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260407.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, April 7, 2026, Vol. 30, No. 97 Headlines 100 MCKNIGHT: Cash Collateral Hearing Set for April 14 126 HENRY: Seeks to Hire Goldberg Weprin as Bankruptcy Counsel 1499 ALVA LANE: Seeks Chapter 7 Bankruptcy in California 1524 CC RD: Updates Joint Plan Disclosures 1694-96 LEXINGTON: Seeks Chapter 7 Bankruptcy in New York 294 COMBS: Commences Chapter 7 Bankruptcy in New York 48FORTY INTERMEDIATE: Star Mountain Marks $15.2M 1L Loan at 52% Off 75 SECOND AVENUE: Voluntary Chapter 11 Case Summary 8993 REALTY: Wilmington Trust Proposes Lagowitz as Receiver AA GLASS: HiresStraffi & Straffi as General Bankruptcy Counsel ACCESS OHIO: Gets Final OK to Use Cash Collateral ADELAIDE POINTE: Commences Chapter 11 Bankruptcy in Florida ADONAI CONGREGATE: Seeks to Tap Michael Jay Berger as Legal Counsel ADVANTACLEAN OF METRO: Hires JJC Law as Special Litigation Counsel AI AQUA: Moody's Upgrades CFR to B2 & Alters Outlook to Stable ALL SOUTH: Seeks to Hire All Services Consulting as Accountant ALLSTATE LENDING: Hires Raines Feldman Littrell as Legal Counsel ALLSTATE LENDING: Taps Howard Grobstein of Grobstein Teeple as CRO APPLACHIAN PRODUCERS: Hires Joseph P. Rewis as Special Counsel ARMADILLO PIZZA: Seeks Approval to Hire UniFi as Bookkeeper ARTETA LLC: Seeks Chapter 11 Bankruptcy in New York ASI JBE: Kennedy Lewis Marks $6.7MM 1L Loan at 32% Off ATHLETE BUYER: Brightwood Capital I Marks $1MM Loan at 22% Off B2B INDUSTRIAL: Brightwood Capital Marks $533,000 Loan at 15% Off BAKER & TAYLOR: U.S. Trustee Appoints Creditors' Committee BAKERS CASUAL: Commences Chapter 11 Bankruptcy in California BALLAST DESIGN: Case Summary & Five Unsecured Creditor BANG PHARMACEUTICALS: Court Blocks Sale of Florida Keys Assets BANYAN MEDICAL: Seeks Chapter 11 Bankruptcy Amid Fraud Lawsuits BAYONNE ENERGY: Moody's Affirms Ba3 Rating on Sec Credit Facilities BELWOOD INVESTMENTS: Seeks to Hire Michael Jay Berger as Counsel BETTER MOTOR: Seeks to Hire Larson & Zirzow as Bankruptcy Counsel BLACK BUFFALO: Hires Ballard Spahr LLP as Bankruptcy Counsel BLACKSTONE CLAIM: Hires Wizard Events LLC as Consultant BLUE SUN: Seeks to Extend Plan Exclusivity to April 15 BON MORRO: Seeks Approval to Hire Joan N. Feeney as Mediator BP LOENBRO: Kennedy Lewis Marks $4.5MM 1L Loan at 56% Off BRADSHAW OPTOMETRY: Seeks Chapter 7 Bankruptcy in California BRIGHT STAR: Seeks to Hire Wolff & Orenstein as Bankruptcy Counsel BUCKEYE PARTNERS: Fitch Alters Outlook on 'BB' IDR to Positive BUCKINGHAM SENIOR: Unsecureds to Get 5% to 18% in Committee's Plan BUILDSOL LLC: U.S. Trustee Unable to Appoint Committee BURFORD CAPITAL: Moody's Alters Outlook on 'Ba1' CFR to Negative BUSINESS FINANCE: Moody's Assigns (P)Ba2 Rating to 2026A-1/2 Bonds BW GAS: Moody's Affirms 'B3' CFR & Alters Outlook to Positive CALIFORNIA ON-SITE: Seeks Chapter 7 Bankruptcy in California CANO ELECTRIC: Seeks to Extend Plan Filing Deadline to May 15 CAP-KSI HOLDINGS: Remora Capital Marks $195,000 Loan at 60% Off CARBON HEALTH: Committee Taps Brown Rudnick LLP as Legal Counsel CARBON HEALTH: Committee Taps Province LLC as Financial Advisor CARESTREAM HEALTH: Lenders Advised by Davis Polk in Refinancing CAT CITY: Commences Chapter 7 Bankruptcy in Texas CATALYST ACOUSTICS: Remora Capital Marks $254,000 Loan at 49% Off CC INTERHOLDINGS: Kennedy Lewis Marks $10MM 1L Loan at 52% Off CEDAR ARCH: Seeks Approval to Hire Ampleo as Restructuring Advisor CEDAR ARCH: Seeks to Hire Grimshaw Law Group as General Counsel CENTAUR HOLDINGS: Remora Capital Marks $722,000 Loan at 63% Off CENTAUR HOLDINGS: Remora Capital Marks $902,000 Loan at 61% Off CENTENE CORP: S&P Lowers Long-Term ICR to 'BB+', Outlook Stable CHANNEL COMPANY: Remora Capital Marks $1.5MM Loan at 42% Off CHICKEN SOUP: Star Mountain Marks $6.3MM 1L Loan at 49% Off CLEANSTEAM INC: Seeks to Hire Tang & Associates as Legal Counsel CN HOLDINGS: Seeks to Hire Parsons Behle & Latimer as Counsel COACHELLA VALLEY: Initiates Chapter 7 Bankruptcy in California CROSSBY MARINE: Seeks to Tap Stretto as Claims and Noticing Agent CROWN BOILER: U.S. Trustee Appoints Creditors' Committee CUMULUS MEDIA: Hires Moelis & Company LLC as Investment Banker CUMULUS MEDIA: Hires Paul Weiss Rifkind as Bankruptcy Counsel DAVID SCOTT: Seeks to Hire Bush Law Firm as Bankruptcy Counsel DEL MONTE: 3d Circuit Rejects Minority Lenders' Appeal DELUXE CORP: Moody's Affirms 'B1' CFR & Alters Outlook to Positive DENOYER-GEPPERT: Court Extends Cash Collateral Access to May 6 DESOTO INDEPENDENT: Fitch Lowers IDR to 'BB-', Outlook Negative DIOCESE OF EL PASO: Hires Levatino|Pace PLLC as Special Counsel DIOCESE OF EL PASO: Seeks to Tap HMP Advisory as Financial Advisor DIOCESE OF EL PASO: Taps Husch Blackwell LLP as Bankruptcy Counsel DS ADMIRAL: S&P Upgrades ICR to 'B', Outlook Stable EASY WAY: Investcorp Credit BDC Marks $7.5MM Loan at 20% Off ECHO GLOBAL: Moody's Affirms 'B3' CFR & Alters Outlook to Positive EDGE INTERMEDIATE: Remora Capital Marks $170,000 Loan at 69% Off EL CASTILLO: Fitch Affirms 'BB+' IDR, Outlook Stable ENCOMPASS DIGITAL: TCW Direct Lending Marks $42.8M Loan at 71% Off ENCOMPASS DIGITAL: TCW Direct Lending VII Marks $4M Loan at 71% Off ENNIS I-45: Court Extends Cash Collateral Access to May 31 ENSONO INTERMEDIATE: Moody's Upgrades CFR to B2 & PDR to B2-PD ENTERPRISE MANAGEMENT: Seeks Approval to Tap Bankruptcy Co-Counsel ENVELOPE MART: Seeks Approval to Hire Fauver as Special Counsel ENVELOPE MART: Seeks Court Approval to Tap Majkut CPA as Accountant ESSENCE COMMUNICATIONS: Brightwood Marks $7.2MM Loan at 83% Off ESSENCE COMMUNICATIONS: Brightwood Marks $9.8MM Loan at 84% Off EXCELERATE ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable FAIR OFFER: Trustee Taps McLemore Auction Company as Auctioneer FERRARI IMPORTING: Seeks to Tap FBT Gibbons as Bankruptcy Counsel FINCH THERAPEUTICS: U.S. Trustee Unable to Appoint Committee FINLEY DESIGN: Cash Collateral Hearing Set for May 5 FIRST BRANDS: Kennedy Lewis Virtually Writes Off $716,575 Loan FIRST BRANDS: Kennedy Lewis Virtually Writes Off $821,770 Loan FLAGSTAR BANK: Moody's Hikes Deposit Rating From Ba1, Outlook Pos. FLORIDA KEYS: Case Summary & 19 Unsecured Creditors FOOD52 INC: Unsecured Creditors Will Get 2.6% of Claims in Plan GALWAY ENTERPRISES: Seeks to Hire Molleur Law Offices as Counsel GCI LLC: Moody's Affirms 'B1' CFR & Alters Outlook to Positive GEDDO CORPORATION: Case Summary & 20 Largest Unsecured Creditors GEDDO CORPORATION: Seeks Chapter 11 Bankruptcy in California GLOBAL INFRASTRUCTURE: Moody's Ups CFR to 'Ba2', Outlook Stable GREAT LAKES: S&P Withdraws 'B' ICR on Acquisition by Saltchuk ICON VALLEY: Case Summary & Two Unsecured Creditors ICON VALLEY: Seeks Chapter 11 Bankruptcy in California IMMACULATE DETAIL: Seeks to Tap Ellett Law Offices as Legal Counsel INEOS US: Kennedy Lewis Marks $1.5MM 1L Loan at 20% Off INSPIRED HEALTHCARE: Hires Reid Collins & Tsai as Special Counsel JA MOODY: Remora Capital Marks $120,000 Loan at 80% Off JETBLUE AIRWAYS: Fitch Lowers LongTerm IDR to 'CCC+' JMAY REALTY: Gets Interim OK to Use Cash Collateral JSD FUND II: Case Summary & One Unsecured Creditor KAZURI CAPITAL: Starts Chapter 7 Bankruptcy in Florida KC 117 LLC: Seeks to Hire Shai Oved as General Bankruptcy Counsel KID CITY USA: Final Cash Collateral Hearing Set for May 6 KINGS FOOD: Commences Chapter 11 Bankruptcy in California KODIAK BUILDING: S&P Upgrades ICR to 'BB-' on Acquisition by QXO KONTOOR BRANDS: S&P Alters Outlook to Stable, Affirms 'BB' ICR LAMB CONTRACTING: Gets Final OK to Use Cash Collateral LASCHAL SURGICAL: Seeks Chapter 11 Bankruptcy in Pennsylvania LASERSHIP INC: Kennedy Lewis Marks $848,648 1L Loan at 50% Off LIA HOSPITALITY: Seeks to Hire Preeti Gupta as Bankruptcy Counsel LIPELLA PHARMACEUTICALS: Seeks Chapter 11 Bankruptcy LIVE COMFORTABLY: TCW Direct Lending Marks $64M Loan at 16% Off LTI HOLDINGS: Moody's Withdraws 'B3' CFR Following Debt Repayment LUCKY LIKE: Seeks to Hire Robert C. Newark III as Legal Counsel LYCRA COMPANY: Seeks to Hire Ordinary Course Professionals MAE'S INVESTMENT: Hires Rappaport Osborne & Rappaport as Counsel MAMA BIRD'S: Seeks to Hire D'Agostino Group Inc. as Accountant MARKETCAST HOLDINGS: Remora Capital Marks $3.1MM Loan at 29% Off MASA CORPORATION: Initiates Chapter 11 Bankruptcy in California MASTERWORK ELECTRONICS: Star Mountain Marks $521K Loan at 91% Off MASTERWORK ELECTRONICS: Star Mountain Marks $8M 1L Loan at 91% Off MAX US: Brightwood Capital I Marks $7.3MM Loan at 18% Off MAX US: Investcorp Credit BDC Marks $7.8MM Loan at 21% Off MEI BUYER: Kennedy Lewis Marks $1.6MM 1L Loan at 76% Off MIRROR LAKE: Taps Philip Kaestle of SierraConstellation as CRO MOHEGAN TRIBAL: Fitch Puts 'B' LongTerm IDR on Watch Positive MOLINA HEALTHCARE: S&P Lowers ICR to 'BB-', Outlook Stable MOOD MEDIA: Kennedy Lewis Marks $5.2MM 1L Loan at 76% Off MRP BUYER: Kennedy Lewis Marks $744,038 1L Loan at 41% Off MURPHY OIL: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable NATIONAL CONTRACTORS: Case Summary & 14 Unsecured Creditors NATIONAL VISION: Moody's Ups CFR to 'Ba3', Outlook Stable NATURE'S WAX: Gets OK to Tap Nardella & Nardella as Legal Counsel NAVA HEALTH: U.S. Trustee Appoints Creditors' Committee NAVISTAR DEFENSE: TCW Direct Lending Marks $52.4MM Loan at 75% Off NDG NEW: Hires Kenneth E. Kaiser as General Bankruptcy Counsel NJ CITY UNIVERSITY: Moody's Ups Issuer & Rev. Bond Ratings from Ba2 NOAH WEBSTER: S&P Lowers Revenue Refunding Bonds LT Rating to 'CC' NOR CAL FARM: Files for Chapter 7 Protection in California OASIS GB: Seeks to Tap Nations One Nations Loan Services as Broker OC QUALITY: Seeks Chapter 7 Bankruptcy in California ODYSSEY LOGISTICS: Kennedy Lewis Marks $977,500 1L Loan at 24% Off OROVILLE HOSPITAL: PCO Says Patient Care Remains Stable OUT THE GATE: Unsecured Creditors to be Paid in Full in Plan PACE INDUSTRIES: TCW Direct Lending Marks $24.7MM Loan at 71% Off PACE INDUSTRIES: TCW Direct Lending Marks $85.5MM Loan at 71% Off PAK QUALITY: Remora Capital Marks $105,000 Loan at 29% Off PASTIME LOUNGE: Amends Bear Paw Secured Claim Pay PBMC INVESTORS: UCC Public Sale Scheduled for May 6 PHOENIX FUND: Receiver Taps Marini Pietrantoni Muniz as Counsel PITTS FUNERAL: Trustee Hires Leech Tishman Fuscaldo as Counsel POWER STOP: Kennedy Lewis Marks $3.9M 1L Loan at 17% Off PRAESUM HEALTHCARE: Trustee Hires Berger Singerman as Counsel PRIME ABA: Remora Capital Marks $593,000 Loan at 50% Off PRIME CAPITAL: Trustee Hires Phillips Auctioneers as Auctioneer PRO RACKING: Gets Interim OK to Use Cash Collateral PROVIDUS MPS: Remora Capital Marks $245,000 Loan at 70% Off PURE SCIENCE: Case Summary & Five Unsecured Creditors QVF ACQUISITION: Remora Capital Marks $240,000 Loan at 82% Off RALIAM HOSPITALITY: Seeks to Tap Preeti Gupta as Bankruptcy Counsel REGENERATIVE PROCESSING: Case Summary & Top Unsecured Creditors ROCKET SOFTWARE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ROSE PAVING: Remora Capital Marks $345,000 Loan at 39% Off RP THE REYNOLDS: Hires Investment Property as Real Estate Agent RYZEMD CORPORATION: Case Summary & 20 Largest Unsecured Creditors S&H SYSTEMS: Committee Hires Tucker Ellis as Bankruptcy Counsel SANDERS & ASSOCIATES: Hires Baker & Associates as General Counsel SANDISK CORP: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable SANTIN AUTO: Trustee Hires Graves Dougherty Hearon as Counsel SENTRICS INC: Remora Capital Marks $2.06MM Loan at 25% Off SHANNON LLC: Seeks to Hire Molleur Law Office as Legal Counsel SHREE OF MEMPHIS: Seeks to Hire John E. Dunlap as Legal Counsel SKYBELL TECHNOLOGIES: Star Mountain Marks $4.8MM 1L Loan at 20% Off SKYLINE PITKIN: Seeks to Hire Jay Meyers as Bankruptcy Counsel SLOGIC HOLDING: TCW Direct Lending Marks $28.8MM Loan at 39% Off SM ENERGY: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive SPAC RECOVERY: Claims to be Paid from Exit Financing SQA MAHADEV: Lender Seeks to Prohibit Cash Collateral Access SWING ZONE: Gets Interim OK to Use Cash Collateral TALEN ENERGY: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable TALENT WORLDWIDE: Remora Capital Marks $130,000 Loan at 40% Off TALOS ENERGY: Fitch Alters Outlook on 'B' LongTerm IDR to Stable TECHNIPLAS FOREIGN: Investcorp BDC Marks $1.1MM Loan at 16% Off TECHNIPLAS FOREIGN: Investcorp BDC Marks $945,001 Loan at 21% Off TEMPERATURE CONTROL: Hires James Young Law as Bankruptcy Counsel TEXAS CONTRACT: Star Mountain Marks $4.4MM 1L Loan at 18% Off TEXAS LEADERSHIP: S&P Rates 2026A/B Rev. and Refunding Bonds 'BB+' TRANSPORTING CARS: Seeks to Hire Zara Financials as Accountant TRAVERSE MIDSTREAM: E Point Zero Deal No Impact on Moody's 'B2' CFR TRIVISTA OIL: Case Summary & 20 Largest Unsecured Creditors TWIN STAR: TCW Direct Lending Virtually Writes Off $60.8MM Loan UNITED FP: Moody's Cuts CFR to 'Caa3', Outlook Stable UNIVISION COMMUNICATIONS: S&P Lowers ICR to 'B', Outlook Stable URBAN ONE: Moody's Withdraws 'Caa2' Corporate Family Rating VALVES AND CONTROLS: April 27, 2026 Claims Bar Date Set VANDERBILT MINERALS: Court OKs May 4, 2026 Auction for Assets VERA HOLDINGS: Gets OK to Tap Nardella & Nardella as Legal Counsel VIEWPOINT AMBULANCE: Case Summary & 20 Top Unsecured Creditors VINTNER'S TAVERN: Seeks Chapter 7 Bankruptcy in California VOCI CENTER: Seeks to Hire Iron Horse Auction Co as Auctioneer WATERBOY SPORTS: Cash Collateral Hearing Set for April 15 WDE TORCSILL: TCW Direct Lending Marks $287MM Loan at 26% Off WDE TORCSILL: TCW Direct Lending VII Marks $12.8MM Loan at 26% Off WESTSIDE TOW: Unsecured Creditors to Split $141K over 5 Years WEX INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable WHITE ROCK: Patient Care Ombudsman Hires Kane Russell as Counsel WOLYNIEC CONSTRUCTION: Seeks to Hire NAI CIR as Real Estate Broker YNWA FINCO: Brightwood Capital Marks $9.6MM Loan at 30% Off ZOMANO CAFES: Cash Collateral Hearing Set for April 15 [] Christopher Ward Joins Lowenstein Sandler's Bankruptcy Practice [] Matthew Kita Joins King & Spalding's Restructuring Practice ********* 100 MCKNIGHT: Cash Collateral Hearing Set for April 14 ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois is set to hold a hearing on April 14 to consider extending 100 McKnight, LLC's authority to use cash collateral. The Debtor was previously authorized to use cash collateral through April 12 under the court's March 3 third order. All provisions of the prior cash collateral order remain in full force and effect. 100 Mcknight's cash collateral consists of cash in which A10 Commercial Mortgage Trust 2024-FLSN1 may claim an interest. In June 2024, the Debtor entered into a mortgage loan agreement with A101 in the principal amount of $15.65 million. A10 is the only entity that claims a lien on all proceeds, including rents, from the property known as The Park at Constitution Trail Centre. The property is an 85-unit, 280-bed student housing apartment community located in Normal, Illinois. The Debtor owns and manages the property. About 100 Mcknight LLC 100 Mcknight LLC is a single asset real estate company. It owns and manages The Park at Constitution Trail Centre, a student housing apartment community in Normal, Illinois. 100 Mcknight sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-19477) on December 22, 2025. In its petition, the Debtor listed between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge Jacqueline P. Cox is handling the case. The Debtor is represented by Jeffrey K. Paulsen, Esq., at Paulsen & Holtschlag, LLC. 126 HENRY: Seeks to Hire Goldberg Weprin as Bankruptcy Counsel -------------------------------------------------------------- 126 Henry Street, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Goldberg Weprin Finkel Goldstein LLP as bankruptcy counsel. The firm will provide these services: (a) provide the Debtor with all necessary representation in connection with this Chapter 11 case, as well as the Debtor's responsibilities as debtor-in-possession; (b) represent the Debtor in all proceedings before the U.S. Bankruptcy Court and the Office of the U.S. Trustee; (c) review, prepare and file all necessary legal papers, applications, motions, objections, adversary proceedings, and reports on the Debtor's behalf; and (d) render all other legal services required by the Debtor in addressing the claims of the creditors, and refinancing the Properties to fund a plan of reorganization. As of Jan. 1, 2026, the firm's billing rates for bankruptcy matters are $865 per hour for partner time, and between $450 to $620 for associate time. Prior to the Chapter 11 filing, the firm received a pre-petition retainer of $6,000 from the Debtor. Goldberg Weprin Finkel Goldstein LLP is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm is not a creditor of the Debtor and does not hold an adverse interest to the Debtor or the Debtor's estate. The firm can be reached at: Kevin J. Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Avenue, 12th Floor New York, NY 10017 Telephone: (212) 221-5700 About 126 Henry Street Inc. 126 Henry Street, Inc. operates an auto repair business and owns the property at 126 Henry Street in Hempstead, New York, which it acquired in 2023. 126 Henry Street filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70291) on January 21, 2026, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Clarence Murray, principal, signed the petition. Judge Sheryl P. Giugliano presides over the case. Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP represents the Debtor as bankruptcy counsel. 1499 ALVA LANE: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------- On March 30, 2026, 1499 Alva Lane Investors Corporation filed for Chapter 7 protection in the Central District of California. 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 29, 2026 at 11:30 AM via Zoom - Gottlieb: Meeting ID 845 676 2532, Passcode 6191335280, Phone 1 747 292 5123. About 1499 Alva Lane Investors Corporation 1499 Alva Lane Investors Corporation is a real estate investment entity that owns and manages property assets, likely focused on income-generating residential or commercial holdings. 1499 Alva Lane Investors Corporation sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10661) 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 Victoria S. Kaufman handles the case. 1524 CC RD: Updates Joint Plan Disclosures ------------------------------------------ 1524 CC RD LLC and 1528 CC RD LLC submitted a Disclosure Statement for the Amended Joint Plan of Conditional Reorganization dated March 25, 2026. The Plan provides for a conditional three-stage process through which the Debtors will reorganize within a specified timeframe or, if reorganization is unsuccessful, liquidate. The three-stage process is summarized as follows: * Stage 1: The Debtors, while continuing to operate their businesses, may enter into an exit financing facility from which the Debtors will obtain sufficient funds to pay one hundred percent of the allowed claims of all creditors (herein, a "Stage 1 Reorganization"). * Stage 2: The Debtors, while continuing to operate their businesses, may simultaneously market for private sale all or substantially all of their assets for an amount sufficient to provide for payment and satisfaction of one hundred percent of the allowed claims of all creditors (herein a "Stage 2 Transaction"). * Stage 3: The Debtors shall engage an auctioneer prior to May 31, 2026. If, at the end of thirty days from the Effective Date, the Debtors have not closed or executed a binding commitment to fund either a Stage 1 Reorganization or a Stage 2 Transaction, then the Debtors may continue to seek an exit financing facility, but shall simultaneously proceed to sell all or substantially all of their assets at public auction to be set at such time as the auctioneer recommends in the best interests of the creditors, which sale date shall be determined in consultation with Roosevelt Road, and the proceeds shall be distributed to claimants and creditors in accordance with their respective priorities under the Bankruptcy Code and the Plan (herein, a "Stage 3 Sale"). The Stage 3 Sale shall close on or before July 31, 2026, unless another date is consented to by Roosevelt Road, which consent shall not be unreasonably withheld. The Plan proposes to pay creditors of the Debtors through a conditional refinancing process to take place through up to three stages, and from existing assets of the Debtors. If the Plan is consummated through a Stage 1 Reorganization or a Stage 2 Transaction, then all creditors, including non-priority unsecured creditors holding allowed claims will receive distributions in accordance with the Plan that will satisfy their allowed claims in full, together with the full payment of administrative claims and expenses and priority claims. If the Plan is consummated under a Stage 3 Sale, then after the full payment or satisfactory resolution of all administrative claims and expenses and any priority claims, then each class of creditors will receive pro rata payments in order of priority, up to the full amount of their respective allowed claims. Stage 3 does not alter the priorities established in the Final DIP Order in any way. Class 2 consists of Allowed General Unsecured Claims against 1524 CC RD LLC. Creditors in this Class include City of Harrisonburg ($3,202.82) and Fulcrum Development LLC ($181,000.00). Class 2 is impaired by the Plan under the Stage 3 Treatment. * Stage 1 or Stage 2 Treatment: If the Plan is consummated under Stage 1 or Stage 2, then on the date that is the later of: (i) three business days following the closing under Stage 1 or Stage 2; or (ii) three business days after any Claim becomes an Allowed Class 2 Claim, the holders of the Allowed Class 2 Claims shall receive payment in full in Cash. * Stage 3 Treatment: If the Plan is consummated under Stage 3, after the payment in full of the Allowed Administrative Expense Claims and the Allowed Priority Claims, then on the date that is the later to occur of: (i) three business days following the auction closing; and (ii) three business days after any Claim becomes an Allowed Class 2 Claim, the holders of the Allowed Class 2 Claims shall receive pro rata payment of Cash from the auction proceeds. Class 2 consists of Allowed General Unsecured Claims against 1528 CC RD LLC. Creditors in this Class include City of Harrisonburg ($19,496.00); Fulcrum Development LLC ($181,000.00); and Balzar Engineering ($7,925.00). Class 2 is impaired by the Plan under the Stage 3 Treatment. * Stage 1 or Stage 2 Treatment: If the Plan is consummated under Stage 1 or Stage 2, then on the date that is the later of: (i) three business days following the closing under Stage 1 or Stage 2; or (ii) three business days after any Claim becomes an Allowed Class 2 Claim, the holders of the Allowed Class 2 Claims shall receive payment in full in Cash. * Stage 3 Treatment: If the Plan is consummated under Stage 3, after the payment in full of the Allowed Administrative Expense Claims and the Allowed Priority Claims, then on the date that is the later to occur of: (i) three business days following the auction closing; and (ii) three business days after any Claim becomes an Allowed Class 2 Claim, the holders of the Allowed Class 2 Claims shall receive pro rata payment of Cash from the auction proceeds. The Plan shall be funded through a conditional restructuring process by which the Debtors will proceed through up to three Stages to fund the Plan, with the consummation date of the Plan to be the closing date on the funding source. A full-text copy of the Disclosure Statement dated March 25, 2026 is available at https://urlcurt.com/u?l=7ph5Zu from PacerMonitor.com at no charge. Counsel to the Debtors: Michael E. Hastings, Esq. Brian H. Richardson, Esq. Woods Rogers PLC 10 S. Jefferson Street, Suite 1400 Roanoke, VA 24011 Telephone: (540) 983-7568 Facsimile: (540) 322-3417 e-mail: michael.hastings@woodsrogers.com brian.richardson@woodsrogers.com About 1524 CC RD LLC 1524 CC RD LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50402) on July 14, 2025, listing up to $10 million in both assets and liabilities. Michael E. Hastings, at Woods Rogers Vandeventer Black PLC, is serving as the Debtor's counsel. 1694-96 LEXINGTON: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------------- On March 31, 2026, 1694-96 Lexington Ave LLC filed for Chapter 7 protection in the Southern District of New York. According to court filing, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1-49 creditors. About 1694-96 Lexington Ave LLC 1694-96 Lexington Ave LLC is a New York-based real estate holding company specializing in residential and commercial property ownership and management. The company focuses on property leasing, tenant relations, and maintenance within the New York City area. 1694-96 Lexington Ave LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10700) on March 31, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1MM-$10MM. Honorable Bankruptcy Judge Philip Bentley handles the case. 294 COMBS: Commences Chapter 7 Bankruptcy in New York ----------------------------------------------------- On April 1, 2026, 294 Combs Ave LLC filed for Chapter 7 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 294 Combs Ave LLC 294 Combs Ave LLC is a New York-based real estate holding company focused on the ownership and management of residential properties. The company provides leasing, property maintenance, and tenant services. 294 Combs Ave LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41600) on April 1, 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 Gregory A. Flood, Esq. of Law Offices of Gregory A. Flood. 48FORTY INTERMEDIATE: Star Mountain Marks $15.2M 1L Loan at 52% Off ------------------------------------------------------------------- Star Mountain Lower Middle-Market Capital Corp. has marked its $15,221,270 loan extended to 48forty Intermediate Holdings, Inc. to market at $7,300,311 or 48% of the outstanding amount, according to Star Mountain's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Star Mountain Lower Middle-market Capital Corp is a participant in a first lien senior secured term loan extended to 48forty Intermediate Holdings, Inc. The Loan accrues interest at a rate of S + 6.15 % 9.84 % per annum. The Loan matures on Nov. 30, 2029. Star Mountain Lower Middle-Market Capital Corp. is an externally managed, closed-end management investment company. The company seeks to achieve its investment objectives by investing primarily in privately negotiated loans and equity investments to small and medium-sized businesses. The Company is led by Brett A. Hickey as Chief Executive Officer and President and Christopher J. Gimbert as Chief Financial Officer. The Company can be reached at: Brett A. Hickey Star Mountain Lower Middle-Market Capital Corp. 140 E. 45th Street New York, NY 10017 Telephone: (212) 810-9044 About 48forty Intermediate Holdings, Inc. 48forty Intermediate Holdings, Inc. is North America's trusted pallet manufacturer, offering new, recycled, and custom pallets with fast delivery throughout the nation. 75 SECOND AVENUE: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: 75 Second Avenue LLC 75 Second Avenue New York, NY 10003 Business Description: 75 Second Avenue LLC is a single-asset real estate company under the definition provided in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: April 1, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10726 Judge: Hon. Michael E Wiles Debtor's Counsel: Julio E. Portilla, Esq. JULIO E. PORTILLA 380 Lexington Ave. 4th Floor New York, NY 10168 Tel: (212) 365-0292 Fax: (212) 365-4417 Email: jp@julioportillalaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Sassan Sassouni as authorized representative of the Debtor. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EB6BFFQ/75_SECOND_AVENUE_LLC__nysbke-26-10726__0001.0.pdf?mcid=tGE4TAMA 8993 REALTY: Wilmington Trust Proposes Lagowitz as Receiver ----------------------------------------------------------- Wilmington Trust, National Association, as Trustee for the Registered Holders of Wells Fargo Commercial Mortgage Securities, Inc. Multifamily Mortgage Pass-Through Certificates, Series 2018-SB55, has filed a letter motion asking the U.S. District Court for the Eastern District of New York to approvethe appointment of Trigild IVL's Ian Lagowitz as receiver for 8993 Realty LLC, to take possession of, secure, and administer its real property and related improvements, rents, profits, and income, as well as personal property and fixtures. The borrower owns an apartment building at: 8993 Realty LLC 89-93 Grattan Street, Brooklyn, New York 11237 Wilmington Trust says 8993 Realty LLC has consented to the request. In a proposed order, Wilmington Trust asks the Court to find that Mr. Lagowitz is qualified to act as receiver in the case and to approve the following terms: A. The Receiver is authorized to collect rents, profits, and income from the Property, take and have complete and exclusive control, possession, and custody of the Property, together with any bank accounts, credit card receipts, demand deposits, reimbursement rights, bank deposits, security deposits, and all other forms of accounts, accounts receivable, payment rights, cash, and cash equivalents, all of which shall be delivered to the Receiver by Borrower and its agents, and the banks maintaining the Borrower’s accounts; B. The Receiver is authorized to take any actions the Receiver deems reasonable and appropriate to prevent waste and to preserve, secure, manage, maintain, and safeguard the Property and all other forms of property; C. Within seven business days of this order, Borrower and all persons acting under the direction of any of them, including any current manager and listing agent of the Property, must deliver possession of the Property to the Receiver, without any right of offset or recoupment, including keys; leases and communication and correspondence files; all security deposits; and any other records about the management of the Property; D. The Receiver shall maintain appropriate insurance, to continue any current insurance policies in place, which Borrower shall not act; E. The Receiver is authorized, but not required, to prepare and file tax returns with respect to the Property as may be required by law and to appeal any real estate tax assessment of the Property, provided, however, that the Receiver shall not be responsible for the preparation of any tax returns for Borrower; F. The Receiver is authorized to negotiate and enter into new leases, occupancy agreements, and contracts in the ordinary course of the business of the Property; make repairs necessary to the maintenance of the Property, including, but not limited to, all repairs to remediate any environmental conditions present at the Property, to preserve the Property in the ordinary course of business, and shall not make any improvements, repairs and/or remediations having a cost of $5,000.00 or more without first obtaining the approval of Lender or the Court (notwithstanding the foregoing, the Receiver may perform repairs and remediations in excess of $5,000.00 without Lender or Court approval if necessary to ensure the safety or security of tenants); G. The Receiver shall be paid a monthly fee of $350.00 per hour or $3,500.00 per month, whichever is greater, and shall be reimbursed for the cost of the surety bond for $15000.00 and for any out-of-pocket costs and expenses incurred outside the ordinary course and scope of operating and managing the Property; H. The Receiver, and those agents and any property manager acting under its control, shall have no personal liability in connection with their conduct in the course of this receivership, except for claims due to their negligence, gross or willful misconduct, malicious acts, or failures to comply with the orders of this Court; -- the Receiver is authorized to undertake all actions, as well as to exercise the statutory powers accorded to a receiver under applicable law -- Nothing contained in this Order shall be construed as obligating the Receiver to advance its own funds to pay the costs and expenses of the receivership that Lender has approved and the Court; -- Any action of the Receiver authorized in this Order shall require the consent of Lender if and when such action, if undertaken by Defendant, would require Lender's consent or authorization under any of the Loan Documents. -- The Receiver is authorized to deliver this Order on any of the financial institutions that maintain any accounts relating to the Property or Borrower, and any such financial institution and any other persons in active concert or participation with Borrower is authorized to take such steps as are necessary to restrain or prevent Borrower from withdrawing, disbursing, distributing or causing the diversion of any funds, cash, income, deposits generated in any accounts relating to the Property or Borrower and are authorized to immediately turn over all funds in such accounts to the Receiver. As reported by the Troubled Company Reporter on Dec. 19, 2025, Wilmington Trust is the Trustee for the Registered Holders of Wells Fargo Commercial Mortgage Securities, Inc., Multifamily Mortgage Pass-Through Certificates, Series 2018-SB55 (Lender). Wilmington Trust filed a foreclosure case involving a defaulted commercial mortgage loan in the original principal amount of $3,700,000. Lender is the owner and holder of the Loan, which is secured by a first-position mortgage lien held by Lender on an apartment building of 8993 Realty. On June 19, 2018, Borrower signed and delivered to Greystone Servicing Corporation, Inc. as Original Lender a New York Consolidated, Amended and Restated Note, dated June 19, 2018, in the original principal amount of $3,700,000. The Loan was then assigned to Lender via recorded assignments of mortgage and allonges, as detailed in the Complaint. Lender is the current holder of the Loan, Loan Agreement, Note, Security Instrument, Guaranty, and all other documents executed in connection with the Loan. In February 2026, Defendants represented to the Court that there has been no material default to begin with. On April 2, 2026, the Court granted Wilmington Trust's request for a pre-motion conference on its anticipated motion for summary judgment. The parties are directed to confer and to contact the court's Deputy at Joseph_Reccoppa@nyed.uscourts.gov to schedule the pre-motion conference. About 8993 Realty LLC 8993 Realty LLC owns an apartment building located at 89-93 Grattan Street, Brooklyn, New York 11237. Wilmington Trust, National Association v. 8993 Realty LLC, Case No. 1:25-cv-06452 (E.D.N.Y.), is a foreclosure case before the Hon. Nicholas G. Garaufis. The case was filed on Nov. 20, 2025. Defendants are a limited liability company (8993 Realty LLC) and its principal (Usher Steinmetz). Attorney for Plaintiff: Carter J. Wallace, Esq. POLSINELLI Tel: (212) 803-9914 E-mail: cwallace@polsinelli.com The Defendants are represented by: Ethan A. Kobre, Esq. SCHWARTZ SLADKUS REICH GREENBERG ATLAS LLP Tel: (212) 743-7048 E-mail: ekobre@ssrga.com AA GLASS: HiresStraffi & Straffi as General Bankruptcy Counsel -------------------------------------------------------------- AA Glass Industries, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Straffi & Straffi, LLC to handle its Chapter 11 case. The firm received an initial retainer of $16,500 from the Debtor. Daniel Straffi, Esq., an attorney at Straffi & Straffi, 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: Daniel Straffi, Esq. Straffi & Straffi, LLC 670 Commons Way Toms River, NJ 08755 Telephone: (732) 341-3800 Facsimile: (732) 341-3548 Email: bkclient@straffilaw.com About AA Glass Industries AA Glass Industries, LLC, headquartered in Toms River, New Jersey, provides glass installation and fabrication services for commercial and residential projects. Founded in 1989, the company specializes in custom storefront systems, architectural glass, and entranceways, and also installs residential features such as shower enclosures, mirrored walls, shelving, and custom glass furniture tops. AA Glass Industries, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-12798) on March 13, 2026. In the petition signed by William Mackey, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Daniel Straffi, Esq., at Straffi & Straffi, LLC represents the Debtor as counsel. ACCESS OHIO: Gets Final OK to Use Cash Collateral ------------------------------------------------- Access Ohio, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to use cash collateral to fund operations. Under the final order, the Debtor is authorized to continue using cash collateral strictly in accordance with an approved budget, with funds required to be deposited into a debtor-in-possession account. In consideration for the Debtor's use of its cash collateral, First Commonwealth Bank will be granted a replacement lien on its pre-bankruptcy and post-petition collateral, with the same validity, priority and extent as its pre-bankruptcy lien. In addition, the lender will receive monthly payment of $10,000 from the Debtorh. In case of any diminution in the value of its pre-bankruptcy collateral, the lender will receive an administrative expense claim against the Debtor's estate. The interim order is available at https://shorturl.at/bNHsG from PacerMonitor.com. Access Ohio identifies First Commonwealth Bank as the only secured creditor that has or may claim an interest in cash collateral. The bank extended three term loans to the Debtor in July 2025, totaling approximately $5.45 million, supported by a blanket lien evidenced by a UCC-1 financing statement. The Debtor estimates cash collateral at approximately $1.89 million in accounts receivable and modest cash balances in several bank accounts. However, the Debtor asserts that First Commonwealth Bank perfected its security interest only in the deposit account maintained at the bank itself and failed to obtain control as required under Ohio's Uniform Commercial Code, over deposit accounts held at other banks. As a result, those unperfected interests are avoidable under section 544 of the Bankruptcy Code and do not constitute cash collateral subject to the bank's lien. About Access Ohio LLC Access Ohio, LLC provides outpatient behavioral healthcare services focused on mental health and addiction treatment through a physician-led, multidisciplinary model that includes counselors, nurses, and case managers. The company was founded in 2006 and is based in Columbus, Ohio. Access Ohio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 2:26-bk-50089) on January 9, 2026. In the petition signed by John A. Johnson, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Tiffany Strelow Cobb oversees the case. Myron N. Terlecky, Esq., at Strip Hoppers Leithart McGrath & Terlecky Co., LPA, represents the Debtor as legal counsel. ADELAIDE POINTE: Commences Chapter 11 Bankruptcy in Florida ----------------------------------------------------------- On April 1, 2026, Adelaide Pointe Building 1, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $10MM and $50MM in debt owed to between 1 and 49 creditors. About Adelaide Pointe Building 1, LLC Adelaide Pointe Building 1, LLC is a real estate entity associated with property development and holdings. Adelaide Pointe Building 1, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02700) on April 1, 2026. In its petition, the debtor reports estimated assets between $10MM and $50MM and estimated liabilities between $10MM and $50MM. The debtor is represented by David S. Jennis, Esq., of Jennis Morse. ADONAI CONGREGATE: Seeks to Tap Michael Jay Berger as Legal Counsel ------------------------------------------------------------------- Adonai Congregate Living, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) advise the Debtor of its legal rights and remedies; (b) negotiate with attorneys for unsecured creditors; (c) negotiate with creditors; (d) represent the Debtor at related hearings; (e) assist the Debtor in complying with Office of United States Trustee (OUST) rules and regulations; (f) assist in paperwork preparation to continue and conclude this Chapter 11 proceeding; (g) respond to creditor inquiries; (h) review proofs of claims filed in this bankruptcy proceeding; (i) prepare Notices of Automatic Stay in all State Court proceedings in which the Debtor is sued during pendency of the bankruptcy; (j) respond to motions filed in the Debtor's bankruptcy; and (k) object to inappropriate claims and prepare the plan of reorganization. The firm will be paid at these hourly rates: Michael Berger, Attorney $695 Sofya Davtyan, Partner $645 Robert Poteete, Associate $475 Paralegals and Law Clerks $200 On February 27, 2026, the firm received a retainer of $25,000 from Mikayel Mnatsakanyan, the brother of the Debtor's principal. Mr. Berger disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Email: Michael.Berger@bankruptcypower.com About Adonai Congregate Living Inc. Adonai Congregate Living, Inc. operates as a provider of congregate living and residential care services. Adonai Congregate Living, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10098) on January 20, 2026, with between $100,001 and $500,000 in both assets and liabilities. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by the Law Offices of Michael Jay Berger. ADVANTACLEAN OF METRO: Hires JJC Law as Special Litigation Counsel ------------------------------------------------------------------ AdvantaClean of Metro New Orleans, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ JJC Law LLC as special litigation counsel. The firm's services include: (a) prosecute the appropriate legal proceedings to collect the accounts receivable owed for work performed by the Debtor for the collections case against Monique Louque and Matthew Lecrone; and (b) prepare for and appear at any hearing, arbitration, mediation, trial, deposition, and/or any other proceedings deemed necessary or useful in connection with the above. The firm will represent the Debtor for a contingency fee of 15 percent and will be reimbursed for reasonable and necessary expenses. If there is any reconventional demand or counterclaim filed in the litigation, JJC will be paid $200 per hour for such services. The firm will receive a retainer of $5,000 from the Debtor. Justin Alsterberg, Esq., an attorney at JJC Law, 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: Justin E. Alsterberg, Esq. JJC Law LLC 111 Veterans Memorial Boulevard Heritage Plaza, Suite 810 Metairie, LA 70005 About AdvantaClean of Metro New Orleans AdvantaClean of Metro New Orleans, LLC is a provider of mold remediation, water damage restoration, air duct cleaning, and moisture management services for both homes and businesses. With an emphasis on fostering healthier living spaces, the Company offers solutions for problems such as flooding, mold issues, and crawl space sealing. As a locally owned and managed business, AdvantaClean is dedicated to offering professional, dependable, and top-quality services to the New Orleans area. AdvantaClean of Metro New Orleans sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10439) on March 13, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC serves as the Debtor's counsel. AI AQUA: Moody's Upgrades CFR to B2 & Alters Outlook to Stable -------------------------------------------------------------- Moody's Ratings upgraded the ratings of AI Aqua Merger Sub, Inc. ("Culligan" or "the company"), including the company's Corporate Family Rating to B2 from B3 and Probability of Default Rating to B2-PD from B3-PD. Moody's also upgraded the rating on the company's senior secured first lien credit facility consisting of a revolving credit facility and term loan to B2 from B3. The outlook was changed to stable from positive. The ratings upgrade reflects improvements in the company's financial profile and business performance. Culligan is demonstrating sustained organic revenue and EBITDA growth driven by customer growth, service upgrades and price increases. A narrowing gap between reported US GAAP and management-adjusted results in the recent quarters is improving earnings quality and free cash flow. Moody's expects the company to generate consistently positive free cash flow over the next 12-18 months, marking a significant turnaround from prior periods of cash flow deficits. Moody's forecasts debt to EBITDA will decline to around 6.0x by the end of 2026 and 5.75x by the end of 2027 from 6.6x as of December 31, 2025, supported by EBITDA growth and a focus on smaller bolt-on acquisitions. Liquidity remains good with a cash balance of $106 million and revolver availability of $367 million as of December 31, 2025. These improvements are complemented by Culligan's robust market position, good segment and geographic diversification, and high level of recurring revenue, which collectively mitigate volatility and support long-term growth. RATINGS RATIONALE Culligan's B2 CFR reflects the company's elevated financial leverage and acquisitive growth strategy, balanced by improving operating performance and strengthening credit metrics. Culligan has largely completed the integration of the large Waterlogic Group Holdings Limited acquisition in October 2022 and Primo Europe in December 2023, leading to service upgrades and cost savings that is translating to earnings growth. As Culligan moves beyond these large-scale integrations and shifts toward smaller tuck-in acquisitions, Moody's expects a growing earnings base and more consistent, positive free cash flow generation. Continued revenue and EBITDA growth, alongside improved earnings quality, should support positive free cash flow over the next 12–18 months. Culligan's credit profile benefits from the company's large and growing scale, strong market position, good segment diversification, and high level of recurring revenue. The company's good geographic and product diversification helps to mitigate revenue and earnings volatility. Culligan also benefits from strong market positions in the residential and commercial drinking water markets with favorable long-term consumer demand trends driven by increased consumer focus on health and safety through clean water, the aging municipal water infrastructure, and consumer focus on sustainability including reducing plastic waste. The company also occasionally receives support from its financial sponsors through meaningful equity funding of acquisitions. Debt-to-EBITDA leverage is high though trending lower and Moody's expects a further reduction from 6.6x as of December 2025 to around 6x at the end of 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Culligan will continue to profitably grow organic sales and maintain good liquidity over the next 12–18 months. Moody's also assumes in the stable outlook that the company will generate positive free cash flow and pursue acquisitions in a manner consistent with keeping leverage below 6.5x. A rating upgrade could occur if the company maintains organic revenue and EBITDA growth leading to improved financial metrics. An upgrade would also require consistent and improving positive free cash flow generation, maintenance of good liquidity, debt-to-EBITDA sustained below 5.5x on Moody's adjusted basis, and financial strategies that support credit metrics at those levels. A rating downgrade could occur if the company's operating earnings weaken due to factors such as declining installations, pricing pressure or cost increases. The inability to maintain positive free cash flow, or deterioration in liquidity, or a more aggressive financial policy such that debt-to-EBITDA is sustained above 6.5x could also lead to a downgrade. PRINCIPAL METHODOLOGY 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. COMPANY PROFILE Headquartered in Rosemont, Illinois, AI Aqua Merger Sub, Inc. (dba Culligan) through its subsidiaries operates as a global producer and distributor of consumer water products and services to household, commercial drinking water, and commercial solutions end-markets. Since 2021, the company is majority owned by BDT & MSD Partners, and it does not publicly disclose its financial information. Culligan's revenue for the 12 months ended December 31, 2025 was $3.4 billion. ALL SOUTH: Seeks to Hire All Services Consulting as Accountant -------------------------------------------------------------- All South AC Heating & Refrigeration, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to employ All Services Consulting, Inc. as accountant. The Debtor needs an accountant for the purpose of its monthly bookkeeping and preparing its tax returns. Jacquelynn Cadena, certified public accountant, will be paid at her hourly rate of $120. Ms. Cadena 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: Jacquelynn Cadena, CPA All Services Consulting, Inc. P.O. Box 2365 Cypress, TX 77410 About All South AC Heating & Refrigeration All South AC Heating & Refrigeration, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-70254) on February 17, 2026, with $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Judge Richard D. Taylor presides over the case. The Debtor tapped Marc Honey, Esq., at Honey Law Firm, PA as counsel and Jacquelynn Cadena, CPA, at All Services Consulting, Inc. as accountant. ALLSTATE LENDING: Hires Raines Feldman Littrell as Legal Counsel ---------------------------------------------------------------- Allstate Lending Group, Inc. and Allstate Lending Group Servicing, LLC seek approval from the U.S. Bankruptcy Court for the Central District of California to hire Raines Feldman Littrell LLP as its general bankruptcy counsel. The firm will render these services: 1. advise the Debtors with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements that may affect the Debtors; 2. assist the Debtors in preparing and filing their schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee requirements, and preparing other documents as may be required after the initial filing of the chapter 11 cases; 3. assist the Debtors with the identification and recovery of property of the estates; 4. assist the Debtors in the preparation of a disclosure statement and formulation of a chapter 11 plan of reorganization; 5. advise the Debtors concerning the rights and remedies of the estates and the Debtors in regard to adversary proceedings that may be removed to, or initiated in, the Bankruptcy Court; 6. represent the Debtors in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estates or the Debtors may be litigated or affected; and 7. provide such other services as may be necessary or otherwise arise during the pendency of these cases. The firm will be paid at these rates: Kyra E. Andrassy $850 per hour Stepehen M. Mott, Associate $595 per hour Bambi Clark, Paralegal $495 per hour Connie-Marie Santiago, Paralegal $325 per hour The firm received total pre-petition retainers in the amount of $125,000. Raines Feldman Littrell LLP is disinterested within the meaning of 11 U.S.C. Secs. 327(a) and 101(14), according to court filings. The firm can be reached through: Kyra E. Andrassy, Esq. RAINES FELDMAN LITTRELL LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Telephone: (310) 440-4100 Facsimile: (310) 691-1943 Email: kandrassy@raineslaw.com About Allstate Lending Group Allstate Lending Group, Inc. is a California-based mortgage lending and brokerage company headquartered in Monterey Park, California, providing residential home loan products including purchase, refinance, and alternative mortgage programs. It originates and arranges mortgage financing for borrowers through various loan structures, including non-prime and equity-based lending solutions. Allstate operates within the non-depository credit intermediation industry under licensing from the California Department of Real Estate. Allstate Lending Group filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 26-11879) on Feb. 27, 2026, listing assets of between $500,001 and $1 million and liabilities of between $50 million and $100 million. The Debtor is represented by Kyra E. Andrassy, Esq. at Raines Feldman Littrell, LLP. ALLSTATE LENDING: Taps Howard Grobstein of Grobstein Teeple as CRO ------------------------------------------------------------------ Allstate Lending Group, Inc. and Allstate Lending Group Servicing, LLC seek approval from the U.S. Bankruptcy Court for the Central District of California to hire Grobstein Teeple LLP and designate Howard Grobstein as chief restructuring officer and restructuring advisor personnel. The firm's services include: (a) managing the restructuring affairs of the Debtors, and supervising the Debtors' professionals; (b) assisting legal counsel and the Debtors in executing the Debtors' restructuring efforts; (c) assisting in connection with motions, responses, or other court activity as directed by legal counsel; (d) evaluating and developing restructuring plans and other strategic alternatives for maximizing the value of the Debtors and their assets and recommending various plans and strategic alternatives from time to time, and upon receipt of approval of a proposed course of action, using commercially reasonable efforts to attempt to implement such course of action, subject to, as applicable, approval of any court of competent jurisdiction; (e) assisting in negotiations with the Debtors' creditors and the Debtors' efforts to manage accounts payable and accounts receivable; (f) providing forensic services, including reconstructing the books and records of the Debtors and reviewing books and records; (g) handling any tax issues, including review, preparation, and filing of federal and state tax returns, 1099s, and payroll tax returns, and communicating with taxing authorities; and (h) preparing declarations, reports, depositions, and testimony. Additionally, the CRO has and/or expects to: (i) participate in meetings and provide support to the Debtors and their professionals in responding to information requests, communicating with creditors, official committees of unsecured creditors, the Office of the United States Trustee for the Central District of California (the "U.S. Trustee"), other parties in interest, and professionals hired by the same; (j) advise in the development, negotiation, and implementation of restructuring initiatives and evaluation of strategic alternatives; (k) prepare information and analysis necessary for the confirmation of a plan of reorganization, including information contained in the disclosure statement such as a liquidation analysis, if applicable; (l) assist in implementing a chapter 11 plan of reorganization, if applicable; (m) render testimony, as requested, about the matters regarding which GT and its personnel are providing services; and (n) provide such other restructuring or advisory services as are consistent with the role of the CRO and/or the above-described services, requested by the Debtors or counsel to the Debtors, that are not duplicative of services provided by other professionals, and as agreed by GT. The firm will be paid at these rates: CRO $750 Partners and Principals $510 to $750 Managers and Directors $350 to $495 Professionals $175 to $375 Paraprofessionals $95 to $250 Upon its initial retention, Grobstein Teeple received a retainer of $50,000 per Debtor. The firm received an additional retainer of $62,500 per Debtor. Howard B. Grobstein, Esq., a partner at /Grobstein Teeple, LLP, assured the court that he and his firm are "disinterested persons" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Howard B. Grobstein Grobstein Teeple, LLP 6300 Canoga Avenue, Suite 1500W Woodland Hills CA 91367 Phone: (818) 532-1020 About Allstate Lending Group Allstate Lending Group, Inc. is a California-based mortgage lending and brokerage company headquartered in Monterey Park, California, providing residential home loan products including purchase, refinance, and alternative mortgage programs. It originates and arranges mortgage financing for borrowers through various loan structures, including non-prime and equity-based lending solutions. Allstate operates within the non-depository credit intermediation industry under licensing from the California Department of Real Estate. Allstate Lending Group filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 26-11879) on Feb. 27, 2026, listing assets of between $500,001 and $1 million and liabilities of between $50 million and $100 million. The Debtor is represented by Kyra E. Andrassy, Esq. at Raines Feldman Littrell, LLP. APPLACHIAN PRODUCERS: Hires Joseph P. Rewis as Special Counsel -------------------------------------------------------------- Appalachian Producers Services, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Joseph P. Rewis & Associates, LLC as special counsel. The firm will defend, litigate, negotiate or otherwise bring about a final resolution to the Debtor's claims related to its former bookkeeper and office manager. Joseph Rewis, Esq., an attorney at the firm, 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 P. Rewis, Esq. Joseph P. Rewis & Associates, LLC 234 Shiloh Street Pittsburgh, PA 15211 Telephone: (412) 431-7770 Facsimile: (412) 431-7777 About Appalachian Producers Services LLC Appalachian Producers Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22299) on August 29, 2025, listing under $1 million in both assets and liabilities. Judge Jeffery A. Deller oversees the case. The Debtor tapped Thompson Law Group, PC as bankruptcy counsel and Joseph P. Rewis & Associates, LLC as special counsel. ARMADILLO PIZZA: Seeks Approval to Hire UniFi as Bookkeeper ----------------------------------------------------------- Armadillo Pizza, LLC and Armadillo Pizza College Station, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire UniFi as bookkeeper. The firm's services include: (i) entering all sales, purchases, payments, and other financial activities into accounting software; (ii) making monthly bank reconciliations; and (iii) preparing financial reports like Profit & Loss (Income Statement) and Balance Sheets. UniFi charges $295 per month for its bookkeeping services, and $79.35 per month for the bookkeeping software it uses. UniFi is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: James Srna, CPA Unifi 28005 Smyth Dr. #202 Valencia, CA 91355 Phone: (661) 295-4658 About Armadillo Pizza LLC Armadillo Pizza, LLC, doing business as Crust Pizza Co., owns and operates a restaurant at 4625 Kingwood Drive in Kingwood, Texas, serving Chicago-style thin-crust pizzas, pasta, salads, and other Italian-inspired menu items. The restaurant is part of the Crust Pizza Co. franchise system and operates in the casual dining and fast-casual restaurant industry. Armadillo Pizza filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-31060) on February 18, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Jeffrey P. Norman oversees the case. Kean Miller, LLP serves as the Debtors' legal counsel. ARTETA LLC: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On April 1, 2026, Arteta, 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 May 5, 2026 at 03:30 PM at Zoom.us - USTrustee 8: Meeting ID 160 3800 9567, Passcode 3161409153, Phone 1 (202) 794-9236. About Arteta, LLC Arteta, LLC is a New York-based company engaged in business operations that may include real estate holdings, investment activities, or commercial services. The company focuses on managing its assets and operations within the regional market. Arteta, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22329) on April 1, 2026. In its petition, the Debtor reports estimated assets of $1MM-$10MM and estimated liabilities of $1MM-$10MM. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by H. Bruce Bronson Jr., Esq. of Bronson Law Offices, P.C. ASI JBE: Kennedy Lewis Marks $6.7MM 1L Loan at 32% Off ------------------------------------------------------ Kennedy Lewis Capital Co. has marked its $6,703,475 loan extended to ASI JBE Holdings LLC to market at $4,558,363 or 68% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026. Kennedy Lewis Capital Co. is a participant in a first lien loan extended to ASI JBE Holdings LLC. The Loan accrues interest at a rate of S+ 6.00 %, 9.72% per annum. The Loan matures on July 28, 2031. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About ASI JBE Holdings LLC Asi Jbe Holdings LLC is a holding company created to own and manage an operating business in the industrial or services sector. ATHLETE BUYER: Brightwood Capital I Marks $1MM Loan at 22% Off -------------------------------------------------------------- Brightwood Capital Corp I has marked its $1,010,000 loan extended to Athlete Buyer, LLC to market at $783,000 or 78% of the outstanding amount, according to Brightwood Capital I's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Brightwood Capital Corp I is a participant in a loan extended to Athlete Buyer, LLC. The Loan accrues interest at a rate of 3M S + 6%, 9.77% per annum. The Loan matures on April 26, 2029. Brightwood Capital Corporation I is a business development company that provides debt and equity financing solutions to middle-market companies. The Fund is led by Sengal Selassie as Chairman of the Board and Chief Executive Officer and Russell Zomback as Chief Financial Officer. The Fund can be reached at: Sengal Selassie Brightwood Capital Corporation I 810 Seventh Avenue, 26th Floor New York, NY 10019 Telephone: (646) 957-9525 About ATHLETE BUYER Athlete Buyer, LLC is a specialty finance borrower that appears to operate in the sports and athlete-focused commerce or services sector. B2B INDUSTRIAL: Brightwood Capital Marks $533,000 Loan at 15% Off ----------------------------------------------------------------- Brightwood Capital Corp I has marked its $533,000 loan extended to b2B Industrial Products, LLC to market at $453,000 or 85% of the outstanding amount, according to Brightwood Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Brightwood Capital Corp I is a participant in a Revolver loan extended to b2B Industrial Products, LLC. The Loan accrues interest at a rate of 3M S + 8.60%, 12.24% - 12.49 per annum. The Loan matures on November 3, 2028. Brightwood Capital Corporation I is a business development company that provides debt and equity financing solutions to middle-market companies. The Fund is led by Sengal Selassie as Chairman of the Board and Chief Executive Officer and Russell Zomback as Chief Financial Officer. The Fund can be reached at: Sengal Selassie Brightwood Capital Corporation I 810 Seventh Avenue, 26th Floor New York, NY 10019 Telephone: (646) 957-9525 About b2B Industrial Products, LLC: B2B Industrial Packaging is a nationwide business to business (B2B) provider of industrial packaging supplies including steel strapping, poly stapping, clips, buckles, seals, tools plus much more. Our dedicated account managers closely match products, service, and expertise to the individual need of each customer. BAKER & TAYLOR: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Baker & Taylor, LLC. The committee members are: 1. BT Commerce Fee Owner LLC c/o Peykar Capital 5 Sampson Street Saddle Brook, NJ 07663 Attn: Andrew Peykar andrew.peykar@nourison.com 2. HarperCollins Publishers L.L.C. 195 Broadway New York, NY 10007 Attn: Kyran Cassidy kyran.cassidy@harpercollins.com 3. Simon & Schuster, LLC 1230 Avenue of the Americas New York, NY 10020-1586 Attn: Gregory Andonian gregory.andonian@simonandschuster.com 4. Penguin Random House LLC 1745 Broadway New York, NY 10019 Attn: Michelle Delavega mdelavega@penguinrandomhouse.com 5. Sheryl Martin c/o Stranch, Jennings, and Garvey PLLC 223 Rosa L. Parks Ave., Ste 200 Nashville, TN 37203 Attn: J. Gerard Stranch, IV, Esq. gstranch@stranchlaw.com Mariah England, Esq. mengland@stranchlaw.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Baker & Taylor LLC Baker & Taylor LLC is a leading distributor of books, digital content, and entertainment products in the United States. Baker & Taylor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-12863) on March 18, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Paul J. Winterhalter, Esq. of Offit Kurman. BAKERS CASUAL: Commences Chapter 11 Bankruptcy in California ------------------------------------------------------------ On March 2026, Bakers Casual Food LLC filed for Chapter 11 bankruptcy protection in the Central District of California bankruptcy court. Court filings indicate the debtor owes between $1 million and $10 million to approximately 1 to 49 creditors. About Bakers Casual Food LLC Bakers Casual Food LLC is a food service business focused on casual dining and meal preparation services. Bakers Casual Food LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12472) on March 31, 2026. The petition reflects estimated assets of $1 million to $10 million and liabilities within the same range. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Garrick A. Hollander, Esq.of Garrick A. Hollander, LLP. BALLAST DESIGN: Case Summary & Five Unsecured Creditor ------------------------------------------------------ Debtor: Ballast Design Build LLC 2796 Rollingwood Lane SE Atlanta, GA 30316 Business Description: Ballast Design Build LLC is a Georgia limited liability company that owns real property located at 454 Connaly St SE, Atlanta, Georgia 30312. Chapter 11 Petition Date: April 2, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-54381 Judge: Hon. Barbara Ellis-Monro Debtor's Counsel: Leslie Pineyro, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 Email: info@joneswalden.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Adam Laverack as sole member and manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L2SUHNQ/Ballast_Design_Build_LLC__ganbke-26-54381__0001.0.pdf?mcid=tGE4TAMA BANG PHARMACEUTICALS: Court Blocks Sale of Florida Keys Assets -------------------------------------------------------------- David Minsky of Law360 Bankruptcy Authority reports that a bankruptcy court in Florida has instructed a founder not to proceed with the sale of a Florida Keys property, citing concerns about protecting estate value during Chapter 11 proceedings. The judge found that the proposed sale could disrupt the debtor’s restructuring strategy and negatively impact creditor recoveries. The founder had sought to sell the property amid the ongoing bankruptcy case, but creditors and other parties objected, arguing the asset remains critical to the estate. They maintained that any transfer should occur only after full court evaluation and approval, the report states. The court agreed, stressing that maintaining control over key assets is essential while the case unfolds. The decision preserves the status quo and leaves open the possibility of a future sale under terms that better serve the interests of all parties involved, according to Law360. About Vital Pharmaceuticals Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing business as Bang Energy and as VPX Sports, has developed performance beverages, supplements, and workout products to fuel high-energy lifestyles. VPX Sports is the maker of Bang energy drinks, among other consumer products. Vital Pharmaceuticals, Inc., along with certain of its domestic subsidiaries and affiliates, filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-17842) on Oct. 10, 2022. VPX estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Hon. Scott M. Grossman is the case judge. BANYAN MEDICAL: Seeks Chapter 11 Bankruptcy Amid Fraud Lawsuits --------------------------------------------------------------- Brian Mastre of First Alert 6 reports that legal disputes involving tens of millions of dollars have driven Banyan Medical Systems, an Omaha-based healthcare provider, to seek bankruptcy protection. The company filed last week, pointing to ongoing litigation and alleged internal misconduct as key factors behind its financial collapse. Banyan, which focuses on virtual nursing and healthcare technology, has operated for about two decades. In its bankruptcy filings, the company said alleged theft by an employee, combined with multiple costly lawsuits, has rendered continued operations unsustainable, the report states. Earlier reports detailed claims from an out-of-state investor accusing Banyan of diverting millions in funds tied to hospital agreements. However, owner Anthony Buda has pushed back, asserting that the company itself was the victim of a large-scale internal fraud. According to court filings, Buda alleges former CFO and general counsel Ryan Scott siphoned at least $74 million through unauthorized transactions and personal accounts. Banyan has filed racketeering claims against Scott and numerous related entities, and has previously worked with federal investigators on the matter. About Banyan Medical Systems Inc. Banyan Medical Systems, LLC, based in Omaha, Nebraska, develops and provides telehealth and digital healthcare solutions, including virtual nursing and AI-assisted care platforms, for hospitals and healthcare systems. The company focuses on enabling remote clinical support, patient monitoring, and workflow automation to address staffing shortages and improve operational efficiency. It operates from 8701 F Street and serves healthcare providers seeking to enhance patient care delivery through technology. Banyan Medical Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 26-80320) on March 23, 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 Patrick R. Turner, Esq. of TURNER LEGAL GROUP, LLC. BAYONNE ENERGY: Moody's Affirms Ba3 Rating on Sec Credit Facilities ------------------------------------------------------------------- Moody's Ratings has affirmed the Ba3 rating assigned to Bayonne Energy Center LLC's ("BEC" "Project" or "Borrower") senior secured credit facilities, which includes the proposed upsizing of the senior secured term loan to $675 million. The outlook is stable. Proceeds from the upsized term loan together with equity proceeds will be used to finance Elliott Investment Management's ("Elliott", or "Sponsor") acquisition of 100% of BEC from funds managed by Morgan Stanley Infrastructure Partners ("MSIP"), and to pay transaction-related fees and expenses. RATINGS RATIONALE The Ba3 rating affirmation reflects Moody's views that BEC's decision to upsize its senior secured term loan B to $675 million from $625 million will not impact BEC's credit profile. The amendment is expected to have limited impact on BEC's credit profile given Moody's expectations that credit metrics will remain robust due to sound pricing levels for each of capacity and energy over at least the near-term. The Ba3 rating reflects BEC's qualification and participation of the project within the premium-priced NYISO Zone J, its competitive position as one of the newest, most efficient fast-start peaking thermal assets with high utilization factors, providing critical, dispatchable power into New York City, BEC's track record of strong operating performance along with the partially contracted structure with tolling agreements and capacity swaps that provide for fixed contracted payments as well as several energy hedges which together provide a reasonable level of cash flow certainty. The Ba3 rating factors in continued strong regional pricing for power and capacity driven by regional demand, access to attractively priced natural gas resources and high barriers to entry for new generation that have increased as a result of asset retirements. These credit considerations, combined with expected sound pricing levels for each of capacity and energy over at least the near-term, should allow BEC to generate key financial metrics that are commensurate with the Ba rating category while achieving meaningful debt reduction over the remaining financing term. These positive credit factors are offset in part by BEC's increased exposure to merchant capacity and energy revenues following the expected expiry of BEC's last tolling agreement in 2027, which will reduce the degree of cash flow certainty during the term of the debt, especially since Zone J capacity pricing levels have historically experienced meaningful swings as witnessed during 2021 and 2022. To mitigate this risk, BEC has entered into several heat rate call options (HRCOs) with creditworthy counterparties totaling 430 MW (approximately 65% of capacity) through Q2/Q3 2027. This hedged capacity is incremental to the 132 MW (approximately 20% of capacity) that will remain under tolling through Q2 2027. Beyond Q3 2027, approximately 60% of energy output is currently hedged via HRCOs through 4Q28, declining to 35% through 3Q29 and 20% from 4Q29 through the end of 2030. The rating incorporates prospective consolidated debt service coverage ratios (DSCR) and consolidated Project CFO to Debt cash flow metrics that generally fall within the 'Ba' category under Moody's case. Moody's case also assumes more modest capacity factors that are more closely aligned with BEC's historical performance. Based on these assumptions, DSCR ranges from 1.8x to 2.4x, Project CFO to Debt ranges from 7% to 11%, and Debt to EBITDA ranges from 6.3x to 5.4x over the 2027–2029 period. The Ba3 rating recognizes the standard project financing structural features, which includes a six month debt service reserve account, backed by LCs, limitations on additional indebtedness (up to $50 million subject to rating's affirmation), a security package including all property and assets of BEC, a cash flow waterfall, a financial covenant of 1.10x DSRC, and an excess cash flow sweep mechanism in the financing document that begins at 75% but declines to 50% and 25% if the total net leverage ratio is equal or below 3.5x and 2.5x, respectively. OUTLOOK The stable outlook reflects an expectation for continued robust operating performance and sound financial metrics in line with the Ba rating category owing in part to the high capacity and energy pricing environment that is expected for Zone J assets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE The rating could be upgraded if its Project CFO/debt and DSCR were to exceed 20% and 3.5x, respectively, and debt-to-EBITDA of less than 3.0x on a sustained basis. FACTORS THAT COULD LEAD TO A DOWNGRADE The rating could face negative pressure if BEC's operating performance is substantially weaker than expected resulting in materially higher operating costs, or if merchant capacity and energy revenues are well below expectations leading to weakening of key financial metrics, such as annual CFO to debt of less than 10%, DSCR of less than 1.9x, and debt-to-EBITDA greater than 5.0x on a sustained basis. PROFILE Bayonne Energy Center, LLC (BEC)operates a 660 MW gas-fired electric power plant located in Bayonne, New Jersey, selling energy, capacity and ancillary services to New York City via a direct connection to the Zone J wholesale power market of NYISO. BEC achieved commercial operations in June 2012. Of the 660 MW, the facility has two sources of power generation BEC 1 (8 units x 66 MW = 528 MW) and BEC 2 (2 units x 66 MW = 132 MW.) Each unit consists of a Siemens SGT-A65 TR (f/k/a Rolls-Royce Trent 60) combustion turbine generator (CTG) operating in simple-cycle configuration. The technology is dual fueled aero-derivative, which can produce full power from a standing start in less than 10 minute of receiving a request. LIST OF AFFECTED RATINGS Issuer: Bayonne Energy Center, LLC Affirmations: Backed Senior Secured Bank Credit Facility, Affirmed Ba3 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Power Generation Projects published in June 2023. BELWOOD INVESTMENTS: Seeks to Hire Michael Jay Berger as Counsel ---------------------------------------------------------------- Belwood Investments LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) advise the Debtor of its legal rights and remedies; (b) negotiate with attorneys for unsecured creditors; (c) negotiate with creditors; (d) represent the Debtor at related hearings; (e) assist the Debtor in complying with Office of United States Trustee (OUST) rules and regulations; (f) assist in paperwork preparation to continue and conclude this Chapter 11 proceeding; (g) respond to creditor inquiries; (h) review proofs of claims filed in this bankruptcy proceeding; (i) prepare Notices of Automatic Stay in all State Court proceedings in which the Debtor is sued during pendency of the bankruptcy; (j) respond to motions filed in the Debtor's bankruptcy; and (k) object to inappropriate claims and prepare the plan of reorganization. The firm will be paid at these hourly rates: Michael Berger, Attorney $695 Sofya Davtyan, Partner $645 Robert Poteete, Associate $475 Paralegals and Law Clerks $200 The Debtor paid the firm a total retainer of $40,000, plus the filing fee of $1,738. Mr. Berger disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Email: Michael.Berger@bankruptcypower.com About Belwood Investments LLC Belwood Investments operates as a real estate investment company focused on luxury residential properties across the United States. The firm targets high-end homes with redevelopment potential, seeking to generate returns through renovation and resale strategies. Belwood Investments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10849) on March 18, 2026. In its petition, the Debtor reports $100 million to $500 million in assets and $50 million to $100 million in liabilities. