a Chapter 11 plan of reorganization and/or coordinating a sale process; and (f) performing all other legal services for the Debtor in connection with this Chapter 11 case. Kerr Russell will seek compensation at its established hourly rates. According to the filing, its current hourly rates are: Members: $400 to $600 Associates: $320 to $400 Danielle Love: $350 Jason W. Bank: $520 Kerr Russell received a $25,000 retainer, which will be held in trust and applied only as authorized by the Bankruptcy Court. Kerr Russell is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jason W. Bank, Esq. Danielle M. Love, Esq. KERR, RUSSELL AND WEBER, PLC 500 Woodward Avenue, Suite 2500 Detroit, MI 48226 Telephone: (313) 961-0200 E-mail: jbank@kerr-russell.com dlove@kerr-russell.com About The Community House Association The Community House Association, Birmingham, Michigan, sought relief under Chapter 11, Subchapter V of the Bankruptcy Code and filed its voluntary petition on March 26, 2026 (Bankr. E.D. Mich. Case No. 26-43351-tjt). The Debtor reports estimated assets of $1,000,001 to $10 million and estimated liabilities of $1,000,001 to $10 million. COOLSYS HOLDING: Moody's Appends 'LD' Designation to 'Caa1-PD' PDR ------------------------------------------------------------------ Moody's Ratings has affirmed CoolSys Holding Corporation's (CoolSys) Caa1 corporate family rating following the announcement of its credit agreement amendment. Concurrently, Moody's affirmed the Caa1-PD probability of default rating and appended a limited default (LD) designation, changing it to Caa1-PD/LD from Caa1-PD. Moody's also affirmed CoolSys, Inc.'s Caa1 senior secured first-lien term loan B and assigned a Caa1 rating to their amended backed senior secured 1st-lien term loan due 2030. The LD designation will remain in place for three business days. The outlook on both entities is negative. The affirmation of the CFR follows CoolSys' announcement that it has reached an agreement with its first-lien lenders to permit a portion of interest to be paid in kind through October 2027 and to extend the maturity of the first-lien term loan to February 2030. As a condition precedent to the lenders' consent to PIK interest, the financial sponsor will contribute an additional $29 million of capital at closing in the form of a loan. The proposed sponsor loan will rank junior to the existing first-lien term loans and mature in May 2030, 91 days after the amended first-lien maturity. Separately, the company has amended its ABL revolving credit facility (unrated by Moody's), extending its maturity to November 2029 and incorporating documentation tightening broadly consistent with the amended term loan. Moody's views the transaction as a distressed exchange and a limited default because the amendment alleviates near-term liquidity pressure via the introduction of the PIK feature on the term loan, along with the extension of maturities. Due to the very high debt levels and resulting interest burden, the PIK feature and $29 million proposed sponsor loan will temporarily allow the company to more easily make its cash interest payment obligations. As Moody's recognizes that there is risk of the company's capital structure being untenable over the medium term without the amendment, Moody's considers this a form of default avoidance. The transaction will temporarily alleviate some liquidity pressures in the form of the sponsor loan, waived required term loan amortization payments, and lower cash interest expense through the PIK period ending October 2027. Following the PIK Period and during any interest period where the company elects to pay cash interest, the interest rate will revert to the same rate that is in the existing term loan credit agreement, and the required term loan amortization payments will continue. ESG considerations, specifically governance associated with financial strategy and risk management, were key drivers in the rating actions given the company's tolerance for high debt leverage and aggressive growth strategy that includes debt financed acquisitions. RATINGS RATIONALE The Caa1 rating for CoolSys, a provider of refrigeration and heating, ventilation and air conditioning systems (HVACs) in the US, is constrained by the company's negative cash flow generation, low profit margins and very high financial leverage with debt/EBITDA of over 10x for the 12 months ended September 28, 2025. The credit profile also reflects the company's historically aggressive growth strategy through debt-funded acquisitions, which led to increased debt balances to a point where the capital structure may not remain sustainable. Moody's expects the high interest expense burden will pressure free cash flow generation, mitigated temporarily through the PIK period. Moody's projects the company will produce slighty negative to break even free cash flows during the next 12 to 15 months, an improvement over 2025, driven by the liquidity relief provided by the amendment and an increase in profitability as the company continues to execute on its cost saving initiatives and service quality improvements initiated in early 2025. Support comes from its largely re-occurring and large revenue base compared to its direct and mostly regional competitors. CoolSys' broad geographic reach and wide service offerings are competitive advantages over smaller local or regional players, since it allows the company to service large national or super regional customers. Over 50% of revenue is generated from recurring or re-occurring maintenance service contracts that are critical in nature among its customers. CoolSys' long-standing relationships with key customers and high retention rate of over 90% support revenue stability. CoolSys' liquidity is weak as of September 28, 2025, with an $8 million cash balance and limited availability under its $179 million ABL credit facility that expires in November 2029. As a result of the credit agreement amendment, the company's cash balance will increase due to the $29 million sponsor loan, and Moody's expects the introduction of the PIK feature on the term loan to alleviate some liquidity pressures via lower interest expense during the next 12-15 months. Additionally, during the PIK period, which extends through October 2027, the company's required term loan amortization payments will be waived. Moody's projects the company will produce slighty negative to break even free cash flows during the next 12 to 15 months, an improvement over 2025, driven by the liquidity relief provided by the amendment and EBITDA growth. Given the typically low cash balances, Moody's expects the company will borrow seasonally (most likely during the warmer months of the year) under the revolver to fund operational working capital fluctuations. The term loan is not subject to financial maintenance covenants. The ABL revolver contains a springing minimum fixed charge coverage ratio, tested when availability is less than the greater of $5 million or 10% of the line cap. Due to the amendment with lenders, Moody's expects the company to be able to comply with the covenant over the next twelve months. The negative outlook reflects Moody's concerns that CoolSys will continue to have very high financial leverage and cash flow deficits which will continue to pressure the company's already weak liquidity position. The outlook could return to stable if liquidity and cash flow metrics improve, while financial leverage drops and profitability rises. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Due to the negative outlook, a ratings upgrade is unlikely over the next 12-18 months. However, the ratings could be upgraded if debt/EBITDA leverage reduces towards and sustained below 7.5x, with positive free cash flow. An improvement in liquidity and profitability margins would also be required for an upgrade. The ratings could be downgraded if Moody's expects the company's cash flow deficits to worsen, straining the company's liquidity and cash position further with a possibility of a default event due to the company's unsustainable capital structure. The senior secured first-lien bank credit facility, which includes a senior secured term loan due February 2030, is rated Caa1, which is in line with the company's Caa1 CFR. The senior secured first-lien credit facilities are effectively subordinated to the unrated $179 million ABL credit facility expiring 2029, which has a super-priority claim and recovery prospects over the rated debts. The ABL revolver borrowing base is derived mainly from eligible accounts receivable, although inventory is also included in the borrowing base. Therefore, the ABL ranks ahead of the rated term loans in Moody's hierarchy of claims at default. The term loans have a first priority lien on substantially all assets not constituting ABL collateral and second priority lien on the ABL collateral, subject to customary exceptions. The credit facilities are unconditionally guaranteed on a senior secured basis by each existing and subsequently acquired or organized direct or indirect wholly-owned material US restricted subsidiary of the borrower. The $29 million sponsor loan will rank junior to the existing first lien term loans and have a maturity in May 2030, 91 days after the existing first lien term loans. An increase in the proportion of senior secured first-lien debt to ABL obligations could lead to a downgrade of the senior secured first-lien ratings. Headquartered in Brea, California and controlled by affiliates of private equity sponsor Ares Management, CoolSys is a provider of preventative, repair, and maintenance services, system remodels and replacements, new system installation, energy efficiency solutions and engineering solutions services mainly to grocery, retail, and foodservice end markets in the US. CoolSys also services convenience stores, telecommunications, healthcare and cold storage, among other industries. During the twelve months ended September 28, 2025, CoolSys generated almost $1.1 billion of revenue. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COOPER-STANDARD HOLDINGS: Vanguard Realignment Disaggregates Stake ------------------------------------------------------------------ The Vanguard Group, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Cooper-Standard Holdings Inc.'s Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/2vyezbmp About Cooper-Standard Cooper-Standard Holdings Inc. -- https://www.cooperstandard.com/ -- headquartered in Northville, Mich., with locations in 21 countries, is a global supplier of sealing and fluid handling systems and components. Utilizing the Company's materials science and manufacturing expertise, the Company creates innovative and sustainable engineered solutions for diverse transportation and industrial markets. As of September 30, 2025, the Company had $1.86 billion in total assets, $1.97 billion in total liabilities, and $110.1 million in total deficit. * * * As reported by the Troubled Company Reporter on Nov. 24, 2025, S&P Global Ratings revised its outlook on Cooper-Standard Holdings Inc. to developing from positive and affirmed the 'CCC+' Company credit rating. COPPERLEAF SERVICES: Case Summary & Six Unsecured Creditors ----------------------------------------------------------- Debtor: Copperleaf Services, Inc. d/b/a Copperleaf Cabinets 10024 Last Light Glen Parrish, FL 34219 Business Description: Copperleaf Services, Inc., doing business as Copperleaf Cabinets, a family-owned company based in Sarasota, Florida, provides custom kitchen cabinetry and remodeling services, including Amish-crafted solid-wood cabinets, cabinet refacing, and countertop replacement, to homeowners in Sun City Center, Lakewood Ranch, Tampa, Bradenton, Largo, Clearwater, Riverview, and St. Petersburg. Founded on a focus on personalized service and craftsmanship, the company provides design consultations, materials, and installation services for kitchens that balance functionality and design. Chapter 11 Petition Date: April 2, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-02723 Judge: Hon. Luis Ernesto Rivera II Debtor's Counsel: Buddy D. Ford, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: All@tampaesq.com Total Assets: $744,104 Total Liabilities: $5,294,666 Kelly Kristine Blue signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NNP3TLY/Copperleaf_Services_Inc__flmbke-26-02723__0001.0.pdf?mcid=tGE4TAMA COREBRIDGE FINANCIAL: Moody's Affirms (P)Ba1 Preferred Shelf Rating ------------------------------------------------------------------- Moody's Ratings has affirmed the Baa2 senior unsecured debt rating of Corebridge Financial, Inc. (Corebridge) and the A2 insurance financial strength (IFS) rating of its life insurance subsidiaries American General Life Insurance Company (American General), Variable Annuity Life Insurance Company (VALIC) and United States Life Insurance Company in the City of New York (USLIC). The outlooks on Corebridge, American General, VALIC and USLIC are stable. The rating action follows the announcement of the merger between Corebridge and Equitable Holdings, Inc. (Equitable) by way of an all-stock merger. The transaction is expected to close at or around year-end 2026, subject to regulatory approvals and customary closing conditions. Following closing, the pro-forma ownership structure will be 51% Corebridge and 49% Equitable. All Corebridge and Equitable debt is expected to be structurally pari passu and all Corebridge and Equitable preferred stock is expected to become preferred stock of the new parent company following closing. RATINGS RATIONALE The Baa2 senior unsecured debt rating on Corebridge and the A2 IFS ratings of its insurance company subsidiaries are based on the Corebridge's leading positions in a number of US individual annuity and retirement product markets, their broad distribution network, and solid profitability. Regulatory capital adequacy is also strong with a consolidated NAIC company action level risk-based capital (RBC) ratio consistently around 400%. These strengths are mitigated by interest rate and disintermediation risks arising from the company's core fixed indexed annuity and fixed annuity businesses; by a significant exposure to equity markets, albeit managed by the company's hedging program; and by a concentration in structured assets holdings. OUTLOOK The stable outlook reflects Moody's views that near term execution and integration risks associated with the transaction are balanced by the potential for a stronger credit profile over time. While the combination entails meaningful integration risk in the near term, over the longer term the merger could support improved credit strength relative to Corebridge on a standalone basis, driven by enhanced market position, stronger profitability, and potentially lower asset risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The following factors could result in an upgrade of the Corebridge's ratings: (i) profitable premium growth balanced between life insurance and annuities, (ii) profitability, as measured by return on capital, of over 8% on a consistent basis, (iii) no material degradation of invested asset quality or liquidity, and (iv) total leverage below 25% (excluding AOCI, except for a modco adjustment). The following factors could lead to a downgrade of Corebridge's ratings: (i) a material increase in higher-risk, and/or illiquid assets beyond Moody's expectations; (ii) a deterioration in franchise value and profitability, (iii) a decline in consolidated RBC below 350%, (iv) total leverage above 35% (excluding AOCI, except for a modco adjustment). LIST OF AFFECTED RATINGS Issuer: Corebridge Financial, Inc. Affirmations: LT Issuer Rating, Affirmed Baa2 Senior Unsecured, Affirmed Baa2 Junior Subordinate, Affirmed Baa3 (hyb) Preferred Stock Non-cumulative, Affirmed Ba1 (hyb) Subordinate Shelf, Affirmed (P)Baa3 Junior Subordinate Shelf, Affirmed (P)Baa3 Preferred Shelf Non-cumulative, Affirmed (P)Ba1 Senior Unsecured Shelf, Affirmed (P)Baa2 Outlook Action: Outlook, Remains Stable Issuer: Corebridge Life Holdings, Inc. Affirmations: Backed Senior Unsecured, Affirmed Baa2 Backed Junior Subordinate, Affirmed Baa3 (hyb) Outlook Action: Outlook, Remains Stable Issuer: American General Life Insurance Company Affirmation: Insurance Financial Strength, Affirmed A2 Outlook Action: Outlook, Remains Stable Issuer: Corebridge Global Funding Affirmations: Senior Secured, Affirmed A2 Backed Senior Secured Medium-Term Note Program, Affirmed (P)A2 Outlook Action: Outlook, Remains Stable Issuer: United States Life Insurance Company in the City of New York Affirmation: Insurance Financial Strength, Affirmed A2 Outlook Action: Outlook, Remains Stable Issuer: Variable Annuity Life Insurance Company Affirmation: Insurance Financial Strength, Affirmed A2 Outlook Action: Outlook, Remains Stable Issuer: American General Global Financing X Affirmation: Backed Senior Secured, Affirmed A2 Outlook Action: Outlook, Remains Stable Issuer: ASIF II Affirmations: Backed Senior Secured, Affirmed A2 Backed Senior Secured Medium-Term Note Program, Affirmed (P)A2 Outlook Action: Outlook, Remains Stable Issuer: ASIF III (Jersey) Limited Affirmation: Backed Senior Secured Medium-Term Note Program, Affirmed (P)A2 Outlook Action: Outlook, Remains Stable The principal methodology used in these ratings was Life Insurers published in April 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Corebridge Financial, Inc. is headquartered in Houston, Texas, and focuses on providing retirement and insurance product solutions in the US. As of December 31, 2025, it reported total assets of $414 billion and total equity of $14.0 billion. COSAMIA LLC: Court Extends Cash Collateral Access to May 5 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, entered a third interim order extending Cosamia, LLC's authority to use cash collateral. Under the third interim order, the Debtor is authorized to use cash collateral for court-approved payments and operating costs set forth in its weekly budget. This authorization remains effective through May 5, unless extended by agreement or court approval. The Debtor may exceed individual budget line items by up to 10%, and additional expenditures may be made if approved in writing by creditors. Any use of cash collateral outside these terms is prohibited. As protection, secured creditors will be granted replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens. Cosamia must also comply with all duties required of a debtor-in-possession under the Bankruptcy Code and maintain insurance coverage consistent with loan and security agreements. The order is entered without prejudice to the rights of parties in interest to seek additional protections or modifications regarding cash collateral use. A continued hearing is scheduled for May 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/X5MZ2 from PacerMonitor.com. Servicycles, LLC, a secured creditor, may hold a security interest in the Debtor's cash, cash equivalents, and accounts pursuant to UCC-1 financing statements filed in Florida. About Cosamia LLC Cosamia, LLC operates self-service laundromats, wash-dry-fold services, and laundry pickup and delivery across Miami-Dade and Broward Counties, with centralized management in Orange County, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08239) on December 18, 2025. In the petition signed by Derek Williams, president and manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Lori V. Vaughan oversees the case. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine LLP, represents the Debtor as legal counsel. CROUSE HEALTH: Fitch Alters Outlook on 'B' IDR to Stable -------------------------------------------------------- Fitch Ratings has affirmed the 'B' Issuer Default Rating (IDR) and the 'B' long-term rating on outstanding revenue bonds issued by the Onondaga Civic Development Corporation, NY on behalf of Crouse Health System, Inc. (CH). The Rating Outlook has been revised to Stable from Negative. Entity/Debt Rating Prior ----------- ------ ----- Crouse Health System, Inc. (NY) LT IDR B Affirmed B Crouse Health System, Inc. (NY) /General Revenues/1 LT LT B Affirmed B The Outlook revision reflects improved liquidity as of fiscal YE 2025 and Fitch's anticipation of further balance-sheet strengthening from CH's laboratory business divestiture and a $113 million Safety Net Transformation Program (SNTP) grant award from New York State (NYS). The grant funds will be released in stages over five years. Northwell Health ('A-') will support CH as an advisor on SNTP-funded initiatives. In Fitch's view, CH needs to successfully execute its turnaround plan over the next 12-18 months to fully stabilize performance as it works to address reduced NYS Directed Payment Template (DPT) revenues. SECURITY Bonds are secured by a revenue pledge and a debt service reserve fund (DSRF) of the obligated group (OG). The OG represents about 95% of system assets and 93% of operating revenue. KEY RATING DRIVERS Revenue Defensibility - 'bb' Stiff Local Competition Fitch views CH's revenue defensibility as 'Modest'. CH faces strong competition in its primary service area from SUNY Upstate (44% inpatient market share) and St. Joseph's Health Hospital (25.4%). CH retains leading market positions in select services, including obstetrics and neonatal intensive care. High-acuity services support CH's continued demand stability. CH's ability to sustain volumes will depend on maintaining these service line strengths and physician alignment while competing systems also invest in capacity and programs. Medicaid and self-pay typically represent about 25% of gross revenue, which constrains pricing flexibility and adds collection risk. Fitch expects revenue defensibility to remain strained if state supplemental funding stays volatile and if CH cannot offset weaker reimbursement with improved throughput and commercial volume growth. CH's PSA inpatient market share was 30.6% in 2025. Service area demographics are stable. CH's broader service region covers 15 counties in central New York. Median incomes are below the U.S. average but align with the state average. Operating Risk - 'b' State Funding-Driven Margin Pressure Fitch assesses CH's operating risk as 'Very Weak' due to sustained margin pressure. Reliance on state supplemental funding characterizes CH's operating profile. A 2024 formula change reduced CH's annual DTP program funding by about $28 million. The reduced cash flow contributed to debt service covenant noncompliance in fiscal 2024. Fitch expects operating results to remain sensitive to the timing and amount of state funding along with management's ability to execute cost and revenue cycle initiatives. While improved from the year prior, fiscal 2025 draft results show continued weakness with a -2.5% operating margin and 50 days cash on hand (DCOH). Fitch expects CH's near-term operating profile to depend on replacing lost DPT support and achieving substantial efficiencies. Potential support includes SNTP funding, benefits from CH's re-entry into the 340B pharmacy program, and incremental contribution from new service lines, such as open-heart surgery. Such programs could reduce leakage and support margins if successfully implemented. Capital spending has averaged less than 40% of depreciation since fiscal 2020 to preserve the balance sheet amidst margin pressure. Routine capex is targeted at $10 million, or about 50% of depreciation. Financial Profile - 'bb' Liquidity Support is Temporary Fitch views CH's financial profile as 'Weak'. CH has a limited cushion to absorb operating volatility. At fiscal YE 2025, CH reported $97 million of unrestricted cash and investments, equal to about 50 DCOH and 90% cash-to-debt. Liquidity benefited from late-year receipt of DPT funds and improved cost controls. Fitch expects balance sheet metrics to improve from laboratory sale proceeds (sale closed March 19, 2026), which will reduce balance sheet pressure. However, Fitch's base and stress case scenarios assume continued operating stress and limited financial flexibility in the near term. Fitch expects the one-time cash infusion and SNTP award will provide time for management to implement its turnaround plan, but balance-sheet metrics could weaken again if CH does not replace lost DPT support with alternative recurring funding and achieve sustained operating improvements. The 90% cash-to-debt metric factors in the auditor's decision to recategorize long-term debt as current liabilities in fiscal 2024 due to the DS covenant breach. CH met its liquidity and debt service covenants of a minimum of 30 DCOH and net income of at least 1.25 MADS at fiscal YE 2025 despite ongoing pressures. CH hired consultant Premier Health in June 2025 to achieve efficiencies in its revenue cycle, workforce and clinical operations. Fitch expects management to realize $15 million-$20 million of operating improvements in fiscal 2026 and is closely monitoring month-end cash balances. Asymmetric Additional Risk Considerations There are no asymmetric additional risk considerations affecting the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to secure alternative funding in amounts equal to, or approximating, lost DPT funding levels; - Operating EBITDA margins sustained below 4% could lead to a downgrade; - If cash-to-adjusted debt stays below 50% in Fitch's stress case, it could result in a rating downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - CH resolves DPT funding issues and achieves stronger margins and cash with DCOH consistently above 60 days; - Operating EBITDA sustained at or above 5% could lead to an upgrade; - Cash-to-adjusted debt sustained above 50% along with DCOH at 60 or higher could lead to an upgrade. PROFILE Crouse Health System is a 355-staffed-bed tertiary referral hospital system based in Syracuse, NY. In addition to its main hospital, the system owns and operates several outpatient and ambulatory surgical clinics and the largest neo-natal intensive care unit (NICU) in central New York. CH has affiliations with SUNY Upstate and operates its own nursing school. CH recorded operating revenues of $714 million in fiscal 2025 (ended December 31). 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. CROWN BOILER: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Crown Boiler Co., LLC asks the U.S. Bankruptcy Court for the Western District of Pennsylvania for authority to use cash collateral and provide adequate protection. The Debtor, a wholly owned subsidiary of Burnham Holdings, Inc., is engaged in the manufacture and distribution of residential and commercial heating equipment, including cast iron and steel boilers. Although traditional operations are limited, the Debtor manages its business and property with oversight by the court as part of its ongoing reorganization and liquidation efforts. The case has been designated as a complex Chapter 11 proceeding due to the scope of the Debtor's financial obligations and asset structure. The Debtor's primary secured lenders are Fulton Bank, N.A., and PNC Bank, National Association, which hold liens on the Debtor's personal property, including inventory, accounts receivable, and other cash assets, pursuant to a Revolving Loan Note, a Credit Agreement, and a Pledge and Security Agreement dated October 17, 2023. The Debtor's obligations to these lenders, collectively referred to as the bank loan obligations, total $72 million. Access to cash collateral is essential to fund the Debtor's administrative and operational expenses, preserve and protect the value of collateral, and facilitate the confirmation of a plan of liquidation. The Debtor seeks authorization to use cash collateral for ordinary course expenses, administrative costs of the bankruptcy case, and any extraordinary expenses approved by the court. To provide adequate protection to the Secured Creditors, the Debtor proposes post-petition replacement liens with the same validity, priority, and extent as the pre-petition liens, alongside inspection rights and ongoing financial reporting. Following the filing of the Chapter 11 petition, the Debtor defaulted on its bank loan obligations, and the non-debtor parties entered into a Waiver and Third Amendment to the Credit Agreement to waive defaults arising from the bankruptcy filing. A hearing on the matter is set for April 9, at 1:30 p.m. About Crown Boiler Co. LLC Crown Boiler Co., incorporated in 1958 and based in Pennsylvania, manufactures and distributes residential and commercial hydronic heating products, including cast iron boilers, oil burners, and operating controls, serving customers across the United States through a network of regional wholesalers. Crown Boiler Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-20515) on February 25, 2026. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. The petition was signed by Nick Ribich as vice president and chief financial officer. Judge John C. Melaragno oversees the case. The Debtor is represented by Salene Kraemer, Esq., at MazurKraemer Law Group. CUMULUS MEDIA: Hires Alvarez & Marsal as Restructuring Advisor -------------------------------------------------------------- Cumulus Media Inc., et al., seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Alvarez & Marsal North America, LLC, as restructuring advisors. The firm's services include: a. assisting with the preparation of financial-related disclosures required by the Court, including if required, the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs and Monthly Operating Reports; b. assisting with the development and management of a 13-week cash flow forecast and cash management procedures; c. assisting with the review of and opining on the Debtors' communications plan regarding the chapter 11 cases; d. assisting with financing issues, including assistance with preparing reports and liaising with creditors; e. assisting with the identification of certain executory contracts and leases and performance of cost/benefit evaluations with respect to the assumption or rejection of each; f. assisting the Debtors' management team and counsel with the coordination of resources related to the ongoing reorganization effort; g. assisting with the post-filing bankruptcy case administration, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of certain proposed transactions for which Court approval is sought; h. attending meetings and assisting in discussions with potential investors, banks, and other secured lenders, any official committee(s) appointed in these chapter 11 cases, the United States Trustee, other parties in interest and professionals hired by same, as requested; i. providing testimony in support of relief requested in the chapter 11 cases, as agreed to by A&M or as compelled by law or legal process; j. analyzing creditor claims by type, entity, and individual claim, including assistance with development of databases, as necessary, to track such claims; k. assisting with the preparation of information and analysis necessary for the confirmation of a plan of reorganization in these chapter 11 cases, including information contained in the disclosure statement; l. assisting with the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers, if requested; m. reporting to the Debtors' board of directors as desired or directed by officers of the Debtors; and n. rendering such other general business consulting or such other assistance as Debtors' management or counsel may deem necessary consistent with the role of a restructuring advisor, as agreed to by A&M, to the extent that it would not be duplicative of services provided by other professionals in this proceeding. The firm's customary hourly billing rates are: Managing Directors $1,200 to 1,600 Directors $900 to 1,175 Associates $650 to 875 Analysts $450 to 625 Alvarez & Marsal received a retainer in the total amount of $500,000 from the Debtors. Christopher Arnett, managing director with Alvarez & Marsal North America, LLC, disclosed in the court filings that his firm is "disinterested" as such term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher Arnett Alvarez & Marsal North America, LLC 2100 Ross Avenue, 21st Floor Dallas, TX 75201 Tel: (214) 438-1000 Fax: (214) 438-1001 About Cumulus Media Inc. Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month -- wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 394 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, US Soccer, AP News, and the Academy of Country Music Awards, across more than 7,800 affiliated stations through Westwood One, a leading national audio network; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining, and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact, and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-90346) on March 5, 2026. In the petition signed by Richard Denning, Executive Vice President, Secretary & General Counsel, the Debtor disclosed up to $10 billion in both assets and liabilities. As of Sept. 30, 2025, the Company had $1,078,217,000 in total assets and $1,135,135,000 in total liabilities. Judge Alfredo R. Perez oversees the case. Lawyers at Paul, Weiss, Rifkind, Wharton & Garrison LLP serve as counsel. Porter Hedges LLP, represents the Debtor as local counsel. The Debtors hired as Alvarez & Marsal North America, LLC as restructuring advisor; Moelis & Company as financial advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global as claims, noticing, solicitation & certification agent. CUMULUS MEDIA: Seeks to Hire Porter Hedges LLP as Co-Counsel ------------------------------------------------------------ Cumulus Media Inc., et al., seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Porter Hedges LLP as co-counsel. The firm will render these services: a. provide legal advice and services regarding local rules, practices, and procedures; b. provide certain services in connection with administration of these chapter 11 cases, including, without limitation, preparing agendas, hearing notices, and hearing binders of documents and pleadings; c. prepare, review, and comment on proposed drafts of pleadings to be filed with the Court as bankruptcy co-counsel to the Debtors; d. provide legal advice with respect to the Debtors' rights and duties as debtors in possession and continued business operations; e. assist, advise, and represent the Debtors in analyzing the Debtors' capital structure, investigating the extent and validity of liens, cash collateral stipulations, or contested matters; f. assist, advise, and represent the Debtors in any cash collateral and/or post-petition financing transactions; g. assist, advise, and represent the Debtors in any manner relevant to preserving and protecting the Debtors' estates; h. prepare on behalf of the Debtors all necessary applications, motions, answers, orders, reports, and other legal papers; i. appear in Court and to protect the Debtors' interests before the Court; j. at the request of the Debtors, appear in Court and at any meeting with the U.S. Trustee and any meeting of creditors at any given time on behalf of the Debtors as their bankruptcy co-counsel; and k. provide other legal advice and services, as requested by the Debtors, from time to time. The firm received a retainer in the amount of $300,000. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the Fee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments or discounts offered during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: PH was retained in January 2026 and its standard rates have remained unchanged from that time through the Petition Date. PH's rates for timekeepers for its prepetition engagement on this matter for 2026 were $550 to $1,450 for partners, $625 to $1,300 for counsel, $475 to $880 for associates and staff attorneys, and $370 to $620 for paraprofessionals. John F. Higgins, Esq., a partner of Porter Hedges LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John F. Higgins, Esq. Porter Hedges LLP 1000 Main St., 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 228-1331 About Cumulus Media Inc. Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month -- wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 394 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, US Soccer, AP News, and the Academy of Country Music Awards, across more than 7,800 affiliated stations through Westwood One, a leading national audio network; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining, and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact, and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-90346) on March 5, 2026. In the petition signed by Richard Denning, Executive Vice President, Secretary & General Counsel, the Debtor disclosed up to $10 billion in both assets and liabilities. As of Sept. 30, 2025, the Company had $1,078,217,000 in total assets and $1,135,135,000 in total liabilities. Judge Alfredo R. Perez oversees the case. Lawyers at Paul, Weiss, Rifkind, Wharton & Garrison LLP serve as counsel. Porter Hedges LLP, represents the Debtor as local counsel. The Debtors hired as Alvarez & Marsal North America, LLC as restructuring advisor; Moelis & Company as financial advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global as claims, noticing, solicitation & certification agent. CURIS INC: Reports $7.6MM Net Loss in FY25, Warns of Cash Crunch ---------------------------------------------------------------- Curis, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $7.6 million for the year ended December 31, 2025, compared to a net loss of $43.4 million for the year ended December 31, 2024. Net revenues for the years ended December 31, 2025 and 2024, the Company recorded net revenues of $9.4 million and 10.9 million, respectively. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 24, 2026, citing that the Company has incurred recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. Curis said, "We will require substantial funds to maintain our research and development program and support operations in the near term. We have incurred losses and negative cash flows from operations since our inception. As of December 31, 2025, we had $5.1 million in cash and cash equivalents. In January 2026, we completed the January 2026 PIPE Financing for net proceeds of approximately $18.6 million. Based on our current cash and cash equivalents, recurring losses and cash outflows from operations since inception, an expectation of continuing losses and cash outflows from operations for the foreseeable future and the need to raise additional capital to finance our future operations, we have concluded that we do not have sufficient cash on hand to support current operations beyond the next 12 months from the date of filing this Annual Report on Form 10-K." "We will require substantial additional funding to fund the development of emavusertib through regulatory approval and commercialization, and to support our continued operations. We will need to seek additional funding through a number of potential avenues, including private or public equity financings, collaborations, or other strategic transactions. We have faced and expect to continue to face substantial difficulties in raising capital. If sufficient funds are not available, we will have to delay, reduce the scope of, or eliminate our research and development program for emavusertib, including related clinical trials and operating expenses, potentially delaying the time to market for or preventing the marketing of emavusertib, which would adversely affect our business prospects and our ability to continue our operations, and would have a negative impact on our financial condition and ability to pursue our business strategies." "In addition, we may seek to engage in one or more strategic alternatives, such as a strategic partnership with one or more parties, the licensing, sale or divestiture of some of our assets or proprietary technologies or the sale of our company, but there can be no assurance that we would be able to enter into such a transaction or transactions on a timely basis or on terms favorable to us, or at all. If we are unable to obtain sufficient capital, we would be unable to fund our operations and may be required to evaluate alternatives, which could include dissolving and liquidating our assets or seeking protection under the bankruptcy laws, and a determination to file for bankruptcy could occur at a time that is earlier than when we would otherwise exhaust our cash resources. If we decide to dissolve and liquidate our assets or to seek protection under the bankruptcy laws, it is unclear to what extent we would be able to pay our obligations, and, accordingly, it is further unclear whether and to what extent any resources would be available for distributions to stockholders." "If we are unable to continue as a going concern, we may have to liquidate our assets and may receive less than the value at which those assets are carried on our audited financial statements, and it is likely that investors will lose all or a part of their investment. If we seek additional financing to fund our business activities in the future and there remains substantial doubt about our ability to continue as a going concern, investors or other financing sources may be unwilling to provide funding to us on commercially reasonable terms, if at all." A full text copy of the Company's Annual Report is available at https://tinyurl.com/47k8zmk4 About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. As of December 31, 2025, the Company had $20 million in total assets, $14.5 million in total liabilities, and $5.5 million in total stockholders' equity. CURIS INC: Stonepine Capital Holds 9.9% Equity Stake ---------------------------------------------------- Stonepine Capital Management, LLC, together with Stonepine Capital, L.P., Stonepine GP, LLC, and Jon M. Plexico, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 17, 2026, they beneficially own 4,025,992 shares of Curis Inc's Common Stock (with shared voting power and shared dispositive power over all 4,025,992 shares; no sole voting or dispositive power reported), representing 9.9% of the shares outstanding. The beneficial ownership consists of: (1) 3,704,462 shares of Common Stock and (2) warrants to acquire up to 10,000,002 shares of Common Stock, which are subject to a 9.99% beneficial ownership limitation (preventing exercise to the extent it would exceed the ownership cap). The percentage is calculated based on 39,978,693 shares of Common Stock outstanding as of March 20, 2026, as reported in the Issuer's Form 10-K for the fiscal year ended December 31, 2025. Stonepine Capital Management, LLC (and related reporting persons) may be reached through: Jon M. Plexico (Managing Member) 2900 NW Clearwater Drive Suite 100-11 Bend, OR 97703 Tel: 541-647-5673 A full-text copy of Stonepine Capital Management, LLC's SEC report is available at: https://tinyurl.com/55k25bjt About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $27.6 million in total assets, $42.3 million in total liabilities, and $14.7 million in total stockholders' deficit. CV SCIENCES: Narrows Net Loss to $958K for Fiscal Year 2025 ----------------------------------------------------------- CV Sciences Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $958,000 for the year ended December 31, 2025, compared with $2.4 million for the year ended December 31, 2024. Net sales for the year ended December 31, 2025 were $14.8 million compared with $15.7 million in the prior period Irvine, California-based Haskell & White LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 26, 2026, citing that Company has experienced recurring operating losses, negative cash flows from operations, and has limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. For the year ended December 31, 2025, the Company generated negative cash flows from operations of $0.4 million and had an accumulated deficit of $87.9 million as of December 31, 2025. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operations, growth initiatives, and will continue to make and implement strategic cost reductions, including reductions in employee headcount, vendor spending, and curtailing expenses related to its drug development activities. The Company intends to position itself so that it will be able to raise additional funds through the capital markets, issuance of debt, and/or securing lines of credit. In October 2025, the Company entered into a securities purchase agreement with an institutional investor, pursuant to which the Company issued and sold to the Investor a secured promissory note and received net proceeds of $0.3 million. In November 2025, Congress passed, and the President signed into law, a government funding bill that includes provisions affecting hemp-derived products. The legislation provides that, effective November 13, 2026, the sale of hemp-derived products containing more than 0.4 milligrams of total tetrahydrocannabinol per container will be prohibited under federal law. Products containing less than this amount may continue to be sold, but such products currently represent a small portion of the overall hemp-derived product market. The Company is evaluating the potential impact of this legislation on its product portfolio, supply chain, and future operating results. The Company has until November 13, 2026 to assess and, if necessary, modify its product formulations, labeling, and related compliance measures in response to this legislation. While management cannot reasonably estimate the financial effect of this legislation at this time, it could have a material adverse impact on the Company's business, results of operations, and cash flows. The Company's financial operating results and accumulated deficit, besides other factors, raise substantial doubt about the Company's ability to continue as a going concern. The Company will continue to pursue the actions outlined above, as well as work towards increasing revenue and operating cash flows to meet its future liquidity requirements. However, there can be no assurance that the Company will be successful in any capital-raising efforts that it may undertake, and the failure of the Company to raise additional capital could adversely affect its future operations and viability. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/y97xutht About CV Sciences CV Sciences Inc., based in San Diego, California, develops and sells hemp extract and other natural ingredient products through business-to-business and direct-to-consumer channels in the United States. The Company markets its products under the +PlusCBD brand, which is distributed at retail locations nationwide. CV Sciences manufactures and tests its products in line with regulatory and internal standards, and its +PlusCBD brand has obtained self-affirmed GRAS status. As of December 31, 2025, the Company had $7 million in total assets and $5.5 million in total liabilities, and total stockholders' equity of $1.5 million. DAI YON: Seeks to Hire Breaud & Meyers as Special Counsel --------------------------------------------------------- Dai Yon, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Alan Breaud and Timothy W. Basden of Breaud & Meyers, APLC to serve as special counsels. The professionals will provide these services: (a) represent the Debtor relative to the matter captioned CHAD HUGHES VS. CONNIE HARGRAVE, ET AL., Docket No. 751774, Division "C," 19TH Judicial District Court, Parish of East Baton Rouge, which has been removed to the U.S. District Court for the Middle District of Louisiana; (b) provide advice and representation in any hearings regarding claims estimation or claims litigation; (c) assist bankruptcy counsel in claims adjustment and estimation, and litigation as needed; (d) confer and collaborate with other counsel concerning strategies, claims objections and resolution, certain aspects of plan drafting and confirmation, and other matters related to the Debtor's Chapter 11 case. Attorneys do not share fees with any other counsel to the Debtors and are not holding any retainer. The amount owed to Attorneys is less than $10,000, and they may be approved per their existing fee agreement with Debtors. The firm can be reached at: Alan Breaud, Esq. Timothy W. Basden, Esq. BREAUD & MEYERS, APLC Lafayette, LA About Dai Yon LLC Dai Yon, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 26-10175) on March 02, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Michael A. Crawford presides over the case. H. Kent Aguillard, Esq. represents the Debtor as legal counsel. DARE BIOSCIENCE: Posts $13.4MM Net Loss in FY 2025; Seeks Capital ----------------------------------------------------------------- Dare Bioscience, 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. According to the Company, it has a history of losses from operations, net losses and negative cash flows from operations and expects significant losses from operations, net losses and negative cash flows from operations for at least the next several years as it develops and seeks to bring to market its existing product candidates and seeks to potentially acquire, license and develop additional product candidates. Irvine, California-based Haskell & White LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company's recurring losses from operations and its dependency on additional financing to fund operations, raise substantial doubt about the Company's ability to continue as a going concern. At December 31, 2025, the Company had cash and cash equivalents of approximately $24.7 million and working capital of approximately $3.4 million. The Company's cash and cash equivalents at December 31, 2025 includes funds received under grant agreements that may be applied solely toward direct costs for the funded projects under those grant agreements, other than an approximately 5% to 22% indirect cost allowance, and as of December 31, 2025, the Company's deferred grant funding liability was approximately $19.7 million. The Company will require additional capital to advance the development programs in its pipeline that are not currently being supported by non-dilutive grant or other funding, to enable further investment across its entire portfolio of product candidates, and to support its operating plans. The Company is currently seeking to raise capital under its Regulation A offering and will continue to evaluate and may pursue various other capital raising options, including sales of equity, debt financings, government or other grant funding, collaborations, structured financings, and commercial collaborations or other strategic transactions. The Company's ability to obtain additional capital, including through its ongoing Regulation A offering, and the timing and terms thereof, depend on various factors, many aspects of which are not entirely within its control, and there can be no assurance that capital will be available when needed or, if available, on terms favorable to the Company and its stockholders. Raising additional capital may cause substantial dilution to the Company's stockholders, restrict its operations or require it to relinquish rights in its technologies or product candidates and their future revenue streams. If the Company cannot raise capital when needed, on favorable terms or at all, the Company will need to reevaluate its planned operations and may need to delay, scale back or eliminate some or all of its product candidate programs and/or reduce expenses. The Company has a history of losses from operations, net losses and negative cash flows from operations. At December 31, 2025, the Company had an accumulated deficit of approximately $188.7 million and the Company incurred a net loss of approximately $13.4 million and had negative cash flow from operations of approximately $9.9 million for the year ended December 31, 2025. Because the Company is in the early stages of executing against its Section 503B compounding and consumer health products business strategies and, as an organization, the Company has no experience in or infrastructure for commercializing products, both the timing and amount of potential revenue the Company may generate remain uncertain. As a result, the Company may continue to incur significant losses from operations and negative cash flows from operations for the next several years and may never generate sufficient revenues to finance its operations or achieve profitability. Based on the Company's current analysis of the conditions, there is substantial doubt about the Company's ability to continue as a going concern within the 12-month period from March 26, 2026, the issuance date of the accompanying consolidated financial statements. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4hytktxm About Dare Bioscience Dare Bioscience, Inc. is a biopharmaceutical company committed to advancing innovative products for women's health. The Company's mission is to identify, develop, and bring to market a diverse portfolio of differentiated therapies that prioritize women's health and well-being, expand treatment options, and improve outcomes, primarily in the areas of contraception, vaginal health, reproductive health, menopause, sexual health, and fertility. As of December 31, 2025, the Company had $32.5 million in total assets and $29.6 million in total liabilities, and total stockholders' equity of $2.8 million. DAVID SCOTT: Jodi Dubose Named Subchapter V Trustee --------------------------------------------------- Mark Zimlich, the U.S. Bankruptcy Administrator for the Southern District of Alabama, appointed Jodi Dubose as Subchapter V trustee for David Scott Lofton Contractors, LLC. Ms. Dubose will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Dubose declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jodi Daniel Dubose, Esq. Stichter, Riedel, Blain & Postler P.A. 41 N. Jefferson Street, Suite 111 Pensacola, FL 32502 Phone: (850) 637-1836 Email: jdubose@srbp.com About David Scott Lofton Contractors LLC David Scott Lofton Contractors, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-10804) on March 21, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jerry C. Oldshue presides over the case. Anthony B. Bush, Esq. at The Bush Law Firm, LLC represents the Debtor as legal counsel. DEL MONTE: Decision on Lenders' Appeal Bid Expected Soon -------------------------------------------------------- Alex Wittenberg of Law360 reports that a New Jersey bankruptcy judge said Thursday, April 2, 2026, he plans to rule, based on the existing record, on whether to certify a Del Monte settlement for immediate appeal to the Third Circuit. The question has been contested by the debtor and a group of lenders. Del Monte argued that the lenders' challenge should proceed first in district court, opposing efforts to fast-track the appeal to the circuit level. The company said the current filings fully address the issues and allow the court to decide without further hearings. The judge agreed that the matter can be resolved on the papers and indicated a decision will be issued soon. The ruling will determine whether the case takes a direct appellate route or follows the conventional process, Law360 reports. 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: Seeks Cash Collateral Access ---------------------------------------- Del Ray II, LLC asks the U.S. Bankruptcy Court for the Western District of Washington, Tacoma Division, for authority to use cash collateral and provide adequate protection. The Debtor's secured creditor, Wilmington Trust (serviced by KeyBank), holds a lien on the property and associated revenues, including rents, under pre-petition loan documents tied to an outstanding debt of approximately $13 million, although the Debtor disputes this amount. The Debtor argues that the rental income and other proceeds from the property constitute cash collateral and cannot be used without either creditor consent or court authorization. Because the Debtor lacks sufficient alternative funding, it seeks permission to use this cash collateral to cover necessary operating expenses such as payroll, taxes, insurance, utilities, and general property maintenance. A proposed budget outlines these anticipated expenditures, which are described as essential to sustaining the business as a going concern. Without access to these funds, the Debtor would be forced to cease operations, leading to immediate and irreparable harm, including potential violations of landlord-tenant laws and a significant loss in asset value, ultimately harming creditors. To address the secured creditor's interests, the Debtor proposes providing adequate protection in several forms. These include granting KeyBank replacement liens on post-petition assets of the same type and priority as its pre-petition collateral, maintaining the property to prevent any decline in value, and relying on what it asserts is a substantial equity cushion given the property's appraised value of $21.8 million in 2022. The Debtor maintains that continued operations will preserve or enhance the value of the collateral and maximize the likelihood of a successful reorganization, which could result in full repayment to creditors. Accordingly, the Debtor requests expedited interim approval to immediately access the cash collateral, followed by a final hearing for continued authorization, arguing that such relief is critical to stabilizing the business and protecting all parties' interests. A copy of the motion is available at https://urlcurt.com/u?l=HSKriQ from PacerMonitor.com. About Del Ray II LLC Debtor Del Ray II LLC owns and operates a manufactured housing community in Longview, Washington. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-40834-MJH) on March 25, 2026. In the petition signed by Brooke Torres, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mary Jo Heston oversees the case. Timothy J. Conway, Esq., at Tonkon Torp LLP, represents the Debtor as legal counsel. DIGITAL DOLPHIN: To Sell Ink Business to Rick Roussin for $2.2MM ---------------------------------------------------------------- Digital Dolphin Products, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Nevada, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. Nathan Smith was appointed as Subchapter V Trustee of the case. The Debtor is a reseller of ink, toner, and other office equipment products that is based in Henderson, Nevada, and previously in Los Angeles, California prior to 2021. The Debtor's California-based predecessor, which has since merged with its Nevada operations, was organized in 2006, and thus has been in business for almost 20 years. The Debtor is owned indirectly by Joseph Hiller, Gerald Chamales, and Alan Jacobs. In 2021, the California entity was renamed as Digital Dolphin Products, LLC, and around that same time, a company with the same name with similar ultimate ownership was organized in Nevada. On February 23, 2026, the California and Nevada entities merged. Even prior to the merger, however, the Nevada and California companies operated under the same names and an integrated enterprise. The Debtor filed for bankruptcy principally to address a $2 million secured loan from CalPrivate Bank, a $150,000 secured Economic Injury Disaster Loan borrowed from the U.S. Small Business Administration during the COVID-19 pandemic, about $1.4 million in general unsecured trade debts, and various litigations. An expedited sale of the Debtor's assets is in the best interests of all creditors, and will maximize the value of the estate for the benefit of creditors for various reasons. The Debtor has experienced a significant decline in its gross income in recent years. The Debtor used Rob Leonard, who is a trusted friend who has been in the industry for over 45 years, to make the approach to certain potential buyers. Rick Roussin, the owner of Coast To Coast Computer Products, Inc., or its designee (Buyer), has been known to Mr. Hiller for more than 40 years. The Buyer is based in Simi Valley, California and is a well-known and well-regarded competitor in the ink and toner industry, and has both the financial wherewithal and is the right and best fit to acquire the Debtor's assets. The Property's purchase price is $2,200,000. The Debtor's real assets are its customer accounts and its sales team. The Debtor's industry is a telemarketing/call center-driven business, and its value is entirely dependent on maintaining those relationships and personnel. If the Debtor were to pursue an alternative buyer other than the Buyer, there is a significant risk that the salespeople would not transition, which would immediately erode revenue and materially devalue the business. The Debtor's employees are familiar with the Buyer and are comfortable with its leadership, which greatly increases the likelihood of a smooth transition of both the accounts and the sales force. The proposed sale to the Buyer is for fair value, especially given that the value of the business is dependent on a strategic buyer's ability to retain and monetize the existing accounts and sales team. The Buyer is the best and uniquely positioned to accomplish this, and thus why its purchase price is fair value. Mr. Hiller's wife, Carol Hiller, is one of the Debtor’s sales executives, and she will continue to work for the Buyer going forward. The Buyer has not made any promises of compensation or continued employment to the three owners, although Mr. Hiller hopes that there is some role he could play in the business in the future. The Debtor’s decision to consummate the sale represents a reasonable exercise of its business judgment and, accordingly. The Debtor submits that the sale of substantially all of its assets to a going concern buyer is in the best interest of the estate in order to attract the highest and best value for creditors, it is appropriate to sell their Assets on a final "as is" basis, free and clear of any and all Encumbrances. About Digital Dolphin Products LLC Digital Dolphin Products, LLC is a Nevada limited liability company operating as a reseller of ink, toner, and office equipment products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-11119-abi) on February 23, 2026. In the petition signed by Joseph Hiller, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge August B. Landis oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. DIOCESE OF FRESNO: Judge OKs Catholic Abuse Claims Fees Sharing --------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a California bankruptcy judge has signed off on a fee-sharing deal involving the Roman Catholic Diocese of Fresno and other Catholic organizations, ruling that the arrangement allows a single firm representing multiple entities to be compensated fairly. The decision came during proceedings tied to abuse claims. According to the court, the agreement helps coordinate legal representation across related cases, reducing overlap and improving efficiency. The judge emphasized that the shared approach is practical given the similarities in the claims facing different dioceses. The ruling clears the way for continued collaboration among the entities while managing legal costs. The court determined that the arrangement meets applicable standards and supports the orderly handling of the litigation, the report states. About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno is a diocese of the Latin Church in the Central Valley of California in the United States. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq. DIOCESE OF OAKLAND: Drops Insurance Deals in Revised Plan --------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the Roman Catholic Diocese of Oakland, California, told a bankruptcy court Wednesday, April 1, 2026, it has withdrawn $42 million in settlements with insurers from its proposed Chapter 11 plan to remove a major obstacle to confirmation. The diocese said the change is aimed at avoiding delays tied to insurance-related disputes. Court filings indicate that disagreements over the settlements risked derailing the plan timeline, leading the debtor to simplify its approach. By excluding the insurance component, the diocese is attempting to reduce litigation exposure and expedite the restructuring process. The revised plan focuses on distributing available assets and addressing claims without the contested insurance proceeds. The diocese noted that the adjustment is intended to promote efficiency and move the case closer to resolution, the report states. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DIOCESE OF PHOENIX: Moody's Alters Outlook on 'Ba2' Rating to Pos. ------------------------------------------------------------------ Moody's Ratings has affirmed the Ba2 rating on The Roman Catholic Church of the Diocese of Phoenix, AZ's revenue bonds. The diocese had total debt, inclusive of internally held bonds, of $22.8 million as of June 30, 2025. The outlook has been changed to positive from stable. The change of the outlook is driven by decreasing exposure to litigation and legal risk as a large portion of sexual misconduct claims are settled or adjudicated. Social considerations under Moody's ESG framework are a key driver of this rating action, with slightly less exposure to customer relations risks as legal cases are resolved RATINGS RATIONALE The Ba2 revenue bond rating reflects the diocese's brand and strategic positioning as a growing Roman Catholic diocese in the demographically strong Phoenix region, with disciplined financial management, ample liquidity and balanced core operations, navigating elevated sector-specific risks and costs around resolution of outstanding misconduct claims. While current projections of misconduct claims appear to be manageable, the full impact and magnitude of claims reflect an element of unpredictability. Given declining claim exposure as cases are resolved through litigation and outside bankruptcy proceedings, Moody's expects the diocese to be able to maintain an adequate financial buffer while resolving the remaining claims. Fiscal 2025 spendable cash and investments of $111 million provide a very good cushion to debt, 4.9x, and expenses, 1.5x. The diocese's budgeted fiscal 2026 operations are tracking in line with its three-year average EBIDA margin of 11%. Governance and management have been effective at risk management in recent years, which includes establishment of specific reserves for its self-insured exposures. RATING OUTLOOK The positive outlook is based on decreasing legal risk as the level of litigation continues to decline as cases and claims are resolved. The outlook is also based on the maintenance of solid operating results and steady liquidity that provide financial flexibility and resources for limited but still existent misconduct uncertainties. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Further evidence of mitigated litigation exposure and demonstrated ability to manage potential escalation of self-insurance claims -- Maintenance of operating surpluses and EBIDA sufficient to provide at least 2x debt service coverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Increase in the number of claims or settlement costs of lawsuits, leading to a reduction of liquidity and raising the risk of reorganization PROFILE The Roman Catholic Church of the Diocese of Phoenix, established in 1969, is one of three dioceses serving the State of Arizona. The geographic area includes Maricopa, Mohave, Yavapai and Coconino Counties (excludes Navajo Indian Reservation) and the Pinal County portion of the Gila River Indian Reservation. The diocese pastoral and administration services are provided by the Diocesan Pastoral Center (DPC). The DPC is not responsible for the direct administration of the 117 parishes and 65 schools across the over 1 million member diocese. The Diocesan Pastoral Center's Moody's adjusted operating revenue was $80 million for the fiscal year ending June 30, 2025. METHODOLOGY The principal methodology used in this rating was Nonprofit Organizations (Other Than Healthcare and Higher Education) published in August 2024. DIXIE GROUP: Forvis Mazars LLP Raises Going Concern --------------------------------------------------- The Dixie Group, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $7.6 million for the year ended December 27, 2025, compared with a net loss of $13 million for the year ended December 28, 2024. Net sales for the year ended December 27, 2025 were $257.4 million compared with $265 million in the prior period, a decrease of 2.9% for the year-over-year comparison. Atlanta, Georgia-based Forvis Mazars, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has suffered recurring losses from operations, reduced availability under its credit facility, covenant violations, and macroeconomic pressures. The raises substantial doubt about the Company's ability to continue as a going concern. As of December 27, 2025, the Company has $52.7 million of outstanding indebtedness under its senior credit facility that is classified as a current liability, unrestricted cash and cash equivalents of $3.2 million and unused availability under its senior credit facility of $8.2 million, subject to a $6 million minimum excess availability requirement and continued compliance with applicable financial covenants. The Company is required to maintain certain financial ratios and other covenants, which, if not met, could result in an event of default and an acceleration of its outstanding indebtedness. The Company's going concern and liquidity assessment therefore requires significant judgment about its ability to meet these covenants over the next 12 months, including the effectiveness and timing of management's plans. The Company received waivers or amendments for certain financial covenant violations prior to, as of and subsequent to fiscal year-end. Compliance with future financial covenants will be dependent on operating performance. At the time of issuance of these financial statements, conditions and events, including recent operating losses, reduced availability under its credit facility, covenant violations and macroeconomic pressures, raised substantial doubt about its ability to continue as a going concern within the next 12 months. Management has developed plans that are intended to improve liquidity and address these conditions, including profit improvement initiatives and seeking additional debt financing. The Company's evaluation of these plans, and its assumptions regarding their execution and timing, requires significant judgment and is subject to inherent uncertainty, therefore management has concluded that these plans do not alleviate the substantial doubt about the Company's ability to continue as a going concern. If the Company's actual operating results, cash flows, or access to capital differ materially from its estimates, or if the Company is unable to execute its plans as currently contemplated, the Company may be unable to meet its obligations as they become due or maintain compliance with its debt covenants. In that event, the Company could be required to seek additional financing on less favorable terms, further reduce or delay capital expenditures and other spending, dispose of assets, or pursue other strategic alternatives. Changes in the Company's judgments or assumptions regarding going concern and liquidity could have a material effect on its consolidated financial statements and related disclosures. Commenting on the results, Daniel K. Frierson, Chairman and Chief Executive Officer, said, "In 2025, we continued to navigate through a challenging economic environment while staying focused on strategic internal initiatives. Our focus on higher-end flooring markets, operational efficiency and disciplined cost management enabled us to improve year over year gross profit margins and financial results despite ongoing softness in residential demand. We were forced to manage the unexpected implementation of "Liberation Day" tariffs and other tariff measures throughout much of 2025. We implemented price increases in order to mitigate the financial impact of the tariffs, however, the difference in timing of the tariffs and the price increases resulted in a negative financial impact on the year of approximately $1.4 million. Our total payment of IEPPA tariffs through March 2026 was approximately $3.3 million. "As we closed out 2025 we implemented key drivers as part of a profit improvement plan for 2026 totaling $13 million in year over year improvements. These improvements range from price increases to reductions in selling expenses and administrative costs. "Throughout 2025 our sales and marketing strategy focused on our strengths in design and color through our Step into Color campaign. Through this initiative we have showcased colors in our standard palette that stands out from our competitors. We also launched an updated custom color program giving our retail and designer partners the ability to custom color any of our white dyeable nylon products. We are building on this momentum in 2026 through several key growth initiatives with our larger retail accounts and buying groups. "Our soft surface sales for both the fourth quarter and the year were down less than 1% from the year ago periods. We believe the industry was down approximately 4% for the quarter and approximately 5% on the year, both in comparison to the same prior year periods. Consequently, we continued to gain market share in the carpet market during this difficult period. So far in 2026, our sales pattern is similar to the prior year with sales of soft surfaces down slightly but performing better than our hard surface products. "Despite recent reductions in interest rates, market conditions remain uncertain as the overall flooring industry continues to be negatively impacted by low existing home sales, delayed remodeling projects due to low consumer confidence and limited housing availability. Historically, such prolonged periods of decline in the flooring markets have been followed by several periods of strong growth driven by pent up consumer demand. We believe the actions we have taken position us well for long-term growth and value creation." Frierson concluded. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/vvnkm4uy About Dixie Group The Dixie Group, Inc. manufactures, markets, and sells floorcovering products to residential customers in North America and internationally. The Company offers residential carpets, custom rugs, and engineered wood products under the Fabrica brand for interior decorators and designers, selected retailers and furniture stores, luxury home builders, and manufacturers of luxury motor coaches and yachts; and specialty carpets and rugs for the high-end residential marketplace, as well as luxury vinyl flooring products and broadloom carpet products under the Masland Residential brand name through the interior design community and specialty floorcovering retailers. It provides residential tufted broadloom carpets and rugs to selected retailers and home centers under the DH floors and private label brands, as well as luxury vinyl flooring products to the marketplace it serves. The Company was founded in 1920 and is based in Dalton, Georgia. As of December 37, 2025, the Company had $175.2 million in total assets and $166.4 million in total liabilities, and total stockholders' equity of $8.8 million. DOLPHIN SHORES: Seeks Cash Collateral Access -------------------------------------------- Dolphin Shores Investments, LLC asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to continue operating and preserving its primary asset, a fully developed four-story condominium building located in Supply, North Carolina. Since filing its bankruptcy petition on November 9, 2025, the Debtor has operated as a debtor-in-possession and relies on rental income generated from the property to fund necessary expenses such as insurance, utilities, maintenance, and repairs, as outlined in its proposed budget. The Debtor acknowledges that multiple creditors—including Athene Annuity and Life Co. and several affiliated funding entities—may hold valid, perfected security interests in the property and its associated rental income through deeds of trust and assignments of leases and rents, thereby giving them an interest in both pre- and post-petition cash collateral. Because the Bankruptcy Code prohibits the use of such cash collateral without creditor consent or court approval, the Debtor seeks authorization to use these funds in the ordinary course of business to maintain operations and protect the property's value, which it asserts is essential to a successful reorganization. As adequate protection for the secured creditors, the Debtor proposes granting post-petition replacement liens on the property and maintaining all rental proceeds in a debtor-in-possession account. A court hearing is scheduled for April 15. A copy of the motion is available at https://urlcurt.com/u?l=MLXpxe from PacerMonitor.com. About Dolphin Shores Investments Dolphin Shores Investments LLC is a single asset real estate company in Wilmington, N.C. Dolphin Shores Investments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04467) on November 9, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Clayton W. Cheek, Esq., at Cheek Legal, PLLC. EAST DUNDEE FIRE: Moody's Confirms 'B1' Issuer & GOULT Ratings -------------------------------------------------------------- Moody's Ratings has confirmed East Dundee and Countryside Fire Protection District, IL's issuer, general obligation unlimited tax (GOULT), and general obligation limited tax (GOLT) ratings at B1. The rating action concludes the review for possible downgrade initiated on March 06, 2026. As of fiscal 2024, the district has about $4 million in total debt outstanding. The confirmation of the B1 ratings reflects the district fully repaying the two debt service payments that it previously missed. The district repaid the bond insurer for the debt service payment it missed in January 2026 on its General Obligation Refunding Bonds, Series 2021A on March 25. The repayment was facilitated by the issuance of $400,000 in tax anticipation warrants (TAWs) on March 16. That followed repayment to bond holders of the missed debt service payment on the 2021B bonds on March 05 when the district received a distribution of its property tax distribution from Cook County. RATINGS RATIONALE The B1 issuer rating reflects the district's limited scale of operations and very narrow financial position with constrained liquidity and weak financial management, including a failure to take timely action to maintain sufficient cash flow amid Cook County property tax delays, that contributed to a recent default. The district will likely have adequate cash flow for at least the next few months because it issued the TAWs and has now received all the property taxes it was owed through the end of February. Still, the district's financial position will weaken if it is unable to correct its operational imbalance and rapid cash spend. Management plans to go to voters for a property tax referendum in the fall but views the district as having limited expenditure reduction flexibility. The district's next debt service payment is due on July 01. Going forward, management plans to segregate debt service collections and move funds into a dedicated account upon receipt of property tax revenues to ensure timely repayment. The district's liquidity ratio fell to a very narrow 2% in fiscal 2024 (year-end Dec. 31) because of operational imbalances and capital expenses. Although the district issued bonds to replenish operating liquidity in fiscal 2025 (unaudited) with proceeds equivalent to about 20% of revenue, the proceeds were quickly exhausted and cash flows were further weakened by extended delays in property taxes distributions from Cook County, which collects and remits property taxes on the district's behalf. The district benefits from a solid economic base within the Chicago metropolitan area, with resident income at just below 110% of the US and modest commercial developments underway. The long-term liabilities ratio may grow if voters approve capital debt but will remain in line with peers. The district's GOULT debt is rated B1, the same level as the issuer rating, based on the district's authority to levy an unlimited property tax dedicated to debt service. The district's GOLT debt is rated B1, the same level as the issuer rating, based on the district's all available funds pledge to pay debt service. RATING OUTLOOK Moody's do not assign outlooks to local government issuers with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Strong confidence that the district's liquidity and management practices have improved sufficient to maintain timely payment of expenses including making all debt service payments in full and on time, even if there are future delays in revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Further weakening of district cash flows -- Inability to maintain access to capital markets for short-term cash flow borrowing -- Further defaults in future debt service payments with a material probability of less than full recovery PROFILE East Dundee and Countryside Fire Protection District, IL is situated in the northwestern suburbs of Chicago, with portions in both Cook County and Kane County. The district provides fire and emergency medical services to around 3,200 residents primarily in the Village of East Dundee, and serves portions of the Villages of South Barrington and Barrington Hills. The district is governed by a three-member board that is elected at-large for overlapping terms. METHODOLOGY The principal methodology used in these ratings was US Special Purpose Districts published in December 2025. ECHOSTAR CORP: Vanguard Realignment Disaggregates Equity Stake -------------------------------------------------------------- The Vanguard Group, disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of EchoStar Corporation's Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/4z3vfw8j About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. As of December 31, 2025, the Company had $43 billion in total assets and $37.2 billion in total liabilities, and total stockholders' equity of $5.8 billion. * * * In Sept. 2025, S&P Global Ratings placed its 'CCC+' Company credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. EDMUNDSON INC: To Sell Broomfield House to Jennifer Lee for $2.4MM ------------------------------------------------------------------ Edmundson Inc., d/b/a Arbor Valley Nursery, and its affiliate, Edmundson Land LLC, seek approval from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. Land owned the property located at 15325 King Court, Broomfield CO 80023 (Broomfield House). The Broomfield House is the personal residence of Mattew Edmundson. In 2022, Land purchased the land where the Broomfield House was constructed. Mr. Edmundson is the sole owner of Land. AVN leases office space at the Broomfield House. Shortly after the Petition Dates, in order to reduce expenses and as part of discussions with secured creditor, American AgCredit, FLCA and American AgCredit PCA (collectively AAC), Mr. Edmundson decided to sell the Broomfield House. The Broomfield House is Mr. Edmundson's personal residence and where he and his sons have resided since 2022. The house was constructed to be the family home and significant improvements were made to the home. Two of Mr. Edmundson’s sons are now grown and no longer reside at the Broomfield House. Two of Mr. Edmundson’s sons continue to reside with him and both attend school near the Broomfield House. The Debtors employ Pamela Subry of RE/MAX Northwest, Inc., as real estate broker to market and sell Broomfield Colorado property. Land received an offer from Jennifer Lee or Assigns to purchase the Broomfield House. The purchase price under the Contract is $2,450,000.00. The Buyer has no connection with Land, AVN or Mr. Edmundson. The buyer requires that the sale includes virtually all of the furniture and personal property located at the Broomfield House. The purchase price offered by the Buyer does not, however, allocate separate value to the furniture and personal property. The furniture and personal property is owned by Mr. Edmundson – not Land. Following the sale, Mr. Edmundson will have little or no furniture for any future residence. Land believes that the purchase price represents fair market value of the Broomfield House and that it is in the best interest of the estate to enter into the Contract for the sale of the Broomfield House. The Contract for the Broomfield House provides for a closing date of May 8, 2026. The Broomfield House is subject to a first deed of trust held by Northpointe Bank in the approximate amount of $1,465,000.00. AAC and Debtors agree as follows: at the closing of the sale of the Broomfield House, Land shall cause to be paid: the Northpointe Debt; the Closing Costs; $250,000.00 to Mr. Edmundson and up to $278,000.00 to AAC. The remaining amount, estimated as $343,000.00, shall be paid to AAC and applied to the principal balance of the loan from AAC to Land, Loan No. ending 8488. Land is not aware of any other liens or interests in the Broomfield House. To the extent any other entity asserts an interest or lien in the Broomfield House, Land disputes such lien or interest. About Edmundson, Inc. Edmundson, Inc. is a Colorado-based corporation engaged in nursery and garden center retail and wholesale operations, offering plants, landscaping supplies, and related products. The Company operates nursery facilities in Brighton, which serves as its headquarters, as well as Fort Collins and Franktown, serving residential and commercial customers throughout Colorado. Edmundson, Inc. and Edmundson Land LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case Nos. 26-10019 & 26-10021, respectively) on January 2, 2026, listing $10 million to $50 million in both assets and liabilities. The petitions were signed by Matthew Edmundson as CEO and member. J. Brian Fletcher, Esq. at ONSAGER FLETCHER JOHNSON PALMER LLC serves as the Debtor's counsel. ELIJAH'S XTREME: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Elijah's Xtreme Gourmet Sauces, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral from March 12 through the effective date of a confirmed Chapter 11 plan, strictly for business expenses set forth in the approved budget. The Debtor is allowed a 10% variance per line item on a cumulative basis but cannot use funds outside the scope of the order. The Debtor's budget shows total operational expenses of $77,823.61 for March, $75,415 for April, and $76,165 for May. As adequate protection, lenders will be granted post-petition liens on accounts receivable and payment intangibles, matching the validity and priority of their pre-bankruptcy liens. The order preserves all parties' rights to seek additional protection or challenge lien validity and establishes carveouts for payment of fees and expenses of bankruptcy professionals and the Subchapter V trustee. The final order is available at https://shorturl.at/lc1tk from PacerMonitor.com. As of the petition date, the Debtor's assets included approximately $11,000 in cash, $28,000 in inventory, $12,500 in furniture and equipment, $435 in accounts receivable, and $500 in promotional merchandise. The U.S. Small Business Administration holds a first priority lien on substantially all personal property securing a pre-bankruptcy debt of approximately $150,032, while various merchant cash advance lenders assert junior liens totaling roughly $700,000, which the Debtor believes are effectively unsecured due to the SBA's priority. The Debtor also faces approximately $1.3 million in unsecured tax and trade debts. About Elijah's Xtreme Gourmet Sauces Inc. Elijah's Xtreme Gourmet Sauces, Inc. produces and sells handcrafted hot sauces, specializing in high-heat, flavor-forward products. Founded in 2014 by a father-and-son team, the Company operates from the United States and distributes its sauces through national retailers, including Bass Pro Shops. It is classified within the food manufacturing industry, focusing on specialty condiments and hot sauces. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-31225) on November 14, 2025. In the petition signed by Bret Morey, president, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Ashley Austin Edwards oversees the case. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, represents the Debtor as legal counsel. ELITE PRINTING: Court OKs Continued Access to Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri entered a third amended final order authorizing Elite Printing & Packaging, Inc. to continue using the cash collateral of U.S. Bank and Newtek Bank. Under the order, the Debtor is authorized to access cash collateral until May 18 or until its secured debt is paid in accordance with an approved budget, with line-item variances capped at 10%. The budget projects total operational expenses of $783,822 for April and $783,822 for May. The Debtor's pre-bankruptcy secured debt consists primarily of SBA-guaranteed loans totaling more than $3.4 million, owed to U.S. Bank and Newtek Bank and secured by first-priority liens on substantially all business assets, including equipment, inventory, receivables, and cash collateral. The court confirms the validity and perfection of these liens, which remain uncontested. As adequate protection, U.S. Bank and Newtek will receive monthly payments, continuing replacement liens on post-petition collateral, and priority administrative claims for any diminution in collateral value, subject to a $70,000 carveout for professional fees and U.S. Trustee and court costs. Certain third-party inventory (Royal Canin and Pure Treats) is excluded from collateral use or lien grants. The lenders retain all rights to seek additional protection, stay relief, or case conversion if defaults occur. The order is available at https://shorturl.at/floHt from PacerMonitor.com. About Elite Printing & Packaging Inc. Elite Printing & Packaging, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (E.D. Mo. Case No. 25-41743) on May 5, 2025, listing up to $10 million in both assets and liabilities. Michael K. Sloan, president of Elite Printing & Packaging, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. ELITE PRINTING: Gets Final OK for $700,000 DIP Loan From BCDP ------------------------------------------------------------- Elite Printing & Packaging, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to obtain debtor-in-possession financing to get through bankruptcy. The final order approved the company's $700,000 secured post-petition debt facility from BCDP Partners, LLC to fund working capital for its business. Elite was initially authorized to access up to $500,000 of the DIP loan under the court's March 4 interim order. The DIP loan carries 10% interest, compounded from the time each draw is made. It is due and payable on the earlier of June 15; the date of acceleration of the loan and the termination of the lender's commitments under the loan; the date the court orders the dismissal or conversion of the company's Chapter 11 case to a Chapter 7 liquidation; or the effective date of the company's Chapter 11 plan. As security for the DIP loan, BCDP will be granted valid and perfected security interests in and liens on Elite's post-petition collateral including cash, cash equivalents and deposit accounts. In addition, BCDP will be granted superpriority administrative expense claims. Under the final order, Elite is required to (i) obtain approval of the first amended disclosure statement by April 15; complete solicitation of votes on the first amended plan of reorganization by April 17; and obtain confirmation of the plan by May 18. In addition, the plan must provide for the full satisfaction of Newtek Bank's secured claim through a lump sum cash payment of $250,000 on the effective date and additional $50,000 paid in equal monthly installments over 24 months. Elite is liable to Newtek Bank under a loan and security agreement in the approximate principal amount of $2.15 million. In case of default, BCDP may terminate financing and exercise remedies, including lifting the automatic stay. The lender's claims and liens will survive plan confirmation, dismissal, or conversion, remaining enforceable until all obligations are fully paid. The final DIP order is available at http://bankrupt.com/misc/ElitePrinting_FinalDIPOrder.pdf BCDP, as DIP lender, is represented by: Thomas H. Riske, Esq. Carmody MacDonald P.C. 120 South Central Avenue, Ste. 1800 St. Louis, MO 63105 Tel: (314) 854-8600 Fax: (314) 854-8660 thr@carmodymacdonald.com About Elite Printing & Packaging Inc. Elite Printing & Packaging, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (E.D. Mo. Case No. 25-41743) on May 5, 2025, listing up to $10 million in both assets and liabilities. Michael K. Sloan, president of Elite Printing & Packaging, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. EMORY INDUSTRIAL: Seeks Cash Collateral Access ---------------------------------------------- Emory Industrial Services 1, Inc. and affiliates ask the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, for authority to use cash collateral and provide adequate protection. The Debtors previously operated a business focused on industrial cleaning using dry ice, as well as equipment maintenance and services for the oil and gas industry. Although they remain debtors-in-possession, they are no longer operating and instead are managing remaining assets for the benefit of creditors. As of March 1, the Debtors held approximately $3.14 million in cash collateral derived from asset sales, accounts receivable, equipment rentals, and tax credit collections. Multiple secured creditors assert liens on this cash collateral, including Yankton Factoring, Inc., which held interests in factored invoices and related proceeds; Charles Wolfe, a lender with broad liens over substantially all assets, including accounts receivable and equipment; James Pulsipher, another lender with liens on accounts, equipment, and other assets under several promissory notes; and the U.S. Small Business Administration, which claims a blanket lien on nearly all tangible and intangible personal property. Although the Debtors dispute aspects of the validity and extent of these liens, they filed the motion out of caution to ensure compliance with bankruptcy requirements governing the use of encumbered funds. The Debtors explain that they have no alternative funding sources and must rely on the cash collateral to pay essential administrative expenses necessary to preserve the bankruptcy estate. These expenses include quarterly fees owed to the U.S. Trustee, professional fees for attorneys, accountants, financial advisors, and other retained experts, as well as miscellaneous operational costs such as software subscriptions. The Debtors emphasize that payment of these expenses is critical to maintaining the administration of the case and maximizing value for creditors. A copy of the motion is available at https://urlcurt.com/u?l=WfKUSy from PacerMonitor.com. About Emory Industrial Services 1 Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor tapped Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP as legal counsel; Walentine O'Toole, LLP as special counsel; and Lain, Faulkner & Co., P.C. as financial advisor. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Ferguson Braswell Fraser Kubasta, PC. ENDRA LIFE: Seeks Strategic Options to Maximize Shareholder Value ----------------------------------------------------------------- ENDRA Life Sciences Inc. announced that its Board of Directors has initiated a process to evaluate a range of strategic alternatives aimed at maximizing shareholder value. As a part of this process, the Board will evaluate a range of potential alternatives, including, but not limited to strategic investments, mergers, business combinations, in-licensing or collaboration arrangements, asset sales, or sale or merger of the Company. ENDRA has engaged Lucid Capital Management as its financial advisor and K&L Gates as its legal counsel in connection with this process. "The Board and management are committed to identifying and evaluating opportunities that may maximize the shareholder value while building on the progress we've made advancing ENDRA's strategic priorities," said Alexander Tokman, Chief Executive Officer of ENDRA Life Sciences. "We believe this process will help us assess a range of options available to the Company and determine the most appropriate path forward for ENDRA and its shareholders." The Company will continue to execute on its strategic and operating initiatives during the review process. The Company has not set a timetable for completion of the process, and does not intend to comment further unless and until additional disclosure is appropriate or required by law. In connection with this revised strategy, on March 19, 2026, the Company reduced the number of its employees in order to reduce cash expenditures and extend its operational runway. As a result, the Company expects to incur pre-tax cash charges of approximately $51,000 associated with severance payments to former employees. While the Company will continue to pursue its TAEUS business, this charge reflects the change in strategic direction for the Company. The Company expects to recognize the severance charges in the first quarter of 2026. About ENDRA Life ENDRA Life Sciences Inc., headquartered in Ann Arbor, Michigan, develops thermo-acoustic medical devices for accurate liver fat measurement to support metabolic disease detection, management, and GLP-1 therapy eligibility. The Company's technology platform, Thermo-Acoustic Enhanced Ultrasound (TAEUS), targets pharmaceutical companies, clinical research organizations, high-end primary care clinics, bariatric and metabolic clinics, and broader primary and internal medicine markets through a subscription-based model and traditional product sales. Incorporated in Delaware in 2007, ENDRA plans to seek regulatory approvals for its applications in the United States and European Union. RBSM LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2025, on the Company's consolidated financial statements for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has an accumulated deficit and has stated that substantial doubt exists about Company's ability to continue as a going concern. The Company stated in its Quarterly Report for the period ended Sept. 30, 2025, that it requires additional capital to continue executing its commercialization plans and advancing its digital asset treasury (DAT) strategy. The Company is exploring potential financing options, including the sale of common stock through its at-the-market sales program. The Company warned that without timely access to sufficient financing on acceptable terms, its financial condition and results of operations may be materially adversely affected and it may not be able to continue operations or execute its stated commercialization plan. As of Sept. 30, 2025, the Company had $1,964,108 in total assets, $1,792,728 in total liabilities, and $171,380 in total stockholders' equity. ENERPRISE MANAGEMENT: Seeks Chapter 11 Bankruptcy in Pennsylvania ----------------------------------------------------------------- On March 30, 2026, Enerprise Management Group, Inc. filed for Chapter 11 protection in the Eastern District of Pennsylvania. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Enerprise Management Group, Inc. Enerprise Management Group, Inc. is a Pennsylvania-based company engaged in business management and operational support services, likely providing administrative, consulting, or back-office solutions. Enerprise Management Group, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11285) on March 30, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor is represented by Zachary Perlick, Esq. EQUITECS: Gets Interim OK to Use Cash Collateral ------------------------------------------------ EQUITECs got the green light from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a final hearing for May 6. The Debtor intends to use cash collateral for essential purposes, including taxes, payroll, insurance, "adequate protection" payments, utilities, and other operational or administrative expenses. As of the petition date, the Debtor held approximately $3,000 in cash collateral. To protect the interests of Integrity Bank & Trust, the Debtor offers to grant the secured creditor a replacement lien on post-petition assets, maintaining the same extent, validity, and priority of the pre-petition security interest. The Debtor's primary secured debt is a $20,272 line of credit from Integrity Bank & Trust, likely secured by its main operating account. About EQUITECs EQUITECs sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-30281-KKS) on March 18, 2026, listing up to $500,000 in both assets and liabilities. Rebecca Haddock, president of EQUITECs, signed the petition. Judge Karen K. Specie oversees the case. Michael A. Wynn, Esq., at Stichter, Riedel, Blain & Postler, P.A., represents the Debtor as legal counsel. EX-CEL CORNED BEEF: Seeks Chapter 11 Bankruptcy in Illinois ----------------------------------------------------------- On March 29, 2026, Ex-Cel Corned Beef Factory Corporation filed for Chapter 11 protection in the Northern District of Illinois. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Ex-Cel Corned Beef Factory Corporation Ex-Cel Corned Beef Factory Corporation is a food manufacturing company based in Illinois, specializing in the production and distribution of corned beef and related processed meat products for retail and food service markets. Ex-Cel Corned Beef Factory Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-05527) on March 29, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Penelope N. Bach, Esq. of Bach Law Offices. EXTENSIONS PLUS: Has Deal on Cash Collateral Access --------------------------------------------------- Extensions Plus, Inc. asks the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, for authority to use cash collateral, in accordance with its agreement with the U.S. Small Business Administration. The Debtor, which has approximately 13 full-time employees and over thirty years of business history, faced imminent financial pressure due to pre-petition litigation with a judgment creditor, Raj Hair International Pvt. Ltd., which had obtained a pre-petition judgment of approximately $2.6 million and was poised to proceed to a punitive damages trial phase on June 24, 2025. Raj also had initiated levies on the Debtor's bank accounts, threatening severe disruption to cash flow and potentially making continued operations impossible. To stay these collection efforts and pursue reorganization, the Debtor commenced its Chapter 11 case. Immediately following the filing, the Debtor's counsel engaged with counsel for the SBA to negotiate the use of cash collateral. The parties agreed that the Debtor would continue making its monthly payments of $2,505 to the SBA, while the SBA would receive replacement security to adequately protect its secured position. The SBA holds a secured loan evidenced by its Proof of Claim No. 1, which incorporates the loan agreement, security agreement, and a perfected UCC-1 Financing Statement. The Debtor and SBA previously stipulated to use of cash collateral from June 23, 2025, through March 23 with the court granting approval of the first stipulation on August 22, 2025, for the period from June 24 through September 23. Although the parties verbally agreed to continue cash collateral use for the period from September 23 through December 23, 2025, a written stipulation was not executed due to a combination of the Debtor's inadvertence and a federal government lapse in appropriations during that period. The court subsequently approved a second written stipulation on January 14, extending use of cash collateral through March 23, 2026. The Debtor now seeks the court's approval of a third written stipulation authorizing use of cash collateral from March 24 through June 23 and anticipates seeking authority to renew the stipulation as necessary to continue operations. Under the terms of the proposed stipulation, the Debtor will use cash collateral to fund ongoing business operations and make required monthly payments to the SBA, while the SBA's secured position is maintained through replacement security and adequate protection. A hearing on the matter is set for April 22, at 1:30 p.m. A copy of the motion is available at https://urlcurt.com/u?l=I4BfkM from PacerMonitor.com. About Extensions Plus Inc. Extensions Plus, Inc. designs and supplies high-quality women's hairpieces and wigs, including custom and ready-made styles made from real Indian human hair. It serves clients globally and domestically, including those experiencing hair loss and celebrities seeking premium hair extensions. Founded in 1988, Extensions Plus operates out of its headquarters in Tarzana, California. Extensions Plus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11102) on June 23, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by Peter T. Steinberg, Esq., at Steinberg Nutter and Brent. FAIR OFFER: Court OKs Residential Properties Sale at Auction ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, has approved Robert J. Mendes, Chapter 11 Trustee of Fair Offer Cash Now Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is the owner of ten residential properties located across four states, as follows: a. Tennessee (7 properties) i. 7633 Christiana Fosterville Rd, Christiana, TN 37067 ii. 799 Evergreen St., Dresden, TN 38225 iii. 689 Welch Road, Dyersburg, TN 38024 iv. 150 Louden Hwy, Kingston, TN 37763 v. 509 Leath Street, Memphis, TN 38105 vi. 1185 Knowling Loop Rd., Talbott, TN 37877 vii. 815 S. Shepherd St., Winchester, TN 37398 b. Georgia (1 property) i. 255 Biltmore Rd, Mansfield, GA 30055 c. Florida (1 property) i. 5902 Springfield Boulevard, Jacksonville, FL 32208 d. Missouri (1 property) i. 2114 Orr Rd., Poplar Bluff, MO 63901 The Trustee's purpose in filing the Motion is to sell the Assets and pay all creditors in full, if possible. The Debtor's total debt (including secured and unsecured) is approximately $5,036,305.44. The Assets are currently sitting idle, and any delay in their sale may result in a further decline in value. The Court has authorized the Trustee to conduct the sale procedures and auction to sell the Property. The Trustee is authorized to proceed with an absolute auction, as provided in the Motion, to sell substantially all of the Assets to the highest bidder. To the extent any of the Assets are subject to proofs of claim that have been disputed or are the subject of an objection, the Trustee will reserve from the sale proceeds an amount equal to such claim, to be held pending further order of the Court. Compensation to McLemore Auction Company, LLC is approved in the amount of 10% of the aggregate purchase price at closing. The Trustee is authorized to enter into an APA with each successful bidder, in form and substance acceptable to the Trustee, provided that such APA includes the APA Terms set forth in the Motion. About Fair Offer Cash Now Inc. Fair Offer Cash Now owns 27 properties all located in Alabama, Kentucky, Missouri, Tennessee, Georgia and Mississippi having a total current value of $4.94 million. Fair Offer Cash Now, Inc. in Murfreesboro, Tenn., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-03495) on Sept. 11, 2024, listing $4,942,400 in assets and $4,783,400 in liabilities. Bradley Smotherman, president, signed the petition. Judge Charles M. Walker oversees the case. Lefkovitz & Lefkovitz serves as the Debtor's legal counsel. Robert Mendes was appointed as trustee appointed in this Chapter 11 case. He tapped Mendes Law, PLLC as counsel. FASHIONABLE INC: Court Extends Cash Collateral Access to April 30 ----------------------------------------------------------------- Fashionable, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral. The court extended the Debtor's authority to use cash collateral from March 20 to April 30 or until the closing of a sale of substantially all of its assets, whichever occurs first. The Debtor intends to use its cash collateral strictly for ordinary operating expenses. The Debtor's cash collateral includes cash accounts and inventory proceeds. UCC-1 filings indicate several creditors -- Clear Finance Technology, Onward Group, MCA Servicing Solutions, ALO Capital Group, CFG Merchant Solutions, and Brian Waller as collateral agent -- may claim an interest in this cash. The court determined that the secured creditors remain adequately protected through the additional safeguards established under its previous interim orders. The order is available at http://bankrupt.com/misc/FashionableInc_InterimCashCollOrder.pdf Clear Finance Technology is represented by: Justin Sveadas, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 633 Chestnut Street, Suite 1900 Chattanooga, TN 37450 Phone: 423.209.4184 Fax: 423.752.9589 jsveadas@bakerdonelson.com About Fashionable Inc. Fashionable, Inc., doing business as ABLE, is a Nashville-based women's clothing and accessories brand offering a thoughtfully curated range of apparel, leather goods, jewelry, and footwear. Fashionable sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01501) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Misti Blasko, chief executive officer of fashionable, signed the petition. Judge Randal S. Mashburn oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC is the Debtor's legal counsel. FIRST AMERICA RESOURCES: Debts Exceed Assets by $1.6MM at Dec. 31 ----------------------------------------------------------------- First America Resources Corp's stockholder's deficit was US$1.6 million at Dec. 31, 2025. The stockholder's deficit was US$1.6 million at Dec. 31, 2024. At Dec. 31, 2025, the company had total assets of US$6.7 million and total liabilities of US$8.3 million. At Dec. 31, 2024, the company had total assets of US$6.9 million and total liabilities of US$8.5 million. The Company said: "We believe we will have adequate liquidity to maintain current operations during 2026, but we may choose to locate additional sources of cash to facilitate growth and expansion." "As of December 31, 2025, the Company had cash of $276,855 compared to $470,273 as of December 31, 2024. The Company's principal sources of liquidity have consisted of cash generated from operations and proceeds from debt financing." "Cash provided by operating activities was $79,517 for the year ended December 31, 2025, compared to $458,921 in 2024, a decrease of $379,404. Despite net income of only $2,765, cash from operations was positive due to non-cash add-backs of $234,837 in bad debt expense and $85,156 in depreciation. However, significant working capital headwinds offset these items: accounts receivable increased by $707,203 (reflecting business growth and timing of collections), and accounts payable declined by $584,364. These outflows were substantially offset by a $1,107,042 increase in accrued expenses, reflecting the timing of vendor payments. Financed insurance policy payments of $196,375 also reduced operating cash flows during the year." "Cash used in investing activities was $2,729 in 2025 compared to $106,291 in 2024. Capital expenditures were minimal in 2025, reflecting a deliberate reduction in new equipment purchases. The Company financed $193,252 of property and equipment through non-cash financing arrangements in 2025, compared to $61,880 in 2024. Additionally, the Company recognized $754,886 of new right-of-use assets and corresponding lease liabilities during 2025 in connection with new and renewed operating lease agreements." "Cash used in financing activities was $270,206 in 2025, compared to $38,722 in 2024. During 2025, the Company received proceeds from notes payable of $200,000. Repayments of notes payable totaled $470,206 during 2025, compared to $38,722 in 2024. The higher repayment activity reflects payoff and reduction of certain legacy notes and financed insurance balances. Additionally, during the year ended December 31, 2025, accounts payable to a related party totaling $500,000 were settled through the issuance of a note payable, representing a significant non-cash financing activity." A full-text copy of the Form 10-K is available at https://tinyurl.com/rhtff5ue About First America Resources Corp Morris, Ill.-based First America Resources Corporation was incorporated in the State of Nevada in 2010 under the name Golden Oasis New Energy Group, Inc. In 2014, the Company changed its name to First America Resources Corporation. Following a business combination, METech Recycling Inc. became a wholly owned subsidiary of the Company and represents the Company's operating business. METech, headquartered in Gilroy, Calif., has been engaged in recycling operations since 1968, with business origins dating back to 1875 in precious metal recovery and refining activities. The Company operates in the IT asset disposition and electronics recycling industry. Its services include refurbishment and resale of IT equipment, secure data destruction, electronics recycling and material recovery, data center decommissioning, and lifecycle management of technology assets. FLUX POWER: Elects 5 Board Directors at Annual Meeting ------------------------------------------------------ Flux Power Holdings, Inc. held its Annual Meeting of Stockholders. The Company filed its definitive proxy statement for the proposals voted upon at the Annual Meeting with the Securities and Exchange Commission on February 10, 2026. At the close of business on February 2, 2026, the record date of the Annual Meeting, the Company had 21,340,135 shares of common stock outstanding and entitled to vote. The holders of a total of 14,117,593 shares of common stock were present at the Annual Meeting, either in person or by proxy, which total constituted a quorum of the issued and outstanding shares on the record date of the Annual Meeting. The following proposals were submitted to the Company's stockholders at the Annual Meeting: 1. The election of Krishna Vanka, Dale T. Robinette, Michael Johnson, Lisa Walters-Hoffert and Mark F. Leposky as directors, to serve until the 2027 annual meeting of stockholders or until their respective successor(s) have been elected or appointed. 2. The ratification of the appointment of Haskell & White LLP as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2026. The number of votes cast for and against or withheld and the number of abstentions and broker non-votes with respect to each matter voted upon, as applicable, are: 1. Board of Directors Election Results The following nominees were elected to serve as directors for a term that will continue until the 2027 annual meeting of stockholders or until their respective successor(s) have been elected or appointed. The number of votes cast regarding each nominee were as follows: 1. Krishna Vanka * Votes For: 7,337,771 * Votes Withheld: 95,082 * Broker Non-Votes: 6,684,740 2. Dale T. Robinette * Votes For: 7,032,674 * Votes Withheld: 400,179 * Broker Non-Votes: 6,684,740 3. Michael Johnson * Votes For: 7,285,119 * Votes Withheld: 147,734 * Broker Non-Votes: 6,684,740 4. Lisa Walters-Hoffert * Votes For: 6,976,689 * Votes Withheld: 456,164 * Broker Non-Votes: 6,684,740 5. Mark F. Leposky * Votes For: 7,126,247 * Votes Withheld: 306,606 * Broker Non-Votes: 6,684,740 2. Ratification of Haskell & White LLP as the Company's independent registered public accounting firm The Company's stockholders approved the ratification of the appointment of Haskell & White LLP as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2026. The number of votes cast for and against and the number of abstentions for this proposal were as follows (there were no broker non-votes for this proposal): * Votes For: 14,083,259 * Votes Against: 20,822 * Abstain: 13,512 About Flux Power Flux Power Holdings, Inc. (FLUX: NASDAQ), through its subsidiary Flux Power, Inc., designs, develops, and sells rechargeable lithium-ion energy storage systems for electric forklifts, airport ground support equipment (GSE), and other industrial motive applications in the United States. The Company is headquartered in Vista, California. Irvine, California-based Haskell & White LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated September 16, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital to achieve its operating plans. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $30.1 million in total assets, $22.6 million in total liabilities, and $7.5 million in total stockholders' equity. FORTUNE CIRCLE: Affiliate Gets Extension to Access Cash Collateral ------------------------------------------------------------------ Fortune Circle Hotels, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court entered its fourth order authorizing Fortune Circle Hotels, an affiliate of Fortune Circle, LLC, to use cash collateral through April 25 to pay the expenses set forth in its budget. The Debtor may exceed budgeted amounts by up to 110%, on a weekly basis, either per line item or in the aggregate. Moreover, the budget may be modified with the prior written consent of Rapid Finance. As adequate protection for any diminution in the value of its interest, Rapid Finance will be granted a post-petition replacement lien on the same type of collateral securing its pre-bankruptcy claims. The replacement lien will retain the priority, validity, and enforceability it held as of the petition date. A further hearing is scheduled for May 12. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/EAXnI from PacerMonitor.com. Fortune Circle Hotels operates a 75-room Hawthorn Extended Stay by Wyndham hotel in St. Robert, Missouri, under a lease from Fortune Hotel, LLC, which is also in Chapter 11. In 2023, the Debtor obtained a $227,000 business loan from Rapid Finance, which claims a security interest in revenue streams and various personal property. However, the Debtor questions whether Rapid Finance's lien is perfected. About Fortune Circle LLC Fortune Circle, LLC is a real estate company whose primary asset is a hotel property at 239 St. Robert Boulevard in Saint Robert, Missouri. Fortune Circle sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17508) on November 12, 2025, listing up to $10 million in both assets and liabilities. Syed Hussain, sole member, signed the petition. Judge Timothy A. Barnes oversees the case. William Factor, Esq., at The Law Office of William J. Factor, Ltd., represents the Debtor as bankruptcy counsel. FRANCESCA'S ACQUISITION: Committee Taps Emerald Capital as Advisor ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of Francesca's Acquisition LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Emerald Capital Advisors to serve as financial advisor. The firm will provide these services: (a) review and analyze the Company's operations, financial condition, business plan, strategy, and operating forecasts; (b) advise the Committee as it assesses the Debtors' executory contracts including assume versus reject considerations; (c) assist and advise the Committee in connection with its identification, development, and implementation of strategies related to the potential recoveries for the unsecured creditors as it relates to the Debtors' Chapter 11 plan; (d) assist the Committee in understanding the business and financial impact of various restructuring alternatives of the Debtors; (e) assist the Committee in its analysis of the Debtors' financial restructuring process, including its review of the Debtors' development of plans of reorganization and related disclosure statements; (f) assist the Committee in evaluating, structuring and negotiating the terms and conditions of any proposed transaction, including the value of the securities, if any, that may be issued to thereunder, (g) assist in the evaluation of any asset sale process, including the identification of potential buyers; (h) assist the Committee in evaluating the terms, and results of the Debtors' liquidation processes; (i) assist the Committee to value the consideration offered by the Debtors to unsecured creditors in connection with the sale of the Debtors' assets or a restructuring; (j) provide testimony, as necessary, in any proceeding before the Bankruptcy Court; and (k) provide the Committee with other appropriate general restructuring advice. Emerald will be paid at these hourly billing rates: Managing Partners $600 Managing Directors $500 to $550 Vice Presidents $400 to $450 Associates $300 to $350 Analysts $200 to $250 Emerald will be reimbursed for reasonable and necessary expenses and will file fee applications with the Court in accordance with applicable provisions of the Bankruptcy Code, Bankruptcy Rules, Local Rules, and Court orders. Emerald is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: John P. Madden EMERALD CAPITAL ADVISORS 150 East 52 Street, 28th Floor New York, NY 10002 About Francesca's Acquisition LLC Francesca's Acquisition LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-11312) on February 5, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million, and liabilities of between $50,000,001 and $100 million. Judge Mark Edward Hall oversees the case. Debtor’s legal counsel is Vincent J. Roldan from Mandelbaum Salsburg PC. FTE NETWORKS: US Trustee Seeks to Dismiss Ch. 11 After Case Lapses ------------------------------------------------------------------ Hilary Russ of Law360 Bankruptcy Authority reports that the U.S. Trustee on Tuesday, March 31, 2026, urged dismissal of the Chapter 11 case filed by FTE Networks Inc., citing the company's failure to provide essential documentation required in bankruptcy proceedings. The trustee said the deficiencies have hindered the case's progress. According to the filing, the company did not submit key financial disclosures and reports mandated under the Bankruptcy Code, leaving creditors and the court without sufficient information to assess the case. The trustee emphasized that such omissions undermine transparency and the integrity of the Chapter 11 process. The trustee argued that the continued failure to comply with filing obligations justifies dismissal of the case. A ruling from the bankruptcy court is expected as the matter moves forward, the report states. About FTE Networks Inc. FTE Networks Inc., formerly known as Beacon Enterprise Solutions Group, through its subsidiary US Home Rentals LLC, owns, operates and invests in affordable rental housing in tier 3 and 4 markets. FTE Networks Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12465) on November 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Amalia Y. Sax-Bolder, Esq. of Brownstein Hyatt Farber Schreck, LLP and Fred Steven Kantrow, Esq. of The Kantrow Law Group, PLLC. FTX TRADING: Ex-Chief Engineer Settles CFTC Fraud Case for $3.7MM ----------------------------------------------------------------- Rick Archer of Law360 reports that the U.S. Commodity Futures Trading Commission said Wednesday that a New York federal judge has approved an order resolving fraud claims against the former chief engineer of the now-defunct cryptocurrency platform FTX. The action is part of the regulator's broader enforcement response to the company's collapse. The agency alleged that the former engineer played a role in deceptive practices involving customer assets and internal controls at the exchange. Those actions, the CFTC said, contributed to investor harm and raised serious concerns about governance within the platform, according to report. Under the court-approved order, the case has been resolved through financial penalties and other relief. The CFTC emphasized that it will continue pursuing enforcement actions against individuals involved in misconduct in digital asset markets, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUND FOR SANDY: Taps Hendren Redwine & Malone as Legal Counsel -------------------------------------------------------------- The Fund for Sandy Point North Carolina LP seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Hendren, Redwine & Malone, PLLC to serve as its counsel. The firm will provide these services: (a) represent and assist the Debtor in carrying out its duties under the provisions of Chapter 11 of the Bankruptcy Code; (b) represent the estate generally throughout the administration of this Chapter 11 proceeding; and (c) advise and represent the Debtor through this Chapter 11 proceeding subject to court approval of all post-petition fees, compensation and reimbursement of expenses. The Debtor voluntarily paid Hendren Redwine $25,000 on March 23, 2026. From these funds, $9,648.30 was applied to fees and expenses incurred prior to the petition date of March 25, 2026. $15,351.70 remains in the firm's trust account. According to court filings, Hendren Redwine "does not hold or represent an interest adverse to the estate" and "is disinterested within the meaning of Section 327(a) of the Bankruptcy Code." The firm can be reached at: Jason L. Hendren, Esq. Rebecca Redwine Grow, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Carpenter, Esq. HENDREN, REDWINE & MALONE, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Telephone: (919) 573-1422 Facsimile: (919) 420-0475 Email: jhendren@hendrenmalone.com redwine@hendremmalone.com bwaller@hendrenmalone.com lcarpenter@hendrenmalone.com About The Fund for Sandy Point North Carolina LP The Fund for Sandy Point North Carolina LP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01339) on March 25, 2026.. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge David M. Warren oversees the case. Hendren, Redwine & Malone, PLLC is Debtor's legal counsel. GAAT HOLDINGS: Gets Extension to Use Cash Collateral ---------------------------------------------------- GAAT Holdings, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for May 21. The Debtor was initially allowed to access cash collateral through March 31 under the court's March 5 interim order. The March 5 interim order granted First Bank of the Lakes and other secured creditors replacement liens on post-petition cash collateral, with the same validity and priority as their pre-petition liens. GAAT Holdings' secured debt includes approximately $2.9M loan from First Bank of the Lake secured by all assets (including receivables), and approximately $91,000 seller note to Hodgson Construction of Polk County, Inc. secured by certain equipment, vehicles, and tools. The Debtor also received funding from several merchant cash advance lenders -- FirstLine Advance, LLC ($51,900), JRG Funding, LLC ($81,333), United First, LLC 413802 ($85,379), Headway Capital ($118,651.97), and WebBank ($122,323.56) -- which may assert claims against its accounts receivable. As of the petition date, the Debtor had about $15,000 in cash and $190,000 in accounts receivable. About GAAT Holdings LLC GAAT Holdings LLC is a Florida-based holding company engaged in managing and operating a portfolio of businesses across multiple sectors. The company oversees strategic investments and operational management for its subsidiaries. GAAT Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00963) on February 6, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The debtor is represented by Matthew B. Hale, Esq. of Stichter, Riedel, Blain & Postler. GENESIS ENERGY: S&P Upgrades ICR to 'B+' on Reduced Leverage ------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating (ICR) on Genesis Energy L.P. (Genesis or GEL) to 'B+' from 'B'. S&P said, "At the same time, we raised our rating on the company's senior unsecured debt to 'B+' from 'B', in line with the ICR. The '3' recovery rating on the unsecured notes is unchanged. "The stable outlook reflects our expectation that GEL's S&P Global Ratings-adjusted leverage will improve to below 6.0x in the next 12-24 months, spurred by improving cash flow. "We expect Genesis will maintain leverage below 6.0x over the next 12-24 months following the completion of several offshore pipeline projects. "The upgrade is spurred by our view that GEL's leverage will continue to improve with the expected contribution from its new offshore pipeline projects. In 2025, GEL completed the construction of its SYNC pipeline and Cameron Highway oil pipeline system expansion, which supports the upstream developments of Shenandoah and Salamanca. We believe these projects will lead to $90 million-$150 million of additional operating margin in fiscal years 2026 and 2027. "At the same time, we expect GEL's growth capital expenditure (capex) will be minimal in the next 12-24 months, after peaking in 2024 at $297 million. From 2026 onward, we expect the company will focus on filling any uncontracted capacity at its current pipeline projects, without significant additional investments. "Furthermore, we anticipate that the company will continue to optimize its capital structure through timely refinancing and redemption of its preferred shares. In February 2026, the company tendered for and redeemed all of its 2028 senior notes through the issuance of senior notes due 2034. GEL also redeemed $135 million of class A preferred shares in the first quarter of 2026. We expect leverage will fall to 5.5x-5.6x in 2027 and 2028, below our previous upside trigger of 6.0x. We also believe that the company has the flexibility to repurchase preferred shares, which we have not factored into our current base-case scenario. "The stable outlook reflects our expectation that S&P Global Ratings-adjusted leverage will improve to below 6.0x in the next 12-24 months. We also expect Genesis will maintain adequate liquidity for the next 12 months. "We could take a negative rating action if we expect Genesis will maintain leverage above 6.0x. This could stem from lower-than-expected volumes flowing through the company's midstream assets because of weaker drilling activities or protracted operational disruptions. In addition, we could take a negative rating action if the company adopts a more aggressive financial policy or faces liquidity difficulties. "We could raise the rating if we expect GEL will sustain S&P Global Ratings-adjusted debt to EBITDA below 5.5x, while operating cash flow remains stable. This could occur if Genesis further deleverages and increases its ratable or contracted cash flows." GEORGES REALTY: Belmont Property to Lisa & Nick J. Therrien ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Hampshire has permitted George Realty LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. Debtor is a limited liability company formed by Wilsony B. Georges under the laws of the State of New Hampshire, which has its principal place of business and executive offices located at 100 Carl Drive, Unit 11-A, Manchester, NH 03103. Wilsony B. Georges owns all of the equity interests in Debtor and serves as the Manager of Debtor. The Debtor has been actively engaged in the real estate brokerage business and real estate development business for its own account and through joint ventures – partnerships formed for a specific and limited purpose -- at all times material to this case. Debtor has been engaged in the business of buying, selling and investing in real estate for many years. Debtor bought the Subject Property for the purpose of renovating the Property and then re-selling it. The Subject Property includes .23 acres of land and a single family residence located on the shore of Lake Winnisquam in Belmont, New Hampshire. The Court has authorized the Debtor to sell 82 Sunset Drive, Belmont, New Hampshire to Lisa Therrien and Nick J. Therrien in the purchase price of $1,750,000. The Debtor gave adequate and sufficient notice under the circumstances of the Sale Motion, the hearing, and the dates by which parties in interest had to file objections to the Sale Motion. The United States Trustee, all Record Lienholders and other creditors and parties in interest entitled to entitled to notice of the intended Sale, the Sale Motion and Sale Order and Notice of Intended Sale received a reasonable opportunity to object and/or be heard. The Debtor held that good, sufficient, and sound business purpose justify the proposed Sale outside of a plan of reorganization. The Contract was negotiated and entered into by Debtor and Buyer without collusion, in good faith, and from arm's-length bargaining positions. Buyer is not an "insider" of Debtor or Debtor's equity holder. The Debtor shall be and is authorized to do or cause to be done, execute or cause to be executed and take or cause to taken any and all acts, documents and actions required by the Contract. The Buyer negotiated and entered into the Contract in good faith. The Buyer is a purchaser in good faith of the Subject Property and is entitled to all of the protections. About Georges Realty LLC Georges Realty, LLC manages and leases real estate properties across multiple locations and is classified under NAICS 5311. Georges Realty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10779) on November 4, 2025, listing between $1 million and $10 million in assets and liabilities. William S. Gannon, Esq. at William S. Gannon PLLC represents the Debtor as legal counsel. GLASS MANAGEMENT: Court Extends Cash Collateral Access to April 30 ------------------------------------------------------------------ Glass Management Services, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of Old National Bank. The court extended the Debtor's authority to use cash collateral to April 30 to pay expenses in accordance with its budget, which projects total operational expenses of $213,418.89 for April. Spending must not exceed 110% of the total amount set forth in the budget. Old National Bank's interest in the assets will be protected by replacement liens on post-petition assets. The bank will also be granted a superpriority administrative expense claim in case of diminution in value of its collateral and will continue to receive monthly payments of $30,000 from the Debtor, which the bank can automatically debit from the Debtor's account. The monthly payments started in December last year. As further protection, the Debtor was ordered to keep the bank's collateral insured. The next hearing is scheduled for April 29. Old National Bank is the holder of two loans made to the Debtor. The loans are secured by a first priority security interest over all business assets of the Debtor granted to the bank. As of September 25, 2024, the balance due in the aggregate against each of the loans was not less than $4,046,480.56. About Glass Management Glass Management Services, Inc. is a construction contractor based in Illinois, specializing in glazing services. Established with a focus on high-profile projects, the company has been involved in significant developments, including the Obama Presidential Library, Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools and CTA transit stations. Glass Management Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with $3,029,997 in assets and $11,989,444 in liabilities. Ernest B. Edwards, president of Glass Management Services, signed the petition. Judge Janet S. Baer presides the case. The Debtor tapped David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel and Allocco, Miller & Cahill, PC as special labor counsel. Old National Bank, as secured creditor, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com GLENWOOD CAVERNS: Hires Hilco Corporate as Investment Banker ------------------------------------------------------------ Glenwood Caverns Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Hilco Corporate Finance, LLC as investment banker. The firm's services include: a. familiarizing itself to the extent that HCF deems appropriate with the commercial, financial, operational, and legal circumstances of the Debtor; b. evaluating and making recommendations to the Debtor regarding its strategic alternatives under current business conditions; c. identifying and recommending potential buyers and capital sources to the Debtor in connection with a Transaction; d. with the Debtor's assistance, and to the extent needed, creating written materials (e.g., a "teaser," confidential information memorandum, management presentation, and form of non-disclosure agreement) to be used in presenting the Transaction opportunity to prospective buyers and capital sources; e. soliciting and reviewing proposals and making recommendations and advising the Debtor in negotiating proposals concerning a Transaction; f. assisting the Debtor in responding to due diligence review of interested parties with respect to a Transaction, including by managing a virtual data room (VDR), and assisting the Debtor in organizing, populating, and maintaining the VDR; g. assisting the Debtor in soliciting and evaluating Transaction proposals; h. assisting the Debtor and its other professional advisors in negotiating definitive documentation concerning a Transaction and otherwise assisting in the process of closing a Transaction; i. as necessary, to the extent a Transaction is consummated in this Chapter 11 Case: i. assisting with the preparation of motions related to a Transaction; ii. consulting with other retained parties, lenders, creditors' committee, and other parties in interest; iii. participating in hearings and providing testimony in connection with a Transaction; and iv. performing other tasks as appropriate and as may reasonably be requested by the Debtor's management or counsel. Hilco will be paid at these fees: a. Upon the Effective Date of the Agreement, and on each monthly anniversary thereafter, the Debtor shall pay HCF $25,000 for the services provided in connection with the Agreement, which shall be fully earned upon payment and nonrefundable. b. The Debtor shall pay HCF a fee upon and as a condition to the first closing of a Sale Transaction in an amount equal to the greater of: (i) 4% of the Transaction Value, and (ii) $450,000. c. The Debtor shall pay HCF a fee upon and as a condition to the first closing of a Capital Raise Transaction equal to the sum of: (i) 2% of the gross proceeds of any indebtedness raised or committed that is senior to other indebtedness of the Debtor, secured by a first priority lien and unsubordinated, with respect to both lien priority and payment, to any other obligations of the Debtor, plus (ii) 4% of the gross proceeds of any indebtedness raised or committed that is secured by a lien (other than a first lien), is unsecured and/or is subordinated, plus (iii) 6% of the gross proceeds of any preferred equity, equity, or equity-linked securities (including, without limitation, convertible securities) placed or committed whether or not such capital is funded or provided at the first closing. d. The Debtor shall pay HCF a fee upon and as a condition to the earlier of: (i) the closing of a Restructuring Transaction, and (ii) the confirmation of a Plan, provided that the plan is subsequently deemed effective, equal to $450,000. Hilco Corporate Finance, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Teri Stratton Hilco Corporate Finance, LLC 5 Revere Dr, Suite 206 Northbrook, IL 60062 About Glenwood Caverns Holdings LLC Glenwood Caverns Holdings, LLC owns and operates the Glenwood Caverns Adventure Park, the only mountaintop theme park in the U.S., located atop Iron Mountain near Glenwood Springs, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10166) on February 9, 2026. In the petition signed by Paul Maniscalco, chief restructuring officer, the Debtor disclosed up to $50 million in assets and up to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the case. William A. Hazeltine, Esq., at Sullivan Nimeroff Brown Hill, LLC, represents the Debtor as legal counsel. GLOBAL LUXURY: Mark Schlant Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Mark Schlant, Esq., at Zdarsky, Sawicki & Agostinelli, LLP as Subchapter V trustee for Global Luxury Bath, LLC. Mr. Schlant will be paid an hourly fee of $320 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schlant declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark J. Schlant, Esq. Zdarsky, Sawicki & Agostinelli, LLP 1600 Main Place Tower 350 Main St. Buffalo, NY 14202 Phone: (716) 855-3200 Email: mschlant@zsalawfirm.com About Global Luxury Bath LLC Global Luxury Bath, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60231) on March 19, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Peter Alan Orville, Esq., at Peter A Orville, PC represents the Debtor as legal counsel. GOLIATH VENTURES: Receiver Seeks Chapter 11 Trustee Appointment --------------------------------------------------------------- Michael Budwick, in his capacity as receiver of Goliath Ventures Inc. and Goliath Ventures Inc., asked the U.S. Bankruptcy Court for the Southern District of Florida to issue an order excusing his compliance with Section 543 of the Bankruptcy Code or, in the alternative, directing the appointment of a trustee. Section 543(a) of the Bankruptcy Code provides that a custodian with knowledge of the commencement of a bankruptcy case may not make disbursements from, or take action in the administration of, property of a debtor or property of the estate, except as is necessary to preserve such property. Solomon Genet, Esq., attorney for Mr. Budwick, argued that the receiver is a "custodian" within the meaning of Bankruptcy Code and that creditors are better served by allowing him to remain in possession, custody, and control of the companies and estate property. "The receiver is already an independent fiduciary administering the estate, is well qualified to maximize the recovery to creditors, many of whom appear to be crime victims, he and his professionals are already familiar with the companies and their operations and records, and he is and has been working on asset-recovery efforts," the attorney said in a motion filed in court. Mr. Genet further argued that excusing compliance with Section 543 will preserve continuity in the administration of the estate and allow those efforts to continue without interruption under the court's supervision. "By contrast, requiring compliance with Section 543 at this stage would provide no meaningful benefit to creditors and would risk disrupting the ongoing investigation and recovery efforts presently underway," the attorney said. According to Mr. Genet, if compliance is not excused, appointing a trustee would be justified under Section 1104(a)(2) as being in the best interests of creditors and other stakeholders. Section 1104(a)(1) provides that the court shall appoint a trustee for cause, including fraud, dishonesty, incompetence, or gross mismanagement of the affairs of a debtor, either before or after the commencement of a case. Section 1104(a)(2) further provides that the court shall appoint a trustee if doing so is in the interests of creditors, equity security holders, and other interests of the estate. "Many of the [companies'] creditors appear to be crime victims, and their interests are best served by administration of the estate by an independent fiduciary who will investigate the [companies'] affairs and pursue potential recovery actions for the benefit of creditors," Mr. Genet said. Mr. Genet may be reached through: Meland Budwick, P.A. Solomon B. Genet, Esq. Alexander E. Brody, Esq. 3200 Southeast Financial Center 200 South Biscayne Boulevard Miami, Florida 33131 Telephone: (305) 358-6363 Telecopy: (305) 358-1221 sgenet@melandbudwick.com abrody@melandbudwick.com About Goliath Ventures Inc. Goliath Ventures Inc., formerly known as Gen-Z Venture Firm Inc., incorporated in Florida, was a cryptocurrency investment firm offering high-yield digital asset programs and liquidity pool investments to institutional and retail investors. A Florida court appointed Michael S. Budwick as receiver to secure remaining assets and records. Goliath Ventures sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13174) on March 16, 2026, with $1 million to $10 million in assets and $100 million to $500 million in liabilities. Michael S. Budwick, receiver of Goliath Ventures, signed the petition. Judge Laurel M. Isicoff presides over the case. GREEN D ENTERPRISES: Taps Bulgarella LLC, Walding LLC as Counsels ----------------------------------------------------------------- Green D Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Joseph E. Bulgarella, Esq. of Bulgarella LLC and Brian R. Walding, Esq. of Walding LLC as legal counsels. The professionals will provide these services: (a) advising the Debtor as to the rights, powers and duties of a debtor-in-possession under 11 U.S.C. §1101, et seq.; (b) preparing and filing documents necessary to advance the case, including applications, motions, proposed orders, responses, schedules and other required legal documents; (c) representing the Debtor at hearings, preparing and filing the status report and plan, defending challenges to the automatic stay under 11 U.S.C. §362(a); and (d) providing other legal services and preparing and filing such documents as may be necessary for the Debtor to carry out its duties. The professionals propose an hourly rate of $450, with a paralegal rate of $200, mileage at $0.725 per mile, copies at $0.10 per page, and travel billed at half-rate ($225 per hour). They have been paid a $35,000 retainer, which includes the $1,738 filing fee. Bulgarella LLC and Walding LLC represent that they are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firms can be reached at: Joseph E. Bulgarella, Esq. BULGARELLA LLC 2227 1st Ave. S., Ste. 100 Birmingham, AL 35233 Telephone: (205) 600-5005 E-mail: joe@bulgarella.com - and - Brian R. Walding, Esq. WALDING LLC 2227 1st Ave. S., Ste. 100 Birmingham, AL 35233 Telephone: (205) 307-5050 E-mail: bwalding@waldinglaw.com About Green D Enterprises, Inc. Green D Enterprises, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-80707) on March 25, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Clifton R Jessup Jr. oversees the case. Bulgarella LLC and Walding LLC are Debtor's legal counsel. GWG HOLDINGS: Ankura Sued Over Alleged Fake Accounting ------------------------------------------------------ Alex Wittenberg of Law360 reports that the litigation trustee for bankrupt GWG Holdings has filed suit against Ankura Consulting Group in Texas bankruptcy court, alleging the firm knowingly or recklessly facilitated a massive accounting fraud that led to the company's Chapter 11 case. The lawsuit targets Ankura's role in the company's financial reporting. The complaint contends that Ankura enabled questionable accounting practices that masked GWG's deteriorating financial health. By allegedly supporting these methods, the firm helped the company continue operations and fundraising despite mounting insolvency risks, the report states. Through the lawsuit, the trustee seeks to hold Ankura accountable and recover damages for the benefit of creditors. The action is part of broader litigation tied to GWG’s collapse and restructuring proceedings, according to Law360. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. HAIN CELESTIAL: CastleKnight Entities Hold 8.3% Equity Stake ------------------------------------------------------------ CastleKnight Master Fund LP, together with its affiliates -- CastleKnight Fund GP LLC, CastleKnight Management LP, CastleKnight Management GP LLC, Weitman Capital LLC, and Aaron Weitman -- disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 17, 2026, it beneficially owns 7,595,345 shares of The Hain Celestial Group, Inc.'s common stock, par value $0.01 per share, representing 8.3% of the shares outstanding. CastleKnight Master Fund LP (and the other Reporting Persons) may be reached through: Aaron Weitman (Manager) CastleKnight Management LP 888 Seventh Avenue, 24th Floor New York, New York 10019 Tel: 212-852-6300 A full-text copy of CastleKnight Master Fund LP's SEC report is available at: https://tinyurl.com/3vw5s6mz About Hain Celestial Group The Hain Celestial Group, Inc., a Delaware corporation was founded in 1993. Hain Celestial is a global health and wellness company whose purpose is to inspire healthier living for people, communities and the planet through better-for-you brands. For more than 30 years, Hain Celestial has intentionally focused on delivering nutrition and well-being that positively impacts today and tomorrow. Headquartered in Hoboken, N.J., Hain Celestial's products across snacks, baby & kids, beverages, and meal preparation are marketed and sold in over 70 countries around the world. The Company operates under two reportable segments: North America and International. As of December 31, 2025, total assets were $1,477,410,000, total liabilities were $1,147,165,000, and the Company reported a stockholders' equity of $330,245,000. The Company disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, that there is substantial doubt about the Company's ability to continue as a going concern for at least 12 months due to the uncertainty regarding the Company's ability to refinance or repay its debt due on December 22, 2026 because no such refinancing, retirement or extension has occurred prior to the issuance of the financial statements. HAIN CELESTIAL: Receives Nasdaq Bid Price Deficiency Notice ----------------------------------------------------------- The Hain Celestial Group, Inc. disclosed in a regulatory filing that it received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC informing the Company that its common stock, par value $.01 per share , failed to comply with the minimum bid price required for continued listing on The Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1) based upon the bid price of the Common Stock closing below $1.00 for 30 consecutive business days. * The notice from the Nasdaq Staff has no immediate effect on the listing of the Common Stock on The Nasdaq Global Select Market, and the Company's Common Stock continues to trade on the Nasdaq Global Select Market under the symbol "HAIN." Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until September 21, 2026, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Common Stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days prior to the Compliance Date. * If the Company is unable to regain compliance by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the bid price requirement. To qualify, the Company will be required to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Global Select Market, with the exception of the bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, Nasdaq will notify the Company of its determination to delist the Common Stock, at which point the Company would have an opportunity to appeal the delisting determination to a hearings panel. If the Company does appeal any delisting determination by Nasdaq to the panel, the Company cannot ensure that any such appeal would be successful. The Company intends to actively monitor the closing bid price of the Company's Common Stock and, if necessary, intends to take actions to resolve the deficiency and regain compliance with the bid price requirement, including by effecting a reverse stock split, which the Company currently intends to propose to its stockholders at its 2026 annual meeting of stockholders if the minimum bid price matter is not cured by the Compliance Date. While the Company is exercising diligent efforts to maintain the listing of its Common Stock on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards. About Hain Celestial Group The Hain Celestial Group, Inc., a Delaware corporation was founded in 1993. Hain Celestial is a global health and wellness company whose purpose is to inspire healthier living for people, communities and the planet through better-for-you brands. For more than 30 years, Hain Celestial has intentionally focused on delivering nutrition and well-being that positively impacts today and tomorrow. Headquartered in Hoboken, N.J., Hain Celestial's products across snacks, baby & kids, beverages, and meal preparation are marketed and sold in over 70 countries around the world. The Company operates under two reportable segments: North America and International. As of December 31, 2025, total assets were $1,477,410,000, total liabilities were $1,147,165,000, and the Company reported a stockholders' equity of $330,245,000. The Company disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, that there is substantial doubt about the Company's ability to continue as a going concern for at least 12 months due to the uncertainty regarding the Company's ability to refinance or repay its debt due on December 22, 2026 because no such refinancing, retirement or extension has occurred prior to the issuance of the financial statements. HAIN CELESTIAL: Vanguard Exits Reported Stake After Realignment --------------------------------------------------------------- The Vanguard Group, Inc. disclosed in a Schedule 13G (Amendment No. 16) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of The Hain Celestial Group, Inc.'s Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538, The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/muy47huz About Hain Celestial Group The Hain Celestial Group, Inc., a Delaware corporation was founded in 1993. Hain Celestial is a global health and wellness company whose purpose is to inspire healthier living for people, communities and the planet through better-for-you brands. For more than 30 years, Hain Celestial has intentionally focused on delivering nutrition and well-being that positively impacts today and tomorrow. Headquartered in Hoboken, N.J., Hain Celestial's products across snacks, baby & kids, beverages, and meal preparation are marketed and sold in over 70 countries around the world. The Company operates under two reportable segments: North America and International. As of December 31, 2025, total assets were $1,477,410,000, total liabilities were $1,147,165,000, and the Company reported a stockholders' equity of $330,245,000. The Company disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, that there is substantial doubt about the Company's ability to continue as a going concern for at least 12 months due to the uncertainty regarding the Company's ability to refinance or repay its debt due on December 22, 2026 because no such refinancing, retirement or extension has occurred prior to the issuance of the financial statements. HAIRANDO LLC: Taps Breaud & Meyers APLC as Special Counsel ---------------------------------------------------------- Hairando, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Alan Breaud, Esq. and Timothy W. Basden, Esq. of Breaud & Meyers, APLC as Special Counsel. The firm will provide these services: (a) represent the Debtor relative to one matter in litigation, captioned CHAD HUGHES VS. CONNIE HARGRAVE, ET AL., Docket No. 751774, Division "C," 19th Judicial District Court for the Parish of East Baton Rouge, removed to the U.S. District Court for the Middle District of Louisiana; (b) provide advice and representation in any hearings regarding claims estimation or claims litigation in addition to the matter mentioned above; (c) confer with bankruptcy counsel concerning strategies, claims objections and resolution, certain aspects of plan drafting and confirmation, and other matters related to the Debtor' path forward in chapter 11; and (d) assist bankruptcy counsel in claims adjustment and estimation, litigation as needed. The Debtors request that the Court approve Attorneys "per his existing fee agreement with Debtors." The filing states that the attorneys and the firm "have no connection with the debtor, creditors, or any other party in interest" except as disclosed, and that while they "are not disinterested within the meaning of 11 U.S.C. Sections 327(a) . . . they need not be as provided in 11 U.S.C. Section 1195." The firm can be reached at: Alan Breaud, Esq. Breaud & Meyers, APLC Lafayette, LA About Hairando, LLC Hairando, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 26-10174) on March 2, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Michael A. Crawford presides over the case. H. Kent Aguillard, Esq. represents the Debtor as legal counsel. HAN & JU: Edward Burr Named Subchapter V Trustee ------------------------------------------------ The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Han & Ju, Inc. Mr. Burr 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. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Han & Ju Inc. Han & Ju, Inc., doing business as Kaizen Fusion Roll & Sushi, is a sushi restaurant located in Henderson, Nevada, that serves Japanese cuisine with sushi rolls, sashimi, and other Asian-inspired dishes, and operates an all-you-can-eat dining format. It functions as a casual dining establishment serving local customers with dine-in service at a single location. Han & Ju sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nevada Case No. 26-11720) on March 19, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Kyusik Han, president and director, signed the petition. Judge Natalie M. Cox presides over the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC represents the Debtor as legal counsel. HEALTHCARE FOR ALL: Gets OK to Use Cash Collateral Until April 15 ----------------------------------------------------------------- Healthcare for All Women OB/GYN, PLLC and affiliates received interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. Under the interim order, the Debtors are authorized to use cash collateral from the petition date through April 15 to fund operations in accordance with an approved budget. The Debtors' cash collateral primarily involves funds in which JPMorgan Chase Bank and the U.S. Small Business Administration may assert security interests, as well as certain equipment secured by purchase-money liens. To ensure their interests are protected, the lenders will be granted replacement liens on all of the Debtors' assets and their proceeds in the same order of priority as their pre-petition liens, subject only to carveout for Chapter 11 professional fees, U.S. Trustee fees, and fees of a hypothetical Chapter 7 trustee. As additional protection, the Debtors will remit to the SBA the sum of $731 per month and to JPMorgan up to the amounts set forth in the budget, subject to availability of such funds. The order is available at http://bankrupt.com/misc/HealthcareforAllWomen_CCOrder.pdf The next hearing is set for April 14. The deadline for filing objections is on April 9. About Healthcare for All Women OB/GYN Healthcare for All Women OB/GYN PLLC, which operates a women's health clinic in Great Neck, New York, provides obstetric and gynecological services including preventive care, reproductive health management, and routine screenings. The practice delivers patient-centered care through services such as prenatal management, gynecologic examinations, and diagnostic evaluations, supporting patients across different stages of care within a single clinical setting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-71056) on March 17, 2026. In the petition signed by Sarita Khatri, MD, managing member, the Debtor disclosed $7,306,957 in total liabilities. Robert J. Spence, Esq., at Spence Law Office, P.C., represents the Debtor as bankruptcy counsel. HEAVENLY PET: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, entered a final order authorizing Heavenly Pet Cremations, Inc. to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with an approved 30-day budget, subject to a 10% variance per line item. This authorization continues until further order of the court. The Debtor's budget projects total operational expenses of $61,672. As adequate protection, secured creditor First United Bank and Trust Co. will be granted replacement liens on all of the Debtor's personal property, maintaining the same validity, priority, and enforceability as its pre-petition liens but limited to any diminution in value of its collateral. These liens exclude avoidance actions and are subordinate to a carveout for professional fees, trustee compensation, and U.S. Trustee fees. The order preserves all parties' rights to challenge lien validity and priority. Under the final order, Heavenly Pet Cremations is required to deposit all revenues into debtor-in-possession accounts, maintain insurance, and comply with reporting and operational requirements. In the event of default, the Debtor has a 14-day cure period, after which its right to use cash collateral may be terminated. The final order is available at http://bankrupt.com/misc/HeavenlyPet_FinalCCOrder.pdf About Heavenly Pet Cremations Inc. Heavenly Pet Cremations, Inc. is a Denison, Texas based pet cremation services company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40446) on February 9, 2026. In the petition signed by Daniel Hale, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael S. Mitchell, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. HERITAGE WVILLE: Seeks Chapter 11 Bankruptcy in Washington ---------------------------------------------------------- On March 30, 2026, Heritage Wville, LLC filed for Chapter 11 protection in the Western District of Washington. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Heritage Wville, LLC Heritage Wville, LLC is a Washington-based company engaged in property ownership and management, likely focused on residential or mixed-use real estate assets. Heritage Wville, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10977) on March 30, 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 Timothy W. Dore handles the case. The Debtor is represented by James E. Dickmeyer, Esq. of James E. Dickmeyer, PC. HERNAN REYES: Court Extends Cash Collateral Access to April 14 -------------------------------------------------------------- Hernan Reyes M.D. S.C. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use the cash collateral of Kapitus Servicing, Inc. The court extended the Debtor's authority to use cash collateral to April 14 for payroll and operating expenses under an agreed budget with Kapitus. The Debtor was previously allowed to access cash collateral through March 31 under the court's March 24 interim order. As adequate protection, the Debtor must continue its monthly payments of $5,500 to Kapitus until a Chapter 11 plan is confirmed. Payments must be made through ACH transfer, and the creditor is authorized to debit the Debtor's designated bank account. If an ACH payment is rejected, the Debtor must pay a $75 fee for each failed transaction. In addition, Kapitus will be granted replacement liens on all post-petition assets with the same priority and validity as its pre-bankruptcy liens, along with an administrative expense priority claim to protect against any decline in collateral value resulting from the use of cash collateral. The order further required the Debtor to maintain insurance coverage, preserve collateral, and avoid transferring or disposing of assets outside the ordinary course of business without court approval. The order is available at http://bankrupt.com/misc/HernanReyes_InterimCashCollOrder.pdf The next hearing is set for April 14. About Hernan Reyes M.D. S.C. Hernan Reyes M.D. S.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19154) on December 15, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Jacqueline P. Cox presides over the case. Alexander Tynkov, Esq., at Zalutsky & Pinski, Ltd. represents the Debtor as legal counsel. HERRERA REALTY: Commences Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------------- On March 30, 2026, Herrera Realty LLC filed for Chapter 11 protection in the District of New Jersey. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 6, 2026 at 09:00 AM at Telephonic. Government proof of claim must be submitted no later than September 28, 2026. About Herrera Realty LLC Herrera Realty LLC is a real estate company engaged in property ownership, leasing, and management, likely focused on residential or commercial assets in New Jersey. Herrera Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13458) on March 30, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Karl J. Norgaard, Esq. of Norgaard O'Boyle. HNO INTERNATIONAL: Posts $182K Net Loss in Q1, Warns of Cash Crunch ------------------------------------------------------------------- HNO International, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2026. During the three months ended January 31, 2026, the Company incurred a net loss of $182,069 (compared to net loss of $5,461,393 for the three months ended January 31, 2025) and used cash in operating activities of $125,531, and on January 31, 2026, had stockholders' deficit of $1,697,073. For the three months ended January 31, 2026 and January 31, 2025, the Company generated no revenue. Additionally, the Company have not been able to generate sufficient cash from operating activities to fund its ongoing operations. The Company will be required to raise additional funds through public or private financing, additional collaborative relationships, or other arrangements until the Company is able to raise revenues to a point of positive cash flow. The Company is evaluating various options to further reduce its cash requirements to operate at a reduced rate, as well as options to raise additional funds, including obtaining loans and selling common stock. There is no guarantee that the Company will be able to generate enough revenue and/or raise capital to support operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management is actively seeking additional sources of capital through the sale of equity, advances from related parties, and exploring strategic partnerships. The Company is also focused on attracting suitable investors to support its business plan without relying heavily on existing cash reserves. Additionally, management is implementing cost-saving measures and exploring opportunities to diversify through acquisitions or entering into new markets. However, there can be no assurance that these efforts will result in sufficient funding, and the Company may continue to face substantial uncertainty regarding its ability to achieve profitable operations and sustain its business. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4r7epmyj About HNO International Headquartered in Murrieta, California, HNO International, Inc., a Nevada corporation, focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the near term. Cypress, Texas-based Barton CPA PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated February 6, 2026, attached to the Company's Annual Report on Form 10-K for the year ended October 31, 2025, citing that the Company has sustained significant losses and negative cash flows from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of January 31, 2026, the Company had $1,389,564 in total assets, $3,086,637 in total liabilities, and $1,697,073 in total stockholders' deficit. HOWARD HUGHES: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed The Howard Hughes Corporation's (Howard Hughes or HHC) Ba3 corporate family rating, Ba3-PD probability of default rating and Ba3 senior unsecured notes rating. The outlook remains stable. The speculative grade liquidity (SGL) rating has been upgraded to SGL-2 from SGL-3. The affirmation of the Ba3 rating reflects Moody's expectations of continued solid profitability and improved cash flow generation in 2026 despite a weaker macroeconomic backdrop. Moody's performance expectations for Howard Hughes considers the delivery of The Park luxury condo tower in Hawaii, which is set to be delivered in the Q2 2026 and is 97% pre-sold. Moody's expects land sales in the company's master planned community (MPC) segment to normalize in 2026 following an unusually strong 2025, but still remaining healthy, as well as low single-digit NOI growth from operating assets. RATINGS RATIONALE Howard Hughes' Ba3 CFR is underpinned by robust profitability, benefiting from long-held land assets that have a low-cost basis and continued value creation through the buildout of its MPCs. Ongoing development activity has driven land appreciation and broadened the company's base of income-generating real estate assets. As a result, Moody's expects free cash flow generation will materially improve going forward and Moody's expects annual free cash flow of around $470 million in 2026 and $400 million in 2027. Some uncertainty remains regarding the company's future dividend policy. Moody's expects that most of the company's excess cash will flow back up to its holding company, Howard Hughes Holdings, Inc. (HHH) to support future investments. In December 2025 HHH announced a definitive agreement to acquire private insurance company, Vantage Group Holdings Ltd. for $2.1 billion. Post-acquisition Vantage and HHC will operate independently of one another as subsidiaries under HHH, and for each entity to remain individually capitalized. Constraining credit factors include the company's high leverage at around 60% debt to book capitalization. Moody's expects leverage to improve to 50% by 2027. Credit quality is also constrained by reliance on the HHC's highly profitable, but capital intensive, Hawaii condominium operations, which have an estimated remaining duration of roughly six years, as well as concentration in real estate assets located primarily in Houston, Las Vegas, and Columbia. In addition, the office portfolio faces headwinds from subdued demand amid the shift toward hybrid work arrangements. The SGL-2 speculative grade liquidity rating reflects Moody's expectations of good liquidity for Howard Hughes over the next 12-18 months, which incorporates reduced reliance on external capital to cover capital expenditures and improving positive free cash flow generation. Alternative sources are a key support to the company's overall liquidity profile and include the company's sizable unencumbered portfolio. Unencumbered assets include land located in Houston, Las Vegas, Honolulu, Maryland and Phoenix as well as some operating assets. According to the company, the book value of its unencumbered asset portfolio was about $2.7 billion as of December 31, 2025. On average, Howard Hughes sells around $300 million worth of land per annum to help finance its organic growth. At the current sales volume, Moody's estimates the company's land portfolio would last for more than 30 years. The stable outlook reflects Moody's expectations that Howard Hughes will deliver its next two condo buildings (The Park in 2026; Ritz-Carlton Residences in 2027) on time and within budget. The stable outlook also reflects a continued favorable operating environment for the MPC land sale business, resulting in strong demand for new single-family homes in the company's markets, and material free cash flow generation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would reflect debt to book capitalization below 50% and EBITDA to interest expense plus capitalized interest above 2.0x on a sustained basis. An upgrade would also require maintenance of good liquidity. The ratings could be downgraded should the company's debt to book capitalization increase above 60% and EBITDA to interest expense plus capitalized interest dips below 1.5x. A ratings downgrade could also occur should the company experience any material asset impairments, reduction in unencumbered land value or deterioration in liquidity. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in The Woodlands, Texas, HHC was spun off from General Growth Properties in November 2010. The company operates across three different segments: lot sales to homebuilders from its own master planned communities (MPC); rental and other income from developed mixed use properties (referred to as the Operating Assets segment); and Strategic Developments, which include mixed use properties held for future development and redevelopment. The company's parent, Howard Hughes Holdings, Inc., is publicly traded under ticker HHH on the New York Stock Exchange, however has a nearly 47% ownership concentration with Pershing Square. HUDSON PACIFIC: Vanguard Holds Exits Stake After Realignment ------------------------------------------------------------ The Vanguard Group, Inc. disclosed in a Schedule 13G (Amendment No. 17) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Hudson Pacific Properties Inc's Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538, The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/y3tfu9wh About Hudson Pacific Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009, as a fully integrated, self-administered and self-managed real estate investment trust. Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. * * * In October 2025, S&P Global Ratings affirmed its 'CCC' issue-level rating on Hudson Pacific Properties Inc.'s (HPP) preferred stock. S&P said, "We revised the outlook to stable from negative, reflecting our view of the company's improved liquidity position and eased refinancing concerns. The stable outlook also incorporates our view that HPP's portfolio will likely continue to be challenged despite improved leasing activity. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." HPP's recent refinancing efforts have reduced its near-term refinancing risk and improved its liquidity position. HYPERMIND CORP: Case Summary & 12 Unsecured Creditors ----------------------------------------------------- Debtor: Hypermind Corp. d/b/a Paris Bakery 271 Bonifacio Place Monterey, CA 93940 Business Description: Headquartered in Monterey, California, Hypermind Corp., doing business as Paris Bakery, has operated since the mid-1980s, selling breads, pastries, and cafe items through retail locations in Monterey and Seaside while supplying restaurants, hotels, and coffee houses with wholesale baked goods. Founded by Jackie Jegat, who trained in France, the bakery was sold in 2024 to new owner Hector Capelo, who continues operations offering croissants, baguettes, specialty pastries, and espresso drinks. Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-50528 Judge: Hon. Stephen L Johnson Debtor's Counsel: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 E-mail: af@farsadlaw.com Total Assets: $193,247 Total Liabilities: $1,680,424 The petition was signed by Hector Capelo as CEO. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HGJRORQ/Hypermind_Corp__canbke-26-50528__0001.0.pdf?mcid=tGE4TAMA ICU MEDICAL: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of ICU Medical, Inc. at 'BB' and the senior secured term loan B rating at 'BB+' with a Recovery Rating of 'RR2'. Fitch has revised the Rating Outlook to Stable from Negative. The affirmation and Stable Outlook reflect Fitch's expectation that near-term leverage will remain in the 3.0x-3.5x range and that improving profitability and management's debt reduction over the past two years will support sufficient liquidity and covenant headroom to absorb pressure from exogenous shocks related to geopolitical issues and U.S. trade policies. Key Rating Drivers Margin Improvement Despite Potential Headwinds: Fitch forecasts Fitch-defined EBITDA of $390 million in 2026, reflecting a margin expansion assumption of more than 100 basis points from 16.8% in 2025. Margin expansion in 2026 will be driven by a full-year impact from the disposition of the lower-margin IV Solutions business and cost benefits from manufacturing and supply chain integration. Fitch's 2026 EBITDA projection further incorporates management's assumption of $40 million to $50 million in tariff-related expenses and Fitch's assumed increases in raw material and transportation costs and in commercial spending to support sales of new infusion systems. Fitch assumes EBITDA will grow in the mid- to high-single digits after 2026, reflecting expected incremental benefits from pricing action and operational decisions. While inflation, raw material and shipping expenses, and U.S. trade policies pressure near-term profitability, Fitch expects ICU Medical to have sufficient headroom against the leverage negative sensitivity of 4.0x. Management's commitment to repay debt with excess cash above operating needs supports this view. Deleveraging Progress: Fitch forecasts Fitch-defined EBITDA leverage will continue to decline toward 3.0x by YE 2027 from 3.5x at YE 2025, supported by operational stability, margin improvement and disciplined capital management. ICU Medical has made meaningful progress in balance sheet deleveraging over the past 24 months, reducing debt outstanding and its receivables purchase program (A/R facility), which Fitch treats as debt, with available cash on hand and asset sale proceeds. The assumed deleveraging trajectory is a key rating consideration and will provide substantial financial flexibility to manage near-term operational risks. Growth Opportunities: Excluding the sale of the IV Solutions business, Fitch forecasts revenue growth of 4.0%-5.0% in 2026, driven by expected robust demand for consumables, oncology and tracheostomy product lines, and sales of Plum Solo and Plum Duo to replace older hardware. This is expected to be sufficient to offset the negative impact of lower sales of ambulatory pumps and portfolio rationalization in the Vital Care segment. After 2026, Fitch assumes mid-single-digit revenue growth to reflect assumed share gains in core consumables and certain niche markets, competitive wins in the large-volume pump market and opportunities in the syringe pump segment. Disciplined Capital Deployment: Management is committed to further reduce debt in 2026 and expects to achieve its net leverage goal of 2.0x in early 2027 through debt prepayment and improvement in profitability. Over the rating horizon, Fitch assumes excess cash will be directed toward debt repayment and share repurchases. In the near term, Fitch assumes ICU Medical's internal R&D capabilities are sufficient to support growth opportunities and will limit the need to pursue M&A with scale similar to Hospira and Smiths Medical. The company is assessing options related to its Vital Care business and could accelerate debt repayment plan using asset sale proceeds. Consistent Cash Flow Profile: Fitch assumes ICU Medical will maintain positive cash flow generation over the rating horizon, with Fitch-defined free cash flow (FCF) improving from $83 million in 2025 to $185 million in 2028. This expected improvement is driven by higher earnings, a meaningful reduction in quality remediation and integration activities, and a disciplined approach to inventory management. Over the forecast period, Fitch expects ICU Medical to have sufficient liquidity to cover any short-term requirements. Infusion Therapy Specialist: ICU Medical focuses solely on the infusion therapy market, where it holds leading positions in several infusion consumables and safety categories. This narrow focus supports subject-matter expertise and clinical credibility in a mission-critical therapy area and creates high switching costs through installed pump bases tied to recurring consumables sales. While the IV Solutions transaction reduces product diversification, Fitch believes a focus on innovative product lines will benefit ICU Medical's long-term growth prospects, and enable the company to out-execute larger, more diversified peers in segments they may underprioritize. Product Concentration: The concentration on a single therapy area, however, increases exposure to pricing pressure and hospital purchasing dynamics. Infusion consumables face commoditization and aggressive negotiation from GPOs, while infusion pump sales are cyclical and sensitive to hospital capital spending. Infusion pumps and consumables are structurally defensive, interdependent and embedded in essential clinical workflow; however, several Class I recalls over the past few years have posed meaningful risks to manufacturers. Geographic concentration and a moderate level of product differentiation impose some constraints on ICU Medical's IDR. Peer Analysis The 'BB' IDR reflects ICU Medical's position as one of the largest pure-play infusion therapy companies globally, its significant portion of recurring revenue from infusion consumables and the essentiality of its products in patient care. The credit profile is also supported by improving revenue growth, profitability and cash flow generation, as well as management's efforts to reduce debt over the past two years. However, the company does not have the scale and benefits from geographic and product line diversification that some of its peers do. In the infusion therapy market, ICU Medical competes with Becton, Dickinson & Company (Becton Dickinson; BBB/Stable/Under Criteria Observation) and Baxter International Inc. Becton Dickinson has global leadership positions, scale and distribution networks to compete with top-tier medical technology companies and is expected to maintain leverage at or below 3.0x in the near term. Fitch also compares ICU Medical with Boston Scientific Corporation (Boston Scientific; A-/Positive) and Avantor, Inc. (Avantor; BB+/Stable). Boston Scientific and Avantor are larger in scale and have diverse product offerings. Boston Scientific has a superior innovation profile and a track record of leverage maintenance near its 2.25x and 2.5x target. Fitch’s Key Rating-Case Assumptions - Preferential treatment for USMCA compliant goods, a 25% tariff on non-USMCA compliant goods from Mexico and a 15% tariff on non-exempt goods from Costa Rica. - Revenue of $2.2 billion in 2026, with annual organic growth rate of 3.5%-4.0% thereafter; - Fitch-defined EBITDA of $390 million in 2026, with annual growth rate in the mid-single digits thereafter, reflecting Fitch's margin assumptions of approximately 18% in 2026 and 18%-19% in 2027 and 2028; - Effective interest rates of 5.5%-6.0% over the forecast period, moving with SOFR; - Working capital will be a use of cash, averaging 1.5%-2.0% of revenue annually; - Annual capex of $90 million to $100 million; - FCF of approximately $110 million in 2026, improving gradually to $180 million to $190 million in 2028; - Debt repayment of $100 million and share repurchases of $350 million between 2026 and 2028; - No discretionary FCF directed toward M&A or dividends to shareholders. Corporate Rating Tool Inputs and Scores Fitch scored ICU Medical as follows, using Fitch's Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb+, Lower), Profitability (bb-, Higher), Financial Structure (bbb+, Lower) and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. Recovery Analysis Fitch considers the term loan B as Category 2 first-lien debt because ICU Medical maintains a $150 million revolving A/R facility, which Fitch views to be senior to the senior secured credit facilities in a bankruptcy scenario. Therefore, the term loan B is rated 'BB+'/'RR2', one notch above ICU Medical's 'BB' IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA margins maintained below 15% due to increases in raw material and shipping costs and unmitigated impact from tariffs; - EBITDA leverage sustained above 4.0x, driven by margin contraction and debt-funded capital deployment priorities; - Cash flow from operations (CFO) minus capital expenditures (capex) to debt ratio maintained below 7.5%, driven by increases in non-recurring expenses and ineffective working capital practices. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA margins maintained above 20% due to operation stability, innovative product launches and logistic cost savings; - EBITDA leverage sustained below 3.0x, driven by margin expansion and a conservative capital deployment strategy; - (CFO-capex) to debt ratio maintained above 10%, driven by reduction in quality remediation and integration expenses and effective working capital practices. Liquidity and Debt Structure Liquidity is supported by $308 million in cash on hand and an undrawn revolving credit facility (RCF) of $500 million as of Dec. 31, 2025. Fitch forecasts Fitch-defined CFO of $210 million in 2026 and more than $250 million annually thereafter, which should be sufficient to cover capex and other cash requirements. These sources are sufficient to cover ICU Medical's manageable near-term uses, principally annual term loan amortization of $19 million in 2026 and 2027 and $38 million thereafter. However, debt maturities are concentrated with $545 million and $638 million of debt maturing in 2029 and 2030, respectively. The RCF and term loan A are subject to a springing maturity provision under which they will mature 91 days prior to the maturity date of the term loan B. Issuer Profile ICU Medical develops, manufactures and sells infusion systems, infusion consumables and critical care products used in hospitals, alternative sites and home care settings. It serves customers in more than 100 countries. Summary of Financial Adjustments Fitch adjusts both historical and projected EBITDA to remove non-cash and non-recurring expenses, including stock-based compensation, quality remediation expenses, loss on write-off of assets and legal settlement. Fitch also includes the outstanding amount of the A/R facility in the total debt calculation. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of Fitch's Climate.VS screener did not indicate an elevated risk for ICU Medical. 