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260416.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, April 16, 2026, Vol. 30, No. 106 Headlines 16 WARREN: Seeks to Hire Douglas Elliman Real Estate as Broker 3326 102 STREET: Seeks Chapter 7 Bankruptcy in New York 741 INC: To Hire Tax Defense Network LLC as Accountant 84 ENERGY: Seeks Approval to Hire David McGowan as Accountant 84 ENERGY: Seeks Approval to Hire David McGowan as Accountant 87-75 109 STREET: Commences Chapter 7 Bankruptcy in New York 967 JNC: Seeks to Hire Latham Luna Eden as Legal Counsel ACADEMY OF VOLLEYBALL: Taps Law Offices of Michael Jay as Counsel ALBERT WHITMAN: Court Extends Cash Collateral Access to May 2 ALBUQUERQUE SCHOOL: S&P Affirms 'BB' Rating on 2016 Revenue Bonds ALGORHYTHM HOLDINGS: Posts $16.6M Net Loss, Flags 2026 Cash Needs AM ROOFING: Gets Final OK to Use Cash Collateral AMC ENTERTAINMENT: Extends $425MM Odeon Loan Commitment to April 20 ANDERSON HOOP: Gets OK to Hire Milford Consulting as Accountant APEX TURNKEY: Gets Final OK to Use Cash Collateral ASPIRA WOMENS: Reports $12.78MM Loss for 2025, Warns of Cash Crunch AVALON GLOBOCARE: Sets 2026 Annual Meeting for June 9, 2026 BALTIMORE INTERNATIONAL: Employs Gross Mendelsohn as Accountant BCPE EMPIRE: Moody's Affirms 'B3' CFR, Outlook Remains Stable BELLAVIVA AT WHISPERING: Taps Fisher and Colliers as Co-Brokers BEYOND AIR: CEO Steven Lisi Resigns, Robert Goodman Named Successor BEYOND MEAT: Adopts Employment Inducement Equity Incentive Plan BEYOND MEAT: Commits to $23.5MM Pea Protein Deal With Roquette BOMBARDIER INC: S&P Alters Outlook to Positive, Affirms 'BB-' ICR BREAKFAST BITCH: Seeks to Hire Guidant Law as Bankruptcy Counsel BRUNCH ROOM: Scott Seidel Named Subchapter V Trustee BRVSB LLC: Frances Smith Named Subchapter V Trustee BRYAN BRIGGS: Court Tosses Motion for Relief from Judgment CAL LOGISTICS: Seeks to Tap Law Office of W. Derek May as Counsel CAMPBELL REALTY: Gets Extension to Access Cash Collateral CAN TRAIL: Gets Interim OK to Use Cash Collateral CARE FOR THE ELDERLY: Gets Final OK to Use Cash Collateral CAREVIEW COMMUNICATIONS: Extends Loan Maturity With PDL to June 30 CAROLINA FITNESS: Gets Extension to Use Cash Collateral CARROLL CREEK: Gets Final OK to Use Cash Collateral CATURUS ENERGY: Fitch Assigns 'B-' Rating on Senior Unsecured Notes CBDMD INC: All Proposals Approved at 2026 Annual Meeting CBDMD INC: Shareholders OK 2025 Equity Compensation Plan CENTER FOR EMOTIONAL: Gets Extension to Use Cash Collateral CFN ENTERPRISES: Needs Additional Time to Complete 2025 Financials CHAMPION SCHOOLS: S&P Assigns 'BB' Rating on 2026 Revenue Bonds CHARLIE'S HOLDINGS: Swings to $4.5 Million Net Income in 2025 CHOBANI LLC: Moody's Assigns B2 CFR & Rates New $775MM Notes B3 CONSTRUCT GROUP: Taps Professional Management Systems as Accountant COSMOS HEALTH: Information Compilation Delays 2025 Annual Report COSTAL DEVELOPMENT: Gets Interim OK to Use Cash Collateral CYCLERION THERAPEUTICS: Amends Offer Letter With CEO CYCLERION THERAPEUTICS: Signs Merger Deal With Korsana Biosciences CYTOSORBENTS CORP: Receives Extension to Meet Nasdaq Bid Price Rule DAVID SHANE: Case Summary & 20 Largest Unsecured Creditors DHS MANAGEMENT: Voluntary Chapter 11 Case Summary DIACARTA INC: U.S. Trustee Seeks to Appoint Mark Sharf as Trustee DIGITAL DOLPHIN: Gets Final OK to Use Cash Collateral DIVERSIFIED HEALTHCARE: Moody's Ups CFR to B3, Outlook Positive DIVERSIFIED WIRE: Hires Fenner Melstrom & Dooling as Accountants DIVERSIFIED WIRE: Seeks to Hire DWH LLC as Financial Consultant DIVERSIFIED WIRE: Seeks to Hire Strobl Stark as Legal Counsel E.W. SCRIPPS: Sells Two TV Stations for $123MM to Fund Debt Paydown EDELMAN FINANCIAL: S&P Rates New $2.7BB First Lien Term Loan 'B' EL SALTO: Employs Bankruptcy NM LLC as Legal Counsel EMOREJ LLC: Seeks Approval to Hire Robl & Bowen as General Counsel ENCOMPASS ENTERPRISE: Seeks to Tap Lucove, Say & Co as Accountant ENDO INT'L: Court Tosses Ecke's Untimely Appeal ENSONO INTERMEDIATE: S&P Raises ICR to 'B' on Improved Leverage ESTHER SCHOOL: Seeks to Employ Stonecipher Consulting as Accountant EX-CEL CORNED BEEF: Matthew Brash Named Subchapter V Trustee FAIRHAVEN POKE: Employs Neeleman Law Group as Legal Counsel FREDERIKA MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York FREEDOM ROAD: Seeks to Hire Hinkle Law Firm as Bankruptcy Counsel FREIGHT TECH: Moves Toward AI-First Model, Explores Brokerage Sale G3 CONSTRUCTION: Taps Professional Management Systems as Accountant GENERATIONS ON 1ST: Affiliate Gets Extension to Use Cash Collateral GENERATIONS ON 1ST: Gets Extension to Access Cash Collateral GILBERT LEGGETT: Ward and Smith Advises 4 Creditors GOOD CITIZEN: Seeks to Employ Rain City Realty as Broker