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by the Law Offices of Michael Jay Berger. BETTER MOTOR: Seeks to Hire Larson & Zirzow as Bankruptcy Counsel ----------------------------------------------------------------- Better Motor Works, Inc., doing business as European Motor Cars, seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Larson & Zirzow, LLC as counsel. The firm will render these services: (a) prepare on behalf of the Debtor all legal papers in connection with the administration of its bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The firm will be paid at these hourly rates: Matthew Zirzow, Partner $650 Benjamin Chambliss, Associate $500 Patricia Huelsman, Paralegal $295 In addition, the firm will seek reimbursement for expenses incurred. On March 20, 2026, the firm received a pre-petition retainer of $30,000 from the Debtor. Mr. Zirzow 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: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com About Better Motor Works Inc. Better Motor Works, Inc is a Nevada corporation operating as European Motor Cars. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-11788) on March 23, 2026. In the petition signed by Daniel W. Dunphy, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Natalie M. Cox oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC represents the Debtor as counsel. BLACK BUFFALO: Hires Ballard Spahr LLP as Bankruptcy Counsel ------------------------------------------------------------ Black Buffalo 3D Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Ballard Spahr LLP to handle its bankruptcy proceedings. The firm's current standard hourly rates are: Laurel D. Roglen $1,060 Nicholas J. Brannick $725 Ballard Spahr received a retainer payment in the amount of $50,000 on Nov. 17, 2025, and an additional retainer payment in the $50,000 on Dec. 17, 2025. Ballard Spahr is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Laurel D. Roglen, Esq. Ballard Spahr LLP 919 North Market Street, 11th Floor Wilmington , DE 19801-3034 Tel: (302) 252-4465 Fax: (302) 252-4466 Email: roglenl@ballardspahr.com About Black Buffalo 3D Black Buffalo 3D Corporation develops and supplies large-scale 3D construction printing systems, proprietary cement-based printing materials, and related training and consulting services. The Union, New Jersey-based company offers the NEXCON line of 3D construction printers used to produce code-compliant structural walls and building components for onsite and offsite construction. It operates globally in the construction technology and additive manufacturing industry, serving developers, contractors, governments, and non-governmental organizations. Black Buffalo 3D filed Chapter 11 petition (Bankr. D. Del. Case No. 25-12270) on December 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Thomas M. Horan oversees the case. Laurel D. Roglen, Esq., at Ballard Spahr, LLP is the Debtor's legal counsel. BLACKSTONE CLAIM: Hires Wizard Events LLC as Consultant ------------------------------------------------------- Blackstone Claim Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Wizard Events, LLC to provide public insurance adjusting consulting services. The firm received a retainer in the amount of $5,000. As disclosed in the court filings, Wizard Events, LLC is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Lynette Young Wizard Events, LLC 211 N Loop 1604 E Suite 150 San Antonio TX 78232 Phone: (212) 627-3058 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. BLUE SUN: Seeks to Extend Plan Exclusivity to April 15 ------------------------------------------------------ Blue Sun Scientific, LLC and The Innovative Technologies Group & Co, LTD asked the U.S. Bankruptcy Court for the District of Maryland to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 15 and June 15, 2026, respectively. The Debtors explain that following the Court's earlier admonition regarding counsel for the companies' not unnecessarily duplicating time in these jointly administered cases, Jeffrey Orenstein has been taking the lead role in addressing issues that relate equally to both Debtors and is the person that has taken primary responsibility for preparing the Plan(s) and Disclosure Statement(s). During this period of time, Mr. Orenstein had been working to attempt to complete the required documents so that they could be filed in accordance with the time period set in the Extension Order. The Debtors explain that there is no immediate information available as to what the duration of this process may be, but, at least in the very short term, it will be difficult if not impossible for Mr. Orenstein to provide the attention required to complete the Plan and Disclosure Statement in time for final review by ITG and adoption or adjustment by Blue Sun. The Debtors claim that Mr. Orenstein has contacted counsel for KPM to advise of the existing circumstances and to ask for its consent to a brief extension of the deadlines while the situation develops. As evidenced by the signature of its counsel, KPM, subject to the Court's approval, has consented to a fifteen-day extension of the deadlines contained in the Extension Order. The Debtors assert that given KPM's consent, no creditor or party in interest will be prejudiced by the granting of this brief extension as no creditor or other party in interest had objected to the relief requested in the First Motion which included a request for a deadline will beyond what is being requested in this Motion. Counsel for Blue Sun Scientific, LLC: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LL 9812 Falls Road, #114-160 Potomac, Maryland 20854 Phone: (301) 444-4600 Email: mac@mbvesq.com Counsel for The Innovative Technologies: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road, Suite 465 Rockville, Maryland 20850 (301) 250-7232 Email: jorenstein@wolawgroup.com About Blue Sun Scientific LLC Blue Sun Scientific LLC, a majority-owned subsidiary of Innovative Technologies Group and Co., develops, manufactures, distributes, and services analytical solutions for global markets, including agriculture, chemical, and food industries. The Company offers rapid, non-destructive analysis tools such as Phoenix NIR analyzers for applications in forage, animal feed, pet food, oilseeds, and plant breeding, supported by instruments, software, reagents, sample handling systems, training, and long-term services. Headquartered in Jessup, Maryland, it operates internationally through representatives and distributors in over 50 countries. Blue Sun Scientific LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17998) on August 29, 2025. In its petition, the Debtor reports total assets of $451,175 and total liabilities of $6,329,907. The Debtor tapped Maurice Verstandig, Esq., at The Belmont Firm as bankruptcy counsel and Smith Duggan Cornell & Gollub LLP as special counsel. BON MORRO: Seeks Approval to Hire Joan N. Feeney as Mediator ------------------------------------------------------------ The Bon Morro, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Retired Judge Joan N. Feeney as mediator. Hon. Feeney will conduct the mediation to resolve the complaint filed by The Bon Morro, LLC against Boylston Kenmore 1260, LLC, styled as The Bon Morro, LLC v. Boylston Kenmore 1260, LLC, pending as Case No. 25-01156. Hon. Feeney will be compensated at her usual hourly rate of $775, plus expenses. The mediator disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The mediator can be reached at: Honorable Joan N. Feeney JAMS 201 Washington St. Boston, MA 02108 Telephone: (617) 228-0200 Facsimile: (617) 228-0222 Email: jfeeney@jamsadr.com About The Bon Morro LLC The Bon Morro, LLC is a Boston, Mass.-based single-asset real estate debtor holding the ground lease to "The Bon," a 451-unit mixed-use project at 1260 Boylston Street. Bon Morro and its debtor affiliates filed for Chapter 11 protection (Bankr. D. Mass. Case No. 25-12379) on November 2, 2025. At the time of the filing, Bon Morro reported $100 million to $500 million in both assets and liabilities. Judge Christopher J. Panos oversees the cases. The Debtors tapped Choate Hall & Stewart, LLP as legal counsel; Stephen S. Gray of Gray & Company, LLC as chief restructuring officer; and Berkeley Research Group, LLC as valuation consultant. BP LOENBRO: Kennedy Lewis Marks $4.5MM 1L Loan at 56% Off --------------------------------------------------------- Kennedy Lewis Capital Co has marked its $4,587,156 loan extended to BP Loenbro Holdings Inc to market at $2,018,349 or 44% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026. Kennedy Lewis Capital Co is a participant in a first lien loan extended to BP Loenbro Holdings Inc. The Loan accrues interest at a rate of S + 5.75 %, 9.75% per annum. The Loan matures on Feb. 1, 2029. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About BP Loenbro Holdings Inc. BP Loenbro Holdings LLC operates as a holding company. The Company, through its subsidiaries, specializes in inspection, maintenance, instrumentation, insulation, coatings, and pipeline construction services. BP Loenbro Holdings serves energy, infrastructure, mining, chemical, and agriculture industries in the United States. BRADSHAW OPTOMETRY: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------ On March 31, 2026, Bradshaw Optometry filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Bradshaw Optometry Bradshaw Optometry is an optometry practice providing vision care services, including eye exams, prescriptions, and optical products. Bradshaw Optometry sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-21777) on March 31, 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 Christopher D. Jaime handles the case. The Debtor is represented by Peter G. Macaluso, Esq., of The Law Office of Peter Macaluso. BRIGHT STAR: Seeks to Hire Wolff & Orenstein as Bankruptcy Counsel ------------------------------------------------------------------ Bright Star Early Learning, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Wolff & Orenstein, LLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its businesses and management of its properties and assets; (b) respect the Debtor in defense of proceedings instituted to reclaim property or to obtain relief from the automatic stay under Section 362(a) of the Bankruptcy Code; (c) prepare any necessary applications, motions, answers, orders, reports and other pleadings, and appear on the Debtor's behalf in proceedings instituted by or against it; (d) assist the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto that it may be required to file in this case; (e) assist the Debtor in the preparation of a plan of reorganization; (f) represent the Debtor at any hearings before this Court and/or meetings with the Office of the United States Trustee or the Subchapter V Trustee; (g) assist the Debtor with all bankruptcy legal work or other legal services that may be necessary or desirable in the course of this case. The firm's attorneys and paralegals will be paid at these hourly rates: Jeffrey Orenstein, Member $535 Matthew Abbott, Associate $330 Paralegal/Legal Assistant $150 In addition, the firm will seek reimbursement for expenses incurred. On February 10, 2026, the firm received a retainer in the amount of $7,500. In addition to the retainer provided prior to filing its petition, and subject to Court approval, the Debtor has also agreed to supplement the retainer by making monthly post-petition payments of $1,500, with such amounts to be held by the firm in its trust account pending further Order of the Court. Mr. Orenstein 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: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road Rockville, MD 20850 Telephone: (310) 250-7232 About Bright Star Early Learning LLC Bright Star Early Learning, LLC is a childcare provider operating multiple locations in Maryland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-12988) on March 20, 2026. In the petition signed by Elizabeth Rosiak, owner/director, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Jeffrey Orenstein, Esq., at Wolff & Orenstein LLC represents the Debtor as counsel. BUCKEYE PARTNERS: Fitch Alters Outlook on 'BB' IDR to Positive -------------------------------------------------------------- Fitch Ratings has affirmed Buckeye Partners, L.P.'s (Buckeye) Long-Term Issuer Default Rating (IDR) at 'BB' and revised the Rating Outlook to Positive from Stable. Fitch also affirmed the senior unsecured notes at 'BB' with a Recovery Rating of 'RR4', and the senior secured term loan and revolving credit facility at 'BBB-'/'RR1'. The Positive Outlook reflects Buckeye's solid deleveraging since 2023, with 2025 EBITDA leverage falling below Fitch's 5.0x positive sensitivity threshold, and Fitch's expectation for leverage to remain at or below 5.0x over the forecast period. This expectation is supported by the company's informal financial policy and midstream-focused capex, as well as assumptions for stable base business performance and FLNG Liquefaction 2, LLC (FLIQ2) distributions. Adherence to this financial policy is important for a further positive rating action. Key Rating Drivers Demonstrating Commitment to Lower Leverage: Fitch calculates Buckeye's 2025 EBITDA leverage at 4.6x outperforming Fitch's previous forecast of around 5.5x. Fitch expects Buckeye will maintain a modest capex budget and forecasts distributions to its financial sponsor, supporting leverage at or below 5.0x over the forecast period. Buckeye's sponsor has set a financial policy supporting Fitch's leverage forecast. Buckeye's 2025 EBITDA benefited from higher distributions received from FLIQ2(BBB/Stable) than Fitch previously forecasted. Fitch expects that the company will continue to receive regular distributions from FLIQ2 with a run rate assumed to range between $110 million to $130 million annually. Buckeye's EBITDA outperformance also reflects stronger-than-expected cash flows from its diversified network of midstream assets with stable cash flows underpinned by fixed-fee contracts. Stable Performance of Midstream Assets: Buckeye's operations have benefited from a stable operating environment, leading to modest growth in pipeline volumes and terminal throughput through 2025. Average daily pipeline throughput increased by over 2% year-over-year (yoy) in 2025. Terminal throughput volumes were up roughly 4% yoy in 2025. The steady performance of the terminals and pipeline segment supported EBITDA growth despite weaker utilization rates on the company's segregated storage assets. Utilization rates dipped to around 67% in 2025 from around 70% during 2024, driven by weaker performance in the Caribbean. Steady demand for Buckeye's assets in this segment provides a reliable base of cash flow, supporting Buckeye's credit quality. Modest Midstream-Focused Capex: Fitch expects growth at Buckeye to focus on its existing midstream operations. As Buckeye's midstream assets form a substantially built-out system, Fitch does not anticipate large capex over the forecast. The company has identified several modest growth projects for 2026. Fitch expects these projects to continue to focus on optimizing Buckeye's midstream system in response to customer demand. Large Size and Scale: Buckeye benefits from its diversified asset footprint of refined product pipelines and terminals with a difficult-to-replicate system connecting to several important demand centers in the Midwest, New York Harbor, and the Gulf Coast. The company has key storage facilities in the Caribbean that are strategically positioned to benefit from global trade flows. Buckeye's large EBITDA scale supports the rating, with Fitch-calculated EBITDA of about $1 billion a year. Rating Linkages: There is a parent-subsidiary relationship between Buckeye and parent BEH. Fitch assesses BEH's Standalone Credit Profile (SCP) using consolidated metrics and views BEH in line with a low-'bb' SCP which therefore follows the stronger subsidiary path. Legal ring-fencing is assessed as 'Open'. Access and Control is assessed as 'Porous'. These linkage considerations lead Fitch to limit the difference between BEH and Buckeye to one notch. Peer Analysis Plains All American Pipeline L.P. (PAA; BBB/Stable) is a peer for Buckeye insomuch as both operate in the refined-product pipelines and the terminaling and crude oil storage subsectors. Both Buckeye and PAA have assets across diversified geographic footprints; however, PAA is significantly larger and has a wider range of operations. PAA's assets connect to most critical U.S. crude demand centers and span all major U.S. oil production basins, with a strong Permian focus. Plains' EBITDA is more than twice the size of Buckeye's, generating well over $2 billion of annual EBITDA. Fitch expects Buckeye's leverage to be at or below 5.0x over the forecast period. Fitch forecasts leverage at PAA to be about 3.6x at YE 2026, within its net leverage target range of 3.25x to 3.75x. The significantly lower leverage is the primary driver of the three-notch difference in the companies' respective IDRs. Fitch’s Key Rating-Case Assumptions - Pipeline and terminal throughput volumes grow at low single digits in 2026 and storage utilization remains near levels seen in 2025; - Full operations at FLIQ2 supporting continued dividend payments to Buckeye over the forecast period; - Growth capital to average around $175 million annually over the forecast; - No credit support from Buckeye to its affiliates; - Base interest rates applicable to variable rate-exposed debt instruments reflect Fitch's Global Economic Outlook; - Gross distributions from Buckeye range between $300 million to $400 million annually over the forecast period. Fitch assumes the level of dividends paid by Buckeye is driven by the achievement of internally set financial policies related to leverage. 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, Higher), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bbb-, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile+1 approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expected EBITDA leverage sustained at or above 6.0x; - Increased capital spending and/or acquisitions that significantly increase Buckeye's overall business risk. Fitch will review large capital projects and acquisitions, including expected financing, on a case-by-case basis; - Due to the rating linkage with BEH, a downgrade could occur if Fitch deems BEH's SCP weaker than a low-'BB' category IDR; - Should Fitch expect a significant deviation from the sponsor's currently supportive leverage and distribution policies, as well as from maintaining Buckeye as a distinctly separate entity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage expected to be sustained at or below 5.0x; - Favorable changes in the business mix, including but not limited to a meaningful increase in the percentage of EBITDA coming from revenue assurance-type contracts and/or a significant increase in the remaining weighted-average life of existing revenue assurance-type contracts. Liquidity and Debt Structure Buckeye had adequate liquidity, with over $1.6 billion of available liquidity as of Dec. 31, 2025. There were no outstanding borrowings and about $6.7 million of letters of credit (LOCs) on the company's $1.2 billion senior secured revolving credit facility (RCF) as of YE 2025. Buckeye also had about $407 million of cash and cash equivalents on the balance sheet as of Dec. 31, 2025. Buckeye has a manageable schedule of debt maturities, including $600 million of senior unsecured notes coming due in December 2026, followed by $400 million due in December 2027. The company was in compliance with the covenants as of Dec. 31, 2025, and Fitch expects the company will remain in compliance with its covenants over the forecast period. Issuer Profile Buckeye is a large liquid petroleum product pipeline and terminals operator with assets located across the East Coast, Midwest, Gulf Coast and Southeast region of the U.S. as well as in the Caribbean. Buckeye is wholly owned by IFM Global Infrastructure Fund. Summary of Financial Adjustments Cash distributions from equity investments such as FLIQ2 are added to EBITDA and equity earnings from such investments are excluded. 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 Buckeye Partners, L.P.. ESG Considerations Buckeye Partners, L.P. has an ESG Relevance Score of '4' for Group Structure due to related-party transactions and credit support to affiliate companies, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Buckeye Partners, L.P. has an ESG Relevance Score of '4' for Financial Transparency due to its affiliate structure without transparency into affiliates, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Buckeye Partners, L.P. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- BUCKINGHAM SENIOR: Unsecureds to Get 5% to 18% in Committee's Plan ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of Buckingham Senior Living Community, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Texas a Combined Disclosure Statement and Plan of Liquidation for the Debtor dated March 25, 2026. The Debtor was a continuing care retirement community ("CCRC") that offered its Residents a continuum of care in a campus-style setting on its 800,000 square foot property (the "Community"). The Debtor is a Texas nonprofit corporation and a charitable organization under section 501(c)(3) of the Tax Code, which means that the Internal Revenue Service has determined that it is exempt from federal income taxation. Following the Prior Chapter 11 Case, the Debtor believes that prospective residents remained wary of the Entrance Fee structure, and Independent Living sales lagged. Further, the Debtor thinks that the prolonged effects of COVID-19 caused a significant strain on the Community's ability to meet the financial projections set forth in the 2021 Plan. In May 2025, the Debtor says that it consulted with its investment banker and launched a comprehensive third-party marketing process (the "Marketing Process") to solicit proposals for one or more potential sales of substantially all of the Debtor's assets. Prior to the Petition Date, the investment banker has indicated that it contacted over 1,230 parties, including strategic sponsors, to acquire the Assets. In connection with the prepetition Marketing Process, the investment banker says it prepared, among other things, a confidential information presentation and an electronic data room to which prospective bidders that executed confidentiality agreements received access. After extensive discussions with prospective bidders, the Debtor, in an exercise of its business judgement and in conjunction with the Bond Trustee, named Focus SH Acquisition LLC, an affiliate of Focus Healthcare Partners, to serve as stalking horse bidder (the "Stalking Horse Bidder" and, the Stalking Horse Bidder's bid, the "Stalking Horse Bid") in connection with the sale process on the terms set forth in a stalking horse asset purchase agreement (as amended, supplemented, or otherwise modified by the parties thereto, the "APA"). Pursuant to the APA, the Stalking Horse Bidder committed, subject to Bankruptcy Court approval, to acquire substantially all of the Debtor's assets in exchange for a purchase price of $100 million, subject to certain adjustments set forth in the APA. The APA also contemplated that the Debtor will become a community comprised entirely of rental units. Pursuant to the Bid Procedures Order, on January 21, 2026, the Debtor commenced an auction for substantially all of its assets (the "Auction"). The auction concluded on January 22, 026. At the conclusion of the auction, the Debtor selected the Purchaser as the successful bidder. The successful bid provided for, among other things, (a) an increase of $16,400,000 in cash consideration (for a total of $116,400,000) and (b) an $8,000,000 increase in the good faith deposit (for a total of $10,000,000). At the Auction, an agreement was reached between the Debtor, the Committee, and the Bond Trustee, regarding the allocation of the incremental value achieved at the Auction, which gross amount was $15,250,000 with 50% of the net incremental value allocated to the Bond Trustee and 50% of the net incremental value allocated to be used as solely determined by the Committee. Based on this agreement, at closing of 363 Sale Transaction, $4,287,925 (less no less than 93.4% of miscellaneous closing expenses) will be distributed to the Bond Trustee and $7,391,075 (less 6.6% of miscellaneous closing expenses not to exceed $10,000) will be held in escrow by an escrow agent selected by the Committee solely for the benefit of unsecured creditors, which amount shall be used as determined by the Committee. Class 5 consists of General Unsecured Claims. On the Effective Date or as soon thereafter as is practicable, except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, settlement, release, and discharge of its Allowed General Unsecured Claim, its Pro Rata Share of (a) the GUC Allocation in an amount to be determined by the Committee for Distribution and (b) Distributable Proceeds. Holders of Claims in Class 5 are Impaired and entitled to vote to accept or reject the Combined Plan and Disclosure Statement. The allowed unsecured claims total $40,225,165 to $149,322,674. This Class will receive a distribution of 5% to 18% of their allowed claims. Except as otherwise provided in the Combined Plan and Disclosure Statement, the Debtor shall continue to exist after the Effective Date as the Wind-Down Debtor in accordance with the laws of the state of Texas. After the Effective Date, pursuant to the Combined Plan and Disclosure Statement, the Liquidating Trustee shall have the sole authority to manage the remaining affairs of the Wind-Down Debtor without any further approval by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules. The Wind-Down Debtor shall operate solely to the extent required to liquidate its remaining assets to the extent not included as assets in the 363 Sale Transaction to the Purchaser. A full-text copy of the Combined Disclosure Statement and Plan dated March 25, 2026 is available at https://urlcurt.com/u?l=6oLxhT from PacerMonitor.com at no charge. Counsel to the Official Committee of Unsecured Creditors: Shari L. Heyen, Esq. James T. Grogan III, Esq. Emily D. Nasir, Esq. GREENBERG TRAURIG, LLP 1000 Louisiana St., Suite 6700 Houston, Texas 77002 Telephone: (713) 374-3500 Facsimile: (713) 374-3505 Email: Shari.Heyen@gtlaw.com James.Grogan@gtlaw.com Emily.Nasir@gtlaw.com David B. Kurzweil, Esq. GREENBERG TRAURIG, LLP Terminus 200 3333 Piedmont Road NE, Suite 2500 Atlanta, Georgia 30305 Telephone: (678) 553-2100 Facsimile: (678) 553-2212 Email: KurzweilD@gtlaw.com About Buckingham Senior Living Community Buckingham Senior Living Community, Inc., doing business as The Buckingham, operates a not-for-profit continuing care retirement community (CCRC) in Houston, Texas, offering independent living, assisted living, memory care, skilled nursing, rehabilitation, and respite care. The community spans 23 acres near the Memorial neighborhood and features walking trails, courtyards, gardens, 24-hour security, dining, wellness programs, and other amenities designed to support resident lifestyle and relationships. Established over 20 years ago, The Buckingham provides comprehensive senior living services, allowing residents to transition across care levels as needs evolve. Buckingham Senior Living Community filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on Nov. 17, 2025, listing up to $500 million in both assets and liabilities. Judge Michelle V. Larson presides over the case. The Debtor tapped McDermott Will and Schulte LLP as counsel; Implex Advisors, LLC as financial advisor; and Raymond James & Associates, Inc. as investment banker. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation, and administrative agent. BUILDSOL LLC: 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 Buildsol, LLC. About Buildsol LLC Buildsol, LLC is a privately held construction services company that provides project management and building solutions for residential and commercial developments. Buildsol, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-10248) on January 08, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Judge Maria Ellena Chavez-Ruark oversees the case. The Debtor tapped Charles Earl Walton, Esq., at Walton Law Group, LLC as counsel and Rivermark Solutions, LLC as restructuring advisor. BURFORD CAPITAL: Moody's Alters Outlook on 'Ba1' CFR to Negative ---------------------------------------------------------------- Moody's Ratings has affirmed Burford Capital Limited's (Burford) Ba1 corporate family rating and the Ba1 backed long-term senior unsecured ratings of its subsidiary Burford Capital Global Finance LLC (collectively Burford Capital). The outlook for Burford and its subsidiary was changed to negative from stable. The rating action follows the US Second Circuit Court of Appeals' decision to reverse the District Court's judgment in litigation related to the nationalization of YPF S.A. (YPF), the Argentine energy company. Burford has financed two claims related to YPF, which together represent by far the company's largest exposure. RATINGS RATIONALE The negative outlook reflects the expected material write-down of Burford's YPF investment, which would result in a substantial decline in capital, and, in turn, the company believes would constrain its ability to increase outstanding debt because of incurrence covenants on its unsecured debt. Over the next 12 to 18 months, the outlook could return to stable if Moody's conclude that the YPF investment has not had, and will not have, a material negative impact on Burford's core operations and that the company's strong earnings capacity and solid growth trajectory continue, with growth funded without an increase in outstanding debt. Under this scenario, Moody's would expect leverage to decline over time, easing debt incurrence constraints and increasing the company's financial flexibility. The affirmation reflects Burford's strong competitive position in litigation finance, experienced management, and highly qualified legal staff, which together support the company's growing scale of operations. The company's historically superior, albeit volatile, profitability and historically strong capitalization support its Ba1 CFR. Burford's income typically includes material unrealized gains, which contribute to earnings volatility and weaken earnings quality; however, the company has built a track record over time of realizing strong aggregate net gains on concluded investments. Burford also earns income from fund management activities and other services. Burford has historically operated with a strong capital buffer to absorb earnings volatility, with a tangible common equity–to–tangible managed assets ratio of around 50% over the past several years, well above that of most specialty finance companies. However, if the YPF investment were written down in full, Burford's capitalization would decline materially although would remain solid, at 20%–25%. Burford has historically maintained a strong liquidity profile, characterized by low leverage, staggered debt maturities, high cash balances, manageable unfunded commitments, and the ability to retain cash flows by reducing new investments in a downside scenario. However, assuming a substantial write down of its YPF investment, due to the presence of certain bond incurrence covenants, the company would be restricted in its ability to incur additional debt or undertake certain other actions, somewhat limiting its financial flexibility. Importantly, the incurrence covenants do not prevent the company from refinancing existing debt but instead limit the extent to which total debt can increase. The company previously stated its objective of doubling the size of its core portfolio by 2030, financing that growth entirely through cashflow generated by its investment portfolio and without incurring additional unsecured debt. Following the YPF announcement, the company reiterated its intention to sustain its growth trajectory using cash on hand and proceeds generated from its investment portfolio. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, it is unlikely that Moody's would upgrade Burford's ratings. However, over the longer term, Moody's could upgrade Burford's ratings if the company: 1) materially increases its stressed capitalization levels assuming its largest exposures are materially written down; 2) strengthens its funding and liquidity profile to increase resilience including obtaining an unsecured revolving credit facility; and 3) accumulates a further record of strong earnings and cash flow performance. Moody's could downgrade Burford's ratings if the write down on the YPF investment has a material negative impact on the company's core operations or if the company: 1) increases risks to earnings and cash flow by increasing investment concentrations or investments in legal matters that pose higher risk of loss; 2) realizes materially weaker returns compared to historical performance; 3) reduces liquidity coverage; or 4) does not modestly reduce leverage. The principal methodology used in these ratings was Finance Companies published in July 2024. Burford Capital Limited's "Assigned Standalone Assessment" adjusted score of ba1 is set eight notches below the "Financial Profile Score" score of Aa2 to reflect the company's earnings volatility and low likely recovery rates on its investments in the event of unfavorable litigation outcomes. BUSINESS FINANCE: Moody's Assigns (P)Ba2 Rating to 2026A-1/2 Bonds ------------------------------------------------------------------ Moody's Ratings has assigned provisional ratings to two classes of taxable revenue bonds backed by Bitcoin to be issued by the Business Finance Authority of the State of New Hampshire (the Issuer). Up to US$100,000,000 Revenue Bonds (Waverose Finance Project), Taxable Series 2026A-1 due 2029 (the Series A-1 Bonds), Assigned (P)Ba2 Up to US$100,000,000 Revenue Bonds (Waverose Finance Project), Taxable Series 2026A-2 due 2029 (the Series A-2 Bonds), Assigned (P)Ba2 The Series A-1 Bonds and the Series A-2 Bonds are referred to herein, collectively, as the Rated Bonds. The inital total balance of Series A-1 and Series A-2 together will be $100 million, but the respective balances of each series are still to be determined. RATINGS RATIONALE The rationale for the ratings is based on Moody's methodologies and considers all relevant risks, particularly those associated with the transaction's collateral, structure and operation risks of various service providers. The Rated Bonds will be collateralized by a loan between the Issuer, as lender and the borrower, NH CleanSpark Borrower Trust 2026-1; the loan is backed by Bitcoin, a digital currency. Each class of Rated Bonds will accrue a fixed coupon. The Series A-2 Bonds may also be eligible to receive additional amounts at maturity, in connection with an optional redemption, acceleration, or upon final principal payment if in each case the value of the underlying Bitcoin collateral has appreciated since the pricing date. Any such additional amounts would be payable only after all outstanding principal, interest, and expenses have been fully satisfied. The Rated Bonds are limited recourse obligations of the Issuer and are payable solely from proceeds from the Bitcoin collateral. No public funds of the State of New Hampshire or any political subdivision thereof may be used to pay amounts under the Rated Bonds, and the Issuer has no taxing power to make up any shortfall in payments on the Rated Bonds. Wave Digital Assets LLC, the administrator, will be responsible for day-to-day transaction administration, with RM Digital Finance LLC to be appointed at closing as a back-up administrator to ensure operational continuity. BitGo Bank & Trust, National Association (the Custodian) will hold the Bitcoin collateral in segregated wallets for the benefit of bondholders, with controls to mitigate commingling and operational risks. The BitGo Prime, LLC (Liquidation Agent) will be responsible for executing Bitcoin collateral liquidations to make interest and principal payments, to pay expenses, and upon enforcement events. The transaction provides for frequent collateral valuation through the Liquidation Agent and incorporates LTV triggers (the LTV Trigger Event), where collateral market values are periodically tested against outstanding obligations. Upon an LTV Trigger Event, a mandatory redemption of the Rated Bonds in full will occur. Initial collateral coverage is 1.60x, with an LTV trigger set at 1.40x, consistent with the target rating level. The Liquidation Agent is expected to liquidate the Bitcoin collateral through established arrangements. Effective liquidation is dependent on the continued operational functioning of the Bitcoin network and relevant market infrastructure. While operational or network-related disruptions could delay the transfer or sale of collateral, the Bitcoin network has historically demonstrated high resilience and stability, with no significant network-wide outages and continuous uptime over an extended operating history. Moody's analysis includes various assumptions consistent with Moody's methodologies, including a 72.06% advance rate and a two-day exposure period, corresponding to a Ba2 rating for Bitcoin collateral. The advance rate reflects an assessment of Bitcoin's historical volatility and liquidity. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Market Value Collateralized Loan Obligations" published in May 2025. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the Rated Bonds is subject to uncertainty and is sensitive to the performance of the underlying collateral, which in turn depends on economic and credit conditions that may change over time. The Issuer's compliance with the transaction documents, collateral monitoring, liquidation mechanics, or replacement provisions will also affect the rating of the Rated Bonds. BW GAS: Moody's Affirms 'B3' CFR & Alters Outlook to Positive ------------------------------------------------------------- Moody's Ratings changed BW Gas & Convenience Holdings, LLC's ("BW Gas & Convenience") outlook to positive from stable. At the same time, Moody's affirmed the company's B3 corporate family rating, Caa1-PD probability of default rating, and B3 rating on its senior secured term loan due 2028. Moody's also assigned a B3 rating to the company's $150 million guaranteed senior secured revolving credit facility, which was amended and extended to 2028, and withdrew the B3 rating on its guaranteed senior secured revolving credit facility due 2027. The outlook change to positive reflects governance considerations, including BW Gas and Convenience's focus on debt reduction and solid operational execution despite its historical aggressive financial strategies under private equity ownership. The company has increased same-store fuel gallons and merchandise sales while maintaining solid fuel and merchandise profitability, and has improved overall financial performance and credit metrics. Its earnings growth, coupled with reduced capex spending, has a resulted in a shift to positive free cash flow which has been used to support debt reduction. Moody's estimates that Moody's adjusted debt/EBITDA was around 4.7x and EBIT/Interest to around 1.7x as of December 2025, and expect these to improve to 4.4x and 2.0x, respectively, at the end of 2026. Although Moody's views liquidity as good, its capital structure is short dated with both its revolver and term loan maturing in early 2028. BW Gas and Convenience's ESG score was increased to CIS-4 from CIS-5 as a result of its governance score improving to G-4 from G-5. The company's financial strategy and risk management has improved due to its focus on debt reduction and leverage improvement. RATINGS RATIONALE BW Gas & Convenience's B3 CFR reflects the company's market position as one of the smaller rated convenience store operators with approximately 419 locations as of December 31, 2025, excluding 29 stores in Iowa and Kansas that it plans to sell in the second quarter of 2026, with geographic concentration in the southern US, primarily Texas and New Mexico. The rating also reflects its private equity ownership marked by historically high leverage and aggressive financial policies; although the company has focused more recently on reducing debt and leverage. BW Gas & Convenience benefits from its focus on the stable convenience store segment, good merchandise gross profit margins, a high cents per gallon margin on fuel sales due in part to its level of diesel sales. The company's gross profit mix of merchandise (56%) versus fuel (44%) provides stability from volatile fuel pricing and improves overall gross profit margins. The company's two banners, Yesway and Allsup's, benefit from average store sizes of around 3,900 square feet, allowing them to offer a more diversified product offering, higher margin proprietary label products and fresh foods. Moody's projects balance sheet cash, operating cash flow and ample unused capacity under its $150 million revolver to support cash flow needs over the next 12 months, including growth capital spending. Moody's also expects that both its revolver and term loan will be refinanced well in advance of their maturities in early 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded should operating performance and financial policy support debt/EBITDA maintained below 5.5x and EBIT/interest expense sustained above 1.75x. An upgrade would also require maintaining good liquidity including continued positive free cash flow, ample availability on its revolver, and the extension of its debt maturity profile. The ratings could be downgraded if operating performance weakens or liquidity weakens from current levels, including a return to negative free cash flow or an inability to refinance it debt ahead of the obligations going current. Quantitatively, the ratings could be downgraded if debt/EBITDA was sustained above 6.5x or EBIT/interest expense remains below 1.0x. Fort Worth, Texas-based BW Gas & Convenience Holdings, LLC, through its operating subsidiaries, operated about 419 convenience stores in seven states as of December 31, 2025, excluding 29 stores in Iowa and Kansas that it plans to sell in the second quarter of 2026, primarily in the Midwest and southern US under the Yesway and Allsup's banners. It is privately owned by Brookwood Financial Partners, LLC. Revenue for the latest twelve month period ended December 2025 was around $2.7 billion. The principal methodology used in these ratings was Retail and Apparel published in September 2025. CALIFORNIA ON-SITE: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------ On March 27, 2026, California On-Site Protection Services filed for Chapter 7 protection in the Central District of California. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About California On-Site Protection Services California On-Site Protection Services is a security services provider offering on-site personnel and protective solutions for commercial, residential, and event-based clients. California On-Site Protection Services sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10972) 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. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Michael D. Franco, Esq. of Law Office Of Michael D. Franco. CANO ELECTRIC: Seeks to Extend Plan Filing Deadline to May 15 ------------------------------------------------------------- Cano Electric Inc. asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its period to file a Subchapter V Plan to May 15, 2026. Since filing, several subcontractors and vendors have asserted statutory lien rights against the Debtor's customers under Texas law. The Debtor did not control the timing or scope of those lien filings, and the number of lienholders continues to evolve as the claims bar date approaches. In addition, the automatic stay does not prohibit the recording of these liens. Although those liens do not attach to estate property, they have affected the Debtor's relationships with its customers, including by prompting payment concerns and hesitation to continue doing business. Those effects go to the heart of feasibility. The Debtor explains that it must also complete its review of claims following the bar date and address insurance-related issues that affect its liabilities and defense of pending litigation. These are necessary steps. Without them, the Debtor cannot responsibly fix the claims pool or evaluate how to treat those claims in a plan. The Debtor claims that it is also mindful of the Court's preference for consensual plans in Subchapter V cases. It has begun outreach to creditors and intends to continue those efforts, particularly with respect to lienholders whose positions must be addressed to preserve customer relationships. A short extension will allow the Debtor to continue those discussions and, if possible, incorporate negotiated treatment into its plan. An extension does not guarantee consensus, but it improves the chances of achieving it. By contrast, requiring the Debtor to file a plan now would force it to proceed on an incomplete and shifting record. That approach would likely lead to amendments, added expense, and a reduced likelihood of creditor support. Section 1189(b) does not require that result where a limited extension will permit a more accurate and workable plan. The Debtor asserts that it has acted diligently since the petition date and has made progress toward plan formulation. It now seeks a modest extension, through May 15, 2026, to complete its review of lienholder issues, finalize its claims analysis, address insurance matters, and propose and solicit a plan. Cano Electric Inc. is represented by: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, Texas 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Cano Electric Inc. Cano Electric is an electrical service contractor that provides on-demand electrical services to the multi-family housing sector and its commercial clients. Cano Electric Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40225) on January 16, 2026. In its petition, the Debtor reports estimated assets in the range of $1 million to $10 million and estimated liabilities also between $1 million and $10 million. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Robert Lane, Esq., of The Lane Law Firm PLLC. CAP-KSI HOLDINGS: Remora Capital Marks $195,000 Loan at 60% Off --------------------------------------------------------------- Remora Capital Corp has marked its $195,000 loan extended to CAP-KSI Holdings, LLC to market at $78,000 or 40% of the outstanding amount, according to Remora Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to CAP-KSI Holdings, LLC. The Loan accrues interest at a rate of P + 4.25% per annum. The Loan matures on June 28, 2030. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About CAP-KSI HOLDINGS CAP-KSI HOLDINGS, LLC operates in the automobiles sector, relying on first-lien revolver financing to support vehicle-related manufacturing, distribution and working capital needs. CARBON HEALTH: Committee Taps Brown Rudnick LLP as Legal Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Carbon Health Technologies, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Brown Rudnick LLP as its counsel. The firm's services include: a. assisting, advising, and representing the Committee in its meetings, consultations and negotiations with the Debtors and other parties in interest regarding the administration of these Cases; b. assisting, advising, and representing the Committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; c. assisting with the Committee's review of the Debtors' Schedules of Assets and Liabilities, Statement of Financial Affairs and other financial reports prepared by or on behalf of the Debtors; d. assisting the Committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and its affiliates, including certain transactions preceding the bankruptcy filing and the formation of the Debtors; e. assisting and advising the Committee regarding the identification and prosecution of estate claims and causes of action; f. assisting and advising the Committee in its review and analysis of, and negotiations with the Debtors and any counterparties related to, any potential sale or restructuring transactions; g. reviewing and analyzing all applications, motions, complaints, orders, and other pleadings filed with the Court by the Debtors or third parties, and advising the Committee as to their propriety and, after consultation with the Committee, taking any appropriate action; h. preparing necessary applications, motions, answers, orders, reports, and other legal papers on behalf of the Committee, and pursuing or participating in contested matters and adversary proceedings as may be necessary or appropriate in furtherance of the Committee's duties, interests, and objectives; i. representing the Committee at hearings held before the Court and communicating with the Committee regarding the issues raised, and the decisions of the Court; j. assisting, advising, and representing the Committee in connection with the review of filed proofs of claim and reconciliation of or objections to such proofs of claim and any claims estimation proceedings; k. assisting, advising, and representing the Committee in their participation in the negotiation, formulation, and drafting of a plan of reorganization/liquidation; l. assisting, advising, and representing the Committee with respect to its communications with the general creditor body regarding significant matters in these Cases; m. responding to inquiries from individual creditors as to the status of, and developments in, these Cases; and n. providing such other services to the Committee as may be necessary in these Cases or any related proceedings. The firm will be paid at these rates: Partners $900 to $2,350 per hour Counsel $400 to $1,400 per hour Associates $615 to $925 per hour Paralegals $360 to $520 per hour The following information is provided pursuant to paragraph D.1 of the U.S. Trustee Guidelines: QUESTION: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: Yes, Brown Rudnick agreed to discount its standard hourly rates by 10% for this engagement. 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 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: Not applicable. QUESTION: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Committee will approve a budget and general staffing plan in connection with Brown Rudnick's representation of the Committee. Brown Rudnick LLP is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Eric R. Goodman, Esq. Brown Rudnick LLP 7 Times Square New York, NY 10036 Telephone: (212) 209-4800 Facsimile: (212) 209-4801 E-mail: egoodman@brownrudnick.com About Carbon Health Technologies Founded in 2015, Carbon Health Technologies Inc. is a modern health tech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Tex. Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP; Alvarez and Marsal; and Stifel, Nicolaus & Co., Inc. serve as bankruptcy counsel, financial advisor, and investment banker, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the pre-petition lenders and the DIP lenders. CARBON HEALTH: Committee Taps Province LLC as Financial Advisor --------------------------------------------------------------- The official committee of unsecured creditors of Carbon Health Technologies, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Province, LLC as its financial advisor. The firm's services include: (a) assisting the Debtors' in securing DIP financing and becoming familiar with and analyzing the Debtors' DIP/Cash Collateral budget, assets and liabilities, and overall financial condition; (b) reviewing financial and operational information furnished by the Debtors; (c) monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; (d) scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; (e) analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; (f) assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; (g) preparing, or reviewing as applicable, avoidance action and claim analyses; (h) assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP/Cash Collateral budgets, and monthly operating reports; (i) assisting in the monetization of the Debtors' assets, including, but not limited to, running numerous sale processes and reviewing the requisite agreements, such as bidding procedures, stalking horse bids, and APAs; (j) advising the Committee on the current state of this chapter 11 case; (k) advising the Committee in negotiations with the Debtors and third parties as necessary; (l) if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and (m) other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province's current standard hourly rates are: Managing Directors and Partners $900 to $1,600 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $370 to $750 Paraprofessional/Admin /Interns $270 to $380 Michael Atkinson, a partner with Province, LLC, 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: Michael Atkinson Province LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Phone: (702) 685-5555 About Carbon Health Technologies Founded in 2015, Carbon Health Technologies Inc. is a modern health tech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Tex. Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP; Alvarez and Marsal; and Stifel, Nicolaus & Co., Inc. serve as bankruptcy counsel, financial advisor, and investment banker, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the pre-petition lenders and the DIP lenders. CARESTREAM HEALTH: Lenders Advised by Davis Polk in Refinancing --------------------------------------------------------------- Davis Polk advised an ad hoc group of lenders in connection with Carestream Health, Inc.'s debt refinancing transaction. As a part of the transaction, among other things, Carestream Health reduced its outstanding debt by approximately 60% and extended the maturity date of outstanding debt from 2027 to 2031. Carestream Health is a worldwide provider of medical imaging systems, X-ray imaging systems for non-destructive testing and precision contract coating services for a wide range of industrial, medical, electronic and other applications. The Davis Polk restructuring team included partner Damian S. Schaible, counsel Michael Pera and associate Cameron Carpenter. The finance team included partner Jon Finelli, counsel Brian Hecht and associate Christopher Martin. The tax team included partner Patrick E. Sigmon and associate William Liang. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Carestream Health Inc. Carestream Health Inc. is a medical imaging and healthcare technology company that provides diagnostic imaging systems, IT solutions and related services to hospitals, clinics and other medical providers worldwide. As reported by the Troubled Company Reporter on March 31, 2026, S&P Global Ratings lowered its issuer credit rating on Carestream Health Inc. to 'SD' (selective default) from 'CCC'. S&P also lowered its issue-level rating on the affected debt (the first-lien term loan) to 'D' from 'CCC'. Carestream recently repurchased over half of its outstanding first-lien term loan due 2027 at a discount. It also exchanged the remaining amount of its first-lien term loan for a new first-lien term loan due March 2031. CAT CITY: Commences Chapter 7 Bankruptcy in Texas ------------------------------------------------- On March 13, 2026, Cat City Grill LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Cat City Grill LLC Cat City Grill LLC is a limited liability company operating in the food service industry. Cat City Grill LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41153) 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. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Marcus B. Leinart, Esq. of Leinart Law Firm. CATALYST ACOUSTICS: Remora Capital Marks $254,000 Loan at 49% Off ----------------------------------------------------------------- Remora Capital Corp has marked its $254,000 loan extended to Catalyst Acoustics Group, Inc. to market at $129,000 or about 51% of the outstanding amount, according to Remora Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to Catalyst Acoustics Group, Inc. The 1L Loan accrues interest at a rate of S + 5.00% per annum. The 1L Loan matures on Nov. 12, 2030. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About CATALYST ACOUSTICS CATALYST ACOUSTICS GROUP, INC. operates in the building products industry, using a first-lien delayed-draw facility to finance the development and distribution of acoustic and related construction solutions. CC INTERHOLDINGS: Kennedy Lewis Marks $10MM 1L Loan at 52% Off -------------------------------------------------------------- Kennedy Lewis Capital Co has marked its $10,062,456 loan extended to CC Interholdings LLC to market at $4,818,354 or 47.9% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Kennedy Lewis Capital Co is a participant in a first lien loan extended to CC Interholdings LLC. The Loan accrues interest at a rate of S + 5.00 %, 8.72% per annum. The Loan matures on Dec. 31, 2029. Kennedy Lewis Capital Company is a corporate issuer in the leveraged finance market. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About CC Interholdings LLC CC Interholdings LLC is a trucking carrier based in Sterling Heights, Michigan. CEDAR ARCH: Seeks Approval to Hire Ampleo as Restructuring Advisor ------------------------------------------------------------------ Cedar Arch Diaries, LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Ampleo as restructuring advisor. The firm will provide Matthew Christensen as chief restructuring officer and certain additional personnel to the Debtor. The firm's services include: (a) act as CRO of the Debtor; and (b) advise and assist the Debtor with its Chapter 11 case. Mr. Christensen 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 firms can be reached through: Matthew Christensen Ampleo 701 N. Thanksgiving Way, Suite 100 Lehi, UT 84043 Telephone: (801) 657-4293 About Cedar Arch Diaries Cedar Arch Diaries, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 26-40154) on March 23, 2026, listing up to $50 million in both assets and liabilities. The Debtor tapped Matthew W. Grimshaw, Esq., at Grimshaw Law Group, PC as counsel and Ampleo as restructuring advisor. CEDAR ARCH: Seeks to Hire Grimshaw Law Group as General Counsel --------------------------------------------------------------- Cedar Arch Diaries, LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Grimshaw Law Group, PC as counsel. The firm will render these services: (a) prepare and file a petition, schedules, statement of financial affairs, and other related pleadings; (b) attend all meetings of creditors, hearings, pretrial conferences, and trials in the case or any litigation arising in connection with the case, whether in state or federal court; (c) prepare, file, and present to the Bankruptcy Court any pleadings requesting relief; (d) prepare, file, and present to the court a disclosure statement and plan or arrangement under Chapter 11 of the Bankruptcy Code; (e) review claims made by creditors or interested parties, preparation, and prosecution of any objections to claims as appropriate; (f) prepare, file, and present to the court all applications to employ and compensate professionals in the Chapter 11 proceeding; and (g) prepare and present of a final accounting and motion for final decree closing the bankruptcy case. Matthew Grimshaw, Esq., an attorney at Grimshaw Law Group, 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 firms can be reached through: Matthew W. Grimshaw, Esq. Grimshaw Law Group, PC 800 W. Main Street, Ste. 1460 Boise, ID 83702 Telephone: (208) 391-7860 Facsimile: (208) 391-7860 Email: matt@grimshawlawgroup.com About Cedar Arch Diaries Cedar Arch Diaries, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 26-40154) on March 23, 2026, listing up to $50 million in both assets and liabilities. The Debtor tapped Matthew W. Grimshaw, Esq., at Grimshaw Law Group, PC as counsel and Ampleo as restructuring advisor. CENTAUR HOLDINGS: Remora Capital Marks $722,000 Loan at 63% Off --------------------------------------------------------------- Remora Capital Corp has marked its $722,000 loan extended to Centaur Holdings III L.L.C. to market at $264,000 or 37% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to Centaur Holdings III L.L.C. The loan accrues interest at a rate of S + 4.75% per annum. The loan matures on Sept. 5, 2031. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About CENTAUR HOLDINGS III L.L.C. Centaur Holdings III L.L.C. is a privately held borrower that has arranged revolving credit facilities, indicating an active need for flexible working capital or acquisition financing. CENTAUR HOLDINGS: Remora Capital Marks $902,000 Loan at 61% Off --------------------------------------------------------------- Remora Capital Corp has marked its $902,000 loan extended to Centaur Holdings III L.L.C. to market at $355,000 or 39% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to Centaur Holdings III L.L.C. The loan accrues interest at a rate of S + 4.75% per annum. The loan matures on Sept. 5, 2031. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About CENTAUR HOLDINGS III L.L.C. Centaur Holdings III L.L.C. is a privately held borrower that has arranged delayed-draw loan financing, suggesting a leveraged corporate or sponsor-backed investment structure. CENTENE CORP: S&P Lowers Long-Term ICR to 'BB+', Outlook Stable --------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on U.S. health insurer Centene Corp. to 'BB+' from 'BBB-' and lowered its long-term financial strength and issuer credit ratings on Centene's operating subsidiaries to 'BBB+' from 'A-'. S&P removed all ratings from CreditWatch, where it had placed them with negative implications on July 7, 2025. The outlooks on the long-term issuer credit and financial strength ratings are stable. The downgrade reflects some deterioration in S&P's strong competitive position assessment for Centene because of its business concentration in product segments that are currently facing structural challenges. Centene has a strong competitive position, based on its large scale ($174.6 billion in premium and service revenue in 2025); No. 1 national market scales in Medicaid, the Affordable Care Act (ACA) marketplace, and standalone Medicare Part D; and good business diversity in Medicaid contracts and geographically. Offsetting these strengths, the rating action reflects a greater emphasis on Centene's significant business concentration in government-sponsored product segments, Medicaid (64% of medical membership) and ACA (28% of medical membership), which are among the most structurally challenged in the industry. S&P expects federal funding and policy changes will weaken Centene's growth prospects in the next couple of years, and lead to further earnings risks that could complicate its overall earnings recovery. In Medicaid, Centene is contending with membership losses in 2026 as states tighten their eligibility processes and overall rate increases remain inadequate relative to higher average medical costs. These higher costs stem from the 2023-2024 redeterminations process in the wake of the COVID-19 pandemic. Areas of cost pressure include behavioral health, home health, and specialty drugs. Additionally, the 2025 U.S. tax and spending legislation will significantly reduce federal funding of the Medicaid program. Many of Centene's clients (including large states such as California, New York, Illinois, and North Carolina) are Medicaid expansion states, which will implement the law's work requirements and more frequent eligibility checks in 2027-2028. This will likely cause further membership losses, rate adequacy issues, and earnings pressure in these areas. In the ACA marketplace, Centene is coming off a difficult year in 2025. It removed its earnings guidance and then significantly lowered its earnings expectations after re-estimating its ACA risk adjustment revenue due to higher morbidity risk industrywide. This earnings event led to S&P placing the ratings on CreditWatch with negative implications in July 2025. For 2026, the company is contending with the expiration of the enhanced premium tax subsidies in the ACA marketplace. While Centene increased premium rates significantly for this scenario (with average rate increases in the mid-30% range), it will experience substantial membership losses (about 40% or greater) and elevated earnings uncertainty related to risk adjustment revenue and policyholder behavior in terms of lapse rates and utilization patterns. Additionally, the tax and spending legislation and regulatory changes will further restrict ACA subsidy eligibility and tighten enrollment processes, including with a shorter open enrollment period, leading to possible enrollment losses and marketplace volatility in 2027. S&P said, "Our less favorable view of Centene's strong competitive position also reflects our expectation for operating margins to remain relatively low. Management has been proactive in taking steps to improve its earnings profile. It has leveraged its Medicaid scale and expertise to advocate for more appropriate rates, benefit adjustments, and cost containment efforts with its state Medicaid partners. It also successfully repriced the bulk (95%) of its ACA business for 2026. Moreover, it has exited noncore businesses and lowered its overall operating cost structure in recent years. "We believe these efforts should lead to earnings growth in 2026 (off a low base in 2025), though margin recovery will take time and will be subject to execution risk amid the health policy changes. Some factors are largely outside of Centene's control, particularly in Medicaid. While Medicaid rates need to be actuarially sound, states control rates and product structures, and they can use some discretion in their actuarial assumptions, which determine rates. Rate discussions could also become more difficult if state budgetary situations worsen due to economic conditions and the federal funding cuts. "In 2026, we expect total revenue will decrease by 2%-4% to $186.5 billion-$190.5 billion. Membership losses will drive the decrease, partly offset by rate increases, particularly in the ACA business, and higher Medicare Part D premiums. "We expect adjusted EBIT will increase by more than 50% to $1.9 billion-$2.1 billion in 2026 (from $1.28 billion in 2025), while net income will increase to about $1 billion in 2026 (from -$6.67 billion in 2025). The earnings growth will stem from a lower medical loss ratio (MLR) of 90.9%-91.7% (compared with 91.9% in 2025) and an adjusted operating expense ratio of 7.1%-7.7% (compared with 7.4% in 2025). We anticipate a flat Medicaid MLR, a notably lower commercial MLR from ACA repricing, and a slightly higher Medicare MLR due to lower but still solid Medicare Part D margins. "Centene's operating margins will remain below the 2%-5% range that would typically support a higher rating. We expect its adjusted EBIT margin will be relatively low at approximately 1% in 2026, compared with 0.7% in 2025 and an average of 3% in 2020-2024. Solid margin improvement in the ACA business will be a key factor in overall margin improvement in 2026; however, unfavorable utilization and risk adjustment revenue, if they occur, would limit this improvement. "The downgrade also reflects an unfavorable reassessment of our view of Centene's financial risk. We now consider Centene's financial risk profile to be at the low end of the satisfactory category, reflecting our expectation that its key credit metrics, even if they improve as expected, will only reach our rating thresholds by 2027 (with limited headroom). We have limited visibility on these metrics because of uncertainty on industry-level risks such as near-term Medicaid rates, the impact of the 2025 tax and spending legislation, and ACA marketplace volatility, which are particularly impactful for Centene given its business concentrations." The company has taken steps to rebuild its balance sheet by pausing share repurchases (for the second half of 2025 and the time being) and repaying debt. In March 2026, it used cash proceeds from a receivables sale to redeem $1 billion of its senior notes due 2027, which brought its reported debt to $16.4 billion. S&P said, "Centene has also maintained healthy regulatory capital, and we expect its risk-based capital ratio will remain above 400%, which is more than its target of above 350%. We expect the company's regulated subsidiaries will provide net dividends of about $1.2 billion to the holding company in 2026." S&P said, "Centene's capital adequacy, per our capital model, was the key factor in our rating outlook revision to negative in 2024. At the time, we believed the company's capital adequacy was at risk of not improving toward a level supportive of the rating--equivalent to a capital deficiency of less than 30% at the 99.5% confidence level--by 2025. "As of year-end 2025, the company had a capital deficiency of more than 40% at the 99.5% confidence level, per our capital model. We expect the company's capital deficiency could improve to just above 30% at year-end 2026 and possibly below 30% by year-end 2027, amid earnings improvement and lower capital requirements due to membership losses in both years. The company's liquidity is adequate and enhanced by positive earnings, a $4 billion revolving credit facility, as well as a receivables purchase agreement related to standalone Medicare Part D risk-sharing programs receivables for the 2025 plan year. Centene's leverage and coverage metrics will improve though remain relatively weak. As of year-end 2025, Centene's financial leverage was elevated at 47.6%--above our threshold of about 40%--because of weak earnings in 2025 and a $6.7 billion noncash goodwill impairment in the third quarter. The ratio of financial obligations to adjusted EBITDA was 7.1x, above S&P's threshold of 4.0x or below, and adjusted EBITDA fixed-charge coverage was 3.6x, below our threshold of 4.0x or above. S&P said, "We expect Centene's credit metrics will improve in 2026. We base this view on our expectations for earnings growth (aligned with the low end of the company's guidance), no share repurchases, debt repayment (with the $1 billion of senior notes repaid in March 2026), and no acquisitions. At year-end 2026, we expect financial leverage of 44%-45%, financial obligations to adjusted EBITDA of 5.0x-5.5x, and adjusted EBITDA fixed-charge coverage of 5.0x-5.5x. "In 2027, we expect Centene's key metrics will improve further based on earnings growth and balance sheet management to reach levels consistent with the low end of a satisfactory financial risk profile. "The stable outlook reflects our view that Centene's proactive business and financial management, including its focus on margin recovery and debt repayment, should prevent further credit deterioration in the next 12 months. We expect these actions will help lead to improved but still weak credit metrics in 2026. "In 2026, we expect total revenue of $186.5 billion-$190.5 billion, adjusted EBIT of $1.9 billion-$2.1 billion (with an adjusted EBIT margin of about 1%), and net income of about $1 billion. We also expect a capital deficiency of just above 30% at the 99.5% confidence level of our model, financial leverage of 44%-45%, financial obligations to adjusted EBITDA of 5.0x-5.5x, and adjusted EBITDA fixed-charge coverage of 5.0x-5.5x. "We could lower the rating in the next 12 months if earnings fall significantly short of expectations, leading to a deterioration in capital adequacy and leverage and coverage metrics. Key factors in this downside scenario could include lower-than-expected Medicaid rates, no moderation in Medicaid cost trend, and worse-than-expected health acuity in the ACA marketplace. "We could revise the outlook to positive in the next 12 months if earnings significantly exceed our expectations, leading to stronger-than-expected improvement in capital adequacy and leverage and coverage metrics." Key factors in this upside scenario could include better-than-expected Medicaid rates and cost trend moderation and favorable performance in the ACA marketplace. An upgrade beyond 12 months would depend on the company's success in improving earnings and its credit metrics amid the implementation of Medicaid and ACA policy changes in 2027-2028. CHANNEL COMPANY: Remora Capital Marks $1.5MM Loan at 42% Off ------------------------------------------------------------ Remora Capital Corp has marked its $1,572,000 loan extended to Channel Company, Inc., The to market at $917,000 or 58% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to Channel Company, Inc., The. The Loan accrues interest at a rate of S + 2.50% 4.3 % per annum. The Loan matures on Nov. 1, 2027. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About CHANNEL COMPANY, INC., THE Channel Company, Inc., The is a corporate borrower, likely operating in a commercial or industrial sector based on its access to syndicated loan financing. CHICKEN SOUP: Star Mountain Marks $6.3MM 1L Loan at 49% Off ----------------------------------------------------------- Star Mountain Lower Middle-market Capital Corp has marked its $6,380,856 loan extended to Chicken Soup For The Soul, LLC to market at $3,269,232 or 51% of the outstanding amount, according to Star Mountain's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Star Mountain Lower Middle-market Capital Corp is a participant in a first lien senior secured term loan extended to Chicken Soup For The Soul, LLC. The Loan accrues interest at a rate of S + 8.60 % 12.29 % per annum. The Loan matures on March 31, 2024. Star Mountain Lower Middle-Market Capital Corp. is an externally managed, closed-end management investment company. The company seeks to achieve its investment objectives by investing primarily in privately negotiated loans and equity investments to small and medium-sized businesses. The Fund is led by Brett A. Hickey as Chief Executive Officer and President and Christopher J. Gimbert as Chief Financial Officer. The Fund can be reached at: Brett A. Hickey Star Mountain Lower Middle-Market Capital Corp. 140 E. 45th Street New York, NY 10017 Telephone: (212) 810-9044 About Chicken Soup for the Soul, LLC Chicken Soup for the Soul, LLC provides publishing services. The Company offers book covers, logos, reprinting, and publishing services. Chicken Soup for the Soul serves customers in the United States. CLEANSTEAM INC: Seeks to Hire Tang & Associates as Legal Counsel ---------------------------------------------------------------- Cleansteam, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Tang & Associates as counsel. The firm's services include: (a) advise the Debtor on matters relating to administration of the estate, and on its rights and remedies about the estate's assets and the claims of secured and unsecured creditors; (b) appear for, prosecute, defend, and represent the Debtor's interest in suits arising in or related to this case; (c) assist in the preparation of legal documents as are required for the orderly administration of this estate; and (d) represent the Debtor in any adversary proceeding to recover assets of the bankruptcy estate. The firm will be paid at its hourly rates of $500 for counsel's services and $200 for paralegal and law clerk services. Prior to the petition date, the firm received a prepetition retainer in the amount of $25,000. Kevin Tang, Esq., an attoney at Tang & Associates, 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: Kevin Tang, Esq. Tang & Associates 17011 Beach Blvd., Ste. 900 Huntington Beach, CA 92647 Telephone: (714) 594-7022 Facsimile: (714) 594-7024 Email: kevin@tang-associates.com About Cleansteam Inc. Cleansteam, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11973) on March 3, 2026. In the petition signed by Mohammad Monirul Islam, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Vincent P. Zurzolo oversees the case. Kevin Tang, Esq., at Tang & Associates represents the Debtor as counsel. CN HOLDINGS: Seeks to Hire Parsons Behle & Latimer as Counsel ------------------------------------------------------------- CN Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Parsons Behle & Latimer to handle its Chapter 11 case. The firm will be billed at these hourly rates: Brian Rothschild, Shareholder $550 Darren Neilson, Shareholder $500 Elliott McGill, Associate $465 In addition, the firm will seek reimbursement for expenses incurred. On or about December 26, 2025, the firm received a retainer of $15,000. Mr. Rothschild 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: Brian M. Rothschild, Esq. Parsons Behle & Latimer 201 South Main Street, Suite 1800 Salt Lake City, UT 84111 Telephone: (801) 532-1234 Facsimile: (801) 536-6111 Email: BRothschild@parsonsbehle.com About CN Holdings LLC CN Holdings, LLC, doing business as Firehouse Subs of SE Idaho and Utah, operates Firehouse Subs restaurants as a franchisee, a fast-casual chain specializing in submarine sandwiches that serves hot subs prepared with meats and cheeses across North America. The company was formed through the merger of 2C Inferno LLC, 4C&N, LLC, and Ignacious Endeavors, LLC on Jan. 23, 2026. CN Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 26-21555) on March 23, 2026. In the petition signed by Christopher Morris, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Michael F. Thomson oversees the case. The Debtor tapped Brian M. Rothschild, Esq., at Parsons Behle & Latimer as counsel. COACHELLA VALLEY: Initiates Chapter 7 Bankruptcy in California -------------------------------------------------------------- On March 28, 2026, Coachella Valley Economic Partnership filed for Chapter 7 protection in the Central District of California. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Coachella Valley Economic Partnership Coachella Valley Economic Partnership is an organization focused on regional economic development, supporting business growth, workforce initiatives, and investment opportunities within the Coachella Valley area. Coachella Valley Economic Partnership sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12331) on March 28, 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 Scott H. Yun handles the case. The Debtor is represented by Summer M. Shaw, Esq. of Shaw & Hanover, PC. CROSSBY MARINE: Seeks to Tap Stretto as Claims and Noticing Agent ----------------------------------------------------------------- Crosby Marine Transportation, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Stretto, Inc. as claims, noticing, and solicitation agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Stretto an advance payment of $20,000. Sheryl Betance, a managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (800) 634-7734 About Crosby Marine Transportation Crosby Marine Transportation, LLC, through its affiliates, provides marine transportation, dredging and marine construction services along the Gulf Coast, operating a fleet of about 200 vessels and marine equipment, including tugs, barges and dredging assets, from Golden Meadow and Houma, Louisiana. Founded in 1977 by Vinton and Kurt Crosby, the company serves commercial, government and energy customers, employs about 850 full-time workers and holds a 49.9% interest in Luhr Crosby, which provides rock and marine construction services. Crosby Marine Transportation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10678) on Mar. 23, 2026. In the petitions signed by Lawrence Perkins, chief restructuring officer, Crosby Marine disclosed up to $500 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. The Debtors tapped Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as counsel; Aymond James & Associates, Inc. as investment banker; and Stretto, Inc. as claims, noticing, and solicitation agent. CROWN BOILER: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Crown Boiler Co., LLC. The committee members are: 1. James J. Williams, Jr. Counsel: Lisa Nathanson Busch Simmons Hanly Conroy, LLP 112 Madison Ave., 7th Floor New York, NY 10016 Tel: 212-784-6407 lbusch@simmonsfirm.com 2. Mary Lou Pettit Personal Representative of the Estate of Randall K. Pettit Counsel: Daniel Wasserberg Aleksandra Sikorska Meirowitz & Wasserberg, LLP 1040 6th Avenue, 10th Floor New York, NY 10018 Tel: 212-897-1988 dw@mwinjurylaw.com aleksandra@mwinjurylaw.com 3. Michael Sabatino Counsel: Adam Dreksler Perry Weitz Weitz & Luxenberg, P.C. 700 Broadway New York, NY 10003 Tel: 212-558-5500 adreksler@weitzlux.com pweitz@weitzlux.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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. Texas 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 tapped Shumaker, Loop & Kendrick, LLP as bankruptcy counsel, MazurKraemer Business Law as local counsel, and The Nottingham Group as chief liquidation officer. Omni Agent Solutions, Inc. is the Debtor's claims and noticing agent. Edward T. Gavin, CTP, NCPM is the legal representative for future asbestos claimants. CUMULUS MEDIA: Hires Moelis & Company LLC as Investment Banker -------------------------------------------------------------- Cumulus Media Inc., et al., seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Moelis & Company LLC as their financial advisor, investment banker and placement agent. The firm can be reached through: a. assist the Debtors in conducting a business and financial analysis of the Company; b. assist the Debtors in identifying, evaluating and contacting prospective purchasers of the Capital Transaction and counterparties for a Sale Transaction; c. assist the Debtors in developing and preparing a marketing plan and information materials describing the Company, which Moelis may distribute to potential purchasers and Counterparties on a confidential basis; d. assist the Debtors in contacting potential Counterparties, arranging meetings with such Counterparties and coordinating the due diligence investigation of the Debtors by such Counterparties, in each case as appropriate and acceptable to the Debtors; e. assist the Debtors in developing a strategy to effectuate a Sale Transaction, including financing alternatives; f. assist the Debtors in reviewing and analyzing any potential Recapitalization or Capital Transaction; g. assist the Debtors in structuring, obtaining financing for, and negotiating any Recapitalization or Sale Transaction and participate in such negotiations as requested; h. assist the Debtors with respect to the strategy and tactics of negotiations with such prospective purchasers and participate in such negotiations; i. provide guidance to the Debtors around the timing, structure and pricing of the Capital Transaction; j. meet with the Company's Board of Directors to discuss the proposed Transaction and its financial implications; and k. provide such other financial advisory and investment banking services in connection with a Recapitalization, Capital Transaction, or Sale Transaction as Moelis and the Debtors may mutually agree upon in writing. The firm will be paid as follows: i. Monthly Fee. Beginning September 1, 2025, a monthly fee of $150,000 per month (the "Monthly Fee"), payable in advance of each month. Following execution of the November Engagement Letter, the Company paid the Monthly Fees for September, October and November on December 11, 2025 (the "First Monthly Fee Payment Date"), and has paid or will pay, as applicable, all subsequent Monthly Fees prior to each monthly anniversary of the First Monthly Fee Payment Date. After the first four Monthly Fees have been paid to Moelis, fifty percent (50%) of all subsequent Monthly Fees, starting with the fifth month of the term of the November Engagement Letter, shall be offset, to the extent previously paid and up to a maximum of $450,000, against the Recapitalization Fee or Capital Transaction Fee. In the event the Company enters into a definitive agreement with respect to a Transaction and the only condition to closing is review and/or approval by the Federal Communications Commission and/or the Department of Justice, the Monthly Fees shall be paused in respect to the Monthly Fees following execution of such definitive agreement. Whether or not a Transaction occurs, Moelis shall earn and be paid the Monthly Fee every month during the term of the engagement, subject to the pausing of fees discussed infra. ii. Recapitalization Fee. At the closing of a Recapitalization, a non-refundable cash transaction fee (the "Recapitalization Fee") of $5,250,000; provided, however, that in the event of a Transaction which constitutes both a Recapitalization and a Sale Transaction8, whether or not such transactions are consummated concurrently, or in the event that a Recapitalization and a Sale Transaction are consummated as part of a single integrated transaction, Moelis shall only be entitled to the greater of the Recapitalization Fee or the Sale Transaction Fee. Notwithstanding the foregoing, if the Company pursues a Recapitalization pursuant to Section 3(a)(9) ("Section 3(a)(9)") of the Securities Act of 1933, as amended, the Recapitalization Fee shall be payable solely in respect of financial advisory and investment banking services provided by Moelis, and not for any solicitation of acceptances of such exchange offer. No portion of the Recapitalization Fee shall be paid for, or conditioned upon, the solicitation of acceptances of such exchange offer, and Moelis shall not, and is not being engaged to, solicit acceptances of an exchange offer effected pursuant to Section 3(a)(9). iii. Sale Transaction Fee. Under the November Engagement Letter, Moelis is entitled to receive a Sale Transaction Fee for any Sale Transaction as provided for in the Prior Engagement Letter. Pursuant to the Prior Engagement Letter, promptly at the closing of a Sale Transaction (or in the event of a series of Sale Transactions, promptly upon the closing of the final Sale Transaction), equal to (X) $8,000,000 in the event that the Transaction Value is less than or equal to the Incentive Baseline, or (Y) if the Transaction Value is greater than that implied by an offer price of $7.50 per Cumulus share (the "Incentive Baseline"), the Transaction Fee shall be the sum of (i) $8,000,000, plus (ii) 7.75% of the Transaction Value in excess of the Incentive Baseline, provided that under no circumstance shall the Transaction Fee pursuant to clause (Y) be more than 6.69% of Transaction Value. Notwithstanding the foregoing, in the event of a Sale Transaction covered by subparagraph (b)(ii) of the definition of Sale Transaction, the Incentive Baseline shall be an amount mutually agreed to between the Company and Moelis in good faith,10 provided that under no circumstance shall the Transaction Fee be more than the greater of (a) $8,000,000 and (b) 2% of Transaction Value. iv. Capital Transaction Fee(s). At the closing of any Capital Transaction11, a non-refundable cash transaction fee (each, a "Capital Transaction Fee" and together with the Recapitalization Fee, the "Transaction Fees") calculated separately with respect to each Capital Transaction, of: 1. 5.00% of the aggregate gross amount of the Capital Transaction in the form of equity, equity-linked interests, options, warrants or other rights to acquire equity interests (including unfunded amounts); plus 2. 2.00% of the aggregate gross amount of the Capital Transaction in the form of unsecured debt or hybrid capital (including unfunded amounts); plus 3. 1.00% of the aggregate gross amount of the Capital Transaction in the form of secured debt (including unfunded amounts). The Capital Transaction Fee shall expressly exclude any amounts provided by existing lenders, noteholders, or other stakeholders (the "Existing Stakeholders"); provided that if Moelis runs a Process for a Capital Transaction (including, without limitation, in connection with a debtor in possession financing) and the Company then consummates a Capital Transaction with or including any Existing Stakeholder, then the Capital Transaction Fee shall expressly include amounts provided by such Existing Stakeholders in connection with such Capital Transaction. For the avoidance of doubt, if the Company consummates a Capital Transaction with or including any Existing Stakeholders prior to Moelis running a Process (or Moelis was never asked to run a Process), then the applicable Capital Transaction Fee for such Capital Transaction shall expressly exclude any amounts provided by the Existing Stakeholders. "Process" means Moelis, at the request of the Company, contacting potential purchasers (other than Existing Stakeholders) in connection with a Capital Transaction. Notwithstanding the foregoing, in the event of multiple closings, the Capital Transaction Fee shall be paid pro rata at each closing based on the gross amount related to each such closing. The Company will pay a separate Capital Transaction Fee in respect of each Capital Transaction in the event that more than one Capital Transaction occurs. Zul Jamal, a managing director at Moelis, assured the court that the firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by Section 327(a) of the Bankruptcy Code. The firm can be reached through: Zul Jamal Moelis & Company LLC 399 Park Avenue, 4th Floor New York, NY 10022 Tel: (212) 883-3813 Fax: (212) 880-4260 Email: zul.jamal@moelis.com 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: Hires Paul Weiss Rifkind as Bankruptcy Counsel ------------------------------------------------------------- Cumulus Media Inc., et al., seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel. The firm's services include: a. providing legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business and management of their properties; b. attending meetings and negotiating with representatives of creditors and other parties in interest and advising and consulting on the conduct of these chapter 11 cases, including the legal and administrative requirements of operating in chapter 11; c. taking necessary action to protect and preserve the Debtors' estates; d. preparing and prosecuting on behalf of the Debtors all motions, applications, answers, orders, reports, and papers necessary to the administration of the estates; e. representing the Debtors in connection with obtaining authority to use cash collateral; f. taking necessary action on behalf of the Debtors to obtain approval of a disclosure statement and confirmation of a chapter 11 plan; g. advising and assisting the Debtors with financing and transactional matters as such may arise during these chapter 11 cases; h. appearing in Court and protecting the interests of the Debtors before the Court; and i. performing all other legal services for the Debtors that may be necessary and proper in these chapter 11 cases. The firm's current standard hourly rates are: Partners $2,535 to $2,935 Counsel $2,250 Staff Attorneys $765 to $1,895 Associates $765 to $1,895 Paraprofessionals $190 to $605 Paul, Weiss initially received an aggregate retainer amount of $5,100,000. 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: During the period prior to the Petition Date, Paul, Weiss provided $500,000 in voluntary fee reductions to account for, among other things, time spent by Paul, Weiss attorneys familiarizing themselves with the Debtors' agreements and history. Otherwise, the Firm has not agreed to any variations from, or alternatives to, its standard billing arrangements for this engagement. 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: Paul, Weiss's rates for timekeepers for its prepetition engagement on this matter were, at all times, $2,535 to $2,935 for partners, $2,250 for counsel, $765 to $1,895 for staff attorneys and associates, and $190 to $605 for paraprofessionals. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Debtors have approved the budgeted fees and expenses of Paul, Weiss, reflected in the amounts set forth for professional fees in the approved (13-week) budget appended to the Interim Cash Collateral Order as Exhibit 1 thereto. The Debtors understand and agree that the budgeted amounts set forth therein reflect a good-faith estimate of, rather than a cap on, professional fees and expenses. Jacob Adlerst, Esq., a partner at Paul, Weiss, Rifkind, Wharton & Garrison 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: Jacob A. Adlerst, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, NY 10019 Phone: (212) 373-3000 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. DAVID SCOTT: Seeks to Hire Bush Law Firm as Bankruptcy Counsel -------------------------------------------------------------- David Scott Lofton Contractors, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ The Bush Law Firm, LLC as counsel. The firm will render these services: (a) advise the Debtor as to its rights, powers and duties; (b) prepare and file the documents necessary to advance this case; (c) represent the Debtor at the hearings in this matter; (d) prepare and file the status report and plan; (e) defend challenges to the automatic stay set forth within 11 U.S.C. Section 362(a); and (f) provide such other legal services and/or prepare and/or file such other documents as may be necessary to carry out its duties and functions in this case. Anthony Bush, Esq., the primary attorney in this representation, will be paid at his hourly rate of $350, plus reimbursement. The firm received a total retainer of $11,738, including the filing fee of $1,738. Mr. Bush 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: Anthony B. Bush, Esq. The Bush Law Firm, LLC 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 Email: abush@bushlegalfirm.com About David Scott Lofton Contractors LLC David Scott Lofton Contractors, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-10804) on March 21, 2026. In its petition, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Jerry C. Oldshue oversees the case. The Debtor is represented by Anthony B. Bush, Esq., at The Bush Law Firm, LLC. DEL MONTE: 3d Circuit Rejects Minority Lenders' Appeal ------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy judge has rejected an effort by minority lenders to certify a settlement order involving Del Monte Foods for immediate appeal to the Third Circuit, finding that the decision was based on settled law. The court ruled that the request did not meet the threshold for direct appellate review. The judge noted that certification is typically granted only when a case involves a controlling legal issue or significant uncertainty in the law. In this case, the court determined that the settlement approval did not raise such concerns. As a result, the lenders must pursue any challenge through the standard appeals process. The ruling leaves the settlement intact as Del Monte Foods continues its restructuring proceedings, the report states. About Del Monte Foods Corporation II Inc. 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. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. 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. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. DELUXE CORP: Moody's Affirms 'B1' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings affirmed Deluxe Corporation (Deluxe) credit ratings, including its B1 corporate family rating, the B1-PD probability of default rating, the B3 senior unsecured notes rating and Ba3 senior secured notes rating. Deluxe's speculative grade liquidity rating (SGL) remains SGL-2, reflecting good liquidity. The outlook was changed to positive from stable. The rating actions reflect solid progress in leverage reduction, growth in free cash flow generation that Moody's expects to continue over the next 12-18 months and improving credit profile supported by Deluxe's ability to manage check volume declines in its legacy Print segment with profitable growth in Payments and Data. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE Deluxe's B1 CFR reflects its business risks tied to the structurally declining Print business, which is expected to comprise just under half of total revenue in 2026. The company also faces strong competition in Data and Services, and uncertainty remains about how quickly the company's profitable and cash generating Print business will decline due to decline in check volumes and digital alternatives for promotional print. Nevertheless, the company's moderate leverage, good liquidity and organic growth in Payments and Data segments allow sufficient financial flexibility to manage these structural business risks. Deluxe's management is committed to a financial policy with a long-term net leverage target of 3x or below (company's definition) and remain on path to reach this target in the first half of 2026. The credit profile garners further support from the company's large scale, strong relationships with its clients and multiyear contracts with most of its financial institution clients, and strong market position in the check printing businesses. In its Payments and Data business, Deluxe owns its core payment technology stack and maintains one of the industry's largest unified data libraries, enabling product innovation, operational efficiency, differentiated client solutions and cross-selling between Payments and Data, increasing customer retention and wallet share. This business generates revenue from a broad mix of transaction-based fees, software subscriptions, and data-driven marketing services, supporting stable and predictable cash flow. Its Print business, despite declining check volumes, has been managed prudently with cost cuts. Moody's expects continued improvement in credit metrics over the next 12 to 18 months after a strong year in 2025. Moody's adjusted leverage improved to approximately 3.8x as of fiscal year end 2025, below Moody's upgrade threshold of 4x, and is projected to decline further to about 3x by the end of 2026, supported by voluntary debt repayment, EBITDA growth and improving earnings quality following the realization of restructuring benefits. Deluxe's earnings quality has improved as restructuring activities are winding down. Free cash flow generation is also improving, with FCF to debt of approximately 7.8% as of fiscal year end 2025, up from 2.8% a year ago. Moody's projects free cash flow to increase to around 9% as a percentage of debt by 2026 and exceed Moody's 10% upgrade threshold by the end of 2027. Over time, Moody's expects Deluxe's credit profile to benefit from a continued mix shift away from secularly declining Print revenue toward Payments and Data, which offer good growth potential. Payments and Data represented approximately 47% of revenue in 2025 and are expected to exceed half of total revenue in 2026 as projected mid-single digit revenue growth in these segments offsets low- to mid- single digit declines in Print. To reflect this, the company will now be analyzed under the Business and Consumer Services methodology published in February 2026. Moody's previously analyzed Deluxe under the Media methodology published in September 2025. Deluxe's SGL-2 rating reflects Moody's expectations that the company will maintain good liquidity over the next 12 to 18 months. As of December 31, 2025, Deluxe had about $37 million in cash and roughly $378 million available on its $400 million revolver (unrated) maturing in February 2029. In addition to the revolver, Deluxe has access to an accounts receivable financing facility with a capacity of up to $100 million (subject to a borrowing base) and December 2028 termination date. Moody's expects the borrowing capacity to remain at around $80 million over the next 12-18 months. Deluxe had $65 million drawn against the facility at the end of Q4 2025. Moody's expects Deluxe to generate free cash flow (defined as cash flow from operations less capex and dividends) of around $140 million in 2026. Starting in the quarter ending in March 2028 and through December 2028, the term loan amortization (currently $38 million) steps up to $50 million, with the remaining balance due on February 01, 2029. The term loan is subject to an excess cash flow requirement of 50% with step downs to 25% and 0% when the consolidated first lien leverage ratio reaches 2.25x and 1.75x, respectively. Under the terms of Deluxe's credit facility, the aggregate annual amount of permitted dividends and share repurchases is limited to $60 million if consolidated total leverage ratio exceeds 2.75x. Deluxe paid $55 million in dividends in 2025 and Moody's expects that the company will continue to prudently balance the interests of equity and debtholders. The senior secured credit facility, comprised of $400 million revolver and $500 million term loan (both unrated), is governed by three maintenance covenants: a maximum total net leverage of 4.25x, a maximum senior secured net leverage of 3.5x and a minimum interest coverage of 3x. The total net leverage and the senior secured net leverage covenants will step down to 4x and 3.25x, respectively, starting with the quarter ending June 30, 2026. Moody's expects that Deluxe will have at least a 20% headroom against the requirement over the next 12-18 months. The instrument ratings reflect the probability of default of the company, as reflected in the B1-PD probability of default rating, an average expected family recovery rate of 50% at default given the mix of secured and unsecured debt and the notes' ranking in the capital structure. The existing $500 million senior unsecured notes ($475 million outstanding at December 2025) are ranked below the $450 million senior secured notes, the $900 million senior secured credit facilities due 2029 (unrated) and the $100 million AR securitization facility due December 2028 (unrated). As a result, the senior unsecured notes are rated B3, two notches below the CFR reflecting their most junior position in the capital structure and the resultant loss absorption in a distress scenario. The positive ratings outlook reflects Moody's expectations for strengthening in free cash flow generation and focus on moderate leverage consistent with the company's long-term target of under 3x (company definition, on net basis). Moody's expects that growth in Payments and Data products and services will offset the revenue decline in Print over the next 12-18 months resulting in low single digit percent rate in consolidated organic revenue growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if growth in free cash flow leads to Moody's adjusted FCF/Debt sustained at 10% or higher, consolidated revenue grows at low- to mid-single digit percent range and Debt/EBITDA is maintained below 4x (Moody's adjusted, without restructuring add-backs to EBITDA). The ratings could be downgraded if FCF/Debt is maintained in the mid-single digit percent range or below or Moody's expects Debt/EBITDA (without restructuring add-backs to EBITDA) to be sustained above 5x. All metrics incorporate Moody's standard adjustments. 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 Minneapolis, MN, Deluxe Corporation is a provider of payment solutions to businesses and financial institutions. The services include treasury management, checks and check-related products, marketing solutions and data-driven marketing. In 2025, Deluxe generated revenue of approximately $2.1 billion. DENOYER-GEPPERT: Court Extends Cash Collateral Access to May 6 -------------------------------------------------------------- Denoyer-Geppert Science Company 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 issued its fifth interim order authorizing the Debtor to use cash collateral through May 6 in accordance with its budget, with disbursements capped at 110% of budgeted amounts. The Debtor was previously allowed to access cash collateral through April 1 under the court's March 3 fourth interim order. As protection, the court granted secured creditors and taxing authorities, including the IRS and the Illinois Department of Unemployment Security replacement liens on all post-petition property of the Debtor, matching the validity, priority, and scope of their pre-bankruptcy liens. As additional protection, the Debtor was ordered to maintain insurance, keep its property in good repair, and deposit all funds into its post-petition accounts, using them only as permitted by the order. The order is available at http://bankrupt.com/misc/Denoyer-Geppert_5thCCOrder.pdf The next hearing is set for May 5. About Denoyer-Geppert Science Company Denoyer-Geppert Science Company manufactures scientific models, charts and simulators -- particularly for human anatomy, biology and chemistry education -- from its headquarters in Illinois, serving educators and medical professionals since its founding in 1916. Denoyer-Geppert Science Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11605) on July 30, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Jacqueline P. Cox handles the case. The Debtor is represented by David R Herzog, Esq., at Law Office of David R. Herzog, LLC. DESOTO INDEPENDENT: Fitch Lowers IDR to 'BB-', Outlook Negative --------------------------------------------------------------- Fitch Ratings has downgraded DeSoto Independent School District, TX's Issuer Default Rating and outstanding unlimited tax bond rating to 'BB-' from 'A-'. The Rating Outlook is Negative. Entity/Debt Rating Prior ----------- ------ ----- DeSoto Independent School District (TX) LT IDR BB- Downgrade A- DeSoto Independent School District (TX) /General Obligation – Unlimited Tax/1 LT LT BB- Downgrade A- The downgrade reflects the district's materially weaker financial resilience, assessed at 'bb', including an accumulated general fund deficit equivalent to 12% of spending in fiscal 2025, and Fitch's expectation for additional deficits in fiscal 2026 and fiscal 2027. Liquidity is weak and includes proceeds of tax maintenance notes to support its constrained cash position. Fiscal deterioration stems from weak management practices, overly optimistic revenue and spending assumptions, and declining average daily attendance. A new management team is working with a Texas Education Agency conservator to execute an emergency stabilization plan, the effectiveness of which remains uncertain. The Negative Outlook reflects the risk of further credit deterioration if enrolment losses continue or management cannot right-size operations and reduce its structural imbalance. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure of the district's rightsizing efforts to materially reduce the district's structural budget gap and deficit fund balance position; - Weaker liquidity and an increased dependence on cash-flow borrowing to meet operating costs; - Continued enrollment decline. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Development of a plausible recovery plan to gradually stabilize the district's liquidity, improve reserves and reduce its structural budget gap. - Improved enrollment trends and operating revenue stability. SECURITY The Fitch rated bonds are payable from an unlimited property tax levy and are further backed by the Texas Permanent School Fund (PSF) bond guaranty program. For more information on the Texas PSF see "Fitch Affirms Texas PSF Rating at 'AAA'; Outlook Stable," dated Nov. 21, 2025 at www.fitchratings.com. Fitch’s Local Government Rating Model The Local Government Rating Model generates Model Implied Ratings, which communicate the issuer's credit quality relative to Fitch's local government rating portfolio. (The Model Implied Rating will be the Issuer Default Rating except in certain circumstances explained in the applicable criteria.) The Model Implied Rating is expressed via a numerical value calibrated to Fitch's long-term rating scale that ranges from 10.0 or higher (AAA), 9.0 (AA+), 8.0 (AA), and so forth down to 1.0 (BBB- and below). Model Implied Ratings reflect the combination of issuer-specific metrics and assessments to generate a Metric Profile and a structured framework to account for Additional Analytical Factors not captured in the Metric Profile that can either mitigate or exacerbate credit risks. Additional Analytical Factors are reflected in notching from the Metric Profile and are capped at +/-3 notches. Ratings Headroom & Positioning DeSoto Independent School District Model Implied Rating: 'BBB-' (Numerical Value: 0.96) - Metric Profile: 'BBB+' (Numerical Value: 3.96) - Net Additional Analytical Factor Notching: -3.0 Individual Additional Analytical Notching Factors: - Non-Recurring Support or Spending Deferrals: -2.0 - Management Practices: -1.0 - School District Resources: -2.0 DeSoto Independent School District's Model Implied Rating is 'BBB-'. The associated numerical value of 0.96 is at the upper end of the 0.0 to 1.0 range for a 'BBB-' rating. Key Rating Drivers Financial Profile Financial Resilience - bb DeSoto Independent School District's financial resilience is driven by the combination of its 'Low' revenue control assessment and 'High' expenditure control assessment, culminating in a 'Low Midrange' budgetary flexibility assessment. - Revenue control assessment: Low - Expenditure control assessment: High - Budgetary flexibility assessment: Low Midrange - Minimum fund balance for current financial resilience assessment: DIOCESE OF EL PASO: Hires Levatino|Pace PLLC as Special Counsel --------------------------------------------------------------- The Catholic Diocese of El Paso seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Levatino|Pace PLLC as special counsel. The firm will render these services: a. advise and represent the Diocese in general corporate, organizational, governance, ecclesiastical, and transactional matters that arise throughout the Chapter 11 case, including but not limited to the negotiation, drafting, and review of contracts, agreements, and other legal instruments; b. assist the Diocese with the preparation, review, and analysis of documents, policies, and correspondence necessary to support the Diocese's ongoing operations and legal compliance during the course of the Chapter 11 case; c. review and advise the Diocese related to pleadings filed in the Chapter 11 case and their impact on the ecclesiastical governance of the Diocese; d. provide day to day legal advice to the Diocese on general business legal matters in relationship to outside civil, juridic, and governmental entities; and e. other services as may be agreed upon between the Firm and the Diocese. The firm will be paid at these hourly rates: Steven C. Levatino $350 Joel Pace $350 Legal Assistant $175 As disclosed in the court filings, Levatino|Pace PLLC does not hold any interest adverse to the Diocese's estate; and is a "disinterested person" as the term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Steven C. Levatino, Esq. Levatino|Pace PLLC 1101 S Capital of Texas Hwy Building K, Suite 125 Austin, TX 78746, Tel: (512) 637-1581 Fax: (512) 637-1583 About Roman Catholic Diocese of El Paso, Texas Roman Catholic Diocese of El Paso, Texas oversees parishes and Catholic institutions in the El Paso region. Roman Catholic Diocese of El Paso, Texas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-30311) on March 6, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Lynn Hamilton Butler, Esq. of Husch Blackwell LLP. DIOCESE OF EL PASO: Seeks to Tap HMP Advisory as Financial Advisor ------------------------------------------------------------------ The Catholic Diocese of El Paso seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire HMP Advisory Holdings, LLC DBA Harney Partners as financial advisor. The firm will render these services: a. assist the Diocese and its counsel with general matters related to a restructuring, and a Chapter 11 case; b. assist with the preparation of financial information pertaining to the Diocese's assets, liabilities, cash flows, financial statements, and projections, as required by the Diocese's lenders, creditors, and other stakeholders; c. assist with a forensic review of the Diocese's prior cash management practices, including to test the trust fund nature of specific bank accounts; d. assist the Diocese to prepare information for a prospective Chapter 11 filings, including "first day motions", Schedules of Assets and Liabilities, Statements of Financial Affairs, and related supplemental information; e. assist the Diocese to prepare and maintain a Thirteen-Week Cash Forecast ("TWCF") and related supporting documentation, as needed; f. assist the Diocese to analyze certain liabilities including payables, leases, vendor agreements and/or litigation claims; g. assist the Diocese to review financial information exchanged between Diocese and its creditors, any regulatory agencies, consultants, prospective investors or other third parties, as may be necessary or appropriate; h. assist the Diocese regarding the preparation of any bankruptcy required reporting, including Monthly Operating Reports, as required; i. assist the Diocese to complete Initial Debtor Interview questionnaire and related information, as required; j. assist the Diocese and its counsel to develop support for a Plan of Reorganization and other analysis, as needed; and k. other services as may be agreed upon in writing between the Diocese and HP. The firm will be paid at these rates: President / EVP $700 to $900 per hour Managing Director $550 to $750 per hour Senior Manager / Director $450 to $600 per hour Manager $350 to $500 per hour Sr. Consultant $300 to $400 per hour Support Staff $180 to $250 per hour HP held a retainer in the amount of $61,955 on the petition date. HMP Advisory Holdings is a "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Gregory S. Milligan, CTP HMP Advisory Holdings, LLC DBA Harney Partners Westech 360 8911 North Capital of Texas Highway Suite 2120 Austin, TX 78759 Tel: (512) 464-1139 Fax: (512) 626-1818 Email: gmilligan@harneypartners.com About Roman Catholic Diocese of El Paso, Texas Roman Catholic Diocese of El Paso, Texas oversees parishes and Catholic institutions in the El Paso region. Roman Catholic Diocese of El Paso, Texas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-30311) on March 6, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Lynn Hamilton Butler, Esq. of Husch Blackwell LLP. DIOCESE OF EL PASO: Taps Husch Blackwell LLP as Bankruptcy Counsel ------------------------------------------------------------------ The Catholic Diocese of El Paso seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Husch Blackwell LLP as counsel. The firm's services include: a. advising the Debtor with respect to its rights and obligations as a debtor and debtor in possession and regarding other matters of bankruptcy law; b. taking all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; c. preparing on behalf of the Debtor, as debtor in possession, necessary motions, applications, answers, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; d. representing the Debtor at the meeting of creditors, plan disclosure, confirmation and related hearings, and any adjourned hearings, therefore; e. assisting with any disposition of the Debtor's assets; f. taking all necessary or appropriate actions in connection with any plan of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; g. representing the Debtor in adversary proceedings and other contested bankruptcy matters; and h. representing the Debtor in the above matters, and any other matter that may arise in connection with Debtor's reorganization proceedings and business operations. The firm's discounted rates are: Lynn Butler, Partner $695 Frank LoCoco, Partner $695 Bruce Arnold, Partner $695 Tara LeDay, Partner $695 Associates $375 to $550 Paralegals $200 to $475 Husch Blackwell received a retainer of $100,000. Husch Blackwell does not hold or represent any interest adverse to Debtor's estate and is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Lynn Hamilton Butler, Esq. HUSCH BLACKWELL LLP 111 Congress Avenue, Suite 1400 Austin, TX 78701 Main: (512) 472-5456 Fax: (512) 479-1101 Email: lynn.butler@huschblackwell.com About Roman Catholic Diocese of El Paso, Texas Roman Catholic Diocese of El Paso, Texas oversees parishes and Catholic institutions in the El Paso region. Roman Catholic Diocese of El Paso, Texas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-30311) on March 6, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Lynn Hamilton Butler, Esq. of Husch Blackwell LLP. DS ADMIRAL: S&P Upgrades ICR to 'B', Outlook Stable --------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based DS Admiral Bidco LLC (dba Taxwell) to 'B' from 'B-' and its issue-level rating on the company's first-lien credit facility to 'B' from 'B-'. S&P said, "The stable outlook reflects our expectation that Taxwell will increase its revenue and EBITDA by the high-single-digit percent area annually, supported by the continued expansion of both its business to business (B2B) and business to consumer (B2C) segments and ongoing cost management. We also expect the company will sustain leverage under 5x and FOCF to debt of more than 10% over the next 12 months." Taxwell has seen strong revenue and EBITDA growth over the past two years. The company has also used some of its cash to paydown debt, reducing its S&P Global Ratings-adjusted leverage to the low-4x area in fiscal 2025. S&P expects Taxwell will further improve its leverage to about 4.0x and its free operating cash flow (FOCF) to debt above 15% during fiscal 2026. The upgrade reflects Taxwell's improving profitability and proactive debt reduction. S&P said, "Since the merger of Drake Software and TaxAct in 2022, management has successfully implemented cost synergies that have supported robust EBITDA margins in the high-40% range, which we view as above average relative to those of its software peers with similar scale. These efforts have enabled Taxwell to improve its S&P Global Ratings-adjusted leverage to the low-4x area and its FOCF to debt to more than 12% as of the most recent quarter. We expect the company will continue to deleverage during fiscal 2026 by increasing its revenue in the high-single-digit percent area over the next 12 months and completing additional debt prepayments. We anticipate Taxwell's EBITDA margins will remain stable in the 47%-48% range over the next 12 months, driven by investments in technology, customer support modernization, and cost efficiencies. While the company issued debt to fund a dividend in 2024, we believe its financial sponsors remain focused on deleveraging, thus we have not incorporated any shareholder returns into our base-case forecast. Therefore, our current base case assumes Taxwell reduces its S&P Global Ratings-adjusted leverage to about 4x and improves its FOCF to debt to more than 15% as of the end of fiscal 2026, which supports the upgrade." Taxwell is well positioned to increase its revenue while maintaining strong profitability over the next few years. S&P expects the company will expand its revenue by 10% in fiscal 2025 and by the high-single-digit percent area in fiscal 2026 on a low-single digit percent increase in its B2B and B2C customer rolls combined with a high-single digit percent rise in its average revenue per user (ARPU). The growth in ARPU is driven by price increases, complex filings that drive upgrades to its premium offerings, and the provision of paid expert support services. Beyond its core tax software, the company has expanded its ecosystem into ancillary services like Drake Pay, Drake Portals, and Drake Accounting, supporting year-round customer engagement and diversifying its revenue streams. Despite the highly competitive landscape in the tax software market, Taxwell has successfully retained its leading positions in the professional and small- to mid-size business (SMB) segments, although its presence in the consumer do-it-yourself (DIY) market is comparatively smaller. The company also benefits from impressive retention metrics, with B2B retention rates in the low-90% range and B2C product retention in the mid-80% range. Risks include a competitive landscape and long-term disruption from AI. While Taxwell maintains a stable--albeit small--market share in the B2C tax space (which is dominated by TurboTax), it is a clear leader in the B2B space among small tax preparers and the SMB segment. The company serves over 90,000 tax preparers (B2B), about 130,000 SMBs (B2C), and 3.2 million DIY consumers (B2C). Taxwell is responsible for about 15% of all individual U.S. tax returns and about 30% of all business U.S. tax returns, making it an important player in a highly competitive but regulated industry. On the AI front, S&P views concerns around AI disruption as long-term and somewhat mitigated by the inherent complexity of the U.S. tax code. The U.S. tax code and laws continue to constantly evolve, with over 20,000 forms requiring annual updates, which could act as a headwind to broad AI adoption. The tax industry is also characterized by zero tolerance for error, with mistakes leading to severe financial penalties and reputational damage, which could limit the potential for AI disruption Taxwell's platform is designed to handle frequent tax code changes and leverages proprietary data and direct IRS integration to minimize compliance risk. Furthermore, the company is proactively investing in AI and automation to enhance some of its core functionality, streamline development, and bolster customer support. S&P said, "The stable outlook reflects our expectation that Taxwell will increase its revenue and EBITDA by the high-single-digit percent area annually, supported by the continued expansion of both its B2B and B2C business segments and ongoing cost management. We also expect the company will sustain leverage of below 5x and FOCF to debt of more than 10% over the next 12 months. "Although unlikely, given our expectation for expanding revenue and positive FOCF, we could lower our rating if Taxwell experiences market share losses, pricing pressures, or higher operating costs or pursues debt-financed acquisitions that cause it to sustain leverage in the mid-7x area or FOCF to debt of below 5%. "We would consider raising our ratings on Taxwell over the longer term if it sustains its revenue and EBITDA growth such that its S&P Global Ratings-adjusted leverage remains below 5x. We would also need to believe the company could sustain its deleveraged capital structure while pursuing its acquisition and shareholder-return objectives before raising the rating." EASY WAY: Investcorp Credit BDC Marks $7.5MM Loan at 20% Off ------------------------------------------------------------ Investcorp Credit Management Bdc, Inc. has marked its $7,593,877 loan extended to Easy Way Leisure Corporation to market at $6,094,086 or 80% of the outstanding amount, according to Investcorp Credit Management BDC's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Investcorp Credit Management Bdc, Inc. is a participant in a loan extended to Easy Way Leisure Corporation. The Loan accrues interest at a rate of 3M S + 7.50% (1.00% Floor) per annum. The Loan matures on Jan. 15, 2026. Investcorp Credit Management BDC, Inc. is a business development company that provides debt and related financing solutions to middle-market corporate borrowers. The Fund is led by Suhail A. Shaikh as Director, President and Chief Executive Officer and Robert Andrew Muns as Chief Financial Officer. The Fund can be reached at: Suhail A. Shaikh Investcorp Credit Management BDC, Inc. 280 Park Avenue 39th Floor New York, NY 10017 Telephone: (646) 690-5034 About EASY WAY LEISURE CORPORATION Easy Way Leisure Corporation is a leisure-focused operating company, financed here through a floating-rate term loan structure. ECHO GLOBAL: Moody's Affirms 'B3' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings affirmed the B3 corporate family rating and B3-PD probability of default rating of Echo Global Logistics, Inc. (Echo). Moody's also downgraded the company's existing senior secured first lien term loan and revolving credit facility ratings to B3 from B2 and assigned a B3 rating to the company's recently arranged $780 million incremental senior secured first lien term loan and new revolving credit facility. Moody's changed the outlook to positive from stable. Echo used the proceeds of the $780 million incremental term loan and an equity contribution from its owner to fund the acquisition of third party, asset-lite logistics provider, ITS Logistics (ITS). Echo also retired its existing $135 million second lien term loan, which was unrated, with some of the proceeds. The rating downgrade of the existing senior secured first lien credit facilities to B3 reflects the removal of the second lien debt's first loss position in the capital structure. The outlook change to positive reflects Moody's expectations that the combined freight service offerings of Echo and ITS will deliver earnings growth to support improved debt metrics and lead to positive free cash flow generation. Despite challenging freight market conditions, each company grew its freight volumes with new and existing customers in 2025. The companies' combined market position and the opportunity to cross sell should support above market growth when broader freight market conditions improve. RATINGS RATIONALE The B3 CFR reflects Echo's good scale as a freight broker in the trucking market offset by its low profit margins and high leverage within a very cyclical industry. Echo's operating performance is highly exposed to competition and volatility in the broader freight market, which has been mired in a prolonged downturn marked by soft freight volumes and weak freight rates tied to excess truck capacity. There is cautious optimism for a gradual recovery with growth in freight rates and volumes for the trucking and brokerages sector as 2026 progresses. However, the recent increase in trucking spot rates tied to reduced truck capacity will likely constrain Echo's profitability in the immediate near term since a majority of its current brokerage volume is priced at contracted rates. Increases in spot rates (the cost to secure trucking capacity) typically squeeze margins until Echo can successfully reprice contracts or secure more volume in the spot market. Longer term, Moody's views an increase in transportation rates as beneficial to Echo's earnings. Moody's expects Echo's EBITDA margin to improve following the acquisition of the higher margin ITS business. Moody's projects EBITDA margin to improve to around 5%, which is a step up from Echo's EBITDA margin of around 3% over the last couple of years. ITS' higher profitability is reflective of its scaled network of trailer pooling to provide drop trailer services to several large, enterprise customers. The acquisition of ITS will modestly delever the capital structure because of the sponsor's significant equity contribution for the transaction. Moody's estimates pro forma debt/EBITDA at the end of 2025 to be in the low-6x range, almost a half-turn lower than before the acquisition. Moody's expects a further reduction in leverage to below 6.0x by end of 2026 through a combination of debt repayment and earnings growth, including from the annualization of new customer wins in 2025, especially at ITS. Moody's don't anticipate any meaningful acquisition cost synergies as Moody's expects Echo and ITS to operate independently. Moody's expects that Echo's liquidity will remain adequate over the next 12 months. The company's cash position, expected free cash flow and upsized revolver comfortably cover its working capital needs and amortization of term loan principal. Echo upsized the revolver to $250 million in connection with the acquisition financing. Upon the closing of the acquisition, Moody's expects revolver availability of around $200 million. Availability will gradually increase as Echo repays revolver borrowings that were associated with its acquisition of FreightSaver in 2025. Moody's expects Echo's free cash flow to be at least $30 million in 2026 following several years of around breakeven free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Echo's earnings improve to sustain debt/EBITDA below 6x and EBITDA/interest expense above 1.5x. Further, maintaining good liquidity with consistently positive free cash flow could also result in an upgrade. The ratings could be downgraded if Echo's operating performance weakens or the company is unable to generate positive free cash flow. A downgrade could also occur if Echo maintains an aggressive financial policy such that debt/EBITDA is expected to be sustained above 7x or EBITDA/interest expense remains below 1x. The principal methodology used in these ratings was Surface Transportation and Logistics published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Echo Global is a third party logistics provider of freight brokerage services in the truckload and less-than-truckload markets and managed transportation services. Unaudited pro forma gross revenue is approximately $5.4 billion for the twelve months ended December 31, 2025. EDGE INTERMEDIATE: Remora Capital Marks $170,000 Loan at 69% Off ---------------------------------------------------------------- Remora Capital Corp has marked its $170,000 loan extended to EDGE Intermediate, LLC to market at $53,000 or 31% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to EDGE Intermediate, LLC. The Loan accrues interest at a rate of S + 5.25% per annum. The Loan matures on June 5, 2029. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About EDGE INTERMEDIATE, LLC EDGE Intermediate, LLC is a middle-market corporate borrower that has arranged a revolving credit facility, suggesting operations that require flexible working capital financing. EL CASTILLO: Fitch Affirms 'BB+' IDR, Outlook Stable ---------------------------------------------------- Fitch Ratings has affirmed El Castillo Retirement Residences, NM's (El Castillo) Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed the 'BB+' ratings on the series 2012 and 2019A bonds issued by the City of Santa Fe, NM on behalf of El Castillo. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- El Castillo Retirement Residences (NM) LT IDR BB+ Affirmed BB+ El Castillo Retirement Residences (NM) /General Revenues/1 LT LT BB+ Affirmed BB+ The 'BB+' rating reflects El Castillo's consistently strong independent living (IL) occupancy that is supported by a favorable primary market area (PMA) with very limited competition, solid cashflows from IL unit turnover, and moderate unrestricted liquidity. El Castillo breached its 1.2x debt service covenant in fiscal 2025 (ended June 30) and hired a management consultant to develop a three-year strategic plan and restore compliance with bond covenants. Fitch has a Stable Outlook on the community because sizable IL entrance fee and monthly service fee rate increases should support stable, albeit weak, leverage and capital-related metrics. SECURITY A gross revenue pledge, a mortgage on the community and a debt service reserve fund secure the 2012 and 2019A bonds. KEY RATING DRIVERS Revenue Defensibility - 'a' Strong ILU Demand, Limited Competition Fitch's 'Strong' revenue defensibility assessment reflects El Castillo's favorable location that has resulted in consistently strong IL occupancy, averaging 96% over the last five fiscal years. El Castillo's fiscal 2025 weighted average entrance fee of approximately $622,000 is up significantly from $477,000 in fiscal 2024. Management has also instituted a 7% monthly service fee rate increase in 2025 and budgeted a 6% rate increase in 2026. Management notes the increased pricing has not impacted IL or healthcare demand. Though the increase in pricing constrains El Castillo's price flexibility going forward, Fitch believes the fee increases are prudent and necessary to return the organization to a sustainable level of profitability. Fitch expects demand to remain sound given El Castillo's limited competition and a waitlist of over 340 people. Operating Risk - 'bb' Weak Core Operating Performance In fiscal 2025, El Castillo generated an operating ratio and net operating margin (NOM) of 112.8% and negative 0.7%, respectively. El Castillo generates consistently solid IL turnover, which has resulted in an average NOM-adjusted (NOMA) of 18.5% over the past five years, including a sound 26.4% NOMA through six months of fiscal 2026. El Castillo's average age of plant is low at 9.4 years in fiscal 2025. The community is also converting office space on the El Castillo campus to additional IL units. Construction is estimated to begin in fiscal 2027. El Castillo's capital-related metrics are weak. Revenue-only maximum annual debt service (MADS) coverage was only 0.4x in fiscal 2025. Additionally, MADS represented 19.2% of revenue. Fitch expects these metrics to gradually improve through management's ongoing performance-improvement initiatives and fee increases. Financial Profile - 'bb' Sound Liquidity, Weak Debt Metrics Fitch expects key leverage metrics to remain consistent with a 'bb' financial profile assessment even during Fitch's stress case scenario. El Castillo had unrestricted cash and investments of approximately $20.5 million at fiscal YE 2025, which represented 40.2% of total adjusted debt including $4.3 million in its debt service reserve funds. Days cash on hand (DCOH) of 408 days, according to Fitch's calculation, is neutral to the assessment. As of Dec. 31, 2025, El Castillo had a debt service coverage ratio of 1.93x. Asymmetric Additional Risk Considerations No asymmetric risk considerations were relevant to the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening in unrestricted liquidity such that cash-to-adjusted debt falls below 20% and is expected to stabilize at that level could lead to a downgrade; - Indications of weakening ILU demand to levels consistently below 93% or a significant decrease in waitlist households could likewise lead to a downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A higher rating is possible over the long term if cash to adjusted debt is expected to be sustained around 70%; - Material improvement in core operating profitability with an operating ratio below 100% and net operating margin above 3% could lead to an upgrade. PROFILE El Castillo owns and operates two campuses located in Santa Fe, NM. Combined unit count consists of 176 ILU apartments, 25 assisted living units, 11 memory support units, and 21 skilled nursing beds. Total operating revenues in fiscal 2025 were $21.2 million. 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. ENCOMPASS DIGITAL: TCW Direct Lending Marks $42.8M Loan at 71% Off ------------------------------------------------------------------ TCW Direct Lending VII LLC has marked its $42,880,913 loan extended to Encompass Digital Media, Inc. to market at $12,564,108 or 29% of the outstanding amount, according to TCW Direct Lending VII's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending VII LLC is a participant in a loan extended to Encompass Digital Media, Inc. The Loan accrues interest at a rate of 11.42 % including PIK (SOFR + 7.75 %, 1.50 % Floor, all PIK) per annum. The Loan matures on Sept. 28, 2026. TCW Direct Lending VII LLC was formed as a Delaware limited liability company on May 23, 2017. The Company engaged in a private offering of its common limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. the Company may issue preferred units, though it currently has no intention to do so. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About Encompass Digital Media, Inc. Encompass Digital Media, Inc. is a media services company that provides broadcast, digital video and related technical services to content owners, broadcasters and media distributors. ENCOMPASS DIGITAL: TCW Direct Lending VII Marks $4M Loan at 71% Off ------------------------------------------------------------------- TCW Direct Lending VII LLC has marked its $4,027,844 loan extended to Encompass Digital Media, Inc. to market at $1,180,158 or 29.3% of the outstanding amount, according to TCW Direct Lending VII's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending VII LLC is a participant in a revolver loan extended to Encompass Digital Media, Inc. The Loan accrues interest at a rate of 11.42 % including PIK (SOFR + 7.75 %, 1.50 % Floor, all PIK) per annum. The Loan matures on Sept. 28, 2026. TCW Direct Lending VII LLC was formed as a Delaware limited liability company on May 23, 2017. The Company engaged in a private offering of its common limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. the Company may issue preferred units, though it currently has no intention to do so. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About Encompass Digital Media, Inc. Encompass Digital Media, Inc. is a media services company that provides broadcast, digital video and related technical services to content owners, broadcasters and media distributors. ENNIS I-45: Court Extends Cash Collateral Access to May 31 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas approved a stipulation extending Ennis I-45 11 Acre, LLC's use of cash collateral. Under the agreed order, the Debtor is authorized to use cash collateral from March 1 through May 31, 2026, in accordance with an updated budget. All terms of adequate protection previously granted under the final cash collateral order remain in effect during this extended period. The Debtor must provide weekly financial reporting to secured parties, including revenue, expenses, occupancy, and deposit estimates. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/dA3fx from PacerMonitor.com. About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, Esq., at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by: Marc W. Taubenfeld, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Telephone: (214) 855-7523 Facsimile: (214) 855-7585 mtaubenfeld@munsch.com Bay Point Capital Partners II, LP, as secured creditor, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. J. Blake Glatstein, Esq. Vartabedian Hester & Haynes, LLP 301 Commerce St., Suite 3635 Fort Worth, TX 76102 Telephone: (817)214-4990 Facsimile: (214)817) 214-4988 Jeff.prostok@vhh.law Emily.chou@vhh.law Blake.glatstein@vhh.law ENSONO INTERMEDIATE: Moody's Upgrades CFR to B2 & PDR to B2-PD -------------------------------------------------------------- Moody's Ratings upgraded the corporate family rating to B2 from B3 of Ensono Intermediate HoldCo, Inc. (Ensono), a hybrid IT managed service provider. Moody's also upgraded Ensono's probability of default rating to B2-PD from B3-PD and upgraded the senior secured first lien bank credit facilities ratings (term loan and revolving credit facility) of its subsidiary, Ensono, Inc., to B2 from B3. The rating outlooks for both entities were changed to stable from positive. The upgrades of Ensono's ratings reflect the company's materially improved operating performance in 2025, which has strengthened key credit metrics through higher EBITDA and improved earnings quality. Strong operating execution, supported by sustained contract bookings, solid bookings conversion, and margin expansion, has resulted in reduced financial leverage. Moody's expects continued earnings growth and disciplined capital allocation to support further deleveraging in 2026, with debt-to-EBITDA declining to below 5.5x within the next 12 months from Moody's estimates of approximately 6.4x at year-end 2025. This pace of financial leverage reduction represents a sustained shift from prior periods when debt-funded, success-based capital investments limited the company's credit metrics and liquidity. Near-term revenue and earnings visibility remains solid, underpinned by Ensono's contracted business model, average contract duration of approximately five years, and more than $1 billion of total contract value booked in 2025. The company's focus on large enterprise clients with mission-critical workloads continues to support revenue stability, predictable cash generation, and durable customer relationships. In addition, Moody's expects free cash flow generation to improve in 2026, driven by management's stated priority to repay higher-interest finance leases, declining incremental success-based capital intensity as earlier bookings mature, and ongoing working capital efficiency. RATINGS RATIONALE Ensono's B2 CFR reflects the stability and visibility of its contracted, recurring revenue base, supported by solid topline growth, expanding EBITDA, and robust bookings momentum. The company maintains a strong competitive position in managed mainframe and midrange services, a market characterized by high switching costs, mission-critical workloads, and long customer relationships. Ensono's focus on Fortune 1000 enterprises, generally with $1 to $15 billion in annual revenue, has driven continued success in both new logo acquisition and wallet-share expansion among existing clients. Ongoing enterprise efforts to reduce the cost and operational complexity of on-premise IT environments continue to favor outsourced mainframe and legacy workload management, supporting Ensono's steady revenue growth and margin expansion. Over time, capital intensity is expected to moderate, as a greater share of investment becomes success-based and tied to client wins across less capital-intensive services. The CFR is constrained by high financial leverage and sustained negative free cash flow since 2022 driven by significant success-based capital investments associated with strong bookings growth. While these investments underpin future revenue visibility, they have periodically required incremental debt funding, tempering the pace of deleveraging and increasing sensitivity to execution and funding conditions. In addition, customer concentration among the top 10 clients remains a consideration, increasing exposure to contract renewal and volume risk. The senior secured first lien bank credit facilities are rated B2, in line with the B2 CFR, given that the first lien debt represent the preponderance of debt in the capital structure. The senior secured bank credit facilities are guaranteed on a senior secured basis by all current and future domestic restricted subsidiaries. Moody's expects Ensono to have adequate liquidity over the next 12 months primarily supported by $73 million cash on hand as of December 31, 2025, an undrawn $100 million revolving credit facility expiring February 2028, and $76 million available under its $150 million accounts receivable securitization facility due November 2028. A substantial portion of Ensono's capital expenditures are success-based, which can periodically necessitate access to external financing. For year-end 2026, Moody's projects modestly negative free cash flow, driven by elevated success-based capital spending broadly consistent with the prior year and repayment of finance leases. The company was in compliance with the terms of its revolver, which has a springing net first lien secured debt to EBITDA covenant that cannot exceed 7.5x and is tested when the revolver is greater than 40% drawn. The stable outlook reflects Moody's expectations for earnings growth and modest deleveraging over the next 12 months while maintaining at least adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Ensono's ratings if scale meaningfully increases, financial leverage is sustained below 4x and free cash flow is positive on a sustainable basis while maintaining at least good liquidity. A ratings upgrade would also be predicated on management's continued commitment to a conservative credit profile and discipline with respect to shareholder friendly activities. Downward rating pressure could develop if liquidity becomes strained or if financial leverage stays above 5.5x for an extended period. The principal methodology used in these ratings was Communications Infrastructure 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 Chicago area, Ensono is a hybrid IT managed service provider focused on mission critical workloads for enterprise customers. The company supports mainframe, infrastructure, private cloud and public cloud solutions primarily in the US and Europe, with a differentiated expertise in legacy mainframe systems. ENTERPRISE MANAGEMENT: Seeks Approval to Tap Bankruptcy Co-Counsel ------------------------------------------------------------------ Enterprise Management Group, Inc., also known as Enterprise Management Group, Incorporated, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Zachary Perlick, Esq., and William Schroeder, Jr., Esq., attorneys practicing in Pennsylvania, as co-counsel. The attorneys will render these services: (a) prepare all papers required to be filed in connection with this bankruptcy proceeding; (b) give the Debtor legal advice with respect to its powers and duties; (c) represent the Debtor at its Initial Debtor Interview, its first meeting of creditors, all status hearings; confirmation hearings and any Rule 2004 examinations; (d) prepare on behalf of the Debtor all necessary legal papers; and (e) perform all other legal services for the Debtor as may be required and necessary concerning the continued administration of this case. The attorneys' hourly rates are as follows: Zachary Perlick, Esq. $400 William Schroeder, Jr., Esq. $400 Paralegal $120 On March 2, 2026, the attorneys received an initial retainer of $10,000 from the Debtor. Mr. Perlick and Mr. Schroeder disclosed in court filings that they are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorneys can be reached at: William Schroeder, Jr. Esq. 920 Lenmar Drive Blue Bell, PA 19422 Telephone: (215) 822-2728 - and - Zachary Perlick, Esq. 1420 Walnut Street, Suite 718 Philadelphia, PA 19102 Telephone: (215) 569-2922 About Enterprise Management Group Enterprise Management Group, Incorporated is a business management and consulting company that provides administrative, operational, and management support services to clients across various industries. Enterprise Management Group, Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10849) on March 2, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Derek J. Baker handles the case. William Schroeder, Jr. Esq., and Zachary Perlick, Esq., serve as the Debtor's counsel. ENVELOPE MART: Seeks Approval to Hire Fauver as Special Counsel --------------------------------------------------------------- Envelope Mart of Northeast Ohio, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Fauver law firm as special counsel. Fauver will represent the Debtor in a limited capacity related to state court litigation in its chapter 11 case. Fauver shall bill for its services in no larger than half hour increments. Howard Lane, Esq., an attorney at Fauver, 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: Howard Lane, Esq. Fauver 409 East Ave., Suite A Elyria, OH 44035 About Envelope Mart of Northeast Ohio Inc. Envelope Mart of Northeast Ohio Inc., d/b/a Envelope Mart Print Group and EM Print Group, is a wholesale printing company that produces envelopes, sheet printing, and other print services exclusively for print distributors. Founded in 1975, the family-owned business operates in Northeast Ohio and handles high-volume print orders, including stationery management, instruction sheet programs, and warehousing. Envelope Mart of Northeast Ohio Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12125) on May 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Suzana Krstevski Koch handles the case. The Debtor tapped Michael A. Steel, Esq., at Steel & Company Law Firm as counsel and Michael Majkut, CPA, at Majkut CPA's, Ltd. as accountant. ENVELOPE MART: Seeks Court Approval to Tap Majkut CPA as Accountant ------------------------------------------------------------------- Envelope Mart of Northeast Ohio, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Majkut CPA's, Ltd. as accountant. The firm will prepare the corporate tax return for the Debtor. The firm's hourly rates range from $110 to $130. The Debtor paid the firm a total amount of $8,518.50 in December 2025. Michael Majkut, CPA disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Majkut, CPA Majkut CPA's, Ltd. 1288 North Abbe Road, Suite B Elyria, OH 44035 About Envelope Mart of Northeast Ohio Inc. Envelope Mart of Northeast Ohio Inc., d/b/a Envelope Mart Print Group and EM Print Group, is a wholesale printing company that produces envelopes, sheet printing, and other print services exclusively for print distributors. Founded in 1975, the family-owned business operates in Northeast Ohio and handles high-volume print orders, including stationery management, instruction sheet programs, and warehousing. Envelope Mart of Northeast Ohio Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12125) on May 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Suzana Krstevski Koch handles the case. The Debtor tapped Michael A. Steel, Esq., at Steel & Company Law Firm as counsel and Michael Majkut, CPA, at Majkut CPA's, Ltd. as accountant. ESSENCE COMMUNICATIONS: Brightwood Marks $7.2MM Loan at 83% Off --------------------------------------------------------------- Brightwood Capital Corp I has marked its $7,283,000 loan extended to Essence Communications Inc. to market at $1,245,000 or 17% of the outstanding amount, according to Brightwood Capital I's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Brightwood Capital Corp I is a participant in a loan extended to Essence Communications Inc.. The 1L Loan accrues interest at a rate of 3M S + 6.75%, 10.68% PIK per annum. The 1L Loan matures on Nov. 25, 2027. Brightwood Capital Corporation I is a business development company that provides debt and equity financing solutions to middle-market companies. The Fund is led by Sengal Selassie as Chairman of the Board and Chief Executive Officer and Russell Zomback as Chief Financial Officer. The Fund can be reached at: Sengal Selassie Brightwood Capital Corporation I 810 Seventh Avenue, 26th Floor New York, NY 10019 Telephone: (646) 957-9525 About ESSENCE COMMUNICATIONS Essence Communications Inc. is a media and publishing company focused on content and events serving Black women and multicultural audiences. ESSENCE COMMUNICATIONS: Brightwood Marks $9.8MM Loan at 84% Off --------------------------------------------------------------- Brightwood Capital Corp I has marked its $9,885,000 loan extended to Essence Communications Inc. to market at $1,594,000 or 16% of the outstanding amount, according to Brightwood Capital I's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Brightwood Capital Corp I is a participant in a loan extended to Essence Communications Inc.. The Loan accrues interest at a rate of 3M S + 8.75%, 12.87% per annum. The Loan matures on Jan. 30, 2026. Brightwood Capital Corporation I is a business development company that provides debt and equity financing solutions to middle-market companies. The Fund is led by Sengal Selassie as Chairman of the Board and Chief Executive Officer and Russell Zomback as Chief Financial Officer. The Fund can be reached at: Sengal Selassie Brightwood Capital Corporation I 810 Seventh Avenue, 26th Floor New York, NY 10019 Telephone: (646) 957-9525 About ESSENCE COMMUNICATIONS Essence Communications Inc. is a media and publishing company focused on content and events serving Black women and multicultural audiences. EXCELERATE ENERGY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch has affirmed Excelerate Energy Limited Partnership's (Excelerate) Issuer Default Rating (IDR) at 'BB' and senior unsecured notes at 'BB' with a recovery rating of 'RR4'. The Rating Outlook is Stable. Excelerate's rating reflects its stable cash flow profile, low recontracting risk, and strong financial profile. Secure and reliable energy continues to increase in importance, underscoring the value of Excelerate's purpose-built floating storage and regasification units (FSRUs) in helping to meet growing global energy demand. The credit positive is balanced by exposure to markets with higher business interruption risk. The Stable Outlook reflects Fitch's expectations that geopolitical risks will not severely affect Excelerate over the long-term and that most of its assets will remain under long-term take-or-pay contracts over the forecast period. The Outlook further reflects the expectation that vessels can be recontracted at supportive rates when current charter terms end. Key Rating Drivers Geopolitical Uncertainty: Fitch does not expect the current conflict in Iran to have a meaningful impact on Excelerate's credit profile. Fitch believes that the long-term closure of the Strait of Hormuz is not likely because of its vital role in the global economy. Fitch has built a delay into Excelerate's Iraq project and added a general near-term disruption of LNG transportation operations in the region into its base case analysis; however, Fitch does not believe this will have a lasting impact on Excelerate's business or financial profile. Contracted Portfolio with Creditworthy Counterparties: Excelerate receives approximately 90% of its EBITDA from long-term, take-or-pay time charters, providing cash flow stability regardless of whether its services are rendered. The company's role as a provider of reliable energy to power-hungry markets, its strong operational track record, and the integration of its fleet with downstream industrial and power applications have resulted in contract renewals and capacity expansions. Excelerate's customers include state-owned oil and gas companies, transmission operators, and industrial natural gas users. These counterparties generally view the natural gas supplied by Excelerate as essential. Although Fitch does not rate many of the off-takers, Fitch estimates their credit quality is either linked to the sovereign, for government-related entities, or constrained by their operating environment. Fitch estimates the weighted-average counterparty rating is in the mid-to-high 'BB' range and views customer and geographic risks as well diversified. Recontracting Risk: Excelerate's contracts have a weighted average remaining term of about 12 years on all current FSRUs and the Jamaica operations, with a laddered maturity profile. Over the forecast period, one contract term ends in each of 2027 and 2028, and one evergreen contract requires 12 months' notice prior to termination. Timely recontracting is important to the rating. Fitch expects the company to renew and expand contracts, based on its integration with downstream infrastructure and strong operating track record. Fitch expects strong near-term demand to command pricing power above historical levels. Strong Financial Profile: As of Dec. 31, 2025, Excelerate's leverage was 2.6x. Fitch expects leverage of around 2.7x during the forecast period as the company's growth plans are delayed, yet capex remains elevated and a primary use of cash. Fitch views this as a modest leverage level. Fitch will monitor whether Excelerate finances future growth plans through free cash flow (FCF) or additional debt financing. Fitch does not include finance leases as debt in its leverage calculations; it does include vessel financings as debt. Country Ceiling and Operating Environment: Fitch measures the relationship between cash flow generation in a given country and hard-currency gross interest expense in determining a multinational company's applicable Country Ceiling. During Fitch's forecast period, Excelerate's Country Ceiling of 'AA+' would not constrain the IDR. Fitch has also assessed the Operating Environment score pro forma for an operational Iraq project, which will constrain the rating at 'BB+'. Operating Environment is assessed by both asset location and cashflow generation location. Peer Analysis Excelerate Energy Limited Partnership's (BB/Stable) most direct peer is Energos Infrastructure Holdings Finance LLC (Energos; B+/Stable). Energos operates globally in emerging and developed markets, offering a full range of regasification services, including FSRUs, infrastructure development, LNG, and natural gas supply. Both companies predominantly generate revenue from take-or-pay time charters of similar length from FSRUs. However, since the acquisition of its Jamaica assets, Excelerate also owns and operates a power plant, onshore terminals and trucks, diversifying its operations. Both companies have similar geographic diversity, but Excelerate has significantly less counterparty concentration than Energos. Fitch forecasts Excelerates's leverage around 2.7x over the forecast period, which is more than two notches lower than Fitch's Energos leverage forecast. Energos' customer concentration with New Fortress Energy Inc (RD) and higher leverage drive the two-notch rating difference with Excelerate's rating. Excelerate is generally considered strongly positioned within the rating category while Energos is considered weakly positioned within the rating category. Fitch’s Key Rating-Case Assumptions - Excelerate acquires an LNG Carrier in 2025 with conversion to an FSRU by the end of 2027; - Dividends grow over the forecast; - Slow increase in maintenance capex; - Express is recontracted and contributing similar EBITDA before the end of 2026; - Fitch Oil and Gas Price Deck; - Base interest rates in line with the Fitch Global Economic Outlook. 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 (bb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb-, Lower), Company Operational Characteristics (bb, Higher), Profitability (bb, Higher), 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 latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 3.5x on a sustained basis; - Deterioration in counterparty credit quality or a meaningfully larger percentage of cash flows from emerging markets; - An acquisition or pursuit of an organic growth strategy that significantly increases business risk; - Any construction or shipping issues that significantly delay or weaken cash flows; - Further deterioration in the Operating Environment Score below 'BB'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A significantly larger percentage of cash flows from developed markets; - EBITDA leverage below 2.5x on a sustained basis without meaningful weakening of counterparty credit quality. Liquidity and Debt Structure As of Dec. 31, 2025, Excelerate had around $1 billion of liquidity, consisting of $500 million of availability on its senior secured revolving credit facility and $538 million in cash and cash equivalents. Excelerate had $171.3 million in outstanding letters of credit under a bilateral facility. Maturities for Excelerate are manageable, with quarterly amortization of debt. The nearest maturity is the revolving credit facility due in March 2029. Excelerate has various financial covenants under its existing facilities and financings. Under its credit agreement, given that Excelerate has unsecured debt equal to or greater than $250 million, the maximum permitted consolidated total leverage is 4.25x. Under its Experience Vessel Financing, there are financial covenants for Excelerate to maintain a maximum debt-to-equity ratio of 3.5x and a minimum equity of $500 million. Its 2017 Bank Loans include various financial covenants, such as the requirement that the project company maintain a quarterly debt service coverage ratio of 1.10x. As of Dec. 31, 2025, Excelerate was in compliance with its financial covenants, and Fitch expects Excelerate to remain in compliance with its financial covenants over the forecast period. In 2021, waivers for the 2017 Bank Loans were obtained for immaterial non-financial covenants and are still in effect. There is no end date to the waivers. Issuer Profile Excelerate Energy Limited Partnership (Excelerate) offers a full range of regasification services, from FSRUs to infrastructure development, to LNG and natural gas supply. Excelerate also owns and operate a power plant. Excelerate operates globally with customers in Argentina, Bangladesh, Brazil, Finland, Germany, Jamaica, Pakistan, and the United Arab Emirates. Summary of Financial Adjustments Fitch typically adjusts midstream energy companies' operating costs to include finance lease interest expense and excludes finance lease amortization from D&A. Fitch adds back stock-based compensation expenses to Excelerate's EBITDA. Fitch also excludes interest rate swap gains/losses from Excelerate's interest expense and adds back transaction expenses to EBITDA. 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 Excelerate Energy Limited Partnership. 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 ----------- ------ -------- ----- Excelerate Energy Limited Partnership LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB FAIR OFFER: Trustee Taps McLemore Auction Company as Auctioneer --------------------------------------------------------------- Robert J. Mendes, the trustee appointed in the Chapter 11 case of Fair Offer Cash Now, Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ McLemore Auction Company, LLC as auctioneer. The firm will market and sell the Debtor's properties located at: 1. 7633 Christiana Fosterville Rd, Christiana, TN 37067; 2. 799 Evergreen St., Dresden, TN 38225; 3. 689 Welch Road, Dyersburg, TN 38024; 4. 150 Louden Hwy, Kingston, TN 37763; 5. 509 Leath Street, Memphis, TN 38105; 6. 1185 Knowling Loop Rd., Talbott, TN 37877; 7. 815 S. Shepherd St., Winchester, TN 37398; 8. 255 Biltmore Rd, Mansfield, GA 30055; 9. 5902 Springfield Boulevard, Jacksonville, FL 32208; and 10. 2114 Orr Rd., Poplar Bluff, MO 63901 The firm will receive a 10% commission on the final sales price at closing. McLemore Auction Company, LLC, is disinterested within the meaning of 11 U.S.C. Sec. 101(14) and holds no interest adverse to the estate, according to court filings. The firm can be reached through: Will McLemore, CAI McLemore Auction Company, LLC 470 Woodycrest Avenue Nashville, TN 37210 Phone: (615) 543-6281 Email: will@mclemoreauction.com 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 Robert J. Mendes, Esq., at Epstein Becker & Green, PC as counsel. FERRARI IMPORTING: Seeks to Tap FBT Gibbons as Bankruptcy Counsel ----------------------------------------------------------------- Ferrari Importing Company, doing business as GAMMA Sports, seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ FBT Gibbons LLP as counsel. The firm's services include: (a) advise the Debtor with respect to itspowers and duties; (b) attend meetings; and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of this bankruptcy case; (c) take all necessary action to protect and preserve the Debtor's assets; (d) negotiate cash collateral issues and possibly post-financing; (e) prepare legal papers and other pleadings necessary to administer the Debtor's estate and assist it with the bankruptcy process; (f) assist the Debtor with all facets of the sale of substantially all of its assets pursuant to section 363 of the Bankruptcy Code; (g) prepare and negotiate on the Debtor's behalf concerning its subchapter v plan, related agreements and/or documents, and taking any necessary action on behalf of it to obtain confirmation of such plan(s); (h) appear before this Court, appellate courts, and any other courts to protect the interests of the Debtor and its estate; and (i) perform any and all other necessary legal services in connection with this bankruptcy case. The discounted hourly rates of the firm's counsel and staff are as follows: Jillian Snider, Partner $655 Jason Ott, Partner $645 Bryan Sisto, Senior Associate $565 Rachel McCartney, Paralegal $300 In addition, the firm will seek reimbursement for expenses incurred. On March 16, 2026, the firm received a retainer of $100,000 from the Debtor. Mr. Ott 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: Jason L. Ott, Esq. FBT Gibbons LLP 501 Grant Street, Suite 800 Pittsburgh, PA 15219 Telephone: (412) 513-4300 Email: jott@fbtgibbons.com About Ferrari Importing Ferrari Importing, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa., Case No. 26-20738) on March 17, 2026. In its petition, the Debtor reports estimated assets of $50 million to $100 million and estimated liabilities of $50 million to $100 million. Honorable Chief Bankruptcy Judge Gregory L. Taddonio handles the case. The Debtor is represented by Jason L. Ott, Esq., at Frost Brown Todd LLC. FINCH THERAPEUTICS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Finch Therapeutics Group, Inc. About Finch Therapeutics Group Finch Therapeutics Group Inc. is a microbiome therapeutics company founded in 2014 that focused on technologies designed to restore the human microbiome and address diseases linked to microbial imbalances. The company built an intellectual property portfolio of more than 160 U.S. and international patents and applications covering donor-derived and donor-independent therapies for conditions such as ulcerative colitis, Crohn's disease and autism spectrum disorder. After discontinuing its Phase III CP101 trial for recurrent Clostridioides difficile infection in January 2023, Finch ceased development activities and shifted its focus to monetizing its intellectual property through licensing and enforcement, and as of March 22, 2026, is non-operating with no consistent revenue or positive cash flow, with its primary assets consisting of its intellectual property and related research portfolio. Finch Therapeutics Group and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. D. Del. Lead Case No. 26-10409) on March 22, 2026. In the petitions signed by Matthew P. Blischak, chief executive officer, Finch Therapeutics Group disclosed up to $10 million in assets and up to $50,000 in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Chipman Brown Cicero & Cole, LLP and Ropes & Gray, LLP as counsel and Rock Creek Advisors as investment banker and financial advisor. Omni Agent Solutions, Inc. is the Debtors' claims and noticing agent. FINLEY DESIGN: Cash Collateral Hearing Set for May 5 ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina is set to hold a hearing on May 5 to consider extending Finley Design, P.A.'s authority to use cash collateral. The Debtor was previously allowed to access cash collateral from March 1 to 31 under the court's March 3 10th interim order. The 10th interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget. The order provided First Citizens Bank & Trust Co. and five other creditors with protection through replacement lien on the Debtor's post-petition property and monthly payment of $1,500 to First Citizens. The four other creditors that may have interest in the cash collateral are Marlin Leasing Co., Kapitus, LLC, Blade Funding Corp., Highland Hill Capital, LLC, and the U.S. Small Business Administration. These creditors hold UCC-perfected security interests. About Finley Design P.A. Finley Design P.A., doing business as Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Philip Sasser, Esq. Sasser Law Firm Tel: 919-319-7400 Email: philip@sasserbankruptcy.com FIRST BRANDS: Kennedy Lewis Virtually Writes Off $716,575 Loan -------------------------------------------------------------- Kennedy Lewis Capital Co has marked its $716,575 loan extended to First Brands Group, LLC to market at $1,455 or 100% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Kennedy Lewis Capital Co is a participant in a first lien loan extended to First Brands Group, LLC. The Loan accrues interest at a rate of S + 7.00 %, 10.99 % per annum. The Loan matures on March 30, 2027. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About First Brands Group, LLC First Brands Group, LLC is an automotive parts manufacturer and supplier known for producing replacement components and related products for the aftermarket. FIRST BRANDS: Kennedy Lewis Virtually Writes Off $821,770 Loan -------------------------------------------------------------- Kennedy Lewis Capital Co has marked its $821,770 loan extended to First Brands Group, LLC to market at $9,450 or 1% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Kennedy Lewis Capital Co is a participant in a first lien loan extended to First Brands Group, LLC. The Loan accrues interest at a rate of S+7.00%PIK, 10.84% per annum. The Loan matures on June 29, 2026. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About First Brands Group, LLC First Brands Group, LLC is an automotive parts manufacturer and supplier known for producing replacement components and related products for the aftermarket. FLAGSTAR BANK: Moody's Hikes Deposit Rating From Ba1, Outlook Pos. ------------------------------------------------------------------ Moody's Ratings has upgraded all long-term ratings and assessments of Flagstar Bank, NA (Flagstar), including its long-term deposit rating to Baa3 from Ba1 and its baseline credit assessment (BCA) and adjusted BCA to ba2 from ba3. The bank's short-term deposit rating was upgraded to Prime-3 from Not-Prime. The bank's short-term counterparty risk ratings and short-term counterparty risk assessment were affirmed at Not-Prime and Not-Prime(cr), respectively. The long-term counterparty risk ratings and long-term counterparty risk assessment were upgraded to Ba2 from Ba3, and Ba1(cr) from Ba2(cr), respectively. In addition, Flagstar's long-term issuer and subordinate debt ratings were upgraded to Ba3 from B1, preferred stock non-cumulative rating was upgraded to B2 (hyb) from B3 (hyb) and New York Community Capital Trust V's backed preferred stock rating was upgraded to B1 (hyb) from B2 (hyb). The outlook remains positive on Flagstar's long-term deposit and issuer ratings. RATINGS RATIONALE The upgrade of Flagstar Bank, NA reflects (1) the successful remediation of previously identified material weaknesses in internal controls over financial reporting, resulting in a standard unqualified audit opinion; (2) demonstrated progress toward sustainable profitability, with a credible path to achieving a consistent return on assets above 0.5% without incurring further outsized losses; and (3) a materially strengthened capital position, with tangible common equity to risk weighted assets of approximately 13%, which Moody's expects to remain above 10.5% even as loan growth resumes. A key driver of the rating action is Flagstar's successful remediation of its material weaknesses in internal controls over financial reporting, as evidenced by the receipt of a standard unqualified audit opinion. The remediation represents a critical inflection point in the bank's governance and control environment following an extended period of elevated operational and reporting risk. Over the past two years, management has made substantial investments in audit, finance, risk management, compliance, and information technology, including enhancements to the second and third lines of defense. Resolution of these deficiencies meaningfully reduces execution risk, improves the reliability of financial reporting, and removes a key constraint on the bank's credit profile. Notwithstanding the above, Flagstar's ESG credit impact score of CIS-4 and governance issuer profile G-4 are being maintained as a result of still elevated execution risk of the new management team's strategy. Improving earnings performance and a clearer, though still developing, path toward sustainable profitability also underpin the higher rating. Flagstar returned to profitability in the fourth quarter of 2025, driven by net interest margin expansion, moderating credit costs, and materially lower operating expenses following extensive balance sheet repositioning and cost reduction initiatives. Moody's expects continued earnings improvement supported by higher yielding C&I loan growth, reduced reliance on wholesale funding, and further normalization of credit costs as legacy CRE risks are worked down. While earnings performance may remain subject to some variability as growth resumes and execution risks persist, Moody's views the recent improvement and trend as sufficiently established to support the upgraded rating. Capital strength provides an additional source of rating support. Tangible common equity to risk weighted assets (TCE/RWA) has increased to approximately 13%, well above levels that previously constrained the rating, reflecting a combination of capital actions, asset reductions, retained earnings, and disciplined balance sheet management. Importantly, Moody's expects the TCE/RWA ratio to remain above 10.5% for the medium term even as loan growth resumes, providing a meaningful buffer against potential credit volatility during the next phase of balance sheet expansion. The stronger capital profile enhances loss absorption capacity and supports execution of the bank's strategic shift toward a more diversified and higher return business mix. Despite the upgrade, Flagstar's ba2 baseline credit assessment remains below the baa1 median bank, reflecting elevated credit risk associated with a meaningful concentration in CRE assets that are also geographically concentrated in New York, limiting diversification benefits relative to the median bank, as well as a lending and funding strategy that is still in transition. The loan portfolio is evolving from a historically heavy concentration in commercial real estate toward greater commercial and industrial lending, a shift that is expected to take several years and will need to demonstrate stable performance through the cycle. In addition, while funding metrics have improved, the bank continues to rely more heavily on wholesale funding than similarly rated peers. The positive outlook reflects expectations that Flagstar will continue to reduce its concentration in commercial real estate lending by redeploying capital into its growing commercial and industrial (C&I) loan portfolio as well as reducing its reliance on wholesale funding. The outlook also assumes a gradual moderation in capitalization from levels that are stronger than historical norms, contingent on an improved lending and funding profile, consistent earnings growth and the absence of additional credit losses that have weighed on performance over the past two years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could develop if Flagstar demonstrates the ability to generate stable and sustainable earnings as its loan portfolio shifts toward a higher proportion of commercial and industrial lending. An upgrade would also be contingent on a continued reduction in reliance on wholesale funding sources and the maintenance of capitalization—measured as Moody's Ratings adjusted tangible common equity to risk weighted assets—comfortably above 10.5%. Downward rating pressure could develop if Flagstar encounters difficulties repositioning its loan portfolio toward commercial and industrial lending, resulting in weaker than expected profitability, or if there is evidence of deteriorating underwriting standards or rising nonperforming loans. Ratings could also come under pressure if the bank materially increases its reliance on more confidence sensitive or short term wholesale funding sources. The principal methodology used in these ratings was Banks published in November 2025. Flagstar's "Assigned BCA" of ba2 is set five notches below the "Financial Profile" initial score of a3 to reflect the bank's transitioning lending and funding profile and its asset concentrations. FLORIDA KEYS: Case Summary & 19 Unsecured Creditors --------------------------------------------------- Debtor: Florida Keys Lobster House, Inc. d/b/a Florida Keys Steak and Lobster House 3660 Overseas Hwy Marathon, FL 33050 Business Description: Florida Keys Lobster House, Inc., doing business as Florida Keys Steak and Lobster House, operates a steak and seafood restaurant in the Florida Keys, Florida, offering lunch and dinner service alongside sushi, wine, and seasonal specials. Its menu features a range of steak and seafood dishes, including appetizers, soups, and salads, and serves customers seeking casual and fine dining options. Chapter 11 Petition Date: April 3, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-14233 Debtor's Counsel: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 Email: chad@cvhlawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Maria Ely as president. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MZTM4UA/Florida_Keys_Lobster_House_Inc__flsbke-26-14233__0001.0.pdf?mcid=tGE4TAMA FOOD52 INC: Unsecured Creditors Will Get 2.6% of Claims in Plan --------------------------------------------------------------- Salt House, Inc. f/k/a Food52, Inc. submitted a Revised Disclosure Statement for the Chapter 11 Plan dated March 25, 2026. The Debtor filed for chapter 11 bankruptcy protection on December 29, 2025. The Debtor sold substantially all of its assets during the Chapter 11 Case for an aggregate purchase price of approximately $12,350,000 plus assumed liabilities, through (i) the sale of the Food52 assets to F52, LLC, as set forth in the Food52 Purchase Agreement, (ii) the sale of the Schoolhouse assets to Troy-CSL Lighting, Inc., as set forth in the Schoolhouse Purchase Agreement, and (iii) the sale of the Dansk assets to Form Portfolios LLC, as set forth in the Dansk Purchase Agreement. The next phase of the Chapter 11 Case is the Confirmation and consummation of the Plan, pursuant to which the Debtor will liquidate and distribute its remaining assets, including the remaining proceeds from the Sales (the "Sale Proceeds"), in accordance with the priority scheme set forth in the Bankruptcy Code. The Debtor's Estate currently holds approximately $5,830,075 in cash, after accounting for accrued and unpaid expenses, and holds various other assets, including, but not limited to, Retained Causes of Action. The Plan provides for, among other things: (a) the payment of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Class 1 Secured Claims, and Allowed Class 2 Other Priority Claims in full, or otherwise renders such Claims Unimpaired, (b) the appointment of the Liquidating Trustee pursuant to the mechanics set forth in the Plan, and (c) the establishment of a Liquidating Trust to (i) administer Claims and liquidate and distribute the Liquidating Trust Assets to the Holders of Allowed Class 3 General Unsecured Claims and (ii) wind-down the Debtor. As set forth in the Plan, the Liquidating Trust Assets will vest in and be transferred to the Liquidating Trust on the Effective Date and include: (a) the Effective Date Cash Amount; and (b) all other assets of the Debtor, including, but not limited to, (i) all tangible and intangible assets, including the Insurance Policies, (ii) the Retained Causes of Action, and (iii) the Debtor's books and records, including all documents, communications, and information of the Debtor, including, without limitation, such documents, communications, and information protected by the attorney-client privilege, the work-product privilege, and any other applicable evidentiary privileges. Under the direct supervision of the Special Committee, Young Conaway reviewed thousands of pages of documentation regarding, among other things, the Debtor's debt obligations, corporate governance materials, such as information provided to the Board and minutes and other materials related to meetings of the Board, insurance policies, and correspondence among the Sponsor and the Debtor. The Special Committee, working with Young Conaway, then performed a factual examination and a review and analysis of applicable law for the potential Causes of Action. Young Conaway held weekly meetings with the Special Committee to discuss the Investigation's progress, process, and preliminary findings. On March 23, 2026, Young Conaway presented its findings to the Special Committee. Through its independent decision-making process, the Special Committee did not identify any plausible or colorable potential Causes of Action against any Insider that, if pursued by the Debtor, is likely to provide value to the Estate. Class 3 consists of General Unsecured Claims. On the Effective Date, or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtor or the Liquidating Trustee, as applicable, agree to less favorable treatment for such Holder, in full and final satisfaction of the Allowed General Unsecured Claim, each Holder thereof will receive its pro rata share of the Beneficial Trust Interests, which Beneficial Trust Interests shall entitle the holders thereof to receive their pro rata share of the distributable proceeds from the Liquidating Trust Assets. Class 3 is Impaired, and Holders of the General Unsecured Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $28,370,000. This Class will receive a distribution of 2.6% of their allowed claims. The Debtor's estimated amount of General Unsecured Claims excludes contingent and unliquidated litigation claims and claims filed by the Sponsor on account of the $15 million SVB Unsecured Loan guarantee, which the underlying General Unsecured Claims are already included in the estimate. The estimated amount also does not fully account for lease rejection claims, according to a footnote of the Revised Disclosure Statement. Subject in all respects to the provisions of the Plan concerning the Professional Fee Reserve, and except as otherwise provided in the Plan, the Debtor or the Liquidating Trustee (as applicable) shall fund distributions under the Plan with Cash on hand on the Effective Date and all other Liquidating Trust Assets. A full-text copy of the Revised Disclosure Statement dated March 25, 2026 is available at https://urlcurt.com/u?l=hOjPbY from Verita Global, claims agent. Counsel to the Debtor: Elizabeth S. Justison, Esq. Michael R. Nestor, Esq. Kara Hammond Coyle, Esq. Andrew M. Lee, Esq. Brynna M. Gaffney, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Phone: (302) 571-6669 E-mail: ejustison@ycst.com About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on Dec. 29, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Laurie Selber Silverstein handles the case. The Debtor tapped Young Conaway Stargatt & Taylor as bankruptcy counsel; Meru, LLC as financial advisor; and Core Advisors, LLC asinvestment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the administrative advisor and claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee tapped Robinson & Cole LLP as counsel. GALWAY ENTERPRISES: Seeks to Hire Molleur Law Offices as Counsel ---------------------------------------------------------------- Galway Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ Molleur Law Office as counsel. The firm's services include: (a) make consultations regarding bankruptcy; (b) prepare the petition and schedules necessary to commence the case; (c) prepare the Chapter 11 Plan; (d) attend at the status conference, section 341 meetings and Rule 2004 examinations; (e) negotiate with creditors regarding the Plan; (f) attend at court hearings for confirmation of the Debtor's Plan; and (g) prosecute and defend any contested matters, motions or adversary proceedings in the Bankruptcy Court necessary for the successful conclusion of the Debtor's Chapter 11 case. The firm will be paid at these hourly rates: Tanya Sambatakos, Attorney $400 Melissa Bourque, Paralegal $140 Deana Kariotis, Paralegal $140 In addition, the firm will seek reimbursement for expenses incurred. Ms. Sambatakos 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: Tanya Sambatakos, Esq. Molleur Law Office 190 Main Street, 3rd Fl. Saco, ME 04072 Telephone: (207) 283-3777 Email: tanya@molleurlaw.com About Galway Enterprises Galway Enterprises, LLC is a single-asset real estate company, as defined in 11 U.S.C. Section 101(51B). Galway Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 26-20042) on February 26, 2026, with $1 million to $10 million in both assets and liabilities. John V. Cloutier, member, signed the petition. Judge Peter G. Cary oversees the case. Tanya Sambatakos, Esq., at Molleur Law Office represents the Debtor as counsel. GCI LLC: Moody's Affirms 'B1' CFR & Alters Outlook to Positive -------------------------------------------------------------- Moody's Ratings affirmed the B1 corporate family rating of GCI, LLC (GCI), a provider of data, mobile, voice, and managed services to consumer and commercial customers throughout Alaska. Moody's also affirmed the company's B1-PD probability of default rating and B3 senior unsecured notes rating. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2. The outlook was changed to positive from stable. The change to a positive outlook from stable recognizes GCI's strong credit metrics supported by the business's stability and predictability of revenue and cash flows. Moody's have increased confidence in the sustainability of the company's elevated and growing reliance on Universal Service Fund (USF) subsidies following last year's Supreme Court ruling that the FCC's USF contribution mechanism is constitutional. While the legality of the USF has been challenged throughout history, and Moody's expects litigation risk will likely loom in the future, Moody's believes the risk of a materially negative impact to GCI's USF funding to be low in the near to mid-term. RATINGS RATIONALE GCI's B1 CFR reflects the company's strong market position in Alaska as a leading communications provider, good liquidity, and moderately low financial leverage of 2.3x as of year-end 2025. GCI's fiber and wireless networks position the company competitively within its footprint across broadband, voice, and wireless services for both residential and commercial customers. Robust broadband demand supports strong and stable Moody's adjusted EBITDA margins in the low-40% range, largely offsetting weaknesses in other areas of the business. GCI's ratings are constrained by its small scale, limited geographic diversification, and exposure to an Alaskan economy that is highly dependent on volatile oil markets. Governance risks, including highly concentrated ownership, further weigh on the credit profile. Additional constraints include the company's elevated and increasing reliance on USF subsidies, where heightened regulatory oversight has periodically delayed collections, pressured working capital and free cash flow, and driven unfavorable changes to pricing and revenue. Operating performance is further pressured by wireless competition, increasing competition from non-geostationary satellite providers that has weighed on consumer broadband subscriber counts, and secular declines in legacy wireline voice services. Moody's do not expect any material changes to financial policy, notwithstanding a pending request that would allow John Malone, GCI Liberty's (parent company of GCI, LLC) largest shareholder, to exercise voting control in excess of 50%. Malone currently holds approximately 53.5% of the voting power in GCI Liberty, though his voting power remains capped at 49.99% under an existing side-letter agreement. A regulatory decision on the request is expected in the second half of 2026. If approved, Moody's do not expect the change to result in a material shift in GCI's financial policy or credit profile. Malone has maintained significant influence over GCI since 2017, when Liberty Interactive, an entity controlled by Malone, acquired GCI, LLC, and he has served as chairman of the parent company since that time. During this period, GCI's financial policy has remained conservative and broadly consistent, characterized by measured financial leverage, disciplined capital allocation, and stable management oversight. Importantly, Malone already exercises substantial governance influence, suggesting that formalizing majority voting control would have no practical impact on existing control dynamics and would not introduce a new strategic direction. As such, Moody's views the potential ownership change with limited implications for GCI's leverage tolerance, dividend policy, or risk appetite. GCI's SGL-2 speculative-grade liquidity rating reflects good liquidity, supported by solid cash balances, ample availability under its revolving credit facility despite a partial draw, and meaningful covenant headroom. As of 31 December 2025, the parent company held $416 million of unrestricted cash, including $317 million at the parent level and $99 million at GCI, LLC. In addition, Moody's expects the company to generate positive free cash flow over the next 12 months. Liquidity is further supported by availability under the $450 million revolver expiring March 2030 (not rated). With $70 million drawn and $3 million in outstanding letters of credit, the company had $377 million of remaining revolver availability. The credit facility includes a 4.0x maximum first-lien leverage maintenance covenant, as well as 4.5x secured leverage and 6.5x total leverage incurrence tests. Moody's expects GCI to remain comfortably in compliance with all covenants over the next year. Alternate sources of liquidity are limited, reflecting a mixed capital structure with nearly half of the debt secured. Nonetheless, the company owns identifiable assets with marketable value that could be monetized, if needed, providing some financial flexibility. The senior unsecured notes are rated B3, two notches below the B1 CFR, reflecting its subordination to the senior secured bank credit facilities (not rated), consisting of a $450 million revolver expiring March 2030 and a $300 million outstanding term loan A due March 2031 (though subject to a springing maturity). The instrument rating reflects the probability of default of the Company, as reflected in the B1-PD Probability of Default Rating, and an average expected family recovery rate of 50% at default given the mixed capital structure with both senior and junior claim priorities. A $4 million note payable to Wells Fargo is ranked pari passu with the senior unsecured notes. The positive outlook reflects Moody's expectations that over the next 12 months the company will deliver low-single-digit revenue growth, generate positive free cash flow, and maintain good liquidity, while sustaining debt to EBITDA below 3.0x. The outlook also assumes no material change to GCI's financial policy or underlying credit profile in the event that GCI's largest shareholder obtains voting control in excess of 50% at GCI Liberty. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains debt to EBITDA below 3.25x while generating free cash flow-to-debt in the high-single-digit percentages or greater. An upgrade could also be supported by an expectation that financial policy will remain conservative and will not result in a weakening of GCI's future credit profile. The ratings could be downgraded if debt to EBITDA is sustained above 4.25x, or free cash flow to debt is sustained below 5%. A downgrade could also be considered if liquidity deteriorated, financial policy turned more aggressive, or financial performance declined materially. The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. The B1 CFR is three notches below the year-end 2025 scorecard-indicated outcome of Ba1. The difference is primarily attributable to the company's small scale and high concentration of USF revenue. GCI, LLC's principal operating asset is a leading integrated, facilities-based communications provider based in Anchorage, Alaska, offering local and long-distance voice, wireless, and data services to consumer and commercial customers throughout the state. The Company, wholly owned by GCI Liberty (not rated), generated approximately $1 billion in revenue for year-end 2025. GCI Liberty was formed in December 2024 for the purpose of ultimately holding the GCI business following its spinoff from Liberty Broadband in July 2025. GEDDO CORPORATION: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Geddo Corporation 1220 N. Batavia St. Orange, CA 92867 Business Description: The Debtors collectively own and operate 12 franchised Farmer Boys restaurants in California and Arizona, with locations in Brea, Ceres, La Habra, Lodi, Orange, Corona, Bakersfield, Hanford, Fontana, Riverbank and Escondido, California; and Surprise, Arizona. The group employs about 250 people and is owned by Joseph Sadek and George Sadek through Geddo Corporation, Sanos LLC, Bakers Casual Food LLC, Hanford Food LLC and AZ Fresh LLC, while Kings Food, Inc. and The MASA Corporation are owned by Joseph Sadek, George Sadek and Omar Mawas. Chapter 11 Petition Date: March 31 2026 Court: United States Bankruptcy Court Central District of California Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Geddo Corporation (Lead Case) 26-11022 Bakers Casual Food LLC 26-12472 Hanford Food LLC 26-12473 Kings Food, Inc. 26-12475 The MASA Corporation 26-12476 Sanos LLC 26-12477 AZ Fresh, LLC 26-12478 Judge: Hon. Magdalena Reyes Bordeaux Debtors' Counsel: Garrick A. Hollander, Esq. WINTHROP GOLUBOW HOLLANDER, LLP 1301 Dove Street, Suite 500 Newport Beach, CA 92660 Tel: 949-720-4100 Fax: 949-720-4111 E-mail: ghollander@wghlawyers.com Geddo Corporation's Estimated Assets: $1 million to $10 million Geddo Corporation's Estimated Liabilities: $10 million to $50 million The petitions were signed by George Sadek as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YNPLNRY/Geddo_Corporation__cacbke-26-11022__0001.0.pdf?mcid=tGE4TAMA List of Geddo Corporation's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Farmer Boys Note $500,000 Franchising Co. Attn: Joseph Ortiz 3452 University Ave Riverside, CA 92501 2. Farmer Boys Back Rent and $300,000 Franchising Co. Royalties Attn: Joseph Ortiz 3452 University Ave Riverside, CA 92501 3. Farmer Boys Loan $250,000 Franchising Co. Attn: Joseph Ortiz 3452 University Ave Riverside, CA 92501 4. Marlin Leasing Trade $139,000 Attn: Corporate Officer 300 Fellowship Rd Mount Laurel, NJ 08054 5. Havadji Holdings Trade $39,000 Attn: Corporate Officer 3800 Orange St., Suite 250 Riverside, CA 92501 6. The Michaels Family Trust Trade $21,000 Attn: Corporate Officer 238 Calle Del Verano Palm Desert, CA 92260 7. Vantiv Payment System Trade $16,000 Attn: Corporate Officer 8500 Governors Hill Dr Suite 400 Cincinnati, OH 45249 8. Global Media Group Trade $14,800 Attn: Corporate Officer 30252 Tomas, #200 Rancho Santa Margarita, CA 92688 9. Edison Trade $12,500 Attn: Corporate Officer 2244 Walnut Grove Avenue Rosemead, CA 91770 10. PG&E Trade $6,500 Attn: Corporate Officer 300 Lakeside Drive Oakland, CA 94612 11. The Gas Co. Trade $5,800 Attn: Corporate Officer 555 W. 5th Street Los Angeles, CA 90013 12. City Of Lodi Trade $3,988 Attn: Corporate Officer 221 West Pine Street Lodi, CA 95240 13. Quickbooks Payroll Service Trade $3,400 Attn: Corporate Officer 2700 Coast Ave Mountain View, CA 94043 14. Turlock Irrigation District Trade $3,200 Attn: Corporate Officer 333 East Canal Driv Turlock, CA 95380 15. Mercury Payment System Trade $2,800 Attn: Corporate Officer P.O. Box 11991 Santa Ana CA 92711 16. HME Trade $2,800 Attn: Corporate Officer 2848 Whiptail Loop Carlsbad, CA 92010-6708 17. S.M.A. Financial, Inc. Trade $2,400 Attn: Corporate Officer 20 Truman Irvine, CA 92620 18. Cintas Corporation Trade $2,400 Attn: Corporate Officer P.O. Box 29059 Phoenix, AZ 85038 19. CR&R Inc Trade $1,980 Attn: Corporate Officer P.O. Box 1098 Stanton, CA 90680 20. Galasso's Trade $1,700 Attn: Corporate Officer 1340 E 6th St Los Angeles, CA 90021 GEDDO CORPORATION: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------ On March 31, 2026, Geddo Corporation filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 50 and 99 creditors. About Geddo Corporation Geddo Corporation is a business entity operating in the United States, though specific operational details were not disclosed in initial filings. Geddo Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11022) on March 31, 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 Mark D. Houle handles the case. The Debtor is represented by Garrick A. Hollander, Esq., of Garrick A. Hollander, LLP. GLOBAL INFRASTRUCTURE: Moody's Ups CFR to 'Ba2', Outlook Stable --------------------------------------------------------------- Moody's Ratings upgraded Global Infrastructure Solutions Inc.'s ("GISI") corporate family rating to Ba2 from Ba3, its probability of default rating to Ba2-PD from Ba3-PD, and the rating on its senior unsecured notes to Ba3 from B1. The rating outlook is stable. RATINGS RATIONALE GISI's rating (Ba2 corporate family rating) is supported by its strong market position, diversified end-market exposure, strong order backlog, conservative balance sheet, and a strong financial (i.e., positive free cash flow), operational (i.e., rare project charges) and M&A (i.e., integration of add-on acquisitions) track record. As the company has grown its revenue and EBITDA scale over time through both organic and M&A-led initiatives, GISI has also reduced its exposure to corporate interiors while growing its market share in data centers, healthcare, government, and industrial end markets. GISI also has grown its backlog meaningfully over the years. As of December 2025, the company had a strong backlog of $30.4 billion, representing a 21% CAGR since December 2021. Over 55% of the backlog is in more resilient end markets such as healthcare, mission critical, government, and education. Its backlog reflects approximately 21 months of revenue, providing good near-term revenue visibility. The credit profile is constrained by its relatively modest margins, especially in the construction services segment, exposure to lump sum and guaranteed maximum price ("GMP") contracts, historic reliance on M&A for growth, and the need for ongoing shareholder returns (via dividends and share redemptions) to attract and retain its employees. The stable outlook reflects Moody's expectations that the company will continue to increase its earnings and generate positive free cash flow over the next 12 to 18 months while maintaining ample liquidity and a conservative financial policy. GISI has good liquidity, supported by its cash and marketable securities balance of $1.3 billion and revolver availability of $411 million (total capacity of $615 million) at December 31, 2025. Moody's expects GISI to generate positive free cash flow in 2026 net of any shareholder returns, further increasing its liquidity. Borrowings under the credit facility are secured by substantially all the assets of the Company and the equity of subsidiaries. The revolver and term loan covenants include a maximum consolidated net leverage ratio of 3.25x and minimum consolidated fixed charge coverage ratio of 1.25x. Moody's expects the company to remain in compliance with these covenants over the next 12-18 months. The Ba3 rating on the senior unsecured notes is one notch below the Ba2 corporate family rating (CFR) since they are effectively subordinated to the company's secured indebtedness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if the company further increases its scale, meaningfully improves its margin profile, while maintaining ample liquidity, its Moody's adjusted leverage below 2.0x, interest coverage ratio (EBITDA / Interest Expense) above 8.0x, and RCF / Net Debt above 30%. Moody's could consider a downgrade if the company incurs significant project charges or fails to consistently generate positive free cash flow. Quantitatively, a downgrade could be triggered if its Moody's adjusted leverage is sustained above 3.5x and RCF / Net Debt sustained below 20%. A downgrade could also be considered if the company fails to maintain a very strong liquidity profile. With operations headquartered in Newport Beach, CA, Global Infrastructure Solutions Inc. ("GISI") is a construction management and professional services firm providing engineering & design, planning, consulting, and project/construction management services to the corporate interior, industrial, healthcare, government, public infrastructure, hospitality, education, housing, data centers and life science sectors. GISI generated about $17.7 billion of revenue in FY2025. The principal methodology used in these ratings was Construction published in November 2025. Global Infrastructure Solution's assigned CFR of Ba2 is two notches lower than the Baa3 scorecard indicated outcome based on Moody's 12-18 month forward view, reflecting the company's modest margins relative to its revenue scale, historic focus on M&A for growth, need for periodic shareholder returns, and execution risks associated with larger construction projects. GREAT LAKES: S&P Withdraws 'B' ICR on Acquisition by Saltchuk ------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Great Lakes Dredge & Dock Corp., including the 'B' issuer credit rating, following the close of the company's acquisition by Saltchuk Resources Inc. and the completion of the early tender process on its senior unsecured notes. At the time of the withdrawal, S&P's ratings on Great Lakes were on CreditWatch with positive implications. ICON VALLEY: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: Icon Valley LLC 2880 W. Valley Blvd Alhambra CA 91803 Business Description: Icon Valley LLC is a real estate company that owns an office building. Chapter 11 Petition Date: April 2, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-13192 Judge: Hon. Sheri Bluebond Debtor's Counsel: Victor B. Meyen, Esq. LAW OFFICE OF VICTOR MEYEN 224 W Dryden St. Glendale, CA 91202-3735 Tel: 626-372-1227 Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mei Chi Chao as member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LH4QUPY/Icon_Valley_LLC__cacbke-26-13192__0001.0.pdf?mcid=tGE4TAMA ICON VALLEY: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On April 2, 2026, Icon Valley LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $1MM and $10MM in debt owed to between 1 and 49 creditors. About Icon Valley LLC Icon Valley LLC is a business entity engaged in commercial operations, including investment or development activities. Icon Valley LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13192) on April 2, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1MM and $10MM. Honorable Bankruptcy Judge David E. Rice handles the case. The debtor is represented by Douglas N. Gottron of Morris Polich & Purdy LLP. IMMACULATE DETAIL: Seeks to Tap Ellett Law Offices as Legal Counsel ------------------------------------------------------------------- Immaculate Detail LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Ellett Law Offices, PC as counsel. The firm will render these services: (a) examine and determine the rights and title of the Debtor in and to certain property; (b) prepare all legal documents, the Debtor's Chapter 11 Subchapter V Plan of Reorganization, and Disclosure Statement; (c) investigate, examine into, and determine the validity of any and all liens appearing to be claimed during the administration of the said 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 said estate; and (f) generally, to assist the Debtor in all matters of legal nature arising in the administration of said estate and advise with regard thereto. The hourly rates of the firm's counsel and staff are as follows: Ronald J. Ellett, Esq. $595 Senior Attorneys $395 Senior Paralegals $255 Paralegals $235 Ronald Ellett, Esq., an attorney at Ellett Law Offices, 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: Ronald J. Ellett, Esq. Ellet Law Offices, PC 2999 North 44th Street, Suite 330 Phoenix, AZ 85018 Telephone: (602) 235-9510 About Immaculate Detail LLC Immaculate Detail LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-03016) on Mar. 28, 2026. Judge Eddward P. Ballinger Jr. oversees the case. Ronald J. Ellett, Esq., at Ellet Law Offices, PC represents the Debtor as counsel. INEOS US: Kennedy Lewis Marks $1.5MM 1L Loan at 20% Off ------------------------------------------------------- Kennedy Lewis Capital Co. has marked its $1,484,962 loan extended to Ineos US Finance LLC to market at $1,186,114 or 80% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026. Kennedy Lewis Capital Co is a participant in a first lien loan extended to Ineos US Finance LLC. The Loan accrues interest at a rate of S + 3.00 %, 6.72% per annum. The Loan matures on Feb. 7, 2031. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About Ineos US Finance LLC Ineos US Finance LLC manufactures chemicals. The Company focuses on basic and diversified chemicals. INSPIRED HEALTHCARE: Hires Reid Collins & Tsai as Special Counsel ----------------------------------------------------------------- Inspired Healthcare Capital Holdings, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Reid Collins & Tsai LLP as special litigation counsel. The firm will render these services: (a) representing the Debtors in connection with the investigation into prepetition causes of action; (b) conducting investigations and analyses sufficient to advise the Debtors regarding the same; (c) rendering services to the Debtors including, but not limited to, fact investigation, legal research, briefing, argument, discovery, negotiation, litigation, participating in meetings with the Debtors, the Debtors' advisors, the Debtors' management and board of directors, the Committee, the Committee's advisors, appearing and participating in hearings and status conferences and communicating and attending meetings with parties in interest, in each case, as it relates to the prepetition causes of action; and (d) performing all other necessary or requested litigation services in connection with the investigation and pursuit of prepetition causes of action. RCT will charge a flat monthly fee and a percentage recovery, as follows: a. The Flat Monthly Fee: i. RCT will receive a Monthly Fee of $185,000 to investigate and, if appropriate and authorized, pursue claims or causes of action on behalf of one or more of the Debtors. The total Monthly Fee will be capped at $925,000. b. The Contingency Fee: i. RCT will receive 25% of gross recoveries obtained by the Debtors prior to asserting the claims in an adversary proceeding, civil action, or arbitration proceeding; and ii. RCT will receive 35% of gross recoveries obtained by the Debtors after asserting the claims in an adversary proceeding, civil action, or arbitration proceeding. c. The Monthly Fee paid to RCT will serve as a credit against amounts owing to RCT as the result of a pre-suit or post-suit recovery. For example, if RCT obtained a $5 million pre-suit recovery for the Debtors after receiving $555,000 in Monthly Fees, the Debtors would owe RCT $695,000 for the pre-suit recovery (i.e., $5 million x 25% - $555,000 = $695,000). If RCT then obtained a $2 million pre-suit recovery after payment of the next Monthly Fee, the Debtors would owe RCT $315,000 for that second pre-suit recovery (i.e., $2 million x 25% - $185,000 = $315,000). d. The Debtors will be responsible for paying out-of-pocket expenses incurred in connection with the claims. The following is provided in response to the request for additional information set forth in Section D.1 of the Revised UST Guidelines. (a) RCT did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. The terms set forth herein are consistent with (i) terms for comparable services and (ii) the fees and percentages that RCT charges and will charge other comparable chapter 11 clients who engage RCT on a flat fee and percentage basis, regardless of the location of the chapter 11 case; (b) No terms included in this engagement vary based on the geographic location of the bankruptcy case. (c) RCT did not represent the Debtors in these Chapter 11 Cases prior to its retention by the Debtors. (d) Since RCT's role is limited to special litigation counsel, RCT will periodically update the Debtors on costs to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which RCT reserves all rights. (e) The Debtors have approved RCT's proposed terms of compensation. Eric D. Madden, a partner of the law firm of Reid Collins & Tsai 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: Eric D. Madden, Esq. Reid Collins & Tsai LLP 1601 Elm Street, Suite 4200 Dallas, TX 75201 About Inspired Healthcare Capital Holdings, LLC Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. JA MOODY: Remora Capital Marks $120,000 Loan at 80% Off ------------------------------------------------------- Remora Capital Corp has marked its $120,000 loan extended to JA Moody LLC to market at $24,000 or 20% of the outstanding amount, according to Remora Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to JA Moody LLC. The 1L Loan accrues interest at a rate of S + 4.75% per annum. The 1L Loan matures on Nov. 29, 2029. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About JA MOODY JA MOODY operates in the aerospace and defense sector, drawing on secured revolver financing to support its specialized operations and working capital needs. JETBLUE AIRWAYS: Fitch Lowers LongTerm IDR to 'CCC+' ---------------------------------------------------- Fitch Ratings has downgraded JetBlue Airways Corp.'s (JetBlue) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. Fitch has also downgraded JetBlue's loyalty program debt, co-issued by JetBlue and JetBlue Loyalty, LP, to 'B'/'RR2' from 'B+'/'RR2', and downgraded JetBlue's senior secured revolver rating to 'B'/'RR2' from 'B+'/'RR2'. The downgrade of JetBlue's IDR reflects continued operating losses, a more prolonged path to margin recovery, sharply higher jet fuel prices, and persistently elevated leverage. Fitch expects credit metrics to remain outside Fitch's prior downgrade sensitivities for at least the next 12 to 18 months. The downgrade also reflects continued negative free cash flow (FCF), which constrains JetBlue's financial flexibility despite a still-adequate liquidity position supported by a sizable, unencumbered asset base. While resilient travel demand and the industry's ability to implement fare increases provide some mitigation, Fitch believes JetBlue's ability to improve margins will depend on its success in rationalizing underperforming capacity, improving unit revenue, and executing its broader network and product strategy in a competitive environment. Enhanced Equipment Trust Certificates (EETCs) Fitch has downgraded the subordinated tranche ratings of the 2019-1 and 2020-1 transactions by one-notch to 'BB-' from 'BB' and 'BB' from 'BB+', respectively. The Class B certificate ratings downgrade is driven by Fitch's downgrade of JetBlue's IDR to 'CCC+' from 'B-'. Fitch has affirmed JetBlue's 2019-1 Class AA certificates at 'A+' and affirmed its Class A certificates at 'BBB-'. The Class AA certificates remain well overcollateralized, while the rating of the Class A certificates reflects improving albeit limited loan-to-value (LTV) headroom under the 'BBB' stress scenario. Fitch has also affirmed JetBlue's 2020-1 Class A certificates at 'A'. These ratings are supported by sufficient overcollateralization and high collateral quality. Key Rating Drivers Higher Costs Delay Margin Recovery: Elevated jet fuel prices and Fitch's expectation that JetBlue will be unable to fully pass these costs through higher fares are delaying its path to margin recovery. Fitch previously expected operating margins to approach breakeven in 2026 as JetForward initiatives gained traction, but the sharp rise in jet fuel—the company's second-largest operating expense—will likely keep margin recovery subdued. In addition, Fitch expects non-fuel-unit costs to remain pressured by slower capacity growth under current economic conditions, leaving credit metrics outside Fitch's prior negative rating sensitivities for at least the next 12 to 18 months. Fitch believes JetBlue can improve profitability over time, but execution risks extend beyond mitigating higher fuel costs. Ongoing strategic initiatives, including network reconfiguration and expanded premium offerings aimed at improving profitability, have been largely overshadowed by broader industry pressures that continue to drive operating losses. Fitch expects JetBlue's efforts to generate sufficient unit revenue to offset the cost inflation experienced in recent years, and to achieve its EBIT and FCF targets, will be delayed by one to two years beyond the company's original timeline. Robust Demand Supports Pricing: Airline commentary in March 2026, including from JetBlue, indicates carriers have begun to offset higher fuel costs through fare increases, reflecting continued consumer willingness to travel. While pricing actions will not fully recover increased jet fuel expenses, resilient booking trends support some margin protection. The extent of JetBlue's margin preservation will depend on its ability to rationalize less-profitable flying and continue recapturing higher fuel costs through higher fares. The resilience of the airline consumer base and the broader economic effects of higher energy costs remain key factors to monitor. Sufficient Liquidity Position: Fitch believes JetBlue's cash balance and unencumbered assets provide flexibility to absorb near-term cost pressures. Debt repayments of $755 million in 2026 appear manageable relative to cash balances, with no significant maturities until 2029. JetBlue ended 2025 with $2.2 billion of cash and short-term investments and full availability under its revolver. The launch of JetBlue's subscription rewards program should also provide a modest stream of upfront cash flow and potentially drive higher loyalty program valuations, enabling future borrowing. Liquidity is further supported by unencumbered assets of roughly $6.5 billion in early 2026. Persistent Negative FCF: Fitch expects JetBlue to remain FCF negative in the near term, with outflows exceeding $500 million in 2026 and moderating in 2027. FCF could approach breakeven in 2028 as unit revenue growth outpaces unit cost increases, supported by various JetForward initiatives. Capital spending should remain manageable, especially after 2026, following JetBlue's 2024 decision to defer aircraft deliveries. While negative FCF is expected to persist, the risk is partly offset by the company's liquidity and flexibility to finance or manage future deliveries. Leverage Remains Elevated: JetBlue's gross debt is likely to stay high in the near term. Fitch had expected modest deleveraging through scheduled maturities and amortization in 2026, but fuel-related cost pressure and ongoing cash burn could increase debt to maintain liquidity targets. Planned capital spending and a heavier interest burden are also expected to weigh on cash flow, limiting JetBlue's ability to materially reduce debt over the forecast period. Environment Favors Network Carriers: Low-cost carriers like JetBlue are at a disadvantage as demand for premium and international travel continues to outpace domestic and main-cabin segments. Higher fuel costs may have less impact on premium travelers, while price-sensitive customers could cut discretionary spending. Larger airlines are positioned to attract both groups through basic economy fares, broader networks, and stronger loyalty programs. While Fitch views JetBlue as better positioned than ultra-low-cost peers such as Spirit (D) and expects benefits from its partnership with United Airlines (BB+/Stable), the competitive environment is likely to remain challenging. EETCs Subordinate Tranche Ratings: The rating for the class B certificates is based on the bottom-up approach detailed in Fitch's "Aircraft EETC Criteria" which calls for the rating to be notched up from JetBlue's corporate rating of 'CCC+'. Subordinated tranches receive notching uplift based on three factors: i) the affirmation factor (0-3 notches), ii) the presence of a liquidity facility (0-1 notch), and iii) recovery prospects (0- 1 notch). The 2019-1 class B certificates qualify for a four-notch uplift to 'BB-' from JetBlue's IDR of 'CCC+' while the 2020-1 class B certificates qualify for a five-notch uplift to 'BB'. The 2019-1 notching consists of +3 notches for the affirmation factor (maximum is +3 for a B category issuer) and +1 notch for the presence of a liquidity facility. The 2020-1 notching consists of an additional +1 recovery notch compared to 2019-1 driven by strong recovery prospects owing to a rapid debt amortization schedule and higher quality tier 1 collateral pool containing the A321 NEO. Affirmation Factors: Fitch continues to view the 2020-1 transaction as having a high affirmation factor, supported by the large share of JetBlue's active fleet in the pool, the high quality of the collateral, including next-generation NEO and workhorse CEO aircraft that are important to the company's strategy, and the pool's relatively young age. JetBlue's decision to defer A321 NEO deliveries beyond 2030 further underscores the importance of these aircraft. The pool's low diversification relative to comparable transactions partly offsets these strengths. Fitch considers the affirmation factor for the 2019-1 pool of aircraft to be high. The 25 aircraft in this transaction make up 25% of JetBlue's sub-fleet of A321s and about 9% of its total fleet as of December 2025. JetBlue operated 100 A321s at that date. This makes rejection of the aircraft in this pool in a bankruptcy highly unlikely. The A321 has played a key role in JetBlue's fleet since the carrier began operations with the aircraft in 2013. Senior Tranche Ratings: The ratings on the class AA and A certificates are driven by a top-down analysis incorporating a series of stress tests that simulate the rejection and repossession of the aircraft in a severe aviation downturn. 2019-1 Senior Certificates Affirmed: Fitch has affirmed JetBlue's 2019-1 class A certificates at 'BBB-' and class AA certificates at 'A+', supported by LTV headroom under the applicable stress scenarios of 94.5% for class A, and 79.1% for class AA, respectively. The collateral pool remains highly attractive; however, low diversification and a slow amortization profile leave the transaction's LTVs vulnerable to modest declines in collateral values. For the class AA certificates, the substantial overcollateralization and corresponding LTV headroom help offset these concerns. 2020-1 Senior Certificates Affirmed: Fitch has affirmed the ratings on JetBlue's 2020-1 transaction at 'A' as the transaction continues to pass the 'A' level stress scenario with sufficient headroom. Fitch calculated the maximum LTVs for the class A certificates transaction at 84.6%, down from 86.3% in the prior review. Collateral declines for the pool's 17 A321s and seven A321 NEOs were within its depreciation assumptions. Unlike the 2019-1 transaction, Fitch expects collateralization to improve over the next several years as the transaction's pace of amortization increases. LTV Summary: The value stresses listed above produce the following maximum LTVs for transactions rated through its top-down approach: - JBLU 2020-1 Class A: base case 55.6%, 'A' stress case 84.6%; - JBLU 2019-1 Class AA: base case 51.4%, 'A' stress case 79.1%; - JBLU 2019-1 Class A: base case 67.4%, 'BBB' stress case 94.5%. Peer Analysis JetBlue's 'CCC+' rating is below that of domestic low-cost peer Allegiant Air (Allegiant; BB-/Negative), which also heavily focuses on leisure travel. While Allegiant is smaller in size and scale, JetBlue suffers from weak profitability that drives its leverage materially higher than Allegiant. Allegiant also benefits from a more insulated competitive landscape with focus on a more isolated route network. JetBlue's leverage metrics are notably weaker than network peers such as American Airlines, Inc. (B+/Stable) or United Airlines, Inc. (BB+/Stable) due to strained near-term profitability. JetBlue's operating margins remain well below pre-pandemic levels and Fitch expects them to remain pressured in 2026, whereas larger network carriers have shown improvement in recent years owing to a greater share of non-main cabin revenue. JetBlue is also more geographically concentrated than large-network peers. EETCs The certificates rated 'A+' are one notch higher than ratings for several class A certificates issued by other carriers. Stress scenario LTVs for the 2019-1 transaction remain low and continue to support the 'A+' rating. The 2020-1 class A certificates that are rated 'A' compare well with issuances from American, Air Canada and British Airways that are also rated 'A'. Rating similarities are driven by similar levels of overcollateralization and high-quality pools of collateral. The 'BB' and 'BB-' ratings on the class B certificates are derived through a four- or five-notch uplift from JetBlue's IDR. The four-notch uplift reflects a high affirmation factor and the benefit of a liquidity facility while the five-notch uplift includes another notch for strong recovery prospects. Fitch’s Key Rating-Case Assumptions - Capacity increases by low single digits annually through the forecast; - Unit revenue increases by mid-single digits in 2026; - Unit revenue improves by low-to-mid-single digits in 2027 and is thereafter supported by various strategic initiatives; - Capital expenditure in line with company guidance at sub-$1 billion annually; - Jet fuel prices of $2.80/gallon in 2026 and $2.50-2.60/gallon thereafter. EETCs Key assumptions within the rating case for the issuer include a harsh downside scenario in which JetBlue declares bankruptcy and chooses to reject the collateral aircraft, and the aircraft are remarketed amid a severe slump in aircraft values. Fitch incorporates a 25% haircut to the A321-200 and A320-200, and a 20% haircut to the A321 NEO in its 'A' category stress tests. 