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 ----------- ------ -------- ----- ICU Medical, Inc. LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ IHN PODIATRY: Gets Final OK to Use Cash Collateral -------------------------------------------------- IHN Podiatry Services, PLLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay court-approved expenses and necessary operating costs outlined in an attached budget, with flexibility of up to 10% per line item. The Debtor may also use additional funds if explicitly approved in writing by the secured creditors, including Apex Commercial Capital Corp, Bankers Healthcare Group, GTE Federal Credit Union, and the SBA. This authorization remains in effect until further court order. Secured creditors will be granted replacement liens on post-petition cash collateral, maintaining the same priority and validity as their pre-petition interests. IHN must comply with all obligations as a debtor-in-possession, including maintaining proper records and granting secured creditors access to business records and premises. The Debtor is also required to maintain insurance coverage in accordance with loan agreements. The final order preserves the rights of all parties and allows for future requests to modify protections or restrict collateral use. The final order is available at http://bankrupt.com/misc/IHNPodiatry_FinalCCOrder.pdf About IHN Podiatry Services PLLC IHN Podiatry Services, PLLC, operating as Bedside Wound Care, provides in-home wound care services to patients in Lakeland, Florida, and surrounding areas, specializing in chronic wounds, post-surgical wounds, and diabetic foot ulcers. It offers wound assessment, debridement, and foot and ankle care, delivering personalized treatment plans tailored to individual patient needs. Its services aim to improve healing outcomes, reduce complications, and enhance patient convenience by bringing professional wound care directly to the home. IHN Podiatry Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00384) on January 21, 2026, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee. Judge Luis Ernesto Rivera II oversees the case. The Debtor is represented by: Erik Johanson, Esq. Erik Johanson PLLC Tel: 813-210-9442 Email: ecf@johanson.law IMMACULATE WINKS: Court OKs Tampa Property to By Gary for $930K --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted Immaculate Winks LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is engaged in the business of providing cosmetology services and owns the Property where it conducts its business. The Debtor leases suites within the Property to other businesses to help offset the costs of owning the Property. The Debtor's Property is a commercial property located at 3811 West Sligh Avenue, Tampa, Florida. The Debtor filed this case after determining that a sale of the Property was in the best interest of the Debtor's estate and its creditors. Specifically, the Debtor has equity in the Property that it will use to satisfy the claims of its creditors, with the only remaining obligation being the Debtor's EIDL loan with the SBA. The sale will allow the Debtor to continue operating its cosmetology business with reduced overhead costs. Following the sale of the Property, the Debtor will lease space and continue its cosmetology business. The Court has authorized the Debtor to sell the Property to By Gary, LLC for the purchase price of $930,000. The Debtor is authorized to agree to the Contract without the need for further motion, hearing, or order, and is further authorized to make any amendments to the Contract provided that the material terms of the Sale are consistent with those approved by the Order. The Debtor is authorized to take any and all actions and to execute all documents which are necessary and appropriate to effectuate and consummate the terms of the Sale, including executing a deed conveying the estate's interest in the Property. For avoidance of doubt, the Debtor is authorized to execute all documents to effect the Sale of the Property. The terms and provisions of this Order shall be binding in all respects upon the Purchaser and the Debtor, the estate and any trustees thereof, and all creditors and members of the Debtor, all interested parties and their respective successors and assigns, including, but not limited to, any creditor asserting an interest in the Property. In the event that the Debtor files an objection to the GILT Claim before the closing of the Sale, then GILT shall only receive $416,000 from the proceeds of the Sale at closing. The Escrow Agent shall retain $184,000 of the sale proceeds until either: (a) the Debtor and GILT agree to the amount that GILT may receive on account of the GILT Claim, plus any amounts GILT is entitled under Section 506(b) of the Bankruptcy Code. The Purchaser is a good-faith purchaser entitled to the benefits and protections. About Immaculate Winks LLC Immaculate Winks, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06837) on September 18, 2025, with $500,001 to $1 million in assets and liabilities. Judge Catherine Peek McEwen presides over the case. Andrew J. Wit, Esq., represents the Debtor as counsel. INNOVATE CORP: BDO USA, P.C. Raises Going Concern Doubt ------------------------------------------------------- INNOVATE Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $64 million for the year ended December 31, 2025, compared with a net loss of $39.7 million for the year ended December 31, 2024. Total revenue for the year ended December 31, 2025 were $1,246.0 million compared with $1,107.1 million in the prior period Atlanta, Georgia-based BDO USA, P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has significant upcoming maturities of its debt obligations and is subject to certain cross-default provisions. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The principal conditions leading to this conclusion are the upcoming maturities of the Company's debt obligations. Based on these conditions, the Company may not be able to meet its obligations at maturity nor comply with certain cross-default provisions under the 2027 Senior Secured Notes over the next twelve months, or any potential breach of the milestone covenant of the 10.50% 2027 Senior Secured Notes Indenture which has required the Company to commence a sales process for all or substantially all of DBM Global's assets or equity interests in accordance with certain dates and deadlines. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations. The potential inability to refinance or extend the maturity of the aforementioned current debt, or to obtain additional financing, raises substantial doubt about the Company's ability to continue as a going concern. The Company plans to alleviate these conditions through various initiatives it is currently exploring, including pursuing asset sales, and potentially refinancing debt and raising additional capital. However, there can be no assurance that the Company will have the ability to be successful in any asset sales, additional capital raises or the refinancing of its existing debt, on attractive terms or at all, nor any assurances that lenders will provide additional extensions, waivers or amendments in the event of future non-compliance with the Company's debt covenants or other possible events of default. Further, there can be no assurance that the Company will be able to execute a reduction, extension, or refinancing of the debt, or that the terms of any replacement financing would be as favorable as the terms of the debt prior to the maturity dates. There can be no assurance that these plans will be successfully implemented or that they will mitigate the conditions that raise substantial doubt about the Company's ability to continue as a going concern. While the Company have noted the conditions regarding its ability to continue as a going concern, it is important to note that its largest subsidiary, DBMG, is operationally profitable, continues to maintain a strong financial position and remains in good standing with its lenders. Under INNOVATE's Senior Secured Notes Indenture, DBMG is a restricted subsidiary, not a guarantor, and INNOVATE's equity interests in DBMG are pledged as collateral. * DBMG reported fourth quarter 2025 revenue of $373.9 million, an increase of 65.7%, compared to $225.7 million in the prior year quarter. Net income attributable to INNOVATE was $10.6 million, compared to $8.7 million for the prior year quarter. Adjusted EBITDA increased to $28.0 million from $17.4 million in the prior year quarter. * DBMG reported gross margin of 14.7% in the fourth quarter, a compression of approximately 350 basis points year-over-year and Adjusted EBITDA margin of 7.5% in the fourth quarter, a compression of approximately 20 basis points year-over-year. * DBMG's reported backlog and adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $1.7 billion and $1.8 billion respectively, as of December 31, 2025, compared to reported and adjusted backlog of $1.0 billion and $1.1 billion, respectively, as of December 31, 2024. * DBMG exited 2025 with strong operating momentum, driven by improving demand across markets and a growing backlog that reinforces visibility into future revenue. Commentary "INNOVATE delivered strong results to close the year, delivering top line growth of 12.5% in 2025," said Avie Glazer, Chairman of INNOVATE. "Our Infrastructure segment, led by DBM Global, continues to gain momentum and is seeing meaningful activity ramp up in the New York City market. During the quarter, we added a significant amount to our backlog that now totals $1.8 billion, which further strengthens our visibility. Across Life Sciences, we continue to see consistent sales. As we announced in the fourth quarter, MediBeacon received approval from the U.S. Food and Drug Administration for the next generation MediBeacon(R) TGFRTM System and R2 continues to show accelerating international demand demonstrated by a large, multi-year minimum purchase commitment in China. And while we experienced a softened advertising market in 2025, Spectrum is poised for a more successful 2026 built on the foundation of favorable contracts with growing revenue opportunities." "Across INNOVATE, we are advancing our strategic priorities and strengthening the foundation of the Company," said Paul Voigt, Interim CEO of INNOVATE. "DBM Global continues to demonstrate strong operation execution, translating strong 2025 bookings into a robust backlog, supporting a solid base of work for 2026. At the same time, MediBeacon officially initiated its Center of Excellence commercial rollout in the United States, which serves as a pivotal step in continuing our goal to improve kidney health. And at Spectrum, we remain encouraged by favorable FCC rulings for LPTV broadcasters and by the continued success of our collaborative trials with a major mobile wireless carrier in several major markets. These wins, combined with our continued emphasis on financial discipline and prudent capital allocation, position INNOVATE to build momentum into the coming year." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/43dyfphd About Innovate INNOVATE Corp. is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of non-controlling equity interest positions or debt instruments. The Company's shares of common stock trade on the New York Stock Exchange under the symbol "VATE". As of December 31, 2025, the Company had $950.1 million in total assets and $1,165.4 million in total liabilities, $10.9 million in total temporary equity, and total stockholders' deficit of $226.2 million. INNOVATIVE INDUSTRIAL: Vanguard Exits Stake After Realignment ------------------------------------------------------------- The Vanguard Group, Inc. disclosed in a Schedule 13G (Amendment No. 7) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Innovative Industrial Properties Inc's Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538, The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/2ju4cyu5 About Innovative Industrial Properties Inc. Innovative Industrial Properties, Inc. is an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. The Company have acquired and intend to continue to acquire its properties through sale-leaseback transactions and third-party purchases. The Company have leased and expects to continue to primarily lease its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. The Company's independent auditor, Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 24, 2026, citing the Company's significant outstanding debt obligation that matures within the next 12 months raises substantial doubt about the Company's going concern. As of December 31, 2025, the Company had $2.4 billion in total assets, $522.9 million in total liabilities, and $1.8 billion in total stockholders' equity. INTERCHANGE LOGISTICS: Unsecureds to Split $33K over 36 Months -------------------------------------------------------------- Interchange Logistics, LLC submitted a Second Combined Disclosure Statement and Plan of Reorganization dated March 24, 2026. The Debtor has proposed a reorganization plan. In general, the Plan provides for the Debtor to retain ownership of five pieces of trucking equipment, and to surrender the remaining financed equipment. The Debtor proposes to pay a cramdown/bifurcated secured claim to Tioga Franklin Savings Bankand will reclassify all other secured creditors as unsecured. The Debtor will make payments to creditors over a period of thirty-six months. Under this plan, the Debtor will pay a total of $33,000 to general unsecured creditors, to be distributed pro rata. Distributions under the plan will commence on the fifteenth of the month following the Effective Date of the Debtor's Chapter 11 Plan. Distributions to administrative and secured creditors will be made monthly. Distributions to other priority unsecured and general unsecured creditors will be made quarterly, on 15th of every month (or third month of the quarter, as applicable). The Plan will provide for a repayment period of three (3) years. Class 6 consists of all nonpriority unsecured creditors. Allowed General Unsecured Creditors to receive $33,000, pro rata. Payment Terms: * Months 1 – 3: $0.00 * Months 4 – 26: $1,000 per month, payable quarterly, in months 6, 9, 12, 15, 18, 21, 24, 27, 30, 33, 36. The Debtor will fund payments under the Plan through cash on hand at the time of confirmation and future earnings. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including without limitation, licenses, furniture, fixtures and equipment, will revert to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. Plan payments will commence the fifteenth day of the month following the effective date of the Plan. A full-text copy of the Second Combined Disclosure Statement dated March 24, 2026 is available at https://urlcurt.com/u?l=lpio0m from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel Reinganum, Esq. Law Offices of Daniel Reinganum 615 White Horse Pike Haddon Heights, NJ 08035 Telephone: (856) 548-5440 Email: Daniel@ReinganumLaw.com About Interchange Logistics Interchange Logistics, LLC, a New Jersey for Profit Limited Liability Company, provides trucking and hauling services. Interchange Logistics, LLC provides interstate freight transportation services in the United States, operating as an asset-based motor carrier with company-owned tractors and trailers. Interchange Logistics filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-23199) on Dec. 14, 2025, listing $209,265 in assets and $1,652,891 in liabilities. The petition was signed by Zeb M. Campagna as managing member. Judge Andrew B Altenburg Jr presides over the case. Daniel Reinganum, at LAW OFFICES OF DANIEL REINGANUM, is the Debtor's counsel. IVANHOE MINES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Ivanhoe Mines Ltd.'s Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also affirmed its USD750 million senior unsecured notes at 'B' with a Recovery Rating of 'RR4'. The ratings are constrained by a weak operating environment in the Democratic Republic of Congo (DRC), where Ivanhoe's key assets are located. They also reflect some execution risk linked to production volumes at Kamoa-Kakula following a seismic event in 2025, with repatriation proceeds from the copper mine now expected to start only in 2028. The assets are among the largest mines for the respective metals and feature high grades; however, they sit in the third quartile of the global cost curve, with ongoing efforts to reduce costs over the medium term. The rating also considers offshore structural enhancements, with a minimum liquidity reserve at the holding company of over USD100 million and the ability to maintain 40% of export proceeds in offshore bank accounts. Key Rating Drivers Revised Mine Plan for Kamoa-Kakula: The mine experienced seismic activity in May 2025, which led to flooding of some mining areas. Pumping capacity was materially increased to facilitate de-watering and the mine plan has been revised, based on expert guidance, including new pillar designs and updated extraction sequencing. As a result, production guidance was lowered to 380,000-420,000 tonnes in 2026 and 500,000-540,000 tonnes in 2027; the company expects to publish a technical report for the mine in the next few weeks. The smelter was commissioned at end-2025 and is producing 99.7% copper anode. Ivanhoe is targeting 20% cash cost improvements by end-2027 from USD2.80 per pound in 2H25, due to savings from operating its own smelter and improving ore grades. Platreef Phase 2 Progressing: In South Africa, Ivanhoe is developing a mine to produce platinum group metals (PGMs), copper and nickel from a polymetallic ore body. Phase 1 is ramping up in 2026. Phase 2 development with an estimated cost of USD1.2 billion is underway and expected to be delivered by 2028, with production increasing to above 450,000 ounces from 100,000 ounces of precious metals (platinum, palladium, rhodium and gold) at very competitive cost compared with South African and North American producers. From 2029 the project will contribute positive free cash flow and enhance financial flexibility. Cash Flow Dynamics: Fitch expects Ivanhoe to spend USD155 million a year on corporate costs and exploration activity (part of which is discretionary). Consolidated earnings from Kipushi and Platreef may be insufficient to pay for this expenditure plus cash interest and working capital over the next three years, but receipts from Kamoa-Kakula will boost operating cash flow to USD400 million-500 million from 2028, based on Fitch's price assumptions. Earnings Lifting from 2028: Fitch forecasts EBITDA in a range of USD50 million-100 million for 2026 and 2027. This will lift to above USD250 million from 2028, driven by Platreef Phase 2 production. Fitch anticipates that Kamoa-Kakula will return at least USD450 million of shareholder loans from 2028, based on production volumes of 500,000 tonnes at Fitch's price deck. This reflects a conservative estimate of distributions, given operational disruptions in 2025, plus potential further expansion and capex at Kamoa-Kakula. Leverage Trajectory Remains Intact: Operational disruptions at Kamoa-Kakula had required additional capital contributions into the joint venture and shareholder returns are likely to start only in 2028. However, Ivanhoe issued new equity of USD564 million in 2025 and the PGM price outlook has improved, so Fitch forecasts EBITDA gross leverage (which incorporates consolidated EBITDA plus repatriation proceeds from Kamoa-Kakula) to drop to 2.8x in 2028 and to 2.5x in 2029 as operating cash flow strengthens. Forecasts for consolidated leverage in 2026 and 2027 are not meaningful as EBITDA does not reflect the earnings capacity of the business in those years. Large Asset Scale: Ivanhoe's assets will be among the 10 largest mines for copper, zinc and precious metals globally once they ramp up: over 500,000 tonnes of copper at Kamoa-Kakula over the medium term; 240,000-290,000 tonnes of zinc in concentrate at Kipushi and at least 450,000 ounces of precious metals in concentrate at Platreef from 2029. Repatriation of Funds in Focus: Both Kamoa-Kakula and Kipushi will initially amortise some operating company debt. Thereafter, the shareholder agreement seeks to i) retain minimum liquidity buffer at both opcos and then use residual cash flow to ii) distribute 20% net income of the previous reporting period (payable in September) and iii) pay accrued interest and principal on shareholder loans quarterly. Ivanhoe has about USD2.4 billion of shareholder loans outstanding to Kamoa-Kakula and USD1 billion to Kipushi. Offshore Treasury Enhancements: The DRC mining code allows for 40% of export proceeds to be maintained in offshore bank accounts until the inbound investment has been amortised. Those cash balances can be used to pay for goods and services procured internationally, pay dividends and service inter-company loans from shareholders. Fitch expects that Ivanhoe will maintain hard-currency debt service cover at the holding company in excess of 1x, with much stronger coverage in some years, which supports its IDR. Peer Analysis First Quantum Minerals Ltd. (B/Stable) is a major copper producer and derives, following curtailment of its Cobre Panama mine, substantially all its earnings from Zambia, also a country with a weak operating environment and where mining royalties were increased in October 2018, not dissimilar to DRC. Zambia does not have repatriation requirements for export proceeds, while in DRC 60% of proceeds need to be repatriated. Both companies have similar copper production guidance for 2026 and operate their own smelters. First Quantum's costs are slightly higher as the mines in Zambia have much lower copper grades. Further, Ivanhoe's reported costs were visibly higher due to lower volumes processed in 2025 and additional costs linked to the seismic event, with initiatives underway to optimise the revised mine plan and operations at the new smelter. Ivanhoe also benefits from commodity diversification into zinc and PGMs. Fitch expects First Quantum to maintain EBITDA gross leverage below 4x over the next four years, while Ivanhoe is anticipated to have lower leverage at below 3x from 2028. Fitch’s Key Rating-Case Assumptions - Copper price (LME spot) of USD11,500/t for 2026, USD11,000/t for 2027 and USD10,000/t each in 2028 and 2029 - Zinc price (LME spot) of USD3,000/t for 2026, USD2,800/t for 2027, USD2,600/t for 2028 and USD2,650/t for 2029 - Nickel, platinum, palladium and gold prices in line with Fitch's price deck - Volumes for Kamoa-Kakula at the low point of management guidance and flat at 500,000 tonnes from 2028; volumes for Kipushi at the mid-point of management guidance and broadly flat beyond 2027; a ramp-up towards 450,000 ounces (platinum, palladium, rhodium and gold) for Platreef by 2029, with meaningful volumes starting in 2028 - Capex of USD425 million in 2026, USD435 million in 2027, and USD350 million each in 2028 and 2029 - Repatriation of funds from Kamoa-Kakula of USD450 million in 2028 and 2029, strongly contributing to funds flow from operations and cash flow from operations - Small dividends in the single-digit US dollar million range, if any 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, Lower), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Lower), Company Operational Characteristics (b, Higher), Profitability (bb-, Moderate), Financial Structure (b-, Moderate), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the forecast year 2026, 5% for the forecast year 2027, 50% for the forecast year 2028 and 40% for the forecast year 2029. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'b+' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Country Ceiling considerations apply and result in no adjustment. Recovery Analysis Its recovery analysis assumes that Ivanhoe would be liquidated rather than restructured as a going-concern (GC) in a default, monetising its holding in Kamoa-Kakula, mineral properties and other assets. Fitch applied an advance rate of 50% for property, plant and equipment and mineral property rights, based on the young age of most of those assets and high-grade mineralisation in some of the license areas. The Kamoa-Kakula holding (40%) is valued at USD1.7 billion, based on GC EBITDA of USD1.8 billion (for the whole operation; 100%) in a financial distress, after applying a 4x multiple and repayment of outstanding debt. The 4x multiple reflects a lack of history of distressed sales in the DRC and the potential for the government to intervene in any sale process. The distributable value is applied first to secured creditors, second to bank creditors of the opcos and third to financial creditors at the holding company; the latter amounts to USD750 million of notes and USD120 million revolving credit facilities. After deducting 10% for administrative claims and taking into account Fitch's Country-Specific Treatment of Recovery Ratings Criteria, its waterfall analysis generated a waterfall-generated recovery computation (WGRC) in the 'RR4' band, indicating a 'B' senior unsecured rating. The Recovery Rating for corporate issuers in the DRC and South Africa is capped at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to maintain hard-currency debt service coverage comfortably above 1x at the holding company - Fitch-defined EBITDA gross leverage above 4.0x once repatriation of funds from Kamoa-Kakula has commenced - Operational disruptions or regulatory developments in the DRC that lead to operating cash flow remaining well below USD300 million in 2028 Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Material cash flow contributions from countries with a stronger operating environment, including South Africa - Improvement in the credit profile of the sovereign DRC, together with Fitch-defined EBITDA gross leverage sustained below 3.0x and funds flow from operations above USD500 million - Improvement of the operating environment in DRC Liquidity and Debt Structure At end-2025, Ivanhoe held USD852 million of cash (excluding funds held in the DRC and restricted cash held by Ivanplats) and a fully undrawn USD120 million revolving credit facility that matures in December 2027 (with a one-year extension option at lender discretion). Fitch expects Ivanhoe to maintain minimum liquidity of USD200 million in the consolidated group over time, including over USD100 million at the holding company. The senior secured debt facilities for Platreef were upsized in 1Q26 to USD700 million from USD150 million to support the Phase 2 capex. Issuer Profile Ivanhoe is a diversified mining group operating the Kamoa-Kakula copper mine (39.6% ownership) and Kipushi zinc mine (62% ownership) in the DRC and developing a scalable PGM mine in South Africa (64% ownership). 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 Ivanhoe. 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 ----------- ------ -------- ----- Ivanhoe Mines Ltd. LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B J.A. CARRILLO: Court OKs $500K DIP Loan, Cash Collateral Access --------------------------------------------------------------- J.A. Carrillo Construction, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Washington to obtain debtor-in-possession financing to get through bankruptcy. Under the final order, the Debtor is authorized to obtain DIP loan from its principal, Jose Carrillo, in an amount not to exceed $500,000, with interest accruing at 6.75% per annum. The Debtor intends to use the loan proceeds solely for payroll and related operating expenses in accordance with an approved budget. To secure the Debtor's DIP loan obligations, Mr. Carrillo was granted an administrative expense claim under 11 U.S.C. Section 364(c). In addition, the lender is entitled to all the rights, privileges, and benefits with respect to the DIP loan obligations. The final order also authorizes the Debtor to use cash collateral to fund its operations. The order is available at http://bankrupt.com/misc/JACarrillo_FinalCCOrder.pdf About J.A. Carrillo Construction J.A. Carrillo Construction, LLC provides drywall services and metal-stud framing for multifamily projects, including apartment complexes, retirement homes, hotels, and mixed-use commercial buildings across the Puget Sound region in Washington. The Company works with general contractors, builders, and developers on new construction drywall and complete drywall service packages throughout the state. J.A. Carrillo Construction filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13492) on December 10, 2025, listing up to $3,009,770 in total assets and up to $3,726,313 in total liabilities. The Debtor tapped Faye C. Rasch, Esq., at Wenokur Riordan PLLC as counsel and Duncan & Schuler CPA, PLLC as accountant. KABUKI LLC: Seeks to Tap Breaud & Meyers as Special Counsel ----------------------------------------------------------- KABUKI, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Alan Breaud, Esq. and Timothy W. Basden, Esq. of Breaud & Meyers, APLC, in Lafayette, LA, to serve as special counsels. The firm will provide these services: (a) represent the Debtor relative to one matter in litigation titled Chad Hughes vs. Connie Hargrave, et al., Docket No. 751774; (b) provide advice and representation in any hearings regarding claims estimation or claims litigation; (c) confer with bankruptcy counsel concerning strategies, claims objections and resolution, plan drafting, confirmation, and other matters related to the Debtor’s path forward in Chapter 11; and (d) assist bankruptcy counsel in claims adjustment and estimation and litigation as needed. The motion states that the amount owed to attorneys is less than $10,000, and attorneys may be approved per their existing fee agreement with the Debtors. According to court filings, the attorneys are "disinterested persons" as that term is defined in Section 1195 of the Bankruptcy Code. The firm can be reached at: Alan Breaud, Esq. Timothy W. Basden, Esq. Breaud & Meyers, APLC 420 Oil Center Dr Lafayette, LA, 70503 Phone: (337) 266-2200 About Kabuki, LLC Kabuki, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. La. Case No. 26-10173) on March 2, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. Judge Michael A. Crawford oversees the case. H. Kent Aguillard and Caleb K. Aguillard are Debtor's legal counsel. KAIMUKI REALTY: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Kaimuki Realty Co., LLC, according to court dockets. About Kaimuki Realty Co. LLC Kaimuki Realty Co. LLC is a single-asset real estate company that holds a residential property in Plant City, Florida, valued at $685,000. Kaimuki Realty Co. LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00988) on Feb. 9, 2026. In the petition signed by Morris Williams, manager, the Debtor disclosed $685,000 in total assets and $1,091,421 in total liabilities. Judge Caryl E. Delano oversees the case. Samantha Dammer, Esq., at Bleakley Bavol Denman & Grace serves as the Debtor's counsel. KARYOPHARM THERAPEUTICS: Secures $30MM via Private Placement ------------------------------------------------------------ Karyopharm Therapeutics Inc. disclosed in a regulatory filing that it entered into a Securities Purchase Agreement with RA Capital Management, pursuant to which the Company agreed to issue and sell: (i) 1,030,354 shares of its common stock, par value $0.0001 per share, at a purchase price of $6.785 per share and, in lieu of Common Stock, pre-funded warrants to purchase up to 3,391,164 shares of Common Stock at a purchase price of $6.7849 per pre-funded warrant, and (ii) accompanying warrants to purchase 4,421,518 shares of Common Stock with an exercise price of $10.00 per share to the Investor in a private placement. The Private Placement closed on March 26, 2026 and resulted in gross proceeds of approximately $30 million, before placement agent fees and offering expenses. In addition, in March 2026, the Company issued and sold an aggregate of 2,994,441 shares of Common Stock under its Open Market Sale AgreementSM, by and between the Company and Jefferies LLC, dated February 17, 2023 for total proceeds, net of sales commissions, of approximately $19.8 million, which amount includes the 1,100,844 shares disclosed by the Company in its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on March 24, 2026. Following the closing of these transactions, the Company will have 22,543,316 shares of Common Stock outstanding and pre-funded warrants to purchase an aggregate of 4,005,556 shares of Common Stock outstanding. The Company expects that its existing liquidity, including cash, cash equivalents and investments, as well as cash flow from net product revenue and license and other revenue, will enable it to fund its current operating plans into late in the third quarter of 2026. About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 19, 2025, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $96.23 million in total assets, $365.49 million in total liabilities, and $269.26 million in total equity. KITCHEN AND BATH: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, is set to hold a hearing today to consider final approval of Kitchen and Bath Design Center, Inc.'s motion to use cash collateral. The Debtor's authority to use cash collateral under the court's March 25 interim order expires today. The initial order authorized the Debtor to use up to $34,584.57 in cash collateral for ordinary business expenses in accordance with an approved budget. The order granted the U.S. Small Business Administration protection through replacement liens on the Debtor's assets (excluding Chapter 5 avoidance actions), with the same validity, priority, and perfection as its pre-petition liens. The order did not require immediate payments to the SBA as protection. A copy of the initial order and the Debtor's budget is available at https://shorturl.at/ql1cE from PacerMonitor.com. About Kitchen and Bath Design Center Inc. Kitchen and Bath Design Center Inc., operating as The Design Center, a Texas-based kitchen and bathroom design retailer. The company specializes in custom kitchen and bathroom design services, cabinetry, fixtures, and related home improvement products. Kitchen and Bath Design Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42476) on August 26, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Cantey Hanger, LLP. KITCHEN MAN: Court OKs Continued Access to Cash Collateral ---------------------------------------------------------- The Kitchen Man Inc. received ninth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. The ninth interim order authorized the Debtor to use cash collateral for post-petition operating expenses as set forth in its budget, which projects total operational expenses of $189,514.41 for the period from April 18 to May 17. As adequate protection, secured creditors including NFS Capital, LLC, Pearl Delta Funding, LLC and Corporation Service Company, which hold UCC-1 liens, will receive replacement post-petition liens on the Debtor's property, receivables, and other assets. The immediate use of cash collateral is necessary to avoid irreparable harm and ensure continued operations, which generate the largest source of funds for creditors, according to the Debtor. A further hearing is scheduled for April 28. About The Kitchen Man Inc. The Kitchen Man Inc. specializes in custom countertop installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03176) on August 18, 2025. In the petition signed by Chris Dabideen, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the Debtor as legal counsel. LANE LIVING: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Lane Living Management LLC 3122 Universal Street Pittsburgh, PA 15204 Chapter 11 Petition Date: April 3, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-20954 Debtor's Counsel: Dennis J. Spyra, Esq. DENNIS J. SPYRA, ESQ. 1711 Lincoln Way White Oak, PA 15131 Tel: (412) 673-5228 Fax: (412) 774-1713 E-mail: dennis@spyralawoffice.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Devon Lane as president and owner. The Debtor has confirmed in the petition that it has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N4QVABI/Lane_Living_Management_LLC__pawbke-26-20954__0001.0.pdf?mcid=tGE4TAMA LEESTMA MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Leestma Management, LLC 26-02696 1900 Gulf Drive North Unit 7 Bradenton Beach FL 34217 Adelaide Pointe QOZB, LLC 26-02698 1204 W. Western Avenue Muskegon MI 49441 Adelaide Pointe Boaters Services LLC 26-02699 400 Adelaide Circle Muskegon MI 49441 Adelaide Pointe Building 1, LLC 26-02700 901 Adelaide Circle Muskegon MI 49441 Waterland Battle Creek, LLC 26-02701 77 East Michigan Avenue Battle Creek MI 49017 Business Description: Leestma Management, LLC, based in Bradenton Beach, Florida, manages real estate investments and development projects, including the Adelaide Pointe waterfront complex along Muskegon Lake, Michigan, a mixed-use development held through affiliated entities such as Adelaide Pointe Building 1, LLC, Adelaide Pointe QOZB, LLC, Adelaide Pointe Boaters Services, LLC, and Waterland Battle Creek, LLC. The company oversees marina operations, residential and commercial property management, and broader development activities, consolidating operational and brand control under the Adelaide Pointe trademark. Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court Middle District of Florida Debtors' Counsel: David Jennis, Esq. JENNIS MORSE 606 East Madison Street Tampa FL 33602 Tel: 813-229-800 Email: djennis@jennislaw.com Leestma Management, LLC's Estimated Assets: $50 million to $100 million Leestma Management, LLC's Estimated Liabilities: $50 million to $100 million Adelaide Pointe QOZB's Estimated Assets: $10 million to $50 million Adelaide Pointe QOZB's Estimated Liabilities: $10 million to $50 million Adelaide Pointe Boaters' Estimated Assets: $1 million to $10 million Adelaide Pointe Boaters' Estimated Liabilities: $1 million to $10 million Adelaide Pointe Building's Estimated Assets: $10 million to $50 million Adelaide Pointe Building's Estimated Liabilities: $10 million to $50 million Waterland Battle Creek's Estimated Assets: $1 million to $10 million Waterland Battle Creek's Estimated Liabilities: $100,000 to $500,000 The petitions were signed by Ryan M. Leestma as member. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/JGXLVBA/Leestma_Management_LLC__flmbke-26-02696__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AJZJ6TA/Waterland_Battle_Creek_LLC__flmbke-26-02701__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JDX37UI/Adelaide_Pointe_QOZB_LLC__flmbke-26-02698__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/QN6ALYY/Adelaide_Pointe_Boaters_Services__flmbke-26-02699__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AMPZN4I/Adelaide_Pointe_Building_1_LLC__flmbke-26-02700__0001.0.pdf?mcid=tGE4TAMA LEO CHULIYA: Gets Final OK to Use Cash Collateral ------------------------------------------------- Leo Chuliya, Ltd. received final approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in the ordinary course of business in accordance with an approved budget. The U.S. Small Business Administration holds a perfected first-priority security interest in the Debtor's assets, including cash, receivables, and personal property, arising from CARES Act-related financing. The Debtor acknowledged that this cash collateral is essential to maintaining operations and preserving the value of the estate. As protection, the SBA will receive replacement liens on all current and future assets of the Debtor, plus a superpriority administrative expense claim for any loss in collateral value. These liens are automatically perfected and maintain the same priority as pre-petition liens. The order requires the Debtor to file detailed monthly financial reports and preserves the rights of all parties to challenge lien validity or seek additional relief. The provisions remain effective unless modified by the court. The final order is available at http://bankrupt.com/misc/LeoChuliya_FinalCCOrder.pdf About Leo Chuliya Ltd Leo Chuliya Ltd owns and manages a restaurant specializing in Szechuan cuisine for over 10 years. It serves wholesome food in a family style setting. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 24-22563) before Judge Sean H. Lane, on June 24, 2024, listing under $100,000 in assets and under $500,000 in liabilities. The Debtor elected to be treated as a small business under Subchapter V. Nat Wasserstein serves as the Subchapter V trustee. Anne J. Penachio, Esq., at Penachio Malara LLP, is the Debtor's legal counsel. LIA HOSPITALITY: Section 341(a) Meeting of Creditors on April 23 ---------------------------------------------------------------- On March 23, 2026, LIA Hospitality Group LLC filed for Chapter 11 protection in the Southern District of Indiana. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on April 23, 2026 at 01:00 PM Eastern via a teleconference at 888-330-1716; passcode 6790688. About LIA Hospitality Group LLC LIA Hospitality Group LLC is a hospitality management company based in Indiana, operating in the hotel and lodging sector, including hotel operations, property management, and related services for commercial clients. LIA Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01663) on March 23, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Andrea K. McCord handles the case. The Debtor is represented by Preeti Gupta, Esq. of Preeti (Nita) Gupta, Attorney. LIFE CARE: Fitch Affirms 'BB+' IDR, Outlook Stable -------------------------------------------------- Fitch Ratings has affirmed Life Care Ponte Vedra, FL's (dba Vicar's Landing; VL) Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed approximately $84 million of series 2021A fixed rate revenue bonds issued by the St. Johns County (FL) Industrial Development Authority on behalf of VL at 'BB+'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Life Care Ponte Vedra, Inc. (FL) LT IDR BB+ Affirmed BB+ Life Care Ponte Vedra, Inc. (FL) /General Revenues/1 LT LT BB+ Affirmed BB+ The affirmation of the 'BB+' rating reflects VL's attractive location, high-end service offerings, considerable pricing power, and historically good cost management despite recent expense pressures. The rating also considers a comparatively thinner financial profile. The Stable Outlook reflects substantial progress towards completion of Phase III of the Oak Bridge project, which will add 43 assisted living (AL) and 18 memory care (MC) units, as well as related common areas. Construction remains on-budget and on-track for completion in 2026. SECURITY The series 2021A bonds are secured by a revenue pledge of the obligated group (OG). The OG consists of the existing VL Sawgrass campus, the Oak Bridge expansion campus, and the VL Foundation. KEY RATING DRIVERS Revenue Defensibility - 'a' High-End Life Plan Community (LPC) in a Quality Primary Market Area The strong revenue defensibility reflects VL's historically strong occupancy, limited competition, and preferable position in its primary market area (PMA). Ponte Vedra is one of the wealthiest communities in the Jacksonville area, with most of VL's residents coming from the local community. VL's legacy Sawgrass campus is in an advantageous location adjacent to the TPC Sawgrass golf course in Ponte Vedra Beach, FL. IL occupancy has been favorable, averaging 94% over the past five years. At the end of FY25, IL occupancy at Sawgrass was 94.2% and occupancy at Oak Bridge was 98.6%. VL's AL and skilled nursing facilities (SNFs) are filled internally, with average occupancy in FY25 measuring 98.1% and 86.3%, respectively. VL's weighted average entrance fee of about $417,000 for the Sawgrass campus and $720,000 for the Oak Bridge campus in FY25 are both relatively affordable compared to local home values. While competition is present in the broader region, it is limited in the immediate PMA. VL's waitlist has over 430 prospective residents. Operating Risk - 'bbb' Solid Operations Despite Pressures; Ongoing Capex VL's midrange operating risk assessment reflects robust net entrance fees, historically good cost management despite an uptick in agency usage, continued capital spending, and an expectation of elevated capital-related metrics. Over the last five years, the operating ratio averaged 95.3% and the net operating margin-adjusted (NOMA) averaged approximately 27%. Unaudited 2025 results show a 99.2% operating ratio and a 32% NOMA. Higher operating expenses are primarily driven by persistent overages in contract labor for VL's Health Center and Home Health services, and increased dining services wages and food costs from expanded meal services at Oak Bridge. VL's average age of plant measured a favorably low 6.4 years in FY25, and capex as a percentage of depreciation averaged 414.8% over the last five years. Fitch expects capital spending to be modest once Phase III of Oak Bridge is completed. Financial Profile - 'bb' Thin Financial Profile Through Moderate Stress At YE 2025 (unaudited), VL had unrestricted cash and investments of $34.1 million equating to cash-to-adjusted debt of about 23.8% and MADS coverage of 1.5x (as calculated by Fitch). Fitch used a MADS figure of $13.2 million. Fitch's stress case shows the financial profile remaining consistent with the 'bb' rating criteria. The successful fill-up of earlier Oak Bridge project phases and paydown of $30 million in associated short-term debt has significantly reduced execution risk of the project. VL has limited additional debt capacity at the current rating. Asymmetric Additional Risk Considerations No asymmetric risks informed the rating assessment outcomes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in unrestricted liquidity such that cash to adjusted debt falls below 20%; - Weaker operating performance such that debt service coverage is consistently under 1.4x; - Unexpected challenges executing Phase III of the Oak Bridge project leading to delays and/or cost overruns. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Growth in unrestricted liquidity such that cash to adjusted debt stabilizes over 40% through Fitch's forward look; - Stronger operating performance such that debt service coverage stabilizes above 2x. PROFILE VL is a Type-A LPC consisting of 373 IL units, 36 private AL units, and a 60-bed SNF. The community is in Ponte Vedra Beach, FL, approximately 25 miles southeast of downtown Jacksonville. VL recorded $56 million in total operating revenue in 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. LILLY INDUSTRIES: Court Extends Cash Collateral Access to July 19 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California granted Lilly Industries, Inc. authority to continue using cash collateral. The court's order authorized the Debtor's interim use of cash collateral from March 2 to July 19 to pay the expenses set forth in its budget, with a 10% variance allowed. As adequate protection for secured creditor, the U.S. Small Business Administration, the Debtor must make monthly payments of $5,129 beginning after entry of the order. Additionally, the SBA will be granted a replacement lien on the Debtor's post-petition revenues, maintaining the same priority and validity as its pre-petition lien, but limited to any diminution in the value of its collateral. This lien does not extend to certain bankruptcy-related claims, such as avoidance actions. The order is immediately effective and preserves the rights of all parties to challenge the validity, priority, or extent of any liens or claims. About Lilly Industries Inc. Lilly Industries, Inc. (doing business as The Slab Studio) is a trade-only gallery that offers architects, contractors, dealers, and designers access to the finest natural stone and semi-precious slabs, ensuring a sophisticated, one-of-a-kind viewing experience. With discerning standards and a global reach, they act as a trusted partner for those seeking premium materials for high-end design projects. Lilly Industries filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10301) on February 3, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Robert Goe, Esq., a practicing attorney in Irvine, Calif., serves as Subchapter V trustee. Judge Theodor Albert oversees the case. The Debtor tapped Brian M. Rothschild, Esq., at Parsons Behle & Latimer as legal counsel and Rocky Mountain Advisory, LLC as accounting and financial advisor. LS INTERIORS: Gets Interim OK to Use Cash Collateral Until Aug. 31 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida entered a second interim order authorizing LS Interiors Group, Inc. to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral through August 31 to pay operating expenses in accordance with an approved budget. The Debtor may exceed individual budget line items by up to 10% or by more than 10% so long as total excess spending does not exceed 10% of the overall budget. As adequate protection for the Debtor's use of their cash collateral, secured creditors Samson MCA, LLC and the U.S. Small Business Administration will be granted replacement liens on accounts receivable, with the same priority as their pre-petition liens. The replacement liens do not apply to avoidance actions and assets not previously subject to liens. LS Interiors Group believes both the SBA and Samson MCA have perfected UCC liens on cash collateral and are fully secured based on the value of its assets. As of the petition date, the SBA and Samson MCA were owed approximately $150,000 and $77,000, respectively. The next hearing is scheduled for August 26. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/qyd03 from PacerMonitor.com. About LS Interiors Group Inc. LS Interiors Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11143) on January 29, 2026, listing assets of up to $50,000 and liabilities of $100,001 to $500,000. Tarek Kiem, Esq., at Kiem Law, PLLC serves as Subchapter V trustee Judge Erik P. Kimball presides over the case. Brian S. Behar, Esq., represents the Debtor as legal counsel. LUCERO LLC: Court OKs Interim Use of Cash Collateral ---------------------------------------------------- Lucero LLC got the green light from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use cash collateral in accordance with a monthly budget, with up to a 10% variance per month. The order permits flexibility by allowing use of total monthly amounts regardless of category, and any unused funds may roll over into subsequent months, increasing available cash. As adequate protection, secured creditors will be granted replacement liens on post-petition assets to cover any decline in collateral value, maintaining the same priority as their pre-petition liens. The order is available at http://bankrupt.com/misc/LuceroLLC__InterimCCOrder.pdf A final hearing is scheduled for April 24. Any objections to final approval must be filed by April 17, with replies due by April 20. Lucero's cash collateral consists of rental income from a portfolio of residential and commercial properties. The Debtor's estate is valued at approximately $11.5 million in real property assets, offset by roughly $5.4 million in secured debt. Secured creditors include Kerry Welsh, Trustee of Stedgh Trust, Ben Ishi Hai Inc., San Francisco Tax Collector, and PKN Investments, LLC. The Debtor believes these secured creditors are "oversecured" and, thus, protected by substantial equity cushions (ranging from 20% to 73%). About Lucero LLC Lucero LLC provides services related to real estate, including property management, real estate appraisal, and other support services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30160) on February 25, 2026. In the petition signed by Henry Richard Lucero, co-managing member, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Dennis Montali oversees the case. Matthew D. Metzger, Esq., at Belvedere Legal, P.C., represents the Debtor as bankruptcy counsel. LUCIENNE HOME: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Lucienne Home Care, Inc. 3200 N. Federal Highway, Ste. 123 Boca Raton, FL 334341 Business Description: Based in Boca Raton, Florida, Lucienne Home Care provides home health care services, including skilled nursing, physical therapy, occupational therapy, speech therapy, home health aide, and personal care, delivered under physician-directed plans of care. Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-14150 Judge: Hon. Mindy A Mora Debtor's Counsel: Stan L. Riskin, Esq. STAN L. RISKIN PA 19195 Mystic Pt. Dr., Apt. 1601 Aventura FL 33180 Tel: 954-648-9040 Email: stan.riskin@gmail.com Total Assets: $205,097 Total Liabilities: $1,986,545 The petition was signed by Bien Aime Amos as treasurer. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JJ2HQ7A/Lucienne_Home_Care_Inc__flsbke-26-14150__0001.0.pdf?mcid=tGE4TAMA LUCKY LIKE THAT: Seeks to Hire Newark Firm as Bankruptcy Counsel ---------------------------------------------------------------- Lucky Like That Inc., doing business as Rose Creek Farm & Equestrian Centre, seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire A Newark Firm, as counsel. The firm will render these services: a. render legal advice regarding the powers and duties of debtors that continue to operate their business as debtors in possession; b. take all necessary action to protect and preserve the Debtor's estate; c. prepare on behalf of the Debtor, as a debtor in possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate and appear on the Debtor's behalf at all hearings regarding the Debtor's case; d. negotiate, prepare, and file requests for the sale of assets of the Debtor's estate; e. negotiate, prepare, and file a plan of reorganization and related disclosure statements and all related documents, and otherwise promote the financial rehabilitation of the Debtor; and f. perform all other necessary legal services in connection with the prosecution of this Chapter 11 case. Newark Firm will be paid at these hourly rates: Robert C. Newark, III $400 Kelly Raper (Paralegal) $100 Newark Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert C. Newark, III, partner of A Newark Firm, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Newark Firm can be reached at: Robert C. Newark, III, Esq. A NEWARK FIRM 1341 W. Mockingbird Lane, Ste 600W Dallas, TX 75247 Tel: (866) 230-7236 Fax: (888) 316-3398 About Lucky Like That Inc. Lucky Like That Inc., doing business as Rose Creek Farm & Equestrian Centre, provides equine boarding, lessons, training, and riding services in Piedmont, Oklahoma. The company focuses on care and surroundings for horses and their owners. Lucky Like That Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-10824) on March 20, 2026, listing $2,337,860 in assets and $1,460,397 in liabilities. The petition was signed by Shannon Ronney as managing member. Robert Newark, Esq. at A NEWARK FIRM serves as the Debtor's counsel. LUCKY LIKE THAT: Stephen Moriarty Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 14 appointed Stephen Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., as Subchapter V trustee for Lucky Like That Inc. Mr. Moriarty will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Moriarty declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen J. Moriarty, Esq. Fellers, Snider, Blankenship, Bailey & Tippens, P.C. 100 N. Broadway, Suite 1700 Oklahoma City, OK 73102 Telephone: (405) 232-0621 Facsimile: (405) 232-9659 Email: smoriarty@fellerssnider.com About Lucky Like That Inc. Lucky Like That Inc., doing business as Rose Creek Farm & Equestrian Centre, provides equine boarding, lessons, training, and riding services in Piedmont, Oklahoma. It focuses on care and surroundings for horses and their owners. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-10824) on March 20, 2026, with $2,337,860 in assets and $1,460,397 in liabilities. Shannon Ronney, managing member, signed the petition. Robert Newark, Esq. represents the Debtor as legal counsel. LUMINAR TECHNOLOGIES: Gets Court OK to Exit Chapter 11 Bankruptcy ----------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on Wednesday, April 1, 2026, a Texas bankruptcy judge authorized Luminar to proceed with a Chapter 11 wind-down plan, enabling the company to distribute funds to creditors after completing the sale of its core assets. The autonomous-driving technology firm had previously offloaded its primary operations during the bankruptcy process. Following the asset sale, Luminar determined that liquidation was the most viable path forward, shifting its focus from reorganization to winding down its estate. The approved plan establishes procedures for handling claims and allocating sale proceeds among creditors, the report states. With court approval secured, Luminar can now begin executing distributions and wrapping up its Chapter 11 case. The company emphasized that the plan provides a structured and equitable mechanism for resolving its financial obligations, Law360 reports. About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Marty Korman, Esq., and Mark Holloway, Esq., and Catherine Riley Tzipori, Esq., at Wilson Sonsini Goodrich & Rosati Professional Corporation, in Palo Alto, California. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. M.K. WEEDEN: Seeks to Hire Schwabe Williamson as Legal Counsel -------------------------------------------------------------- M.K. Weeden Construction, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Montana to hire Schwabe, Williamson & Wyatt, P.C. to serve as legal counsel. The firm will provide these services: (a) provide general counseling and representation in connection with these cases; (b) prepare and file a Plan of Reorganization and Disclosure Statement; (c) prepare and file applications to employ any professionals; (d) prepare and file sale motions for personal or real property; and (e) assist with reporting and compliance with other bankruptcy debtor duties. Laurie M. Thornton, Esq. will be compensated at a rate of $575 per hour. Other attorneys of Schwabe, Williamson & Wyatt, P.C. may work on this matter from time to time at hourly rates currently between $380 and $500 for 2026. Paralegals' rates range from $380 to $470 per hour. Schwabe, Williamson & Wyatt, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Laurie M. Thornton, Esq. Schwabe, Williamson & Wyatt, P.C. 1420 5th Avenue, Suite 3400 Seattle, WA 98101 Telephone: (206) 622-1711 E-mail: lthornton@schwabe.com About M.K. Weeden Construction Inc. M.K. Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40100) on December 11, 2025. In the petition signed by Monte K. Weeden, president and manager, the Debtor disclosed $27,956,847 in total assets and $23,678,668 in total liabilities. Judge Benjamin P. Hursh oversees the case. Laurie Thornton, Esq., at DBS LAW, represents the Debtor as legal counsel. MADISYN ON PARK: Lender Seeks to Prohibit Cash Collateral Access ---------------------------------------------------------------- U.S. Bank Trust Company, acting as trustee for a commercial mortgage securities trust, asks the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to prohibit Madisyn on Park, LLC from using cash collateral and to compel a full financial accounting. The Debtor owns a 15-unit apartment building in Clearwater, Florida, and its sole source of income is rental revenue from the property. The lender holds a secured interest in the property and its rents based on a $2,002,000 loan originated in 2022 and documented through a promissory note, mortgage, loan agreement, and UCC filings, all of which were later assigned to the current lender. After the Debtor defaulted on loan payments beginning in April 2025, the lender initiated foreclosure proceedings and obtained a final judgment in January 2026, with a sale scheduled for March 11. However, the Debtor filed for bankruptcy on March 9, automatically halting the foreclosure sale. Since filing, the Debtor has continued operating the property and collecting rents but allegedly without authorization to use the lender's cash collateral, as required under the Bankruptcy Code. The lender argues that this unauthorized use violates federal bankruptcy law, which requires either creditor consent or court approval and mandates adequate protection of the creditor's interest. It further claims the Debtor has failed to properly segregate, account for, or protect the cash collateral, raising concerns about missing rental income—estimated at over $150,000—given the Debtor reported only $10,000 in cash at filing. As a result, the lender requests a court order immediately prohibiting further use of cash collateral and requiring the Debtor to provide a detailed accounting of all funds received and spent, both before and after the bankruptcy filing. Additionally, if any future use is allowed, the lender seeks strict conditions, including adequate protection payments, budgeting, financial reporting, proof of insurance, and property access. A copy of the motion is available at https://urlcurt.com/u?l=LLJnZZ from PacerMonitor.com. About Madisyn on Park LLC Madisyn on Park, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01810) on Mar. 9, 2026, listing up to $10 million in both assets and liabilities. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as counsel. U.S. Bank Trust Company, acting as trustee for a commercial mortgage securities trust, is represented by: Harris J. Koroglu, Esq. SHUTTS & BOWEN LLP 200 South Biscayne Blvd. Suite 4100 Miami, FL 33131 Phone: 305-358-6300 Email: hkoroglu@shutts.com MAIN LINE: Hires Law Offices of Musa Jan as Special Counsel ----------------------------------------------------------- Main Line Expo, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire The Law Offices of Musa Jan as special litigation counsel. The firm will represent the Debtor on an ongoing pre-petition breach of contract action, which case is pending in the United States District Court for the Eastern District of Pennsylvania, Case no. 24-cv-01030-MKC, as well as in a second collection/breach of contract matter. The firm will be paid on a contingency basis, at a rate of 35% of the gross recovery on the Contract Action and the Collection Action. Musa Jan, Esq., a partner of Law Offices of Musa Jan, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Musa Jan, Esq. Law Offices of Musa Jan 1000 W. Valley Road #1345 Southeastern, PA 19399 Phone: (215) 821-7793 About Main Line Expo Inc. Main Line Expo Inc., doing business as Futura Building Systems, provides residential and commercial construction services in Texas. It offers roofing, remodeling, gutters, siding, and renovation work, operating from its office in Dallas. Main Line Expo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12825) on July 15, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and liabilities. Judge Derek J. Baker oversees the case. Musa A. Jan, Esq., at the Law Offices of Musa Jan is the Debtor's bankruptcy counsel. MAISEL-HINSON MAINLAND: Gets Final OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, entered a final order authorizing Maisel-Hinson Mainland Floral Incorporated to use cash collateral. Under the final order, the Debtor is permitted to use cash collateral in accordance with an approved 30-day budget, which projects total cash disbursements of $138,073.12. As adequate protection, secured creditors will be granted replacement liens on post-petition cash collateral and property excluding Chapter 5 avoidance actions, maintaining the same priority and extent as their pre-petition liens. The replacement liens and pre-petition liens are subject to a carveout for administrative expenses, including court fees, U.S. Trustee fees, trustee expenses and approved professional fees. The final order does not constitute a finding of full adequate protection and preserves creditors' rights to seek additional protections, object to use, or pursue other remedies. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case, appointment of a trustee, expiration of the order, or material default (such as failure to comply with the budget), subject to notice and potential court review. Meanwhile, the Debtor's banks are authorized to process transactions in the ordinary course. Any frozen accounts must be released, and funds made available to the Debtor. The final order is available at http://bankrupt.com/misc/Maisel-Hinson_FinalCCOrder.pdf Maisel-Hinson's operations include creating and delivering custom floral arrangements, servicing commercial and house accounts, providing event setup and breakdown, and managing inventory, sourcing, and delivery. Revenue is generated through in-store, phone, online, recurring, and event-based orders. At filing, certain funds are frozen in bank accounts, merchant processors, point-of-sale systems, and web processors, which are essential to continue operations. UCC filings reveal multiple creditors with potential liens, including the U.S. Small Business Administration, Texas First Bank, Fox Funding Group LLC, Funding Metrics (also known as Lendini), and several unknown creditors. About Maisel-Hinson Mainland Floral Incorporated Maisel-Hinson Mainland Floral Incorporated manages physical design centers in Galveston and Pearland, Texas, under the Window Box Florist brand, and also operates online and legacy brands including The Empty Vase of Houston and Flower Box Florist. Maisel-Hinson sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-80074) on February 6, 2026, listing up to $10 million in both assets and liabilities. Daniel Hinson, president of Maisel-Hinson, signed the petition. Judge Alfredo R. Perez oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. MAKHANI PROPERTIES: Employs H. Anthony Hervol as Attorney --------------------------------------------------------- Makhani Properties LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire H. Anthony Hervol of the Law Office of H. Anthony Hervol to serve as its attorney. The firm will provide these services: (a) preparation and filing of a Voluntary Petition, Schedules and Statements as (b) attendance at all meetings of creditors, hearings, pretrial conferences, and trials in the case or any litigation arising in connection with the case (and, if applicable, in coordination with special counsel employed to pursue such claims); (c) communications with client's representative(s), creditors and/or creditors' counsel, the Subchapter V Trustee (if applicable), and the United States Trustee's office concerning case related matters; (d) preparation, filing and presentation to the Court of any motions, applications, or other documents seeking relief for the Client; (e) preparation, filing and presentation to the Court of a disclosure statement (if required) and plan of reorganization under Chapter 11 of the Bankruptcy Code; (f) review of claims made by creditors or interested parties, preparation and prosecution of any objections to claims as may be appropriate; (g) work with Special Counsel on pursuing litigation to liquidate a claim which is the Debtor's primary asset; (h) preparation and presentation of final accounting and motion for final decree closing the bankruptcy case; and (i) such other and further services as may be necessary or advisable in carrying out the representation needs or goals of Client in connection with the case. Mr. Hervol shall receive an hourly rate of $350 for attorney time and $125 for paralegal time. The Debtor states that H. Anthony Hervol "has no connection with the Debtor, creditors, or any other party-in-interest, or their respective attorneys or accountants," and is therefore a disinterested person with respect to the Debtor's estate. The firm can be reached at: H. Anthony Hervol, Esq. LAW OFFICE OF H. ANTHONY HERVOL 22211 IH-10 West, Suite 1206-168 San Antonio, TX 78257 Telephone: (210) 522-9500 Facsimile: (210) 522-0205 E-mail: hervol@sbcglobal.net About Makhani Properties LLC Makhani Properties, LLC is a real estate holding company that owns and manages a portfolio of commercial and residential properties across Texas, including land parcels, residential real estate, and income-producing truck stop and convenience store assets. The company's holdings are located in Moore, Bulverde, Cottonwood Shores, Junction, Carrizo Springs, Tilden, and Dilley, comprising both fee simple interests and an equitable interest under a contract for deed arrangement. Its portfolio includes highway-adjacent development land and operating retail fuel and truck stop properties, with an aggregate estimated value of approximately $28.2 million. Makhani Properties LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50525) on March 1, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 to $50 million and liabilities of between $10,000,001 to $50 million. Judge Michael M. Parker oversees the case. The Law Office of H. Anthony Hervol is Debtor's legal counsel. MARQUIE GROUP: Names Kelly Kirchhoff as CEO ------------------------------------------- Transglobal Management Group, Inc. formerly known as The Marquie Group, Inc. disclosed in a regulatory filing that Jeff Foster resigned as the Chief Executive Officer and was subsequently appointed as the Company's President. Mr. Foster will remain as the Company's Chairman. Additionally, Kelly Kirchhoff was appointed as the Company's Chief Executive Officer. Mr. Kirchhoff will remain a director of the Company. Also, on March 23, 2026, Scott Carlston was appointed as the Chief Financial Officer of the Company. Jeff Foster, Chairman of TMGI, stated: "As we prepare for our anticipated transition to the OTCQB, we have implemented several strategic leadership enhancements. We are pleased to appoint seasoned financial executive Scott Carlston as Chief Financial Officer and to name current board member Kelly Kirchhoff as Chief Executive Officer. These appointments position our leadership team to focus on strengthening our public company infrastructure, while I dedicate my efforts to expanding our golf operations, including acquisitions and tee-time platform growth." Newly appointed Chief Executive Officer Kelly Kirchhoff added: "I am honored to assume the role of CEO and grateful for Jeff's confidence. I look forward to executing on the Company's vision of building a family-friendly golf resort platform and driving sustainable, long-term value for our shareholders." A summary of Mr. Foster, Mr. Kirchhoff and Mr. Carlston's background and experience is as follows: Jeff Foster, age 69, President and Chairman of the Board. Mr. Foster has more than 25 years of experience in entrepreneurial business development, operations, and industry leadership across the automotive, telecommunications, hospitality, and golf sectors. Early in his career, Mr. Foster became a licensed automobile wholesaler in the State of Florida and later founded and operated an independent cellular communications company in Arizona during the expansion of mobile telecommunications in the 1980s. Mr. Foster has significant experience in the golf industry. He is the founder of Arizona Fairways Magazine, which served as a regional golf publication and the Official Golf Guide of the Arizona Golf Association. He also founded Arizona Golf and Travel, a business that developed marketing programs facilitating travel-related barter arrangements between golf properties and advertisers. Mr. Foster served three terms as President of the Southwest Golf Media Association from January 2016 to January 2018. In March 2007 Mr. Foster founded GETGOLF, a technology platform designed to facilitate tee-time access, golf travel planning, and networking opportunities for golfers and course operators. He has served as Chief Executive Officer of GETGOLF since its inception. On October 20, 2025, Mr. Foster was appointed Chairman of the Board and Chief Executive Officer of Transglobal Management Group, Inc. Mr. Foster received an Associate Degree in Business from SCC in 1978. There are no family relationships between Mr. Foster and any director or executive officer of the Company, and there are no arrangements or understandings pursuant to which he was selected as a director. In addition, Mr. Foster has no direct or indirect material interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K. Kelly L. Kirchhoff, age 58, Chief Executive Officer and Director, is a business professional with over 36 years of experience spanning sales, marketing, business management, and financial services. He began managing businesses in approximately July 1989 before transitioning into a career as a Financial Consultant. Mr. Kirchhoff was associated with several financial services firms, including PaineWebber, UBS, and Stifel, from approximately August 1996 to April 2010. During this period, his responsibilities included client advisory, portfolio management and business development. During his tenure, Mr. Kirchhoff held licenses including Series 7,63,65. Mr. Kirchhoff has served as President of JangIt Inc from June 2010 to the present and Digital Research Technology Inc. from April 2015 to the present. In these roles, his responsibilities included overseeing strategic initiatives such as product development, capital raising and operational management. During his tenure, these companies developed intellectual property, including a patent issued in March 2020, and conducted Phase I and Phase II product rollouts in March 2012 and August 2021, and implemented technology initiatives, including artificial intelligence applications, in 2020. He also participated in financing activities, including private placements and public offerings. Mr. Kirchhoff's experience includes entrepreneurial ventures, financial consulting, executive leadership, with a focus on capital markets, operations, and growth strategies. Mr. Kirchhoff received an Associates Degree in Business Technology from Iowa Western in April 1988. There are no family relationships between Mr. Kirchhoff and any director or executive officer of the Company, and there are no arrangements or understandings pursuant to which he was selected as a director. In addition, Mr. Kirchhoff has no direct or indirect material interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K. Scott Carlston, age 54, Chief Financial Officer. Mr. Carlston has over 30 years of experience in accounting and financial management. His background includes corporate finance, business operations, capital formation, and consulting for both large and small organizations. Mr. Carlston has owned and operated businesses and has provided financial consulting services across multiple industries. His experience includes participation in capital raising activities, underwriting projects, and serving as a director of a nonprofit organization qualifying under Section 501(c)(3) of the Internal Revenue Code. Since approximately January 2010, Mr. Carlston has served as Chief Financial Officer of Simple Products Corp., where he has overseen financial operations and supported company growth initiatives. During his tenure, the company's annual revenue increased from approximately $3,000,000 to approximately $20,000,000 over a 3-year period. He also assisted in securing and expanding the company's credit facilities from approximately $2,500,000 to approximately $9,000,000. Mr. Carlston has been involved in acquisition and growth initiatives, including financial analysis and transaction support. He has also worked with legal counsel in connection with securities offerings, including the preparation of registration statements on Form S-1 and private placement memoranda. Mr. Carlston received a Bachelor of Science in Finance from Utah State University in May 1996. There are no family relationships between Mr. Carlston and any director or executive officer of the Company, and there are no arrangements or understandings pursuant to which he was selected as a director. In addition, Mr. Carlston has no direct or indirect material interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K. About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is a publicly traded company engaged in media, wellness, and consumer lifestyle products, recently entering into the golf and hospitality industry through the acquisition of GETGOLF and its wholly owned subsidiaries, Mountain Brook Golf Club, Apache Creek, and Stand-by-Golf. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company suffered an accumulated deficit of $(14,863,486), net loss of $(165,456). These matters raise substantial doubt about the Company's ability to continue as a going concern. As of November 30, 2025, the Company had $2,859,714 in total assets, $6,878,915 in total liabilities, and $4,019,201 in total stockholders' deficit. MAST TRUCKING: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Mast Trucking, Inc. About Mast Trucking Inc. Mast Trucking Inc. is a transportation and logistics company based in Kansas, specializing in freight hauling and trucking services. Mast Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20176) on February 10, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Dale L. Somers handles the case. The Debtor is represented by Ryan A. Blay, Esq. of Wm Law. MAYFIELD REAL: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Mayfield Real Estate Holdings, LLC 4601 Lyndale Avenue North Minneapolis, MN 55412 Business Description: Mayfield Real Estate Holdings, LLC, a single-asset real estate company, holds its principal commercial property in Minneapolis, Minnesota. Chapter 11 Petition Date: April 3, 2026 Court: United States Bankruptcy Court District of Minnesota Case No.: 26-41108 Judge: Hon. William J Fisher Debtor's Counsel: Ronald Walsh, Esq. WALSH LAW 13570 Grove Drive Suite 172 Maple Grove, MN 55311 Tel: (952) 746-7872 Email: ron@walshlawmn.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Alfonse Mayfield as chief manager. The Debtor failed to include a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/C6GTKSQ/Mayfield_Real_Estate_Holdings__mnbke-26-41108__0001.0.pdf?mcid=tGE4TAMA MBIA INC: Vanguard Holds No Beneficial Ownership After Realignment ------------------------------------------------------------------ The Vanguard Group, Inc. disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of MBIA Inc.'s Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538, The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/3ntrc3ru About MBIA Inc. Headquartered in Purchase, Harrison, New York, MBIA Inc. provides financial guarantee insurance and other forms of credit protection. As of December 31, 2025, the Company had $2 billion in total assets, $4.2 billion in total liabilities, and $2.2 billion in total deficit. * * * Egan-Jones Ratings Company on June 4, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by MBIA Inc. MCCAMMONS IRISH: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: McCammons Irish Market, LLC 620 Treybourne Drive Greenwood, IN 46142 Business Description: McCammon's Irish Market, LLC, founded in 2014 and based in Greenwood and Brownsburg, Indiana, operated greenhouse and outdoor garden centers providing plants, trees, shrubs, gardening supplies, and landscaping services for residential and commercial clients, offering seasonal and perennial varieties as well as design and installation support. After more than a decade in operation, the family-owned business is closing its stores, ceasing all deliveries and landscaping projects, with remaining inventory available at discounted rates at its Brownsburg location before permanent closure. Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 26-01999 Judge: Hon. Andrea K McCord Debtor's Counsel: Marcia F. Przeslawski, Esq. INDIGO LAW LLC 2210 Chandana Trl Valparaiso, IN 46383 Tel: 989-860-1396 Email: marcia.f.przeslawski@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Garold Ward as CEO. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FE2ZYVY/McCammons_Irish_Market_LLC__insbke-26-01999__0006.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/E5SMIYQ/McCammons_Irish_Market_LLC__insbke-26-01999__0004.0.pdf?mcid=tGE4TAMA MERRIMACK HEALTH: S&P Lowers Bond Rating to 'CCC+', Outlook Neg. ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'CCC+' from 'B-' on Massachusetts Development Finance Agency's series 2014A and series 2017 revenue bonds, issued for Lawrence General Hospital (LGH), d/b/a Merrimack Health (MH). The outlook is negative. S&P said, "The downgrade reflects MH's extremely thin liquidity and very large underlying operating losses, which we view as unsustainable over the medium term, although we do not anticipate a near-term credit crisis given expected state support. "We view social risks as elevated given MH's high exposure to governmental payers and reliance on supplemental funding, which leaves the organization particularly vulnerable to potential changes in program eligibility requirements and reimbursement rates at the federal level. We also note human capital risks tied to higher labor and salary pressures, particularly given that about a quarter of its workforce is unionized, which can limit management's ability to control labor costs. "In addition, we view management and governance risk as elevated as a result of very limited liquidity to manage any unexpected events. "We have analyzed MH's exposure to environmental factors and view them as neutral. "The negative outlook reflects our expectation that MH's sizable and persistent underlying operating losses will continue over the outlook period, excluding one-time state support in fiscal 2026. The outlook also reflects our expectation that balance sheet weakness will persist, with minimal financial flexibility. In addition, the negative outlook reflects limited cushion above the MTI's financial covenants. "We could further lower the rating if MH fails to meaningfully reduce the scale of its underlying operating losses while sustaining at least current levels of unrestricted reserves, if it fails to meet its debt service requirements, or if it breaches other financial covenants under the MTI. Given MH's already elevated leverage, any additional debt issuance would likely pressure the rating. Although this is not expected, any negative changes to MH's market position could also result in a downgrade. "We could revise the outlook to stable if MH demonstrates a sustained trend of underlying operating improvement while incrementally improving key balance sheet metrics." MICHELLE ANNE: Seeks Cash Collateral Access ------------------------------------------- Michelle Anne Company, doing business as Lashes de Bella & Skincare, asks the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to use cash collateral and provide adequate protection. The company, an esthetic and skincare studio owned entirely by Michelle Flores, provides services such as facials, eyelash extensions, and laser hair removal. The Debtor requests emergency authorization to use cash collateral—primarily revenue generated from ongoing business activities—to cover necessary operating expenses outlined in a proposed 30-day budget, as well as any unforeseen costs that could jeopardize its operations. The Debtor identifies three existing UCC financing statements filed by creditors, including the U.S. Small Business Administration, PeopleFund, and an unidentified creditor, all of whom may claim a security interest in the company's cash collateral. The Debtor is still investigating the identities of certain secured parties, which may include merchant cash advance lenders. At the time of filing, the Debtor had only $174 in cash, indicating minimal available collateral and suggesting that secured creditors are likely undersecured. Access to cash collateral is essential for maintaining operations and pursuing reorganization, as the business relies on ongoing revenue to fund expenses. The proposed budget reflects reasonable, good-faith estimates of necessary expenditures, and the Debtor seeks flexibility to spend up to 110% of individual budget line items, provided total monthly spending does not exceed 110% of the overall budget. The Debtor also commits to submitting a more detailed 120-day budget before a final hearing. A copy of the motion is available at https://urlcurt.com/u?l=GvFFZ3 from PacerMonitor.com. About Michelle Anne Company Michelle Anne Company owns an esthetic and skincare studio. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10524-smr) on March 27, 2026. In the petition signed by Michelle Flores, owner, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Shad M. Robinson oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. MICK'S GRASS: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, granted Mick's Grass & Sod Service, Inc. final approval to use cash collateral in accordance with an approved budget. The Debtor may exceed individual budget line items by up to 10% on a cumulative basis, provided total spending does not exceed the overall budget by more than 10%, with limited exceptions for court-approved critical vendor payments. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case, appointment of a trustee, plan confirmation, or default under the order. As protection, secured creditors will be granted replacement liens on the Debtor's post-petition assets, including accounts receivable, contract rights, deposit accounts, and other cash collateral, maintaining the same validity, priority, and extent as their pre-petition liens. The liens are subject to a carveout for administrative expenses, including court fees, U.S. Trustee fees, limited trustee expenses, and Subchapter V trustee fees. The final order preserves all creditor rights, including the ability to seek additional protection or challenge improper use of cash collateral. Under the final order, the Debtor's banks are authorized to process pre-petition transactions and continue normal cash management practices without liability. The order is available at https://tinyurl.com/ymw86he2 from PacerMonitor.com About Mick's Grass & Sod Service Inc. Mick's Grass & Sod Service, Inc. operates as a landscaping and sod service provider offering grass installation and related services. Mick's Grass & Sod Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-30192) on January 8, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Elias Marwan Yazbeck, Esq., of The Law Office of Elias M. Yazbeck, PLLC. MIRROR LAKE: Seeks to Tap Snell & Wilmer LLP as Bankruptcy Counsel ------------------------------------------------------------------ Mirror Lake Village, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Snell & Wilmer LLP as its bankruptcy counsel. The firm's services include: a. advising Debtor with respect to its rights, duties, responsibilities, and powers in this chapter 11 proceeding; b. attending meetings and negotiating with representatives of creditors and other parties in interest and advising and consulting on the conduct of cases; c. taking all necessary action to protect and preserve Debtor's estate; d. preparing, on behalf of Debtor, motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; e. preparing and negotiating on Debtor's behalf plan(s) of reorganization, disclosure statement(s), and all related agreements and documents and taking any necessary action on behalf of Debtor to obtain confirmation of such plan(s); f. advising Debtor in connection with the refinancing or sale of its assets and taking all steps necessary to maximize the value of the Debtor's assets for the benefit of creditors; g. performing other necessary legal services and providing other necessary legal advice to Debtor in connection with this chapter 11 case; and h. appearing before this Court, any appellate courts, and the United States Trustee, and protecting the interests of Debtor's estate before such courts and the United States Trustee. The firm's current standard hourly rates are: Philip Kaestle $775 Jordan Meyers $865 Partners $895 to $1,400 Managing Directors $765 to $865 Senior Directors $675 to $735 Directors $525 to $575 Senior Associates $425 Associates $395 Analysts $300 Snell & Wilmer received retainer amounts totaling $145,000. Snell & Wilmer does not represent or hold any interest adverse to Debtor or to the estate, according to court filings. The firm can be reached through: Amit D. Ranade, Esq. Mallory L. B. Satre, Esq. Zachary A. Cooper, Esq. J. Seth Moore, Esq. Snell & Wilmer LLP 600 University Street, Suite 310 Seattle, WA 98101-3122 Tel: 206-741-1420 Email: aranade@swlaw.com msatre@swlaw.com zcooper@swlaw.com semoore@swlaw.com About Mirror Lake Village LLC Mirror Lake Village, LLC runs a senior living facility in Federal Way, Washington, offering independent living, assisted living, and memory care services, along with nearby vacant land. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10599-CMA) on February 27, 2026. In the petition signed by Philip Kaestle, designated officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Alston oversees the case. Amit D. Ranade, Esq., at Snell & Wilmer, represents the Debtor as legal counsel. MORA OAK: Court Extends Cash Collateral Access to May 4 ------------------------------------------------------- Mora Oak Park, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court authorized the Debtor to use cash collateral through May 4 to pay expenses in accordance with its budget. This authorization terminates if the Debtor's Chapter 11 case is dismissed or if the court orders the use of cash collateral to stop. The Debtor was previously allowed to access cash collateral through April 3 under the court's March 25 second interim order. The Debtor listed the U.S. Small Business Administration as a primary secured creditor with a lien on its assets. As protection for any use or diminution in the value of its interests in the Debtor's pre-bankruptcy assets, the SBA will be granted replacement liens on all post-petition property of the Debtor, including cash collateral, with the same validity, priority and extent as its pre-petition lien. Additionally, the SBA will receive a monthly payment of $245. The order is available at http://bankrupt.com/misc/MoraOak_3rdCCOrder.pdf The final hearing is set for May 1. Mora Oak Park, LLC operates a restaurant, which generates approximately $850,000 in annual revenue and employs 15 to 20 staff members. About Mora Oak Park LLC Mora Oak Park, LLC operates an upscale Japanese restaurant in Oak Park, Illinois. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03137) on February 23, 2026. In the petition signed by Christine M Cancel, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. David R. Herzog, Esq., represents the Debtor as legal counsel. MOUNTAIN REGIONAL: Seeks Cash Collateral Access ----------------------------------------------- Mountain Regional Equipment Solutions, LLC asks the U.S. Bankruptcy Court for the District of Utah, Central Division, for authority to use cash collateral and provide adequate protection. The Debtor previously obtained both interim and final court approval to use cash collateral, with the existing authorization set to expire on April 26. The Debtor seeks an extension of that authority, asserting that continued access to cash is critical to meeting essential operating expenses such as payroll, insurance, taxes, and workforce-related costs. The Debtor argues that without such access, the business would suffer immediate and significant harm, including loss of going-concern value, disruption to employees, and diminished recoveries for creditors. The proposed use of cash collateral is governed by a budget, which allows for reasonable flexibility, including up to a 10% increase in expenditures and the ability to carry over unused amounts. The primary secured creditors asserting interests in the Debtor's assets, particularly Convergent Capital Partners IV, L.P., which holds claims exceeding $9.1 million and has also acquired an additional claim of approximately $2.4 million from Hillcrest Bank. Another potential creditor, Rand Capital Corporation, is believed to assert a claim of about $3.4 million, though the Debtor has not located a corresponding UCC filing. Other lenders hold liens on specific equipment but do not claim an interest in cash collateral. As adequate protection for the affected creditors, the Debtor proposes granting replacement liens on post-petition assets to the same extent, validity, and priority as pre-petition liens, but limited to any diminution in value caused by the use of cash collateral. These replacement liens would exclude certain avoidance actions under the Bankruptcy Code but would otherwise be fully perfected through existing financing statements. The Debtor contends that this arrangement sufficiently protects creditor interests while enabling the business to continue operating and generating value. A court hearing is scheduled for April 16. A copy of the motion is available at https://urlcurt.com/u?l=kmaSF0 from PacerMonitor.com. About Mountain Regional Equipment Solutions LLC Mountain Regional Equipment Solutions, LLC supplies and services automated lubrication systems, safety systems, and maintenance products used in heavy mobile equipment and industrial machinery. It serves customers across construction, mining, transportation, agriculture, and industrial markets, with operations based in Salt Lake City, Utah. Mountain Regional Equipment Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27678) on December 19, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Todd Miceli, manager, signed the petition. Jeffrey L. Trousdale, Esq., at Cohne Kinghorn, P.C., represents the Debtor as legal counsel. MZS PROPERTIES: Court Extends Cash Collateral Access to April 14 ---------------------------------------------------------------- MZS Properties, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court authorized the Debtor to use cash collateral until April 14 under the terms set by the bankruptcy court in its prior orders. A status hearing is scheduled for April 14. MZS' principal asset is real estate in Chicago, Ill., secured by a mortgage in which the initial lender was Sharestates Investments, DACL LLC. Sharestates holds a first priority lien on the property in the initial amount of $113,000. The lender claims it is owed $226,211 as of the petition date. Rents collected from the property are the Debtor's sole source of revenue. The value of the property is scheduled at $325,000. About MZS Properties MZS Properties, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01523) on January 31, 2025, listing up to $500,000 in both assets and liabilities. Mouzma Syed, manager of MZS Properties, signed the petition. Judge Jacqueline Cox oversees the case. Bradley Foreman, Esq., at the Law Offices of Bradley H. Foreman, P.C., is the Debtor's bankruptcy counsel. Sharestates Investments, DACL LLC, as lender, is represented by: Timothy R. Yueill, Esq. Law Offices of Ira T. Nevel, LLC 175 N. Franklin St., Ste. 201 Chicago, IL 60606 Telephone: 312-357-1125 TimothyY@nevellaw.com NATHAN SPENCER: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Nathan Spencer Home, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to use cash collateral. The court approved the Debtor's use of cash collateral through May 6 in accordance with a budget, allowing funds to be used for ordinary business expenses with a 10% variance. The Debtor must file a variance report by April 22, comparing actual income and expenses against the budget. Creditor Maria Bartolet will be provided with protection through a monthly payment of $465 and a replacement lien on post-petition assets to the extent of any decline in collateral value. The court directed the Debtor to make rent and related payments totaling $62,142.65 to Whizin Market, LLC and remain current on ongoing lease obligations. A continued hearing is scheduled for May 6. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/34uQG from PacerMonitor.com. About Nathan Spencer Home LLC Nathan Spencer Home, LLC owns the antique retail business, The Agoura Antique Mart, located in Agoura Hills, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10422) on February 27, 2026. In the petition signed by Spencer L. Howard, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael J. Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. NEO ZONE: Gets Interim OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, granted Neo Zone, Inc. interim authorization to use the cash collateral of secured creditors, Woori Bank and Clear Fund. Under the interim order, the Debtor is permitted to use these funds strictly according to an approved budget, with a variance of up to 10% per line item, ensuring funds are used only for essential post-petition expenses. As adequate protection, secured creditors will be granted replacement post-petition liens on the same collateral, maintaining the validity and priority of their pre-petition security interests. Additionally, the Debtor must maintain insurance on its assets, naming Woori Bank as loss payee, and continue making monthly payments of $6,304.15 to the bank. The interim authorization remains in effect through April 30. The order preserves the rights of all parties to seek modifications to the adequate protection terms as the case progresses. A final hearing is scheduled for April 22. About Neo Zone Inc. Neo Zone, Inc., a company based in Shorewood, Illinois, provides intermodal transportation and logistics services, including container drayage, yard operations, and related freight handling, serving customers in the United States. It operates a fleet of intermodal chassis, trailers, and material-handling equipment supporting port-and terminal-based cargo movements. Neo Zone filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19703) on December 29, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Deborah L. Thorne presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. NEW FORTRESS: Eliminates 4.8% Series A and B Preferred Stock ------------------------------------------------------------ New Fortress Energy Inc. disclosed in a regulatory filing that the Company filed a Certificate of Elimination with the Secretary of State of the State of Delaware with respect to the Company's 4.8% Series A Convertible Preferred Stock, par value $0.01 per share and the Company's 4.8% Series B Convertible Preferred Stock, par value $0.01 per share, pursuant to which the Preferred Stock was eliminated and returned to the status of authorized and unissued preferred shares of the Company. On October 1, 2024, the Company issued 96,746 shares of the Series B Preferred Stock in exchange for all outstanding shares of the Series A Preferred Stock. Following the redemption of the outstanding shares of the Series B Preferred Stock on August 1, 2025, there were no outstanding shares of the Preferred Stock. The Certificate of Elimination became effective with the Secretary of State of the State of Delaware upon filing. The full text of the Certificate of Elimination is available at https://tinyurl.com/3d6y9m74 About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW FORTRESS: Extends Letter of Credit Agreement to Sept. 15 ------------------------------------------------------------ New Fortress Energy Inc. disclosed in a regulatory filing that it entered into the Fourteenth Amendment Agreement, by and among the Company, as the borrower, the guarantors party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions party thereto, as lenders and issuing banks, which amends that certain Letter of Credit and Reimbursement Agreement, dated as of July 16, 2021, by and among the Company, as the borrower, the guarantors from time to time party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions from time to time party thereto, as lenders and issuing banks, to, among other things, (a) extend the maturity date of the Letter of Credit Agreement to September 15, 2026 and (b) waive certain existing events of default, in each case on the terms and subject to the conditions set forth in the Fourteenth Amendment and only during the period specified therein. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW WAVE PROPERTY: Douglas Adelsperger Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Douglas Adelsperger, Esq., as Subchapter V trustee for New Wave Property Service, 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 New Wave Property Service New Wave Property Service, LLC is a family-owned-and-operated lawn care company offering lawn care, tree, and irrigation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-05800) on December 29, 2023. In the petition signed by Jeremy Ryan, authorized representative, the Debtor disclosed $1,277,607 in assets and $3,781,668 in liabilities. Judge James M. Carr oversees the case. Jeffrey Hester, Esq., at Hester Baker Krebs, LLC, represents the Debtor as legal counsel. NFN8 GROUP: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of NFN8 Group, Inc. and its affiliates. The committee members are: 1. 821 West Oakdale LLC c/o Kelly Karras 820 Timberwood Circle Fairview, TX 75069 2. Justin Lo 2101 Forest Ave. # 220A San Jose, CA 95128 3. Jack Hubble 2092 Hampton Circle Ogden, UT 84403 4. Jason Sousa 3001 Brand Iron Dr. San Marcos, TX 78666 5. Michael Overall 205 Smoky Mtn Dr. San Marcos, TX 78666 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About NFN8 Group Inc. NFN8 Group, Inc., through its subsidiaries NFN8 Capital, LLC and NFN8 Holdings, LLC, operates industrial-scale Bitcoin mining operations across multiple facilities in the United States, managing thousands of high-performance mining computers supported by dedicated power, cooling, and network infrastructure. The Company's revenues are primarily derived from Bitcoin block rewards and transaction fees, supplemented by equipment sales, leases, joint ventures, and hosting fees, which are used to fund operations, maintain its mining fleet, and meet financial obligations. Its business is classified under the cryptocurrency and blockchain services sector, focusing on large-scale digital asset mining and infrastructure management. NFN8 Group, Inc., and its two subsidiaries sought Chapter 11 protection (Bankr. W.D. Texas Lead Case No. 26-10193) on Feb. 2, 2026. NFN8 Group listed assets of up to $50,000 and debt of $1 million to $10 million. Subsidiary NFN8 Capital listed assets and debt of $1 million to $10 million. The Hon. Shad M Robinson presides over the case. Kane Russell Coleman Logan PC is serving as the Debtors' bankruptcy counsel. HMP Advisory Holdings, LLC, d/b/a Harney Partners, is the Debtors' financial advisor. Erik White, a managing director of Harney Partners, has been designated as CRO of the Debtors. Winston & Strawn LLP is representing the Debtors in the lawsuit filed by Mobile Med Work Health Solutions, et al. NORTH FLORIDA ADULT: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of North Florida Adult Training Center, LLC, according to court dockets. About North Florida Adult Training Center North Florida Adult Training Center, LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 26-40118) on March 2, 2026, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Karen K. Specie oversees the case. Bruner Wright, P.A. is the Debtor's legal counsel. NORTH STAR: Ombudsman Taps Porzio Bromberg as Legal Counsel ----------------------------------------------------------- Suzanne Koenig, the patient care ombudsman appointed in the Chapter 11 cases of North Star Health Alliance, Inc., et al., seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Porzio, Bromberg & Newman P.C. to serve as legal counsel. The firm will provide these services: (a) advising the Ombudsman concerning the requirements of the Bankruptcy Code, Bankruptcy Rules, and the Appointment Order relating to the discharge of her duties under Section 333 of the Bankruptcy Code; (b) representing the Ombudsman in any proceeding or hearing in this Court and in any action in other courts where the rights of the patients generally may be litigated or affected as a result of these Chapter 11 Cases; (c) representing and advising the Ombudsman in connection with gaining access to patient records in accordance with Section 333 of the Bankruptcy Code and other relevant law to the extent applicable; (d) advising and representing the Ombudsman concerning the effect on patients of a potential reorganization, sale or other transfer of the Debtors' assets or closing of any of the Debtors' programs or facilities; (e) assisting the Ombudsman in connection with her periodic reports; (f) monitoring proceedings in these Chapter 11 Cases to identify any proceedings which could affect patients or which reflect developments potentially affecting patients; and (g) performing such other legal services as may be required under the circumstances of these Chapter 11 Cases in accordance with the Ombudsman's powers and duties as set forth in the Bankruptcy Code. Porzio attorneys and paralegals will be compensated on an hourly basis. Hourly rates for attorneys range from $425 to $1,600 and for paraprofessionals from $340 to $475. Porzio is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert M. Schechter, Esq. Kelly D. Curtin, Esq. Stuart J. Backer, Esq. Maria P. Dermatis, Esq. Peri N. Balala, Esq. PORZIO, BROMBERG & NEWMAN P.C. 1675 Broadway, Suite 1810 New York, NY 10019 Telephone: (212) 000-0000 E-mail: rschechter@pbnlaw.com About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. NORTH STAR: PCO Taps SAK Healthcare as Medical Operations Advisor ----------------------------------------------------------------- Suzanne Koenig, the patient care ombudsman appointed in the Chapter 11 cases of North Star Health Alliance, Inc., et al., seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ SAK Management Services, LLC d/b/a SAK Healthcare as Medical Operations Advisor. SAK Healthcare will provide these services: (a) conducting interviews of residents, family members, guardians and facility staff as required; (b) reviewing license and governmental permits; (c) reviewing adequacy of staffing, supplies and equipment; (d) reviewing safety standards; (e) reviewing facility maintenance issues or reports; (f) reviewing resident, family, staff or employee complaints; (g) reviewing risk management reports; (h) reviewing litigation relating to the Debtors; (i) reviewing resident records; (j) reviewing any possible sale, closure or restructuring of the Debtors and how it impacts residents; (k) reviewing other information applicable to the Debtors and these Chapter 11 Cases, including resident satisfaction survey results, regulatory reports, utilization review reports, discharged and transferred resident reports, staff recruitment plans and nurse/resident/acuity staffing plans; (l) reviewing financial information including financial statements, cash projections, AR and AP reports to the extent such information may impact resident care; and (m) assisting the Ombudsman with other required services, including diligence or investigation needed for Ombudsman reports. SAK Healthcare's hourly rates are: Principals/Executives $575 Senior Managing Directors/Vice Presidents $525 Senior Directors/Regional Directors/Directors $475 Staff/Administrative $300 Court appearances are billed at an additional $75 per hour. SAK's rates generally range from $300 to $575 and are subject to periodic adjustments. According to court filings, SAK Healthcare is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. 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. NORTHSTAR HOLDINGS: Seeks to Tap Brian K. McMahon as Counsel ------------------------------------------------------------ Northstar Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Brian K. McMahon of Brian K. McMahon, P.A. to serve as its legal counsel. Mr. McMahon will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Mr. McMahon will receive an hourly rate of $450. All attorney's fees and expenses are subject to Court approval based on fee applications filed periodically. Brian K. McMahon, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Brian K. McMahon, Esq. Brian K. McMahon, P.A. 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 E-mail: brian@bkmbankruptcy.com About Northstar Holdings, LLC Northstar Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Fla. Case No. 26-12102) on February 20, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Judge Madeleine C. Wanslee oversees the case. Brian K. McMahon, P.A. is Debtor's legal counsel. NOSTRUM LABORATORIES: US Trustee Seeks to Convert or Dismiss Ch. 11 ------------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has urged a New Jersey bankruptcy court to either convert Nostrum Laboratories' Chapter 11 case to Chapter 7 or dismiss it, saying the drugmaker lacks a realistic chance of reorganization. The request highlights concerns about the debtor's ongoing financial deterioration. In its motion, the trustee argued that Nostrum has made little progress toward confirming a restructuring plan and continues to incur costs that diminish the estate. The filing asserts that maintaining the case under Chapter 11 no longer serves creditors’ interests. If the court agrees, the case could shift to liquidation or be dismissed outright, forcing creditors to pursue other remedies. The decision will determine whether the company can continue its restructuring efforts or must wind down its affairs, the report states. About Nostrum Laboratories Inc. Nostrum Laboratories Inc. operates as a pharmaceutical company. The Company offers sucralfate, and theophylline extended release (ER) tablets, as well as piroxicam capsules, and carbamazepine ER capsules. Nostrum Laboratories Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-19611) on Sept. 30, 2024. In the petition filed by James Grainer, as chief financial officer, the Debtor estimated assets between $50,000 and $100,000 and estimated liabilities between $10 million and $50,000. The Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by David L. Bruck, Esq. at GREENBAUM, ROWE, SMITH & DAVIS LLP, in Iselin, New Jersey. OCUGEN INC: Vanguard Exits Beneficial Ownership After Realignment ----------------------------------------------------------------- The Vanguard Group, Inc. disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Ocugen, Inc.'s Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538, The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/mr8hy7kk About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report attached to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise the doubt of its ability to continue as a going concern. As of December 31, 2025, the Company had $43.5 million in total assets, $55.7 million in total liabilities, and $12.2 million in total stockholders' deficit. ONE DREAM: Douglas Adelsperger Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Douglas Adelsperger, Esq., as Subchapter V trustee for ONE Dream, Inc. 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 ONE Dream ONE Dream, Inc. is a franchisee of Realty ONE Group International (ROGI) (ONE) operating a residential real estate brokerage with limited commercial brokerage leases and sales. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-04948) on Nov. 7, 2023, with as much as $1 million in both assets and liabilities. John Wischmeier, owner, signed the petition. Judge Jeffrey J. Graham oversees the case. David R. Krebs, Esq., at Hester Baker Krebs LLC serves as the Debtor's legal counsel. ONEMEDNET CORP: Liabilities Exceed Assets by US$3.0MM at Dec. 31 ---------------------------------------------------------------- OneMedNet Corp's stockholder's deficit was US$3.0 million at Dec. 31, 2025. The stockholder's deficit was US$16.0 million at Dec. 31, 2024. At Dec. 31, 2025, the Company had total assets of US$2.2 million and total liabilities of US$5.1 million. At Dec. 31, 2024, the Company had total assets of US$3.7 million and total liabilities of US$19.7 million. The Company said: "The Company has incurred recurring net losses since its inception, including $2.8 million and $10.1 million for the years ended December 31, 2025 and 2024, respectively. In addition, the Company had an accumulated deficit of $104.4 million as of December 31, 2025. The Company's cash balance of $0.6 million is not adequate to fund its operations through at least twelve months from the date these consolidated financial statements were available for issuance. Therefore, these conditions raise substantial doubt about the Company's ability to continue as a going concern." "To continue in existence and expand its operations, the Company will be required to, and management plans to, raise additional working capital through an equity or debt offering and ultimately attain profitable operations to fulfill its operating and capital requirements for at least 12 months from the date of the issuance of the consolidated financial statements. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity securities to raise additional funds, its existing stockholders may experience dilution, and the new equity securities may have rights, preferences and privileges senior to those of the Company's existing stockholders. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's continuation as a going concern is dependent upon its ability to continue receiving working capital cash payments and generating cash flow from operations." During the year ended Dec. 31, 2025, the Company negotiated and settled certain trade payables owed by the Company with an aggregate carrying value of $3.2 million. At the time of these settlements, (1) the Company had negative cash flow from operations, historical losses, and a significant accumulated deficit that raised substantial doubt about the Company's ability to continue as a going concern, and (2) a concession was granted to the Company, as the fair value of the consideration received by the vendors was less than the net carrying value of the payables. The Company said the fair value of consideration transferred included $300,000 in cash payments made by the Company and equity interests comprised of 250,000 shares of the Company's Common Stock valued at $100,000. The fair value of the equity interests was determined using the closing price of the Company's Common Stock of $0.45 on the agreement effective date. The difference in value between the carrying value of the payables and the fair value of consideration transferred resulted in a gain on troubled debt restructuring of $2.8 million for the year ended Dec. 31, 2025 in the Company’s consolidated statements of operations. A full-text copy of the Form 10-K is available at https://tinyurl.com/5chm373f About OneMedNet Corp OneMedNet Corp (NASDAQ: ONMD) provides medical image-based services and solutions, leveraging clinical imaging data to support research, analytics and other healthcare applications. The company focuses on enabling secure access to de-identified imaging datasets for life sciences, pharmaceutical and medical technology customers seeking to enhance clinical development and real-world evidence generation. ONYX PORTFOLIO: Autumn Harvest Property Sale to R. Jimenez OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Onyx Portfolio, LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate holding company which owns and operates 46 single family homes in various suburban communities in Houston, Texas. The Debtor's Property is located at Lot 20 Block 6, City of Houston, County of Harris, commonly known as 10014 Autumn Harvest Dr, Houston, Texas, 77064. The Court has authorized the Debtor to sell the Property to Rogelio Navarrete Jimenez in the purchase price of $237,000. The title company authorized to close the sale is Capital Title located at 24345 Gosling Road, Suite 150, Spring, Texas, 77389. Lynnel Ramcharitar, principal of the Debtor, is authorized to execute any documents necessary for the closing of the sale of the Property. The net proceeds of sale shall be held in escrow with Jones Walker LLP pending either: the agreement of both the Debtor and HFC Holdings 1, LLC as to the disbursement of such funds; or further Order of the Court. HFC Holdings 1, LLC’s lien shall attach to the net proceeds of sale and HFC Holdings 1, LLC shall provide a partial release of lien as to the Property to be held in escrow and recorded only upon closing of the sale. The Buyer shall remain responsible for the ad valorem taxes for the closing year, and the ad valorem tax liens for the closing year shall be retained against the Property until such taxes are paid in full. The Debtor is authorized to execute all documents necessary to effectuate the sale, including but not limited to a special warranty deed conveying all right, title and interest in and to the Property to the Buyer. About Onyx Portfolio LLC Onyx Portfolio LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. TX Case No. 26-30080) on January 5, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Susan Tran Adams is Debtor's legal counsel. ONYX PORTFOLIO: Gets OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas entered a second stipulation and agreed order authorizing Onyx Portfolio, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral through May 1 (or until the next hearing) to pay expenses expressly set forth in the agreed budget. The Debtor must not exceed the aggregate monthly budgeted amounts without HFC Holdings 1, LLC's prior written consent, subject to a permitted 10% aggregate variance for each month. The order further provides adequate protection to HFC for any diminution in value of its interests in the cash collateral arising from the automatic stay or the Debtor's use of such collateral. HFC will be granted valid and perfected replacement and additional liens on the Debtor's cash, cash collateral, investments, inventory, accounts receivable, causes of action, rights to payment, and proceeds thereof, but only to the extent and priority of its pre-petition liens as of the petition date. These liens are subject to a customary carveout, including allowed professional fees, U.S. Trustee quarterly fees, clerk fees, and trustee expenses up to $10,000. The court will hold a further hearing to May 7. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/yXicm from PacerMonitor.com. HFC, as secured creditor, is represented by: Ben H. Harris, III, Esq. Jones Walker, LLP 11 N. Water St., Suite 1200 Mobile, AL 36602 Tel: (251) 432-1414 bharris@joneswalker.com About Onyx Portfolio LLC Onyx Portfolio LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. TX Case No. 26-30080) on January 5, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Susan Tran Adams is Debtor's legal counsel. OPTIV INC: S&P Downgrades ICR to 'CC', Outlook Negative ------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Optiv Inc. to 'CC' from 'CCC'. S&P lowered its issue-level ratings on Optiv's first-lien term loan to 'CC' from 'CCC' and second-lien term loan to 'C' from 'CC'. S&P said, "The negative outlook reflects our expectation that we will consider the transaction a default if completed as proposed and lower our ratings on the company and its debt accordingly. After this, we will review our ratings based on Optiv's updated capital structure, liquidity, operating performance, and our forward-looking opinion of its creditworthiness." Optiv Inc. announced it has entered into a transaction support agreement (TSA) with lenders to extend the maturities of its term loans by two years. Its first-lien term loan will mature in 2028 and second-lien term loan in 2029. The asset-based lending (ABL) facility will be automatically extended to April 2027 because of the extended first-lien term loan. The company is working to further extend the ABL to 2028. S&P said, "We consider this transaction to be distressed and tantamount to a default under our criteria, given our current rating on the company, insufficient interest coverage, proximity to the maturity dates, relatively high utilization under the credit facility, and our belief that its lenders will not receive adequate offsetting compensation for the maturity extension. "We expect to view Optiv's TSA as a distressed transaction tantamount to a default under our criteria. Under the proposed transaction, Optiv will amend the terms and extend the maturities of its $634 million outstanding first-lien term loan to August 2028 from August 2026 and its $399 million outstanding second-lien term loan to August 2029 from August 2027. Lenders are expected to receive a paid-in-kind (PIK) amendment fee and a PIK coupon uplift. The ABL will automatically extend to April 2027 because of the first-lien extension, but we believe the company is working to extend the ABL by another year to 2028. "In our view, the TSA's terms and conditions inadequately compensate lenders for receiving less than originally promised. We believe given Optiv's' weak credit metrics, relatively high utilization under the credit facility and with expectations for continued inadequate interest coverage and minimal free cash flow, we believe it would not be able to repay the debt at maturity and without the extension it would likely face a near-term conventional default. We also believe the proposed monetary and structural compensation the company is offering in exchange for the multi-year maturity extensions would constitute lenders receiving less value than they were originally promised. "If completed as proposed, we would likely consider it a default and lower our ratings on the company. After this, we will review our ratings based on Optiv's updated capital structure, liquidity, operating performance, and our forward-looking opinion of its creditworthiness. "The negative outlook reflects our expectation that we will consider the transaction a default if completed as proposed, and we will lower our ratings on the company and its debt accordingly." ORANGE COURIER: Court Extends Cash Collateral Access to April 15 ---------------------------------------------------------------- David Gottlieb, the Chapter 11 trustee for Orange Courier, Inc., received another extension from the U.S. Bankruptcy Court for the Central District of California to use cash collateral. Under the interim order, the trustee is authorized to use such funds through April 15 to cover ordinary expenses necessary to maintain business operations. To protect the interests of the U.S. Small Business Administration and other secured creditors, the court granted creditors replacement liens on and security interests in the Debtor's post-petition assets and proceeds, maintaining the same validity and priority as their pre-petition liens. These liens do not extend to avoidance actions or any recoveries arising from such claims under Chapter 5. Additionally, the SBA will receive monthly payments of $731 from the Debtor. A further hearing is scheduled for April 14. The order is available at http://bankrupt.com/misc/OrangeCourier_InterimCCOrder.pdf About Orange Courier Inc. Orange Courier, Inc. provides same-day delivery, trucking, warehousing, and logistics services from its base in La Mirada, California. It operates as a for-hire interstate motor carrier handling property freight under federal transportation authority. It serves commercial customers across Southern California and surrounding regions through courier, distribution, and freight transport operations. Orange Courier sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20443) on November 21, 2025, listing up to $10 million in both assets and liabilities. Evell Tara Stanley, president of Orange Courier, signed the petition. Judge Deborah J. Saltzman oversees the case. Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc., represents the Debtor as bankruptcy counsel. ORANGE COURIER: Court OKs Chapter 11 Trustee Appointment -------------------------------------------------------- Judge Deborah Saltzman of the U.S. Bankruptcy Court for the Central District of California approved the appointment of David Gottlieb as Chapter 11 trustee for Orange Courier, Inc. The appointment comes upon the application filed by Peter Anderson, the U.S. Trustee for Region 16, to appoint a bankruptcy trustee in Orange Courier's Chapter 11 case. In a verified statement, Mr. Anderson declared that he has no connections with Orange Courier, creditors and any party involved with the case or their attorneys and accountants. A copy of the appointment order is available for free at https://urlcurt.com/u?l=opTfMO from PacerMonitor.com. About Orange Courier Inc. Orange Courier, Inc. provides same-day delivery, trucking, warehousing, and logistics services from its base in La Mirada, California. It operates as a for-hire interstate motor carrier handling property freight under federal transportation authority. It serves commercial customers across Southern California and surrounding regions through courier, distribution, and freight transport operations. Orange Courier sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20443) on November 21, 2025, listing up to $10 million in both assets and liabilities. Evell Tara Stanley, president of Orange Courier, signed the petition. Judge Deborah J. Saltzman oversees the case. Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc., represents the Debtor as bankruptcy counsel. P3 HEALTH: Posts $323.1MM Net Loss in FY25, Going Concern Remains ----------------------------------------------------------------- P3 Health Partners Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The Company has experienced losses since its inception and had net losses of $323.1 million and $310.4 million for the years ended December 31, 2025 and 2024, respectively. Total revenue was $1.46 billion compared to $1.50 billion in the prior year. As of December 31, 2025 and 2024, the Company had $25.0 million and $38.8 million, respectively, in cash, unrestricted cash and cash equivalents available to fund future operations. The Company has a working capital deficit of $412.2 million and a capital deficiency of $155.2 million as of December 31, 2025. Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has suffered recurring losses from operations and has working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. The Company's capital requirements will depend on many factors, including the pace of the Company's growth, ability to manage medical costs, the maturity of its members, and its ability to raise capital. The Company continues to explore raising additional capital through a combination of debt financing and equity issuances. When the Company pursues additional debt and/or equity financing, there can be no assurance that such financing will be available on terms commercially acceptable to the Company or at all. If the Company is unable to raise additional capital or generate cash flows necessary to fund its operations or refinance its indebtedness, it will need to curtail planned activities, discontinue certain operations, or sell certain assets, which could materially and adversely affect its business, financial condition, results of operations, and prospects. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/439knw9n About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3's only assets are equity interests in P3 LLC. As of December 31, 2025, the Company had $656.6 million in total assets, $796.9 million in total liabilities, $14.997 million in redeemable non-controlling interest and a total stockholders' deficit of $155.2 million. P3 HEALTH: Signs SOW With Nebraska Medicare Advantage Client ------------------------------------------------------------ P3 Health Partners, LLC disclosed in a regulatory filing that effective as of March 19, 2026, the Company entered into a Statement of Work with a large nonprofit health insurance provider in the state of Nebraska, which incorporates the terms of a Master Services Agreement between the parties. Pursuant to the Agreements, the Company will provide clinical, operational and data-driven support under its Care Enablement Model to primary care providers participating in the Client's Medicare Advantage network in Nebraska. The Client will pay management services fees to the Company for performance years 2026 and 2027. For performance year 2028 and after, the parties' financial arrangement will be governed by a global risk agreement. The MSA has an initial term through December 31, 2030, and thereafter automatically renews for successive one-year terms unless terminated by either party by giving the other party written notice of termination at least 180 days prior to the expiration of the initial term or any renewal term. Each party may terminate the MSA or an individual statement of work after the lapse of a cure period for material breaches of the MSA or statement of work by the other party or bankruptcy or insolvency or a change of control of the other party. In the case of the Client, it may terminate the Agreements upon 90 days' notice upon the failure of the Company's performance for performance year 2026 to reach certain agreed-upon metrics or if certain key persons depart. If the Client opts not to pursue a bid with the Centers for Medicare and Medicaid Services for a Medicare Advantage plan for 2027 through 2028, the SOW will automatically terminate and the Client will owe the Company a break-up fee comprising of an agreed-upon percentage of the Company's actual costs in performing the services through the termination date and the Company's costs directly incurred as a result of the termination, less the fees paid by the Client to the Company, not to exceed an agreed-upon amount. In connection with termination of the services, the Company has agreed to provide termination assistance services to the Client to transition the services from the Company to the Client or its designee for a certain period of time. A full text copy of the SOW is available at https://tinyurl.com/3d63p57v About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3's only assets are equity interests in P3 LLC. Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 26, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 25, 2025, citing that the Company has suffered recurring losses from operations and has working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $656.6 million in total assets, $796.9 million in total liabilities, and a total stockholders' deficit of $155.2 million. PAPPAS PIPING: Has Deal on Cash Collateral Access ------------------------------------------------- Papas Piping Service, Inc. and Live Oak Banking Company advise the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The case began on January 6, 2026, when the Debtor filed for bankruptcy and sought court approval to use cash collateral to maintain operations. After initial filings, objections, and responses, the court granted both interim and final approval of the Debtor's use of cash collateral, with a structured timeline leading toward a plan confirmation hearing scheduled on or before October 13, 2026. Subsequent negotiations between the Debtor and Live Oak resulted in a stipulation allowing continued use of cash collateral, subject to court oversight and updated financial disclosures. Under the terms of this updated agreement, the Debtor is authorized to use cash collateral through October 2026 in accordance with a revised budget. The Debtor must continue making monthly payments as outlined unless both parties agree. In exchange, Live Oak receives adequate protection in the form of post-petition security interests and replacement liens on all of the Debtor's assets, including receivables, inventory, and accounts acquired after the bankruptcy filing. These liens maintain the same priority and validity as Live Oak's pre-petition interests and are granted priority over most administrative expenses. However, the Debtor's professionals may still seek payment of fees, subject to Live Oak's right to object. A copy of the motion is available at https://urlcurt.com/u?l=0MpT93 from PacerMonitor.com. About Pappas Piping Service Pappas Piping Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10033) on January 6, 2026, listing up to $10 million in both assets and liabilities. Judge Mark D. Houle oversees the case. The Debtor is represented by David A. Wood, Esq., at Marshack Hays Wood LLP. PATHFINDER AUTO: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- Matthew Cheney, Acting U.S. Trustee for Region 4, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Pathfinder Auto Recovery, LLC. About Pathfinder Auto Recovery Pathfinder Auto Recovery, LLC, a Purple Heart Veteran-Owned business based in Portsmouth, Virginia, provides vehicle repossession and asset recovery services, including skip tracing, involuntary repossession, and asset location. It serves lenders nationwide and operates 24 hours a day, focusing on locating and recovering collateral. Pathfinder Auto Recovery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70131) on January 19, 2026. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Frank James Santoro oversees the case. The Debtor is represented by Paul A. Driscoll, Esq., at Zemanian Law Group. PENNSYLVANIA BREWING: Seeks Ch.11 Bankruptcy After Creditor's Suit ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that Pennsylvania Brewing Company Inc., which says it is Pittsburgh's oldest brewery, has filed for Chapter 11 bankruptcy following a lawsuit from its largest creditor. The company cited the legal dispute as a key factor in its decision to seek court protection. In its petition, the brewery pointed to financial challenges exacerbated by the creditor action, which limited its ability to manage obligations outside of bankruptcy. Chapter 11 will allow the company to pause litigation and pursue a restructuring strategy. The debtor intends to maintain operations while working with creditors on a plan to address its debts. The filing highlights how creditor litigation can accelerate the need for bankruptcy relief, the report states. About Pennsylvania Brewing Company Inc. Pennsylvania Brewing Company Inc. is a Pittsburgh-based craft brewery engaged in the production and sale of beer, particularly German-style lagers. The company positions itself as one of the city's oldest brewing institutions, with a focus on preserving traditional brewing methods. Pennsylvania Brewing Company Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20914) on March 31, 2026. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Donald R. Calaiaro, Esq. of Calaiaro Valencik. PERNA OIL: August 26 Governmental Claims Bar Date ------------------------------------------------- On February 27, 2026, Perna Oil & Gas LLC filed for Chapter 11 protection in the Middle District of Louisiana. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. The last day to file government claims is on August 26, 2026. About Perna Oil & Gas LLC Perna Oil & Gas LLC is a Louisiana-based company engaged in exploration, production, and distribution of oil and natural gas, serving both regional and commercial energy markets. Perna Oil & Gas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10168) on February 27, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Michael A. Crawford handles the case. The Debtor is represented by Ryan James Richmond, Esq. of Sternberg, Naccari & White, LLC. PHILLIPS ACRES: Court Extends Cash Collateral Access to April 30 ---------------------------------------------------------------- Phillips Acres, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral in accordance with its budget until the earlier of (i) April 30; (ii) the Debtor ceases operations; (iii) the Debtor expends any funds or monies for any purpose or amount other than what is set forth in the budget, (iv) any material or intentional misrepresentation by the Debtor in the reporting to the court; (v) non-compliance or default of the Debtor with any terms and provisions of the interim order; or (vi) another order concerning cash collateral is entered. Secured creditors include the U.S. Small Business Administration, First Bank and Trust Company, and Southern States Cooperative, Incorporated each holding perfected liens on the Debtor's assets. As adequate protection for any post-petition diminution in value of their interests in their collateral, creditors will be granted post-petition continuing replacement liens on the collateral. These replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. As additional protection, First Bank retains $40,555.71 from Butterball, LLC's payment under an assignment agreement, subject to later review, and $8,058.00 in Treasury payments as adequate protection. A further hearing is scheduled for April 23. A copy of the Debtor's budget is available at https://shorturl.at/OOh8W from PacerMonitor.com. First Bank and Trust Company, as secured creditor, is represented by: Jameson A. E. Doub, Esq. Ward and Smith, P.A. P.O. Box 8088 Greenville, NC 27835-8088 Telephone: 252.215.4000 Facsimile: 252.215.4077 jadoub@wardandsmith.com Southern States Cooperative, as secured creditor, is represented by: Joseph Z. Frost, Esq. Yorlibeth Martinez, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 jfrost@bbflawfirm.com ymartinez@bbflawfirm.co About Phillips Acres Inc. Phillips Acres, Inc operates a flock production facility for turkeys located on a 108.1-acre property in Greene County, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03601-5-PWM) on September 16,2025. In the petition signed by David N. Phillips, president, the Debtor disclosed up to $1million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. C. Scott Kirk, Esq. represents the Debtor as legal counsel. PHILLIPS FAMILY: Commences Chapter 11 Bankruptcy in New York ------------------------------------------------------------ On March 31, 2026, Phillips Family Atlantic Ave LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Phillips Family Atlantic Ave LLC Phillips Family Atlantic Ave LLC is a New York-based real estate holding company focused on the ownership and management of commercial and residential properties. The company engages in leasing, property oversight, and tenant services. Phillips Family Atlantic Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71241) on March 31, 2026. In its petition, the Debtor reports estimated assets of $1MM-$10MM and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. PLAZA CONTINENTAL: Commences Chapter 11 Bankruptcy in California ---------------------------------------------------------------- On March 30, 2026, Plaza Continental Group LLC filed for Chapter 11 protection in the Central District of California. According to the court filing, 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 29, 2026 at 10:00 AM at UST-SA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:5453743. About Plaza Continental Group LLC Plaza Continental Group LLC is a California-based company engaged in real estate investment and management, likely overseeing commercial or mixed-use properties. Plaza Continental Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10986) on March 30, 2026. In its petition, the Debtor reports estimated assets of $10 million–$50 million and estimated liabilities of $10 million–$50 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by William J. Wall, Esq. of Wall & Son. PLURI INC: Inks $2.5MM Private Placement With Chutzpah Holdings --------------------------------------------------------------- Pluri Inc. disclosed in a regulatory filing that it entered into a Securities Purchase Agreement, effective as of March 24, 2026, with Chutzpah Holdings LP, a limited partnership beneficially owned by Mr. Alexandre Weinstein, a non-U.S. investor and an existing shareholder and director of the Company, relating to a private placement offering of: (i) 625,000 common shares, par value $0.00001 per share of the Company, and (ii) warrants to purchase up to 625,000 Common Shares. The combined purchase price for each Common Share and Common Warrant is $4.00. The Common Warrants will be exercisable immediately at an exercise price of $4.25 per share and will be exercisable until the expiration of the 18-month anniversary following closing of the Offering. The Common Warrants contain customary anti-dilution provisions and are subject to a 35% beneficial ownership limitation. The Securities Purchase Agreement contains customary representations, warranties and indemnification obligations of the parties. The gross proceeds to the Company from the Offering are expected to be approximately $2.5 million. The Company intends to use the proceeds from the Offering for working capital and general corporate purposes. The entirety of the Offering is expected to close on or about the end of April 2026, subject to the satisfaction of customary closing conditions. The securities issued with respect to the Offering are exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act and/or Rule 903 of Regulation S promulgated thereunder. The securities have not been registered under the Securities Act and may not be sold in the United States absent registration or an exemption from registration. Full text copies of the Securities Purchase Agreement and the Common Warrants are available at https://tinyurl.com/mryz3zxs and https://tinyurl.com/4svrther, respectively. About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. Haifa, Israel-based Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $30,596,000 in total assets, $32,346,000 in total current liabilities, $7,463,000 in total long-term liabilities, and $9,213,000 in total deficit. PLZ CORP: S&P Withdraws 'CCC' Issuer Credit Rating, Outlook Neg. ---------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on PLZ Corp., including the 'CCC' issuer credit rating and its 'CCC' issue-level rating and '3' recovery rating on its senior secured debt, at the issuer's request. At the time of the withdrawal, its outlook on the company was negative. PORTLAND HUNT: Starts Chapter 11 Bankruptcy in Maine ---------------------------------------------------- On March 30, 2026, Portland Hunt & Alpine Club LLC filed for Chapter 11 protection in the District of Maine. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Portland Hunt & Alpine Club LLC Portland Hunt & Alpine Club LLC is a Maine-based hospitality company operating a cocktail bar and restaurant known for craft beverages and curated dining experiences in Portland. Portland Hunt & Alpine Club LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20076) on March 30, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by Tanya Sambatakos, Esq. of Molleur Law Office. PRAESUM HEALTHCARE: Trustee to Employ KapilaMukamal as Accountant ----------------------------------------------------------------- Robert C. Furr, the Chapter 11 Trustee for Praesum Healthcare Services, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Soneet R. Kapila, CPA, CFF, CIRA, CFE and the accounting firm KapilaMukamal, Certified Public Accountants as accountants. KM will provide these services: (a) review of all financial information prepared by the Debtors or their accountants, including but not limited to a review of the Debtors financial information as of the date of the filing of the petition, their assets and liabilities, and their secured and unsecured creditors; (b) review and analysis of the organizational structure of and financial interrelationships among the Debtors and their affiliates and insiders, including a review of the books of such companies or persons as may be requested; (c) review and analysis of transfers to and from the Debtors to third parties, both pre-petition and post-petition; (d) attendance at meetings with the Debtors, their creditors, the attorneys of such parties, and with federal, state, and local tax authorities, if requested; (e) review of the books and records of the Debtors for potential preference payments, fraudulent transfers, or any other matters that the Trustee may request; (f) the rendering of such other assistance in the nature of accounting services, financial consulting, valuation issues, or other financial projects as the Trustee may deem necessary; and (g) preparation of estate tax returns. KM will be compensated at hourly rates ranging from $190-$840, subject to periodic adjustment, plus reimbursement of necessary out-of-pocket expenses. KM recognizes that its compensation is subject to court approval under 11 U.S.C. Sec. 330. According to court filings, KM is a "disinterested person" within the meaning of Section 101(14) and does not hold or represent any interest adverse to the estate, except as disclosed. The firm can be reached at: Soneet R. Kapila, CPA, CFF, CIRA, CFE Barry E. Mukamal, CPA, CIRA, CFE, CFF, ABV, PFS KapilaMukamal 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 About Praesum Healthcare Services, LLC Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by: Alexandra D. Blye, Esq. Carlton Fields, P.A. 525 Okeechobee Boulevard, Suite 1200 West Palm Beach, FL 33401 Telephone: (561) 659-7070 E-mail: ablye@carltonfields.com PROPERTY RESTORATION: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The U.S. Trustee for Region 2 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Property Restoration, Inc. About Property Restoration Inc. Property Restoration, Inc. is a Syracuse, New York-based restoration contractor that delivers emergency mitigation and reconstruction services for residential, commercial and institutional properties affected by water, fire, storm, flood and mold damage. The company operates a 24/7 emergency response network, working with insurance carriers and using certified technicians and industry-standard practices to restore damaged structures and contents to their pre-loss condition. With more than 30 years of experience, Property Restoration focuses on rapid deployment, comprehensive cleanup, and full reconstruction, supported through its offices in Central New York, Binghamton and the Capital Region. Property Restoration sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-30166) on March 13, 2026, with between $1 million and $10 million in both assets and liabilities. Arthur Diamond, president of Property Restoration, signed the petition. Bonnie L. Pollack, Esq., at Cullen and Dykman, LLP, represents the Debtor as legal counsel. PSCD TRINITY: Seeks to Hire Newmark as Real Estate Broker --------------------------------------------------------- PSCD Trinity, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Newmark Real Estate of Massachusetts, LLC as its commercial real estate services. The firm will market and sell the Debtor's property known as Watermills, in Watertown, Massachusetts located at 330 - 350 Pleasant St. Watertown, Massachusetts that includes two three-story buildings connected by a skybridge, featuring 99 residential units and 17,941 square feet of ground level retail and office space. Newmark will be entitled to a commission of 1% on the gross sales prices. As disclosed in the court filings, Newmark, its members, officers and directors are "disinterested persons" within the meaning of Section 101(14), as modified by Section 1107(b) of the Bankruptcy Code. The firm can be reached through: Thomas Greeley Newmark Real Estate of Massachusetts, LLC 225 Franklin St., 33rd Floor Boston, MA 02110 Phone: (617) 863-8621 Email: tom.greeley@nmrk.com About PSCD Trinity LLC PSCD Trinity, LLC provides activities related to real estate, including property management, real estate appraisal, and other support services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12658) on December 8, 2025. In the petition signed by Mark D. Coppola, managing member, the Debtor disclosed up to $100 million in both assets and liabilities. George W. Tetler, Esq. at PRINCE LOBEL TYE LLP, represents the Debtor as legal counsel. PUERTO RICO: Bankruptcy Blocks Paul Weiss, ACLU Fee Requests ------------------------------------------------------------ Carolyn Muysken of Law360 reports that the First Circuit ruled that ACLU and Paul Weiss attorneys cannot collect fees for their work easing voting-by-mail restrictions in Puerto Rico during the COVID-19 pandemic because they were discharged in the territory's bankruptcy. The decision reinforces the principle that bankruptcy discharge can eliminate claims even for successful, socially significant legal work. The case arose after the attorneys challenged Puerto Rico's restrictions on mail-in voting, arguing that voters' rights were imperiled. Though they prevailed in court and facilitated broader access to voting, the bankruptcy proceedings precluded them from recovering fees for their efforts, the report states. The ruling illustrates the sweeping effect of Puerto Rico's bankruptcy protections, affecting claims by attorneys, creditors, and other parties. Legal analysts say it underscores the importance of timing and understanding discharge implications when representing government entities in financial distress, according to Law360. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. PUTNAM PULMONARY: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Putnam Pulmonary Primary Care, P.A. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for May 5. The Debtor intends to use cash collateral to fund business expenses, including payroll, supplier and vendor payments, and other operating costs in accordance with an eight-week cash budget. The cash collateral consists of funds on hand and cash to be received during normal operations, which may be subject to a lien or security interest asserted by Overton Funding LLC, the Debtor's pre-petition lender that may hold a lien on the Debtor's operating account and cash equivalents. To protect Overton's interests, the Debtor offers to grant the lender a replacement lien on post-petition cash collateral to the same extent, priority, and validity as the lender's pre-petition lien. The Debtor also intends to remain current on repayment obligations in the ordinary course of business. Overton, as lender, is represented by: Niki Sturm, Esq. Kaminski Law, PLLC P.O. Box 247 Grass Lake, MI 49240 (248) 462-7111 nsturm@kaminskilawpllc.com About Putnam Pulmonary Primary Care Putnam Pulmonary Primary Care, P.A. is a medical practice based in Palatka, Florida, providing pulmonary and primary care services to patients in the surrounding region. The practice diagnoses and treats respiratory conditions, including asthma and chronic obstructive pulmonary disease, while also offering general primary care services. Operating from its Zeagler Drive location, it serves patients across Putnam County through physician-led care focused on respiratory health and general medicine. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01181) on March 20, 2026. In the petition signed by Dr. Richard Feibelman, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP, represents the Debtor as legal counsel. QVC GROUP: Vanguard Holds No Beneficial Ownership After Realignment ------------------------------------------------------------------- The Vanguard Group, Inc. disclosed in a Schedule 13G (Amendment No. 9) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of QVC Group Inc's Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538, The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/3wp6m3yr About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of September 30, 2025, the Company had $7.56 billion in total assets, $10.54 billion in total liabilities, and $2.98 billion in total deficit. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Company Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its Company credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+' . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." R.M. PUTNEY: Taps McConville Considine as Bankruptcy Counsel ------------------------------------------------------------ R.M. Putney & Associates, Inc. d/b/a Impact Earth seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ McConville Considine Cooman & Morin P.C. (MCCM) as its bankruptcy counsel. The firm will provide these services: (a) advising the Debtor of its rights, powers and duties as a debtor and debtor-in-possession; (b) advising and preparing, on behalf of the Debtor, any necessary and appropriate applications, motions, draft orders, other pleadings, notices, schedules, plan, disclosures and other documents; (c) counseling the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; (d) assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor’s estate; and (e) appearing in Court on behalf of the Debtor as needed in connection with this Chapter 11 case. MCCM will receive hourly rates of $400 for partners; $325 for associates; and $200 for paralegals, plus reimbursement for reasonable and necessary costs and expenses. According to court filings, McConville Considine Cooman & Morin P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mike Krueger, Esq. McConville Considine Cooman & Morin, P.C. 300 Meridian Centre Blvd., Suite 110 Rochester, NY 14618 Tel: (585) 546-2500 About R.M. Putney & Associates, Inc. R.M. Putney & Associates, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-20182) on March 19, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $500,001 to $1 million. Judge Carl L. Bucki oversees the case. McConville Considine Cooman & Morin P.C. is Debtor's legal counsel. RAINMAKER CIDER: To Hire Cairncross & Hempelmann as Counsel ----------------------------------------------------------- Rainmaker Cider LLC dba Locust Cider seeks approval from the U.S. Bankruptcy Court for the Western District of Washington at Tacoma to hire Cairncross & Hempelmann, P.S. to serve as legal counsel. The firm will provide these services: (a) assisting the Debtor in the investigation of the financial affairs of the estate; (b) providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; (c) preparing all pleadings necessary for proceedings arising under this case; and (d) performing all necessary legal services for the estate in relation to this case. Steven M. Palmer will charge $650 per hour, associates will charge $415 per hour, and paralegals will charge $275 per hour for services rendered. Cairncross received $28,000 into its IOLTA account on February 27, 2026, and $8,120 on March 2, 2026. These amounts included $17,899.50 for upfront attorney fees and $1,738 for the filing fee; the remaining $18,220.50 will be held in trust to pay for post-petition services. According to the Palmer Declaration, Cairncross & Hempelmann "do not hold or represent any interest adverse to the interests of the estate," and an internal conflicts check revealed no conflicts. Cairncross does not hold a prepetition claim against the Debtor and has not received any additional funds or retainers. The funds held in trust will be applied only after approval of a fee application. The firm can be reached at: Steven M. Palmer, Esq. Ryan R. Cole, Esq. CAIRNCROSS & HEMPELMANN, P.S. 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Telephone: (206) 587-0700 Facsimile: (206) 587-2308 E-mail: spalmer@cairncross.com rcole@cairncross.com About Rainmaker Cider LLC Rainmaker Cider LLC manufactures hard ciders and fruit-forward alcoholic beverages under brands including Locust Cider, Colorado Cider Co., Argus Cidery, Smack Hard Lemonade, and Spiked Jones Hard Craft Soda. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-40555-MJH) on March 2, 2026. In the petition signed by Jason Spears, owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mary Jo Heston oversees the case. Ryan R. Cole, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. RALIAM HOSPITALITY: September 21 Governmental Claims Bar Date ------------------------------------------------------------- On March 23, 2026, Raliam Hospitality Group, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Indiana. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. The cutoff for filing of government claims is on September 21, 2026. About Raliam Hospitality Group, LLC Raliam Hospitality Group, LLC is a hospitality company engaged in hotel ownership and management operations. Raliam Hospitality Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01661) on March 23, 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 Jeffrey J. Graham handles the case. The Debtor is represented by Preeti Gupta, Esq. of Preeti (Nita) Gupta, Attorney. RAY'S PIZZA: Seeks Cash Collateral Access ----------------------------------------- Ray's Pizza 88 LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and provide adequate protection. The Debtor explains that without immediate access to these funds, it would be unable to pay essential expenses such as employee wages, utilities, and vendor costs, which could jeopardize the business. The company's financial distress is attributed largely to loans from merchant cash advance lenders that have been aggressively withdrawing funds from its accounts. As of the filing date, the Debtor reports limited liquid assets and inventory, while its primary secured creditor, American Momentum Bank, holds a significantly undersecured claim of about $474,000 against collateral valued at roughly $120,000. To proceed, the Debtor proposes providing adequate protection to secured creditors through replacement liens on post-petition assets and monthly payments, specifically $2,000 to American Momentum Bank and $200 to Roger's Aire Mechanical LLC. A copy of the motion is available at https://urlcurt.com/u?l=QLzEt4 from PacerMonitor.com. About Ray's Pizza 88 LLC Ray's Pizza 88 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-02881-MCW) on March 25, 2026. In the petition signed by Robert A. Grover, Jr., member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Madeleine C. Wanslee oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices, PC, represents the Debtor as legal counsel. RAY'S PIZZA: Seeks Court OK to Tap Ellett Law Offices as Attorney ----------------------------------------------------------------- Ray's Pizza 88 LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Ronald J. Ellett of Ellett Law Offices, PC to serve as its attorney. Mr. Ellett will perform the following services: (a) preparation of all legal documents, the Debtor's Chapter 11 Subchapter V Plan of Reorganization, and Disclosure Statement; (b) examine and determine the rights and title of the Debtor in and to certain property; (c) investigate, examine into, and determine the validity of any and all liens appearing to be claimed during the administration of the Estate; (d) investigate and determine the validity of any and all claims that may be filed against the Estate; (e) prepare all accounts, reports, and other instruments required in the administration of the Estate; (f) assist the Debtor-In-Possession in all matters of legal nature arising in the administration of the Estate and advise with regard thereto; and (g) assist the Debtor in the collection of all accounts receivable owed to the Debtor. According to the sworn statement, Mr. Ellett's current hourly rate is $595, Senior Attorneys (of counsel) rate is $395, Senior Paralegal rate is $255, and Paralegal rate is $235. Rates are adjusted annually. Mr. Ellett represents that neither he nor his firm are creditors of the Debtor, do not represent any creditors, have no agreements for fee sharing, represent no interest adverse to the Debtor, and will advise if a conflict arises. The application has not yet been approved based on the provided information. The firm can be reached at: Ronald J. Ellett, Esq. ELLETT LAW OFFICES, PC 2999 N. 44th Street, Suite 330 Phoenix, AZ 85018 Telephone: (602) 235-9510 About Ray's Pizza 88 LLC Ray's Pizza 88 LLC is a food service business engaged in the operation of a pizza restaurant offering prepared meals and related items. Ray's Pizza 88 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02881) 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 Madeleine C. Wanslee handles the case. The Debtor is represented by Ronald J. Ellett, Esq. of Ellett Law Offices, P.C. RB MARKETPLACE: To Sell Freightliner to Eduard Vega Delgado ----------------------------------------------------------- RB Marketplace Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor was the registered owner of the 2014 Freightliner M2 with a value of $23,988. The motor vehicle registered at the Puerto Rico Department of Transportation and Public Works. The Debtor receives and accepts an offer for the purchase of the Property from Eduard Vega Delgado for the amount of $25,000, to be bought "where is and as is" under the terms and condition in the sales option contract. The purchase price offered for the vehicle constitutes fair and reasonable price, considering the age and condition of the motor vehicle. The Buyer has also assumed all costs and expenses of the purchase and the transfer of the title in his name at the DTOP. The Buyer is not a relative, business associate, friend, partner, neighbor, nor is he in any way related to the Debtor, in a manner which could be considered an insider of the Debtor. The sale of the motor vehicle is beneficial to the estate as the Debtor-in-Possession will reduce his expenses and will also allow it to fund its operation. About RB Marketplace Inc. RB Marketplace Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-00982) on March 6, 2026. At the time of the filing, the Debtor disclosed up to $10,000,001 to $50 million in assets and $1,000,001 to $10 million in liabilities. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. is Debtor's counsel. REGISTER MEAT: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Panama City Division, issued a final order authorizing Register Meat Company, Inc. to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral strictly for business operations. However, the Debtor is prohibited from using funds for pre-petition obligations, salaries, professional fees, or insider payments unless further court approval is obtained. As adequate protection, ServisFirst Bank will be granted a replacement lien on the Debtor's post-petition assets, including accounts and receivables, maintaining the same validity and priority as its pre-petition lien. This ensures the lender's secured position is preserved despite the use of collateral. The authority to use cash collateral will automatically terminate upon an order of the court; dismissal or conversion of the Debtor's bankruptcy case to Chapter 7; or relief from stay as to the cash collateral, whichever occurs first. The final order is available at http://bankrupt.com/misc/RegisterMeat_FinalCashCollOrder.pdf Prior to its Chapter 11 filing, Register Meat Company obtained a $369,062.14 loan from ServisFirst Bank and, in return, pledged to the bank as collateral its assets including accounts receivables. The Debtor estimates that accounts receivable exceed approximately $48,000, which remains due to ServisFirst Bank based on the current aging report for receivables under 90 days. About Register Meat Company Inc. Register Meat Company, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-50003) on January 6, 2026, listing assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Judge Karen K. Specie presides over the case. Michael Howard Moody, Esq. at Michael H. Moody Law, P.A. represents the Debtor as bankruptcy counsel. REKOR SYSTEMS: CEO, CFO Ink Multi-Year Agreements Through 2028 -------------------------------------------------------------- Rekor Systems, Inc. disclosed in a regulatory filing that the Company entered into an Amended and Restated Employment Agreement with Robert A. Berman, President and Chief Executive Officer, which is effective as of March 20, 2026, and which amends, restates, replaces and supersedes that certain Employment Agreement, dated as of May 15, 2019, by and between the Company and Mr. Berman. The Berman Agreement provides for an initial employment term through June 30, 2028, subject to automatic one-year renewal periods unless either party provides at least 90 days' prior written notice of non-renewal. Under the Berman Agreement, Mr. Berman will receive an annualized base salary of $395,000 and will be eligible to be considered for periodic performance bonuses as determined by the Board in its sole discretion. In addition, within 30 days following the effective date of the Berman Agreement, the Company will grant Mr. Berman a one-time stock grant of 1,000,000 shares of the Company's common stock, which will be fully vested upon grant. The Company will pay its share of any FICA taxes owed with respect to such grant, and the grant will be subject to withholding only with respect to the employee's share of any mandatory FICA or other withholding, but not with respect to income taxes. Mr. Berman will be responsible for all income tax payments related to the grant. Either party may terminate the employment relationship at any time, with or without Cause, on 30 days' advance notice, except that the Company may terminate Mr. Berman's employment immediately for Cause. If Mr. Berman's employment is terminated by the Company without Cause or by Mr. Berman for Good Reason, then, subject to his execution and non-revocation of a general release of claims, Mr. Berman will be entitled to a separation payment equal to 12 months of his then-current base salary, payable in 12 equal monthly installments. Upon a Change in Control during the employment term, the Company may terminate Mr. Berman's employment within 120 calendar days after the Change in Control, in which event Mr. Berman will be entitled, subject to his execution and non-revocation of a general release of claims, to a lump-sum payment equal to three times his then-current base salary, in lieu of the separation payment described above. The Berman Agreement also contains customary provisions regarding expense reimbursement, employee benefits, vacation, indemnification and directors' and officers' liability insurance, and post-termination obligations, including pursuant to a previously executed proprietary rights agreement. A full text copy of the Berman Agreement is available at https://tinyurl.com/3sf44jep Employment Agreement with Joseph Nalepa The Company also entered into an Employment Agreement with Joseph Nalepa, the Company's Chief Financial Officer, which is effective as of November 17, 2025, the date of Mr. Nalepa's appointment as Chief Financial Officer. The Nalepa Agreement provides for an initial employment term through June 30, 2028, subject to automatic one-year renewal periods unless either party provides at least 30 days' prior written notice of non-renewal. Under the Nalepa Agreement, Mr. Nalepa will receive an annualized base salary of $260,000. For the period from the effective date of the Nalepa Agreement through May 1, 2026, Mr. Nalepa will be eligible to receive an initial bonus of $75,000, subject to the Company's timely filing of its Annual Report on Form 10-K for the 2025 calendar year, receipt of a satisfactory report from the Company's independent auditors with respect to the Company's 2025 financial statements, and Mr. Nalepa's continued employment through the payment date. For the 12-month period commencing July 1, 2026, and for each subsequent 12-month period during the employment term, Mr. Nalepa will be eligible to receive a discretionary bonus, which may be more or less than $150,000, based upon key performance measures mutually agreed upon between Mr. Nalepa and the Compensation Committee of the Board in consultation with the Audit Committee of the Board. Either party may terminate the employment relationship at any time, with or without Cause, on advance notice as provided in the Nalepa Agreement, except that the Company may terminate Mr. Nalepa's employment immediately for Cause. Mr. Nalepa is required to provide the Company at least 30 days' prior written notice if he decides to terminate his employment, provided that any such notice must be given at least 60 days prior to any deadline for filing the Company's quarterly or annual financial reports with the SEC. If Mr. Nalepa's employment is terminated by the Company without Cause or by Mr. Nalepa for Good Reason, then, subject to his execution and non-revocation of a general release of claims, Mr. Nalepa will be entitled to a separation payment equal to 12 months of his then-current base salary, payable in 12 equal monthly installments. Upon a Change in Control during the employment term, the Company may terminate Mr. Nalepa's employment within 120 calendar days after the Change in Control, in which event Mr. Nalepa will be entitled, subject to his execution and non-revocation of a general release of claims, to a lump-sum payment equal to two times his then-current base salary, in lieu of the separation payment described above. The Nalepa Agreement also contains customary provisions regarding expense reimbursement, employee benefits, vacation, indemnification and directors' and officers' liability insurance, and post-termination obligations, including pursuant to a previously executed proprietary rights agreement. A full text copy of the Nalepa Agreement is available at https://tinyurl.com/26rjbabd About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. As of September 30, 2025, the Company had $80,979,000 in total assets, $44,495,000 in total liabilities, and $36,484,000 in total stockholders' equity. Morristown, N.J.-based Marcum LLP, the Company's auditor since 2019, 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 significant losses and will need 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. REKOR SYSTEMS: Professor Sanjay Sarma Resigns From Board -------------------------------------------------------- Rekor Systems, Inc. disclosed in a regulatory filing that Professor Sanjay Sarma notified the Board of Directors of his resignation as a director, effective March 25, 2026. Professor Sarma's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Following his resignation, Professor Sarma will continue to support the Company's technology and innovation initiatives by serving as Chairman of the Board of Managers of Rekor Labs, LLC, a wholly owned subsidiary of the Company. About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. As of September 30, 2025, the Company had $80,979,000 in total assets, $44,495,000 in total liabilities, and $36,484,000 in total stockholders' equity. Morristown, N.J.-based Marcum LLP, the Company's auditor since 2019, 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 significant losses and will need 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. RELIZ TECHNOLOGY: Retains Ordinary Course Professionals ------------------------------------------------------- Reliz Technology Group and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ and compensate certain professionals used in the ordinary course of business. The Ordinary Course Professionals are: Kathy Cowan & Juan Pablo Urrutia Harney's Fiduciary - Legal Services 3rd Floor, Harbour Place 103 South Church Street P.O. Box 11088 Grand Cayman, KY-11008 Cayman Islands - and - Richie Randolph RSM US LLP - Accounting Services 30 South Wacker Drive, 3300 Chicago, IL 60606 The professionals will be compensated in accordance with their standard billing rates, subject to an average monthly cap of $50,000 per professional over a rolling three-month period. Any fees exceeding this cap require Court approval. The professionals are considered "disinterested persons" insofar as they do not hold or represent any interest adverse to the Debtors or their estates in connection with these matters. About Reliz Technology Group Holdings Inc. Reliz Technology Group Holdings Inc. together with affiliates Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operates the BlockFills digital-asset trading and liquidity platform, offering institutional clients spot and derivatives trading, collateralized lending, and mining solutions. Founded in 2017, the group aggregates liquidity from a global network of exchanges and market makers, integrating smart order routing, trade reconciliation, and risk management through a multi-asset technology platform with FIX API connectivity and white-label software. Headquartered in Chicago, Illinois, it also maintains offices in London, Dubai, Sao Paulo, and the Cayman Islands. Reliz and three affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10371) on March 15, 2026. In the petition signed by Joseph Perry, interim chief executive officer, Reliz disclosed assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. Judge Thomas M Horan oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Katten Muchin Rosenman, LLP as bankruptcy-co-counsel; Berkeley Research Group, LLC as financial advisor; and Verita Global, LLC as claims agent. REVIVA PHARMACEUTICALS: CVI Investments Reports 5.2% Equity Stake ----------------------------------------------------------------- CVI Investments, Inc., together with Heights Capital Management, Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 18, 2026, it beneficially owns 666,667 shares of Reviva Pharmaceuticals Holdings, Inc.'s common stock, $0.0001 par value per share, representing 5.2% of the shares, based on 12,727,044 shares outstanding as reported in the Company's Prospectus Supplement filed March 19, 2026. The shares are held by CVI Investments, Inc., with Heights Capital Management, Inc. (Delaware) serving as the investment manager and exercising shared voting and dispositive power over the shares. Both reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest therein. CVI Investments, Inc. may be reached through: Sarah Travis Heights Capital Management, Inc 101 California Street, Suite 3250 San Francisco, California 94111 Tel: 345-949-8080 A full-text copy of CVI Investments, Inc.'s SEC report is available at: https://tinyurl.com/mu8vwcnp About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $14.3 million in total assets, $9.8 million in total liabilities, and $4.5 million in total stockholders' equity. REYNOLDS CRAFT: To Sell McDonald Property to Mike Erik Lewis ------------------------------------------------------------ Reynolds Craft, LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Missouri, Southwestern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor previously operated a construction business. Due to economic downturns all construction operations ceased in mid-2025. Debtor owns several acres of Real Estate and has been designated a Single Asset Real Estate Case. Debtor has several Notes to Cornerstone Bank secured in Real Estate owned by the Debtor. All Real Estate owned by the Debtor is secured by Deeds of Trust to Bank which are reflected in its various Proof of Claim filings. The Debtor's Property is in McDonald's County, Missouri described as follows: The West Half of the Northeast Quarter of the Southeast Quarter and the Northwest Quarter of the Southeast Quarter of the Southeast Quarter of Section 2, Township 22, Range 33, McDonald County, Missouri. Several contracts have been presented to Bank for approval however, the Bank has refused to authorize the contract, in which the refusal necessitated the Chapter 11 Bankruptcy filing. The Debtor employs Chris Hinkle as real estate broker. On or about March 26, 2026, Brandon Reynolds entered into a contract with Mike Erik Lewis to sell Section 2, Township 22, Range 33 of Lot #3 Builders Lane in Anderson, Missouri. The original purchase price was $10,000.00. The contract was subsequently amended for a purchase price of $13,000.00. The Debtor is seeking Court approval of the Lewis Contract and authorization to complete the sale. The Debtor submits that the sales price is fair and reasonable. Debtor has been actively marketing the Real Estate for several months and has engaged a broker with knowledge of McDonald County, Missouri. The Broker negotiated with the Buyer to increase the purchase price to result in the best possible payment to the Bank. About Reynolds Craft LLC Reynolds Craft, LLC is a single-asset real estate entity that owns residential properties located at 19 Builders Lane and 712 W. Highway F in Anderson, Missouri, which together have an estimated current value of $1.03 million. Reynolds Craft sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-30319) on December 11, 2025, with total assets of $1,040,189 and total liabilities of $875,161. Brandon Reynolds, managing member of Reynolds Craft, signed the petition. Judge Brian T. Fenimore presides over the case. Bradley D. McCormack, Esq., at Sader Law Firm LLC, represents the Debtor as bankruptcy counsel. RM IMAGING: Court Extends Cash Collateral Access to June 2 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, entered a second interim order granting RM Imaging, Inc. approval to use cash collateral. The court authorized the Debtor to use cash collateral to pay operating expenses in accordance with the approved budget through June 2. The Debtor may exceed individual budget line items by up to 10% or exceed individual line items by more than 10% so long as total aggregate variances do not exceed 10% of the overall budget. As adequate protection, New Lane Finance Company, ODK Capital, LLC and the U.S. Small Business Administration will be granted replacement liens on accounts receivable to the same extent and priority as their pre-petition liens but only to the extent their cash collateral is used. The replacement liens do not apply to avoidance actions and assets not previously subject to pre-petition liens. The interim authorization remains effective through June 2, unless modified by the court. The Debtor must file an actual-versus-projected budget and a proposed budget for the next period before the continued hearing scheduled for June 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0bAul from PacerMonitor.com. About RM Imaging Inc. RM Imaging, Inc. operates a medical diagnostic center. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11368) on February 2, 2026. In the petition signed by Rachel Magro, president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Brian S. Behar, Esq., at Behar, Gutt & Glazer PA, represents the Debtor as legal counsel. RND PROPERTIES: Lender Seeks to Prohibit Cash Collateral Access --------------------------------------------------------------- Renasant Bank asks the U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, to prohibit RND Properties, LLC from using cash collateral. The lender seeks to prohibit or restrict the Debtor's use of cash collateral -- specifically rental income derived from certain real properties -- on the grounds that its interests are not adequately protected. Renasant Bank asserts that it holds fully perfected, first-priority security interests in these properties and their associated rents based on two loan transactions: a 2020 promissory note secured by deeds of trust and an assignment of rents on two Cordova properties, and a 2021 promissory note secured by similar instruments on a Memphis property. As of the petition date, the Debtor owed substantial outstanding balances on both loans -- approximately $697,636 and $1,076,862 -- and was in default due to missed payments, loan maturity, and acceleration of debt obligations. The creditor argues that the rental income generated from these properties constitutes cash collateral under 11 U.S.C. Section 363 because it is subject to its security interests. Accordingly, the Debtor is prohibited from using such funds without either the creditor's consent or court authorization, which must include adequate protection of the creditor's interest. Renasant Bank contends that the Debtor has been using this cash collateral without court approval and without providing any adequate protection, thereby diminishing the value of the creditor's secured interest. Furthermore, Renasant Bank raises concerns about the Debtor's financial conduct and viability, alleging a history of financial mismanagement and ongoing losses, with little likelihood of successful reorganization. The creditor warns that continued unauthorized use of the rental income will result in immediate and irreparable harm to its secured position. A copy of the motion is available at https://urlcurt.com/u?l=lETVUw from PacerMonitor.com. About RND Properties LLC RND Properties, LLC's primary asset consists of commercial properties located at 1532 Bonnie Lane, 0 Bonnie Lane, 1536 BonnieLane, and 1831 Getwell Road in Memphis/Cordova, Tennessee. RND filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-21006) on February 23, 2026, with $1 million to $10 million in both assets and liabilities. Robert Mahoney, managing member, signed the petition. Judge Jennie D. Latta presides over the case. Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker represents the Debtor as bankruptcy counsel. Renasant Bank, as lender, is represented by: R. Lee Webber, Esq Martin, Tate, Morrow & Marston, P.C. 6410 Poplar Avenue, Suite 900 Memphis, TN 38119 (901) 522-9000 (901) 527-3746 lwebber@martintate.com ROGERS COMMUNICATIONS: DBRS Rates Subordinated Notes 'BB' --------------------------------------------------------- DBRS Limited (Morningstar DBRS) assigned a credit rating of BB, Positive trend, to Rogers Communications Inc.'s (Rogers or the Company) subordinated notes issuances (the Subordinated Notes) as follows: -- USD 750 million 6.875% Fixed-to-Fixed Rate Subordinated Notes, due 2056, BB, Positive Trend -- CAD 1,250 million 6.250% Fixed-to-Fixed Rate Subordinated Notes, due 2056, BB, Positive Trend The Subordinated Notes will be unsecured, subordinated obligations of Rogers Communications Inc. The payment of principal, premium, if any, and interest on the Subordinated Notes, to the extent provided in the Supplemental Indenture, will be subordinated in right of payment to the prior payment in full of all senior indebtedness. Morningstar DBRS regards the Subordinated Notes as subordinated hybrid debt, which is rated two notches below the Company's Issuer Rating and Senior Unsecured Notes rating of BBB (low), Positive trend. Morningstar DBRS has assigned a 50% equity weighting to the Subordinated Notes, reflecting the deep subordination of the Subordinated Notes to Rogers' senior unsecured debt, an assumed term to maturity of 30 years, the Company's ability to defer interest payments for up to five years (unlimited deferral periods are permitted), and the presence of acceptable replacement language that supports the notion of permanence of subordinated debt in Rogers' long-term capital structure strategy. Morningstar DBRS expects the net proceeds of the Subordinated Notes issuances will be used to repay certain of Rogers' outstanding indebtedness, which may include the Company's 5.00% Subordinated Notes due 2081. The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. The ratings listed above are based on Rogers Communications Inc.'s US$750 million 6.875% Fixed-to-Fixed Rate Subordinated Notes due 2056 Prospectus Supplement dated March 24, 2026, Rogers Communications Inc.'s C$1,250 million 6.250% Fixed-to-Fixed Rate Subordinated Notes due 2056 Final Term Sheet dated March 24, 2026 and information provided by Rogers Communications Inc. to Morningstar DBRS as of March 27, 2026. Continuation of the ratings is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted ratings. SABLE OFFSHORE: Vanguard Realignment Disaggregates Equity Stake --------------------------------------------------------------- The Vanguard Group, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Sable Offshore Corp.'s Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/35hbrytd About Sable Offshore Corp. Sable Offshore Corp. (formerly known as Flame Acquisition Corp. is an independent oil and gas company headquartered in Houston, Texas. Flame was initially formed as a special purpose acquisition company for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company's independent auditor, Ham, Langston & Brezina, L.L.P., based in Houston, Texas, and serving since 2024, included a "going concern" qualification in its report dated February 27, 2026, attached to the Annual Report on Form 10-K with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025 citing that uncertainties related to obtaining the remaining regulatory approvals necessary to resume sales of production, along with the uncertainty of obtaining additional financing, or refinancing the Senior Secured Term Loan raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $1.7 billion in total assets, $1.2 billion in total liabilities, and $534.3 million in total stockholders' equity. SAKS GLOBAL: Reaches $500MM Exit Financing Agreement w/ Bondholders ------------------------------------------------------------------- Emily Lever of Law360 reports that bankrupt retailer Saks announced Thursday, April 2, 206, that it has obtained a $500 million exit financing commitment from its senior secured bondholders and is preparing to file a Chapter 11 plan in the near term. The deal marks a key step in its restructuring efforts. According to the company, the financing will provide critical liquidity as it transitions out of bankruptcy and implements its reorganization plan. Saks said the support from bondholders demonstrates confidence in its path forward. The retailer expects to submit its plan in the coming weeks, detailing the proposed treatment of creditors and its strategy for emerging from Chapter 11. The company said it remains focused on completing the process efficiently, the report states. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SANTA PAULA HAY: Has Deal on Cash Collateral Access --------------------------------------------------- Santa Paula Hay & Grain and Ranches and Zions Bancorporation, N.A. Advise the U.S. Bankruptcy Court for the Central District of California, Northern Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The parties agreed to limited use of cash collateral to cover necessary operating and maintenance expenses, subject to bankruptcy court approval and the budget through June 30. Spending is restricted to approved budget items, with a 110 percent variance allowed per line item and limited flexibility in timing. In return, the Debtor must provide adequate protection by making $10,000 monthly payments and granting the creditor replacement liens on post-petition income from the property. The Debtor must also submit monthly financial reports comparing actual and budgeted expenditures. A copy of the stipulation is available at https://urlcurt.com/u?l=XHyoEd from PacerMonitor.com. About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. Zions Bancorporation, N.A., as lender, is represented by Jessica L. Giannetta, Esq. at Giannetta Law Corporation. SANTIN AUTO: Eric Terry Appointed as Chapter 11 Trustee ------------------------------------------------------- Kevin Epstein, the U.S. Trustee for Region 7, appointed Eric Terry as Chapter 11 trustee for Santin Auto and Truck Repair Center, LLC. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Western District of Texas on March 12. The Chapter 11 trustee bond is initially set at $180,000. The bond may require adjustment as the trustee collects and liquidates assets of the estate, and the trustee is directed to inform the Office of the United States Trustee when changes to the bond amount are required or made. About Santin Auto and Truck Repair Center LLC Santin Auto and Truck Repair Center, LLC provides comprehensive repair and maintenance services for light, medium, and heavy-duty vehicles, including cars, trucks, buses, RVs, and construction equipment. Based in San Antonio, Texas, the company offers in-shop and mobile 24/7 roadside services, specializing in diesel repair, fleet maintenance, engine and transmission work, and heavy equipment repair. Its team of ASE-certified technicians combines over 65 years of experience with modern diagnostic and repair technology to serve San Antonio and surrounding areas. Santin Auto and Truck Repair Center LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50372) on February 13, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Craig A. Gargotta oversees the case. The Debtor is represented by Stephen W. Sather, Esq., at Barron & Newburger, P.C. SCOTLAND DEVELOPMENT: Seeks to Hire Howard Hanna as Brokers ----------------------------------------------------------- Scotland Development Corporation seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Durham Division, to employ Pam Matthews of Howard Hanna Allen Tate Real Estate as brokers. The firm will provide these services: (a) assist the Debtor in the marketing and sale of certain real property containing approximately 281 acres, briefly described as the Equestrian Tract and more particularly described as the Second Tract in the deed from St. Andrews Presbyterian College to the Debtor recorded in 2011 in Book 1319 Page 120, Scotland County Register of Deeds; (b) act as exclusive agents to help sell the property under the Exclusive Right to Sell Listing Agreement; (c) facilitate all leads, prospective buyers, marketing, offers, negotiations, contracts, inspections, appointments, and any other activities in connection with selling the property; and (d) use best efforts to find a ready, able, and willing buyer and conduct public marketing, including listing services, signs, open houses, and general advertising as authorized. The firm will be paid at these rates: -- a fee equal to 3% of the sale price, -- a fee to a cooperating agent equal to 2% of the sale price, and -- a brokerage fee of $295 (aggregate not to exceed 5% plus $295). The Brokers represent that they hold no interest adverse to the Debtor and are disinterested as defined in 11 U.S.C. Sec. 101. The firm can be reached at: Pam Matthews Howard Hanna Allen Tate Real Estate 6700 Fairview Rd Charlotte, NC, 28210 Phone: (704) 265-6910 About Scotland Development Corporation Scotland Development Corporation is a nonprofit organization based in Laurinburg, North Carolina, that focuses on community and economic development, including workforce and educational initiatives, and holds various land assets in the area such as campus tracts, equestrian facilities, and horseshoe tracts, with a total valuation of approximately $5.5 million. Scotland Development Corporation in Laurinburg, NC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 26-80045) on Feb. 17, 2026, listing $5,569,302 in assets and $11,179,384 in liabilities. Andrew G. Williamson, Jr., a president, signed the petition. Judge Lena M. James oversees the case. NORTHEN BLUE LLP serve as the Debtor's legal counsel. SCOTLAND DEVELOPMENT: To Employ Appraisers Village as Appraisers ---------------------------------------------------------------- Scotland Development Corporation seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Elizabeth Giri, A. Franklin Dean MAI, and Village Appraisers, LLC as appraisers. The professionals will provide these services: (a) assist the Debtor in the presentation of expert testimony and reports relevant to the determination of the value of certain real properties; (b) provide assistance to the Debtor's other professionals as to such matters when requested. The Appraisers have agreed to represent the Debtor for compensation based upon the customary hourly rates charged by the firm at the time such services are rendered, plus reimbursement of actual and necessary expenses and other charges incurred, in such amounts as may be subsequently allowed and approved by the Court. The Professional Services Agreement further provides: In the event the appraiser is subpoenaed or otherwise required to give testimony or to attend any public or private hearing as a result of having prepared these reports, the Client agrees to pay the appraiser $350 per hour. This per hour fee is also applicable to prehearing preparation, travel time to and from the hearing location, and depositions. If the appraiser is requested to remain on standby (waiting to be called to the location of the hearing), a fee of $250 per hour is applicable. According to court filings, the Appraisers represent no other entity in connection with this case, represent or hold no interest adverse to the estate, and are disinterested as that term is defined in 11 U.S.C. Sec. 101. The firm can be reached at: Elizabeth Giri Village Appraisers, LLC PO Box 1734 Pinehurst, NC 28370 About Scotland Development Corporation Scotland Development Corporation is a nonprofit organization based in Laurinburg, North Carolina, that focuses on community and economic development, including workforce and educational initiatives, and holds various land assets in the area such as campus tracts, equestrian facilities, and horseshoe tracts, with a total valuation of approximately $5.5 million. Scotland Development Corporation in Laurinburg, NC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 26-80045) on Feb. 17, 2026, listing $5,569,302 in assets and $11,179,384 in liabilities. Andrew G. Williamson, Jr., a president, signed the petition. Judge Lena M. James oversees the case. NORTHEN BLUE LLP serve as the Debtor's legal counsel. SHAW WELLNESS: Hires Berkshire Hathaway as Listing Agent/Realtor ---------------------------------------------------------------- Shaw Wellness Clinics, P.C. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Renee Statler of Berkshire Hathaway HomeServices The Preferred Realty to serve as Listing Agent/Realtor. The firm will provide these services: (a) act as Listing Agent/Realtor for the Debtor; (b) list and market real estate owned by the Debtor; (c) negotiate offers and facilitate the sale of the property; and (d) provide general real estate brokerage services in connection with the Debtor's Chapter 11 case. Broker's Fee is 7% of the purchase price or $4,000 whichever is greater, and $495 of Broker's Fee is earned and due (non-refundable) at signing of the Listing Contract. Berkshire Hathaway HomeServices The Preferred Realty is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Renee Statler Berkshire Hathaway HomeServices The Preferred Realty 1005 Beaver Grade Road, Suite 200 Moon Twp., PA 15108 Telephone: (412) 608-4516 Facsimile: (412) 262-4887 E-mail: rstatler@tprsold.com About Shaw Wellness Clinics, P.C. Shaw Wellness Clinics, P.C. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20193) on January 22, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Carlota M Bohm oversees the case. Edgardo D Santillan, Esq. at Santillan Law, P.C. serves as the Debtor's counsel. SHREE OF MEMPHIS: Lender Seeks to Prohibit Cash Collateral Access ----------------------------------------------------------------- State Bank of Texas asks the U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, to prohibit Shree of Memphis, LLC from using cash collateral or, alternatively, to condition such use on adequate protection. SBOT's claim arises from a $2.8 million loan issued in September 2022, secured by a first-priority deed of trust on the hotel property, along with a broad security interest in the Debtor's assets, including rents, revenues, accounts, equipment, and other business-related property. As of the petition date, the outstanding loan balance was approximately $2.62 million, and the Debtor was in default for missed payments beginning in February 2026, as well as unpaid 2025 property taxes. The loan documents grant SBOT an assignment of rents, making all hotel-generated income and related proceeds its cash collateral under the Bankruptcy Code. SBOT asserts that the Debtor has continued using this cash collateral without authorization, thereby diminishing its secured interest. Additionally, the loan includes a cross-collateralization provision securing another loan made by SBOT to an affiliated entity, SQA Mahadev, LLC, which also filed for Chapter 11 bankruptcy on the same day. Based on these facts, SBOT argues that its rights are not being adequately protected and requests that the court either prohibit the Debtor's use of cash collateral entirely or impose conditions, such as adequate protection measures, to safeguard its interest. A court hearing is scheduled for April 22. A copy of the motion is available at https://urlcurt.com/u?l=v1rZfw from PacerMonitor.com. About Shree of Memphis LLC Shree of Memphis, LLC operates a Motel 6 property in Memphis, Tennessee. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-21265) on March 6, 2026. In the petition signed by Qunishbhai Patel, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. John Dunlap, Esq., at Law Office of John E. Dunlap, represents the Debtor as legal counsel. State Bank of Texas, as lender, is represented by: Michael P. Coury, Esq. 6000 Poplar Avenue, Suite 400 Memphis, TN 38119 Tel: (901) 576-1886 Fax: (901) 525-2389 Email: mcoury@glankler.com SJ HOLDINGS: Seeks Continued Cash Collateral Access --------------------------------------------------- SJ Holdings Group, LLC and A10 Commercial Mortgage Trust 2024-FLSN1, LLC advise the U.S. Bankruptcy Court for the Eastern District of New York that they have reached an agreement regarding the use of cash collateral and now desire to memorialize the terms of their agreement into an agreed order. The parties agreed to reinstate and modify the prior interim cash collateral order. The original order, entered on October 8, 2025, had authorized the Debtor's use of cash collateral while providing adequate protection to the secured creditor, initially through December 31, 2025, and subsequently extended through the plan confirmation date. Following confirmation of the second amended plan of liquidation on February 26, and the appointment of Mr. Draghi as plan administrator, the parties have agreed to reinstate and extend the interim cash collateral order to allow the plan administrator to continue using cash collateral to operate the mortgaged property and make adequate protection payments to the secured creditor. Key modifications include updating the operative budget, extending the authorization period through May 4, and clarifying the treatment of collected cash collateral. The plan administrator is required to maintain all necessary insurance, naming the secured creditor as a notice party, lender's loss payee, and additional insured. A copy of the stipulation is available at https://urlcurt.com/u?l=YWmXHK from PacerMonitor.com. About SJ Holdings Group SJ Holdings Group, LLC, doing business as Walden Pointe Apartments, is the owner of certain real properties, improvements and related assets known as "Walden Pointe Apartments," a 379-unit apartment complex located in Memphis, Tennessee (collectively, the "Property"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42207) on May 7, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. Kevin J. Nash, at Goldberg Weprin Finkel Goldstein LLP, is the Debtor's legal counsel. A10 Commercial Mortgage Trust 2024-FLSN1, LLC, as secured creditor, is represented by: Paul Rubin, Esq. Hanh Huynh, Esq. RUBIN LLC 11 Broadway, Suite 715 New York, NY 10004 Tel:(212) 390-8054 Email: prubin@rubinlawllc.com hhuynh@rubinlawllc.com SKYX PLATFORMS: Liquidity Sources Alleviate Going Concern Doubt --------------------------------------------------------------- SKYX Platforms Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $33.4 million for the year ended December 31, 2025, compared with a net loss of $35.8 million for the year ended December 31, 2024. Total revenue for the year ended December 31, 2025 were $92 million compared with $86.3 million in the prior period The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 26, 2026, citing due to the net loss, accumulated deficit and negative cash flows from operations for the year, the Company evaluated the need for a going concern. Auditing management's evaluation of a going concern can be a significant judgment given the fact that the Company uses management estimates on future revenues and expenses, which are not able to be easily substantiated. To evaluate the appropriateness of the going concern, M&K CPAS examined and evaluated the financial information that was the initial cause for this consideration along with management's plans to mitigate the going concern. According to the Company, its liquidity sources include $10.10 million in cash and cash equivalents, including restricted cash of $2.05 million held for long-term purposes. The Company also generated net proceeds of $29.3 million from the issuance of shares of its common stock during January 2026. While the Company has a history of operating losses, it has enough liquidity sources as of December 31, 2025, together with net proceeds generated in January 2026, to alleviate substantial doubt about its ability to continue as a going concern. Based on the audit procedures performed, M&K CPAS found that management's conclusion that its plans alleviate the substantial doubt to be reasonable. Management Commentary "Our year ended December 31, 2025 was highlighted by our four quarters of consecutive growth including sales and rollout of our advanced ceiling smart and standard plug & play platform products on many leading U.S. and Canadian websites. We believe we are accelerating sales momentum while driving toward a stronger gross margin profile, supported in part by contributions from the Turbo Heater Fan, and continuing to actively manage SKYX's cash burn. Our e-commerce platform with 60 websites is expected to continue providing additional cash flow to the Company. Management anticipates that in 2026 the Company will continue to advance its path towards cash flow positive." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/yjbz8f7w About SKYX Platforms Corp. Headquartered in Pompano Beach, Florida, SKYX Platforms Corp. develops advanced platform technologies focused on enhancing safety, quality, and ease of use in homes and buildings. With nearly 100 patents and pending applications, the Company's products are designed to improve safety and lifestyle in residential and commercial spaces. In 2023, Sky expanded by acquiring an online retailer specializing in home lighting, ceiling fans, and furnishings. The Company's technologies enable quick and safe installation of light fixtures and ceiling fans without the need to handle hazardous wires. As of December 31, 2025, the Company had $57.7 million in total assets, $57.3 million in total liabilities, $5 million in total mezzanine equity, and a total stockholders' deficit of $4.6 million. * * * This concludes the Troubled Company Reporter's coverage of SKYX Platforms Corp. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. SLY MANAGEMENT: Taps Law Offices of Robert S. Lewis as Counsel -------------------------------------------------------------- Sly Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Robert S. Lewis, Esq. and the Law Offices of Robert S. Lewis, P.C. to serve as legal counsel. Mr. Lewis will provide these services: (a) advising the Debtor with respect to its rights, powers, and obligations as a debtor and debtor-in-possession in the continued management of its assets and affairs; (b) advising and consulting the Debtor on the conduct of the Chapter 11 Case, including all legal and administrative requirements; (c) taking all necessary actions to protect and preserve the Debtor's estate, including prosecution of actions on its behalf, defense of actions commenced against the estate, and negotiations concerning litigation involving the Debtor, including objections to claims; (d) preparing on the Debtor's behalf any necessary motions, applications, answers, orders, reports, and other papers necessary to the administration of its Chapter 11 Case; (e) negotiating and preparing on the Debtor's behalf plans of reorganization, disclosure statements, related agreements and documents, and taking necessary actions to obtain confirmation of such plans; (f) advising the Debtor in connection with the sale of any assets; (g) attending meetings and negotiating with representatives of creditors and other parties in interest; (h) appearing before the Court, any appellate courts, and the U.S. Trustee, and protecting the interests of the Debtor's estate; and (i) performing all other necessary legal services and providing all other necessary or appropriate legal advice in connection with the Chapter 11 Case. Mr. Lewis will receive these hourly rates: $450 for services performed by Robert S. Lewis, Esq.; and $150 for services performed by Jasmine Rosa, paralegal. According to court filings, the Law Offices of Robert S. Lewis, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert S. Lewis, Esq. LAW OFFICES OF ROBERT S. LEWIS, P.C. 100 Dutch Hill Road, Suite 380 Orangeburg, NY 10962 Telephone: (845) 358-7100 E-mail: Robert.lewlaw1@gmail.com About Sly Management Inc. Sly Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22177) on Feb. 24, 2026, with $50,001 to $100,000 in assets and $0 to $50,000 in liabilities. Judge Sean H. Lane presides over the case. Robert S. Lewis, Esq. represents the Debtor as legal counsel. SOUND VISION: Amends U.S. Eagle Secured Claims Pay Details ---------------------------------------------------------- Sound Vision Care, Inc., and its debtor affiliates submitted a First Amended Disclosure Statement for First Amended Chapter 11 Plan dated March 24, 2026. The Plan provides for recoveries to Allowed Claim holders in the amounts set forth in the Plan, including: * (i) Payment in full in Cash to Holders of Administrative Claims, Priority Tax Claims, and Priority Non-Tax Claims (Class 1); * (ii) Reinstatement of the: (a) U.S. Eagle Secured Claims (Class 2), (b) SBA Secured Claims (Class 3), (c) Flushing Bank Secured Claims (Class 4), and (d) BOA Secured Claims (Class 5), on the terms set forth herein; and * (iii) Payment to Holders of Allowed General Unsecured Claims (Class 6) of 20% of the pro rata amount of their Claim, with payment of $.05 per dollar of Allowed Claims within 30 days after the Effective Date, and thereafter, semi-annual distributions of $.05 per dollar of Allowed Claims for eighteen months, beginning six months from the Effective Date, in full and final satisfaction of such Holder's General Unsecured Claim. The Plan is to be funded by the Debtors' future earnings and the Plan Contribution. Class 2 consists of the U.S. Eagle Secured Claims. U.S. Eagle is a Secured Claimant holding a first priority Lien on substantially all of the Debtors' Assets. The U.S. Eagle Secured Claims are Allowed in the amount of $4,982,200.23 plus attorneys’ fees, expenses and other charges that have accrued under the U.S. Eagle Loan Documents from the Petition Date through the Effective Date. To be reinstated, with payments to recommence pursuant to the non accelerated, prepetition terms of the U.S. Eagle Loan Documents following the Effective Date, provided, however, that (i) for that first six-months following Confirmation, the Debtors shall make payments to U.S. Eagle in the amount of not less than $45,457.76, and (ii) after such six month period, the Debtors shall make regular payments to U.S. Eagle in the amount of not less than $55,000 (subject to potential reamortization of the loan). The Debtors agree that the application of any and all payments received by U.S. Eagle from the Debtors shall be applied in such order and manner as U.S. Eagle may determine in its sole and absolute discretion, and notwithstanding anything to the contrary in the U.S. Eagle Loan Documents, any and all payment received by U.S. Eagle from the Debtors may be applied in the following order: first, to all costs, expenses, fees, and advances incurred or made by U.S. Eagle in connection with the U.S. Eagle Loan Documents or the Chapter 11 Cases, including, but not limited to, attorneys' fees incurred by U.S. Eagle (together, "U.S. Eagle Advances and Fees"); second, to accrued and unpaid interest; and third, to the unpaid principal balance of the U.S. Eagle Secured Claims. Any and all payments received by U.S. Eagle from the Debtors following Confirmation, shall be applied in accordance with the foregoing order until all U.S. Eagle Advances and Fees have been paid in full. Except as expressly modified by this Plan, the terms and provisions of the U.S. Eagle Loan Documents, including, but not limited to, the Unconditional Guarantee dated as of March 1, 2021 executed by Jeffrey S. Williams, Jr. in favor of U.S. Eagle ("Guaranty"), shall remain in full force and effect and shall continue to govern the rights, obligations, and remedies of the parties. All amounts outstanding under the U.S. Eagle Loans at the Effective Date that would otherwise be considered unpaid or past due shall not be deemed past due as of the Effective Date; instead, such amounts shall be re-amortized and repaid in accordance with the terms of the U.S. Eagle Loan Documents over the remaining term of the U.S. Eagle Loan Documents. As so re amortized, U.S. Eagle Loans shall continue to be repaid in accordance with the terms of the U.S. Eagle Loan Documents, and the maturity and other contract terms shall remain in effect until such amounts are paid in full. Like in the prior iteration of the Plan, each Holder of General Unsecured Claims shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, 20% of the pro rata amount of their Claim, with payment of $.05 per dollar of Allowed Claims within 30 days after the Effective Date, and thereafter, semi-annual distributions of $.05 per dollar of Allowed Claims for eighteen months, beginning six months from the Effective Date, in full and final satisfaction of such Holder's General Unsecured Claim. Pursuant to sections 363 and 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distribution, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of all Claims and controversies relating to the contractual, legal, and subordination rights that a creditor or an Interest Holder may have with respect to any Allowed Claim or any distribution to be made on account of such Allowed Claim. A full-text copy of the First Amended Disclosure Statement dated March 24, 2026 is available at https://urlcurt.com/u?l=6xlayn from PacerMonitor.com at no charge. The Debtors' Counsel: Robert L. Rattet, Esq. Craig M. Price, Esq. John D. Molino, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 E-mail: rlr@dhclegal.com About Sound Vision Care 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. Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Robert L. Rattet, at Davidoff Hutcher & Citron, LLP. SOUTH FLORIDA PULMONARY: Gets Final OK to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, entered a final order granting South Florida Pulmonary Critical Care, LLC authority to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral, including pre-petition cash and accounts receivable, to pay business expenses in accordance with an approved budget through plan confirmation. The Debtor may exceed individual budget line items by up to 10% or exceed them further so long as total budget overruns do not exceed 10% in the aggregate. As adequate protection, secured creditors will be granted replacement liens on post-petition accounts receivable to the same extent and priority as their pre-petition liens, limited to the use of their collateral. These liens do not extend to avoidance actions or assets not previously encumbered. The Debtor must also escrow $1,000 per month to the Subchapter V trustee for fees. The order preserves all parties' rights to challenge lien validity, priority, or claim amounts and does not constitute a final determination of such issues. The cash collateral authority remains in effect through confirmation unless otherwise ordered by the court. The order is available at http://bankrupt.com/misc/SFloridaPulmonary_FinalCCOrder.pdf About South Florida Pulmonary & Critical Care South Florida Pulmonary & Critical Care, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10131) on January 7, 2026, listing between $1 million and $10 million in assets and liabilities. Carol Fox of GlassRatner as Subchapter V trustee. Judge Corali Lopez-Castro presides over the case. Megan W. Murray, Esq., at Underwood Murray, P.A. represents the Debtor as legal counsel. SOUTHERN CHICKEN: To Sell Georgia Properties to Tristan Burgess --------------------------------------------------------------- Southern Chicken-Woodstock, LLC (SCW) and its affiliate, and Southern ChickenPeachtree City, LLC (SCPC), seek permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Debtor SCPC's Property which is located at 2021 Commerce Drive North, Peachtree City, Georgia 30269 (Peachtree City Property) in the purchase price of $2,000,000 and SCW's Property which is located at 2004 Eagle Drive, Woodstock, Georgia 30189 (Woodstock Property) with a purchase price of $2,250,000, are to be sold to Tristan Burgess. The Agreement between the Debtors and Buyer defines that the closing date is no later than the date that is 30 days after the expiration of the Due Diligence Period. The Debtors request authority to sell the Properties in accordance with the Agreement. The Debtors show the completion of the sale of the Properties is in the best interest of the respective estates and creditors. There is no commission due on Closing to the broker, The Shumacher Group, Inc., as the broker terminated the exclusive listing agreement on March 18, 2026, did not introduce the Buyer and Debtor, and did not have any interaction with Buyer. The Purchase Price contemplated in the Sale Agreement is greater than the aggregate value of all valid liens on the Property. Currently, there is one valid outstanding lien on each of the Properties. The first priority lien on the Woodstock Property is held by FirstBank in the scheduled amount of $1,799,577.50. A first priority lien on the Peachtree City Property is held by FirstBank in the scheduled amount of $1,778,861.33. As to the SCPC Property, Axis Construction, LLC asserts a lien pursuant to a Claim of Lien recorded on September 30, 2024. The Debtors propose to sell the Properties free and clear of liens and encumbrances. About Southern Chicken-Woodstock LLC Southern Chicken-Woodstock LLC is identified as a single-asset real estate entity under 11 U.S.C. Section 101(51B), indicating its primary business centers on owning and operating a single income-generating property. Southern Chicken-Woodstock sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62780) on November 3, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Paul W. Bonapfel handles the case. The Debtor is represented by Leslie Pineyro, Esq., at Jones & Walden, LLC. SPOKANE INDUSTRIES: U.S. Trustee Appoints New Committee Member -------------------------------------------------------------- Jonas Anderson, Acting U.S. Trustee for Region 18, appointed Jesse Larson of Northwest Industrial & Foundry Supply as additional member of the official committee of unsecured creditors in Spokane Industries, LLC's Chapter 11 case. The committee is now composed of: 1. Jon Neill OCL Foundry & Abrasive Supply Co. 299 S. Sequoia Pkwy Canby, OR 97013 (971) 323-0111 2. Dan Molitor Tommer Equipment Company, Inc. P.O. Box 1150 Ephrata, WA 98823 (509) 787-3311 3. Jesse Larson Northwest Industrial & Foundry Supply 10771 N. Lombard St. Portland, OR 97203 (503) 286-3666 About Spokane Industries LLC Spokane Industries, LLC operates a foundry in Spokane Valley, Washington, producing castings for the mining industry and employing more than 100 steel workers while selling products to customers worldwide. Spokane Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00116) on January 23, 2026, with $9,872,078 in assets and $19,854,752 in liabilities. The petition was signed by Patrick Turner as managing member. Judge Frederick P. Corbit oversees the case. The Debtor is represented by Thomas A. Buford, Esq., at Bush Kornfeld, LLP. Jonas Anderson, Acting U.S. Trustee for Region 18, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Schwabe, Williamson & Wyatt, P.C. is the committee's legal counsel. STAGWELL INC: Moody's Affirms 'B1' CFR & Alters Outlook to Positive ------------------------------------------------------------------- Moody's Ratings changed Stagwell Inc.'s (Stagwell) outlook to positive from stable. Concurrently, Moody's affirmed Stagwell's B1 corporate family rating, B1-PD probability of default rating, and Stagwell Global LLC's B2 senior unsecured notes rating. Stagwell Global LLC's outlook was also changed to positive from stable. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2. "The outlook change to positive reflects Moody's expectations that growing scale, improved operating profile and recent cost reduction measures will support Stagwell in maintaining financial leverage below 4x through 2026, despite potential macroeconomic pressures and AI risk", said Will Gu, a Moody's Ratings analyst. RATINGS RATIONALE Stagwell has improved in its margins and earnings while reducing absolute debt through the reduction in revolver utilization and deferred acquisition considerations. The company is now generating significant positive free cash flow and Moody's anticipates over $200MM of FCF for 2026. It's adjusted operating margin has also increased to 11.2% as of year end 2025 compared to 8.9% in 2023. Although revenue visibility is influenced by the operating environment, ex-advocacy net revenue has seen robust single-digit growth. With the onset of a strong political ad spend cycle anticipated in 2026, alongside major events such as the FIFA World Cup and Winter Olympics, Moody's anticipates sustained growth. Stagwell's ratings, including its B1 corporate family rating and positive outlook, benefits from: (1) good client and industry diversity; (2) increasing digital services exposure including artificial intelligence (AI) applications, which should support positive revenue and EBITDA growth through to 2027; (3) strong growth prospects driven by digital ad spend growth and new business wins supporting deleveraging; and (4) good liquidity boosted by positive free cash flow. The ratings are constrained by: (1) ongoing exposure to macro-driven challenges including inflation, interest rates, and consumer spending, which will impact client budgets and spending plans; (2) a challenging advertising market because of shifting spending patterns especially with AI risk potentially displacing creative work or changing historical pricing norms; (3) increasing competition from consulting firms, which have digital strengths and are growing their creative offerings through acquisitions; and (4) limited geographic diversity and smaller scale relative to key peers. Stagwell has good liquidity (SGL-2) through year end 2026 with sources approximating $915 million versus uses of about $25 million in deferred acquisition consideration payments. Sources of liquidity consist of cash of $105 million at year end 2025, Moody's free cash flow estimate of around $260 million and $550 million of availability (after drawings and letters of credit) under its $750 million revolving credit facility that expires in April 2030. The revolving credit facility is subject to a total leverage covenant and Moody's expects cushion to exceed 20% over the next 12 months. Stagwell has limited ability to generate liquidity from asset sales. Stagwell Global LLC has two classes of debt: (1) unrated $750 million senior secured revolving credit facility expiring in 2030; and (2) B2-rated $1.1 billion senior unsecured notes due 2029. Both instruments are guaranteed by the same domestic subsidiaries. The senior unsecured notes are rated B2, one notch below the CFR to reflect their junior ranking below the secured revolver in the capital structure. The positive outlook reflects Moody's expectations of continued improvement in Stagwell's operating profile and Moody's views that financial leverage (debt/EBITDA) will remain below 4.0x in 2026 and 2027, despite potential macroeconomic pressures. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company generates consistent positive organic revenue and EBITDA growth, and sustains Debt/EBITDA below 4x (4.1x for YE 2025) and Free cash flow/Debt above 5% (14% for YE 2025). The ratings could be downgraded if business fundamentals deteriorate, evidenced by material decline in revenue and EBITDA or if the company sustains Debt/EBITDA above 5.5x (4.1x for YE 2025). The ratings could also be downgraded if liquidity weakens. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in New York City, Stagwell is a global provider of marketing, advertising, communications and consulting services. STAR ONE: Case Summary & Three Unsecured Creditors -------------------------------------------------- Debtor: Star One Transport LLC 8120 NE 7 Ave Miami, FL 33138 Business Description: Star One Transport LLC, based in Miami, Florida, provides interstate freight transportation services, including the hauling of general freight and hazardous materials, and operates as a small carrier with a limited fleet. The company, founded in 2014, serves commercial shipping customers across state lines under U.S. Department of Transportation authority. Chapter 11 Petition Date: April 3, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-14202 Judge: Hon. Robert A Mark Debtor's Counsel: Brian S. Behar, Esq. BEHAR, GUTT & GLAZER, P.A. DCOTA, Suite A-350 1855 Griffin Road Fort Lauderdale, FL 33004 Tel: 954-266-3710 Email: bsb@bgglaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jose Luis Fernandez as manager. A copy of the Debtor's list of the Debtor's three unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5Q5XTTY/Star_One_Transport_LLC__flsbke-26-14202__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5X2L76I/Star_One_Transport_LLC__flsbke-26-14202__0001.0.pdf?mcid=tGE4TAMA STEVE CLARK: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Steve Clark Drywall, Inc. About Steve Clark Drywall Inc. Steve Clark Drywall, Inc. provides drywall, ceiling, and plaster contracting services, including installation and repair, for commercial and residential construction projects. Steve Clark Drywall filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-21471) on December 8, 2025, listing up to $50,000 in assets and $1 million to $10 million in liabilities. Steven Riley Clark, president of Steve Clark Drywall, signed the petition. Judge Lori S Simpson presides over the case. John D. Burns, Esq., at The Burns Law Firm, LLC serves as the Debtor's bankruptcy counsel. SUPERIOR PLUS: Moody's Alters Outlook on 'Ba2' CFR to Negative -------------------------------------------------------------- Moody's Ratings affirmed Superior Plus Corp.'s ("Superior") Ba2 corporate family rating and Ba2-PD probability of default rating. Superior's outlook was changed to negative from stable. The speculative grade liquidity rating remains unchanged at SGL-3. At the same time, Moody's affirmed Superior Plus LP's Ba3 senior unsecured notes ratings and changed the outlook to negative from stable. The change in outlook to negative reflects a weakening track record and execution risk around operational improvement initiatives, challenges surrounding organic growth, a financial policy that has prioritized share buybacks over deleveraging and Moody's expectations for a higher debt load following the planned redemption of Superior's preferred shares in 2027. RATINGS RATIONALE Moody's expects Superior's adjusted debt/EBITDA to remain over 4x through year end 2027 (from around 4x at year end 2025), based on Moody's expectations for limited earnings growth and incorporating the redemption of its $260 million in preferred shares. The ability to generate stable EBITDA is heavily dependent on the company's "Superior Delivers" initiative, which has encountered delays and faces ongoing execution risk while the CNG business is simultaneously facing pricing pressures. Superior's Ba2 CFR is supported by its: 1) position as a leading propane distributor in Canada and the US; 2) good business and geographic diversification across North America; and 3) a solid operational track record underpinned by strong free cash flow. The company's rating is challenged by: 1) ongoing secular decline in demand in the propane industry limiting organic EBITDA growth; 2) weather-related demand driving cash flow volatility and exposure to cyclical drilling and completion activities in the oil and gas industry; 3) Moody's assessments of a financial policy prioritizing shareholder returns over debt reduction and 4) liquidity impacted by dependence on highly-utilized revolving credit facilities. Superior's liquidity is adequate (SGL-3). At year-end 2025, Superior had around $24 million in cash and about $240 million available under its revolving credit facilities totaling about $1 billion (US$600 million expiring August 2030 and C$550 million expiring August 2028), after letters of credit of around $25 million. Moody's forecasts over $100 million in free cash flow annually through fiscal years 2026 and 2027 with potentially large swings in interim periods. Moody's expects the company to remain in compliance with its two financial covenants. Assets are largely encumbered by the secured credit facilities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if debt/EBITDA rises toward 4.5x, the company generates sustained negative free cash flow or liquidity weakens. Poor execution on operational initiatives, declining EBITDA or Moody's assessments of a financial policy that continues to prioritize share buybacks over debt reduction could also lead to a downgrade. The ratings could be upgraded if debt/EBITDA falls toward 3x and the company sustains organic EBITDA growth while maintaining good liquidity. Superior Plus Corp. is a publicly traded company headquartered in Toronto, Canada and leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 710,000 customer locations in the US and Canada The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TOASTED BARREL: Case Summary & 14 Unsecured Creditors ----------------------------------------------------- Debtor: The Toasted Barrel, LLC 2039 Redwood Ave Grants Pass, OR 97527 Business Description: The Toasted Barrel, LLC operates a whiskey and wine bar in Grants Pass, Ore., offering spirits, cocktails, local wines and food in a lounge-style setting. The venue features indoor seating and an outdoor patio and hosts live music and other events, serving local residents and visitors in Southern Oregon. Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court District of Oregon Case No.: 26-60888 Judge: Hon. Kathryn F Evans Debtor's Counsel: Keith Y Boyd, Esq. KEITH. Y. BOYD, PC 724 S Central Ave 106 Medford, OR 97501 Tel: (541) 973-2422 Email: keith@boydlegal.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Patricia L. Egan as manager. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HGTO5XQ/The_Toasted_Barrel_LLC__orbke-26-60888__0001.0.pdf?mcid=tGE4TAMA TOMATLAN INC: Court Extends Cash Collateral Access to May 5 ----------------------------------------------------------- Tomatlan, Inc. received another extension from the U.S. Bankruptcy Court for the Western District of New York to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through May 5 in accordance with its budget under the same terms and conditions set forth in its cash collateral motion. The court determined that the secured creditors' interests are adequately protected, and their rights remain unaffected by this interim use. The next hearing is scheduled for May 4. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/SyV54 from PacerMonitor.com. Based on its bankruptcy schedules, the Debtor holds approximately $55,000 in assets, which are encumbered by various secured claims. KeyBank, N.A. holds a first priority blanket lien based on a line of credit initiated in 2018, with approximately $75,000 currently outstanding. A second lien is held by the U.S. Small Business Administration for around $470,000, related to a COVID-19 disaster recovery loan. In addition to these, the Debtor has financing arrangements with several merchant cash advance lenders including Ready Capital, Can Capital, Rapid Finance, Network Rewards, LG Funding LLC, Highland Hill Capital LLC, and MNY Capital LLC whose collective claims total over $350,000. These lenders have perfected Uniform Commercial Code security interests on various dates between 2018 and 2024, with lien expirations ranging into 2029. About Tomatlan Inc. Tomatlan, Inc. operates Rio Tomatlan, a Mexican restaurant in Canandaigua, New York. The Company specializes in Pacific Coast Mexican cuisine made from scratch using locally sourced, seasonal ingredients. It also offers catering services and private event hosting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20547) on July 22, 2025. In the petition signed by Juan R. Guevara, as president and sole shareholder, the Debtor disclosed $54,732 in total assets and $1,101,411 in total liabilities. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C., represents the Debtor as legal counsel. TONIX PHARMACEUTICALS: Vanguard Group Exits Stake After Realignment ------------------------------------------------------------------- The Vanguard Group, Inc. disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Tonix Pharmaceuticals Holding Corp's Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538, The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/ac76f75j About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. EisnerAmper LLP, the Company's former independent registered public accounting firm, included an explanatory paragraph in its audit report dated March 12, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $277.2 million in total assets and $32 million in total liabilities, and total stockholders' equity of $245.2 million. TOWER CAPITAL: Hires West & West Attorneys as Legal Counsel ----------------------------------------------------------- Tower Capital Group, L.P. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Dean W. Greer, Esq. of West & West Attorneys at Law, P.C. to serve as counsel, effective as of March 18, 2026. Mr. Greer will provide these services: (a) advising and consulting with Debtor as to its powers and duties in the continued operation of its business and management of its properties during bankruptcy; (b) taking actions as may be necessary to preserve and protect the Debtor's assets; (c) preparing, on behalf of the Debtor, necessary applications, motions, complaints, adversary proceedings, answers, orders, reports, and other pleadings and legal documents, in connection with matters affecting the Debtor and its estate; (d) assisting Debtor in the development, negotiation and confirmation of a plan of reorganization and the preparation of a disclosure statement or statements in respect thereof; and (e) performing other legal services that the Debtor may request in connection with this chapter 11 case and pursuant to the Bankruptcy Code. The Debtor paid a retainer of $44,900 to West & West. Against this retainer, West & West billed $10,350 in preparing the bankruptcy schedules, Application to employ and extensive review of the Federal Court litigation. The hourly rate for Dean W. Greer is $450 and $100 for the paralegal, as necessary. The balance is retained in West & West's trust account. According to court filings, Dean W. Greer is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code and does not hold an interest adverse to Debtor's estate. The firm can be reached at: Dean W. Greer, Esq. West & West Attorneys at Law, P.C. 2929 Mossrock, Ste. 204 San Antonio, TX 78230 Telephone: (210) 342-7100 Telecopier: (210) 340-2577 E-mail: dean@dwgreerlaw.com About Tower Capital Group, LP Tower Capital Group, LP is an investment and financial services entity that engages in capital management, lending, and structured financing transactions. Tower Capital Group, LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50689) on March 18, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Dean William Greer, Esq. TRANSOCEAN LTD: Vanguard Group Exits Stake After Realignment ------------------------------------------------------------ The Vanguard Group, Inc. disclosed in a Schedule 13G (Amendment No. 12) filed with the U.S. Securities and Exchange Commission that as of March 13, 2026, it no longer beneficially owns shares of Transocean Ltd's Common Stock. This amendment reflects an internal realignment at The Vanguard Group, Inc. effective January 12, 2026. In accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538, The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at https://tinyurl.com/57xff4rc About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of December 31, 2025, the Company had $15.6 billion in total assets, $1.3 billion in total current liabilities, $6.2 billion in long-term liabilities, and $8.1 billion in total equity. * * * In Feb. 2026, S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' Company credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to its operating assumptions. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. TRAXX CONSTRUCTION: To Hire Green Law Group as Special Counsel -------------------------------------------------------------- Traxx Construction Inc. seeks approval from the U.S. Bankruptcy Court, Central District of California, Los Angeles Division, to hire The Green Law Group, LLP to serve as special counsel. The firm will provide these services: (a) represent the Debtor in matters pending in the Superior Court of the State of California, San Diego County, including Traxx Construction Inc. v Grahovac Construction Company, Inc., et al., Case No. 26CU002779C; (b) assist the Debtor in the collection of other construction-related accounts receivables under the same terms and conditions; (c) provide legal advice and representation in construction disputes and related matters as required during the Chapter 11 case; and (d) perform all other legal services necessary for the Debtor in its Chapter 11 proceedings. The Green Law Group will receive hourly rates of $450 to $600 for partners and senior associates, $325 to $400 for associates, and $200 to $290 for law clerks and paralegals. GLP is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached at: Emil B. Rogstad, Esq. Scott Thomas Green, Esq. The Green Law Group LLP 1777 E. Los Angeles Ave. Simi Valley, CA 93065 Telephone: (805) 306-1100 ext. 114 E-mail: emil@thegreenlawgroup.com scott@thegreenlawgroup.com About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million-$10 million each. Judge Julia W. Brand oversees the case. The Debtor is represented by Michael Jay Berger, Esq. TRINITY AUTO: Gets Final OK to Use Cash Collateral -------------------------------------------------- Trinity Auto, LLC received final approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral in accordance with an approved budget. The court determined that the Debtor requires continued access to cash collateral given its lack of unencumbered funds. The court also determined that Fulton Bank, N.A. holds a senior secured claim exceeding $3.42 million secured by substantially all of the Debtor's assets while Dealer Capital Group, LLC holds a subordinate secured claim of about $2.5 million. As adequate protection, Fulton Bank will be granted replacement liens on all post-petition assets to the extent its collateral is used. These liens are automatically perfected and maintain the same priority as the bank's pre-petition liens. The order also imposes strict payment obligations: proceeds from vehicle sales, leases, and parts inventory must be remitted to Fulton Bank under specified timelines and formulas. The Debtor must also adhere to detailed reporting requirements, including weekly financial reports, budgets, and operational disclosures. The final order further restricts the Debtor's use of collateral and business operations. The Debtor cannot sell or transfer assets outside the ordinary course without consent, must maintain insurance, and must allow creditor inspections and audits. Any default may trigger expedited court review. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/TM4cl from PacerMonitor.com. About Trinity Auto LLC Trinity Auto LLC, doing business as Trinity Cadillac, operates an automotive dealership in Englewood Cliffs, New Jersey, selling new and pre-owned Cadillac vehicles and offering related services. The Company provides vehicle maintenance and repair, parts, and financing services to customers in the northern New Jersey area. Trinity Auto LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-10018) on January 2, 2026, listing $1,549,669 in assets and $14,824,684 in liabilities. The petition was signed by Jose Collado as dealer principal and managing partner. Judge Stacey L Meisel presides over the case. Daniel M. Stolz, Esq., at Genova Burns, LLC serves as the Debtor's legal counsel. TSUNAMI RESTAURANTS: To Employ Breaud & Meyers as Special Counsel ----------------------------------------------------------------- Tsunami Restaurants LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of LA to employ Alan Breaud, Esq. and Timothy W. Basden, Esq. of Breaud & Meyers, APLC as special counsels. The attorneys will provide these services: (a) represent the Debtor in the litigation entitled "CHAD HUGHES VS. CONNIE HARGRAVE, ET AL.," Docket No. 751774, Division C, originally pending before the 19th Judicial District Court for the Parish of East Baton Rouge, and removed to the U.S. District Court for the Middle District of LA on March 2, 2026; (b) provide advice and representation in any hearings regarding claims estimation or claims litigation; (c) confer with Bankruptcy Counsel regarding strategies, claims objections and resolution, aspects of plan drafting and confirmation, and other matters related to the Debtor's path forward in Chapter 11; (d) represent the Debtor in litigation in the U.S. District Court or U.S. Bankruptcy Court related to the noticed removal; and (e) assist Bankruptcy Counsel in claims adjustment and estimation and litigation as needed. The Debtor requests that the order approving attorneys provide that they may be approved per their existing fee agreement with Debtors. The amount owed to attorneys is less than $10,000. The firm can be reached at: Alan Breaud, Esq. Timothy W. Basden, Esq. BREAUD & MEYERS, APLC Lafayette, LA About Tsunami Restaurants, LLC Tsunami Restaurants, LLC is a hospitality company engaged in restaurant operations specializing in sushi and Asian-inspired dishes. The company operates dining establishments that cater to customers seeking modern and upscale culinary experiences. Tsunami Restaurants, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. M.D. La. Case No. 26-10176) on March 02, 2026. The Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000 in its bankruptcy petition. Honorable Bankruptcy Judge Michael A. Crawford presides over the case. The debtor is represented by H. Kent Aguillard, Esq. TURNING POINT: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Turning Point Brands, Inc.'s (TPB) Long-Term Issuer Default Rating (IDR) at 'B+' and senior secured bonds at 'BB-' with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. TPB's ratings reflect its solid position in niche markets, modest EBITDA leverage at close to 3x on a Fitch-adjusted gross leverage basis, and positive FCF expectations due to its asset-light model. The rating is constrained by its small scale with 2025 EBITDA in the low-$100 million range, exposure to the competitive tobacco category which faces long-term secular decline, and regulatory uncertainties in the nicotine pouch category. Key Rating Drivers Modern Oral Growth, Long-Term Uncertainties: TPB's nationwide launch of FRE and partnership on ALP during 2025 significantly increased the company's exposure to non-tobacco synthetic nicotine category. The company reports its nicotine pound business under its Stoker's segment, which grew close to 70% during 2025. The segment now represents 61% of net revenues, up from 47% in 2024, with management projecting continued growth into 2026. Despite current momentum, TPB remains subject to longer-term regulatory uncertainties given pending Premarket Tobacco Product Application (PMTA) approval on both nicotine pouch brands. TPB's products compete with significantly larger and better capitalized peers in the U.S. tobacco industry including Altria Group, Inc. (Altria; BBB+/Stable) and Philip Morris International (A/Stable). The FDA requires PMTA submissions for new tobacco and synthetic products that represent a significant cost for smaller players. While TPB's products could be differentiated due to its mouthfeel, branding, and higher nicotine strength offerings, it nonetheless faces competition from existing brands including ZYN (owned by Philip Morris International), which has PMTA approval and holds a dominant share in the U.S. oral nicotine pouch market. Small Scale, Niche Focus: TPB is a small player within the U.S. tobacco, nicotine and related consumer product industry, with 2025 revenues of $463 million and Fitch-adjusted EBITDA of $114 million. It has a niche portfolio focused on premium rolling paper and cigar wraps under its Zig-Zag segment (39% of 2025 revenue), and nicotine pouches, moist smokeless tobacco (MST), loose-leaf chewing tobacco and under its Stoker's segment. Despite TPB's modest scale, the company has a solid position within select categories that it competes, including leading positions in rolling paper, Make-Your-Own (MYO) cigar wraps, and discount chewing tobacco. Continued Portfolio Mix Shift: Fitch-adjusted EBITDA grew by around 14% in 2025, driven by modern oral growth, partly offset by business investments. EBITDA is projected to be flat in 2026, as top-line growth is offset by increased investment in modern oral sales and marketing initiatives, and trend in the low-to-mid-$100 million range thereafter. Fitch expects an ongoing mix shift toward the Stoker's segment as management increases its focus on modern oral. Zig-Zag's results were modestly weaker in 2025, reflecting declines in the U.S., partly mitigated by growth in Canada. Performance also reflected the wind-down of the Clipper business and de-emphasis of the cigar category. Good Historical Growth: TPB generated strong historic top-line growth, with mid-teens CAGR for its combined Zig-Zag and Stoker's businesses from 2019-2025. This growth was driven by solid demand and pricing realization, increased distribution, consumer shift toward value despite industry secular declines in MST and loose-leaf tobacco, and growth in modern oral more recently in 2025. The company's CDS business has historically weighed on top-line results given illicit market encroachment in the e-vapor category but was deconsolidated in January 2025 as a 49%-owned joint venture. Top-Line Expectations: Fitch expects revenue to increase toward the $500 million range in 2026, compared to $463 million in 2025 and $361 million in 2024. Revenue is expected to continue to increase in the mid-single digits annually thereafter, driven predominately by continued distribution gains and growth in modern oral. Risks to the forecast include adverse regulatory outcomes, greater-than-expected market volatility, ongoing secular declines in tobacco, and normalizing consumer spending that could weaken demand for Stoker's value offerings over the medium to longer term. Low 20% EBITDA Margin: Fitch expects EBITDA margins to decline modestly in 2026 to the 22%-23% range, compared to 24.6% in 2025 and 27.6% in 2024, primarily driven by increased investments. Fitch projects EBITDA margins to sustain at similar levels in 2027 and beyond as the company maintains ongoing growth investments in the business. Moderate Leverage Close to 3x: TPB's EBITDA leverage was approximately 2.6x at year-end 2025, compared to 2.5x in 2024 and 4.0x in 2023. Leverage is expected to sustain at similar levels over the medium term, absent material capital allocation decisions. Fitch's projections do not assume any M&A, with stable debt levels. Asset-Light Model, Good FCF: Fitch notes that TPB's asset light model enables the company to have solid FCF conversion. The company relies on long-standing relationships and agreements for the production and distribution of its products, with the majority of manufacturing outsourced to suppliers. Fitch projects FCF of close to $50 million annually, assuming stable dividend levels and modest capex requirements. Peer Analysis Peers include Altria (BBB+/Stable), a peer in the tobacco industry with significantly larger scale, and Northeast Grocery (B+/Stable), a similarly rated company in the 'B+' rating category. Altria's rating reflects leading U.S. cigarette market position, conservative leverage profile, and ability to generate consistently strong profitability and cash flows, despite ongoing cigarette secular headwinds and U.S. market regulatory challenges. Fitch expects Altria to maintain a consistent capital allocation framework that balances shareholders returns, reflecting mid-single-digit dividend growth and share repurchases in the $1 billion range annually, while sustaining EBITDA leverage around 2x. Northeast Grocery's 'B+' rating reflects the company's modest scale and footprint relative to peers, somewhat offset by its good local market share positions and synergy benefits from the recent merger of the Tops and Price Chopper/Market 32 banners. The Stable Outlook reflects stabilizing results in recent quarters, including positive sales growth, stable-to-improving EBITDA, and positive FCF. Fitch expects modest growth in sales and EBITDA from current levels over time, yielding positive FCF and EBITDAR leverage below 4.5x. Fitch’s Key Rating-Case Assumptions - Top line approaching the $500 million range in 2026, up from $463 million in 2025. Revenue is expected to continue to increase in the mid-single digits annually thereafter, driven predominately by continued distribution gains and growth in modern oral; - EBITDA is projected to be relatively flat in 2026 compared to $114 million in 2025, as revenue growth is offset by higher investment in modern oral sales and marketing initiatives. EBITDA is forecasted to trend in the low-to-mid-$100 million range thereafter. EBITDA margins are expected to decline modestly in 2026 to the 22%-23% range, down from 24.6% in 2025, and sustain at similar levels over the medium term as the company maintains ongoing growth investments in the business; - FCF is forecasted at around $50 million annually assuming stable dividend levels and modest capex requirements; - Leverage is expected to sustain at close to 3x over the medium term, absent material capital allocation decisions. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bbb-, Lower), Financial Structure (a+, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'B+'. Recovery Analysis Fitch's recovery assumes TPB's value is maximized as a going concern (GC) in a post-default scenario, given a GC valuation of approximately $290 million compared with close to $100 million in value from a liquidation of assets. Fitch's GC value is derived from a projected EBITDA of around $65 million. The scenario assumes accelerated market share losses due to secular declines in the tobacco industry, with increased price competition between peers combined marketing denial orders on its FRE and ALP brands resulting in revenue declining to around $290 million. EBITDA margins are assumed to be in the low 20% range reflecting top-line headwinds and increased spend in efforts to improve sales, offset by benefits achieved through bankruptcy. A GC multiple of 4.5x was selected, within the 4x-8x range observed for North American corporates, reflecting Fitch's assessment of TPB's industry dynamics and company-specific factors such as limited scale and diversification. After deducting 10% administrative claims from the $290 million GC valuation and considering TPB's senior secured ABL in the capital structure, the company's $300 million senior secured note is rated at 'BB-'/'RR3'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade could result from total EBITDA leverage sustained above 4.0x on lower-than-expected operating results, negative FCF generation, and/or debt-financed M&A or shareholder remuneration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upward rating action is constrained by TPB's EBITDA scale, niche focus, and exposure to the highly competitive and regulated tobacco and nicotine category. An upgrade could result from the following: - Significantly larger operating scale in terms of revenue and EBITDA, reflecting increased portfolio diversification while maintaining EBITDA leverage below 3.0x; - Tangible progress toward increased and sustainable contribution to revenue, operating profit and cash flow from TPB's smoke-free product offerings, including obtaining PMTA authorization on the modern oral portfolio. Liquidity and Debt Structure As of Dec. 31, 2025, TPB had about $222.7 million cash and cash equivalents and no borrowings on its $75 million ABL facility, with $65.8 million of availability constrained by its borrowing base. The ABL has a $40 million accordion feature and has a first-priority claim on inventory. Fitch projects the company to generate FCF of around $50 million annually, assuming stable dividend levels and moderate capex levels. Fitch projects the company could use FCF toward opportunistic share repurchases and M&A. TPB upcoming maturities include its $75 million ABL due November 2027 and its $300 million senior secured notes due March 2032, which Fitch expects would be refinanced. Issuer Profile TPB operates in the U.S. tobacco and related consumer product industry, with a portfolio that centers around premium rolling paper and cigar wraps, MST, loose-leaf chewing tobacco, and a growing nicotine pouch business. Summary of Financial Adjustments Historical EBITDA has been adjusted for stock-based compensation, restructuring and restructuring-related costs, transaction and related costs, and other items. 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 Turning Point Brands. ESG Considerations TPB has an ESG Relevance Score (RS) of '4' for Customer Welfare/Fair Messaging, Privacy and Data Security due to the risks to consumers' health that arise from consuming cigarette products, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. TPB has an ESG RS of '4' for Exposure to Social Impacts due to the continued decline in consumption and regulatory risk connected with the widespread, well-publicized health effects of tobacco products, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Turning Point Brands, Inc. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- TWO DELUNA: Seeks to Hire Bruner Wright as Legal Counsel -------------------------------------------------------- Two DeLuna LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Bruner Wright P.A. to serve as legal counsel. Bruner Wright will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) advise the Debtor on its relations with, and responsibilities to, creditors and other interested parties. Bruner Wright attorneys will receive hourly rates of $450 for Robert C. Bruner, $425 for Byron Wright III, $400 for Samantha A. Kelley, and $175 for paralegal services. The firm agreed to a retainer of $10,000, of which $7,500 was paid by the Debtor's owner, with the remaining $2,500 to be paid by the owner as well. According to court filings, Bruner Wright P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bruner Wright, P.A. 2868 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Fax: (850) 270-2441 E-mail: rbruner@brunerwright.com twright@brunerwright.com skelley@brunerwright.com About Two Deluna LLC Two Deluna, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-30173) on February 23, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jerry C. Oldshue Jr. presides over the case. Jodi Daniel Dubose, Esq., at Sticher Riedel Blain & Postler PA represents the Debtor as legal counsel. TYRO ENTERPRISES: Nicole Nigrelli Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin as Subchapter V trustee for Tyro Enterprises, LLC. Ms. Nigrelli 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. Nigrelli declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nicole M. Nigrelli, Esq. Ciardi, Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Phone: (215) 557-3550 ext. 115 Email: nnigrelli@ciardilaw.com About Tyro Enterprises LLC Tyro Enterprises LLC, based in Bridgeton, New Jersey, operates a fleet of Kenworth and Mack tractors along with supporting equipment such as a Bobcat to provide freight transportation and logistics services across the United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-12921) on March 17, 2026, with $1,025,501 in assets and $736,669 in liabilities. Troy Pitts, company owner, signed the petition. Daniel Reinganum, Esq., at the Law Offices of Daniel Reinganum, PC represents the Debtor as bankruptcy counsel. ULTINON MOTION: Hires Kroll as Claims and Noticing Agent -------------------------------------------------------- Ultinon Motion Holding B.V. and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Kroll Restructuring Administration LLC to serve as claims, noticing, and solicitation agent. Kroll will provide consulting services regarding legal noticing, claims management and reconciliation, plan solicitation, balloting, disbursements, preparation of schedules of assets and liabilities and statements of financial affairs, communications, confidential online workspaces or data rooms, and any other services agreed upon by the parties or otherwise required by applicable law, governmental regulations or court rules or orders. Kroll's fees and expenses will be paid as an administrative expense in the ordinary course of the Debtors' businesses without further application or order of the Court. Kroll will provide monthly invoices. Prior to the Petition Date, the Debtors provided Kroll an advance in the amount of $50,000. Kroll will provide the services in accordance with its rate structure, subject to a 20% discount on hourly rates, with invoices due upon receipt and a late charge of 1.5% every 30 days on unpaid amounts. Kroll Restructuring Administration LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kroll Restructuring Administration LLC 1 World Trade Center, 31st Floor New York, NY 10007 Telephone: (212) 257-5450 E-mail: Legal@kbs.kroll.com About Ultinon Motion Holding B.V. Ultinon Motion Holding B.V. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90428) on March 26, 2026. At the time of the filing, Debtor had estimated assets of between $50,000,001 and $100 million and liabilities of between $50,000,001 and $100 million. Judge Christopher M. Lopez oversees the case. Clifford Chance US LLP is Debtor's legal counsel. UNITED NATURAL: S&P Raises Senior Secured Term Loan to 'B+' ----------------------------------------------------------- S&P Global Ratings raised its issue-level rating on United Natural Foods Inc.'s (UNFI) senior secured term loan to 'B+' from 'B' and revised the recovery rating to '2' from '3'. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. This revision reflects the lower amount of priority claims in our simulated default scenario for UNFI following the recently completed refinancing of its asset-based lending (ABL) facility (not rated), through which it reduced the revolver's commitment to $2.4 billion (from $2.6 billion), extended its maturity to April 2031, and amended its pricing, among other changes. The reduction in the priority claims increases the value available to the company's senior secured lenders, improving their recovery prospects in a hypothetical default scenario. S&P's 'B' issuer credit rating and stable outlook on UNFI are unchanged. The stable outlook reflects its expectation the company will improve its S&P Global Ratings-adjusted debt to EBITDA toward the mid-4x area through fiscal 2026 from 6.4x in fiscal 2025. As of the second quarter of fiscal 2026 (ended Jan. 31, 2026), UNFI's S&P Global Ratings-adjusted leverage stood at 5.6x. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The company's capital structure comprises a priority $500 million accounts-receivables factoring commitment (not rated, assumed $325 million drawn); a $2.53 billion ABL facility, including a $130 million first-in last-out loan due 2031 (not rated, assumed 60% drawn); a $372 million senior secured first-lien term loan due 2031; and $385 million of senior unsecured notes due 2028. -- S&P's rating on the $372 million term loan is 'B+'. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. -- S&P's rating on the $385 million senior unsecured notes is 'CCC+'. The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery. -- The borrowers under the ABL are United Natural Foods, Inc., Supervalu Inc., UNFI Distribution Company, LLC, UNFI Wholesale, Inc. and UNFI Canada Inc. The facility is guaranteed by certain wholly owned subsidiaries of UNFI and secured by a first lien on its U.S. and Canadian receivables, inventory, and related assets (ABL collateral), along with a second-priority interest in substantially all other assets (excluding real estate), in each case, subject to customary exceptions and limitations. -- S&P's recovery analysis considers a hypothetical default in 2029 following a severe reduction in demand, amid a weak macroenvironment and increased competition in natural and organic wholesale grocery distribution, that erodes UNFI's market share and curtails its sales volume and cash flow. -- S&P said, "Our simulated default scenario also assumes UNFI would reorganize as a going concern to maximize its lenders' recovery prospects. We apply a 5.5x multiple to our projected emergence-level EBITDA estimate to calculate the company's net enterprise value. The 5.5x multiple is in the same range as those we use for UNFI's industry peers." Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA multiple: 5.5x -- EBITDA at emergence: $378 million -- Adjusted gross enterprise value: $2.1 billion Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $2.0 billion -- Valuation split (obligors/nonobligors/unpledged): 100%/0%/0% -- Priority claims (not rated): $1.7 billion -- Total collateral value available to secured debt: $290 million -- First-lien term loan claims: $380 million --Recovery expectations: 70%-90% (rounded estimate: 75%) -- Senior unsecured claims: $593 million (includes $403 million of senior unsecured claims, $90 million of pari passu secured deficiency claims, and $101 million of non-debt unsecured claims [S&P's assumption for lease-rejection related claims]) --Recovery expectations: 0%-10% (rounded estimate: 0%) VELCHOFF'S CORNER: Jerrett McConnell Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Velchoff's Corner, LLC. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Velchoff's Corner LLC Velchoff's Corner, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01179) on March 20, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. VELOCITY ESPORTS: Court OKs Bid Rules for Property Sale ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada has permitted Velocity Esports, Inc. and its affiliate, Velocity Esports Las Vegas Town Square, LLC, to establish bidding procedures and deadlines relating to the sale of Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor's Assets generally include tangible and intangible personal property used in connection with the VES LV location (including furniture, fixtures, equipment, and other operating assets), together with such contract rights, intellectual property, and other rights to be assumed and assigned to the extent provided in the Asset Purchase Agreement and approved by the Court. The Debtors seek to implement market-tested bidding and auction procedures designed to solicit higher and better offers and maximize value for the estate. The Debtors have identified the Buyer, Illusion Attractions LLC, as a Stalking Horse Bidder to establish a baseline transaction structure and a floor bid, subject to higher or better Bids pursuant to the Bidding Procedures and Court approval. The Court has authorized the Debtor to conduct a bidding procedure. The Court held that the Debtor's proposed Bidding Procedures Notice, the Auction, the Auction Procedures, and the hearing to approve the sale of the Sale Assets are appropriate and reasonably calculated to provide all interested parties with timely and proper notice, and no other or further notice is required. The court ordered that the designation of Illusion Attractions LLC as the Stalking Horse Bidder is approved, and the APA is approved as the Stalking Horse Bid. The Stalking Horse Protections in the APA, include a break-up fee equal to three percent of the "Transaction Value", and expense reimbursement items are approved. About Velocity Esports Inc. Velocity Esports Inc. operates gaming and entertainment venues across select U.S. locations, offering a mix of arcade games, esports lounges, bowling, and casual dining. The Company caters to both casual and competitive gamers, as well as event hosting for social and corporate gatherings. Its venues are equipped with modern gaming technology and also feature food and beverage options with a focus on American and Mexican fare. Velocity Esports and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Lead Case No. 25-12627) on May 7, 2025. In its petition, Velocity Esports reported total assets of $1,294,858 and total liabilities of $9,931,782. Judge Mike K. Nakagawa handles the cases. The Debtors are represented by Matthew Knepper, Esq., and Brenden Gougeon, Esq., at Nevada Bankruptcy Attorneys, LLC. VENUS CONCEPT: EW Healthcare Entities Hold 5.4% Equity Stake ------------------------------------------------------------ EW Healthcare Partners, L.P., together with EW Healthcare Partners-A, L.P., Essex Woodlands Fund IX-GP, L.P., and Essex Woodlands IX, LLC, disclosed in a Schedule 13D (Amendment No. 17) filed with the U.S. Securities and Exchange Commission that as of March 26, 2026, they beneficially own 100,037 shares of Venus Concept, Inc.'s Common Stock (consisting of 99,021 shares of Common Stock directly held -- 95,190 by EW Healthcare Partners, L.P. and 3,831 by EW Healthcare Partners-A, L.P. -- plus 1,016 shares issuable upon exercise of stock options held for the benefit of the Reporting Persons and exercisable within 60 days; with sole voting power and sole dispositive power over these shares), representing 5.4% of 1,859,123 shares of Common Stock outstanding as of November 7, 2025, as reported in the Company's Form 10-Q, plus the 1,016 option shares for percentage purposes. Purpose of Transaction On March 26, 2026, EWHP and Madryn Asset Management, LP entered into a Securities Purchase Agreement pursuant to which Madryn purchased from the EW Selling Securityholders: (i) 1,500,000 shares of Voting Convertible Preferred Common Stock, $0.0001 per share, of the Issuer, (ii) 1,575,810 shares of Senior Convertible Preferred Stock, par value $0.0001 per share, of the Issuer, and (ii) those certain Secured Subordinated Convertible Notes originally issued by the Issuer to EW Selling Securityholders on January 18, 2024, for an aggregate purchase price of $2,600,000. The Purchase Price shall be payable by Madryn to the EW Selling Securityholders in four cash installments of $650,000, with each installment payable 18, 24, 30 and 36 months after March 26, 2026, respectively. EW Healthcare Partners, L.P. (and related reporting persons) may be reached through: R. Scott Barry (Manager) 21 Waterway Avenue, Suite 150 The Woodlands, TX 77380 Tel: (281) 364-1555 A full-text copy of EW Healthcare Partners, L.P.'s SEC report is available at: https://tinyurl.com/5fj7xa7p About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, 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 reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $61.6 million in total assets, $58.5 million in total liabilities, and $2.7 million in total stockholders' equity. VILLAGE HOMES: To Sell Sunset Lane & Hogan Hill to Multiple Buyers ------------------------------------------------------------------ Village Homes, L.P., seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor's real properties are located in various subdivisions in Tarrant and Parker Counties, Texas. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including Simmons Bank and Worthington Bank. The Debtor entered into an Unimproved Property Contract (Sunset Agreement) with a prospective buyer, NewPad Building Company LLC for the sale of a vacant lot with the street address of 424 Sunset Lane, Fort Worth, Texas 76114, in the purchase price of $185,000. The Sunset Buyer is neither related nor known to the Debtor and its principals prior to the Sunset Buyer making the offer to purchase the Sunset Lot. The Sunset Buyer is not an insider of the Debtor. The Sunset Agreement was negotiated between the Debtor and the Sunset Buyer at arms-length and in good faith. The Sunset Buyer is providing value to the estate by paying the purchase price as set forth in the Sunset Agreement. Therefore, the Sunset Buyer is entitled to the protections. Simmons Bank financed the Debtor's acquisition of the Sunset Lot as a vacant lot. The outstanding principal balance of the Simmons Lot Loan is approximately $76,994 plus accrued interest, costs and fees. The Debtor proposes to sell the Sunset Lot free and clear of the lien. Simmons Bank does not oppose the sale of the Sunset Lot and is not opposed to its liens attaching to the proceeds of the sale provided that at closing there is a payoff of the of the Simmons Lot Loan. The Debtor entered into a Village Homes Purchase Agreement with two prospective buyers, Jennifer and Chris Caras, for the sale of a nearly completed townhome with an address of 2732 Hogan Hill Lane, Fort Worth, Texas 76109, in the purchase price of $1,475,000. Neither of the Hogan Hill Buyers is related nor known to the Debtor and its principals prior to the Hogan Hill Buyers' offer to purchase the Hogan Hill Property. Therefore, neither of Hogan Hill Buyers under the Hogan Hill Agreement is an insider of the Debtor. The Hogan Hill Agreement was negotiated between the Debtor and the Hogan Hill Buyers at arms-length and in good faith. The Hogan Hill Buyers are providing value to the estate by paying the purchase price as set forth in the Hogan Hill Agreement. The Debtor proposes to sell the Hogan Hill Property free and clear of the liens asserted by Worthington Bank. Worthington Bank does not oppose the sale of the Hogan Hill Property and is not opposed to its liens attaching to the proceeds of the sale provided that at closing there is a payoff of the funds Worthington Bank advanced (along with any accrued interest, costs and fees) related to the Hogan Hill Property in exchange for Worthington Bank releasing its lien on the Hogan Hill Property. Simmons Bank holds a first priority lien in the Sunset Lot, subject only to the liens securing real property taxes. Simmons Bank requires a payoff of the Sunset Release Price at the closing of the Sunset Transaction in exchange for a release of its lien on the Sunset Lot. The Debtor believes Simmons Bank consents to the Debtor retaining the net sale proceeds from closing of the Sunset Transaction after payment of the Sunset Release Price and after payment of the normal and customary closing costs, and that the Debtor is authorized to use such net proceeds for business operations and administration of the Chapter 11 Case. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VIVAKOR INC: Completes 1-for-200 Reverse Split to Meet Nasdaq Rule ------------------------------------------------------------------ Vivakor, Inc. announced that it completed a 1-for-200 reverse stock split of its common stock, which went into effect on Tuesday, March 24, 2026. The reverse stock split is aimed at satisfying the requirements set forth by the Nasdaq Hearings Panel necessary for the Company to continue the listing of its common stock on the Nasdaq Capital Market. As previously disclosed on March 16, 2026, the Nasdaq Hearings Panel granted the Company's request for continued listing on the Nasdaq Stock Market, provided the Company regains compliance with Nasdaq's $1.00 minimum bid price requirement by April 30, 2026. To regain compliance with Nasdaq's minimum bid price requirement, the closing bid price of the Company's common stock must be $1.00 or greater for ten consecutive trading days. Pursuant to the reverse stock split, the Company's issued and outstanding common stock, par value of $0.001, was adjusted from 410,068,820 shares to approximately 2,050,344 shares. No fractional shares were issued, and any resulting fractional shares were rounded up to the next whole share. The Company's authorized common stock, remains at 500,000,000 shares. Upon confirmation that the Company has satisfied the Bid Price Rule on or before April 30, 2026, Vivakor's common stock will be reinstated to trade on the Nasdaq Capital Market. Following reinstatement, the Company will be placed on a one-year Mandatory Panel Monitor in accordance with Nasdaq procedures. About Vivakor Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $160,131,145 in total assets, $96,092,579 in total liabilities, and $64,038,566 in total stockholders' equity. VMI FURNITURE: Court Extends Cash Collateral Access to April 30 --------------------------------------------------------------- VMI Furniture Solutions, LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Norfolk Division, to use cash collateral to fund operations. Under the second interim order, the Debtor is permitted to use cash collateral in the ordinary course of business in line with an approved budget, with up to a 20% variance per line item. Any spending beyond this threshold requires prior consent from the U.S. Small Business Administration or further court approval. The authorization remains effective through April 30 or until a subsequent court order. As adequate protection for its interests in the cash collateral, if any, the U.S. Small Business Administration will be granted replacement liens on all of the Debtor's assets, including without limitation, all accounts and receivables. These replacement liens will have the same validity, extent and priority as the SBA's pre-bankruptcy liens. As additional protection, the SBA will receive monthly payments of $2,906. VMI listed the SBA as the primary secured creditor asserting a lien on its assets, including accounts receivable and other cash collateral, in connection with an EIDL loan. A final hearing on the motion is scheduled for April 21. The order is available at https://shorturl.at/jEgXK from PacerMonitor.com. About VMI Furniture Solutions LLC VMI Furniture Solutions LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-70417) on February 19, 2026. In the petition signed by Pamela Murphy, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael Wilson, Esq., at Reaves PLLC, represents the Debtor as legal counsel. VOICES OF FAITH: To Sell Conyers Property to IK Holdings for $2.2MM ------------------------------------------------------------------- Voices of Faith Ministries, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor is a church that operates locations in Conyers, Georgia, Stone Mountain, Georgia, and Baton Rouge, Louisiana. The Debtor also operates multiple daycares and owns and manages a shopping center. The Debtor owns several parcels of real property, all of which are encumbered by the lien of secured lender Foundation Capital Resources, Inc. The Debtor estimates that FCR is owed approximately $19,412,000.00. The Debtor has determined that it needs to sell portions of its real property in order to successfully reorganize. The broker has secured a Purchase and Sale Agreement to sell a certain tract of vacant land consisting of 11.94 acres on the northwest corner of Irwin Bridge Road and Sigman Road, Conyers, Georgia to IK Holdings, LLC. The purchase price of the Property is $2,200,000.00. Under the terms of the Purchase Agreement, the Purchaser has paid the required earnest money in the amount of $25,00.00. Mira Law, LLC, the closing attorney, is holding the Earnest Money. The Debtor anticipates that the sale will close within the next 30 days. Other than the lien of FCR, the Debtor is not aware of any other liens on the NW Irwin Bridge Property, other than possibly those of the property tax authorities. The Debtor submits that the Purchase Price amounts to fair market value for the NW Irwin Bridge Property. About Voices of Faith Ministries, Inc. Voices of Faith Ministries, Inc. is a nonprofit organization established for religious and charitable purposes. The ministry provides faith-oriented programs and outreach services aimed at supporting spiritual development and community involvement, relying largely on donor support to sustain its operations. Voices of Faith Ministries, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50055) on January 2, 2026. In its petition, the debtor reported estimated assets ranging from $0 to $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Will B. Geer, Esq. of Rountree Leitman Klein & Geer LLC. VOICES OF FAITH: To Sell Conyers Vacant Lot to IK Holdings ---------------------------------------------------------- Voices of Faith Ministries, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor is a church that operates locations in Conyers, Georgia, Stone Mountain, Georgia, and Baton Rouge, Louisiana. The Debtor also operates multiple daycares and owns and manages a shopping center. The Debtor owns several parcels of real property, all of which are encumbered by the lien of secured lender Foundation Capital Resources, Inc. The Debtor estimates that FCR is owed approximately $19,412,000.00. The Debtor has determined that it needs to sell portions of its real property in order to successfully reorganize. The Debtor's broker has secured a Purchase and Sale Agreement to sell a certain tract of vacant land consisting of 4.677 acres on the northeast corner of Irwin Bridge Road and Sigman Road, Conyers, Georgia to IK Holdings, LLC The purchase price of the Property is $950,000.00. Under the terms of the Purchase Agreement, the Purchaser has paid the required earnest money in the amount of $25,00.00. Mira Law, LLC, the closing attorney, is holding the Earnest Money. The Debtor anticipates that the sale will close within the next 30 days. Other than the lien of FCR, the Debtor is not aware of any other liens on the NW Irwin Bridge Property, other than possibly those of the property tax authorities. The Debtor submits that the Purchase Price amounts to fair market value for the NW Irwin Bridge Property. About Voices of Faith Ministries, Inc. Voices of Faith Ministries, Inc. is a nonprofit organization established for religious and charitable purposes. The ministry provides faith-oriented programs and outreach services aimed at supporting spiritual development and community involvement, relying largely on donor support to sustain its operations. Voices of Faith Ministries, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50055) on January 2, 2026. In its petition, the debtor reported estimated assets ranging from $0 to $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Will B. Geer, Esq. of Rountree Leitman Klein & Geer LLC. VOICES OF FAITH: To Sell Shopping Center to Crown Point Capital --------------------------------------------------------------- Voices of Faith Ministries, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor is a church that operates locations in Conyers, Georgia, Stone Mountain, Georgia, and Baton Rouge, Louisiana. The Debtor also operates multiple daycares and owns and manages a shopping center. The Debtor owns several parcels of real property, all of which are encumbered by the lien of secured lender Foundation Capital Resources, Inc. The Debtor estimates that FCR is owed approximately $19,412,000.00. The Debtor has determined that it needs to sell portions of its real property in order to successfully reorganize. The broker has secured a Purchase and Sale Agreement to sell the shopping center property located at 1240 NW Sigman Road, Conyers, Georgia to Crown Point Capital, LLC. The purchase price of the Property is $1,335,000.00 Under the terms of the Purchase Agreement, the Purchaser has paid the required earnest money in the amount of $25,00.00. Mira Law, LLC, the closing attorney, is holding the Earnest Money. The Debtor anticipates that the sale will close within the next 30 days. Other than the lien of FCR, the Debtor is not aware of any other liens on the NW Irwin Bridge Property, other than possibly those of the property tax authorities. The Debtor submits that the Purchase Price amounts to fair market value for the NW Irwin Bridge Property. About Voices of Faith Ministries, Inc. Voices of Faith Ministries, Inc. is a nonprofit organization established for religious and charitable purposes. The ministry provides faith-oriented programs and outreach services aimed at supporting spiritual development and community involvement, relying largely on donor support to sustain its operations. Voices of Faith Ministries, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50055) on January 2, 2026. In its petition, the debtor reported estimated assets ranging from $0 to $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Will B. Geer, Esq. of Rountree Leitman Klein & Geer LLC. WATER ENERGY: To Sell George West Property to Carlos Riojas ----------------------------------------------------------- Water Energy Services, LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor has identified several estate assets that may be used to satisfy creditors, including the Property sought to be sold. The Debtor has been working with Hilco Real Estate, LLC as the Debtor's broker to market the Property. After negotiation, the Debtor and Purchaser, Carlos Riojas and/or Assigns, have agreed to a total sale price of $200,000.00. The Debtor's Property is located at 3409 Highway 281, George West, Texas 78022, in Live Oak County, which is consists of an 8.9 acre lot. The lienholders of the Property are Live Oak Appraisal District, Live Oak Underground Water Conservation District, Community Bank & Trust – West Georgia, and SitePro, Inc. The proposed sale is not free and clear of the leasehold interest of Mid River, an entity in which the Debtor has a 40% ownership interest. The Debtor proposes to sell the Property for $200,000.00, free and clear of all liens, claims, and encumbrances. The Debtor seeks authority to retain the remainder, approximately $9,320.00, which is a carve out from CB&T's lien and therefore not subject to any other liens. The Debtor further requests that the remaining sale proceeds be used as cash collateral in accordance with the Court-approved budget. The Debtor believes that the Sale Contract is the highest and best offer that will be received for the Property. The Debtor believes the Purchase Price is reasonable and fair. The Debtor chose this offer based on the price offered and the belief that the Purchaser can close under the contracted terms. About Water Energy Services Water Energy Services, LLC, is a San Antonio-based company operating in the oil and gas extraction industry. Water Energy Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Michael M. Parker handles the case. The Debtor is represented by Herbert C Shelton, II, Esq., at Hayward, PLLC. WATERFRONT RESORT: Albert Togut Named Chapter 11 Trustee -------------------------------------------------------- William Harrington, the U.S. Trustee for Region 2, asked the U.S. Bankruptcy Court for the Eastern District of New York to approve the appointment of Albert Togut, Esq., as Chapter 11 trustee for Waterfront Resort Holdings, LLC. The appointment followed a March 20 court order directing the U.S. Trustee to appoint a Chapter 11 trustee for the bankruptcy case. Pursuant to the order and after consultation with parties in interest, the U.S. Trustee selected Mr. Togut as the trustee for Waterfront's bankruptcy case. Mr. Togut disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About Waterfront Resort Holdings Waterfront Resort Holdings, LLC is the fee owner of 105 unsold units at the Allura Waterfront Condominium, as well as a parking unit, located at 109-09 15th Avenue, College Point, New York. The current estimated value of the Debtor's interest in the property is approximately $80 million. Waterfront Resort Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40041) on January 6, 2025. In its petition, the Debtor reported total assets of $80,006,241 and total liabilities of $70,500,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. Heath S. Berger, Esq., at Berger, Fischott, Shumer, Wexler & Goodman, LLP represents the Debtor as legal counsel. WEABER INC: Gets Final OK to Use Cash Collateral ------------------------------------------------ Weaber, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to fund operations consistent with its budget and provide adequate protection to secured creditors with interest in the cash collateral. JPMorgan Chase Bank, N.A. and Cyprium Investors IV AIV I, LP, the secured creditors, will be granted replacement liens on their pre-bankruptcy collateral, and additional post-petition security interests in and liens on other property that is currently owned or will be acquired by the Debtor after the petition date. These liens do not apply to avoidance actions. In addition, the Debtor will pay interest on its obligations to JPMorgan and the other lenders under the 2017 credit agreement in cash at the non-default rate of 9.25% per annum on a weekly basis. As further protection, JPMorgan and Cyprium will have an allowed administrative claim against the Debtor. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/vKmCk from PacerMonitor.com. Weaber produces oak and poplar hardwood products and operates entirely within the U.S., employing approximately 295 individuals. It is primarily financed by JPMorgan, which holds a first lien on its assets, with approximately $24.3 million in outstanding debt. Additional secured creditors include Cyprium Investors (with a junior lien of approximately $8 million) and Pathward N.A. (which holds a $3.88 million first-priority lien on certain machinery and equipment). The Debtor values its secured assets as follows: $6 million in accounts receivable, $23.3 million in inventory, $17.5 million in real estate, and $4.5 million in machinery and equipment. About Weaber Inc. Weaber, Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025, with up to $50 million in both assets and liabilities. Matthew G. Weaber, president and chief executive officer, signed the petition. Judge Henry W. Van Eck oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin, is the Debtor's legal counsel. JPMorgan Chase Bank, N.A., as secured creditor, is represented by: Su Jin Kim, Esq. Morgan, Lewis & Bockius, LLP 2222 Market Street Philadelphia, PA 19103 Telephone: (215) 963-5000 Facsimile: (215) 963-5001 su.kim@morganlewis.com -- and -- Michael Luskin, Esq. Stephan E. Hornung, Esq. Morgan, Lewis & Bockius, LLP 101 Park Avenue New York, NY 10178-0060 Tel: 212-309-6000 michael.luskin@morganlewis.com stephan.hornung@morganlewis.com Cyprium Investors IV AIV I, LP, as secured creditor, is represented by: Michael J. Roeschenthaler, Esq. Raines Feldman Littrell LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 (412) 899-6472 mroeschenthaler@raineslaw.com WEATHERSTONE LLC: Amends Builder's Capital Secured Claim Pay ------------------------------------------------------------ Weatherstone LLC submitted an Amended Disclosure Statement for Plan of Reorganization dated March 24, 2026. The Debtor has worked diligently since the Petition Date to comply with all of the requirements of being a Debtor in Possession as well as to satisfy the requests of its creditors that have been involved in the case, including Builder's Capital. To this end, the Debtor has provided Builder's Capital with responses to informal discovery requests and zoom meetings with representatives of Builder's Capital, the Debtor, and Walker & Dunlop, the real estate broker for the Debtor. The Debtor has signed a Purchase and Sale Agreement for all its real property split into three phases, as more specifically described in the Motion to Sell (the "Sale Motion") filed contemporaneously with this Amended Disclosure Statement and Amended Plan. The Purchaser is DFH Liberty, LLC ("DFH"). The Purchaser has agreed to pay $18,500,000.00 for the Purchased Assets in three phased takedowns: $7,000,000.00 for the Phase I Parcel, $3,750,000.00 for the Phase II Parcel, and $7,750,000.00 for the Phase III Parcel. The consideration consists of cash payments at each closing in immediately available funds. The purchase price represents the highest and best offer received after a thorough and good-faith marketing process undertaken by the Debtor and its court-approved real estate brokers, Walker & Dunlop Investment Sales, LLC and Beach Front Realty, Inc. The plan provides for the payment in full of all secured creditors and a substantial recovery to the general unsecured creditors. Class 1 shall consist of the Allowed Secured Claim of Builder's Capital. Builder's Capital's filed proof of claim 2-1 in the amount of $10,584,834.65 (the "Builder's Capital Secured Claim" or "Class 1 Secured Claim"). Debtor disputes the total amount of the Builder's Capital Secured Claim due to the balance of the claim including a default fee of over $1.8 million. Debtor will endeavor to work with Builder's Capital to resolve this dispute prior to confirmation of this Plan. If the parties cannot resolve the dispute, the Debtor will file an appropriate objection to the Builder's Capital Secured Claim. The Debtor shall pay the allowed Builder's Capital Secured Claim, as finally determined by an order of this Court, through funds generated from the sale of the Property. After accounting for any costs of sale, Builder's Capital shall receive all proceeds of the Sale to apply against the Builder's Capital Secured Claim. Any payments made prior to the Effective Date and postpetition shall be applied to the principal balance of the Class 1 Claim. Pursuant to the PSA, the Purchase Price is $18,500,000.00, split into three Phases. Phase I of the Property shall be sold to the Purchaser for $7,000,000.00. Phase II of the Property shall be sold for $3,750,000.00, and Phase III of the Property shall be sold for $7,750,000.00. At the sale of each phase, any lien held by Builder's Capital regarding that particular phase shall be released and the proceeds shall be first used to pay the Class 1 Secured Claim. Builder's Capital's Secured Claim shall accrue interest at a rate of 8.0% per annum until paid in full. The interest shall only accrue on the principal balance of the Builder's Capital Secured Claim. Builder's Capital will continue to receive funds from each Phase of the Sale until the Class 1 Secured Claim is paid in full. Like in the prior iteration of the Plan, the Debtor estimates, based on its schedules and proofs of claims that have been filed, that there will be approximately $10,604,095.72 in allowed general unsecured claims, including any pre-petition sale contracts for certain Phase I lots, none of which have been filed in the real estate records; therefore, they are treated as general unsecured claims. The Debtor proposes to pay General Unsecured Claims their pro rata share of any sales proceeds remaining after the sale of the Property. Debtor anticipates that the majority of funds to pay Class 2 claims will come from the sale of lots in Phase II and Phase III. Walker & Dunlop has provided values for the Debtor's Property based on its experience in the industry as of the filing of the Plan and Disclosure Statement. Additionally, the PSA from DFH totals $18,500,000.00. The cash distributions contemplated by the Plan shall be funded by cash generated from the sale of the Property to DFH. A full-text copy of the Amended Disclosure Statement dated March 24, 2026 is available at https://urlcurt.com/u?l=3xs79L from PacerMonitor.com at no charge. Counsel to the Debtor: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wrountree@rlkglaw.com About Weatherstone LLC Weatherstone LLC based in Dallas, Georgia, develops and sells single-family homes in a 172-acre residential subdivision near Monroe Cole Road. Weatherstone LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41599) on Oct. 14, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Will Geer, Esq. of ROUNTREE, LEITMAN, KLEIN & GEER, LLC. WEEDEN RANCH: Hires Schwabe Williamson & Wyatt as Legal Counsel --------------------------------------------------------------- Weeden Ranch LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Montana to hire Schwabe, Williamson & Wyatt, P.C. to serve as its legal counsel. The firm will provide these services: (a) provide general counseling and representation in connection with the Chapter 11 bankruptcy case; (b) prepare and file a Plan of Reorganization and Disclosure Statement; (c) prepare and file applications to employ any professionals; (d) prepare and file sale motions for personal or real property; and (e) assist with reporting and compliance with other bankruptcy debtor duties. Professional's lead attorney, Laurie M. Thornton, will receive an hourly rate of $575. Other attorneys of the firm will have hourly rates between $500 and $380 for 2026. Schwabe, Williamson & Wyatt, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, except as disclosed regarding Deere & Co. and Ms. Thornton's prior employment as an Assistant U.S. Trustee. The firm can be reached at: Laurie M. Thornton, Esq. Schwabe, Williamson & Wyatt, P.C. 1420 5th Avenue, Suite 3400 Seattle, WA 98101 Telephone: (206) 622-1711 E-mail: lthornton@schwabe.com About Weeden Ranch LLC Weeden Ranch LLC is a Montana-based ranching company operating from Lewistown, engaged in cattle raising and land management in Fergus County. Weeden Ranch sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40104) on December 15, 2025. In the petition signed by Monte Weeden, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Benjamin P. Hursh handles the case. The Debtor is represented by DBS Law and Christian, Samson, Baskett, Phelan & Bell, PLLC. WELCH & WELCH: Helena Seeks Chapter 11 Trustee Appointment ---------------------------------------------------------- Helena Agri-Enterprises, LLC, a creditor, asked the U.S. Bankruptcy Court for the Western District of Tennessee to authorize the appointment of a trustee to take over the Chapter 11 case of Welch & Welch Planting Company, LLC. Welch filed for Chapter 11 bankruptcy on March 13, 2025 (Case No. 25-10356) after a prior unsuccessful Chapter 11 case filed on May 19, 2023 (Case No. 23-10623). In its motion, Helena urged the court to take judicial notice of its records concerning the company's prior Chapter 11 case, which was voluntarily dismissed on June 12, 2024. It claimed that during that case (May 19, 2023–June 12, 2024), Welch failed to generate enough income to pay pre-petition creditors or propose a confirmable plan. Helena argued that appointing a trustee is in the best interests of the estate and creditors to independently investigate the company and liquidate its assets, given its prolonged inability to operate profitably or reorganize. Helena further argued that Welch is bound by the terms of the 2025 Crop Loan Order at Numerical Paragraphs 7 and 8, which the company has failed and refused to voluntarily follow as if it holds discretion as to whether it is required to comply with the orders of the bankruptcy court. Attorney for Helena Agri-Enterprises, LLC: Stephen L. Hughes, Esq. P.O. Box 320 Milan, TN 38358 (731) 238-3199 About Welch & Welch Planting Co. LLC Welch & Welch Planting Co. LLC is an agricultural company specializing in crop production, utilizing advanced machinery for planting, soil preparation, irrigation, and harvesting. Welch & Welch Planting Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10356 on March 13, 2025. In its petition, the Debtor reports total assets of $1,323,500 and total liabilities of $1,055,264. The Debtor is represented by Tom Strawn, Esq., at The Law Office of Tom Strawn. WILLIAM D. LEDFORD: Taps Less Tax for Dentists as Accountant ------------------------------------------------------------ William D. Ledford, DDS, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Less Tax for Dentists as its accountant. The firm will provide these services: (a) bookkeeping; (b) preparation of Federal, State, and local income tax returns; (c) preparation of financial reports; (d) payroll processing; and (e) consulting services as requested. The firm's fees for the services are paid on a flat fee basis at $1,667 monthly. According to the filings, Less Tax for Dentists does not hold or represent an interest adverse to the estate, has no connections to any party to the case, and is a disinterested party. The firm can be reached at: Jay Malik Less Tax for Dentists 9900 W Sample Rd, Suite 315 Coral Springs, FL 33065 About William D. Ledford DDS William D. Ledford, DDS, LLC is a Missouri-based dental practice providing general and specialty dental care services. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40187) on February 2, 2026. In its petition, the Debtor reported assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Cynthia A. Norton handles the case. The Debtor is represented by Gary Mardian, Esq., at Wiesner & Frackowiak, L.C. WILLOW CREEK: Seeks to Employ Salish Sea as Legal Counsel --------------------------------------------------------- Willow Creek Manor Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Salish Sea Legal PLLC as bankruptcy counsel. SSL will provide these services: (a) advising WCM with respect to its duties as debtor-in-possession in the continued operation of its business and management of its property; (b) assisting, advising, and representing Debtor-in-Possession relative to the administration of the Chapter 11 case; (c) attending meetings and conferences and otherwise communicating and negotiating with representatives of creditors and other parties in interest as to matters arising in or related to the Chapter 11 case; (d) assisting Debtor-in-Possession in the formulation, preparation, drafting, negotiation, and obtaining approval of a plan of reorganization and corresponding disclosure statement; (e) assisting Debtor-in-Possession in the review, analysis, negotiation, and approval of any debtor-in-possession financing; (f) taking all necessary actions to protect and preserve the interests of WCM, its business operations, and its bankruptcy estate, including, without limitation, the investigation and prosecution of actions against third parties; (g) reviewing, analyzing, evaluating, and (where appropriate) filing objections to claims filed or asserted against the Debtor-in-Possession in the Chapter 11 case; (h) generally preparing on behalf of Debtor-in-Possession, all appropriate and necessary motions, applications, responses, replies, answers, orders, reports, and other papers and pleadings in support and furtherance of the Chapter 11 case; (i) appearing, as appropriate, before this Court and any other courts or regulatory bodies in which matters may be heard, and to protect the interests of Debtor-in-Possession before said courts, regulatory bodies, and the United States Trustee; and (j) performing such other legal services as may be required or deemed to be in the interests of Debtor-in-Possession, the bankruptcy estate, and the Chapter 11 case. The billing rates for attorneys for this firm is $480 per hour, and the rate for paralegals is $180 per hour. SSL states it "has no connections with the Debtor-in-Possession, its creditors, or any other party in interest" and "does not hold nor represent any interest adverse to the estate, has not served as an examiner in this case, and is a "disinterested person" as defined by Bankruptcy Code Secs. 101(14) and 327." The firm can be reached at: Salish Sea Legal PLLC 2212 Queen Anne Ave N., No. 719 Seattle, WA 98109 Telephone: (206) 257-9547 About Willow Creek Manor Inc. Willow Creek Manor Inc. is a single asset real estate company. Willow Creek Manor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13073) on October 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Alston handles the case. WISDOM DENTAL: Gets Extension to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division issued a fourth interim order authorizing Wisdom Dental, P.A. to use cash collateral effective as of the petition date. The fourth interim order signed by Judge Caryl Delano authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including Subchapter V trustee interim compensation; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved by secured claimants. The Debtor projects total operational expenses of $289,990 for the eight-week period. The U.S. Small Business Administration and 19 other secured creditors will receive replacement liens on post-petition collateral, with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep its property insured in accordance with the obligations under the loan and security documents with the secured creditors. The next hearing is set for April 15. As of the petition filing, the Debtor reported $850 in cash and $170,420.28 in accounts receivable. It also listed 20 secured parties that may have valid pre-bankruptcy liens on its cash or receivables such as Seacoast National Bank, U.S. Small Business Administration, Fresh Funding Solutions, and others, some of whom have already been paid in full. About Wisdom Dental P.A. Wisdom Dental, P.A. operates a dental clinic under the name Ave Maria Dentistry from its ocation in Ave Maria, Florida. The practice provides preventive, restorative, and cosmetic dental services and is led by Dr. Wisdom D. Akpaka. The company was incorporated in Florida in 2015. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01508) on August 6, 2025. In the petition signed by Wisdom Akpaka, president, the Debtor disclosed $223,970 in assets and $2,851,770 in liabilities. Judge Caryl E. Delano oversees the case. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as bankruptcy counsel. WOODHILL NC: Gets Extension to Access Cash Collateral ----------------------------------------------------- Woodhill NC, LLLC received sixth interim approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Durham Division, to use cash collateral. The court's sixth interim order authorized the Debtor's use of cash collateral for essential business expenses as outlined in the budget, with expenditures exceeding 10% of any line item requiring court approval. The Debtor projects total operational expenses of $67,714.66 for the period from March 1 to May 1. The Debtor has several secured creditors with potential claims on its cash collateral, including TowneBank (with a $7.45 million loan secured by real estate and rental income), Angela and Gary Hill (with a $1 million loan), Brian and Moyra Kileff (with loans totaling up to $6.8 million), and the U.S. Small Business Administration (with a $79,000 COVID-19 EIDL loan). As protection for any diminution in value of cash collateral utilized by the Debtor, secured creditors will be granted a continuing post-petition replacement lien and security interest in all property and categories of property of the same extent, validity, and priority as said creditor held pre-petition. As further protection, TowneBank will continue to receive a monthly payment of $16,956.24 from the Debtor. A final hearing is scheduled for May 7. The Debtor owns and operates a fully leased commercial shopping center known as "South Green" in Carrboro, North Carolina. The shopping center generates approximately $75,000 per month in rental income, which is the Debtor's sole source of operating revenue. As of the petition date, the Debtor held approximately $166,740 in cash and intends to continue collecting rental income post-petition to maintain business operations. About Woodhill NC Woodhill NC, LLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-80120) on May 20, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Brian Kileff, manager of Woodhill NC, signed the petition. Judge Lena M. James oversees the case. Joseph Z. Frost, Esq., at Buckmiller & Frost, PLLC, represents the Debtor as legal counsel. WORKSPORT LTD: Reports $19.4MM FY25 Net Loss, Going Concern Doubt ----------------------------------------------------------------- Worksport Ltd. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The Company has historically generated only limited gross profit and have relied primarily upon capital generated from public and private offerings of our securities to fund continuing operations. Since the Company's acquisition of Worksport in 2014, it has never generated a profit. As of December 31, 2025, the Company had $5,945,894 in cash and cash equivalents and $3,448,016 of remaining available capacity on its revolving line of credit. During the fiscal year ended December 31, 2025, the Company had net losses of $19,352,297 (2024 - $16,163,789). As of December 31, 2025, the Company had working capital of $10,061,578 (2024 – $7,304,110) and had an accumulated deficit of $83,873,790 (2024 - $64,476,966). Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 26, 2026, saying "The Company has experienced recurring net losses that raise substantial doubt about the Company's ability to continue as a going concern. Upon analysis of the Company's current financial situation and projected outlooks, we believe there is substantial doubt about the Company's ability to continue as a going concern." Worksport said, "Our ability to continue as a going concern is dependent upon our ability to generate cash flows from operations and obtain equity and/or debt financing. We intend to continue funding operations through equity and debt financing arrangements, which may be insufficient to fund our capital expenditures, working capital and other cash requirements in the long term. There can be no assurance that the steps our management is taking will be successful." "To date, our principal sources of liquidity consist of net proceeds from public and private securities offerings and cash exercises of outstanding warrants. During the fiscal year ended December 31, 2025, the Company received net proceeds of approximately $21.8 million from offerings. Management is focused on transitioning towards gross profit as our principal source of liquidity by growing our existing product offerings and customer base and realizing manufacturing efficiency improvements. We cannot give assurance that we can increase our cash balances or limit our cash consumption and thus maintain sufficient cash balances for our planned operations or future business developments. Future business development and demands may lead to cash utilization at levels greater than recently experienced. We may need to raise additional capital in the future. However, we cannot ensure that we will be able to raise additional capital on acceptable terms, or at all. Subject to the foregoing, we believe our current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet our working capital requirements for at least one year from the date of issuance of the accompanying consolidated financial statements." The Company has raised significant funds during the 2025 fiscal year by utilizing the following public and private offerings: At-the-Market Offering Program During the fiscal year ended December 31, 2025, the Company sold 110,619 shares of its common stock under its at-the-market offering program pursuant to the At-the-Market Offering Agreement, dated September 30, 2022, as amended on November 14, 2025, with H.C. Wainwright & Co., LLC acting as sales agent. These sales resulted in gross proceeds of approximately $521,835 and net proceeds of approximately $504,372, after commissions and offering expenses. Under the Sales Agreement, the Company pays Wainwright a commission of 3.0% of the gross sales price of the shares sold through the at-the-market offering program. December 2025 Warrant Inducement On December 11, 2025, the Company entered into a warrant exercise inducement agreement with the holder of certain existing warrants originally issued on March 20, 2024 and March 3, 2025. Pursuant to the agreement, the holder exercised warrants to purchase 2,194,526 shares of the Company's common stock at a reduced exercise price of $2.90 per share, resulting in gross proceeds of approximately $6.4 million, before placement agent fees and other offering expenses. In consideration for the exercise, the Company issued new warrants to purchase up to 3,840,421 shares of common stock. The shares of common stock issuable upon exercise of the new warrants were registered for resale pursuant to the Company's registration statement on Form S-3 (File No. 333-292823), filed January 20, 2025 and declared effective January 28, 2025. The Company intends to use the net proceeds from the transaction for general corporate and working capital purposes. The Company engaged Maxim Group LLC as its exclusive financial advisor in connection with the transaction. Regulation A Offering Between June 2025 and October 2025, we conducted a Regulation A offering pursuant to which we sold units consisting of shares of Series C Preferred Stock and accompanying warrants, generating aggregate gross proceeds of approximately $10.0 million before fees and expenses. February 2025 Warrant Inducement On February 27, 2025, the Company entered into a warrant exercise inducement agreement with the holder of certain existing warrants originally issued on May 29, 2024. Pursuant to the agreement, the holder exercised warrants to purchase 1,295,000 shares of the Company's common stock at a reduced exercise price of $5.198 per share, resulting in gross proceeds of approximately $6.7 million, before placement agent fees and other offering expenses. In consideration for such exercise, the Company issued new warrants to purchase up to 1,424,500 shares of its common stock at an exercise price of $6.502 per share, subject to adjustment. The new warrants become exercisable six months from the date of issuance and expire on the fifth anniversary of the date of issuance. The shares of common stock issuable upon exercise of the new warrants were registered for resale pursuant to the Company's registration statement on Form S-1 (File No. 333-286255), filed with the SEC on March 28, 2025 and declared effective on April 3, 2025. The Company used the net proceeds from the transaction for working capital and general corporate purposes. The Company engaged Maxim Group LLC as its exclusive financial advisor in connection with the transaction. Consolidated Statement of Cash Flows Cash increased from $4,883,099 at December 31, 2024 to $5,945,894 at December 31, 2025 – an increase of $1,062,795 or 22%. The increase was primarily due to financing activities conducted during the fiscal year to support growth of ongoing operations. Operating Activities Net cash used in operating activities for the fiscal year ended December 31, 2025 was $17,314,390, compared to $10,138,798 in the prior year, driven by a shift to production and distribution of hard tonneau covers. Accounts receivable increased at December 31, 2025 by $461,382 and decreased by $387,561 in the prior year. The increase in accounts receivable when compared with 2024 was due to volume shifts from private label sales in 2023 to direct to consumer sales in 2024. The shift from private label sales to other business to business channel customers resulted in an increase in accounts receivable in 2025 based on longer payment terms when compared with direct sales to consumers. Inventory increased at December 31, 2025 by $4,340,617 and increased at December 31, 2024 by $1,558,562 due to a shift in production requirements from soft tonneau covers to hard tonneau covers. Prepaid expenses and deposits increased by $338,669 at December 31, 2025 and decreased by $1,305,057 at December 31, 2024 due to deposits by us for the purchase of production equipment and inventory. Accounts payable and accrued liabilities increased at December 31, 2025 by $2,179,473 and increased at December 31, 2024 by $1,167,834, respectively. These fluctuations were driven primarily by the transition to production activities in 2024 and increased raw materials inventory purchases to support production in 2025. Investing Activities Net cash used in investing activities for the fiscal year ended December 31, 2025 was $1,119,503 compared to $528,235 in the prior year. The increase in investing activities was primarily due to higher capital expenditures on various production equipment in 2025. Financing Activities Net cash provided by financing activities for the fiscal year ended December 31, 2025 was $19,456,688 compared to $12,184,354 in the prior year. During the fiscal year ended December 31, 2025 the Company received net proceeds of $21,823,476 from the sale of shares and pre-funded warrants. During the fiscal year ended December 31, 2024, the Company received net proceeds of $12,482,549 from the sale of shares and pre-funded warrants. Management Commentary "2025 was a transformative year where we successfully bridged the gap from product conceptualization to large-scale market delivery," said Steven Rossi, Worksport Founder & CEO. "We nearly doubled our top-line growth while dramatically improving our margin profile. With our New York facility now capable of producing over 125 units per 8-hour shift and our R&D hub in Missouri de-risking our clean-energy product launches, we believe the heavy lifting of building the platform is complete. Our focus in 2026 is squarely on execution, throughput, and achieving sustained profitability". Steven added: "Our infrastructure is now built for scale. We ended 2025 with a total liquidity position of over $9.3 million, providing us the runway needed to reach our goal of initial operational cash-flow positivity in the second half of 2026". A full text copy of the Company's Form 10-K is available at https://tinyurl.com/ycxesxbk About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. As of December 31, 2025, the Company had $30,714,074 in total assets and $7,837,853 in total liabilities, and total shareholders' equity of $22,876,221. WSONE-55 INC: Has Deal on Cash Collateral Access Thru April 30 -------------------------------------------------------------- Wsone-55, Inc. asks the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, for authority to use cash collateral and provide adequate protection, in accordance with its agreement with the U.S. Small Business Administration, through April 30, 2026. The Debtor operates a restaurant/bar franchise that has accumulated significant tax-related debt, approximately $1.7 million, though it asserts the business remains profitable enough to fund a reorganization plan over time. A key component of its financial structure is a 2020 SBA Economic Injury Disaster Loan of $150,000, with an outstanding balance of about $143,445 as of the petition date, secured by a broad lien on substantially all of the Debtor's personal property, including inventory, accounts, deposit accounts, and other business assets. The Debtor and the SBA entered into a stipulation permitting the Debtor to use cash collateral from the petition date through April 30, 2026, subject to court approval. The Debtor argues that such use is essential to maintain operations, pay employees and ordinary expenses, and preserve the going-concern value of the business, which in turn is necessary for a successful reorganization. Without access to cash collateral, the Debtor asserts it would be unable to meet basic operational obligations, leading to shutdown and loss of value for all creditors. The proposed use is governed by a budget and allows for limited flexibility (up to 15% deviation) to address unforeseen expenses. The Debtor maintains that using the cash collateral represents sound business judgment and is in the best interests of the estate. In exchange, the SBA is granted a replacement lien on all post-petition revenues, maintaining the same priority and validity as its prepetition lien, but limited to any diminution in the value of its collateral caused by the Debtor's use. Additionally, the SBA is granted a super-priority administrative claim under the Bankruptcy Code to further protect against any decline in collateral value. The Debtor is also required to make ongoing adequate protection payments of $731 per month beginning this month, consistent with the original loan terms. Further safeguards include requirements that the Debtor maintain insurance on collateral, provide regular financial reporting (including monthly operating reports), and segregate excess revenues in a debtor-in-possession account. The stipulation restricts the use of cash collateral for insider payments unless court-approved and preserves all of the SBA's rights and remedies, explicitly stating that no defaults are waived, no loan terms are modified, and no rights are relinquished. The agreement also emphasizes that continued operations themselves help protect the SBA's collateral by preserving and potentially enhancing the value of the business. A hearing on the matter is set for April 22, at 1:30 p.m. A copy of the motion is available at https://urlcurt.com/u?l=gJwp9D from PacerMonitor.com. About Wsone-55 Inc. Wsone-55, Inc. operates as a franchisee of Wingstop, a quick-service restaurant chain specializing in chicken wings and related menu items, managing and operating its location in Van Nuys, California, and offering dine-in, takeout, and delivery services to customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10404) on Feb. 27, 2026, with $603,619 in assets and $1,942,717 in liabilities. Mia Boykin Ulutika, vice president, signed the petition. Judge Martin R. Barash presides over the case. Stella A. Havkin, Esq. at Havkin & Shrago represents the Debtor as legal counsel. ZLA SOLUTIONS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: ZLA Solutions, Inc. 1100 Deerfoot Parkway Gadsden, AL 35906 Business Description: ZLA USA is an Alabama-based industrial services company that provides executive recruitment, temporary and on-site staffing, assembly, packaging and warehousing, quality inspection, and industrial consultation. Chapter 11 Petition Date: April 3, 2026 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 26-40377 Judge: Hon. James J Robinson Debtor's Counsel: Tameria S. Driskill, Esq. TAMERIA S. DRISKILL, LLC 246 South 8th Street Gadsden, AL 35901 Tel: (256) 459-5189 Email: driskill-law@outlook.com Total Assets: $6,430,997 Total Liabilities: $6,232,200 Andrew Ford signed the petition in his capacity as CEO. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A23AWJI/ZLA_Solutions_Inc__alnbke-26-40377__0001.0.pdf?mcid=tGE4TAMA [] March 2026 Sees Spike in Freight and Trucking Bankruptcies ------------------------------------------------------------- Noi Mahoney of American Shipper reports that March 2026 saw a rising number of Chapter 11 filings across the freight transportation and logistics sector, including trucking, last-mile delivery, and marine operators. This trend, following similar increases in January and February, underscores persistent financial stress across the industry. The filings encompassed a broad range of companies, from small trucking fleets to larger delivery and marine operators with over 100 employees. Many of these firms intend to maintain operations while negotiating debt restructuring under court oversight. The surge in bankruptcies signals that the freight recession continues to affect the supply chain. Restructurings can remove excess capacity and stabilize markets, but they also bring risks such as unpaid invoices, service interruptions, and tighter credit. If this trend continues, the sector may experience further consolidation as financially weaker companies restructure or exit, the report states. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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