GREEN TREE: Court Extends Cash Collateral Access to May 5 GROUNDFLOOR FINANCE: Cherry Bekaert Raises Going Concern Doubt HANSEN-MUELLER CO: Seeks to Hire Rine Auctioneers as Auctioneer HARRISBURG DAIRIES: Seeks to Tap Harry Davis as Real Estate Broker HAWKEYE ENTERPRISES: Steven Wallace Named Subchapter V Trustee HAYATS KITCHEN: Gets Interim OK to Use Cash Collateral HEART 2 HEART: Trustee Taps Jackson Kelly as Special Counsel HLF FINANCING: S&P Rates Proposed $800MM Senior Secured Notes 'BB' HRONIS INC: Hires GBB Advisors as Estate Broker and Sale Advisor HRONIS INC: Seeks Approval to Hire Saul Ewing as General Counsel HRONIS INC: Seeks to Tap Donlin, Recano as Administrative Advisor HUMERLIS INC: To Hire Neeleman Law Group as Legal Counsel IMAGINATION ENTERPRISES: Case Summary & 14 Unsecured Creditors INGLES PRODUCE: Gets OK to Use Cash Collateral Until May 7 INTEGRITY CHARTER SCHOOL: S&P Affirms 'BB-' LT Rating on Rev. Bonds INTERNATIONAL LAND: Delays 10-K Filing to Finalize Audit J&L INVESTMENTS: Gets Extension to Use Cash Collateral K&S UNDERGROUND: Charles Mouranie Named Subchapter V Trustee KARYOPHARM THERAPEUTICS: Commodore Capital Holds 9.9% Equity Stake KARYOPHARM THERAPEUTICS: RA Capital Entities Hold 9.9% Equity Stake KEVIN GARCIA: Gets Final OK to Use Cash Collateral KING'S ACADEMY: Gets Interim OK to Use Cash Collateral KOINONIA CONSTRUCTION: Employs Harris Law Practice as Counsel LEFKO LLC: Hires Nason Yeager Gerson Harris & Fumero as Counsel LFTD PARTNERS: Posts Wider FY25 Loss, Warns of Potential Bankruptcy LIPELLA PHARMACEUTICALS: Hires BDO Consulting as Financial Advisor LIPELLA PHARMACEUTICALS: Seeks to Tap Tucker Arensberg as Counsel LITHOTYPE COMPANY: Hires Robert W. Zimmer & Associates as Advisor LYCRA COMPANY: Seeks to Hire FTI Consulting as Financial Advisor LYCRA COMPANY: Seeks to Hire Haynes and Boone as Co-Counsel LYCRA COMPANY: Seeks to Hire Linklaters as Bankruptcy Counsel MADISON ATRINA: Seeks to Tap J. Grant Walker as Legal Counsel MARE ISLAND: Hires Berliner Cohen as Special Litigation Counsel MARE ISLAND: Seeks to Tap Bean Hunt Harris & Company as Accountant MEXCOL GROUP: Seeks to Tap George E. Jacobs as Bankruptcy Counsel MORRISON HOSPITAL: Case Summary & 20 Largest Unsecured Creditors NATURE'S WAX: Gets Interim OK to Use Cash Collateral NEW ENGLAND MOORINGS: Seeks Chapter 7 Bankruptcy in Florida NEW FORTRESS: Secures LCF Forbearance Through Sept. 15 NEW FORTRESS: Wesley Edens Holds 18.8% Equity Stake NEW YORK: Seeks to Tap Certilman Balin Adler & Hyman as Counsel NICK'S PIZZA: Court Extends Cash Collateral Access to May 25 NOBLE CAPITAL: Appeal Shelved Pending Bankruptcy Case Resolution OCEAN BLVD: Seeks to Hire Certilman Balin Adler & Hyman as Counsel OCEAN POWER: Issues $10MM Convertible Notes at 4.5% Interest OFFICE PROPERTIES: Reaches Amended Settlement With Noteholders OLENOX INDUSTRIES: Delays 10-K Filing Due to Merger, Acquisitions OLENOX INDUSTRIES: Rejects Proposed Merger With New Asia Holdings OMNIQ CORP: Delays 2025 10-K Filing Due to Compilation Issues ONEMAIN HOLDINGS: Moody's Affirms Ba2 CFR, Outlook Remains Stable ONITY GROUP: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable ORIGINAL MOWBRAY'S: Taps Ritchie Bros. Auctioneers as Auctioneer ORIGINCLEAR INC: Files Late Filing Notice for FY2025 Form 10-K OZOP ENERGY: Delays 2025 10-K Due to Incomplete Audit Procedures PACECAR ENTERTAINMENT: Jerrett McConnell Named Subchapter V Trustee PAPPAS PIPING: Court Extends Cash Collateral Access to Oct. 30 PEOPLES HEALTHCARE: John Whaley Named Subchapter V Trustee PERNA OIL: Seeks to Employ Oil & Gas Management as Accountant PHASE TO PHASE: Gets Interim OK to Use Cash Collateral PHYLLIS W. LEGGETT: Ward and Smith Advises Triangle Chemical et al. PIG FLOYD'S: Gets Interim OK to Use Cash Collateral PITTS FUNERAL: Seeks to Hire Accessible Agency as Accountant PSS TRUCKING: Seeks to Hire The Fuller Law Firm as Legal Counsel PUTNAM PULMONARY: Employs Latham Luna Eden as Legal Counsel QVC GROUP: Delays 2025 Form 10-K Filing Due to Ongoing Lender Talks RAINMAKER CIDER: Gets Final OK to Use Cash Collateral REALTRUCK INC: S&P Cuts ICR to 'CC' on Proposed Debt Restructuring REBORN COFFEE: Delays 2025 Annual Report on Form 10-K RENTAL HUB: Seeks to Tap Counts Realty & Auction as Auctioneer ROYALE ENERGY: Delays 2025 Annual Report on Form 10-K RUN VEGGIE: Seeks to Hire Robert S. Brandt as Bankruptcy Counsel RYVYL INC: Appoints Steven Fletcher to Board and Audit Committee RYVYL INC: Wins 99% Approval for RTB Digital Merger and Rebrand SAMSON METAL: Case Summary & 20 Largest Unsecured Creditors SAMSONITE GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable SB TRANSPORTATION: Hires Branson Ainsworth as Bankruptcy Counsel SECURE WASTE: S&P Places 