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 (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (ccc+, Moderate), Financial Structure (ccc-, Higher), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 35% weight for the historical year 2025, 40% for the forecast year 2026 and 25% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'ccc+'. Recovery Analysis The recovery analysis assumes that JetBlue would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. A 10% administrative claim on the enterprise value (EV) is assumed. In its analysis, Fitch uses a GC EBITDA estimate of $900 million reflecting its view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the EV. Fitch assumes an EV multiple of 5x leading to an estimated EV of 4,500. The GC EBITDA assumption is above the last 12 months (LTM) levels but below what Fitch expects JetBlue to generate beyond year two in its forecast. Fitch's recovery scenario envisions JetBlue experiencing financial distress due to a leveraged capital structure amid a sharp industry downturn. Post-restructuring EBITDA reflects a scenario where airline operating margins are structurally lower than pre-pandemic levels, potentially due to a combination of higher fuel prices, increasing competition, or weakening levels of demand. Fitch's analysis leads to ratings of 'B'/'RR2' for JetBlue's loyalty program debt and secured revolver. Fitch also expects JetBlue's recently launched subscription-based travel rewards points program to generate a modest but growing source of upfront cash flow. While this is a net positive for JetBlue's cash flow, Fitch believes the loyalty program could cannibalize some fee-based revenue that the beneficiary Loyalty Co receives from Airline Co through the upfront sale of mileage points. Incremental loyalty-based revenue can potentially drive higher loyalty program valuations, enabling additional future borrowing. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Total liquidity including revolver availability falling below $1.0 billion; - Failure of JetForward initiatives to raise EBIT margins above breakeven levels; - EBITDAR fixed-charge coverage remaining below 1.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBIT margins improving to the mid-single digits or better; - Liquidity including revolver availability maintained above $1.5 billion, in line with the company's liquidity targets; - EBITDAR fixed-charge coverage approaching 1.25x; - Adjusted debt/EBITDAR below 7x. EETCs The class AA and A certificate ratings are primarily based on a top-down analysis based on the value of the collateral. Therefore, a negative rating action could be driven by an unexpected decline in collateral values. Senior tranche ratings could also be affected by a perceived change in the affirmation factor or deterioration in the underlying airline credit. The 2019-1 class A certificates are more susceptible to collateral value fluctuations due to a less aggressive amortization profile relative to the other transactions. Positive rating actions are not expected for these transactions in the near term, driven by current collateral coverage and limited LTV headroom under the 'BBB' stress scenario for the 2019-1 class A certificates. Subordinated tranche ratings are based off the underlying airline IDR. If JetBlue's IDR is downgraded to 'CCC' from 'CCC+', the class B certificates could be notched downward. Positive rating actions could occur if JetBlue's IDR is upgraded. Liquidity and Debt Structure JetBlue ended FY2025 with $2.8 billion in total liquidity, consisting of $1.9 billion in cash and equivalents, $213 million in investment securities and full availability under its $600 million revolver that matures in October 2029. Total liquidity equated to 30% of LTM revenue. Although JetBlue maintains a healthy liquidity balance, Fitch expects cash burn to remain material in 2026, likely necessitating debt funding against future deliveries to maintain cash. Progress towards achieving its goal of breakeven EBIT in 2026 and positive FCF in 2027 will prevent further negative rating actions. JetBlue's debt structure primarily consists of its TrueBlue loyalty program financing and aircraft-secured debt including two series of EETCs and failed sale-leaseback transactions. Issuer Profile JetBlue is a low-cost air carrier that serves over 100 destinations throughout the U.S., the Caribbean, Mexico, Europe, and Latin America. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The 2025 revenue-weighted Climate.VS for United for 2035 is 50 out of 100, suggesting moderate exposure to climate-related risks in that year. This is in line with other airlines and reflects the gradually growing costs linked to the decarbonization of the sector, and potential for lower demand over time. Currently, climate transition risks do not have a material influence on airline ratings, as the potentially disruptive changes due to energy transition are unlikely to materialize in the next eight to 10 years. Currently, these risks do not significantly influence the rating. Despite the challenges in mitigating risks within the airline industry, Fitch anticipates that the high value placed on air travel will maintain demand in the intermediate term. In addition, there is ample time for regulatory changes to have a weighty impact on the industry, allowing near-term ratings to remain stable. In the longer term, increased reliance on sustainable aviation fuel (SAF), coupled with heightened regulatory pressure, is likely to drive higher airfares and therefore limit demand. JetBlue is actively working to reduce emissions and has set a goal to achieve net zero emissions by 2040, a decade ahead of many competitors. The company is employing strategies such as renewing its fleet and relying on new technology. Additionally, JetBlue has partnered with Neste to purchase SAF. However, like all airlines, much of the work needed to reduce emissions is beyond JetBlue's control. Decarbonization will depend on a combination of newly developed aircraft and engine technology, a significant ramp-up in SAF production, and the availability of high-quality carbon offsets. For further information on how Fitch perceives climate-related risks in the Airlines sector, see "Transportation - Long-Term Climate Vulnerability Signals Update." 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 ----------- ------ -------- ----- JetBlue Airways Corporation LT IDR CCC+ Downgrade B- senior secured LT B Downgrade RR2 B+ senior secured LT B Downgrade RR2 B+ JetBlue Loyalty, LP senior secured LT B Downgrade RR2 B+ JetBlue Airways Pass Through Trust Series 2019-1 senior secured LT BBB- Affirmed BBB- senior secured LT A+ Affirmed A+ senior secured LT BB- Downgrade BB JetBlue Airways Pass Through Trust Series 2020-1 senior secured LT A Affirmed A senior secured LT BB Downgrade BB+ JMAY REALTY: Gets Interim OK to Use Cash Collateral --------------------------------------------------- JMAY Realty Investment Co. got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, to use cash collateral. The court authorized the Debtor's interim use of cash collateral to fund operations in accordance with its budget. The Debtor may vary from the budget, on an item-by-item basis, by as much as 20% weekly for any item where spending is forecast at $2,000 or less for the week and by as much as 10% weekly for any item where spending is forecast to be more than $2,000 for the week. The Debtor is a property management company that owns and operates 14 mixed-use and residential properties in the Galveston area. It relies on rental income to cover essential expenses such as maintenance, taxes, insurance, and improvements. However, because some of its properties are subject to mortgages that include assignments of rents, this income may legally qualify as cash collateral, meaning the Debtor cannot use it without either creditor consent or court approval. While several of the Debtor's properties are currently rented, others require renovation or ongoing maintenance, all of which depend on access to funds. The Debtor said the use of cash collateral will preserve and even enhance the value of the properties, thereby, protecting creditors' interests. The order is available at http://bankrupt.com/misc/JMAY_InterimCCOrder.pdf A final hearing is scheduled for April 22. About JMAY Realty Investment Co. JMAY Realty Investment Co. holds and rents out real estate assets to tenants as part of its property investment operations. JMAY Realty Investment sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-80135) on May 2, 2026, listing up to $10 million in assets and up to $1 million in liabilities. Rejone Edwards, president of JMAY Realty Investment, signed the petition. Judge Alfredo R. Perez oversees the case. Broocks Wilson, Esq., at Wilson Friery PLLC, represents the Debtor as legal counsel. JSD FUND II: Case Summary & One Unsecured Creditor -------------------------------------------------- Debtor: JSD Fund II LLC 144 Wilson Ave. Staten Island, NY 10308 Chapter 11 Petition Date: April 2, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-41631 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Lawrence F. Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Second Floor New York, NY 10013 Email: lmorrison@m-t-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Richard Harris as authorized signatory. The Debtor identified Thomas Brownell, of 7413 Palm Avenue, Sebastopol, California 95472, as its only unsecured creditor, with a claim totaling approximately $1.30 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CYMAYZQ/JSD_Fund_II_LLC__nyebke-26-41631__0001.0.pdf?mcid=tGE4TAMA KAZURI CAPITAL: Starts Chapter 7 Bankruptcy in Florida ------------------------------------------------------ On April 1, 2026, Kazuri Capital Real Estate Holdings, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Kazuri Capital Real Estate Holdings, LLC Kazuri Capital Real Estate Holdings, LLC is a company engaged in real estate investment and asset holding activities. Kazuri Capital Real Estate Holdings, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02341) on April 1, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. KC 117 LLC: Seeks to Hire Shai Oved as General Bankruptcy Counsel ----------------------------------------------------------------- KC 117, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Shai Oved as counsel. The firm will render these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirement of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of its estate; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States trustee; (d) provide the Debtor legal advice and assist with respect to its powers and duties in the continued operation of its business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have resolve claims against its estate; (h) provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; and (l) prepare, negotiate, prosecute disputed claims secured claims so that all creditors are paid allowed claims and/or seel confirmation of a plan of reorganization. The firm will be paid at these hourly rates: Shai Oved, Attorney $660 Paralegals $200 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition, the firm received a retainer of $25,000 from the Debtor. Mr. Oved disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Shai Oved, Esq. Law Offices of Shai Oved 7445 Topanga Cyn Blvd., Suite 220 Canoga Park, CA 91303 Telephone: (818) 992-6588 Facsimile: (818) 992-6511 Email: ssoesq@aol.com About KC 117 LLC KC 117, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10458) on Mar. 5, 2026. In the petition signed by Tom Efrati, authorized agent, the Debtor disclosed up to $10 million in estimated assets and up to $1 million in estimated liabilities. The Law Offices of Shai Oved serves as the Debtor's counsel. KID CITY USA: Final Cash Collateral Hearing Set for May 6 --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, is set to hold a hearing on May 6 to consider final approval of Kid City USA Enterprises, Inc.'s bid to use cash collateral. The Debtor was previously allowed to access cash collateral under the court's March 3 third interim order. The third interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget; authorized monthly payments of $2,477 to the U.S. Small Business Administration and $4,700 to Simmons Bank; and granted both secured creditors replacement liens on post-petition cash collateral. A copy of the court's order and the Debtor's budget is available at http://bankrupt.com/misc/KidCity_3rdCCOrder.pdf Simmons Bank, as secured creditor, is represented by: Angela Grewal, Esq. Adams and Reese, LLP 501 Riverside Ave, Suite 601 Jacksonville, FL 32202 Phone: (904) 355-1700 Fax: (904) 394-1630 angela.grewal@arlaw.com Jessica.bowers@arlaw.com Courtney.robinson@arlaw.com KINGS FOOD: Commences Chapter 11 Bankruptcy in California --------------------------------------------------------- On March 31, 2026, Kings Food, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Kings Food, Inc. Kings Food, Inc. is a food service company engaged in the preparation and distribution of food products, operating within the broader restaurant and hospitality sector. Kings Food, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12475) on March 31, 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 Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Garrick A. Hollander, LLP. KODIAK BUILDING: S&P Upgrades ICR to 'BB-' on Acquisition by QXO ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Colorado-based building products distributor Kodiak Building Partners Inc. to 'BB-' from 'B+'. S&P subsequently withdrew all its ratings on Kodiak since all of the company's previously outstanding debt was repaid in full. On April 1, 2026, Kodiak closed on its previously announced sale of the company to QXO Inc. (BB-/Stable/--) for total consideration of $2.25 billion. S&P assesses Kodiak as a core subsidiary of its new parent, QXO. S&P said, "We assess Kodiak's group status as core to QXO. We believe Kodiak is integral to QXO's current identity and strategy to consolidate the building materials distribution industry. As such, we expect QXO will support this entity under any foreseeable circumstances. QXO intends to rebrand all Kodiak's local brands to QXO Building Products, reinforcing our view that it is core to the group. Consequently, we have raised our issuer credit rating on Kodiak to 'BB-' to align with our rating on QXO. We have also raised our issue-level rating on Kodiak's first-lien term loan to 'BB-'. "Subsequently, we withdrew our rating on Kodiak and discontinued our issue-level rating on the first-lien term loan since all outstanding debt was repaid in full." KONTOOR BRANDS: S&P Alters Outlook to Stable, Affirms 'BB' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BB' issuer credit rating on U.S.- based Kontoor Brands Inc. S&P said, "In addition, we affirmed our 'BB-' issue-level rating on the company's senior unsecured notes. The recovery rating is '5', indicating our expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default. "The stable outlook reflects our expectation that Kontoor will continue integrating HH and grow overall sales 9% in 2026, even as the probability of a U.S. recession over the next 12 months is rising, potentially reducing discretionary apparel demand." U.S.- based Kontoor Brands Inc. meaningfully reduced debt after its acquisition of Helly Hansen (HH) closed in June 2025. Given the company's stated intention to repay additional debt in 2026, S&P expects it will lower its S&P Global Ratings-adjusted debt to EBITDA to comfortably below 3x in 2026. Additionally, following a smoother-than-anticipated integration, S&P expects Kontoor to benefit from the improved scale, growth prospects, and diversification HH provides. S&P said, "The stable outlook reflects Kontoor's commitment to its leverage targets after acquiring HH. After the deal closed in June, Kontoor repaid $255 million of debt in the second half of 2025, closing the year with S&P Global Ratings-adjusted debt to EBITDA of 3.2x, reflecting only HH's earnings contribution post-close. With a full-year HH contribution and a commitment to voluntarily repay an additional $225 million of term loan debt in 2026, we expect Kontoor's leverage will decline to about 2.3x, in line with historic levels. We believe the company faces little additional execution risk with HH and believe it is well positioned to withstand current macroeconomic headwinds with its healthy free cash flow and its No. 2 position within the U.S. denim market." Kontoor has made significant strides in improving profitability over the last few years. Gross margins steadily improved to 48% in 2025. These improvements, in part through its multi-year cost saving initiative, Project Jeanius, have allowed the company to offset substantial tariff headwinds and declines in the Lee brand, its second-largest brand by revenue. S&P believes the company could benefit from recent tariff-related developments, including the Supreme Court's ruling in which the majority of countries in its supply chain will likely see tariff reductions. Additionally, further upside could materialize if the U.S.-Bangladesh trade deal is finalized, particularly if there are carve-outs for U.S.-sourced cotton. The acquisition of HH brings material customer, product, and geographic diversification and should accelerate growth. The Wrangler brand's performance was strong in 2025, leaving Kontoor's top-customer concentration largely unchanged at about 30% of sales from Walmart, despite a partial-year contribution from HH, which is unavailable in Walmart. S&P said, "We expect HH's full-year contribution and growth in its direct-to-consumer and premium wholesale channels will reduce Kontoor's top-customer concentration over the next few years. Additionally, with its portfolio of outdoor and workwear offerings, HH provides a meaningful boost to Kontoor's efforts to expand in non-denim categories and does so at a more premium price point. HH also improves Kontoor's geographic diversification, generating 76% of its 2025 revenue internationally, compared with 11% and 39% from Wrangler and Lee, respectively. We expect Kontoor will leverage its U.S. strength to grow HH by mid- to high-single-digit percentages annually over the next few years as the brand is underpenetrated relative to larger brands such as North Face and Columbia." A challenging macroeconomic environment, continued declines at Lee, and a limited track record of sustaining leverage below 2.5x constrain the rating. While S&P's base-case forecast includes tariff impacts and reflects S&P Global Ratings' current view of relative macroeconomic resilience, heightened uncertainty regarding energy and commodity markets could negatively affect the company's profitability and consumer's purchasing power. In particular, higher oil prices have begun raising prices on synthetic materials (like the preponderance of HH's outerwear) and their substitutes, including cotton (primary material used in denim). There is a risks that costs will continue to rise, including a sharp increase in global shipping costs, leading to cost increases that are difficult to pass through to consumers. The company derives nearly all of its earnings from three brands. S&P said, "We therefore would likely look for each brand to be stable or growing before considering a positive rating action. While we expect Lee will extend its 10-plus year trend of annual revenue declines (with an exception of a pandemic-related 2021 recovery), the company expects its efforts to reposition the brand will return the brand to growth in the second half of 2026 and beyond. Without success, there is a risk Kontoor will seek further debt-funded acquisitions to supplement growth. The company could also increasingly deploy its capital toward share repurchases in a way that generally sustains leverage above 2.5x. Its S&P Global Ratings-adjusted debt includes about $450 million of trade receivables sold, operating and financing lease liabilities, and pension-related liabilities, accounting for most of the difference between our metrics and the company's stated 1x-2x net leverage targets. The stable outlook reflects S&P's expectation that Kontoor will increase revenue by about 9% in 2026, while bringing adjusted leverage below 3x, and sustaining leverage below 3x. S&P could raise its ratings on Kontoor if: -- S&P expects the company to sustain organic growth and continue diversifying its customer base; and -- S&P expects the company to generally sustain leverage of less than 2.5x. LAMB CONTRACTING: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Washington entered a final order authorizing Lamb Contracting, LLC to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral for post-petition operating expenses in accordance with an approved budget, with flexibility to exceed line items by up to 15% per period and to carry forward expenses. Use must remain consistent with ordinary course operations. The Debtor projects total operational expenses of $539,926.30 for April, $409,807.61 for May, and $97,637.08 for June. As adequate protection, secured creditors PFF, LLC and Kapitus, Inc. will be granted replacement liens on post-petition cash, accounts receivable, inventory, and proceeds, maintaining the same priority and validity as their pre-petition liens, to the extent collateral is used. The Debtor must also make monthly payments of $500 to a trust account for administrative fees. The authority to use cash collateral continues until June 30 or earlier upon occurrence of so-called termination events, including conversion or dismissal of the Debtor's Chapter 11 case, appointment of a trustee, modification of the order, or plan confirmation. About Lamb Contracting LLC Lamb Contracting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10395) on February 8, 2026, listing up to $500,000 in estimated assets and up to $10 million in estimated liabilities. Judge Timothy W. Dore oversees the case. The Debtor tapped Jennifer L. Neeleman, Esq., at Neeleman Law Group, PC as bankruptcy counsel. LASCHAL SURGICAL: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------- Bill Heltzel of Westfair Business Journal reports that Laschal Surgical Instruments LLC, a surgical tool manufacturer based in North White Plains, has sought Chapter 11 bankruptcy protection, blaming rising interest rates and financial mismanagement under previous leadership. The company filed its petition on March 23, listing $312,778 in assets and $481,700 in liabilities. Chief Executive Officer Daniel Lasner highlighted the company's reputation for high-quality instruments, stating they are widely recognized by surgeons as top-tier products. Established in 1978 by dentist Dr. Jeffrey Lasner, the business produces dental instruments known for their durability and lightweight composition. It currently leases office space on North Broadway. The company's financial decline began during the pandemic, when revenue dropped sharply despite strong growth in 2019. Although sales rebounded by 2023, Lasner said he uncovered more than $700,000 in debt after taking over the company, which he claims resulted from prior management's misuse of credit and company funds, the report states. Lasner noted that cost-cutting measures have restored profitability, but high interest rates and limited refinancing options remain challenges. He said restructuring through bankruptcy is expected to position the company for recovery and long-term expansion. About Laschal Surgical Instruments LLC Laschal Surgical Instruments LLC is a surgical and dental instrument manufacturer headquartered in North White Plains. Established in 1978 by Dr. Jeffrey Lasner, the company produces precision tools widely recognized for their durability and performance. Its product line includes forceps, probes, and retractors made from advanced lightweight steel. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-22291-kyp) on March 23, 2026. In the petition signed by Daniel Lasner, chief executive officer, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Kyu Young Paek oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron LLP, represents the Debtor as legal counsel. LASERSHIP INC: Kennedy Lewis Marks $848,648 1L Loan at 50% Off -------------------------------------------------------------- Kennedy Lewis Capital Co. has marked its $848,648 loan extended to LaserShip, Inc. to market at $421,354 or 50% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Kennedy Lewis Capital Co. is a participant in a first lien loan extended to LaserShip, Inc. The Loan accrues interest at a rate of S + 1.50 %/ 4.00 %PIK, 9.43 % per annum. The Loan matures on Aug. 10, 2029. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About LaserShip, Inc. Lasership, Inc. operates as a courier services. The Company offers pickup, delivery of letters, small packages, and documents. Lasership serves customers worldwide. LIA HOSPITALITY: Seeks to Hire Preeti Gupta as Bankruptcy Counsel ----------------------------------------------------------------- Lia Hospitality Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Preeti Gupta, Esq., an attorney practicing in Plainfield, Ind., as counsel. The attorney will provide these services: (a) advise the Debtor on its Chapter 11 rights, powers and duties; (b) prepare on behalf of the Debtor legal papers that may be required in the Chapter 11 case; and (c) perform any other legal services as counsel for the Debtor that may be required by it or this Court. Ms. Gupta will be paid at an hourly rate of $325. Prior to the filing of the petition, Ms. Gupta received a retainer of $6,000 from the Debtor. Preeti Gupta, Esq. disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Preeti Gupta, Esq. 2680 East Main Street Suite 322 Plainfield, IN 46168 Telephone: (317) 900-9737 Facsimile: (888) 261-6090 Email: nita07@att.net About Lia Hospitality Group LLC Lia Hospitality Group LLC operates the Baymont Inn in Muncie, Indiana, overseeing daily hotel operations, guest services, maintenance, and property management. Lia Hospitality Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-01663) on Mar. 23, 2026. In the petition signed by Chirag Patel, vice president, the Debtor disclosed up to $10 million in assets and up to $10 million in liabilities. Judge Andrea K. McCord oversees the case. Preeti Gupta, Esq., serves as the Debtor's counsel. LIPELLA PHARMACEUTICALS: Seeks Chapter 11 Bankruptcy ---------------------------------------------------- James Waldron of Fierce Biotech reports that Lipella Pharmaceuticals has entered Chapter 11 bankruptcy, bringing an end to its efforts to commercialize a novel treatment for oral lichen planus, a chronic inflammatory condition of the mouth. The biotech had been developing LP-10, a tacrolimus-based oral rinse designed to reduce inflammation and alleviate symptoms associated with the disease. The company previously shared positive clinical data in September 2025, noting that LP-10 achieved its safety goals in a phase 2a study of 27 patients. Participants also reported significant improvements in pain and oral sensitivity, signaling potential therapeutic benefit, the report states. Following those results, Lipella aimed to move forward with a phase 2b trial and ultimately seek FDA approval, positioning LP-10 as a first-in-class therapy for OLP. Despite this progress, the company announced it had filed for bankruptcy protection in federal court in Pennsylvania, according to Fierce Biotech. Lipella now plans to sell its assets as part of the restructuring process while maintaining operations in the short term. The filing comes after a series of setbacks, including its Nasdaq delisting and a sharp decline in available cash, which raised doubts about its ability to continue as a going concern, the report relays. About Lipella Pharmaceuticals Lipella Pharmaceuticals was a biotechnology firm committed to advancing first-in-class therapies for inflammatory oral conditions. Located in Pittsburgh, the company’s flagship program, LP-10, targeted symptomatic oral lichen planus using a liposomal tacrolimus oral rinse. Lipella aimed to translate early clinical successes into FDA-approved treatments for patients with limited therapeutic options. Lipella Pharmaceuticals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20879) on March 30, 2026. Honorable Bankruptcy Judge Carlota M. Bohm handles the case. The Debtor is represented by Michael A. Shiner, Esq. of Tucker Arensberg. LIVE COMFORTABLY: TCW Direct Lending Marks $64M Loan at 16% Off --------------------------------------------------------------- TCW Direct Lending VII LLC has marked its $64,000,723 loan extended to Live Comfortably Borrower LLC (fka Hollander Intermediate LLC) to market at $53,952,610 or 84.3% of the outstanding amount, according to TCW Direct Lending VII's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending VII LLC is a participant in a loan extended to Live Comfortably Borrower LLC (fka Hollander Intermediate LLC). The Loan accrues interest at a rate of 6.83 % (SOFR + 3.00 %, 3.00 % Floor) per annum. The Loan matures on Sept. 19, 2027. TCW Direct Lending VII LLC was formed as a Delaware limited liability company on May 23, 2017. The Company engaged in a private offering of its common limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. the Company may issue preferred units, though it currently has no intention to do so. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About Live Comfortably Borrower LLC, formerly known as Hollander Intermediate LLC Live Comfortably Borrower LLC, formerly known as Hollander Intermediate LLC, is a home goods company associated with bedding and comfort products sold under the Live Comfortably brand and related labels. LTI HOLDINGS: Moody's Withdraws 'B3' CFR Following Debt Repayment ----------------------------------------------------------------- Moody's Ratings has withdrawn LTI Holdings, Inc.'s (Boyd) ratings, including the B3 corporate family rating, B3-PD probability of default rating and B3 ratings on the senior secured first-lien bank credit facilities. Prior to the withdrawal, the CFR, PDR, and ratings on the senior secured first-lien bank credit facilities were on review for upgrade and the outlook was ratings under review. This action follows the repayment of Boyd's rated debt upon closing of the sale of its Thermal business to Eaton Corporation. RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the repayment in full of the senior secured first-lien bank credit facilities due in July 2029. LTI Holdings, Inc. (Boyd) is a Florida-based manufacturer of customized, precision products that provide thermal management (to prevent overheating) and environmental sealing (to protect from heat, moisture or radiofrequency). These solutions are sold to customers serving a broad array of end markets including industrial, mobile electronics, medical and aerospace and defense. The company is owned by funds affiliated with Goldman Sachs Merchant Banking. LUCKY LIKE: Seeks to Hire Robert C. Newark III as Legal Counsel --------------------------------------------------------------- Lucky Like This, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Robert Newark, III, Esq., an attorney practicing in Edmond, Okla., as counsel. The attorney will provide these services: (a) advise the Debtor regarding its powers and duties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of its estate and appear on its behalf at all hearings regarding its 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. The firm will be paid at these rates: Robert Newark, III, Partner $400 Kelly Raper, Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. Mr. Newark disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Newark, III, Esq. 1019 Waterwood Pkwy., Ste. C Edmond, OK 73034 Telephone: (866) 230-7236 Facsimile: (888) 316-3398 Email: robert@newarkfirm.com About Lucky Like This Inc. Lucky Like This, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-10824) on March 20, 2026, listing up to $10 million in both assets and liabilities. Robert C. Newark, III, Esq., serves as the Debtor's counsel. LYCRA COMPANY: Seeks to Hire Ordinary Course Professionals ---------------------------------------------------------- The Lycra Company, LLC and its affiliated debtors seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The OCPs include: Tier I KPMG LLP -- Annual Group Audit Provider Tier II CPA Global Limited --IP Legal Services Hoffman & Baron, LLP --IP Legal Services KPMG Ag – Switzerland --Annual Audit KPMG Assessores LTDA --Audit Services Ernst & Young Assessoria --Tax Credit Identification/Income Tax Return Review Hogan Lovells (Alicante) --IP Legal Services KPMG Accountants N.V. --Audit Services Grant Thornton - Us --Tax Consulting (Transfer Pricing) Tier III Carpmaels & Ransford LLP --IP Legal Services Deloitte - UK --Tax Compliance Armstrong Teasdale LLP --Labor & Employment / IP Legal Services Tax Partner - Switzerland --Tax Compliance (Return & Tax Audit Support) Stibbe NV - Amsterdam --Contracts Deloitte & Touche - Taiwan --Tax Preparation And Tax Consulting Services Machado Meyer Sendacz Opice --Corporate Governance / Labor & Employment Tax Partner Ag --Tax Preparation And Tax Consulting Services Hogan Lovells International LLP --Corporate Governance / Ip Legal Services Perez-Llorca Mexico Sc Corporate Governance East IP Limited IP --Legal Services Baker & Mckenzie LLP (Shanghai) - Shanghai --Corporate Governance / Contracts KPMG Tax Services Limited - HK --Tax Compliance (Transfer Pricing) / Consulting I'b The IP Hub S.A. --IP Legal Services Lee And Li Attorneys-At-Law --Corporate Governance / IP Legal Services / Contracts EY Corporate Advisors Pte. Ltd. - Singapore --Tax Compliance (Tax Audit Support / Transfer Pricing) EY Belastingadviseurs B.V. --Tax Return EY - Brazil --Tax Consulting KPMG - Taiwan --Audit EY Provisão - Brazil --Preparation Of Transfer Pricing Studies Kilpatrick Townsend & Stockton LLP --IP Legal Services Kim & Chang --Corporate Governance / IP Legal Services Rajah & Tann Singapore LLP --Corporate Governance / Contracts Baker Mckenzie - Mexico --Tax Compliance (Transfer Pricing / Audit Support) Molina - Mexico --Tax Consulting (Refund Support) Elliotts Legal --Labor & Employment King & Wood Mallesons --IP Legal Services Tracer --IP Legal Services Cleaver Fulton Rankin Ltd --Contracts / Real Property HVG Law B.V. --Corporate Governance Platin Serbest Muhasebeci --Tax And Accounting Services SimpleLegal Inc --Legal Operations Rudnick Immigration Group P.C. --Labor & Employment PWC - Spain --Tax Compliance Petosevic S.A.R.L. --IP Legal Services Gusmao & Labrunie Advogados --IP Legal Services Gary L. Baucom - Monroe, NC --IP Legal Services Aptis Global - Us --Tax Compliance (Transfer Pricing) EC Rubio --Corporate Governance / Labor & Employment Welocalize Inc --IP Legal Services Shipman & Goodwin --Corporate Services Cedar White Bradley --Ip LLC IP Legal Services Consonum Inc --IP Legal Services Uhthoff Gomez Vega & Uhthoff Sc --IP Legal Services Samil Accounting Firm --Corporate Tax Services EY --Accounting, Compliance Financial Statements Corsearch Inc --IP Legal Services Schellenberg Wittmer Ltd --Corporate Governance KPMG Meijburg & Co --VAT Compliance / Advisory Massad Pericias Judiciais E Consultoria --Corporate Governance Reis Rocha E Carvalho Sociedad --Tax Law and Consulting Firm Grant Thornton Tax Agent Office Co., Ltd --Monthly Tax Filing Drt Yeminli Mali Musavirlik Ve --Tax Preparation and Tax Consulting Services Regier Carr Monroe - Us --Tax Compliance (Sales and Use Taxes) Norton Rose Fulbright IP --Legal Services Arochi Marroquin & Linder Sc --IP Legal Services Ohno & Partners --IP Legal Services Borden Ladner Gervais LLP --IP Legal Services Creel, Garcia-Cuellar, Aiza Y Enriquez, S.C. --Corporate Governance / Real Property Lfb Arbeidsdeskundigen --Labor Experts KPMG Cardenas Dosal Sc --Preparation And Submission Of Electronic Accounting Sedin Sa --IP Legal Services We Intellectual Property Co., Ltd. --IP Legal Services Baker Mckenzie - US --Tax Consulting (Transfer Pricing) Copyright Clearance Center, Inc. - Danvers, MA --IP Legal Services Alston & Bird LLP - Atlanta --IP Legal Services Pt Tilleke & Gibbins Indonesia --IP Legal Services Anand And Anand --IP Legal Services Tilleke And Gibbins --IP Legal Services Corrs Chambers Westgarth --IP Legal Services Addleshaw Goddard LLP --Corporate Governance / IP Legal Services / Contracts Kasznar Leonardos Propriedade --IP Legal Services Lucas De Lima E Medeiros Advogados - Sao Paulo -- Contracts Kubota --IP Legal Services GKC Partners --Labor & Employment Peixoto & Cury Advogados --Labor & Employment K & S Partners --IP Legal Services Lee & Lee --IP Legal Services Trip Advocaten & Notarissen B.V. --Labor & Employment PWC Societe D'avocats --In Country VAT Filing Support Vorys, Sater, Seymour and Pease Llp LLP -- Labor & Employment SERPAC Serviços Paralegais --Corporate Governance Trevisan & Cuonzo Avvocati --IP Legal Services Vazquez Tercero & Zepeda --Compliance Camelier & Machado Advocacia --Labor & Employment Finnegan, Henderson, Farabow, Garrett and Dunner, LLP -- IP Legal Services Clarke, Modet & Co. Brazil - Rio De Janeiro -- IP Legal Services PWC - Germany --Tax Compliance Bengzon & Untalan --IP Legal Services Pekin Attorney Partnership --Corporate Governance Baptista, Monteverde & Associados --IP Legal Services KPMG Tax Services Bv Belgian --Tax Compliance Deloitte Provisão - Brazil --Income Tax Return Review Deloitte Values House --Tax Advice & Tax Return Preparation – Turkey Deloitte Tax LLP --Tax Compliance – United States Pricewaterhousecoopers --Tax & Legal X.L. -- Tax Advice & Tax Return Preparation – Spain Ducharme, Mcmillan & Assoc. --Property Tax Return Preparation Sylmai LLC --Corporate Governance About The LYCRA Company The LYCRA Company innovates and produces fiber and technology solutions for the apparel and personal care industries and owns the leading consumer brands: LYCRA(R), LYCRA HyFit(R), LYCRA(R) T400(R), COOLMAX(R), THERMOLITE(R), ELASPAN(R), SUPPLEX(R) and TACTEL(R). Headquartered in Wilmington, Delaware, U.S., The LYCRA Company is recognized worldwide for its sustainable products, technical expertise, and marketing support. The LYCRA Company focuses on adding value to its customers' products by developing unique innovations designed to meet the consumer's need for comfort and lasting performance. Learn more at thelycracompany.com. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90399) on March 17, 2026. In the petition signed by Dean Williams, chief financial officer, the disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Arsalan Muhammad, Esq., at Haynes and Boone LLP, represents the Debtor as legal counsel. MAE'S INVESTMENT: Hires Rappaport Osborne & Rappaport as Counsel ---------------------------------------------------------------- Mae's Investment USA, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Rappaport Osborne & Rappaport, PLLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties under Chapter 11 and the continued management of the operation of its business; (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 and/or defend 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 and its confirmation. The firm will be paid at these hourly rates: Les Osborne, Attorney $675 Jordan Rappaport, Attorney $650 Paralegal/Legal Assistants $100 - $350 On March 12, 2026, the firm received a retainer of $13,000 from the Debtor. Mr. Rappaport 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: Jordan L. Rappaport, Esq. Rappaport Osborne & Rappaport, PLLC 1300 N. Federal Hwy., Suite 203 Boca Raton, FL 33432 Telephone: (561) 368-2200 About Mae's Investment USA LLC Based in West Palm Beach, Florida, Mae's Investment USA, LLC is a limited liability company focused on investment operations. Founded in 2021, the company is overseen by manager and registered agent David Bhagwandass. Mae's Investment USA sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13093) on Mar. 13, 2026. In the petition signed by David Bhagwandass, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC as counsel. MAMA BIRD'S: Seeks to Hire D'Agostino Group Inc. as Accountant -------------------------------------------------------------- Mama Bird's Cookies N Cream, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire D'Agostino Group, Inc. as accountant. The accountant shall receive a flat fee of $750 to prepare and file the Debtor's annual tax returns. D'Agostino Group, Inc. does not hold or represent any interest adverse to the Debtor or the estate, and is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: DeeAnn D'Agostino D'Agostino Group, Inc. PO Box 1651 Indian Trail, NC, 28079 Phone: (704) 635-7123 Phone: (919) 577-1040 Email: deeann@ncdaggroup.com About Mama Bird's Cookies N Cream Mama Bird's Cookies N Cream, LLC, doing business as Mama Bird's Ice Cream, produces handcrafted ice cream and baked goods from its locations in Holy Springs and Apex, North Carolina, offering a range of rotating flavors that highlight traditional recipes with unique twists. The company emphasizes scratch-made desserts, including gluten-free options, and serves customers through its physical locations and a mobile unit. Its operations focus on creating a community-oriented environment, catering to local consumers and families seeking artisanal frozen treats. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00272) on January 20, 2026, with $321,096 in assets and $1,044,349 in liabilities. Lesley Richmond, managing member, signed the petition. Judge David M. Warren presides over the case. Laurie B. Biggs, Esq., at Biggs Law Firm, PLLC represents the Debtor as bankruptcy counsel. MARKETCAST HOLDINGS: Remora Capital Marks $3.1MM Loan at 29% Off ---------------------------------------------------------------- Remora Capital Corp has marked its $3,169,000 loan extended to Marketcast Holdings, LLC to market at $2,250,000 or 71% of the outstanding amount, according to Remora Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Remora Capital Corp is a participant in a loan extended to Marketcast Holdings, LLC. The Loan accrues interest at a rate of S + 1.15% 5.0 % per annum. The Loan matures on Nov. 15, 2027. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About MARKETCAST HOLDINGS, LLC Marketcast Holdings, LLC is a media and entertainment analytics company that provides data-driven insights and research services to help clients measure audience engagement and optimize content and marketing strategies. MASA CORPORATION: Initiates Chapter 11 Bankruptcy in California --------------------------------------------------------------- On March 31, 2026, The Masa Corporation filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 4, 2026 at 10:00 AM at UST-SA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:5453743. About The Masa Corporation The Masa Corporation is a business entity engaged in commercial operations and corporate activities. The Masa Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12476) on March 31, 2026. In its petition, the debtor reports estimated assets between $1MM and $10MM and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Mark D. Houle handles the case. The debtor is represented by Garrick A. Hollander, Esq. of Garrick A. Hollander, LLP. MASTERWORK ELECTRONICS: Star Mountain Marks $521K Loan at 91% Off ----------------------------------------------------------------- Star Mountain Lower Middle-market Capital Corp has marked its $521,739 loan extended to Masterwork Electronics, Inc. to market at $48,887 or 9% of the outstanding amount, according to Star Mountain's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Star Mountain Lower Middle-market Capital Corp is a participant in a first lien senior secured term loan extended to Masterwork Electronics, Inc. The Loan accrues interest at a rate of S + 7.65 % 11.30 % per annum. The Loan matures on Nov. 17, 2027. Star Mountain Lower Middle-Market Capital Corp. is an externally managed, closed-end management investment company. The company seeks to achieve its investment objectives by investing primarily in privately negotiated loans and equity investments to small and medium-sized businesses. The Fund is led by Brett A. Hickey as Chief Executive Officer and President and Christopher J. Gimbert as Chief Financial Officer. The Fund can be reached at: Brett A. Hickey Star Mountain Lower Middle-Market Capital Corp. 140 E. 45th Street New York, NY 10017 Telephone: (212) 810-9044 About Masterwork Electronics, Inc. Masterwork Electronics, Inc. manufactures electronic services. The Company offers printed circuit board assembly services such as consignment and turnkey assembly, testing and measurement, and custom assignment. MASTERWORK ELECTRONICS: Star Mountain Marks $8M 1L Loan at 91% Off ------------------------------------------------------------------ Star Mountain Lower Middle-market Capital Corp. has marked its $8,840,576 loan extended to Masterwork Electronics, Inc. to market at $828,362 or 9% of the outstanding amount, according to Star Mountain's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Star Mountain Lower Middle-market Capital Corp. is a participant in a first lien senior secured term loan extended to Masterwork Electronics, Inc. The Loan accrues interest at a rate of S + 7.65 % 11.30 % per annum. The Loan matures on Nov. 17, 2027. Star Mountain Lower Middle-Market Capital Corp. is an externally managed, closed-end management investment company. The company seeks to achieve its investment objectives by investing primarily in privately negotiated loans and equity investments to small and medium-sized businesses. The Fund is led by Brett A. Hickey as Chief Executive Officer and President and Christopher J. Gimbert as Chief Financial Officer. The Fund can be reached at: Brett A. Hickey Star Mountain Lower Middle-Market Capital Corp. 140 E. 45th Street New York, NY 10017 Telephone: (212) 810-9044 About Masterwork Electronics, Inc. Masterwork Electronics, Inc. manufactures electronic services. The Company offers printed circuit board assembly services such as consignment and turnkey assembly, testing and measurement, and custom assignment. MAX US: Brightwood Capital I Marks $7.3MM Loan at 18% Off --------------------------------------------------------- Brightwood Capital Corp I has marked its $7,369,000 loan extended to Max US Bidco Inc. to market at $6,061,000 or 82% of the outstanding amount, according to Brightwood Capital I's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Brightwood Capital Corp I is a participant in a loan extended to Max US Bidco Inc.. The 1L Loan accrues interest at a rate of 3M S + 5.00%, 8.67% per annum. The 1L Loan matures on Oct. 2, 2030. Brightwood Capital Corporation I is a business development company that provides debt and equity financing solutions to middle-market companies. The Fund is led by Sengal Selassie as Chairman of the Board and Chief Executive Officer and Russell Zomback as Chief Financial Officer. The Fund can be reached at: Sengal Selassie Brightwood Capital Corporation I 810 Seventh Avenue, 26th Floor New York, NY 10019 Telephone: (646) 957-9525 About MAX US Max US Bidco Inc. is a leveraged acquisition vehicle serving as the primary U.S. borrower for a sponsor-backed buyout structure. MAX US: Investcorp Credit BDC Marks $7.8MM Loan at 21% Off ---------------------------------------------------------- Investcorp Credit Management Bdc, Inc. has marked its $7,889,773 loan extended to Max US Bidco Inc. to market at $6,232,920 or 79% of the outstanding amount, according to Investcorp Credit Management BDC's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Investcorp Credit Management Bdc, Inc. is a participant in a loan extended to Max US Bidco Inc.. The Loan accrues interest at a rate of 3M S + 5.00% per annum. The Loan matures on Oct. 2, 2030. Investcorp Credit Management BDC, Inc. is a business development company that provides debt and related financing solutions to middle-market corporate borrowers. The Fund is led by Suhail A. Shaikh as Director, President and Chief Executive Officer and Robert Andrew Muns as Chief Financial Officer. The Fund can be reached at: Suhail A. Shaikh Investcorp Credit Management BDC, Inc. 280 Park Avenue 39th Floor New York, NY 10017 Telephone: (646) 690-5034 About MAX US BIDCO INC. Max US Bidco Inc. is a bidco financing vehicle typically used in leveraged acquisitions, funded here through a floating-rate term loan B. MEI BUYER: Kennedy Lewis Marks $1.6MM 1L Loan at 76% Off -------------------------------------------------------- Kennedy Lewis Capital Co has marked its $1,617,776 loan extended to Mei Buyer LLC to market at $392,896 or 24% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026. Kennedy Lewis Capital Co is a participant in a first lien loan extended to Mei Buyer LLC. The Loan accrues interest at a rate of S+ 4.25 %, 8.03% per annum. The Loan matures on June 29, 2029. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About Mei Buyer LLC Mei Buyer LLC is a special purpose acquisition entity formed to acquire and hold a middle-market operating company. MIRROR LAKE: Taps Philip Kaestle of SierraConstellation as CRO -------------------------------------------------------------- Mirror Lake Village LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire SierraConstellation Partners LLC and designate Philip Kaestle as chief restructuring officer. The firm will render these services: a. provide oversight and assistance with the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursements analysis of various asset and liability accounts, and analysis of proposed transactions; b. communicate with lenders directly regarding financial performance, strategy, and/or other topics relevant to the scope of this assignment; c. evaluate and make recommendations in connection with strategic alternatives as needed to maximize the value of the Debtor; d. evaluate the cash flow generation capabilities of the Debtor for valuation maximization opportunities; e. provide oversight and assistance in connection with communications and negotiations with constituents, including trade vendors, investors, and other critical constituents, to the successful execution of the Debtor's near-term business plan; f. perform such other services as requested or directed by the Debtor. 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 $575 Senior Associates $425 Associates $395 Analysts $300 SierraConstellation received a retainer in the amount of $22,142.50. Philip Kaestle, a managing director of SierraConstellation Partners, assured the court that he and his firm are "disinterested persons" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Philip Kaestle SierraConstellation Partners LLC 101 Creekside crossing, Suite 1700-388 Brentwood, TN 37027 Tel: (213) 289–9060 Fax: (213) 402–3548 Email: info@scpllc.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. MOHEGAN TRIBAL: Fitch Puts 'B' LongTerm IDR on Watch Positive ------------------------------------------------------------- Fitch Ratings has placed the 'B' Long-Term Issuer Default Ratings (IDRs) and all issue ratings of Mohegan Tribal Gaming Authority and MS Digital Entertainment Holdings, LLC (collectively, Mohegan) on Rating Watch Positive following the announced sale of the Tribe's WNBA franchise, the Connecticut Sun. The Rating Watch reflects the expected reduction in leverage from the sale proceeds of the WNBA Connecticut Sun basketball team. The potential application of most of the proceeds to debt reduction could result in a positive rating action. The rating also reflects the leading market position of the Mohegan Sun casino, growing digital results, and positive FCF generation. The rating also reflects a lack of geographic diversification, the potential impact of the opening of New York City casinos and limited financial flexibility. Key Rating Drivers Connecticut Sun Pending Sale: Mohegan has agreed to sell the Connecticut Sun to the Tilman J. Fertitta family for $300 million pending final WNBA and regulatory approval. Mohegan will receive $150 million at closing and the remainder on or before Dec. 31, 2026. Management could use proceeds to repay debt and/or invest in its gaming and resort assets. Using most of the proceeds to reduce debt would likely lead to positive rating action, given lower EBITDA leverage and higher interest coverage. Focus on Core Operations: Fitch expects management to focus on core operations following the transfer of ownership of the South Korean gaming license. Mohegan Sun's slot and table operations remain strong, although table revenues could be pressured by the introduction of table games at Resorts World New York City in 2026 and, over the longer term, at the other two awarded New York City licenses. Mohegan Sun has historically absorbed new competition in the New England and New York markets, including Twin River (in Rhode Island), Encore Boston Harbor, and the two New York video lottery terminal-only facilities. The property's scale, differentiated themed offering, broad restaurant portfolio, and entertainment platform — anchored by its arena — support visitation and help sustain operating performance. Limited Geographic Diversification: Geographic diversification is limited in that Mohegan's Connecticut property accounts for 85% of land-based casino LTM EBITDA. Digital gaming provides diversification beyond land-based gaming. Increased diversification — either geographic or product — would be supportive of positive ratings actions if leverage metrics remain inside of the sensitivity bands. FCF Drives Financial Flexibility: Fitch expects FCF improvement will be supported by modest EBITDA growth, relatively low maintenance and growth capex, and bond covenant limits on tribal distributions. Financial flexibility remains weak with a fixed-charge coverage ratio of 2.0x, which is consistent with a low 'B' rating. Fitch expects Mohegan to realize meaningful interest savings using FCF to refinance high-cost debt and reduce leverage. Fiscal 2025 EBITDA leverage was 5.1x and Fitch believes this will move down to the mid-4x range over the forecast horizon. Growing Digital Business: The Connecticut digital business continues to grow rapidly and is expected to be a material contributor to FCF over the forecast horizon, supported by increasing scale and minimal capex requirements. The digital business benefits from limited competition in the Connecticut market and a favorable tax structure. The platform also provides opportunities for entrance in states with legalized digital gaming. Mohegan's partnership with FanDuel, a leading online sports betting and iGaming provider, supports market share gains and longer-term growth. Korean Risks Reduced: Fitch believes exposure to the Korean casino-resort, Inspire, is minimal. Mohegan no longer has an equity ownership in the facility, and the $100 million guarantee agreement from Mohegan to lenders has been fully released. Future Strategy Remains Uncertain: Fitch expects the Tribe and management to focus on core operations, reducing debt and interest expense and increasing FCF in the near term. Longer term, Fitch expects the Tribe to diversify its FCF. Peer Analysis Mohegan's rating reflects the continued strong and steady performance at its Connecticut and Pennsylvania properties. Similar to other tribal gaming entities, the company enjoys a regulatory-restricted market but is vulnerable to casinos opening in adjacent states. Tribal casinos typically maintain low leverage to ensure distributions to tribal members, but will apply excess cash to fund non-tribal casinos in order to diversify cash flow. Mohegan's Connecticut property has been able to withstand expanded gaming in states such as Rhode Island, Massachusetts, and New York over the last decade, while applying excess cash to diversify its operations. Compared to Mohegan, the Seminole Tribe of Florida (BBB/Stable) has access to a larger demographic market, similar regulatory protection, has significantly lower EBITDA leverage and has diversified under a separate subsidiary. HRNI Holdings, LLC (B/Stable) is a single-property casino indirectly owned by the Seminole Tribe with similar leverage to Mohegan, but it enjoys stronger parent support. PCI Gaming Authority (BBB-/Negative) has employed a strategy similar to Mohegan to use FCF from its regulatory tribal-protected assets to expand in other markets. The expansion has created additional risks, but PCI's leverage is materially lower than Mohegan's, which provides for more credit support. Fitch’s Key Rating-Case Assumptions For the Base Case: - Revenues increase 1.5%-2% over the forecast horizon, primarily reflecting growth in the U.S. domestic digital segment; - EBITDA margins in the 24%-25% range over the forecast horizon, reflecting digital gaming growth which has higher margins, offset by potential increased promotional activity from the introduction of table games at Resorts World NYC; - Capex is steady at $45 million to $50 million, which assumes approximately $30 million to $40 million of maintenance and $15 million to $20 million of growth capex; - Tribal distributions of approximately $77 million per year; - Base interest rate assumptions reflect the current SOFR curve. 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, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Moderate), Profitability (bb+, Moderate), Financial Structure (bb-, Moderate), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'B'. Recovery Analysis Since creditors cannot force a tribe into bankruptcy or claim equity in tribal operations, recovery typically takes the form of a debt-for-debt exchange. The EBITDA multiple in the analysis below is Fitch's assumption for a sustainable post-restructuring leverage. Fitch has assumed a 10% administrative claim. The going concern (GC) EBITDA of $250 million reflects Fitch's assumption that distress would likely occur from a combination of weak customer gaming spend, increasing and sustained competitive pressures, and poor operating performance. A 15% revenue decline with 50% flow-through to EBITDA is reasonable in the context of a regional tribal gaming operator, resulting in GC EBITDA that is roughly 30% below Mohegan's current EBITDA. Fitch assigns a 5.0x EV/EBITDA multiple for Mohegan. Compared to corporate gaming credit peers, which typically use a 6.0x-7.0x multiple, the multiple captures the lack of a formal restructuring framework and asset diversification. The analysis assumes the secured debt includes a full draw on the Mohegan $250 million revolver and secured debt notes. This results in a Recovery Rating of 'RR1'; however, Fitch's "Corporate Recovery Ratings and Instrument Ratings Criteria" caps Native American casinos at an 'RR2' recovery. The second lien notes would have an 'RR5' recovery and the unsecured notes would have an 'RR6' recovery. The secured restricted group debt is collateralized by the Mohegan Pennsylvania, the digital subsidiary, and equity interests in the Niagara entities, which strengthens the recovery prospects for lenders relative to secured debt in other tribal casinos that do not have assets outside of tribal land. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage consistently above 6.0x for the group; - EBITDAR fixed-charge coverage below 1.5x for the group; - Reduction in group liquidity due to excess tribal distributions and/or investments in unrestricted entities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage consistently below 5.0x for the group; - EBITDAR fixed-charge coverage above 2.0 for the group; - Increase in geographic and/or digital diversification without breaching negative sensitivities for an elongated period. Factors that Could, Individually or Collectively, Resolve the Rating Watch - The transaction may take longer than six months to close. Upon close and expected debt reduction, Fitch will resolve the Rating Watch. Liquidity and Debt Structure Mohegan held $154.0 million in cash, including $22.0 million at its Niagara subsidiary, and had borrowing capacity of $146.8 million on the secured credit facility and $36.5 million on the Niagara credit facility as of Dec. 31, 2025. The next bond maturity is not until 2029, and Mohegan is expected to remain FCF positive over the forecast horizon. Issuer Profile Mohegan is a global hospitality leader established by the Mohegan Tribe, a federally recognized Native American tribe, that operates two land-based properties in Connecticut and Pennsylvania along with a digital gaming business. It also manages two casinos in Ontario, Canada. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The 2025 revenue-weighted Climate Vulnerability Score (Climate.VS) for Mohegan for 2035 is 25 out of 100, suggesting low 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 ----------- ------ -------- ----- MS Digital Entertainment Holdings, LLC LT IDR B Rating Watch On B senior secured LT BB- Rating Watch On RR2 BB- sr sec 2nd lien LT B- Rating Watch On RR5 B- Mohegan Tribal Gaming Authority LT IDR B Rating Watch On B senior unsecured LT CCC+ Rating Watch On RR6 CCC+ senior secured LT BB- Rating Watch On RR2 BB- sr sec 2nd lien LT B- Rating Watch On RR5 B- MOLINA HEALTHCARE: S&P Lowers ICR to 'BB-', Outlook Stable ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Molina Healthcare Inc. to 'BB-' from 'BB'. The outlook is stable. Molina's financial leverage was 49.9% as of Dec. 31, 2025, and we expect it will remain substantially above 40% (S&P's threshold for the moderately negative funding structure assessment) in the foreseeable future. Therefore, S&P revised this assessment to moderately negative, resulting in a fair financial risk profile. S&P said, "The change in our view of the company's financial leverage stems from Molina's issuance of senior debt of $850 million in November 2025 to replace its term loans. We believe the replacement of short-term debt with long-term debt reversed the course of Molina's deleveraging. We think its earnings will remain weak in 2026-2027, which won't contribute meaningfully toward capital or deleveraging. We do not believe management intends to reduce financial leverage aggressively in the near term. For example, management has indicated the company will remain opportunistic towards acquisitions. There is also $1.25 billion undrawn credit facility available. Additional debt-financed merger and acquisition (M&A) deals will put more pressure on the company's financial leverage. We also assume Molina will continue to make share repurchases but at a slower pace than historical levels. "We select the lower of the split anchor of 'bbb/bbb-' based on our view of Molina's thin capital redundancy at the 99.5% confidence level, based on our model and on its elevated financial leverage. We also considered Molina's business concentration in the government-sponsored segments (Medicaid and subsidized Affordable Care Act [ACA] marketplace), which are among the most structurally challenged in the industry because of recent and ongoing health policy changes. "Molina's capital adequacy deteriorated to a deficiency at the 99.5% confidence level at the end of 2025, based on our capital model. We think its capital may be able to return to a redundancy at the 99.5% confidence level through gradual organic capital generation. Our base-case assumption does not assume additional capital deployment related to acquisitions. However, the company remains open to acquisitions, which may put more stress on capital in the near term." Molina maintains sufficient capital at its regulated subsidiaries to meet regulatory requirements. The company has typically capitalized to a consolidated RBC ratio of at least 300%. This is lower than the target among its for-profit peers but consistent with its subsidiary dividend strategy, which funds organic growth and acquisitions. S&P still views Molina's business risk profile as satisfactory based on its steady market positions in Medicaid and the ACA marketplace. Molina holds an approximate 6% national market share in Medicaid, ranking as the fourth-largest managed care organization (MCO) in Medicaid. Medicaid is Molina's largest operating segment, accounting for 83% of total membership as of the end of 2025. Molina expects that long-term consolidated revenue growth will continue to stem from consistent Medicaid renewals and the addition of new state contracts. Management described 2026 as a "trough" year for Medicaid margins. Management has been advocating for higher Medicaid rates and benefit adjustments with its state Medicaid partners. While management expects a 4% average rate increase this year, its expected 5% medical cost trend will outpace the average rate increase, resulting in earnings pressure in 2026. Additionally, the company won the Florida Children's Medical Services (CMS) contract (starting in late 2026, lasting through 2030). While it will boost revenue significantly, the first year of contract implementation will be an earnings drag ($1.50 per share/$77 million) in 2026. The 2025 tax and spending bill (H.R.1) will significantly reduce federal funding of the Medicaid program. Medicaid expansion states will implement the law's work requirements and more frequent eligibility checks in 2027 and 2028. This will likely cause further membership losses, rate adequacy issues, and earnings pressure. S&P said, "Molina thinks risk pool degradation from the implementation of work requirements won't be as significant as we had seen from the redeterminations process in 2023 and 2024 given the membership loss to expansion markets. However, we believe there is still significant uncertainty over how many members will lose coverage and what impact this will have on the average health acuity of the population." S&P said, "We think Molina has expertise in managing high acuity and complex populations such as Dual-Eligibles (DSNP) and Long-Term Services and Supports (LTSS) through proactive case management such as leveraging Interdisciplinary Care Team, bridging the Dual-Eligible payer gap (coordinating Medicare and Medicaid), and focusing on Social Determinants of Health (SDoH). Their expertise was reflected by its high new contact win and contact renewal rates since 2019 according to the company. "Molina will exit the Medicare Advantage Part D (MAPD) market in plan year 2027 due to continued financial pressure in this segment. We think this move will alleviate some earnings pressure starting in 2027, but MAPD will still be a drag on earnings in 2026. The company estimates a $1 per diluted share (about $51 million) negative impact from MAPD in 2026. This move allows Molina to refocus on the Dual-Eligibles business starting in 2027." While the ACA marketplace is a relatively small segment for Molina, it caused a significant earnings drag of $6.70 per share (about $381 million) in 2025 from its initial 2025 guidance, in line with sector-wide medical utilization pressure. S&P thinks its ACA rate increases (30%-40%) are on the higher end of rate increases compared with the industry and should be adequate to offset the risk pool deterioration impact from the expiration of enhanced premium tax subsidies. Molina anticipates its Marketplace membership will drop by more than 50%, falling to approximately 220,000 members for 2026, which aligns with its strategy of prioritizing margin in this segment. Additionally, H.R. 1 and other regulatory changes will further restrict ACA subsidy eligibility and tighten enrollment processes, leading to possible enrollment losses and marketplace volatility in 2027. Molina's operating performance took a hit in 2025 from an increase in its medical loss ratio (MLR), despite strong revenue growth. Its consolidated MLR was 91.7% in 2025. S&P said, "The company's adjusted EBIT return on revenue (ROR) was 1.7% in 2025. In 2026, we think its consolidated MLR will continue to stay elevated at 92%-93%. We think overall earnings pressure outweighs relief factors and will cause adjusted EBIT ROR to be less than 1% this year." S&P said, "The stable outlook reflects our expectation that Molina's core business profile will not change drastically in the next 12 months, and that the company will maintain a stable market position in Medicaid through its ability to secure Medicaid contract renewals and win new contracts. "We expect Molina's financial leverage will remain materially above 40% in the foreseeable future. Gradual organic capital generation might help reduce financial leverage in the long term. We also expect its EBITDA fixed-charge coverage will be below 4x and financial obligations to adjusted EBITDA will be above 4x in 2026. "Molina's capital adequacy, despite recent deterioration to below the 99.5% confidence level, might return to above the 99.5% confidence level through slow organic capital generation. We think its overall MLR will stay elevated at 92%-93% and cause an adjusted EBIT ROR of less than 1% in 2026. We expect some level of earnings improvement starting in 2027 but expect ROR of less than 2%." S&P could lower the rating in the next 12 months if: -- S&P thinks capital adequacy will stay below 99.5% for a sustained period -- Financial leverage increases further to above 50% -- Molina's competitive position deteriorates, as reflected in a series of contract losses or operating performance challenges Molina deploys outsized capital toward M&A opportunities, which stress capital adequacy S&P could raise the rating in the next 12 months if Molina improves its margins significantly to historical levels (above 2%) while maintaining supportive financial risk factors, including financial leverage of about 40% or lower and capital adequacy at the 99.5% level sustainably. MOOD MEDIA: Kennedy Lewis Marks $5.2MM 1L Loan at 76% Off --------------------------------------------------------- Kennedy Lewis Capital Co has marked its $5,226,159 loan extended to Mood Media Borrower, LLC to market at $1,256,891 or 24% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026. Kennedy Lewis Capital Co is a participant in a first lien loan extended to Mood Media Borrower, LLC. The Loan accrues interest at a rate of S + 6.75%, 10.48% per annum. The Loan matures on May 30, 2030. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About Mood Media Borrower, LLC Mood Media Borrower, LLC is a media and marketing services company that provides in-store audio, visual and experiential solutions to retailers and other commercial clients. MRP BUYER: Kennedy Lewis Marks $744,038 1L Loan at 41% Off ---------------------------------------------------------- Kennedy Lewis Capital Co. has marked its $744,038 loan extended to MRP Buyer, LLC to market at $441,362 or 59% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Kennedy Lewis Capital Co. is a participant in a first lien loan extended to MRP Buyer, LLC. The Loan accrues interest at a rate of S + 3.25%, 6.92% per annum. The Loan matures on June 4, 2032. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About MRP Buyer, LLC MRP Buyer, LLC appears to be a special-purpose acquisition or holding vehicle formed to facilitate a leveraged buyout or corporate transaction. MURPHY OIL: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Murphy Oil Corporation's Long-Term Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed Murphy's guaranteed revolver and senior unsecured notes at 'BB+' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. The ratings reflect Murphy's strong credit metrics, with leverage around 1.0x, production diversification between onshore and offshore opportunities, and solid maturity and liquidity profiles. These considerations are balanced by the execution risk and increased spending on exploration projects and significant environmental remediation costs of operating in the Gulf of Mexico (Gulf of America) compared with U.S. onshore peers. Fitch expects the conflict in Iran could increase near-term commodity price volatility and support higher realized prices for Murphy in 2026. The Stable Outlook reflects Fitch's expectation of continued financial discipline with low leverage and a minimally utilized revolver. Key Rating Drivers Offshore Development Opportunity; Execution Risk: Murphy's production levels are currently at the lower end of the peer group. The company has long-term production growth opportunities through offshore development and exploration projects in Vietnam and Côte d'Ivoire. Murphy expects net oil production of 10-15 thousand barrels of oil equivalent per day (mboepd) to begin in Vietnam by 4Q26. Fitch believes the size of discoveries in offshore opportunities will shape how the company's portfolio evolves over the long term. Although these development and exploration projects could strengthen the credit profile by increasing production scale and diversifying Murphy's offshore production beyond the Gulf, they carry execution and cost overrun risks in the coming years. The company currently anticipates 20% of capex to be allocated for exploration. However, Fitch expects exploration and overall capex spend to increase if current projects show more promise. Existing infrastructure and positive discoveries by peers in the regions may alleviate some of these risks. Shift in Capital Allocation Priorities: Fitch expects Murphy to focus more on shareholder returns and exploration spending, rather than debt repayment. Murphy accelerated its capital allocation policy, allowing the company to allocate a minimum of 50% of its FCF after dividends to share repurchases and potential dividend hikes, before achieving its gross debt target. Although the current allocation strategy prioritizes shareholder returns, significant debt reduction since 2020 has improved credit metrics, resulting in a stronger capital structure. Fitch forecasts leverage to remain around 1.0x through the base case. Gulf Remains a Core Driver: Fitch expects the Gulf offshore operations to remain central to Murphy's portfolio, driving future earnings from its significant production share and strong liquids mix. In 2026, around 32% of capital spending will target Gulf development drilling (operated and non-operated) and field development projects. Fitch anticipates flat to low-single-digit production growth, as Murphy pursues offshore opportunities in Vietnam and other locations. Fitch expects Murphy to continue prioritizing offshore growth, given its inventory of approximately 240 million barrels of oil equivalent (mmboe) of total resources with a breakeven oil price of less than $40 per barrel. Onshore Production Optionality: While Fitch expects most organic growth to come from Murphy's offshore assets, the company has low breakeven inventory in the Eagle Ford, Kaybob Duvernay, and Tupper Montney. These assets provide flexibility and the option to increase onshore production across various price environments. Fitch forecasts stable production in the Eagle Ford at 30-35mboepd and gross production in the Tupper Montney to remain near the 500 million cubic feet per day (mmcfd) plant capacity. Murphy's Tupper Montney assets have favorable well economics and are well-positioned to benefit from new Canadian LNG projects. Potential Regulatory Considerations: Similar to other offshore peers, Murphy's remediation obligations remain high due to its Gulf exposure. Asset retirement obligations (AROs) totaled approximately $1 billion as of Dec. 31, 2025. Other regulatory risks include downtime risk from storms and related environmental activity. Changes in the regulatory environment around federal lease sales have had minimal impact on Murphy's operations in the Gulf. Peer Analysis Murphy's production (including noncontrolling interest) of 188.7mboe/d for 2025 is at the low end of the range of most investment-grade and 'BB' issuers, such as APA Corporation (BBB-/Stable; 464.4 mboepd), Ovintiv Inc. (BBB-/Positive; 614.5 mboepd), Permian Resources Corporation (BBB-/Stable; 344mboepd), SM Energy Company (BB+/Stable; 420mboepd proforma), and Matador Resources (BB/Stable; 207.1 mboepd). Murphy's levered netbacks are toward the low end of its peers. Murphy's Fitch-calculated netback of $21.60 per barrel (bbl) for 2025 is lower than those of APA ($26.70/bbl), Matador ($28.50/bbl), SM Energy ($25.80), and Permian Resources ($23.20/bbl). Murphy's netback is higher than Ovintiv ($16.40/bbl). Murphy's leverage metrics are on the lower end of the peer group at 0.9x for 2025. Murphy's approximately $1,012 million of asset retirement obligations are significant and larger than comparable onshore peers given the offshore exposure. The obligations are lower than APA ($2,766 million), but significantly higher than onshore peers, such as Ovintiv ($424 million), SM Energy ($150 million), Matador ($150 million), and Permian ($189 million). Fitch's Key Rating-Case Assumptions - West Texas Intermediate oil prices of $65/bbl in 2026, $58/bbl in 2027 and $57/bbl thereafter; - Henry Hub natural gas prices of $3.50/mcf in 2026, $3.25/mcf in 2027, $3.00/mcf in 2028, and $2.75/mcf thereafter; - Single-digit production decline in 2026, followed by growth in 2027 driven by Vietnam; - Capex in line with management expectations; - Dividends increase to $1.40/share annually; - At least 50% of adjusted FCF is allocated to stock buybacks or dividend increases in line with Murphy's 3.0 capital allocation policy; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflects current SOFR forward curve. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Higher), Financial Structure (aa, Lower), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027, 15% for the forecast year 2028 and 55% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A change in financial policy that results in material weaker credit metrics; - Midcycle EBITDA leverage above 2.5x and EBITDA sustained below $1 billion; - Major operational issue or loss of momentum across key plays, or failure to maintain adequate drilling inventory; - Continued elevated capex spend directed towards exploration projects. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increasing net production above 250mboepd while maintaining reserve life; - Sustained reduction of gross debt to below $1 billion; - Continued clear and conservative capital allocation and financial policy that demonstrates capex, shareholder return and M&A discipline; - Midcycle EBITDA leverage below 2.0x. Liquidity and Debt Structure As of Dec. 31, 2025, Murphy had approximately $377 million in cash on its balance sheet, and approximately $1.25 billion available under its RCF, after $100 million of borrowings and $0.4 million of letters of credit. On Jan. 2, 2026, the company raised elected RCF commitments to $2 billion, increasing available liquidity. The maturity profile is extended after the note issuance, with the next maturity being in 2029. Issuer Profile Murphy Oil Corporation is a global oil and natural gas exploration and production company. It primarily operates in the Gulf, Canadian onshore regions and U.S. onshore regions. Murphy had total proved reserves of 715 MMBoe as of Dec. 31, 2025. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for Murphy Oil Corporation is 54. The signal reflects the risks related to policies that require lower carbon emissions over time and encourage reduced usage of fossil fuels in favor of renewable fuels. These policies pose near-term risks from higher costs driven by the need for greater focus on reducing emissions and longer-term risks from lower demand for fossil fuels as the world transitions toward renewable fuels. Fitch believes that a meaningful energy transition will play out over several decades. Key transition risks stem from potential demand reductions driven by policies designed to reduce the use of oil and gas in the global economy, and in the shorter term from policies designed to limit greenhouse gas emissions from the production of oil and gas. These risks do not have a material influence on the rating currently, given the very long-term timeframe over which the transition may take place, the uncertainty regarding the extent and nature of changes, and how markets and companies may react to them. Murphy has plans and targets in place to mitigate its exposure. The company decreased its greenhouse gas emissions intensity by 34% since 2019, its methane intensity by 56% and its flaring intensity by 65%. In addition, the company reported 68% of water recycled. The company is targeting a 15%-20% reduction in Scope 1 and 2 greenhouse gas emissions intensity and zero routine flaring of natural gas by 2030. ESG Considerations Murphy Oil Corporation has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to the enterprise-wide solvency risks that an offshore oil spill poses for an E&P company, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Murphy Oil Corporation LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ guaranteed LT BB+ Affirmed RR4 BB+ NATIONAL CONTRACTORS: Case Summary & 14 Unsecured Creditors ----------------------------------------------------------- Debtor: National Contractors, LLC 2815 Erie Boulevard East Syracuse, NY 13224 Business Description: National Contractors, LLC provides project management and construction consulting services. Chapter 11 Petition Date: April 3, 2026 Court: United States Bankruptcy Court Northern District of New York Case No.: 26-30260 Judge: Hon. Wendy A. Kinsella Debtor's Counsel: Jeffrey A. Dove, Esq. BARCLAY DAMON LLP Barclay Damon Tower 125 East Jefferson Street Syracuse, NY 13202 Tel: 315-413-7112 E-mail: jdove@barclaydamon.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Peter Teller as president and secretary. A copy of the Debtor's list of its 14 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WN7XNXY/National_Contractors_LLC__nynbke-26-30260__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R4WOARQ/National_Contractors_LLC__nynbke-26-30260__0001.0.pdf?mcid=tGE4TAMA NATIONAL VISION: Moody's Ups CFR to 'Ba3', Outlook Stable --------------------------------------------------------- Moody's Ratings upgraded National Vision, Inc's ("National Vision") ratings including its Corporate Family Rating to Ba3 from B1 and Probability of Default Rating to Ba3-PD from B1-PD. Moody's also upgraded its senior secured first lien revolving credit facility and senior secured term loan A ratings to Ba3 from B1. The speculative grade liquidity rating (SGL) remains unchanged at SGL-1. The outlook remains stable. The upgrades reflect governance considerations including National Vision's effective execution of its operational strategy that has enabled revenue and EBITDA growth despite a challenging consumer spending environment as well as its debt reduction, and articulated leverage target of 1.0x (per the company's definition). Its improved operating performance and payoff of the $85 million of outstanding convertible debt in 2025 has resulted in Moody's debt/EBITDA and EBITA/interest coverage of 2.7x and 2.0x, respectively at year end 2025 relative to 3.6x and 1.4x at year-end 2024. Moody's expects a continuation of the positive sales growth and operational momentum with debt/EBITDA and EBITA/interest improving to 2.4x and 2.6x, respectively over the next 12-18 months and very good liquidity to be maintained. RATINGS RATIONALE National Vision, Inc's Ba3 CFR reflects its position as a leading value player in the recession-resilient optical retail industry, with an increasing share of higher-ticket products. Its profile also reflects the company's very good liquidity with store expansion funded through excess cash flow generation. The company has increased its share of managed care customers, which tend to be higher margin and more resilient, with managed care penetration increasing to approximately 42% from about 30% a couple of years ago. The company has also placed greater emphasis on higher end offerings, including more premium frames, progressive lenses and products such as Ray-Ban Meta smart glasses. Operational efficiencies have been executed through the implementation of digitization of health records and the continued roll-out of remote care which allows the company to flex capacity across its optometrists. National Vision's credit profile is constrained by its small scale compared to similarly rated retail peers, lower (but growing) proportion of customers with optical insurance as well as exposure to the lower-end of the optical market which is more challenged. The long-term customer shift to e-commerce across retail could also increase competitive pressure and investment needs over time in the eyeglass retail segment, which has been relatively resistant to online growth. The stable outlook reflects Moody's expectations that National Vision will continue to grow its sales and earnings, while maintaining moderate leverage as well as very good liquidity, including significant positive free cash flow over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if revenue scale materially increases while the company continues to demonstrate consistent earnings growth, conservative financial policies, and maintains very good liquidity, including positive free cash flow generation. Quantitatively, ratings could be upgraded if adjusted debt/EBITDA is sustained below 3.0 times and EBITA/interest expense sustained above 3.0 times. Ratings could be downgraded if cash flow generation deteriorates or liquidity weakens or if the company pursues aggressive financial policies including debt-financed acquisitions or shareholder distributions. Quantitatively, ratings could be downgraded if Adjusted debt/EBITDA is sustained below 4.5 times and EBITA/interest expense above 2.0 times. Headquartered in Duluth, Georgia, National Vision, Inc (National Vision) is a publicly traded US optical retailer offering eyeglasses, contact lenses and eye exams. The company operates about 1,250 locations, including its retail chains America's Best Contacts and Eyeglasses and Eyeglass World, as well as host brands, Vista Optical locations within select Fred Meyer stores and Vista Optical locations on select military bases and an e-commerce website DiscountContacts.com. National Vision also sells contacts online. Revenue for the twelve months ended January 3, 2026 was approximately $2.0 billion. The principal methodology used in these ratings was Retail and Apparel 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. NATURE'S WAX: Gets OK to Tap Nardella & Nardella as Legal Counsel ----------------------------------------------------------------- Nature's Wax & Spa LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the law firm of Nardella & Nardella, PLLC as counsel. The firm will render these services: (a) advise and counsel the Debtor concerning the operation of its business in compliance of Chapter 11 and order of this court; (b) defend any causes of action on behalf of the Debtor; (c) prepare, on behalf of the Debtor, all necessary legal papers in the Chapter 11 case; (d) assist in the formulation of a plan of reorganization and prepare of a disclosure statement; and (e) provide all services of a legal nature in the field of bankruptcy law. The hourly rates of the firm's counsel and staff are as follows: Partners $650 Associates $400 Paraprofessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $11,000 from the Debtor, plus the filing fee of a $1,738. Jesus Lozano, Esq., an attorney at Nardella & Nardella, 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: Jesus Lozano, Esq. Nardella & Nardella, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Telephone (407) 966-2680 Email: ilozano@nardellalaw.com About Nature's Wax & Spa LLC Nature's Wax & Spa, LLC, a company in Kissimmee, Fla., provides hair removal and skincare services through its spa and wellness facilities. It specializes in waxing, facial treatments, and other spa services designed to meet individual client needs. Nature's Wax & Spa filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-08184) on December 16, 2025, listing between $100,001 and $1 million in assets and between $1 million and $10 million in liabilities. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by Jesus Lozano, Esq., at Nardella & Nardella, PLLC. NAVA HEALTH: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------- Matthew Cheney, Acting U.S. Trustee for Region 4, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of NAVA Health MD, Inc. and its affiliates. The committee members are: 1. Hunt Valley Towne Centre, LLC c/o Andrew J. Gerlowski 3904 Boston Street, Suite 402 Baltimore, MD 21224 (443) 545-4634 Email: agerlowski@ggcommercial.com 2. Straight North, LLC c/o Frank Fornaris, President 1001 W. 31st Street, Suite 100 Downers Grove, IL 60515 (708) 408-7963 Email: ffornaris@straightnorth.com 3. Ken Widmaier 164 Jackson St. Denver, CO 80206 (240) 305-8302 Kjw126@yahoo.com 4. HBW Construction c/o John Leach, President 1055 First St. Suite 200 Rockville, MD 20850 (301) 424-2900 Email: jleach@hbwconstruction.com 5. Beckman Coulter, Inc. c/o Devonya Williams-Bikouvaris 250 S. Kraemer Blvd. Brea, CA 92821 (714) 786-6588 dwilliams06@beckman.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About NAVA Health MD Nava Health MD, Inc. operates in the functional medicine, longevity, and wellness sector, providing personalized, integrative care through physical centers and digital platforms. Through its management of Nava Health Medical Group, LLC, Nava Health MD offers physician-supervised hormone optimization, nutrition, IV therapy, diagnostic testing, and wellness programs aimed at improving health span and biological-age markers. NAVA Health MD sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10497) on March 1, 2026. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Brian F. Kenney oversees the case. Henry & O'Donnell, P.C. is Debtor's legal counsel. NAVISTAR DEFENSE: TCW Direct Lending Marks $52.4MM Loan at 75% Off ------------------------------------------------------------------ TCW Direct Lending VII LLC has marked its $52,450,525 loan extended to Navistar Defense, LLC to market at $12,902,829 or 25% of the outstanding amount, according to TCW Direct Lending VII's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending VII LLC is a participant in a term loan extended to Navistar Defense, LLC. The Loan accrues interest at a rate of 3.0% per annum. The Loan matures on Feb. 1, 2027. TCW Direct Lending VII LLC was formed as a Delaware limited liability company on May 23, 2017. The Company engaged in a private offering of its common limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. the Company may issue preferred units, though it currently has no intention to do so. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About Navistar Defense, LLC Navistar Defense, LLC manufactures and assembles trucks. The Company offers parts and services for maintenance and repair services. Navistar Defense operates worldwide. NDG NEW: Hires Kenneth E. Kaiser as General Bankruptcy Counsel -------------------------------------------------------------- NDG New Dating Game, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Kenneth Kaiser, Esq., an attorney practicing in Palatine, Ill., as counsel. The attorney will render these services: (a) render legal advice with respect to the powers and duties of the Debtor; (b) prepare all necessary legal services as may be necessary proper herein; and (c) do necessary legal work regarding approval of the disclosure statement and plan. Mr. Kaiser received a retainer in the amount of $8,738 from the Debtor. Mr. Kaiser disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Kenneth E. Kaiser, Esq. 502 N. Plum Grove Rd. Palatine, IL 60067 Telephone: (847) 991-6675 About NDG New Dating Game Inc. NDG New Dating Game, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04816) on March 18, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Kenneth E. Kaiser, Esq., represents the Debtor as counsel. NJ CITY UNIVERSITY: Moody's Ups Issuer & Rev. Bond Ratings from Ba2 ------------------------------------------------------------------- Moody's Ratings has upgraded New Jersey City University's (NJ) issuer and revenue bond ratings to Baa3 from Ba2 and placed the ratings under review for further upgrade. The outlook was previously positive. The university had $205 million of debt outstanding as of June 30, 2025. The upgrade of the issuer and revenue bond ratings to Baa3 and placement of the ratings under review for upgrade reflects the continued progress towards New Jersey City University's (NJCU) merger into Kean University, including a signed legislative commitment to the merger from the State of New Jersey as well as ongoing financial rightsizing at NJCU including reducing outstanding debt and stabilizing liquidity. The merger is targeted to close on July 01, 2026 following the receipt of final accreditation and US Department of Education approvals. RATINGS RATIONALE The Baa3 rating reflects NJCU's established role as a regional provider of higher education and Hispanic Serving Institution (HSI) that should continue as the university merges into Kean University (A2 stable) and will operate as Kean Jersey City following the merger completion. NJCU's leadership continues to execute on strategic plans to improve the financial position of the university by reducing outstanding debt, improving operating performance, and stabilizing liquidity. As of June 30, 2025, the university reduced debt by nearly $35 million from fiscal 2024, generated a roughly 10% EBIDA margin (when factoring in cash used to defease debt early), and maintained roughly 54 monthly days cash on hand. State stabilization funds totaling $17 million across fiscal 2024 and 2025, additional state funds committed to address the campus' deferred maintenance, along with oversight from a state-appointed fiscal monitor, further support credit quality. The review period will focus on following the progress of final accrediting and government approvals to complete the merger. Under the terms of the merger agreement and the Kean University-New Jersey City University Merger Act, all debts of New Jersey City University shall be transferred to Kean University and the review period will also focus on the structure, which could include refinancing, restructuring, or amending, of NJCU's existing debt obligations within the merged university. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Successful merger of NJCU's campus into Kean University, benefitting from the combined Kean's stronger financial resources and student market -- Material strengthening of liquidity -- Substantial and sustained improvement in operating performance FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to complete or significant disruption in the merger into Kean University -- Material deterioration of NJCU's liquidity, beyond the funds utilized for voluntary separation and severance payments PROFILE New Jersey City University is a four-year, undergraduate and graduate public university with several sites in Jersey City, NJ in close proximity to New York City. NJCU also operates the A. Harry Moore School, a state-funded school for children with disabilities. For fiscal 2025, NJCU's operating revenue was approximately $151 million and in fall 2025, enrolled 4,485 full-time equivalent (FTE) students. New Jersey City University and Kean University signed a non-binding Letter of Intent (LOI) outlining a proposed merger, and a definitive merger agreement in October 2025. In January 2026, the Governor of New Jersey signed legislation advancing the merger, providing legislative authority to Kean to expand its mission to accommodate the operations and mission of NJCU's campus, and provided additional state funding support to assist in the transition process. The merger is expected to be completed by July 01, 2026. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. NOAH WEBSTER: S&P Lowers Revenue Refunding Bonds LT Rating to 'CC' ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating to 'CC' from 'B-' on the Pima County Industrial Development Authority, Ariz.'s series 2014 and series 2015 charter school revenue and revenue refunding bonds, issued for Noah Webster Basic Schools Inc. (NWBS). At the same time, S&P placed the rating on CreditWatch with negative implications. S&P said, "The downgrade reflects our view on the forbearance agreements Noah Webster Basic Schools entered for the series 2014 and series 2015 issuances, and that debt service is highly vulnerable to nonpayment on June 15, 2026, the next payment due date. Management is continuing divestiture of assets discussions with the intent for schools to cease operations in 2026. "The CreditWatch placement reflects the likelihood that we could further lower the rating on the bonds depending on the outcome of management's assets divestiture discussions, which we believe will be finalized within the 90-day CreditWatch period. "The CreditWatch placement reflects a one-in-two chance that we could further lower the rating within the next 90 days--during which time we expect to receive finalized information regarding the divestiture of assets and use of proceeds." NOR CAL FARM: Files for Chapter 7 Protection in California ---------------------------------------------------------- On March 30, 2026, Nor Cal Farm Labor, Inc. filed for Chapter 7 protection in the Eastern District of California. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Nor Cal Farm Labor, Inc. Nor Cal Farm Labor, Inc. is an agricultural services company that provides farm labor and workforce support to growers and agricultural operations in California. Nor Cal Farm Labor, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-21748) 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 Christopher D. Jaime handles the case. The Debtor is represented by J. Russell Cunningham, Esq. OASIS GB: Seeks to Tap Nations One Nations Loan Services as Broker ------------------------------------------------------------------ Oasis GB, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Nations One Nations Loan Services, LLC as real estate loan broker. The firm's services include: (a) evaluate the Debtor's financing needs and capital structure; (b) prepare a lender‑ready loan package; (c) identify potential lenders and financing programs appropriate for the Debtor's assets; (d) market the opportunity, coordinate diligence, and field lender inquiries; (e) negotiate proposed term sheets and assist the Debtor in evaluating alternatives; (f) negotiate prposed term sheets and assist the Debtor evaluating alternatives; and (g) assist with documentation, conditions precedent, closing logistics, and post-closing deliverables. The firm will be paid at a success-based fee equal to fixed fee of $15,000 for restructuring consulting and assisting with securing the proposed post-petition financing in the amount $350,000. In addition, the firm will seek reimbursement for expenses incurred. John Brocato, president of Nations One Nations Loan Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John M. Brocato Nations One Nations Loan Services, LLC 735 North Causeway Blvd., Suite #203 2nd Floor Mandeville, LA 70448 About Oasis GB LLC Oasis GB, LLC, doing business as Tickfaw Landing, operates a full-service marina and waterfront residential development in Killian, Louisiana, offering boat storage, concierge boat services, and access to the Tickfaw River. The Company provides 250 dry boat slips across 48,750 square feet, alongside 62 waterfront residential lots and community amenities such as a pool and social events. Oasis GB serves recreational boating and waterfront property markets in the greater Baton Rouge area and southeastern Louisiana. Oasis GB, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-11131) on December 10, 2025. In its petition, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Markus E. Gerdes, Esq., at Gerdes Law Firm, LLC. OC QUALITY: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- On March 27, 2026, OC Quality Construction Inc. filed for Chapter 7 protection in the Central District of California. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About OC Quality Construction Inc. OC Quality Construction Inc is a California-based construction company providing residential and commercial building, renovation, and contracting services. OC Quality Construction Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12302) 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. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Sydell B. Connor, Esq. ODYSSEY LOGISTICS: Kennedy Lewis Marks $977,500 1L Loan at 24% Off ------------------------------------------------------------------ Kennedy Lewis Capital Co has marked its $977,500 loan extended to Odyssey Logistics & Technology Corporation to market at $739,234 or 76% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026. Kennedy Lewis Capital Co is a participant in a first lien loan extended to Odyssey Logistics & Technology Corporation. The Loan accrues interest at a rate of S + 4.50%, 8.22% per annum. The Loan matures on Oct. 12, 2027. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About Odyssey Logistics & Technology Corporation Odyssey Logistics & Technology Corporation is a logistics and transportation services provider that offers supply chain management, freight brokerage and related technology solutions to industrial and commercial customers. OROVILLE HOSPITAL: PCO Says Patient Care Remains Stable ------------------------------------------------------- Jacob Nathan Rubin, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of California his first report regarding the quality of patient care provided by Oroville Hospital and affiliates. The PCO conducted a two-day on-site inspection of Oroville Hospital and affiliated facilities, including inpatient units, emergency services, surgical departments, diagnostic services, outpatient clinics, and the affiliated skilled nursing facility. During the site visit, the PCO personally toured clinical departments and spoke directly with physicians, nurse practitioners, physician assistants, nursing staff, pharmacists, administrators, and ancillary personnel responsible for patient care operations. These discussions were conducted to evaluate operational stability, staffing conditions, supply chain reliability, and the functioning of quality oversight systems. The PCO's inspection included review of hospital departments such as the emergency department, inpatient units, operating rooms, diagnostic imaging services, interventional radiology, cardiac catheterization services, obstetrics and nursery services, and hospital pharmacy operations. The PCO also visited numerous outpatient clinics and specialty practices located within affiliated medical office buildings serving the surrounding community. The PCO found that Oroville Hospital and its affiliated facilities remain operational and capable of delivering patient care services during the Chapter 11 proceedings, based upon the information reviewed and the conditions observed during the site visit. Hospital departments, outpatient clinics, and affiliated facilities were observed to be functioning and actively providing healthcare services to patients. The PCO noted that clinical staff consistently reported that patient care services were continuing without material disruption and that necessary medications, supplies, and equipment were available to support ongoing treatment activities. Temporary medication shortages identified during the review were attributable to vendor or national supply issues and were not related to the Debtors' financial restructuring. Mr. Rubin inspected the affiliated skilled nursing facility during the site visit and observed to be operational. Quality monitoring materials and transfer documentation were reviewed to evaluate patterns of resident care escalation and hospital transfers. While regulatory remediation efforts remain ongoing, the conditions observed did not indicate immediate threats to resident safety or systemic breakdown of care delivery. Importantly, the PCO did not observe operational conditions commonly associated with distressed healthcare facilities experiencing patient care degradation. Indicators such as widespread staffing shortages, closure of clinical departments, lack of essential medical supplies, or disruption of core hospital functions were not observed during the inspection. The PCO concludes that patient care services at Oroville Hospital remain stable and that the Chapter 11 proceedings have not materially impaired the delivery of healthcare services to the community, based on the information reviewed and the operational conditions observed during the site inspection. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=BVcWcP from PacerMonitor.com. The ombudsman may be reached at: Jacob Nathan Rubin, M.D., F.A.C.C. 4940 Van Nuys Blvd. #200 Sherman Oaks, CA 91403 Bus. Tel.: (818) 501-1455 About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. OUT THE GATE: Unsecured Creditors to be Paid in Full in Plan ------------------------------------------------------------ Out The Gate, Inc. filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for Plan of Reorganization dated March 25, 2026. The Debtor is a privately held gaming and entertainment company focused on electronic sports betting. The Debtor operates an online Sportsbook in three states -- Kentucky, New Jersey, and Ohio (the "Sportsbook"). In each state the Debtor operates, the Debtor has obtained the appropriate gaming license from an authorized licensor consistent with applicable state law and regulations (the "Gaming Licenses"). Through prepetition negotiations and the Debtor's evaluation of potential alternative sources of capital, it became evident that (1) no viable third-party sources of capital were available on the timeline necessary for the Debtor to remain operational as a going concern and (2) the Debtor's prepetition lenders were open to supporting and providing financing for a restructuring, subject to the Debtor agreeing to pursue an in-court process. Faced with no other viable options, the Debtor entered into a debtor-in-possession financing agreement with Plannatech (the "DIP Lending Agreement" or "DIP Financing"). Pursuant to the DIP Lending Agreement, Plannatech initially committed to provide up to $6,500,000 of secured debtor-in-possession financing to support this chapter 11 case, including an expedited sale process pursuant to section 363 of the Bankruptcy Code, and Plannatech also agreed to serve as a stalking horse bidder, subject to higher or better offers, for substantially all of the Debtor's Assets. In connection therewith, Plannatech proposed a stalking horse bid (a credit bid) of $2,500,000.00 pursuant to section 363(k) of the Bankruptcy Code, to fund the payment of certain of the Debtor's trailing post-petition liabilities, the payment of Cure Costs, and the assumption of certain Assumed Liabilities, consistent with the terms of the Stalking Horse Agreement. As a result of these negotiations, Plannatech agreed to assist the Debtor’s reorganization goal by, inter alia, providing the prepetition financing, providing a portion of the new capital necessary to allow for the continued operations of the Debtor, and setting up a transition to allow for the successful transition of the Debtor's operations to Plannatech that would allow for the continued employment of the Debtor's workers and involve the satisfaction of all or substantially all of the Debtor's vendor creditors and the assumption of such contracts and leases are deemed by the Debtor necessary to continue its operations. On the Effective Date, Plannatech will: (i) forgive its Plannatech Pre-Petition Secured Loans in full, (ii) provide the Debtor with a $2,500,000 credit toward the balance of the DIP Loan, and (iii) agree that the remaining DIP Loan balance shall not be satisfied on the Plan Effective Date, but that the remaining DIP Loan balance shall become an all asset secured loan against the Reorganized Debtor and its assets. Class 4 consists of Unsecured Claims. The legal, equitable, and contractual rights of the Holders of Allowed General Unsecured Claims are unaltered by the Plan. In full and final satisfaction, compromise, settlement, release, and discharge of each Allowed General Unsecured Claims, except to the extent that a Holder of an Allowed General Unsecured Claims agrees to a different treatment, on the Effective Date each Holder of an Allowed General Unsecured Claims shall, at the option of the Debtor, be provided with: (i) a cure and assumption of their contract or lease; (ii) Cash in an amount equal to such Allowed General Unsecured Claim; or (iii) such other treatment that will render such General Unsecured Claims Unimpaired pursuant to section 1124 of the Bankruptcy Code. The holders of General Unsecured Claims are not impaired under the Plan and therefore are not entitled to vote. Class 5 consists of Equity Interest Holders. The Equity Interest Holders collectively own all of the shares of the stock and unexecuted warrants in the Debtor. Upon the Effective Date of the Plan, the Equity Interest Holders shares and warrants in the Debtor shall be canceled, released, and extinguished, and each Holder of an Allowed Existing Equity Interest shall not receive or retain any property or distributions under this Plan on account of such Allowed Existing Equity Interests. The Plan will be effectuated by the Debtor and Plannatech entering into a series of transactions that are more fully described in the Plan. Upon Confirmation, and at the consummation of these transactions, the Debtor's Allowed General Unsecured Claims will be paid in full, and the Reorganized Debtor will be a wholly owned by Plannatech, with Plannatech directly owning the Out The Gate, Inc. free and clear of all the Existing Liens, except for a reduced DIP Loan that will be assumed by the Reorganized Debtor. The Claims of Allowed General Unsecured Creditors will be paid in full by the Reorganized Debtor as set forth in subsection 4 below. The Equity Interest Holders shall retain no ownership rights, and all existing equity instruments will be cancelled effective as of the Plan Confirmation date. A full-text copy of the Disclosure Statement dated March 25, 2026 is available at https://urlcurt.com/u?l=amUYNs from PacerMonitor.com at no charge. Out the Gate Inc. is represented by: Philip W. Allogramento III, Esq. Marc Casarino, Esq. Kennedys CMK LLP 222 Delaware Avenue, Suite 710 Wilmington, DE 19801 Tel: (908) 605-2953 E-mail: Phil.Allogramento@kennedyslaw.com About Out the Gate Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. On November 24, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Cole Schotz PC as counsel and Dundon Advisers LLC as financial advisor. PACE INDUSTRIES: TCW Direct Lending Marks $24.7MM Loan at 71% Off ----------------------------------------------------------------- TCW Direct Lending LLC has marked its $24,759,073 loan extended to Pace Industries, Inc. to market at $7,081,095 or 28.6% of the outstanding amount, according to TCW Direct Lending's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending LLC is a participant in a revolver loan extended to Pace Industries, Inc. The Loan accrues interest at a rate of 12.31 % including PIK (SOFR + 8.25 %, 1.50 % Floor, all PIK) per annum. The Loan matures on Oct. 14, 2026. TCW Direct Lending LLC was formed as a Delaware corporation on March 20, 2014 and converted to a Delaware limited liability company on April 1, 2014. The Company conducted a private offering of its limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About Pace Industries, Inc. Pace Industries, Inc. provides aluminum, zinc, and magnesium die casting products. The Company offers engineering, prototyping, machining, finishing, and assembly services. Pace Industries serves customers throughout the United States. PACE INDUSTRIES: TCW Direct Lending Marks $85.5MM Loan at 71% Off ----------------------------------------------------------------- TCW Direct Lending LLC has marked its $85,511,026 loan extended to Pace Industries, Inc. to market at $24,456,153 or 28.6% of the outstanding amount, according to TCW Direct Lending's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending LLC is a participant in a term loan extended to Pace Industries, Inc. The Loan accrues interest at a rate of 12.17 % including PIK (SOFR + 8.25 %, 1.50 % Floor, all PIK) per annum. The Loan matures on Oct. 14, 2026. TCW Direct Lending LLC was formed as a Delaware corporation on March 20, 2014 and converted to a Delaware limited liability company on April 1, 2014. The Company conducted a private offering of its limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About Pace Industries, Inc. Pace Industries, Inc. provides aluminum, zinc, and magnesium die casting products. The Company offers engineering, prototyping, machining, finishing, and assembly services. Pace Industries serves customers throughout the United States. PAK QUALITY: Remora Capital Marks $105,000 Loan at 29% Off ---------------------------------------------------------- Remora Capital Corp has marked its $105,000 loan extended to PAK Quality Foods Acquisition LLC to market at $75,000 or 71% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to PAK Quality Foods Acquisition LLC. The loan accrues interest at a rate of S + 5.86% per annum. The loan matures on Dec. 28, 2029. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About PAK QUALITY FOODS ACQUISITION LLC PAK Quality Foods Acquisition LLC is a holding entity formed to acquire and finance operations in the food or food-distribution sector through leveraged credit facilities. PASTIME LOUNGE: Amends Bear Paw Secured Claim Pay ------------------------------------------------- Pastime Lounge, LLC submitted an Amended Disclosure Statement for the Amended Plan of Liquidation dated March 25, 2026. Since the filing of the bankruptcy, the Debtor has been taking steps to sell the liquor license. Debtor has converted the liquor license to "non-use" status and more recently submitted materials required to list the liquor license on the Montana Department of Revenue website which identifies available licenses to the public. The Debtor's listing should be visible on the website once it is updated by the Montana Department of Revenue which Debtor anticipates will be in one to two weeks from the date of this filing according to one of the Department's licensing specialists. Debtor is in the process of selecting professional(s) to help market and sell the liquor license and/or the building owned by Bilger Enterprises, LLC. From the sale of the liquor license and/or building, in tandem with its co-debtor and related entity, Bilger Enterprises, LLC, Debtor intends to pay off all debts acquired by Pastime Lounge including the loan debts to Bear Paw. Pastime Lounge is currently closed and not doing business. As the business is closed, the Pastime Lounge, LLC has no on-going expenses. Debtor expects it will take until approximately June 30, 2026, or sixty days after confirmation, whichever occurs later, to arrange a sale conditioned on subsequent approval of the buyer's application by the Montana Department of Revenue which takes approximately ninety days to get Department approval. Class I consists of the Secured claim of Bear Paw Development Corporation in the amount of $306,378.14. This creditor has two cross-collateralized loans and is secured by a first lien on Debtor's liquor license and a first lien on real property located at 326 Indiana Street, Chinook, Montana, and equipment, furniture, and fixtures owned by Bilger Enterprises, LLC that is owed approximately $306,378.14. Interest shall accrue from the confirmation date at a rate of seven percent per annum. The Debtor's liquor license will be listed for sale. In the event the Debtor has not entered into a purchase and sale agreement with a buyer for the liquor license acceptable to Bear Paw by June 30, 2026, or within sixty days after confirmation, whichever occurs later, Debtor and its principal, Curtis Bilger, will surrender the liquor license, and the real property, equipment, furniture, and fixtures owned by Bilger Enterprises, LLC, to Bear Paw in full satisfaction of the debt. Debtor shall make no payments to Bear Paw during this time period. Like in the prior iteration of the Plan, the Debtor will pay General Unsecured Claims in Class II from the sale of the liquor license. Debtor specifically reserves the right to object to creditors' claims. Payments to all Classes shall be made after confirmation. Payments may be adjusted to reflect the actual interest earned from time of confirmation. Creditors shall retain their liens on their collateral except as set forth herein. The Debtor shall sell the All-Beverage Liquor License and, if necessary, Debtor's remaining collateral to pay the debts to Bear Paw and the allowed priority claims in full. Debtor shall also pay the allowed unsecured creditors in full if there are sufficient funds from the sale(s). If there are insufficient funds remaining to pay allowed unsecured creditors in full, they will be paid a prorata share of any funds available. This property will be listed for sale with a realtor or other liquor license sales professional within thirty days from the date of confirmation. Debtor has put the liquor license in nonuse status as required and is in the process of listing this property for sale on the Montana Department of Revenue's website of available licenses. All offers received by Debtor shall be promptly communicated to any lienholders, and no sale of such property shall be completed without notice to lienholders and an opportunity provided for a hearing on such sale with the safeguards afforded lienholders under Section 363 of the Bankruptcy Code. The net proceeds from the sale of the subject property shall be applied as follows in order: * To the administrative costs of sale (Realtor commissions and closing costs); * To Administrative expense claims, including Debtor=s attorney's fees (if any); * To satisfy Bear Paw's claim, including any accrued interest from and after confirmation of the Plan to the date of sale, and any additional sums awarded pursuant to Section 506(b) of the Bankruptcy Code; * To pay the allowed priority claims in full; and * To pay the allowed unsecured creditors claims in full if there are sufficient funds available. If insufficient funds are available to pay the allowed unsecured creditors in full, they shall be paid a prorata share of the remaining funds available from the sale; and * Remainder, if any, to Debtor. A full-text copy of the Amended Disclosure Statement dated March 25, 2026 is available at https://urlcurt.com/u?l=QJmEIQ from PacerMonitor.com at no charge. Pastime Lounge, LLC is represented by: Gary S. Deschenes, Esq. Zach B. Duhon, Esq. Deschenes & Associates Law Offices 309 First Avenue North P.O. Box 3466 Great Falls MT 59403 Telephone: (406) 761-6112 Email: gsd@dalawmt.com About Pastime Lounge Pastime Lounge, LLC, was engaged in the business of operating a bar/restaurant in Chinook, Blaine County, Montana. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40070) on Sept. 17, 2025, listing under $1 million in both assets and liabilities. Judge Benjamin P. Hursh oversees the case. Gary S. Deschenes, at Deschenes & Associates Law Offices, serves as the Debtor's counsel. PBMC INVESTORS: UCC Public Sale Scheduled for May 6 --------------------------------------------------- In accordance with applicable provisions of Article 9 of the Uniform Commercial Code, Moecker Auctions, Inc., as Auctioneer, on behalf of HHSS Tallahassee, LLC, a Florida limited liability company (the "Secured Party"), will offer for sale at a public auction (the "Public Sale") the right, title, and interest of PBMC Investors, LLC ("Debtor") in and to one hundred percent (100%) of the membership interests together with all rights, privileges, and interests associated therewith of PBMC JV, LLC, (the "Collateral"). The Public Auction will be conducted by Eric Rubin of Moecker Auctions, Inc., on May 6, 2026 at 3:00 p.m. Eastern, virtually via the following Zoom meeting link: https://bit.ly/PBMCucc Meeting ID: 867 3406 7907 "Passcode: 397955 The Public Sale is being conducted: to enforce Secured Party's rights and remedies in and with respect to the Collaterals by virtue of the indebtedness of Debtor to Secured Party as a result of a default the Amended and Restated Pledge, Assignment and Security Agreement entered into as of May 15, 2025 ("Pledge") by Debtor for the benefit of Secured Party and the UCC financing statement identified below. Secured Party has a first priority security interest in the Collateral. As of March 6,2026, the outstanding indebtedness due to the Secured Party is the amount of $1,935,859.93 including accrued interest and fees, with default interest continuing to accrue at the default rate of 13% per annum. The relevant UCC financing statement was filed on October 16, 2024, in the State of Florida Secured Transaction registry at 20240273839X. The Collateral will be sold to the highest qualified bidder (as determined by the Secured Party in accordance with the Terms of Public Sale and subject to the Terms of Sale) for cash subject to the Secured Party's right to credit bid all or any portion of the indebtedness owed. The Collateral will be offered on an "AS IS, WHERE IS" basis, with all faults, and the Secured Party makes no guarantee, representation or warranty (including, without limitation, any representation or warranty of merchantability or fitness), express or implied, including without limitation as to the existence or nonexistence of other liens or liabilities; or the quantity, quality, condition or description of the Collateral, the value of the Collateral, the Debtor's direct or indirect rights in or title to the Collateral. The transfer of the Collateral will be made without recourse and without representation or warranty by the Secured Party. The Public Sale may be canceled or continued from time to time; without further notice other than as given at the Public Sale, at the sole and absolute discretion of Secured Party. Any individual or entity interested in bidding on the Collateral must contact, Eric Rubin at erubin@moeckerauctions.com or by phone at 954-252-2887, to obtain a copy of the Terms of Public Sale and information regarding bidding instructions. Upon execution of a confidentiality and non-disclosure agreement, additional documentation and information will be made available. The Secured Party shall be a qualified bidder and shall be allowed to credit bid. PHOENIX FUND: Receiver Taps Marini Pietrantoni Muniz as Counsel --------------------------------------------------------------- Driven, PSC, appointed receiver and authorized representative of The Phoenix Fund LLC, seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Marini Pietrantoni Muniz, LLC as counsel. The firm will render these services: (a) advise the receiver of the Debtor's rights, powers and duties as its authorized representative; (b) assist the receiver in matters pertaining to the schedules and statements of financial affairs, (c) assist the receiver to formulate either a liquidation plan and resolve its Chapter 11 case with the Estate's various creditor constituencies or on a conversion to a Chapter 7 liquidation; (d) assist the receiver in analyzing its executory contracts; (e) assist the receiver in litigation and/or proceedings pending or filed against the Fund as of the Petition Date; (f) prepare, file, and prosecute a plan of liquidation and disclosure statement or assist in a Chapter 7 liquidation; (g) prepare on behalf of the receiver legal all necessary and appropriate legal documents, and review all financial and other reports to be filed by the receiver in the bankruptcy case; (h) represent the receiver in proceedings and hearings in this Court; (i) represent the receiver in contested matters and/or adversary proceedings and litigation relating to the Debtor, creditors or parties in interest; (j) analyze and represent the receiver in potential avoidance actions and chapter 5 causes of action; (k) represent the receiver in analyzing the Debtor's assets and investments and in connection with efforts to sell the same; and (l) perform all other legal services for and on behalf of the receiver that may be necessary or appropriate in the administration of the estate. The firm will be paid at these hourly rates: Capital Members $425 Senior Members $400 Junior Members $375 Counsel $325 Senior Associates $275 Junior Associates $225 Paralegals $150 In addition, the firm will seek reimbursement for expenses incurred. Luis Marini-Biaggi, Esq., an attorney at Marini Pietrantoni Muniz, 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: Luis C. Marini Biaggi, Esq. Marini Pietrantoni Muniz, LLC 250 Ave. Ponce de Leon, Suite 900 San Juan, PR 00918 Telephone: (787) 705-2173 Facsimile: (787) 936-7494 Email: lmarini@mpmlawpr.com About The Phoenix Fund LLC The Phoenix Fund LLC is a Puerto Rico based private equity firm formed in 2018 and headquartered in Guaynabo, Puerto Rico. The company focuses on making strategic equity and debt investments in privately held businesses in Puerto Rico and international markets. The Phoenix Fund LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00712) on February 23, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor is represented by Alexis Fuentes Hernandez, Esq., at Fuentes Law Offices, LLC. PITTS FUNERAL: Trustee Hires Leech Tishman Fuscaldo as Counsel -------------------------------------------------------------- William Krieger, the trustee appointed in the Chapter 11 case of Pitts Funeral Home & Cremation Services, Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Leech Tishman Fuscaldo & Lampl, LLC as counsel. The firm will render these services: (a) provide the Chapter 11 trustee with legal advice with respect to his powers and duties; (b) file pleadings and represent the Chapter 11 trustee at hearings in this bankruptcy case; (c) pursue any causes of action on behalf of the Debtor or which may be filed against it; and (d) perform all other legal services for the Chapter 11 trustee that are or may become necessary. The firm will be paid at these hourly rates: Attorney $485 - $620 Paralegals and Law Clerks $125 - $285 In addition, the firm will seek reimbursement for expenses incurred. John Steiner, Esq., an attorney at Leech Tishman Fuscaldo & Lampl, 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 M. Steiner, Esq. Leech Tishman Fuscaldo & Lampl, LLC 525 William Penn Place, 28th Floor Pittsburgh, PA 15219 Telephone: (412) 261-1600 Facsimile: (412) 227-5551 Email: jsteiner@leechtishman.com About Pitts Funeral Home & Cremation Services Pitts Funeral Home & Cremation Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23211) on Nov. 25, 2025, listing up to $1 million in assets and up to $500,000 in liabilities. Judge Carlota M. Bohm oversees the case. Rodney D. Shepherd, Esq., at River Park Commons is the Debtor's counsel. William G. Krieger is appointed as trustee in this Chapter 11 case. The trustee tapped John M. Steiner, Esq., at Leech Tishman Fuscaldo & Lampl, LLC as counsel. POWER STOP: Kennedy Lewis Marks $3.9M 1L Loan at 17% Off -------------------------------------------------------- Kennedy Lewis Capital Co. has marked its $3,937,853 loan extended to Power Stop, LLC to market at $3,268,418 or 83% of the outstanding amount, according to Kennedy Lewis' 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Kennedy Lewis Capital Co. is a participant in a first lien loan extended to Power Stop, LLC. The Loan accrues interest at a rate of S + 4.75 %, 8.55 % per annum. The Loan matures on Jan. 26, 2029. Kennedy Lewis Capital Co. is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Fund is led by James Didden as President (Principal Executive Officer) and Anthony Pasqua as Chief Financial Officer (Principal Financial and Accounting Officer). The Fund can be reached at: James Didden Kennedy Lewis Capital Company 225 Liberty St. Suite 4210 New York, NY 10281 Telephone: (212) 782-3842 About Power Stop, LLC Power Stop, LLC is an automotive parts company that specializes in performance brake kits and related braking components for cars and trucks. PRAESUM HEALTHCARE: Trustee Hires Berger Singerman as Counsel ------------------------------------------------------------- Robert Furr, the trustee appointed in the Chapter 11 cases of Praesum Healthcare Services, LLC and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Berger Singerman LLP as special litigation counsel. The firm will investigate, analyze, and, if appropriate, prosecute potential claims against the Debtors' former directors and officers. Such representation may include all pretrial, trial, appellate, and post-judgment proceedings relating to the D&O claims. The firm will be paid under a contingency fee of 40 percent of gross recoveries received by the estates prior to and through the completion of any trial court and appellate litigation filed against any third party. The contingency fee shall be allocated as follows: 75 percent to Berger Singerman and 25 percent to the law firm of Furr & Cohen, PA. In addition, the firm will seek reimbursement for expenses incurred. Paul Steven Singerman, Esq., an attorney at Berger Singerman, 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: Paul Steven Singerman, Esq. Berger Singerman LLP 1450 Brickell Avenue, Suite 1900, Miami, FL 33131 Telephone: (305) 755-9500 Facsimile: (305) 714-4340 Email: singerman@bergersingerman.com 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 and its affiliates 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, Praesum Healthcare disclosed 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 cases. The Debtors are represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. Robert C. Furr is appointed as trustee in these Chapter 11 cases. The trustee tapped Berger Singerman LLP as special litigation counsel. PRIME ABA: Remora Capital Marks $593,000 Loan at 50% Off -------------------------------------------------------- Remora Capital Corp has marked its $593,000 loan extended to Prime ABA Holdings, Inc. to market at $297,000 or 50% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to Prime ABA Holdings, Inc. The Loan accrues interest at a rate of S + 5.75% per annum. The Loan matures on Sept. 16, 2030. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About PRIME ABA HOLDINGS Prime ABA Holdings, Inc. is a corporate borrower that appears to operate in the behavioral health or therapy services sector, based on its name and financing profile. PRIME CAPITAL: Trustee Hires Phillips Auctioneers as Auctioneer --------------------------------------------------------------- Marianne O'Toole, Esq., solely in her capacity as successor Chapter 7 trustee and Yann Geron, Esq., formerly the Chapter 11 trustee of Prime Capital Ventures, LLC, seek approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Phillips Auctioneers LLC in association with Bacs & Russo as auctioneer. The firm will market and sell a certain Richard Mille watch identified as an RM 52-01 Tourbillon Skull. The firm will be entitled to compensation in the form of a buyer's premium calculated as follows: (a) 27 percent of the hammer price up to and including $1,000,000; plus (b) 21 percent of the portion of the hammer price above $1,000,000 up to and including $6,000,000; plus (c) 14.5 percent of the portion of the hammer price above $6,000,000. Hartley Waltman, general counsel at Phillips Auctioneers, disclosed in a court filing that the auctioneer is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Hartley Waltman Phillips Auctioneers, LLC 432 Park Avenue New York, NY 10022 About Prime Capital Ventures Prime Capital owns a residential property located at 600 Linkhorn Drive, Virginia Beach, VA 23451, valued at $4.02 million. Prime Capital Ventures, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-11029) on Sept. 16, 2024, listing $6,452,230 in assets and $244,529,327 in liabilities. The petition was signed by Christian H. Dribusch as manager. Christian H. Dribusch, Esq., at Dribusch Law Firm, is the Debtor's counsel. Yann Geron was appointed as trustee in the Chapter 11 case. He tapped Geron Legal Advisors LLC as bankruptcy counsel and Klestadt Winters Jureller Southard & Stevens LLP as special litigation counsel. PRO RACKING: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Pro Racking Systems Corp. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay operating expenses in accordance with its 14-day budget, subject to permitted variances. All creditors asserting pre-petition security interests in cash collateral will be granted replacement liens on post-petition assets of the Debtor, with the same validity, priority, extent, and enforceability as their pre-petition interests in the cash collateral. The final hearing is set for April 16. The deadline for filing objections is on April 9. Pro Racking Systems operates a revenue-generating racking installation business with projected monthly income of about $57,287, supported primarily by accounts receivable, which, along with cash on hand and business proceeds, constitute its cash collateral. As of the petition date, the Debtor had approximately $90,000 in cash, $133,000 in receivables, and about $400,000 in real property, along with essential vehicles used in operations (though titled in the owner's name). Immediate access to this cash collateral is necessary to fund payroll, maintain operations, and avoid disruption that could diminish the estate’s value. The Debtor identifies OnDeck Capital as the senior secured creditor with a perfected first-priority blanket lien of about $231,000, and PEAC/Marlin Leasing Corporation as a junior secured creditor with a similar lien of approximately $245,000. Other creditors are listed as disputed or holding unperfected liens and are not recognized as having valid claims to cash collateral. The order is available at http://bankrupt.com/misc/ProRacking_InterimCCOrder.pdf About Pro Racking Systems Corp. Pro Racking Systems Corp. installs warehouse storage and pallet racking systems for commercial and industrial facilities, undertaking metal racking construction and tenant improvement projects. The company operates through licensed contracting activities tied to large-scale warehouse installations for commercial clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12211) on March 25, 2026. In the petition signed by Gabriel J. Galeana, chief executive officer and sole shareholder, the Debtor disclosed $685,550 in total assets and $1,084,073 in total liabilities. Judge Scott H. Yun oversees the case. Joanne Sanchez, Esq., at Sanchez & Baltazar Attorneys, P.C., represents the Debtor as legal counsel. PROVIDUS MPS: Remora Capital Marks $245,000 Loan at 70% Off ----------------------------------------------------------- Remora Capital Corp has marked its $245,000 loan extended to Providus MPS Buyer LLC to market at $74,000 or 30% of the outstanding amount, according to Remora Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Remora Capital Corp is a participant in a loan extended to Providus MPS Buyer LLC. The Loan accrues interest at a rate of S + 5.11% per annum. The Loan matures on Aug. 16, 2029. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About PROVIDUS MPS BUYER LLC Providus MPS Buyer LLC is a special-purpose acquisition vehicle formed to acquire and hold interests in a portfolio company in the services sector. PURE SCIENCE: Case Summary & Five Unsecured Creditors ----------------------------------------------------- Debtor: Pure Science Lab Inc. 3400 NW 27th Avenue C-4 Pompano Beach, FL 33069 Business Description: Pure Science Lab CBD, a provider of hemp-derived cannabidiol (CBD) products, offers oils, capsules, gummies, concentrates, topical creams, and pet formulations for the health and wellness market. The company focuses on sourcing organic hemp and producing non-psychoactive CBD extracts, with a product portfolio that includes tinctures, softgels, and topical applications distributed to individual consumers seeking plant-based wellness products. Chapter 11 Petition Date: April 3, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-14210 Judge: Hon. Peter D Russin Debtor's Counsel: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 Email: chad@cvhlawgroup.com Total Assets: $66,485 Total Liabilities: $1,296,462 The petition was signed by Steven Pomerantz as president. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DXINPKI/Pure_Science_Lab_Inc__flsbke-26-14210__0001.0.pdf?mcid=tGE4TAMA QVF ACQUISITION: Remora Capital Marks $240,000 Loan at 82% Off -------------------------------------------------------------- Remora Capital Corp has marked its $240,000 loan extended to QVF Acquisition, Inc. to market at $42,000 or 18% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to QVF Acquisition, Inc. The loan accrues interest at a rate of S + 5.25% per annum. The loan matures on Dec. 23, 2030. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About QVF ACQUISITION, INC. QVF Acquisition, Inc. is an acquisition vehicle that uses revolving credit financing to support leveraged buyouts or corporate consolidation strategies. RALIAM HOSPITALITY: Seeks to Tap Preeti Gupta as Bankruptcy Counsel ------------------------------------------------------------------- Raliam Hospitality Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Preeti Gupta, Esq., an attorney practicing in Plainfield, Ind., as counsel. The attorney will provide these services: (a) advise the Debtor on its Chapter 11 rights, powers and duties; (b) prepare on behalf of the Debtor legal papers that may be required in the Chapter 11 case; and (c) perform any other legal services as counsel for the Debtor that may be required by it or this Court. Ms. Gupta will be paid at an hourly rate of $325. Prior to the filing of the petition, Ms. Gupta received a retainer of $6,000 from the Debtor. Preeti Gupta, Esq. disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Preeti Gupta, Esq. 2680 East Main Street Suite 322 Plainfield, IN 46168 Telephone: (317) 900-9737 Facsimile: (888) 261-6090 Email: nita07@att.net About Raliam Hospitality Group LLC Raliam Hospitality Group, LLC operates a Quality Inn hotel in Muncie, Indiana, providing midscale lodging and standard hospitality services, including accommodations and complimentary breakfast, under the franchise system of the Choice Hotels International. The company serves travelers in Muncie, Indiana, supported by university-related and regional demand. Raliam Hospitality Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-01661) on Mar. 23, 2026. In the petition signed by Chirag Patel, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey J. Graham oversees the case. Preeti Gupta, Esq., serves as the Debtor's counsel. REGENERATIVE PROCESSING: Case Summary & Top Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Regenerative Processing Plant LLC 34176 US Hwy 19 North Palm Harbor, FL 34684 Business Description: Regenerative Processing Plant LLC and its affiliated entities, based in Palm Harbor, Florida, operate an integrated regenerative medicine platform encompassing manufacturing, product development, distribution, and clinical services, with the processing plant serving as a biologics manufacturing hub focused on ophthalmic and related products. The group includes Regener-Eyes LLC, a majority-owned subsidiary engaged in the commercialization of biologic eye care products, alongside Cosmetic Medicine Enterprises Inc., a physician practice providing medical services, and M&M Products LLC, doing business as Regenerative Network International, which functions as a network or distribution-facing entity supporting product reach to healthcare providers. Chapter 11 Petition Date: April 3, 2026 Court: United States Bankruptcy Court Middle District of Florida Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Cosmetic Medicine Enterprises Inc. 26-02756 M&M Products LLC 26-02761 d/b/a Regenerative Network International Regenerative Processing Plant LLC 26-02778 Regener-Eyes LLC 26-02780 West Florida Medical Investments Company LC 26-02789 Judge: Hon. Roberta A Colton (26-02761) Hon. Catherine Peek Mcewen (26-02778) Debtors' Counsel: Steven M. Berman, Esq. SHUMAKER LLP 101 E Kennedy Blvd Tampa, FL 33602 Tel: (813) 227-2332 Email: sberman@shumaker.com M&M Products LLC's Estimated Assets: $1 million to $10 million M&M Products LLC's Estimated Liabilities: $1 million to $10 million Cosmetic Medicine's Estimated Assets: $1 million to $10 million Cosmetic Medicine's Estimated Liabilities: $1 million to $10 million Regenerative Processing's Estimated Assets: $1 million to $10 million Regenerative Processing's Estimated Liabilities: $10 million to $50 million Regener-Eyes LLC's Estimated Assets: $10 million to $50 million Regener-Eyes LLC's Estimated Liabilities: $10 million to $50 million Marissa Harrell signed the petitions of Cosmetic Medicine Enterprises and M&M Products LLC in her capacity as member manager, while the petitions of Regenerative Processing Plant LLC and Regener-Eyes LLC were signed by C. Randall Harrell as member manager. Full-text copies of the petitions, which include lists of the Debtors' largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/OOEVGJI/MM_Products_LLC__flmbke-26-02761__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/TVFNHOI/Cosmetic_Medicine_Enterprises__flmbke-26-02756__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/6OENBII/Regenerative_Processing_Plant__flmbke-26-02778__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XUHGDSQ/Regener-Eyes_LLC__flmbke-26-02780__0001.0.pdf?mcid=tGE4TAMA List of Regener-Eyes LLC's 11 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Express $57,209 Credit Card 28 Liberty Street New York, NY 10005 2. BAM Investment Holdings, LLC $5,000,000 2060 Forts Strade Suite 1 St Thomas, VI 00802 3. BAM Investment Holdings, LLC $3,000,000 2060 Forts Straede Suite 1 St Thomas, VI 00802 4. EBF Holdings, LLC $292,332 102 W 38th Street 6th Floor New York, NY 10018 Email: contracts@ev-bf.com 5. Legend Advance Funding II LLC $118,285 800 Brickell Ave Suite 902 Miami, FL 33131 Email: customersupport@legendfunding.com 6. Merit Business Funding $105,250 9 Old Lincoln hwy Malvern, PA 19355 Email: info@meritbf.com 7. Palisades Advance $14,400 24-47 47th St Astoria, NY 11103 Email: Admin@Palisadesadvance.com 8. Stripe Capital $51,711 354 Oyster Point Blvd San Francisco, CA 94080 Email: capital@stripe.com 9. WebBank $73,064 100 Shockoe Slip 2nd Floor Richmond, VA 23219 Email: capital-support@shopify.com 10. WebBank $65,471 Quickbooks Capital PO Box 842978 Dallas, TX 75284 11. WebBank $35,757 Quickbooks Capital PO Box 842978 Dallas, TX 75284 ROCKET SOFTWARE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Rocket Software Inc.'s Long-Term Issuer Default Rating (IDR) at 'B', its first-lien secured debt at 'BB-' with a Recovery Rating of 'RR2' and its unsecured notes at 'CCC+'/'RR6'. The Rating Outlook remains Stable. The ratings remain driven by Rocket's very sticky business model, industry-leading EBITDA margins, stable recurring revenue, and strong FCF generation. Fitch believes Rocket's private equity ownership and growth strategy, including tuck-in acquisitions, may limit deleveraging despite the strong projected FCF generation. Fitch expects Rocket's credit metrics to be consistent with 'B' rated enterprise software peers through the forecast period. Key Rating Drivers Resilient Operating Profile: Fitch forecasts Rocket's organic revenue to grow in the low- to mid-single digits while maintaining above-industry average EBITDA margins in the mid 50%-range, supported by its resilient business model. The company's products provide solutions for critical business needs, ensuring interoperability between mainframe workloads and cloud-based workflows. Fitch believes the alignment of Rocket's focused strategy and operations enhances the resilience and predictability of its business segments, particularly because more than 70% of total revenue comes from subscriptions and fixed-duration maintenance contracts. Secular Tailwind Supports Growth: Digital transformation and the hybrid cloud remain growth catalysts within the technology industry, as businesses continue to digitalize workflow to increase efficiency. The future of IT is leaning toward a hybrid IT management framework, with mainframes likely to play a crucial role. Although Fitch anticipates a gradual reduction in the reliance on mainframe systems as newer workloads migrate to cloud environments, these systems remain a bedrock of critical infrastructure. They are responsible for processing billions of daily transactions across vital sectors like banking, retail, insurance, healthcare, transportation and government. Essential mainframe workloads are integral to legacy operations and will likely remain on these systems well into the future. Moderate Financial Leverage: Fitch expects Rocket's leverage to gradually decline to 5.5x, driven by recurring revenue and very strong profitability levels. Given the private equity ownership that is likely to prioritize return on equity (ROE), Fitch does not anticipate accelerated debt repayment. Fitch expects capital to be used for acquisitions to accelerate growth or for dividends to equity owners, with financial leverage remaining at moderate levels. High Switching Costs Drive Retention: Rocket's hybrid cloud solutions are mission critical, spanning the mainframe lifecycle for enterprise customers. The company has gross retention in the mid-90% range and net retention above 103%. Its customers are mainly large, conservative enterprises in government, banking, insurance and healthcare that are cautious on changes to core IT infrastructure and regulated data. High switching costs, regulatory requirements and migration complexity create substantial switching barriers and support strong retention. Strong FCF Generation: Fitch expects FCF margins in the mid-to-high teens, supported by strong EBITDA margins, a sticky business model, high retention rates, and potentially lower interest rates. This results in cash flow from operations (CFO) minus capex to total debt ratio approaching 5%-6% through the forecast period. The strong FCF generation provides Rocket with ample financial flexibility for investments to further strengthen its capabilities around hybrid cloud and data analytics/AI. M&A Central to Growth Strategy: Fitch expects Rocket to remain acquisitive in the infrastructure software market, given considerable industry fragmentation and in its effort to expand the technology platform. The company has made several acquisitions, including Vertica (not closed), AMC, ASG Technologies, Zumasys, Uniface, KRI Security and BOS Digitec. Fitch believes M&A remains a central growth strategy to drive organic revenue and reduce dependency on IBM-led revenues, which decreased to ~20% in 2025 from ~55% in 2019. Despite the company's acquisitive nature, its EBITDA leverage has ranged between 6.0x to 7.0x historically. Significant Customer Diversification: Rocket has a diversified customer base of 12,500+ customer accounts, with core exposure to banking, insurance and services industries. IBM contributes about 20% of topline revenue, but Fitch views it as a channel partner rather than a customer concentration risk. Excluding IBM, no single customer contributed more than 10% of revenues. In addition, the business is well-diversified both geographically and across industry verticals. The diverse customer base minimizes idiosyncratic risks associated with individual industry verticals and helps reduce revenue volatility. Technology Disruption Risk: Fitch views Rocket's near-term AI disruption risk as limited given its role supporting core systems of record in regulated industries and its deep integration in complex customer environments. Replacement is constrained by migration complexity, regulatory requirements, and the risk of operational disruption or data loss, which creates high switching costs and makes AI-led replication difficult. Rocket also benefits from proprietary data and workflow access within customers' mission-critical systems. In Fitch's view, these characteristics create meaningful barriers to entry for new AI-driven providers. Peer Analysis In the infrastructure software market, Rocket's primary competitors are BMC Software and Broadcom Inc. (A-/Positive). Broadcom is significantly larger than Rocket, with EBITDA leverage expected below 1.5x and a much more diversified portfolio. Rocket shares a similar operating and credit profile with BMC. Both companies have EBITDA margins above the industry average, leading to strong cash flow generation and moderate leverage profiles. Rocket, BMC, and Broadcom all three have some product overlaps. However, Rocket focuses more on hybrid cloud-centric solution, assisting customers in modernizing their legacy IT software. Fitch also compares Rocket to other software peers in the 'B' rating category. Rocket's revenue scale is comparable to that of its peers, and leverage and FCF generation align with those of peers in the same rating category. Fitch anticipates that Rocket's pro forma leverage will gradually decrease to 5.5x over the rating horizon. Despite this, Fitch believes that Rocket's private equity ownership is likely to focus on optimizing ROE rather than accelerating deleveraging and its history of debt-funded acquisitions will keep leverage at moderate levels. Fitch’s Key Rating-Case Assumptions - Organic revenue growth remains within the low to mid-single-digit range; - Fitch-adjusted EBITDA margins stabilize around the mid-50s range; - Capital intensity is 1.0% of revenue; - Debt repayment is limited to mandatory amortization; - Floating interest rates are assumed as 4.0% in 2026 and 3.8% in 2027 and 2028; - Fitch assumes aggregate acquisitions totaling $500 million through 2028, partially funded by FCF; - No dividend payments through 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): - The SCP is 'b'. Recovery Analysis The recovery analysis assumes that Rocket would be recognized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. GC Approach Fitch considers a distress scenario where operational underperformance, combined with capital misallocation, results in an unsustainable capital structure. This situation could arise due to high customer churn, an inability to maintain strong EBITDA margins, or dividends and M&As financed by debt. In this scenario, Fitch expects Rocket's revenue base to decline, resulting in a contraction in EBITDA margins due to the reduced revenue scale. Fitch assumes that competitive pressure will cause a 10% revenue reduction and a margin contraction, resulting in a GC EBITDA of $650 million. This amount is approximately 25% lower than the pro forma EBITDA for 2026. Fitch assumes that Rocket will receive a GC recovery multiple of 7.0x. This estimate considers several factors, including Rocket's highly stable and resilient business model, the recurring nature of its revenue, high customer retention, strong FCF generation and competitive dynamics. The enterprise valuation (EV) multiple is supported by: - The median reorganization EV to EBITDA multiple for 71 TMT bankruptcy cases, where sufficient information was available for an exit multiple estimate, was 5.9x. - Among these companies, five were in the software sector: Allen Systems Group, Inc (8.4x); Avaya, Inc. (2023: 7.5x, 2017: 8.1x); Aspect Software Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc. (4.6x), and Riverbed Technology Software (8.3x); - The highly recurring nature of Rocket's revenue and the mission-critical nature of its product support the high end of the range; - Fitch calculated an EV of $4.5 billion. After applying a 10% administrative claim, an adjusted EV of $4 billion is available for creditor claims. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of EBITDA leverage sustaining above 7.5x; - (CFO-capex)/debt sustaining below 3.5%; - Organic revenue growth sustaining near or below 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of EBITDA leverage sustaining below 5.5x; - (CFO-capex)/debt sustaining above 6.5%; - Organic revenue growth sustaining above the mid-single digit. Liquidity and Debt Structure Fitch projects that Rocket's liquidity will be sufficient, supported by strong FCF generation, undrawn revolver facilities, and readily available cash on balance sheet. Fitch forecasts Rocket's normalized FCF margins in the mid-to-high teens. Rocket's debt consists of $575 million unsecured notes (maturity 2029), $4.7 billion first lien secured debt (maturity 2028), and $375 million revolver credit facilities ($14.6 million maturity in 2026 and $360 million maturity in 2028). Given the recurring nature of the business and ample liquidity, Fitch believes Rocket will be able to make its required debt payments. Issuer Profile Rocket Software Inc. is a leading global infrastructure software provider helping governments, financial institutions, insurance agencies and other corporations manage and optimize hybrid infrastructure environments and support mission-critical workloads. Rocket specializes in infrastructure, data and application modernization. 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 Rocket Software, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Rocket Software, Inc. LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB- Affirmed RR2 BB- ROSE PAVING: Remora Capital Marks $345,000 Loan at 39% Off ---------------------------------------------------------- Remora Capital Corp has marked its $345,000 loan extended to Rose Paving, LLC to market at $211,000 or 61% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to Rose Paving, LLC. The Loan accrues interest at a rate of S + 5.00% per annum. The Loan matures on Nov. 7, 2029. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About ROSE PAVING Rose Paving, LLC is a paving and asphalt services company that provides parking lot and pavement maintenance solutions for commercial and industrial customers. RP THE REYNOLDS: Hires Investment Property as Real Estate Agent --------------------------------------------------------------- RP The Reynolds Brothers Building Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Investment Property Realty Group, LLC as its real estate broker. The firm will market and sell the Debtor's building located at 3857 White Plains Road, Bronx, NY 10467. The firm is entitled to a commission in the amount of $50,000. Investment Property Realty Group 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: Jared Friedman David Roman Investment Property Realty Group, LLC 45 Broadway, Floor 29 New York, NY 10006 Tel: (718) 360-8801 Fax: (212) 504-2604 About RP The Reynolds Brothers Building Corp. RP The Reynolds Brothers Building Corp. is a single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). RP The Reynolds Brothers Building Corp. relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12309) on October 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. The Debtor is represented by Norma E. Ortiz, Esq. of ORTIZ & ORTIZ, LLP. RYZEMD CORPORATION: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: RyzeMD Corporation 200 S MacDill Avenue Tampa, FL 33609 Business Description: Ryzemd Corp is a Tampa, Florida-based healthcare services company that provides urgent care and ambulatory medical services, including treatment for common illnesses and injuries, diagnostic imaging, laboratory testing, and telemedicine consultations. Founded in 2020, the company operates facilities that integrate acute care with wellness and aesthetic services through affiliated operations, serving individuals seeking walk-in and outpatient medical care. Chapter 11 Petition Date: April 2, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-02715 Debtor's Counsel: Justin M. Luna, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: jluna@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dr. Wanda Cruz as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/76LBCIA/RyzeMD_Corporation__flmbke-26-02715__0001.0.pdf?mcid=tGE4TAMA S&H SYSTEMS: Committee Hires Tucker Ellis as Bankruptcy Counsel --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of S&H Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Tucker Ellis LLP as counsel. The firm will render these services: (a) advise the committee on all legal issues as they arise; (b) represent and advise the committee regarding the terms of any sales of assets or plans of reorganization or liquidation, and assist the committee in negotiations with the Debtor and other parties; (c) investigate the Debtor's assets and pre-bankruptcy conduct, as well as the pre-bankruptcy conduct of its officers, directors and holders of equity interests; (d) analyze the liens, claims and security interests of any of the Debtor's secured creditors, and where appropriate, raise challenges on behalf of the committee; (e) prepare, on behalf of the committee, all necessary legal papers; (f) represent and advise the committee in all proceedings in this case; (g) assist and advise the committee in its administration; and (h) provide such other services as are customarily provided by counsel to a creditors' committee in cases of this kind. The firm's counsel and staff will be paid at these hourly rates: Thomas Fawkes, Partner $995 Brian Jackiw, Partner $825 Jason Ben, Counsel $750 Edet Nsemo, Associate $505 Legal Assistants $85 - $250 In addition, the firm will seek reimbursement for expenses incurred. Mr. Ben 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: Jason J. Ben, Esq. Tucker Ellis, LLP 950 Main Avenue, Suite 1100 Cleveland, Ohio 44113 Telephone: (216) 592-5000 About S&H Systems Inc. S&H Systems, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10365) on February 2, 2026, listing up to $50 million in both assets and liabilities. Judge Phyllis M. Jones oversees the case. Kevin P. Keech, Esq., at Keech Law Firm, PA represents the Debtor as counsel. On March 3, 2026, the Office of the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Tucker Ellis LLP as counsel. SANDERS & ASSOCIATES: Hires Baker & Associates as General Counsel ----------------------------------------------------------------- Sanders & Associates Tax & Accounting Solutions Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Baker & Associates as counsel. The firm will render these services: (a) analyze the financial situation, and render advice and assistance to the Debtor; (b) advise the Debtor with respect to its duties; (c) prepare and file all legal papers; (d) represent the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (e) represent the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where its rights may be litigated or otherwise affected; (f) prepare and file a disclosure statement (if required) and Chapter 11 Plan of Reorganization; and (g) assist the Debtor in any matters relating to or arising out of the captioned case. Prior to the filing of the case, Jason Ortgies delivered to Baker on behalf of Sanders & Associates the amount of $11,738 on February 27, 2026. Reese Baker, Esq., an attorney at Baker & Associates, 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: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane, Ste. 300 Houston, TX 77024 About Sanders & Associates Tax & Accounting Solutions Sanders & Associates Tax & Accounting Solutions Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31611) on March 10, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese W. Baker, Esq., at Baker & Associates represents the Debtor as counsel. SANDISK CORP: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable --------------------------------------------------------------- Fitch Ratings has upgraded Sandisk Corporation's Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'. Fitch has also affirmed Sandisk's 1st-lien senior secured debt at 'BBB-' with a Recovery Rating of 'RR1'. The Rating Outlook is Stable. The ratings and Outlook reflect Sandisk's debt reduction with available cash, achieving its net cash target ahead of schedule, providing the company with ample flexibility to invest in growth through the cycle. Flash memory markets will remain cyclical, but operating performance for Sandisk and the industry more broadly will be strong over at least the next two years due to robust spending on artificial intelligence (AI) infrastructure. Key Rating Drivers Strengthened Balance Sheet: Sandisk's ongoing debt reduction has resulted in the company achieving its net cash position target well in advance of previous expectations. Fitch does not expect incremental debt issuance over the next few years given that the company is likely to grow balance sheet cash substantially with strong FCF. Sandisk will have ample flexibility to invest through the cycle, including inorganic deals like its recent $1 billion investment in Nanya to secure dynamic random access memory (DRAM) supply amid shortages and potential capital calls at its joint venture (JV). The company does not currently have a capital returns policy given its focus on organic growth and the cyclical nature of the NAND-flash memory industry. Robust AI-Fueled Growth: Robust demand for flash memory from AI infrastructure spending is driving tight supply conditions across the industry and a significant increase in average selling prices (ASP), accelerating positive revenue growth and profit margin expansion from record low prices reached in FY23-FY24. Fitch views AI infrastructure spending as a robust tailwind for Sandisk over near- to medium-horizon, but ultimately expect aggressive industry supply additions or customer capacity digestion to result in a downturn before the industry recovers and normalizes over the longer-term. In the meantime, Sandisk is likely to generate unprecedented levels of FCF. Limited Diversification: Sandisk's focus on NAND flash-based products limits revenue diversification and amplifies operating cyclicality. Client and consumer segments still represent nearly 90% of revenue. However, sales to cloud customers, which are driven by robust AI infrastructure demand, should rapidly increase from 12% of the mix exiting 2025. At the same time, Sandisk's dependence on hyperscalers will increase. Hyperscalers are driving the majority of AI infrastructure spending and have represented a more rationale and less price sensitive customer set for memory suppliers over the past decade-and-a-half. Significant Technology Risk: Technology risk remains significant, driven by ongoing flash memory manufacturing technology transitions required to offset average bit selling price pressures. New product introduction delays, driven by lagging technology, would result in profit margin compression from near- to medium-term market share losses and lower average selling prices for mature products. Sandisk's JV provides a risk-sharing framework to limit the impact of technology delays and reduce capital contributions for supply additions. China Risk: China is a medium- to long-term risk for Sandisk and the NAND industry more broadly. Chinese suppliers are now competitive at lower NAND flash bit-densities despite U.S. efforts to slow China's development of leading-edge memory products with export controls on advanced chip production tools. China achieving approximate parity with leading global suppliers would likely add significant bit-supply and greatly pressure average selling prices. Meanwhile, robust AI-related demand is masking the weight of volatile tariff policies between the U.S. and China on consumer markets and global trade more broadly. Reliance on Strategic JV: The joint venture (JV) with Kioxia Holdings Inc. (BB+/Stable), Flash Ventures, is essential to Sandisk's ability to source NAND at favorable economics. Meaningful limitations on availability at the JV or deterioration of technology competitiveness could materially affect Sandisk's operating performance, although Flash Ventures is longest-tenured and never experienced financial distress. Sandisk's obligation to fund roughly half of the JV's fixed expenses and capex and to guarantee some of the JV's capital equipment leases represents potentially significant cash calls. However, it also reduces capital intensity relative to memory peers. Cyclical Operating Results: Sandisk's operating results will remain cyclical relative to more diversified memory and disk drive peers absent consolidation in the NAND-flash industry. A handful of NAND-flash suppliers represent 90% of the NAND market, but the rate of aggregate industry supply additions drive NAND prices, and ultimately, revenue and profitability. The current AI investment super cycle preceded by the worst inventory hangover in sector history may be industry aberrations. Over the longer-term, Fitch expects more typical inventory corrections with structural inefficiencies related to supply-chain regionalization and trade policies amplifying cyclicality. Peer Analysis Fitch views Sandisk's business profile as positioned in-line with a the 'BB'- rating category and the company's efforts to strengthen its balance sheet as supportive of the upgrade to 'BB+'. Sandisk is now better aligned with its JV partner, Kioxia Holdings Corp. (BB+/Stable), which is modestly more diversified from a product perspective but has a weaker financial structure than Sandisk. Sandisk's exclusive focus on NAND-based products results in weaker diversification than its peers, including Micron Technology, Inc. (BBB/Stable) and SK hynix Inc. (BBB/Positive), which have significant exposure to both NAND and DRAM markets. This is offset by considerably higher capital intensity for Micron and SK hynix. Fitch views Sandisk as weakly positioned relative to disk drive makers Seagate Technology Holdings plc and Western Digital Corp., both rated 'BBB-' with Stable Outlooks. Both companies benefit from lower operating cyclicality and more favorable industry structure. Sandisk is positioned in-line with Nanya Technology, Inc. (BB+/Stable), which is also focused on a single technology but has a more consolidated DRAM industry structure offset by Sandisk's stronger market positions. Samsung Electronics Co. Ltd.'s (AA-/Stable) far greater financial flexibility and diversification position it favorably to Sandisk. Fitch's Key Rating-Case Assumptions - Robust revenue growth in FY26-FY27 driven by strong bit demand and supply discipline supporting average selling prices; - Hyperscaler digestion in FY28-FY29 drives pricing pressure within the context of higher industry supply, resulting in meaningful revenue decline before resuming revenue growth in the second half of FY29; - Slowing but still positive revenue growth in FY27 and a moderate correction in FY27; - Fitch adjusted gross margins are in the mid-60% in fiscal 2026 before moderating to 60% and ranging between 30%-60% through the cycle; - Capital intensity remains uneven but in the mid- to high-single digits; - Sandisk closes its investment in Nanya in FY26; - FCF used for capital returns and building cash to support financial flexibility through the cycle. 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+, Higher), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Moderate), Financial Structure (aa+, Lower), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. Recovery Analysis Sandisk's first-lien senior secured debt is notched up by one from the 'BB+' IDR to 'BBB-'/'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained market share losses; - Profit margins decline relative to peers from weakened technology competitiveness; - Sustained EBITDA leverage above 3.0x or CFO-capex/debt below 10%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Meaningful product line diversification; - Technology leadership resulting in structural share gains and premium profit margins relative to peers; - Sustained EBITDA leverage below 2.5x and CFO-capex/debt above 20%. Liquidity and Debt Structure Sandisk's liquidity is adequate. As of Dec. 27, 2026, the company will have $1.5 billion of cash and cash equivalents and an undrawn $1.5 billion 1st-lien senior secured revolving credit facility due Feb. 21, 2030. Fitch forecasts $4.0 billion of average annual FCF through the forecast period, which will further support liquidity. Issuer Profile Sandisk Corp. is a leading provider of storage technologies and solutions, including enterprise solid-state drives and retail for cloud, client and retail markets. It is the second largest NAND flash memory producer by virtue of its JV with Kioxia. 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 Sandisk Corporation. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Sandisk Corporation LT IDR BB+ Upgrade BB senior secured LT BBB- Affirmed RR1 BBB- SANTIN AUTO: Trustee Hires Graves Dougherty Hearon as Counsel ------------------------------------------------------------- Eric Terry, the trustee appointed in the Chapter 11 case of Santin Auto and Truck Repair Center, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Graves Dougherty Hearon & Moody, PC as counsel. The firm will provide these services: (a) represent and advise the trustee with respect to efforts to obtain control over operations; (b) possess and liquidate assets of this Chapter 11 bankruptcy estate; (c) perform his due diligence with respect to investigation and prosecution of potential claims asserted by or against the estate; (d) investigate and pursue avoidance actions; (e) analyze of and object to claims; and (f) other matters that may arise during the administration of the estate. The firm will be paid at its standard hourly rates from $285 to $750 for attorneys and $20 to $250 for paralegals and administrative staffs. In addition, the firm will seek reimbursement for expenses incurred. Brian Cumings, Esq., an attorney at Graves Dougherty Hearon & Moody, 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: Brian T. Cumings, Esq. Graves Dougherty Hearon & Moody PC 401 Congress Avenue, Suite 2700 Austin, TX 78701 Telephone: (512) 480-5626 Facsimile: (512) 536-9926 Email: bcumings@gdhm.com 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, PC. Eric Terry is appointed as trustee in this Chapter 11 case. The trustee tapped Graves Dougherty Hearon & Moody, PC as counsel. SENTRICS INC: Remora Capital Marks $2.06MM Loan at 25% Off ---------------------------------------------------------- Remora Capital Corp has marked its $2,062,000 loan extended to Sentrics, Inc. to market at $1,556,000 or 75% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to Sentrics, Inc. The Loan accrues interest at a rate of S + 7.76%, 2.0% PIK per annum. The Loan matures on Dec. 11, 2026. Remora Capital classified the investment on a non-accrual status and is designated as non-income producing. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About SENTRICS, INC. Sentrics, Inc. is a private company that appears to rely on leveraged debt financing, including a floating-rate, payment-in-kind loan structure. SHANNON LLC: Seeks to Hire Molleur Law Office as Legal Counsel -------------------------------------------------------------- Shannon LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ Molleur Law Office as counsel. The firm's services include: (a) prepare consultations regarding bankruptcy; (b) prepare the petition and schedules necessary to commence the case; (c) prepare the Chapter 11 Plan; (d) attend at the status conference, section 341 meetings and Rule 2004 examinations; (e) negotiate with creditors regarding the Plan; (f) attend at Court hearings for confirmation of the Debtor's Plan; and (g) prosecute and defend any contested matters, motions or adversary proceedings in the Bankruptcy Court necessary for the successful conclusion of the Debtor's Chapter 11 case. The firm will be paid at these hourly rates: Tanya Sambatakos, Attorney $400 Melissa Bourque, Paralegal $140 Deana Kariotis, Paralegal $140 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received payment of $11,449.50 from the Debtor for pre-petition services. Ms. Sambatakos 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: Tanya Sambatakos, Esq. Molleur Law Office 190 Main Street, 3rd Fl. Saco, ME 04072 Telephone: (207) 283-3777 Email: tanya@molleurlaw.com About Shannon LLC Shannon, LLC is a single-asset real estate company that owns one income-producing property. Shannon filed Chapter 11 petition (Bankr. D. Me. Case No. 26-20043) on Feb. 26, 2026. In petition signed by Matthew J. Rice, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Peter G. Cary oversees the case. Tanya Sambatakos, Esq., at Molleur Law Office is the Debtor's counsel. SHREE OF MEMPHIS: Seeks to Hire John E. Dunlap as Legal Counsel --------------------------------------------------------------- Shree of Memphis, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ John Dunlap, Esq., an attorney practicing in Memphis, Ten., to handle its Chapter 11 case. The attorney will be paid at his hourly rate of $280. He also received a retainer of $10,000 from the Debtor. Mr. Dunlap disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: John E. Dunlap, Esq. 3333 Poplar Memphis, TN 38111 Telephone: (901) 320-1603 Facsimile: (901) 320-6914 Email: jdunlap00@gmail.com About Shree of Memphis Shree of Memphis, LLC is a two-member Limited Liability Company. 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, with $1,000,001 to $10 million in assets and liabilities. John Edward Dunlap, Esq., represents the Debtor as legal counsel. SKYBELL TECHNOLOGIES: Star Mountain Marks $4.8MM 1L Loan at 20% Off ------------------------------------------------------------------- Star Mountain Lower Middle-market Capital Corp has marked its $4,828,409 loan extended to SkyBell Technologies, Inc. to market at $3,867,034 or 80% of the outstanding amount, according to Star Mountain's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Star Mountain Lower Middle-market Capital Corp is a participant in a first lien senior secured term loan extended to SkyBell Technologies, Inc. The Loan accrues interest at a rate of 16.91% PIK per annum. The Loan matures on Dec. 13, 2024. Star Mountain Lower Middle-Market Capital Corp. is an externally managed, closed-end management investment company. The company seeks to achieve its investment objectives by investing primarily in privately negotiated loans and equity investments to small and medium-sized businesses. The Fund is led by Brett A. Hickey as Chief Executive Officer and President and Christopher J. Gimbert as Chief Financial Officer. The Fund can be reached at: Brett A. Hickey Star Mountain Lower Middle-Market Capital Corp. 140 E. 45th Street New York, NY 10017 Telephone: (212) 810-9044 About SkyBell Technologies, Inc. SkyBell Technologies, Inc. manufactures consumer electronics. The Company designs, develops, and produces video doorbell that allows users to see, hear, and speak to the visitors. SkyBell Technologies serves customers worldwide. SKYLINE PITKIN: Seeks to Hire Jay Meyers as Bankruptcy Counsel -------------------------------------------------------------- Skyline Pitkin Avenue LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Law Office of Jay Meyers/J. Meyers PLLC as its counsel. The firm's services include: (a) advising the Debtor of its rights, powers and duties as debtor-in-possession under the Bankruptcy Code; (b) performing all legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this bankruptcy case and the Debtor's business; (c) advising the Debtor concerning, and assisting in, the negotiation and documentation of financing agreements and debt restructurings and leases; (d) counseling the Debtor in connection with the formulation, negotiation, and consummation of a possible sale of the Debtor or its assets; (e) reviewing the nature and validity of agreements relating to the Debtor's interests in real and personal property and advising the Debtor of its corresponding rights and obligations; (f) preparing on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in this bankruptcy case; (g) advising the Debtor concerning, and preparing responses to, applications, motions, complaints, pleadings, notices, and other papers that may be filed and served in this bankruptcy case; (h) counseling the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; and (i) working with professionals retained (if any) by other parties in interest in this bankruptcy case to attempt to structure a consensual plan of reorganization, liquidation, or other resolution for Debtor. The hourly rates of the firm's counsel and staff are: Partner $500 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer from the Debtor's principal in the total amount of $8,000. Jay Meyers, Esq., an attorney at the firm, 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: Jay Meyers, Esq. Law Office of Jay Meyers/J.Meyers PLLC 1688 Victory Blvd. Staten Island, NY 10314 Email: jm@561legalstrategy.com About Skyline Pitkin Avenue LLC Brooklyn, New York-based Skyline Pitkin Avenue LLC is a single-asset real estate entity that owns a two-story mixed-use building on Pitkin Avenue with a ground-floor retail storefront and two residential apartments above, with an estimated comparable sale value of approximately $1.5 million. Skyline Pitkin Avenue LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41289) on March 18, 2026, listing $1,500,000 in assets and $687,050 in liabilities. The petition was signed by Shawn Wewelwala as president and authorized member. Judge Elizabeth S Stong presides over the case. The Law Office of Jay Meyers/J.Meyers PLLC serves as the Debtor's counsel. SLOGIC HOLDING: TCW Direct Lending Marks $28.8MM Loan at 39% Off ---------------------------------------------------------------- TCW Direct Lending VII LLC has marked its $28,819,404 loan extended to Slogic Holding Corp. to market at $17,637,475 or 61% of the outstanding amount, according to TCW Direct Lending's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending VII LLC is a participant in a last out term loan extended to Slogic Holding Corp. The Loan accrues interest at a rate of SOFR + 5.87 %, 1.00 % Floor, all PIK per annum. The Loan matures on Oct. 29, 2026. TCW Direct Lending VII LLC was formed as a Delaware limited liability company on May 23, 2017. The Company engaged in a private offering of its common limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. the Company may issue preferred units, though it currently has no intention to do so. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About Slogic Holding Corp. Slogic Holding Corp. has unparalleled expertise in the design, manufacturing and installation of TorcSills, its helical pile foundation and anchoring solutions. SM ENERGY: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings changed SM Energy Company's (SM) outlook to positive from stable. Concurrently, Moody's affirmed the company's Ba3 Corporate Family Rating, B1 senior unsecured notes rating, Ba3-PD Probability of Default Rating, and Speculative Grade Liquidity Rating (SGL) remained unchanged at SGL-1. RATINGS RATIONALE The change in SM's ratings outlook to positive from stable reflects Moody's expectations that over the next 12-18 months the company will strengthen its credit profile. The company should have production scale in excess of 400 thousand barrels of oil equivalent per day (Mboe/d) pro forma for the Civitas merger and Galvan Ranch divestiture, continue to generate meaningful annual free cash flow, and continue its existing track record of repairing its credit metrics after engaging in leveraging M&A. SM's Ba3 CFR reflects its sizable acreage position in the Permian Basin, competitive cost structure, track record of consistent organic production and reserve growth, and its geographic diversity. SM has an established track record of repairing its credit metrics after engaging in leveraging M&A and Moody's expects improving its balance sheet to be its top financial priority until its balance sheet targets are achieved. SM's senior unsecured notes are rated B1, one notch below the Ba3 CFR, reflecting the notes' subordination to the senior secured revolving credit facility's claim to the company's assets. The revolving credit facility has a priority claim over SM's assets and is secured by substantially all of SM's proved oil and gas reserves. The SGL-1 rating reflects Moody's expectations for the company to maintain very good liquidity through at least the end of 2027. The company had $368 million of cash on hand as of the end of 2025 and $2.0 billion of available borrowing capacity under its secured revolving credit facility. The revolver was amended in conjunction with the closing of the Civitas merger to extend the maturity into 2031, increase the borrowing base to $5.0 billion borrowing base, and increase the lender commitments to $2.5 billion. The revolver contains financial covenants requiring SM to maintain leverage of no greater than 3.5x and an adjusted current ratio of no less than 1.0x. Moody's expects SM to remain well in compliance with its covenants through at least the end of 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS SM's ratings could be upgraded if it continues to strongly execute on the integration of Civitas, maintains its increased scale of production and demonstrates an ability to replace its reserves as competitive returns on investment. A ratings upgrade would also require the company to deliver on its debt reduction plans and maintains RCF/debt above 50%. Although unlikely, a downgrade of SM's ratings could be considered if RCF/debt falls below 30%, the company engages in additional leveraging M&A, or if it engages in substantial returns to shareholders prior to achieving its debt reduction targets. SM Energy Company is a Denver, Colorado based publicly traded E&P company with primary production operations in the Eagle Ford and Austin Chalk of Texas, the Midland and Delaware Basins of Texas, the Uinta Basin of Utah, and the DJ Basin of Colorado. The principal methodology used in these ratings was Independent Exploration and Production 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. SPAC RECOVERY: Claims to be Paid from Exit Financing ---------------------------------------------------- SPAC Recovery Co. filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Chapter 11 Plan of Liquidation dated March 25, 2026. The Debtor was formed as a blank check company, more formally known as a single purpose acquisition company (a "SPAC"), under the laws of the State of Delaware on September 11, 2018. A SPAC is a company without commercial operations that is formed to raise capital through an initial public offering (an "IPO") for the purpose of acquiring or merging with an existing company (a "Target") that wants to go public. The Debtor commenced this Chapter 11 Case to stay the litigation against it and enforcement of the Blackstone Judgment and to provide the Debtor an opportunity to prosecute the Litigation. The Debtor intends to use the proceeds from the Litigation to fund Distributions to Holders of Claims and Interests, including parties with valid litigation claims or judgments, under the Plan. The Plan is a plan of liquidation that provides for the wind-down of the Debtor and the liquidation of the Debtor's assets, primarily through the prosecution and/or settlement of the Litigation. The Plan provides for the appointment of a Plan Administrator who will make decisions for the Post-Confirmation Estate, including prosecution and settlement of the Litigation, review and administration of Claims and Interests, including the filing, prosecution and/or settlement of objections, and administration of any Distributions on account of Allowed Claims and Allowed Interests. The Plan shall be funded by the Exit Financing on terms and conditions set forth in the Exit Financing Agreement in an amount that is sufficient to (i) pay all Allowed Administrative Claims; (ii) pay all post-Confirmation U.S. Trustee Fees; (iii) satisfy, repay or refinance the Allowed Other Secured Claims, the DIP Loan Claims, and the Allowed SPV Prepetition Loan Claims; and (iv) provide initial funding for the Post-Confirmation Estate. The documents governing the Exit Financing shall be included in the Plan Supplement, including, without limitation, the Exit Financing Agreement. On or after the Effective Date, the Plan Administrator shall make Distributions on account of Allowed Claims and Allowed Interests using the Exit Financing and the proceeds from the Post-Confirmation Assets, to the extent the Plan Administrator has received such proceeds from the Post Confirmation Assets after the Effective Date. Class 4 consists of all Non-Defendant Unsecured Claims, including the Claims of UHY LLP, Richard Turasky, Boiler Ventures LLC, Boulder Capital Group LLC, Capital Companies LLC, Edgar Agents LLC, Calabrese Consulting LLC, Continental Stock Transfer, Duff & Phelps, Ellenoff Grossman & Schole LLP, Nixon Peabody LLP, that are not Disallowed under the Plan, in an aggregate asserted or scheduled amount of approximately $151,951,471.26. Holders of Allowed Non-Defendant Unsecured Claims will receive, in full and final satisfaction, compromise, settlement and release of their Allowed Non-Defendant Unsecured Claims, a Pro Rata Distribution of the net Litigation Proceeds that exist after payment of all Allowed Administrative Claims, Allowed Priority Tax Claims, and Allowed Other Priority Claims. Class 4 is Impaired under the Plan and Holders of Allowed Non-Defendant Unsecured Claims are entitled to vote on the Plan. Class 5 consists of all Defendant Unsecured Claims in an aggregate asserted amount of approximately $1,798,397.30 that are not Disallowed under the Plan. Defendant Unsecured Claims are General Unsecured Claims asserted, filed or held by the defendants in the Litigation as against the Debtor. Holders of Allowed Defendant Unsecured Claims will each receive, in full and final satisfaction, compromise, settlement and release of their Allowed Defendant Unsecured Claims, a Pro Rata Distribution of the net Litigation Proceeds that exist after payment of all Allowed Administrative Claims, Allowed Priority Tax Claims, and Allowed Other Priority Claims. Class 5 is Impaired under the Plan. Class 6 consists of all Settling Interests in the Debtor. Settling Interests are those Interests held by Holders who have executed the Settlement and Release Agreement dated June 2024, whereby those Holders agreed to permanently release any and all claims they had against the Debtor and certain affiliates in exchange for a preferential rate of recovery over other Interest Holders. Holders of Allowed Settling Interests will each receive (i) a Pro Rata Distribution of 60.8% of the Interest Proceeds until a cumulative $6,290,286.00 of the Interest Proceeds is received among the Holders of Allowed Settling Interests, and (ii) thereafter a Pro Rata Distribution, together with Allowed Class 7 Non-Settling Interests, of the remaining Interest Proceeds, if any. Class 6 is Impaired under the Plan and Holders of Allowed Settling Interests are entitled to vote on the Plan. Notwithstanding the foregoing, votes cast by Insiders shall not be counted for purposes of confirming the Plan pursuant to section 1129(a)(10) of the Bankruptcy Code. Class 7 consists of all Non-Settling Interests in the Debtor. Holders of Allowed Non-Settling Interests will each receive (i) a Pro Rata Distribution of 39.2% of the Interest Proceeds until Class 6 receives a cumulative $6,290,286.00 of the Interest Proceeds, and (ii) thereafter a Pro Rata Distribution, together with Allowed Class 6 Settling Interests, of the remaining Interest Proceeds, if any. On or before the Effective Date, the Debtor shall obtain Exit Financing on terms and conditions set forth in the Exit Financing Agreement in an amount that is sufficient to (i) pay all Allowed Administrative Claims; (ii) pay all post-confirmation U.S. Trustee Fees; (iii) satisfy, repay or refinance the Allowed Other Secured Claims, the DIP Loan Claims, and the Allowed SPV Prepetition Loan Claims; and (iv) provide initial funding for the PostConfirmation Estate. The documents governing the Exit Financing shall be included in the Plan Supplement, including, without limitation, the Exit Financing Agreement. On or after the Effective Date, the Plan Administrator shall make Distributions on account of Allowed Claims and Allowed Interests using the Exit Financing and the proceeds from the Post Confirmation Assets, to the extent the Plan Administrator has received such proceeds from the PostConfirmation Assets after the Effective Date. A full-text copy of the Disclosure Statement dated March 25, 2026 is available at https://urlcurt.com/u?l=dwfWPB from PacerMonitor.com at no charge. SPAC Recovery Co. is represented by: Bonnie Pollack, Esq. Matthew G. Roseman, Esq. CULLEN AND DYKMAN LLP The Omni Building 333 Earle Ovington Blvd, 2nd Fl. Uniondale, NY 11553 Telephone: (516) 357-3700 E-mail: bpollack@cullenllp.com mroseman@cullenllp.com - and - Michelle McMahon, Esq. Michael Traison, Esq. CULLEN AND DYKMAN LLP One Battery Park Plaza, 34th Fl. New York, NY 10004 Telephone: (212) 510-2296 E-mail: mmcmahon@cullenllp.com mtraison@cullenllp.com About SPAC Recovery Co. SPAC Recovery Co., formerly known as Ackrell SPAC Partners I Co., is a Delaware-based special purpose acquisition company created to raise capital and pursue a merger, share exchange, asset acquisition, or similar business combination. The Company originally targeted investments in the consumer goods sector and entered into a proposed combination with North Atlantic Imports LLC, doing business as Blackstone Products, before the deal was terminated in 2022. It now operates under the name SPAC Recovery and is focused on litigation and recovery efforts connected to its prior activities. SPAC Recovery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12109) on September 26, 2025. In its petition, the Debtor reported total assets of $57,306,134 and total liabilities of $9,469,770. Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Michael H. Traison, Esq., at Cullen and Dykman, LLP. SPV LIT Fund, LLC, as DIP lender, is represented by: Michael Smiley, Esq. Samantha Espino, Esq. The Underwood Law Firm 500 S. Taylor, Suite 1200 Amarillo, TX 79101 mike.Smiley@uwlaw.com samantha.espino@uwlaw.com SQA MAHADEV: Lender Seeks to Prohibit Cash Collateral Access ------------------------------------------------------------ State Bank of Texas asks the U.S. Bankruptcy Court for the Western District of Tennessee to prohibit SQA Mahadev, LLC, from using its cash collateral. The Debtor filed for bankruptcy on March 6 and continues to operate as a debtor-in-possession while running a hotel business known as OYO Townhouse Hotel in Memphis, Tennessee. SBOT's claim arises from a September 19, 2022 promissory note in the original principal amount of $3.2 million, secured by a first-priority, properly perfected lien on the hotel property and related assets, including rents, revenues, accounts, equipment, and other collateral. As of the petition date, the Debtor owed approximately $3.03 million and was in default for failing to make payments beginning January. The creditor asserts that all hotel revenues and proceeds constitute its cash collateral under the Bankruptcy Code and alleges that the debtor has continued to use these funds without authorization. The loan documents also include an assignment of rents provision and a broad security agreement, as well as a cross-collateralization clause securing a related $2.8 million loan to an affiliate, Shree of Memphis, LLC, which is also in Chapter 11 proceedings. SBOT argues that its interests are not adequately protected and therefore requests that the court either prohibit the Debtor's use of cash collateral entirely or condition such use on the provision of adequate protection. A court hearing is scheduled for April 22. A copy of the motion is available at https://urlcurt.com/u?l=QFhiI5 from PacerMonitor.com. About SQA Mahadev, LLC SQA Mahadev, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-21282) on March 6, 2026. In its petition, the Debtor reports estimated assets in the range of $1,000,001-$10,000,000 and estimated liabilities in the range of $1,000,001-$10,000,000. The Honorable Bankruptcy Judge Denise E. Barnett handles the case. The Debtor is represented by John Edward Dunlap, Esq., at The Law Office of John E. Dunlap. State Bank of Texas, as lender, is represented by: Michael P. Coury, Esq. GLANKLER BROWN, PLLC 6000 Poplar Avenue, Suite 400 Memphis, TN 38119 Tel: (901) 576-1886 (901) Fax: 525-2389 Email: mcoury@glankler.com SWING ZONE: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Swing Zone, Inc. and AJ Reno Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtors to use cash collateral in accordance with an approved budget, with a permitted variance of 10% for each week. This authorization to use cash collateral is terminated if the Debtors' bank balance falls below $1. If that occurs, no further cash collateral may be spent unless authorized by further court order. In case of any diminution in the value of their collateral, secured lenders -- Trustmark National Bank and the U.S. Small Business Administration -- will receive replacement liens of the same type and with the same priority as their pre-bankruptcy liens. They are also entitled to a superpriority administrative claim. To protect secured lenders, the Debtors offer to grant them replacement liens and potential superpriority administrative claims if the value of their collateral declines. The interim order is available at http://bankrupt.com/misc/SwingZone_InterimCCOrder.pdffrom PacerMonitor.com. The final hearing is set for April 21. Swing Zone and AJ Reno need approximately $165,000 in cash collateral to fund operational costs over a 30-day period. The Debtors rely heavily on ongoing cash flow to sustain operations, employing a combined workforce of over 30 employees and maintaining regular financial obligations. Their financial distress stems from declining revenues, increased operating costs, and, in Swing Zone's case, a costly relocation. Both are also burdened by significant secured debt owed to Trustmark National Bank through SBA-backed loans totaling over $2 million, secured by liens on essentially all of their business assets. With loan payments coming due and insufficient income to cover them, the Debtors filed for bankruptcy on March 27 to stabilize their operations and restructure their debts while continuing to operate as debtors-in-possession. About Swing Zone Inc. Swing Zone, Inc., doing business as Crust Pizza Co Heights, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32026) on March 27, 2026. In the petition signed by John M. Reno, managing member, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Lloyd A. Lim, Esq., at Kean Miller LLP, represents the Debtor as legal counsel. TALEN ENERGY: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings revised the outlook on Talen Energy Supply, LLC (Talen) to stable from negative and affirmed the company's ratings, including its Ba3 corporate family rating, Ba3-PD probability of default rating, Ba2 senior secured rating, and B2 senior unsecured rating. Talen's SGL-2 speculative-grade liquidity rating remains unchanged. Please see below for the full list of rating actions. RATINGS RATIONALE "The power market has been strong and continues to improve," said Toby Shea, VP–Senior Credit Officer, "Moody's revised Talen's outlook to stable because its funds from operations (FFO) to debt ratio has improved significantly in 2025 and is expected to be sustained above Moody's 13% downgrade threshold." Talen is a mid-sized merchant power producer with a substantial debt load and approximately 13 GW of coal, gas, and nuclear generating capacity, primarily located in the PJM market. The company's most valuable assets include the Susquehanna nuclear power plant and the recently acquired Guernsey and Moxie Freedom combined-cycle gas plants. The PJM wholesale power market currently benefits from strong forward power prices and robust spark spreads, supporting plant margins and profitability. Moody's expects that constraints on the pace of new capacity additions, amid rising data-center-driven demand, could continue to place upward pressure on already elevated prices and spreads. Talen's FFO to debt ratio increased to above 20% in 2025, from 4.3% in 2024. Although the company completed a transformative, debt-financed acquisition toward the end of 2025, Moody's still expect FFO to debt to operate in the high-teens over the medium term. However, the company's decision to settle approximately $400 million of stock-based compensation in cash is likely to constrain FFO to debt to the low-teens in 2026. Rating outlook Talen's stable outlook reflects Moody's expectations that the company will manage its leverage and acquisition debt to sustain a FFO to debt ratio of at least 13% in the current robust commodity price environment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade An upgrade of the corporate family rating would require the company to commit to, and demonstrate, a sustainably maintained FFO to debt ratio above 18%. Factors that could lead to a downgrade Moody's could downgrade Talen's corporate family rating if it fails to maintain FFO to debt of at least 13%, with cash flow normalized for mid year acquisitions. LIST OF AFFECTED RATINGS Issuer: Talen Energy Supply, LLC Affirmations: LT Corporate Family Rating, Affirmed Ba3 Probability of Default Rating, Affirmed Ba3-PD Senior Secured Bank Credit Facility, Affirmed Ba2 Senior Secured Regular Bond/Debenture, Affirmed Ba2 Senior Unsecured, Affirmed B2 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: Pennsylvania Economic Dev. Fin. Auth. Affirmations: Senior Unsecured Revenue Bonds, Affirmed B2 The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 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. TALENT WORLDWIDE: Remora Capital Marks $130,000 Loan at 40% Off --------------------------------------------------------------- Remora Capital Corp has marked its $130,000 loan extended to Talent Worldwide Inc. to market at $78,000 or 60% of the outstanding amount, according to Remora's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Remora Capital Corp is a participant in a loan extended to Talent Worldwide Inc. The Loan accrues interest at a rate of S + 6.25% per annum. The Loan matures on Dec. 18, 2029. Remora Capital Corp is a corporate issuer in the leveraged finance market. The Fund is led by Daniel Mafrice as Chief Executive Officer and President (Principal Executive Officer) and Kyleah Adamson as Chief Financial Officer and Treasurer (Principal Financial Officer) (Principal Accounting Officer). The Fund can be reached at: Daniel Mafrice REMORA CAPITAL CORPORATION 3200 West End Avenue, Suite 500 Nashville, TN 37203 Telephone: (615) 380-1095 About TALENT WORLDWIDE Talent Worldwide Inc. is a talent and entertainment services company that appears to provide global staffing, booking or management solutions for performers and creative professionals. TALOS ENERGY: Fitch Alters Outlook on 'B' LongTerm IDR to Stable ---------------------------------------------------------------- Fitch Ratings has revised Talos Energy Inc. and Talos Production Inc.'s (together, Talos) Rating Outlooks to Stable from Positive. Fitch has affirmed the companies' Long-Term Issuer Default Ratings (IDRs) at 'B', senior secured reserve-based lending (RBL) credit facility at 'BB' with a Recovery Rating of 'RR1', and second-lien senior secured notes at 'B+'/'RR3'. The ratings reflect Talos' production guidance in the high-80 thousand barrels of oil equivalent per day (mboepd) range, liquids-focused asset base, neutral to positive FCF over the forecast period under Fitch's price assumptions, conservative balance sheet, and attractive exploitation and exploration inventory. These strengths are offset by reduced liquidity, potentially significant environmental remediation obligations, including plugging and abandonment (P&A) costs, and relatively high operating costs. Fitch expects the conflict in Iran could increase near-term commodity price volatility and support higher realized prices for Talos in 2026. The Stable Outlook reflects Fitch's expectation that Talos will be unlikely to sustain production above 100 mboepd over the forecast period and that liquidity will remain structurally lower following the RBL facility reduction. Key Rating Drivers Reduced Liquidity: Talos amended and restated its RBL facility at $700 million in January 2026 and extended its maturity to January 2030. While the facility remains undrawn, except for $97.4 million of letters of credit (LOCs), the reduction in borrowing base over the past year represents a structural decline in liquidity. Further near-term deterioration in the borrowing base could pressure the rating if Talos is unable to replace proved reserves through acquisitions or drilling activity. Sizable Gulf Position: Talos has expanded its scale in the Gulf of Mexico (Gulf of America) through acquisitions and development, with total proved developed producing (PDP) reserves of 174.7 mmboe and 2026 production expected in the high-80 mboepd range. Talos' offshore Gulf focus results in an asset profile that differs from typical shale-oriented onshore exploration and production (E&P) issuers. Key differences include relatively low acquisition costs, which may be partly offset by P&A obligations, lower decline rates, and typically higher oil price realizations. Challenges associated with the business model include execution risk on new projects, substantial capital requirements, longer timelines from spud to first oil, materially higher environmental remediation costs, the need to post significant financial assurance to third parties to support remediation obligations, and tail risks related to hurricanes and potential oil spills. Capex Supports FCF Generation: Fitch expects Talos to generate near-term neutral to positive FCF under its oil price assumptions, with excess cash expected to support share repurchases and tuck-in acquisitions. The relatively low decline rate of its wells supports capital efficiency, partly mitigating the impact of lower oil prices and helping protect cash flow. Talos' unit economics and lower-capital-intensity projects, including asset management, in-field drilling, and exploitation activity, support a cash flow profile that can fund discretionary exploration spending and potentially enhance the longer-term asset base in stronger commodity price environments. Substantial Decommissioning Costs: Due to its focus on mature offshore assets and active M&A strategy, Talos' environmental remediation costs related to plugging and abandonment are elevated relative to onshore peers. As of YE 2025, asset retirement obligations (AROs) totaled $1.33 billion (FYE24: $1.15 billion). At YE 2025, Talos had restricted cash of $76.2 million and P&A notes receivable of $66.2 million to support future P&A obligations. Fitch expects annual P&A spending of $100 million to $130 million over the forecast period. Outlays could decline if the company is able to extend field lives through recompletions and workovers. Adequate Hedge Book: Fitch believes Talos' hedge book provides meaningful downside protection and will support positive FCF generation in 2026. Consistent hedging over time is positive for the credit profile, as it supports development funding and reduces cash flow volatility. Talos is required to hedge approximately 50% of proved developed production on a rolling 12-month basis. If consolidated debt/EBITDAX exceeds 1.0x, the company must also hedge 25% of production for the fifth and sixth quarters. Sufficient Midcycle Leverage: Fitch's base case forecasts EBITDA leverage at about 1.3x at YE 2026, rising to 1.5x under Fitch's $57/bbl midcycle WTI price assumption. Talos' maturity profile remains clear until 2028, when the RBL would have a springing maturity (only LOCs currently outstanding), if the 2029 notes are still outstanding. This provides Talos with flexibility to repay or refinance maturities under favorable market conditions. Peer Analysis Talos' position relative to Fitch-rated independent E&P peers is mixed. In 2025, Talos produced 94.6 mboepd, with 78% liquids. Production exceeds that of similarly rated onshore operators such as HighPeak Energy Inc. (B/Stable), at 48 mboepd with 85% liquids, and Moss Creek Resources LLC (B/Stable), at 63.9 mboepd with 64% liquids as of 2Q25. Talos' production is also above that of offshore peer W&T Offshore, Inc. (B-/Stable), at 34.0 mboepd with 50% liquids. Talos has historically maintained EBITDA leverage below 2.0x, which Fitch expects to continue over the forecast period. However, despite low leverage and no near-term refinancing needs, Talos may face greater capital markets access constraints than some peers. In addition, its bonds are second-lien secured, unlike the unsecured bonds of many other E&P issuers. Talos' offshore footprint results in materially higher P&A and remediation costs than those of onshore shale-focused single-'B' peers. Operational risks are also higher due to the potential effects of oil spills or hurricane activity. Fitch’s Key Rating-Case Assumptions - WTI oil price of $65/bbl in 2026, $58/bbl in 2027, and $57/bbl thereafter; - Henry Hub natural gas price of $3.50 per thousand cubic feet (mcf) in 2026, $3.25/mcf in 2027, $3.00/mcf in 2028, and $2.75/mcf thereafter; - Assumed 2026 production is between Talos' guidance midpoint of 85 mboepd and 90 mboepd, with flat to low single-digit production growth thereafter; - Assumed no additional hedging going forward over the forecast; - No M&A or divestitures apart from what has already been announced; - FCF allocated toward cash build-up and shareholder returns. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (b, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (b, Moderate), Profitability (b+, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027, 15% for the forecast year 2028 and 55% for the forecast year 2029. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis The recovery analysis assumes that Talos would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch has assumed a bankruptcy scenario exit EBITDA of $480 million, a decrease from the previous estimate of $520 million. This estimate considers a prolonged commodity price downturn causing liquidity constraints and an inability to access capital markets to refinance debt. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level, upon which Fitch bases the enterprise valuation. An enterprise value multiple of 3.25x is applied to the GC EBITDA to calculate a post-reorganization enterprise value. It is below the median 5.3x exit multiple for the energy sector in Fitch's "Energy, Power and Commodities Bankruptcy Enterprise Value and Creditor Recoveries (Fitch Case Studies - October 2024)" but is consistent with the multiple used for oil and gas upstream companies. The lower multiple also reflects the impact of AROs and surety bonds for offshore operators. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized through sale or liquidation processes during bankruptcy or insolvency proceedings and subsequently distributed to creditors. Fitch used historical transaction data for Gulf of Mexico (Gulf of America) blocks on a $/bbl, $/1P, $/2P, $/acre and PDP PV-10 basis to estimate a reasonable sale value. This analysis was based on Talos' recent M&A transactions, other recent offshore M&A transactions, and valuations from emerging, offshore bankruptcies. Waterfall Analysis The GC approach results in a higher post-reorganization enterprise value of $1,560 million, which is greater than the liquidation valuation. Fitch has assumed that the $700 million RBL was drawn at 80% to account for downward borrowing base redeterminations as the company approaches a bankruptcy scenario. Under this assumption, the RBL recovers at an 'RR1' level while the second-lien notes recover at an 'RR3' level. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Loss of operational momentum, evidenced by production trending below 65 mboepd; - Inability to generate FCF and allocate capital that heightens liquidity, refinancing risk or access to capital markets; - Unfavorable regulatory changes, such as increased bonding requirements or accelerated P&A spending; - Implementation of a more aggressive growth strategy that operates outside of positive FCF; - Midcycle EBITDA leverage above 3.0x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased size and scale, evidenced by production sustained above 100 mboepd and a consistent track record of reserve replacement; - Continued positive FCF generation and maintenance of a conservative financial policy; - Demonstrated ability to manage P&A obligations and reduced AROs per flowing barrel or proved reserves; - Midcycle EBITDA leverage maintained below 2.0x. Liquidity and Debt Structure Fitch does not expect material near-term liquidity needs and believes the company's refinancing risk is low, despite structurally lower availability under the borrowing base following the reduction in the RBL facility. At YE 2025, Talos had $362.8 million of cash on hand and approximately $602.6 million of availability under its RBL facility, with $97.4 million of letters of credit (LOCs) outstanding. Talos amended and restated the RBL facility in January 2026, reaffirming the borrowing base at $700 million and extending the maturity to the earlier of January 2030 and Nov. 2028, which is 91 days prior to the maturity of the 2029 notes if they remain outstanding. Fitch expects Talos to generate mostly neutral to positive FCF over the forecast horizon and to maintain its conservative financial policy, with excess FCF potentially used for shareholder returns or M&A activity. Management has stated that capital budgets would be set to preserve positive FCF, even during periods of commodity price weakness. The company's hedging program provides some downside protection, although a more robust program would offer greater comfort. Issuer Profile Talos is a technically driven independent exploration and production company operating in the U.S. Gulf and offshore Mexico. The company's focus in the gulf is the exploration, acquisition and development of deep and shallow water assets near existing infrastructure. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 is 59 out of 100. The Climate.VS is fairly typical of North American oil and gas production companies. Talos' score reflects a heavy-liquids weighting in its production profile, which indicates a higher exposure to transition risk than gassier peers. Fitch views oil production as more vulnerable than natural gas production due to its higher carbon intensity and natural gas' role as a transition fuel. The Climate.VS reflects the potential risks related to policies that require lower carbon emissions over time and encourage reduced usage of fossil fuels in favor of renewable fuels. This poses near-term risks in the context of higher costs driven by the need for greater focus on reducing emissions and longer-term risks in the context of reductions in demand for fossil fuels as the world transitions toward renewable fuels. Fitch believes meaningful energy transition will play out over several decades. Key transition risks arise from potential reductions in demand driven by policies designed to reduce the use of oil and gas in the global economy, and in the shorter term from policies designed to limit greenhouse gas emissions from the production of oil and gas. These risks do not have a material influence on the rating currently, given the very long-term timeframe over which the transition may take place, uncertainty regarding the extent and nature of changes, and markets' and companies' reaction to them. Talos' management team has indicated specific goals for emissions reductions in the coming years. Targets include a 2030 target to address Scope 1 and 2 emissions compared to 2022 baseline. Typical of North American E&P companies, Scope 3 targets are not disclosed. The company issues an annual sustainability report to track its progress. ESG Considerations Talos has an ESG Relevance Score of '4' for Waste and Hazardous Materials Management/Ecological Impacts due to the enterprise-wide solvency risks that an offshore oil spill poses for an E&P company. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Talos has an ESG Relevance Score of '4' for Energy Management that reflects the company's cost competitiveness and financial and operational flexibility due to scale, business mix, and diversification. These factors have a negative impact on the credit profile and are 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 ----------- ------ -------- ----- Talos Production Inc. LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB sr sec 2nd Lien LT B+ Affirmed RR3 B+ Talos Energy Inc. LT IDR B Affirmed B TECHNIPLAS FOREIGN: Investcorp BDC Marks $1.1MM Loan at 16% Off --------------------------------------------------------------- Investcorp Credit Management Bdc, Inc. has marked its $1,159,774 loan extended to Techniplas Foreign Holdco LP to market at $978,270 or 84% of the outstanding amount, according to Investcorp Credit Management BDC's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Investcorp Credit Management Bdc, Inc. is a participant in a loan extended to Techniplas Foreign Holdco LP. The Loan accrues interest at a rate of 17% PIK per annum. The Loan matures on Dec. 19, 2026. The Loan was classified as non-accrual asset. Investcorp Credit Management BDC, Inc. is a business development company that provides debt and related financing solutions to middle-market corporate borrowers. The Fund is led by Suhail A. Shaikh as Director, President and Chief Executive Officer and Robert Andrew Muns as Chief Financial Officer. The Fund can be reached at: Suhail A. Shaikh Investcorp Credit Management BDC, Inc. 280 Park Avenue 39th Floor New York, NY 10017 Telephone: (646) 690-5034 About TECHNIPLAS FOREIGN HOLDCO LP Techniplas Foreign Holdco LP is a holding company that appears to be associated with industrial or manufacturing operations, financed here through a high-coupon term loan. TECHNIPLAS FOREIGN: Investcorp BDC Marks $945,001 Loan at 21% Off ----------------------------------------------------------------- Investcorp Credit Management Bdc, Inc. has marked its $945,001 loan extended to Techniplas Foreign Holdco LP to market at $747,080 or 79% of the outstanding amount, according to Investcorp Credit Management BDC's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Investcorp Credit Management Bdc, Inc. is a participant in a loan extended to Techniplas Foreign Holdco LP. The Loan accrues interest at a rate of 10% PIK per annum. The Loan matures on June 18, 2027. The Loan was classified as non-accrual asset. Investcorp Credit Management BDC, Inc. is a business development company that provides debt and related financing solutions to middle-market corporate borrowers. The Fund is led by Suhail A. Shaikh as Director, President and Chief Executive Officer and Robert Andrew Muns as Chief Financial Officer. The Fund can be reached at: Suhail A. Shaikh Investcorp Credit Management BDC, Inc. 280 Park Avenue 39th Floor New York, NY 10017 Telephone: (646) 690-5034 About TECHNIPLAS FOREIGN HOLDCO LP Techniplas Foreign Holdco LP is a holding company that appears to be associated with industrial or manufacturing operations, financed here through an exit term loan structure. TEMPERATURE CONTROL: Hires James Young Law as Bankruptcy Counsel ---------------------------------------------------------------- Temperature Control & Maintenance Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ James Young Law as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the management and operation of its business and properties; (b) attend mutterings and negotiations with representatives of creditors and any other party in interest; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare all legal papers necessary to administer the Debtor's estate; (e) take any action necessary on behalf of the Debtor to obtain approval of disclosure statements and its plan of reorganization; (f) represent the Debtor in connection with obtaining post-petition financing if required; (g) advise the Debtor in connection of any sale of an asset; and (h) perform all necessary legal services and provide all other necessary legal advice to the Debtor in connection with Chapter 11 case. The firm's attorneys will be billed $400 per hour and $75 per hour for paraprofessionals. In addition, the firm will seek reimbursement for expenses incurred. The Debtor paid the firm an initial retainer of $11,500. James Young, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James A. Young, Esq. James A. Young Law, LLC 85 Market Street Elgin, IL 60123 Tel: (847) 608-9526 Fax: (847) 841-3672 Email: jyoung@jamesyounglaw.com About Temperature Control Maintenance Inc Temperature Control Maintenance Inc is a heating and air-conditioning repair and maintenance business serving Kane and Cook Counties, Illinois. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-02022) on February 3, 2026. In the petition signed by Anthony Mojarro, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. James A. Young, Esq., at James Young Law, represents the Debtor as legal counsel. TEXAS CONTRACT: Star Mountain Marks $4.4MM 1L Loan at 18% Off ------------------------------------------------------------- Star Mountain Lower Middle-market Capital Corp has marked its $4,427,923 loan extended to Texas Contract Manufacturing Group, Inc. to market at $3,645,509 or 82% of the outstanding amount, according to Star Mountain's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Star Mountain Lower Middle-market Capital Corp is a participant in a first lien senior secured term loan extended to Texas Contract Manufacturing Group, Inc. The Loan accrues interest at a rate of S + 5.11 % Cash + 4.00 % PIK S + 8.76 % Cash + 4.00 % PIK per annum. The Loan matures on April 27, 2027. Star Mountain Lower Middle-Market Capital Corp. is an externally managed, closed-end management investment company. The company seeks to achieve its investment objectives by investing primarily in privately negotiated loans and equity investments to small and medium-sized businesses. The Fund is led by Brett A. Hickey as Chief Executive Officer and President and Christopher J. Gimbert as Chief Financial Officer. The Fund can be reached at: Brett A. Hickey Star Mountain Lower Middle-Market Capital Corp. 140 E. 45th Street New York, NY 10017 Telephone: (212) 810-9044 About Texas Contract Manufacturing Group, Inc. Texas Contract Manufacturing Group, Inc. manufactures metal components. The Company offers CNC milling and turning, sheet metal fabrication, welding, engineering support, material certification, and assembly services for complex machined metal components. Texas Contract Manufacturing Group serves aerospace, defense, medical device, semiconductor, and power generation sectors worldwide. TEXAS LEADERSHIP: S&P Rates 2026A/B Rev. and Refunding Bonds 'BB+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' long-term rating to Newark Higher Education Finance Corp., Texas' $19.35 million series 2026A and $320,000 series 2026B education revenue and refunding bonds, issued for Texas Leadership Charter Academy (TLCA). At the same time, S&P Global Ratings affirmed its 'BB+' long-term rating on the school's existing debt. The outlook is stable. S&P said, "In our view, TLCA's board structure poses a potential conflict of interest, constituting an elevated governance structure risk. The superintendent serves on the six-member board of directors and this, in our view, could pose conflicts of interest. Although leadership has a conflict-of-interest policy in place, we believe the board structure is not a best practice and presents a weakness in organizational structure that could result in risks regarding board effectiveness and independence. We view the school's environmental and social factors neutral in our analysis. "The stable outlook reflects our view that, over the one-year outlook period, the school will maintain its steady-to-growing market position, positive operations, and stable debt levels. In addition, we expect that liquidity will continue improving over the outlook period. "We could take a negative rating action if the school experienced deficit operations that weakened lease-adjusted MADS coverage to levels we no longer considered commensurate with the rating, if liquidity did not grow as expected, or if to the school took on additional debt without commensurate growth in financial resources. In addition, we could consider a negative rating action in the unlikely event that the demand profile weakened. "Although we are unlikely to do so over the outlook period, we could take a positive action over the longer term should the school demonstrate a sustained trend of improvement in its financial profile, including building liquidity and maintenance of lease-adjusted MADS coverage consistent with those of higher-rated peers, while maintaining its demand profile." TRANSPORTING CARS: Seeks to Hire Zara Financials as Accountant -------------------------------------------------------------- Transporting Cars Champion Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Zara Financials, Inc. as accountant. The firm will render these services: (a) review payroll records and calculate required payroll deposit; (b) record any needed income and expenses, making journal entries and balance general ledger; (c) annually prepare W-2 and 1099 forms, W-3 or 1096 forms; and (d) provide solutions for increased efficiency. Vadim Zara, CPA at Zara Financials, 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: Vadim Zara, CPA Zara Financials, Inc. 9 N. Ste. 202 Palm Harbor, FL 34683 Telephone: (813) 513-7772 About Transporting Cars Champion Inc. Transporting Cars Champion, Inc. operates in the vehicle transportation industry, providing logistics and auto delivery services across California and nationwide. Transporting Cars Champion, Inc. serves dealerships, auto auctions, and individual clients. Transporting Cars Champion filed for Subchapter V of Chapter 11 relief under the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20337) on January 24, 2026. The petition lists estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Judge Christopher D. Jaime oversees the case. The Debtor tapped Thomas B. Ure, Esq., at Ure Law Firm as counsel and Vadim Zara, CPA, at Zara Financials, Inc. as accountant. TRAVERSE MIDSTREAM: E Point Zero Deal No Impact on Moody's 'B2' CFR ------------------------------------------------------------------- Moody's Ratings commented the announced acquisition of Traverse Midstream Partners LLC does not immediately impact the company's ratings, including its B2 Corporate Family Rating, B2 senior secured bank credit facility rating, and its B2-PD Probability of Default Rating. The ratings outlook remains stable. According to public reports, E Point Zero Holdings RSC LTD (ePointZero, unrated), a subsidiary of Two Point Zero Group PJSC (2PointZero, unrated), will purchase a 100% stake in Traverse Midstream from The Energy and Minerals Group (EMG, unrated) for $2.25 billion. The transaction remains subject to CFIUS approval is expected to close in the coming months. Moody's expects Traverse Midstream's existing B2-rated term loan to be refinanced in conjunction with the acquisition. Based on the committed size of the bank led term loan EPointZero has obtained to finance the acquisition of Traverse Midstream, debt could be somewhat smaller than the existing term loan and result in modestly lower leverage. However, the final capital structure has yet to be firmly defined and the financial policies of ePointZero, among other items, are unknown. Therefore, the potential impact on Traverse Midstream's ratings is not yet determined. Traverse Midstream Partners LLC is wholly-owned by The Energy and Minerals Group (EMG). Founded in 2006, EMG is a private equity firm based in Houston, Texas which invests in companies operating in the natural resources, energy, infrastructure, mining and minerals sectors. Traverse owns a 35% joint venture interest in Rover through Traverse Rover LLC, and a 25% joint venture interest in ORS. The two pipeline systems were developed and are operated by Energy Transfer, LP (ET, Baa2 stable), one of the largest participants in US's midstream energy sector. BCP Renaissance Parent L.L.C., (B2 stable, owned by The Blackstone Group) has a 49.9% interest in ET's 65% stake in Rover. TRIVISTA OIL: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: Trivista Oil Co., LLC 2954 Cr 208 Giddings, TX 78942 Business Description: Trivista Oil Co., LLC and Trivista Operating LLC, both wholly owned by NRF USA, Inc., operate as affiliated entities with overlapping business functions. Trivista Oil Co. holds oil and gas leases, while Trivista Operating LLC manages the operational aspects of these assets. Chapter 11 Petition Date: April 2, 2026 Court: United States Bankruptcy Court Southern District of Texas Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Trivista Oil Co., LLC (Lead Case) 26-32229 Trivista Operating LLC 26-32231 Debtors' Counsel: R.J. Shannon, Esq. SHANNON LEE BEATTY LLP 2100 Travis Street, Suite 1525 Houston TX 77002 Tel: (346) 535-0515 E-mail: rshannon@shannonleellp.com Each Debtor's Estimated Assets: $1 million to $10 million Each Debtor's Estimated Liabilities: $1 million to $10 million The petitions were signed by Robert T. Black as responsible person. 