'B+' ICR on CreditWatch Positive SENIOR HOME: Mary Sieling Named Subchapter V Trustee SFP - TAMPA I: Fitch Affirms 'BB+' Rating on 2024 Housing Bonds SHORELINE JUNK: Taps Professional Management Systems as Accountant SKYLINE TOWER: Seeks to Hire Omni Agent as Administrative Agent SMART COMMUNICATIONS: Gets OK to Tap Saul Ewing as Special Counsel SOTHEBY'S: S&P Alters Outlook to Stable, Affirms 'B-' ICR SOUTHEAST HOUSING: Moody's Cuts Rating on 2007 Cl. I Bonds to Ba1 SPLASH BEVERAGE: Delays 10-K Due to Limited Resources, Audit STUDIO CHIQUE: Taps Law Firm of Morris Margulies as Attorney SUPERPSYCHED LLC: Seeks to Tap MidCoast Tax Advisors as Accountant T-4 FARM: Seeks to Hire Ebby Halliday Real Estate as Broker THERAPEUTICS MD: Reports $569K Loss for 2025, Warns of Cash Crunch THIRD COAST: S&P Alters Outlook to Negative, Affirms 'BB' ICR TORY BURCH: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable TRANSOCEAN LTD: Secures $1 Billion in Incremental Contract Backlog TRANSOCEAN LTD: Targets $750MM Total Debt Retirement for FY2026 TRUTANKLESS INC: Delays 10-K Due to Incomplete Financial Statements URBAN WELLNESS: Chapter 11 Trustee Appointment Sought UWM HOLDINGS: Fitch Alters Outlook on BB- LongTerm IDR to Negative VANDERBILT MINERALS: Committee Hires Cohen as Special Counsel VANGUARD SURGICAL: Michael Wheatley Named Subchapter V Trustee VASILIA INVESTMENTS: Gets Extension to Use Cash Collateral VERITONE INC: Delays 2025 Annual Report Amid Barter Revenue Review VOLITIONRX LTD: Shareholders Back Share Issuance, Reverse Split VSBROOKS INC: Gets Final OK to Use Cash Collateral WAGNER RESTORATION: Court Denies Extension to Use Cash Collateral WESTERN URANIUM: Delays Filing of FY 2025 Form 10-K WHITE ROCK MEDICAL: Gets Extension to Use Cash Collateral WINDTREE THERAPEUTICS: Delays 2025 Annual Report on Form 10-K XCEL BRANDS: Unable to Timely File 2025 10-K Due to Audit Delay XWELL INC: Eases Going Concern Doubts Following Capital Raise [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 16 WARREN: Seeks to Hire Douglas Elliman Real Estate as Broker -------------------------------------------------------------- 16 Warren Street PH LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Douglas Elliman Real Estate as broker. The Debtor needs a broker to market and sell its property located at 16 Warren Street, PH, New York, New York. The firm will receive a commission of 5 percent of the property's gross sale price. Additionally, in the event the property is leased during the term, the Debtor shall pay 10 percent of the aggregate rent for the first year of the lease, as well as the commission set forth above in the event the leasing tenant purchases the property within the timeframe. Adele Carruyo, a real estate agent at Douglas Elliman Real Estate, 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: Adele Carruyo Douglas Elliman Real Estate 575 Madison Avenue, 4th Floor New York, NY 10022 Email: (305) 579-8000 About 16 Warren Street PH LLC 16 Warren Street PH LLC is a single asset real estate company. 16 Warren Street PH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12953) on December 31, 2025. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge David S. Jones oversees the case. The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP. 3326 102 STREET: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------- On April 9, 2026, 3326 102 Street LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 3326 102 Street LLC 3326 102 Street LLC is a limited liability company engaged in real estate ownership and property management activities. 3326 102 Street LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41699) on April 09, 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 Jil Mazer-Marino handles the case. The Debtor is represented by counsel not listed in the filing. 741 INC: To Hire Tax Defense Network LLC as Accountant ------------------------------------------------------ 741, Inc., d/b/a Wisdom Rides of America seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Tax Defense Network, LLC to serve as accountant. The firm will prepare and file four years of unfiled tax returns. Tax Defense Network, LLC will charge a flat rate of $8,000 for its services. All fees and costs will be subject to Court approval. Accountant has not requested a retainer. Tax Defense Network, LLC is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached at: Ryan Bourque Chief Operating Officer TAX DEFENSE NETWORK, LLC 7159 Corklan Drive; Suite 150 Jacksonville, FL 32258 About 741 Inc. 741 Inc., doing business as Wisdom Rides of America, manufactures and designs amusement rides from its base in Merino, Colorado. The Company produces attractions such as roller coasters, family rides, and thrill rides, and also provides refurbishment, parts, and maintenance services. Its products serve amusement parks, traveling carnivals, and family entertainment centers across the United States and internationally. 741 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15550) on Aug. 28, 2025. In its petition, the Debtor reports total assets of $1,425,326 and total liabilities of $6,760,662. Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Jonathan M. Dickey, at KUTNER BRINEN DICKEY RILEY. 84 ENERGY: Seeks Approval to Hire David McGowan as Accountant ------------------------------------------------------------- 84 Energy, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ David McGowan, a certified public accountant practicing in Houston, Texas. The accountant's services include: (a) assist with financial reporting; (b) vendor reconciliation; (c) joint interest review; (d) royalty accounting review; (e) production revenue reconciliation; (f) preparation of Monthly Operating Reports; (g) reconcile bank accounts; and (h) related financial analysis. The accountant will be compensated at his hourly rate of $150. Mr. McGowan 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 accountant can be reached at: David McGowan, CPA 12114 Olympia Drive Houston, TX 77077 About 84 Energy LLC 84 Energy LLC is an independent oil and gas exploration and production company based in Richmond, Texas, operating across multiple counties in the state. The Company manages mineral and lease interests, and it produces crude oil, natural gas, and related hydrocarbons from its wells. Its operations include managing active production sites and associated assets within the Texas energy sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37093) on November 25, 2025. In the petition signed by Aaron Shimek, president, the Debtor disclosed $0 in total assets against $7,945,975 in total liabilities as of Dec. 31, 2024. The Debtor tapped Richard L. Fuqua, II, Esq., at Fuqua & Associates, PC as counsel and David McGowan, CPA, as accountant. 84 ENERGY: Seeks Approval to Hire David McGowan as Accountant ------------------------------------------------------------- 84 Energy LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas Houston Division to hire David McGowan, CPA to serve as its accountant The firm will assist with financial reporting, vendor reconciliation, joint interest billing review, royalty accounting review, production revenue reconciliation, preparation of Monthly Operating Reports, reconcile bank accounts, and related financial analysis. The firm will be compensated at an hourly rate of $150, subject to Court approval under 11 U.S.C. Secs. 330 and 331. David McGowan, CPA is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the estate. The professional can be reached at: David McGowan, CPA 12114 Olympia Drive Houston, TX 77077 About 84 Energy LLC 84 Energy LLC is an independent oil and gas exploration and production company based in Richmond, Texas, operating across multiple counties in the state. The Company manages mineral and lease interests, and it produces crude oil, natural gas, and related hydrocarbons from its wells. Its operations include managing active production sites and associated assets within the Texas energy sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37093) on November 25, 2025. In the petition signed by Aaron Shimek, president, the Debtor $0 in total assets against $7,945,975 in total liabilities as of Dec. 31, 2024. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Richard L Fuqua, II, Esq., at Fuqua & Associates, P.C. as bankruptcy counsel. 87-75 109 STREET: Commences Chapter 7 Bankruptcy in New York ------------------------------------------------------------ On April 09, 2026, 87-75 109 Street Corp filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to creditors. About 87-75 109 Street Corp 87-75 109 Street Corp is a corporation engaged in real estate ownership and property management activities. 87-75 109 Street Corp sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41713) on April 09, 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 Elizabeth S. Stong handles the case. 967 JNC: Seeks to Hire Latham Luna Eden as Legal Counsel -------------------------------------------------------- 967 JNC LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Daniel A. Velasquez, Esq. of Latham, Luna, Eden & Beaudine, LLP to serve as its bankruptcy counsel. Mr. Velasquez will provide these services: (a) advising as to the Debtor's rights and duties in this case; (b) preparing pleadings related to this case, including a disclosure statement and plan of reorganization; and (c) taking any and all other necessary action incident to the proper preservation and