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/I57BA2Y/Trivista_Oil_Co_LLC__txsbke-26-32229__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JGSW2NY/Trivista_Operating_LLC__txsbke-26-32231__0001.0.pdf?mcid=tGE4TAMA TWIN STAR: TCW Direct Lending Virtually Writes Off $60.8MM Loan --------------------------------------------------------------- TCW Direct Lending VII LLC has marked its $60,809,243 loan extended to Twin Star International, Inc. to market at $1,094,566 or 1.8% of the outstanding amount, according to TCW Direct Lending VII's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending VII LLC is a participant in a term loan extended to Twin Star International, Inc.. The Loan accrues interest at a rate of 0.3% per annum. The Loan matures on June 18, 2026. TCW Direct Lending VII LLC was formed as a Delaware limited liability company on May 23, 2017. The Company engaged in a private offering of its common limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. the Company may issue preferred units, though it currently has no intention to do so. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About Twin Star International, Inc. Twin Star International, Inc. designs, manufactures and distributes consumer home products, including electric fireplaces, furniture and related household goods. UNITED FP: Moody's Cuts CFR to 'Caa3', Outlook Stable ----------------------------------------------------- Moody's Ratings downgraded United FP Holdings, LLC's ("United FP") Corporate Family Rating to Caa3 from Caa2 and Probability of Default Rating to Caa3-PD from Caa2-PD. Concurrently, Moody's downgraded the ratings for the company's senior secured first lien credit facilities (revolving credit facility and term loan) to Caa2 from Caa1 and affirmed the Ca rating on the senior secured second-lien term loan. The outlook is stable. The downgrade reflects United FP's elevated refinancing and liquidity risk as the company approaches the December 2026 maturity of its revolving credit facility and first lien term loan. While recent operating performance has stabilized and improved modestly, the company's capital structure remains unsustainable and internally generated cash flow is not sufficient to address the upcoming debt maturities. United FP's operating performance through the third quarter of 2025 shows modest improvement, with growth in both revenue and EBITDA. Free cash flow has benefited from sharply reduced capital spending, though this has been partially offset by higher interest expense in 2025 following the November 2024 expiration of the company's favorable interest rate hedges that had previously capped borrowing costs. However, financial leverage remains high at 7.8x Moody's adjusted debt-to-EBITDA as of the last twelve months (LTM) ended September 2025, an improvement from 8.6x in the prior year. Despite reduced leverage, Moody's continue to view the capital structure as unsustainable given the large upcoming debt maturities. Importantly, capital expenditures have been extremely limited, reflecting lower investment to drive revenue and constrained financial flexibility. The company currently has limited capacity to fund meaningful new club development and only modest flexibility to invest in existing locations to adequately maintain and refresh the club offering required under the Planet Fitness franchise system. The stable outlook reflects continued deterioration in liquidity as the company approaches their debt maturities in December 2026 and the likelihood of default if it does not adequately address these maturities. RATINGS RATIONALE United FP's Caa3 CFR broadly reflects its very high leverage, modestly positive free cash flow supported by limited capital expenditures and the use of equipment financing facilities, and Moody's views that the capital structure is unsustainable given the refinancing risk associated with debt maturities starting in December 2026. The rating is also constrained by the company's small scale in terms of revenue and the high business risk of the fragmented and competitive fitness club industry given its low barriers to entry, exposure to cyclical shifts in discretionary consumer spending, and high attrition rates. In addition, the rating reflects the event risk and an aggressive financial policy due to private equity ownership. As a franchisee, United FP's ongoing capital spending requirement is high and restricts free cash flow generation to meet the obligations under its agreements with Planet Fitness. However, the rating is supported by the company's franchise relationship with Planet Fitness, which has a well-recognized national brand name. United FP is the largest franchise operator within the Planet Fitness system. The rating also benefits from longer-term favorable demographic trends such as the increased focus on health and fitness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company adequately addresses its near term debt maturities, while demonstrating sustained improvement in revenue, operating profit and free cash flow. An equity injection from the sponsor used to reduce debt could further support an upgrade. The ratings could be downgraded if the likelihood of a distressed exchange event or reorganization event becomes unavoidable, or recovery values deteriorate. Headquartered in Austin, TX, United FP is the US's largest Planet Fitness franchisee. As of September 30, 2025, United FP owns and operates 196 Planet Fitness clubs serving about 1.2 million members in 14 different states. The company was acquired by American Securities LLC in December 2019 and generates annual revenue of $301 million as of the last twelve months ending September 2025. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The scorecard-indicated outcome was Caa1, while the rating committee outcome was Caa3, resulting in a two-notch difference. The difference reflects the company's upcoming maturities, limited FCF, as well as limited ability to reinvest in the business. UNIVISION COMMUNICATIONS: S&P Lowers ICR to 'B', Outlook Stable --------------------------------------------------------------- S&P Global Ratings lowered its rating on indirect subsidiary Univision Communications Inc. to 'B' from 'B+'. The stable outlook reflects S&P's expectations of adjusted leverage in the low- to mid-6x area and FOCF to debt of 2%-4% over the next 12-24 months. U.S.-based Spanish-language multimedia company TelevisaUnivision Inc.'s S&P Global Ratings-adjusted leverage will remain above 6x and free operating cash flow (FOCF) limited at 2%. S&P said, "We estimate adjusted net leverage will remain above 6x and FOCF to debt below 5% in 2026 as economic and secular pressures in linear television limit the pace of deleveraging. "The downgrade reflects our expectation for leverage above 6x and FOCF to debt below 5%. TelevisaUnivision ended 2025 with S&P Global Ratings-adjusted net leverage of about 8x (or 6.3x excluding the impairment of program rights). We forecast leverage will decline to about 6.4x in 2026 (the reduction will be mostly due to materially lower content impairments) but remain above 6x for the next two years. Additionally, FOCF to debt was 2.1%, and we forecast a slight decline to about 2% in 2026 before modestly improving in 2027 to 3%. Despite somewhat stable revenue even with fluctuation year to year from political and sports advertising (FIFA World Cup soccer every four years), growth remains challenged due to secular pressure in linear television. TelevisaUnivision's ViX streaming service has helped offset some declines in linear television and now represents 25% of total company revenue and 20% of EBITDA, but it remains a smaller service in the overall streaming ecosystem and has not reached a level where it is offsetting the declines in linear television to improve the pace of revenue growth. "We forecast that revenue increases will bounce back to about 5%-6% in 2026 as the company benefits from political advertising during midterm elections and its rights to the World Cup in Mexican markets. However, we expect content costs to increase because of the World Cup and that EBITDA will increase modestly (4%) slower than revenue. Leverage will remain above the threshold for a 'B+' rating with modest FOCF to debt." Cash flow remains modest, slowing the pace of deleveraging. The company's cash flow has been pressured over the past couple years, declining to $210 million in 2025 from $300 million in 2024, and S&P forecasts a further decline to about $165 million in 2026 because of relatively stagnant EBITDA, deleveraging has relied on cash generation, and recent declines have slowed progress. Cash flow has been pressured due to challenges in its core linear television business, investments in expanding its streaming service and increasing interest expense due to higher rates as it refinances debt. Material cost reductions ($400 million in late 2024) have helped offset some revenue pressure and maintain its EBITDA base. As ViX becomes more profitable, it should help improve FOCF, tempered by instability in advertising, which faces both secular and macroeconomic pressure. TelevisaUnivision has a differentiated strategy, which benefits profitability. Like its English-language network peers, TelevisaUnivision is not immune to secular pressures facing linear TV. However, it has brought new advertisers to its platform and increased pricing for new clients. S&P believes this is, in large part, because its streaming service is meant to complement its linear TV offering rather than replace it. This contrasts with many English-language networks that prioritize putting content on their streaming platforms and, as a result, cannibalizing their linear TV businesses. The company's TV networks also have more than a 60% share of the Spanish-language market in the U.S. and Mexico. S&P said, "ViX was modestly profitable in 2025, and we expect continued growth in 2026 on benefits from offering different content across its ad-supported and subscription-based services (other streaming services typically offer the same content across tiers). About two-thirds of its premium subscribers come from its ad-supported service, which reduces subscriber acquisition costs. At the same time, the company benefits from its vast content library of over 300,000 hours of programming (more than other Spanish- and English-language content libraries) and the lower cost of content production in Mexico, where first-party content accounts for most of the total streaming hours. These will be important factors in maintaining or improving earnings, cash flow, and the pace of deleveraging over the next 2-3 years. "The stable outlook reflects our expectations for TelevisaUnivision to maintain S&P Global Ratings-adjusted leverage in the low- to mid-6x area and FOCF of debt of 2%-4% over the next 12-24 months." S&P could lower the rating if FOCF to debt declines below 2% in the next year and remains below 2% on a sustained basis. This could occur if: -- Weakening economic conditions reduce advertising revenue more than expected; or -- Expansion in streaming revenue and profitability is slower than expected. S&P could raise the rating if leverage declines below 6x, FOCF to debt approaches 5%, and we expect these measures to remain there. S&P believes this could occur if: -- Operating performance improves due to stronger-than-expected growth from streaming coupled with relatively stable linear TV revenue; or -- The company undertakes asset sales or other balance sheet measures that accelerate S&P Global Ratings-adjusted leverage coupled with improved operating performance. URBAN ONE: Moody's Withdraws 'Caa2' Corporate Family Rating ----------------------------------------------------------- Moody's Ratings has withdrawn all ratings of Urban One, Inc.'s (Urban One), including the Caa2 Corporate Family Rating, Caa2-PD Probably of Default Rating, and the Ca rating on the $11.8 million of existing 7.375% senior unsecured notes due 2028. Concurrently, Moody's have withdrawn the Speculative Grade Liquidity Rating (SGL) of SGL-3. At the time of the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Urban One, Inc., formerly known as Radio One, Inc., is an urban oriented multi-media company that operates or owns interests in radio broadcasting stations, cable television networks, a 95% ownership in Reach Media, and ownership of Interactive One, its digital platform, as well as other internet-based properties, largely targeting an African-American and urban audience. The company reported consolidated revenue of $374 million as of FY 2025. VALVES AND CONTROLS: April 27, 2026 Claims Bar Date Set ------------------------------------------------------- IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re : Chapter 11 VALVES AND CONTROLS US, INC., Debtor. Chapter 11 Case No. 25–11403 TO: ALL PERSONS AND ENTITIES WHO MAY HAVE CLAIMS AGAINST THE FOLLOWING DEBTOR, EXCLUDING ASBESTOS CLAIMS: On July 25, 2025 (the "Petition Date") Valves and Controls US, Inc. (the "Debtor") filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Court"). On March 26, 2026, the Court entered an order (the "Bar Date Order") establishing certain dates by which parties holding prepetition claims against the Debtor must file proofs of claim ("Proofs of Claim"). The Bar Date Order and the procedures set forth therein do not apply to Asbestos Claims, and the holders of Asbestos Claims are not required to file Proofs of Claim. BAR DATES The Bar Date Order establishes the bar dates for filing Proofs of Claim in this chapter 11 case (collectively, the "Bar Dates"). 1. Non-Asbestos Claims Bar Date. Pursuant to the Bar Date Order, each person or entity, individuals, partnerships, corporations, joint ventures, and trusts, must file a Proof of Claim in respect of Non-Asbestos Claims so that it is received by Kroll no later than April 27, 2026, at 11:59 p.m. (prevailing Eastern Time). The Non-Asbestos Claims Bar Date shall not apply to Supplemental Claims, Rejection Claims, or Asbestos Claims against the Debtor. 2. Governmental Claims Bar Date. Pursuant to the Bar Date Order, all Governmental Units holding a Governmental Claim must file Proofs of Claim by April 27, 2026 at 11:59 p.m. (prevailing Eastern Time). The Governmental Claims Bar Date shall not apply to Governmental Units holding Asbestos Claims. 3. Supplemental Claims Bar Date. Pursuant to the Bar Date Order, all claimants holding Supplemental Claims must file Proofs of Claim against the Debtor (or amend any previously filed Proof of Claim) by the later of (a) the Non-Asbestos Claims Bar Date or (b) 30 days after notice of an applicable Schedule amendment. 4. Rejection Claims Bar Date. Pursuant to the Bar Date Order, all entities holding Rejection Claims must file Proofs of Claim by the later of (a) the Non-Asbestos Claims Bar Date or (b) 30 days following service of an order approving such rejection (unless otherwise ordered by the Court). WHO MUST FILE A PROOF OF CLAIM Except as otherwise set forth herein, the following entities holding claims against the Debtor that arose (or that are deemed to have arisen) prior to the applicable Petition Date must file Proofs of Claim before the Non-Asbestos Claims Bar Date, the Governmental Claims Bar Date, the Supplemental Claims Bar Date, or the Rejection Claims Bar Date, as applicable: * any person or entity whose claim against the Debtor is not listed in the Debtor's Schedules or is listed as contingent, unliquidated, or disputed if such entity desires to participate in this chapter 11 case or share in any distribution in this chapter 11 case; * any person or entity who believes that its claim is improperly classified in the Schedules or is listed in an incorrect amount and who desires to have its claim allowed in a different classification or amount other than that identified in the Schedules; and * any person or entity that believes its claim against the Debtor is or may be entitled to priority under section 503(b)(9) of the Bankruptcy Code. INSTRUCTIONS FOR FILING PROOFS OF CLAIM. The following requirements shall apply with respect to filing and preparing each Proof of Claim: Contents. Each Proof of Claim must (i) be written in the English language, (ii) be denominated in lawful currency of the United States as of the Petition Date (using the exchange rate, if applicable, as of the Petition Date), (iii) strictly conform to the Claim Form provided by the Debtor, including the format of any response (if specified), (iv) set forth with reasonable specificity the legal and factual basis for the alleged claim, (v) answer every applicable question, and (vi) be signed by the claimant or, if the claimant is not an individual, by an authorized agent or legal representative of the claimant on behalf of the claimant, whether such signature is an electronic signature or is ink. * Electronic Signatures Permitted. Each Proof of Claim signed electronically by the claimant (or an authorized agent or legal representative of the claimant) may be deemed acceptable for purposes of claims administration. Copies of Proofs of Claim sent by facsimile or email, will not be accepted. * Supporting Documentation. Each Proof of Claim must include supporting documentation in accordance with Bankruptcy Rules 3001(c) and 3001(d), or as otherwise required by the applicable Claim Form. If, however, such documentation is voluminous, the claimant may file a Proof of Claim, which may include a summary of such documentation or an explanation as to why such documentation is not available; provided, however, that such claimant shall be required to transmit such supporting documentation to Debtor's counsel upon request. * Timely Service. Each Proof of Claim must be filed, including supporting documentation, so that Kroll actually receives the Proof of Claim before the applicable Bar Date. * Submission Methods. Proofs of Claim may only be submitted via the methods described below. To ensure that Kroll actually receives Proofs of Claim before the applicable Bar Date, holders of claims are strongly encouraged to use electronic submission. (1) Individual Electronic Submission. Proofs of Claim may be submitted electronically through Kroll's website using the interface available on such website free of charge at https://cases.ra.kroll.com/valvesandcontrols or by accessing the Efiling Claims link at the Claims Website (https://cases.ra.kroll.com/valvesandcontrols/EPOC-Index). (2) Paper Submission (NOT recommended). Proofs of Claim may be submitted via first-class U.S. Mail, overnight mail, or other handdelivery system, at the noticing address shown below. If claimants submit Proofs of Claim via paper submission, such Proofs of Claim must include an original signature. The Debtor is NOT responsible for any Proofs of Claim that are lost, destroyed, damaged, or delayed before they are received by Kroll. Claimants using paper submission will NOT receive any confirmation that their materials have been timely received by Kroll unless they also submit (A) a copy of the Proof of Claim (in addition to the original) and (B) a self-addressed envelope stamped with postage paid for by the claimant. NOTICING ADDRESS If by First Class Mail: Valves and Controls US, Inc. Claims Processing Center c/o Kroll Restructuring Administration LLC Grand Central Station, PO Box 4850 New York, NY 10163-4850 If by Hand Delivery or Overnight Mail Valves and Controls US, Inc. Claims Processing Center c/o Kroll Restructuring Administration LLC 850 3rd Avenue, Suite 412 Brooklyn, NY 11232 PROOFS OF CLAIM SUBMITTED BY FAX OR EMAIL WILL NOT BE ACCEPTED CONSEQUENCES OF FAILING TO TIMELY FILE YOUR PROOF OF CLAIM. Unless the Court orders otherwise, pursuant to Bankruptcy Rule 3003(c)(2), any entity that is required, but fails, to file a Proof of Claim in accordance with the Bar Date Order on or before the applicable Bar Date shall be subject to such legal consequences as the Bankruptcy Code may prescribe or permit including: * DISALLOWANCE OF AN UNTIMELY FILED CLAIM; * THE BARRING, ESTOPPING, AND ENJOINING OF THE HOLDER THEREOF FROM ASSERTING ANY CLAIM (OR FILING A PROOF OF CLAIM WITH RESPECT THERETO) AGAINST THE DEBTOR AND THE DISCHARGE OF THE DEBTOR AND ITS PROPERTY FROM ANY AND ALL INDEBTEDNESS OR LIABILITY WITH RESPECT TO OR ARISING FROM SUCH CLAIM; OR * PROHIBITION FROM VOTING TO ACCEPT OR REJECT ANY PLAN, FROM PARTICIPATING IN ANY DISTRIBUTION IN THE DEBTOR'S CHAPTER 11 CASE ON ACCOUNT OF SUCH CLAIM, OR FROM RECEIVING FURTHER NOTICES REGARDING SUCH CLAIM OR THIS CHAPTER 11 CASE. RESERVATION OF RIGHTS. Nothing contained in this Notice is intended to or should be construed as a waiver of the Debtor's right to (a) dispute, or assert offsets or defenses against, any filed claim or any claim listed or reflected in the Schedules as to the nature, amount, liability, or classification thereof, (b) subsequently designate any scheduled claim as disputed, contingent, or unliquidated, and (c) otherwise amend or supplement the Schedules. ADDITIONAL INFORMATION. Copies of the Schedules, the Bar Date Order, and other information regarding this chapter 11 case are available for inspection free of charge on the Debtor's website at https://cases.ra.kroll.com/valvesandcontrols. If you require additional information regarding the filing of a Proof of Claim, you may contact Kroll at: 888-341-7352 (toll free) or +1 646-902-6077 (international). About Valves and Controls US Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 25, 2025. In its petition, the Debtor listed assets between $50 million and $100 million and liabilities between $100 million and $500 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor tapped Weil, Gotshal & Manges LLP and Cole Schotz P.C. as counsel. Kroll Restructuring Administration LLC is the claims, noticing and solicitation agent. The Official Committee of Unsecured Creditors retained Brown Rudnick LLP and Caplin & Drysdale, Chartered, as co-counsel, and FTI Consulting, Inc. as its financial advisor. VANDERBILT MINERALS: Court OKs May 4, 2026 Auction for Assets ------------------------------------------------------------- THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF NEW YORK In re: Vanderbilt Minerals, LLC, Debtor Chapter 11 Case No. 26-60110 (WAK) NOTICE OF SALE, BIDDING PROCEDURES, AUCTION, SALE HEARING AND OTHER DEADLINES RELATED THERETO On February 16, 2026, the debtor and debtor in possession (collectively, the "Debtor") in the a chapter 11 case (the "Chapter 11 Case") filed with the United States Bankruptcy Court for the Northern District of New York (the "Court") a motion [Docket No. 16] (the "Motion") seeking entry of (i) an order (the "Bidding Procedures Order") (a) approving bidding procedures (the "Bidding Procedures") to be used in connection with one or more sales (each, a "Sale Transaction") of substantially all of the Debtor's assets (collectively, the "Stalking Horse Assets"); (b) authorizing the Debtor to enter into the asset purchase agreement by and among the Debtor and "stalking-horse bidder" Commodore Materials, LLC (the "Stalking Horse Agreement" and, such bidder, a "Stalking Horse Bidder" and, the bid of the Stalking Horse Bidder, a "Stalking Horse Bid"), and to provide certain bidding protections, including a Termination Payment (as defined in the Motion), to the Stalking Horse Bidder in connection therewith; (c) scheduling an auction of the Stalking Horse Assets (the "Auction") and a final hearing to consider approval of the proposed sale of Stalking Horse Assets (the "Sale Hearing"); (d) approving the form and manner of notice of the Bidding Procedures, the Auction and the Sale Hearing; (e) approving procedures for the assumption and assignment of executory contracts and unexpired leases (collectively, the "Contracts") in connection with any Sale Transaction; (f) approving the form and manner of notice to each relevant non-debtor counterparty to a Contract of the Debtor's calculation of the amount necessary to cure any defaults under an applicable Contract and certain other information regarding the potential assumption and assignment of Contracts in connection with a Sale Transaction; and (g) granting related relief; and (ii) one or more orders (each, a "Sale Order") (a) authorizing one or more Sale Transactions for a sale of the Stalking Horse Assets free and clear of all liens, claims, interests and encumbrances, except certain permitted encumbrances as determined by the Debtor and any Successful Bidder (as defined below), with liens on such Stalking Horse Assets to attach to the proceeds of the applicable Sale Transaction; (b) authorizing the assumption and assignment of certain Contracts in connection with an applicable Sale Transaction; and (c) granting related relief. On March 5, 2026, the Court entered an Order: (I) Authorizing the Debtor to Enter into the Stalking Horse Agreement and to Provide Bidding Protections Thereunder; (II) Adjourning the Remainder of the Relief Sought Under the Bidding Procedures Motion Until March 18, 2026 and (III) Granting Other Related Relief. On March 26, 2026, the Court entered the Bidding Procedures Order. ASSETS FOR SALE The Debtor intends to sell all or substantially all of the Stalking Horse Assets, which include both (a) those assets that the Debtor owned on the Petition Date or has acquired in the ordinary course of business since the Petition Date (the "Original Assets") and (b) the Settlement Assets. A Prospective Bidder (as defined in Section IV of the Bidding Procedures) may bid on all or any combination of the Stalking Horse Assets, including by bidding solely on the Original Assets, subject to the conditions set forth herein. OR THE AVOIDANCE OF DOUBT, THE STALKING HORSE ASSETS INCLUDE THE SETTLEMENT ASSETS, WHICH ARE NOT CURRENTLY OWNED BY THE DEBTOR. THE DEBTOR HAS REQUESTED THE COURT APPROVE A SETTLEMENT THAT WOULD PERMIT THE SETTLEMENT ASSETS TO BE CONTRIBUTED TO THE DEBTOR'S ESTATE, FROM WHICH THEY COULD BE SOLD. IT IS POSSIBLE THAT THE COURT WILL DENY THE SETTLEMENT MOTION AND THE DEBTOR WILL NOT BE ABLE TO INCLUDE THE SETTLEMENT ASSETS IN A SALE TRANSACTION. The ability to undertake and consummate any sale of the Stalking Horse Assets pursuant to the Bidding Procedures shall be subject to competitive bidding, as set forth herein, and approval by the Court. In addition to the Stalking Horse Bids (as defined in Section II of the Bidding Procedures), and subject to the terms herein, the Debtor will consider bids for any or all of the Stalking Horse Assets in a single bid from a single bidder or in multiple bids from multiple bidders. Any bid for an individual Stalking Horse Asset, even if such bid is the highest or best bid for such individual Asset, is subject to higher or better bids (including any Credit Bid) on packages of Stalking Horse Assets that include the individual Stalking Horse Asset. Additionally, any bid on all of the Stalking Horse Assets is subject to bids on individual Stalking Horse Assets or packages of Stalking Horse Assets (including Credit Bids) that are, in the aggregate, higher or better bids. Any party interested in submitting a bid for any of the Debtor's Stalking Horse Assets should contact the Debtor's investment banker – Greenhill & Co., Inc. (Attn: Eric Mendelsohn (eric.mendelsohn@greenhill.com) and Charles Geizhals (charles.geizhals@greenhill.com)). STALKING HORSE PROCEDURES The Debtor may, as it deems necessary or appropriate, and after consulting with the Consultation Parties (as defined in Section XI of the Bidding Procedures), enter into the Stalking Horse Agreement with the Stalking Horse Bidder. The Debtor also may determine to provide certain bidding protections to the Stalking Horse Bidder, including a "break-up" fee and an expense reimbursement (together, a "Termination Payment"), in accordance with the terms of the Stalking Horse Agreement. A Stalking Horse Bid may also take the form of a Credit Bid, including a credit bid by (i) Commodore Material Funding, LLC (in its capacity as administrative agent under the DIP Financing Agreement, the "DIP Agent") and (ii) the lenders under the DIP Financing Agreement (the "DIP Lenders" and, together with the DIP Agent, the "Secured Parties"). KEY DATES AND DEADLINES A. Bid Deadline Any Prospective Bidder, other than the Stalking Horse Bidder, that intends to participate in the Auction must submit in writing to the Bid Notice Parties (as defined in Section X.A of the Bidding Procedures) a Qualified Bid (as defined in Section VI.A of the Bidding Procedures) on or before April 24, 2026, at 4:00 p.m. (prevailing Eastern Time), or such other date as may be agreed to by the Debtor after consulting with the Consultation Parties (the "Bid Deadline"). The Debtor shall promptly provide a copy of each bid to each of the Consultation Parties, unless a Consultation Party is a bidder for the applicable Stalking Horse Asset(s). The Qualified Bid requirements are set forth in Sections V and VI of the Bidding Procedures. B. Auction If the Debtor receives one or more Qualified Bids (including a combination of bids that, when considered together, constitute a Qualified Bid) for a Stalking Horse Asset, the Debtor will conduct an Auction for such Stalking Horse Asset. With respect to Stalking Horse Assets for which the Debtor receives only one Qualified Bid by the Bid Deadline, the Debtor may, in its reasonable business judgment, and in consultation with the Consultation Parties, determine to consummate a Sale Transaction with the applicable Qualified Bidder or include such Stalking Horse Assets in the Auction. Prior to the commencement of the Auction, the Debtor (in consultation with the Consultation Parties) will make a determination regarding the Stalking Horse Assets and/or combinations of Stalking Horse Assets for which the Debtor will conduct the Auction (each such Stalking Horse Asset or group of Stalking Horse Assets, an "Auction Package"). The Debtor may determine to include an individual Stalking Horse Asset in more than one Auction Package. The "Auction," if required, will be conducted (i) on May 4, 2026, at 10:00 a.m. (prevailing Eastern Time), either (a) at the offices of Jones Day, 250 Vesey Street, New York, New York 10281, or (b) virtually, or (ii) at such other date, time or location as designated by the Debtor, after consulting with the Consultation Parties. If the Debtor conducts the Auction virtually, the Debtor will provide instructions setting forth how to attend the Auction to the participants and other attendees via electronic mail. The Debtor will provide notice (via electronic mail or otherwise) of any change in the date, time or location of the Auction to Qualified Bidders and the Consultation Parties, and will cause publication of such change to occur on the Verita Website. The Debtor will file with the Court, serve on the Sale Notice Parties and cause to be published on the Verita Website a notice (the "Auction Notice") setting forth (i) the date, time and location of the Auction, (ii) the Stalking Horse Assets the Debtor intends to sell at the Auction; and (iii) the date and time of the Sale Hearing on April 27, 2026, at 4:00 p.m. (prevailing Eastern Time) (the "Auction Notice Deadline"). No later than one (1) business day after the conclusion of the Auction, the Debtor will file with the Court, serve on the Sale Notice Parties, and cause to be published on the Verita Website, a notice setting forth the results of the Auction (the "Notice of Auction Results"), which will (i) identify each Successful Bidder and each Backup Bidder; (ii) either include a copy of each Successful Bid and each Backup Bid or a summary of the material terms of such bids, including any proposed assumption and assignment of Contracts contemplated thereby, or provide instructions for accessing each Successful Bid and each Backup Bid free of charge from the Verita Website; and (iii) set forth the Supplemental Sale Objection Deadline, the date, time and location of the Sale Hearing and any other relevant dates or other information necessary to reasonably apprise the Sale Notice Parties of the outcome of the Auction. C. Objection Deadlines 1. Sale Objection Deadline. Objections to a sale of the Stalking Horse Assets, including any objections to (i) a sale of Stalking Horse Assets free and clear of all liens, claims, interests and encumbrances pursuant to section 363(f) of the Bankruptcy Code and (ii) entry of any Sale Order (each such objection, a "Sale Objection") shall, by no later than April 27, 2026, at 4:00 p.m. (prevailing Eastern Time) (the "Sale Objection Deadline"), be filed with the Court and served on the following parties (collectively, the "Objection Notice Parties"). 2. Supplemental Sale Objection Deadline. Following service of the Notice of Auction Results, the Sale Notice Parties may object to the conduct of the Auction and/or the particular terms of any proposed Sale Transaction in a Successful Bid (each such objection, a "Supplemental Sale Objection") by May 6, 2026, at 10:00 a.m. (prevailing Eastern Time) (the "Supplemental Sale Objection Deadline"). D. Sale Hearing(s) The Sale Hearing shall take place on May 7, 2026, at 10:00 a.m. (prevailing Eastern Time), subject to the availability of the Court, before the Honorable Wendy A. Kinsella, United States Bankruptcy Judge, in the United States Bankruptcy Court for the Northern District of New York, located at 100 South Clinton Street, Syracuse, NY 13261. RESERVATION OF RIGHTS TO MODIFY BIDDING PROCEDURES The Debtor reserves the right to, in its reasonable business judgment, in a manner consistent with its fiduciary duties and applicable law, and after consulting with the Consultation Parties, modify the Bidding Procedures, including to, among other things, extend or waive deadlines or other terms and conditions set forth therein; adopt new rules and procedures for conducting the bidding and Auction process so long as any such modifications are disclosed to all Prospective Bidders and Qualified Bidders, as applicable; if applicable, provide reasonable accommodations to the Stalking Horse Bidder; or otherwise modify the Bidding Procedures to further promote competitive bidding for and maximizing the of value of the Stalking Horse Assets, in each case, to the extent not materially inconsistent with the Bidding Procedures and the Bidding Procedures Order. ADDITIONAL INFORMATION Copies of the Motion, the Bidding Procedures Order and the Bidding Procedures may be obtained free of charge by visiting the Verita Website. FAILURE TO ABIDE BY THE BIDDING PROCEDURES, THE BIDDING PROCEDURES ORDER OR ANY OTHER APPLICABLE ORDER OF THE COURT ENTERED IN THIS CHAPTER 11 CASE MAY RESULT IN THE REJECTION OF YOUR BID AND YOUR DISQUALIFICATION FROM PARTICIPATING IN THE BIDDING FOR AND AUCTION OF ANY OF THE DEBTOR'S STALKING HORSE ASSETS. THE FAILURE OF ANY PERSON OR ENTITY TO FILE AND SERVE AN OBJECTION IN ACCORDANCE WITH THE BIDDING PROCEDURES ORDER, INCLUDING THE FAILURE TO FILE ANY SUCH OBJECTION BY THE APPLICABLE OBJECTION DEADLINE, SHALL FOREVER BAR SUCH PERSON OR ENTITY FROM ASSERTING, AT THE SALE HEARING OR THEREAFTER, ANY SUCH OBJECTION TO THE RELIEF REQUESTED IN THE MOTION, THE CONSUMMATION OF ANY APPLICABLE SALE TRANSACTION, INCLUDING THE SALE OF ANY STALKING HORSE ASSETS TO A SUCCESSFUL BIDDER FREE AND CLEAR OF LIENS, CLAIMS, INTERESTS AND ENCUMBRANCES PURSUANT TO SECTION 363(f) OF THE BANKRUPTCY CODE OR THE TERMS OF ANY STALKING HORSE AGREEMENT OR OTHER ASSET PURCHASE AGREEMENT EXECUTED BY THE DEBTOR. Proposed Counsel for the Debtor and Debtor in Possession: Charles J. Sullivan, Esq. Stephen A. Donato, Esq. Grayson T. Walter, Esq. BOND, SCHOENECK & KING, PLLC One Lincoln Center Syracuse, NY 13202-1355 Telephone: (315) 218-8000 Emails: csullivan@bsk.com sdonato@bsk.com gwalter@bsk.com - and - Heather Lennox, Esq. Benjamin Rosenblum, Esq. JONES DAY 250 Vesey Street New York, NY 10281 Telephone: (216) 586-3939 Facsimile: (216) 579-0212 Email: hlennox@jonesday.com brosenblum@jonesday.com - and - T. Daniel Reynolds, Esq. Nicholas Buchta, Esq. JONES DAY North Point 901 Lakeside Avenue Cleveland, OH 44114 Telephone: (216) 586-3939 Facsimile: (216) 579-0212 Email: tdreynolds@jonesday.com nbuchta@jonesday.com Dated: March 26, 2026 Syracuse, New York About Vanderbilt Minerals LLC Vanderbilt Minerals, LLC supplies mineral and chemical products. The Company offers ceramics, clay binders, mineral fillers, floor finishes, paints, concrete, and lubricants. Vanderbilt Minerals serves rubber, plastics, petroleum, paper, pharmaceutical, agricultural, ceramics, adhesives, wire and cable, and cosmetics industries worldwide. Vanderbilt Minerals sought sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60110 (WAK)) on February 16, 2026) Charles J. Sullivan at Bond, Schoeneck & King, PLLC, is the Debtor's legal counsel. Kurtzman Carson Consultants, LLC (operating as Verita Global, LLC) serves as claims agent. R.T. Vanderbilt Holding Company, Inc. is the sole equity holder, owning 100% of the company. VERA HOLDINGS: Gets OK to Tap Nardella & Nardella as Legal Counsel ------------------------------------------------------------------ Vera Holdings & Investments, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the law firm of Nardella & Nardella, PLLC as counsel. The firm will render these services: (a) advise and counsel the Debtor concerning the operation of its business in compliance of Chapter 11 and order of this court; (b) defend any causes of action on behalf of the Debtor; (c) prepare, on behalf of the Debtor, all necessary legal papers in the Chapter 11 case; (d) assist in the formulation of a plan of reorganization and prepare of a disclosure statement; and (e) provide all services of a legal nature in the field of bankruptcy law. The hourly rates of the firm's counsel and staff are as follows: Partners $700 Associates $455 Paraprofessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $19,073.50, plus the filing fee of $1,738 from the Debtor. Frank Wolff, Esq., an attorney at Nardella & Nardella, 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: Frank M. Wolff, Esq. Nardella & Nardella, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Telephone: (407) 966-2680 Email: fwolff@nardellalaw.com About Vera Holdings & Investments Inc. Vera Holdings & Investments, Inc. is a Florida-based holding company managing investment assets across multiple sectors. Vera filed its Chapter 11 petition under the U.S. Bankruptcy Code (Bankr. Case No. 26-00763) on February 4, 2026. In its filing, the Debtor disclosed estimated assets of $500 million to $1 billion and estimated liabilities of $10 million to $50 million. Judge Grace E. Robson oversees the case. The Debtor is represented by Frank M. Wolff, Esq., at Nardella & Nardella, PLLC. VIEWPOINT AMBULANCE: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Viewpoint Ambulance Inc. 1341 N. Miller St. #209 Anaheim CA 92806 Business Description: Viewpoint Ambulance Inc. provides ambulance transportation, critical care transport and event standby medic services in Los Angeles County, California. Founded in November 2014 and based in Pomona, the company transports newborns from Pomona Valley Hospital Medical Center NICU, handles organ and tissue transport for OneLegacy and assists West Covina Fire Department in emergency response. Its customers include hospitals, emergency agencies and organizers of schools, construction projects, stadium events and festivals. Chapter 11 Petition Date: April 3, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11078 Judge: Hon. Mark D Houle Debtor's Counsel: Henry D. Paloci III, Esq. HENRY D. PALOCI III PA 1940 N Tustin St. Orange CA 92865 Tel: 844-398-5500 E-mail: henry.paloci@gmail.com Total Assets: $1,161,291 Total Liabilities: $4,840,634 The petition was signed by Shahin Melamed as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WKJRPDA/Viewpoint_Ambulance_Inc__cacbke-26-11078__0001.0.pdf?mcid=tGE4TAMA VINTNER'S TAVERN: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On March 29, 2026, The Vintner's Tavern Inc. filed for Chapter 7 protection in the Central District of California. 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 May 7, 2026 at 08:00 AM via Zoom - Whitmore: Meeting ID 835 961 7496, Passcode 6118401654, Phone 1 909 498 7849. About The Vintner's Tavern Inc. The Vintner's Tavern Inc. is a hospitality company operating a bar or restaurant concept, likely specializing in wine service, dining, and customer-focused beverage experiences. The Vintner's Tavern Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12351) on March 29, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Kevin Tang, Esq. of Tang & Associates. VOCI CENTER: Seeks to Hire Iron Horse Auction Co as Auctioneer -------------------------------------------------------------- VOCI Center Plastic Surgery, P.A. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire to hire Iron Horse Auction Co., Inc. as auctioneer. The Debtor wishes to dispose all of its personal properties through an online auction. Iron Horse will receive compensation at these rates: a. 15% commission on items bringing $0 to $5,000; b. 10% commission on items bringing $5,000.01 to $10,000; c. 5% commission on items bringing $10,000.01 to $25,000; or d. 0% commission on items bringing $25,000.01 or higher. William B. Lilly, Jr., president of Iron Horse Auction Co., Inc., assured the court that his firm is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: William B. Lilly, Jr. Iron Horse Auction Co., Inc. 174 Airport Rd. Rockingham, NC 28739 Telephone: (800) 997-2248 Facsimile: (910) 895-1530 Email: will@ironhorseauction.com About Voci Center Plastic Surgery, P.A. Voci Center Plastic Surgery, P.A. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30099) on January 27, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Laura T Beyer presides over the case. John C. Woodman, Esq., at Essex Richards, PA serves as the Debtor's legal counsel. WATERBOY SPORTS: Cash Collateral Hearing Set for April 15 --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, is set to hold a hearing on April 15 to consider extending Waterboy Sports, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the court's March 3 third interim order expires on April 15. The third interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget and granted the U.S. Small Business Administration and any subordinate lienholders replacement liens on the cash collateral. The Debtor's cash collateral is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the liens of the SBA. Before the petition date, the Debtor obtained SBA financing, allegedly secured by a lien on its cash or cash equivalents, which the SBA may claim through a UCC-1 financing statement filed in Florida. About Waterboy Sports LLC Waterboy Sports, LLC designs and manufactures hydration systems used in athletic programs and other industries, producing power assisted, chiller, in-line and gravity-fed units. The company develops its equipment based on input from athletic trainers, coaches and athletes to address on-field hydration needs. It operates as a specialized supplier of mobile and fixed hydration solutions. Waterboy Sports filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07635) on November 24, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Robert J. Mercer, sole managing member, signed the petition. Judge Tiffany P. Geyer oversees the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. WDE TORCSILL: TCW Direct Lending Marks $287MM Loan at 26% Off ------------------------------------------------------------- TCW Direct Lending VII LLC has marked its $28,782,924 loan extended to WDE Torcsill Holdings LLC to market at $21,213,303 or 74% of the outstanding amount, according to TCW Direct Lending's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending VII LLC is a participant in a loan extended to WDE Torcsill Holdings LLC. The Loan accrues interest at a rate of SOFR + 18.75 %, 4.60 % Floor, all PIK per annum. The Loan matures on April 30, 2028. TCW Direct Lending VII LLC was formed as a Delaware limited liability company on May 23, 2017. The Company engaged in a private offering of its common limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. the Company may issue preferred units, though it currently has no intention to do so. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About WDE TorcSill Holdings LLC WDE TorcSill Holdings LLC is a borrower in the private credit market, likely operating in industrial or energy-related services and financed through high-yield, all-PIK term loan debt. WDE TORCSILL: TCW Direct Lending VII Marks $12.8MM Loan at 26% Off ------------------------------------------------------------------ TCW Direct Lending VII LLC has marked its $12,886,962 loan extended to WDE Torcsill Holdings LLC to market at $9,497,820 or 74% of the outstanding amount, according to TCW Direct Lending's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. TCW Direct Lending VII LLC is a participant in a revolver loan extended to WDE Torcsill Holdings LLC. The Loan accrues interest at a rate of SOFR + 18.75 %, 4.60 % Floor, all PIK per annum. The Loan matures on April 30, 2028. TCW Direct Lending VII LLC was formed as a Delaware limited liability company on May 23, 2017. The Company engaged in a private offering of its common limited liability company units to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933. the Company may issue preferred units, though it currently has no intention to do so. The Company is lead by Richard T. Miller as Chairman of the Board, President and Director, David R. Adler and William Cobb as Directors. The Company can be reached at: Richard T. Miller TCW Direct Lending LLC 200 Clarendon Street Boston, MA 02116 Telephone: (617) 936-2275 About WDE TorcSill Holdings LLC WDE TorcSill Holdings LLC is a borrower in the private credit market, likely operating in industrial or energy-related services and financed through high-yield, all-PIK revolving debt. WESTSIDE TOW: Unsecured Creditors to Split $141K over 5 Years ------------------------------------------------------------- Westside Tow & Transport Inc. filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated March 25, 2026. The Debtor is a specialized transportation and towing company that provides a range of services to businesses in California and across the country. The Debtor provides services such as vehicle recovery, heavy duty towing to handle large vehicles, freight hauling, handling oversized or heavy loads that require specialized equipment. Additional services the Debtor provides is storage for vehicles and owns real property located at 9500 Arlington Avenue, Riverside, CA 92503 (the "Arlington Property"). The Debtor entered into several merchant cash advance agreements and other loan obligations that have become difficult to pay. The Debtor's principal assets as of the Petition Date consist of its cash-on-hand, accounts receivables, and the Arlington Property. The value of the Debtor's assets does not exceed $3.1. This is a plan of reorganization. Through the Plan, the Debtor seeks to restructure its business by utilizing the proceeds from continued operations of both offices to accomplish payments under the Plan. The Plan will be funded from the cash flow of the businesses operations by the Reorganized Debtor. Attached hereto are the projected financial statements, on a monthly basis, from the estimated Effective date of July 2026 through July 2031. Class 16 consists of General Unsecured Claims. The allowed unsecured claims total $704,922.06. Distributions to Allowed General Unsecured Claims shall be made in monthly payments, starting on the Effective Date and continuing on the first day of each month thereafter for a period of five years for a total amount of $140,984.41. Allowed General Unsecured Claims shall receive a 20% pro-rata distribution from Net Proceeds, after payment of all Allowed Secured Claims, Allowed Administrative Claims and Allowed Priority Claims. Pro-rata distribution of funds held by Debtor, after payment of all Allowed Secured Claims, Allowed Administrative Claims and Allowed Priority Claims. Total payout to general unsecured creditors will be $140,984.41. Class 17 consists of Interest holder Peter N. Wambaa (100%). Interest holders will retain their equity interests in the Debtor. In lieu of his interest Mr. Wambaa will make a one-time contribution in the amount of $20,000. Pursuant to the current approved insider compensation, Mr. Wambaa will continue to receive $20,000 monthly (gross) for his services as the owner/operator and driver in charge. The sources of funding the Plan are the operating revenue of the Debtor's facilities. Attached to the Disclosure Statement are the financial forecasts for the period from the estimated Effective Date (July 2026) through and including July 2031 which reflects, among other things, the revenue earmarked for payments to creditors under the plan. The Reorganized Debtor will continue to manage its affairs post confirmation. The postconfirmation management of the Debtor shall continue to be handled by Mr. Wambaa who is the current President of the Debtor. Reorganized Debtor shall serve as the Disbursing Agent under the Plan. A full-text copy of the Disclosure Statement dated March 25, 2026 is available at https://urlcurt.com/u?l=Y99WKs from PacerMonitor.com at no charge. Counsel to the Debtor: Tamar Terzian, Esq. Terzian Law Group 1122 East Green Street, Suite 210 Pasadena, CA 91106 Telephone: (818) 242-1100 Facsimile: (818) 242-1012 Email: tamar@terzlaw.com About Westside Tow & Trucking Inc. Westside Tow & Trucking Inc. is a Los Angeles area towing and trucking company. Westside Tow & Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11352) on October 8, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Tamar Terzian, Esq., of Terzian Law Group, APC. WEX INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has affirmed all ratings for WEX Inc. (WEX), Wright Express International Holdings Limited and WEX Card Holdings Australia Pty Ltd, including the Long-Term Issuer Default Ratings (IDRs) at 'BB+', the co-issued secured revolver and term loans at 'BBB-'/'RR2', and the unsecured notes issued by WEX Inc. at 'BB+'/'RR4'. The Rating Outlook is Stable. The ratings reflect WEX's deconsolidated leverage in the 3.5x - 4.0x range, its strong market position in the fuel charge card and fleet management services space, its growth trajectory and strategic diversification efforts. The ratings also consider the cyclicality from its exposure to travel and logistics and sensitivity to fuel prices, and the company's capacity to generate free cash flow (FCF) through the cycle. The company's banking subsidiary bolsters the profitability of the consolidated profile and adds funding flexibility. Key Rating Drivers Manageable Leverage: Fitch expects that a combination of EBITDA growth and debt repayment will support deconsolidated leverage declining to the 3.5x-4.0x range in 2026 and 2027. WEX's deconsolidated leverage (applying Fitch's captive finance adjustment plus dividends from the bank) rose to around 4.4x in 2025 from around 3.0x in 2024 (4.5x from 4.0x on a consolidated basis), primarily driven by incremental debt the company took on to finance share repurchases. The deconsolidation of WEX bank ensures the bank's risks are reflected in its assessment of the corporate entity and facilitates comparability between similar corporate issuers without financial services operations. Cyclicality From Logistics and Travel: WEX is exposed to cyclical sectors, such as travel and logistics, which depend on discretionary consumer spending, particularly in the U.S. where the company derives just under 90% of its revenue. This exposure affects the mobility business (around 50% of consolidated revenue) and the corporate payments segment (around 20%). Within corporate payments, WEX operates a virtual card business targeted at online travel agents, as well as B2B accounts payable solutions and other services. Around 20%-30% of consolidated revenue is exposed to fuel price fluctuations, which adds to revenue and cash flow volatility in the mobility segment. While higher fuel prices could be beneficial to the company in the short term, prolonged high prices could lead to macro impacts that negatively affect demand and impact WEX's business. Funding needs can be cyclical due to fuel price influence and travel sector exposure, which can sway the dollar value of processed transactions. Economic expansion typically requires more working capital as extended credit rises. Healthy EBITDA Margin: WEX's rating is supported by good profitability, with EBITDA margins expected in the low 40% range across the rating horizon. This level of profitability provides ample ability to invest in organic growth while generating strong cash flow. The company's focus on leveraging AI investments, combined with cost-saving efforts and business scaling, should support modest margin expansion over the medium term, though Fitch expects a portion of any growth/savings to be reinvested into the business. Solid Cash Flow: WEX generates solid cash flow across the economic cycle, demonstrating cash-flow-based metrics that align with more highly rated entities. Fitch expects WEX to maintain robust EBITDA-to-FCF conversion rates, with FCF margins of more than 10% expected over the next several years. Fitch projects funds from operations (FFO) margins, which exclude fuel price fluctuations in working capital, to more than 25% over the rating horizon. These metrics are in line with companies typically rated in the strong investment-grade categories. Benefits Business Reduces Volatility: WEX's benefits business generates steady monthly servicing revenue on more than 20 million accounts, helping to offset some of the cyclicality of the travel and logistics sector. The company held custodial HSA assets of $4.9 billion at year-end 2025, up about 11% from 2024. WEX earns an interest differential on these assets, which serves as a hedge to funding costs of extending credit in the mobility and corporate payments segments. Fitch expects the benefits business to continue growing faster than these two segments, allowing WEX to diversify from its fuel card and fleet management business. Solid Fuel Card Position: WEX's strong market position in the fuel charge card and fleet management services space, which form the lion's share of revenue and profitability, supports the ratings. WEX operates a closed-loop payments network for commercial and government fleets (e.g., heavy-duty trucks and light commercial vehicles) with about 20 million vehicles globally. The company has strong U.S. market share. The business has long-term strategic relationships and multi-year contracts, primarily with merchant establishments and large fleet operators with strong contract renewal rates. Financing from WEX Bank: WEX finances a large portion of its operational needs through its wholly owned WEX Bank, whereby the bank takes on brokered deposits (CDs, money market funds) and competitively priced loans and uses these to fund credit cards and accounts receivables. The bank provides an alternative source of funding to WEX besides debt or receivable securitizations, supporting financial access. Peer Analysis Fitch compares WEX's business profile and metrics to various rated issuers in the fintech and payments industries. WEX faces direct fuel card and fleet management services competition from Corpay Inc. (not rated by Fitch), which is larger in size and has lower leverage. Both companies have diversified away from fuel cards by expanding their corporate payments business and investing heavily in mergers and acquisitions (M&A) to expand their offerings and capabilities. To a lesser extent, they are subject to competition from U.S. Bancorp's (A+/Stable) Voyager program. Certain Fitch-rated entities in this space are larger than WEX. Block, Inc.'s (BBB-/Positive) EBITDA scale is much larger and the issuer has a much stronger growth profile. Global Payments, Inc. (GPN; BBB/Stable) has solid market position in its core businesses, is larger and more diversified and has predictable cash flow. GPN's cash flow profitability is higher while its EBITDA leverage is projected to be lower than WEX's. Euronet Worldwide, Inc. (BBB/Stable) is larger than WEX and has lower leverage supported by its relatively conservative balance sheet management. Shift4 Payments Inc, Inc. (FOUR; BB/Stable) is similar in size to WEX. However it is growing faster over the forecast period. WEX is expected to have lower leverage than FOUR. Fitch's Key Rating-Case Assumptions - Low-single-digit organic revenue growth across the horizon, with the Benefits segment growing in MSD range and other segments in the LSD range; - EBITDA margins in the low-40% range; - Deconsolidated EBITDA plus dividends in the $900 million -$1 billion range; - Annual capex of about 7% of revenue; - Deconsolidated leverage declines to around 3.7x in 2026 from around 4.4x in 2025, supported by both growth in deconsolidated EBITDA + bank dividends and debt repayment - Excess cash used potentially for debt repayment or to finance share repurchases over the rating horizon; - Benchmark interest rates of 3.65%. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fundamental shifts in the business that negatively affect revenue, EBITDA and/or FCF prospects; - Expectations of deconsolidated EBITDA leverage plus dividends (excluding WEX Bank) sustained above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Greater business and end-market diversification and/or growth in scale that leads to more stable cash flow; - Expectations of deconsolidated EBITDA leverage plus dividends (excluding WEX Bank) sustained below 3.0x; - A public commitment to maintaining an investment-grade capital structure. Liquidity and Debt Structure WEX's liquidity is supported by solid cash flow generation from its various businesses, revolver availability, and cash reserves. Fitch expects the company to generate FCF (CFO less capex less dividends) in the $300 million to low $400 million range annually, with margins of over 10%. As of Dec. 31, 2025, WEX had around $1.12 billion undrawn capacity on its $1.6 billion senior secured revolver and held $905.8 million in cash, of which $122.5 million was corporate cash. Fluctuations in working capital, primarily funded by WEX Bank through Federal Home Loan Bank (FHLB) loans and brokered deposits, can lead to volatility in the company's cash flows. Over the past decade, WEX's FCF has been volatile, ranging from nearly $800 million in 2020 to a loss of about $200 million in 2016. The company generated Fitch calculated FCF of around $320 million in 2025. As of Dec. 31, 2025, WEX had around $5 billion of consolidated debt. The debt primarily consisted of around $820 million in Term A loans, $1.82 billion in term B-2 and B-3 loans, $550 million in notes, $428 million borrowed under the revolver, $101 million of securitized debt, and $65 million in participation debt. Additionally, there are around $1.1 billion of FHLB loans at the bank and Fitch also makes adds around $110 million to WEX's debt because of its factoring facilities. WEX does not face material debt maturities until 2028, when its term loans are due. Issuer Profile WEX provides a variety of corporate payment solutions that serve commercial and government fleet/vehicle operators, corporate travel, and corporate health and employee benefit departments. Criteria Variation Fitch deconsolidates WEX's bank operations using Adjustment 9 (Corporate Criteria - Adjustments for Financial Services Activities) to accurately reflect their risks and enhance comparability. This adjustment treats the bank's activities as separate entities, assuming a self-sustaining capital structure supported by a hypothetical capital injection if needed. It focuses on whether the assets are financeable by third parties, preventing the bank's risks from directly impacting WEX's credit profile. Fitch then calculates leverage by replacing the bank's EBITDA with cash dividends from the bank, which is a variation from Adjustment 9. This approach recognizes that the bank's profitability offers less direct benefit to the corporate rating due to reduced cash fungibility. By considering only consistent dividends in its forecast, Fitch provides a clearer picture of WEX's financial health and stability, enhancing the overall assessment of the corporate entity's financial standing. 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 WEX Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- WEX Card Holdings Australia Pty Ltd. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR2 BBB- Wright Express International Holdings Limited LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR2 BBB- WEX Inc. LT IDR BB+ Affirmed BB+ sr unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR2 BBB- WHITE ROCK: Patient Care Ombudsman Hires Kane Russell as Counsel ---------------------------------------------------------------- Susan Goodman, patient care ombudsman of White Rock Medical Center, LLC and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kane Russell Coleman Logan PC as counsel. The firm's services include: (a) advise the ombudsman regarding its powers and duties under applicable law with respect to its role in these bankruptcy cases; (b) serve as counsel of record for the ombudsman in all legal aspects of these bankruptcy cases; (c) prepare pleadings in connection with the foregoing services; and (d) appear before this Court to represent the interests of the ombudsman in connection with the foregoing services. The firm will be paid at these hourly rates: Directors $400 - $1,025 J. Casey Roy, Attorney $715 Senior Attorneys $535 - $715 Associates $320 - $580 Paraprofessionals $135 - $355 In addition, the firm will seek reimbursement for expenses incurrd. Mr. Roy 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: Casey Roy, Esq. Kane Russell Coleman Logan PC 401 Congress Avenue, Suite 2100 Austin, TX 78701 Telephone: (512) 487-6572 Email: CRov@krcl.com About White Rock Medical Center LLC White Rock Medical Center, LLC operates a healthcare facility providing medical and hospital services to patients in Texas. White Rock Medical Center and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90115) on January 20, 2026. In its petition, White Rock reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the cases. The Debtors are represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. Susan N. Goodman is the Debtors' patient care ombudsman. She tapped Kane Russell Coleman Logan PC as counsel. WOLYNIEC CONSTRUCTION: Seeks to Hire NAI CIR as Real Estate Broker ------------------------------------------------------------------ Wolyniec Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ NAI CIR as real estate broker. The Debtor needs a broker to market and sell its property located at 294 Freedom Road, Williamsport, Lycoming County, Pennsylvania. The firm will receive a commission of 6 percent of the property's sale price. Nikolas Sgagias, a licensed real estate broker at NAI CIR, 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: Nikolas S. Sgagias NAI CIR 1015 Mumma Road, 2nd Floor Wormleysburg, PA 17043 Telephone: (717) 731-4540 Facsimile: (717) 975-9835 Email: nsgagias@naicir.com About Wolyniec Construction Inc. Established in 1961, Wolyniec Construction, Inc. is a general contracting firm based in Williamsport, Pa. It specializes in both residential and commercial concrete construction, offering services such as driveways, curbs, walkways, stairs, ponds, streetscaping, parking lots, concrete repair, and resurfacing. Wolyniec sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00881) on March 31, 2025, listing up to $10 million in both assets and liabilities. Steve Schenck, president, signed the petition. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, PC represents the Debtor as counsel. YNWA FINCO: Brightwood Capital Marks $9.6MM Loan at 30% Off ----------------------------------------------------------- Brightwood Capital Corp I has marked its $9,693,000 loan extended to Ynwa Finco LLC to market at $6,785,000 or 70% of the outstanding amount, according to Brightwood Capital's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission on March 30, 2026. Brightwood Capital Corp I is a participant in a loan extended to Ynwa Finco LLC. The 1L Loan accrues interest at a rate of 1M S + 8.60%, 7.53% PIK per annum. The Loan matures on Aug. 18, 2027. Brightwood Capital Corporation I is a business development company that provides debt and equity financing solutions to middle-market companies. The Fund is led by Sengal Selassie as Chairman of the Board and Chief Executive Officer and Russell Zomback as Chief Financial Officer. The Fund can be reached at: Sengal Selassie Brightwood Capital Corporation I 810 Seventh Avenue, 26th Floor New York, NY 10019 Telephone: (646) 957-9525 About YNWA FINCO Ynwa Finco LLC is a financing vehicle formed to provide senior secured term loan funding, likely supporting the leveraged capital needs of a sponsor-backed corporate borrower. ZOMANO CAFES: Cash Collateral Hearing Set for April 15 ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division is set to hold a hearing on April 15 to consider extending Zomano Cafes, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral under the court's March 3 second interim order expires on April 15. The second interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget and granted Florida Bank of Commerce, along with any junior lienholders, replacement lien on the cash collateral as protection. Zomano's cash collateral is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the liens held by Florida Bank of Commerce and junior lienholders. Prior to its bankruptcy filing, Zomano obtained financing from creditors to facilitate operations, which obligations are purportedly secured by liens on its cash or cash equivalents. These creditors may assert security interest in those assets by virtue of UCC-1 financing statements filed with the State of Florida. About Zomano Cafes Inc. Zomano Cafes, Inc. operates an upscale dining establishment located at 1790 Highway A1A, Suite 105-108, Satellite Beach, Florida. It conducts business under the name Cuizine Restaurant & Lounge. Zomano Cafes filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00005) on January 2, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. [] Christopher Ward Joins Lowenstein Sandler's Bankruptcy Practice ------------------------------------------------------------------ Lowenstein Sandler has announced the addition of Christopher A. Ward, formerly Co-chair of Polsinelli's Bankruptcy & Restructuring practice and the immediate Past President of the American Bankruptcy Institute (ABI). The firm will also open a new office in Wilmington, Delaware as the firm continues its expansion of its restructuring services in connection with its Vision 2030 Strategic Plan. Mr. Ward focuses his practice on the representation of companies across the country facing stress and distress, guiding them through financial restructurings, litigation, business divorces, fiduciary investigations, and asset sales. He has over two decades of experience working with Chapter 11 debtors, Boards of Directors and managers, litigants, and creditors' committees, both in the Mid-Atlantic Region and nationally. Jeffrey Cohen, partner and Chair of Lowenstein's Bankruptcy & Restructuring Department, says, "Chris has an exceptional reputation handling middle market debtor cases in one of the busiest bankruptcy jurisdictions in the country. It has always been one of our goals to expand our debtor representations, which we view as a natural extension of our longstanding creditor practice. Having known Chris for close to 25 years, I'm thrilled to call him my partner and add him to our talented bench of restructuring lawyers." "This is a full circle moment in my career," says Mr. Ward. "I had the privilege of working with Lowenstein's Bankruptcy group 25 years ago, when I was a first-year associate! I anticipate growing Lowenstein's new Delaware presence significantly in the very near future to offer counsel to creditors' committees, debtors in Chapter 11 proceedings, and the whole range of corporate clients facing financial challenges." Jonathan C. Wishnia, Lowenstein's Managing Partner, adds: "Expanding our debtor practice to complement our world-class creditors' committee practice has been a strategic priority. Adding a lawyer of Chris's caliber, a former ABI President with two decades of experience guiding companies through some of the most complex Chapter 11 proceedings in the country, is a large step in meeting that priority." Lowenstein's Bankruptcy & Restructuring Department was ranked by The American Lawyer among the top five law firms in 2025 for retentions by Unsecured Creditors' Committees, with matters spanning industries including retail, manufacturing, technology, food and beverage, among others. About Lowenstein Sandler LLP Lowenstein Sandler LLP is a national law firm with around 400 lawyers based in New York, Palo Alto, Roseland, Salt Lake City, San Francisco, Washington, D.C., and Wilmington. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities. [] Matthew Kita Joins King & Spalding's Restructuring Practice -------------------------------------------------------------- King & Spalding announced that Matthew Kita has joined the firm as a partner in the Finance and Restructuring practice group. Kita focuses on leveraged finance, primarily representing private equity sponsors and their portfolio companies on borrower-side transactions across a wide range of industries, deal sizes, and capital structures. He has also handled a broad mix of lender-side matters, including leveraged finance and securitization transactions. "Matthew is a highly capable, market-savvy practitioner with sophisticated sponsor-backed commercial finance experience," said Todd Holleman, co-leader of the firm's Finance and Restructuring practice group. "Matthew's knowledge of the private equity and borrower-side finance market will enhance our work on lender-side mandates on both the bank and private credit side, and on borrower-side coverage for private equity clients." Kita joins King & Spalding from Kirkland & Ellis, where he was a partner. He received his B.A. from Lewis University and his J.D. from Chicago-Kent College of Law. He will be based in the firm's Charlotte office. "King & Spalding has one of the premier finance practices in the country, and I wanted to be part of it," said Kita. "The firm offers an elite platform with a collaborative and entrepreneurial culture, which is exactly the environment I was looking for to build my practice for the long term." About King & Spalding King & Spalding -- http://www.kslaw.com/-- is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 1,300 lawyers in 26 offices in the United States, Europe, the Middle East and Asia Pacific. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. ********* 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. 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