administration of this estate. Mr. Velasquez and the firm will receive compensation based on standard hourly rates, which range from $485 to $105. The hourly rates for Daniel Velasquez are between $275 and $495. Latham, Luna, Eden & Beaudine, LLP represents no interest adverse to the Debtor or the estate and has no connection with creditors, parties-in-interest, their attorneys and accountants, or the United States Trustee, according to court filings. The firm can be reached at: Daniel A. Velasquez, Esq. LATHAM, LUNA, EDEN & BEAUDINE, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 E-mail: dvelasquez@lathamluna.com Bknotice@lathamluna.com About 967 JNC LLC 967 JNC LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-02219) on March 30, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $500,001 to $1 million. Latham, Luna, Eden & Beaudine, LLP is Debtor's legal counsel. ACADEMY OF VOLLEYBALL: Taps Law Offices of Michael Jay as Counsel ----------------------------------------------------------------- Academy of Volleyball, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire the Law Offices of Michael Jay Berger to serve as general bankruptcy counsel. The firm will provide these services: (a) communicating with creditors of the Debtor; (b) reviewing the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advising the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) working to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (e) preparing status reports as required by the Court; (f) responding to any motions filed in Debtor's bankruptcy proceeding; (g) responding to creditor inquiries and reviewing proofs of claim; (h) objecting to inappropriate claims; (i) preparing Notices of Automatic Stay in all state court proceedings; and (j) preparing a Chapter 11 Plan of Reorganization, if appropriate. The firm will charge hourly rates of $695 for Michael Jay Berger, $645 for Sofya Davtyan, $475 for mid-level associate attorney Robert Potecte, $275 for senior paralegals and law clerks, and $200 for bankruptcy paralegals. The Debtor paid the $25,000 retainer plus the $1,738 filing fee. Pre-petition fees totaled $5,295 and costs totaled $1,738. The remaining $19,705 retainer will be held in trust pending court approval. The Law Offices of Michael Jay Berger is a "disinterested person" and does not hold or represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached at: Michael Jay Berger, Esq. Sofya Davtyan, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Blvd. 6th Floor Beverly Hills, CA 90212-2929 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 E-mail: Michael.Berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com About Academy of Volleyball Inc. Academy of Volleyball, Inc. provides youth and junior volleyball training and competitive programs from its headquarters in West Redwood City, California, with additional facilities in North Burlingame. The club offers girls and boys teams, summer and winter camps, clinics, private lessons, beach volleyball programs, and college recruiting resources, serving athletes typically aged 10 through 18. The club's programs help athletes build technical skills, develop mental toughness, and learn teamwork and composure in a competitive, team-driven environment. Facilities include multiple courts, a performance lab, and year-round practice spaces designed to support skill advancement and athlete performance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30265) on March 26, 2026. In the petition signed by Daniele Desiderio, CEO, the Debtor disclosed $427,076 in total assets and $3,000,664 in total liabilities. Judge Hannah L. Blumentstiel oversees the case. Michael Jay Berger, Esq., at LAW OFFICES OF MICHAEL JAY BERGER, represents the Debtor as legal counsel. ALBERT WHITMAN: Court Extends Cash Collateral Access to May 2 ------------------------------------------------------------- Albert Whitman & Company received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court issued its 11th interim order authorizing the Debtor to use cash collateral through May 2 to pay the expenses set forth in its budget and additional amounts that Republic Business Credit, LLC approves in advance. RBC holds an interest in the Debtor's cash, which constitutes cash collateral. As of the petition date, the Debtor owed RBC at least $208,800.96 under a 2023 purchase agreement, which allows the Debtor to obtain cash to operate its business from the sale of its accounts receivable to RBC. As adequate protection, the order authorized the Debtor to grant RBC perfected replacement liens on its pre-bankruptcy collateral and any assets acquired by the Debtor after the petition date. These replacement liens will have the same priority and extent as RBC's pre-bankruptcy lien. In case the protection granted proves to be insufficient, RBC will have an allowed claim pursuant to Section 507(b) under the Bankruptcy Code, with priority over all other claims. A further hearing is scheduled for April 28. A copy of the order and the Debtor's budget is available at https://shorturl.at/9s6MC from PacerMonitor.com. About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtors legal counsel. Republic Business Credit, LLC, as secured creditor, is represented by: Michael A. Brandess, Esq. Husch Blackwell, LLP 120 South Riverside Plaza, Suite 2200 Chicago, IL 60606 Phone: 312-526-1542 michael.brandess@huschblackwell.com ALBUQUERQUE SCHOOL: S&P Affirms 'BB' Rating on 2016 Revenue Bonds ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term rating on the La Paz County Industrial Development Authority, Ariz.'s series 2016A education facility lease revenue bonds issued for Albuquerque School of Excellence (ASE), N.M. The outlook is stable. S&P said, "We analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our view that over the next year, ASE will successfully execute on its expansion plans, resulting in enrollment growth and positive momentum for lease-adjusted MADS coverage. We understand that fiscal year 2026 and 2027 operating results might be slim although still positive considering the expansion. "We could take a negative rating action if ASE does not meet enrollment projections such that the school experiences additional financial pressure resulting in lack of growth in lease-adjusted MADS coverage closer to 1x or a significant decline in liquidity. "Although unlikely given the school's elevated debt burden and related expansion risks, we could consider a positive rating action over the longer term if ASE meets enrollment projections and management continuously produces positive operating margins that support sound pro forma lease-adjusted MADS coverage." ALGORHYTHM HOLDINGS: Posts $16.6M Net Loss, Flags 2026 Cash Needs ----------------------------------------------------------------- Algorhythm Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $16,572,000 for the year ended December 31, 2025, compared to a net loss of $24,367,000 for the year ended December 31, 2024. Net sales for the year ended December 31, 2025, was $4,391,000 compared to $297,000 in the prior period. The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 1, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company suffered a net loss from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. Since inception, the Company has funded its operations primarily through cash generated by operations, private sales of equity securities, and the use of short- and long-term debt. As of March 25, 2026, the Company's cash and restricted cash balance was approximately $10,939,000. Net cash used in operating activities attributable to continuing operations was $7,309,000 during the year ended December 31, 2025, compared to $3,985,000 during the year ended December 31, 2024. The increase of $3,324,000 was due primarily to an increase of $2,087,000 for the loss that the Company incurred in connection with the issuance and change in fair value of the Series A and Series B warrants sold in the public offering of securities completed on December 6, 2024, and to an increase of $3,592,000 related to the impairment of goodwill from the purchase of SemiCab, Inc. recorded during the year ended December 31, 2024. This was partially offset by a decrease of $3,674,000 for loss from continuing operations. Net cash used in investing activities attributable to continuing operations was $1,770,000 during the year ended December 31, 2025, compared to $2,175,000 during the year ended December 31, 2024. The decrease of $405,000 was due primarily to decreases of $605,000 for advances to SMCB under the Company's loan agreement with them, $593,000 for cash received in connection with the acquisition of SMCB on May 2, 2025, and $415,000 for pre-acquisition advances to SemiCab. This was partially offset by increases of $758,000 for repurchases of shares of the Company's common stock and $419,000 for the capitalization of internal-use software costs. Net cash provided by financing activities attributable to continuing operations was $9,686,000 during the year ended December 31, 2025, compared to $11,648,000 during the year ended December 31, 2024. The decrease of $1,962,000 was due primarily to decreases of $12,932,000 for proceeds from the sale of common stock and warrants and $2,000,000 for proceeds from the issuance of senior secured notes, net of discounts. This was partially offset by an increase of $10,213,000 for proceeds from the issuance of promissory notes and a decrease of $2,578,000 for payments of senior secured notes and debt issuance costs. The Company's limited cash resources, along with its recent history of recurring operating losses and decreases in working capital, create substantial doubt about its ability to continue as a going concern. To date, the Company's capital needs have been met through cash generated by operations, sales of equity securities, and the use of short- and long-term debt to fund operations. These sources of capital have been used to pay virtually all of the costs and expenses incurred to date, which have been comprised primarily of professional fees, employee compensation expenses, and general and administrative expenses. The Company intends to continue to rely upon each of these sources to fund operations and expansion efforts, including additional acquisitions of controlling or non-controlling financial interests in other complementary businesses and companies during the next 12 months. The Company can provide no assurance that these sources of capital will be adequate to fund operations and expansion efforts during the next 12 months. If these sources of capital are not adequate, the Company will need to obtain additional capital through alternative sources of financing. Additional capital may be sought through the sale of equity securities or the issuance of short- and long-term debt. If additional funds are raised by issuing shares of the Company's common stock, stockholders will experience dilution. If additional funds are raised by issuing securities exercisable or convertible into shares of the Company's common stock, stockholders will experience dilution in the event the securities are exercised or converted into shares of the Company's common stock. Debt financing may involve agreements containing covenants limiting or restricting the Company's ability to take specific actions, such as incurring additional debt, issuing equity securities, making capital expenditures for certain purposes or above a certain amount, or declaring dividends. In addition, any equity securities or debt issued by the Company may have rights, preferences, and privileges senior to those of the shares of common stock held by stockholders. The Company has not made arrangements to obtain additional capital and can provide no assurance that additional financing will be available in an amount or on terms acceptable, if at all. The Company's ability to obtain additional capital will be subject to a number of factors, including market conditions and operating performance. These factors may make the timing, amount, terms, and conditions of any proposed future financing transactions unattractive. If additional capital cannot be raised when needed, or if such capital cannot be obtained on acceptable terms, the Company may not be able to pay costs and expenses as incurred, take advantage of future acquisition opportunities, respond to competitive pressures or unanticipated events, or otherwise execute its business plan. This may adversely affect the Company's business, financial condition, and results of operations, and, in the extreme case, could cause the Company to discontinue operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/27djvjem About Algorhythm Holdings, Inc. Algorhythm Holdings, Inc. (NASDAQ: RIME) is an artificial intelligence technology company focused on the growth and development of SemiCab, an AI-enabled software logistics and distribution business that utilizes the Company's SemiCab technology platform to enable retailers, brands and transportation providers to address common supply chain problems globally. The Company operates the SemiCab business through its subsidiary, SemiCab Holdings, LLC. As of December 31, 2025, the Company had $12,724,000 in total assets, $14,584,000 in total liabilities, and $1,860,000 in total shareholders' deficit. AM ROOFING: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Ohio entered an agreed final order authorizing AM Roofing and Siding, LLC to use cash collateral in its Chapter 11 Subchapter V case. The order follows earlier interim orders and resolves objections raised by the senior secured creditor, BayFirst National Bank. Under the order, the Debtor is authorized to use cash collateral on a final basis in accordance with a detailed budget, subject to a 10% cap on total operating expenses unless otherwise approved. All funds must be deposited into a debtor-in-possession account and used strictly for approved expenses. As adequate protection, the senior secured lender is granted monthly payments of $2,125, replacement liens on pre- and post-petition assets, and a superpriority administrative claim to protect against any decline in collateral value. Additional protections include reaffirmation of the validity and priority of prepetition liens, and a $2,000 monthly carve-out reserved for Subchapter V trustee fees. Other secured creditors may receive similar replacement liens. The order also includes a limited modification of the automatic stay to allow implementation of lien rights and collateral protections. It defines events of default, after which the lender may terminate cash collateral use and pursue remedies, including foreclosure. The order is binding on all parties, preserves certain rights for challenges within a set period, and remains effective through the case, eliminating the need for the previously scheduled final hearing. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/v19Bl from PacerMonitor.com. About AM Roofing and Siding LLC AM Roofing and Siding, LLC is a construction services company engaged in roofing and exterior siding work. AM Roofing and Siding sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50317) on January 22, 2026. In its petition, the Debtor listed between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP. AMC ENTERTAINMENT: Extends $425MM Odeon Loan Commitment to April 20 ------------------------------------------------------------------- AMC Entertainment Holdings, Inc. previously disclosed that on March 6, 2026, together with its wholly-owned subsidiary Odeon Finco PLC, they entered into a commitment letter with Deutsche Bank AG New York Branch providing for a new senior secured credit facility of Odeon in an aggregate principal amount of up to $425,000,000 to refinance Odeon's existing 12.750% Senior Secured Notes due 2027 and pay related fees and expenses. Pursuant to the Commitment Letter, all commitments and undertakings of the Lender were to automatically expire and terminate on the earliest to occur of: (i) April 6, 2026, (ii) the execution and delivery of the relevant financing documents, or (iii) notice by Odeon of the termination of the Commitment Letter. On March 26, 2026, the Company, Odeon and the Lender agreed to extend the Commitment Termination Date to April 20, 2026, merely to provide the parties with necessary time to finalize definitive documentation and complete the closing process for the Odeon Credit Facility. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of December 31, 2025, the Company had $8,017.8 million in total assets, $9,912.6 in total liabilities, and $1,894.8 in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all Companys remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). ANDERSON HOOP: Gets OK to Hire Milford Consulting as Accountant --------------------------------------------------------------- Anderson Hoop Dreams, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Milford Consulting, LLC as accountant. The firm will prepare payroll, bookkeeping services, financial analysis, accounting including preparing tax returns, and general accounting advice as needed. The firm will be paid $237 per accounting services. Ed Milford, CPA at Milford Consulting, 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: Ed Milford Milford Consulting, LLC 5401 S. Kirkman Rd., Suite 310 Orlando, FL 32819 About Anderson Hoop Dreams Anderson Hoop Dreams, Inc. operates specialized fitness facilities offering structured, athletic-style training programs to a broad client base. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05772) on Sept. 12, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. The Debtor tapped Jeffrey Ainsworth, Esq., at Bransonlaw PLLC as counsel and Ed Milford, CPA, at Milford Consulting, LLC as accountant. APEX TURNKEY: Gets Final OK to Use Cash Collateral -------------------------------------------------- Apex Turnkey Services, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. Under the final order, the Debtor is authorized use cash collateral in accordance with an approved budget, with flexibility to exceed line items by up to 10%. For future periods, the Debtor must submit a monthly budget seven days before each new cycle. If no lender objects within the specified timeframe, the proposed budget automatically becomes effective. If an objection is filed, the Debtor may continue operating under the prior month’s budget until the Court resolves the dispute. To protect lenders, the court granted them replacement liens on the Debtor's assets, including equipment, inventory, and accounts, to the extent of any decline in value caused by the use of cash collateral. These liens maintain the same priority and validity as prepetition liens and do not require additional filings. However, they are subject to a "carveout" for professional fees, U.S. Trustee fees, Subchapter V trustee fees, and court costs. The order also preserves the rights of taxing authorities (such as Collin County or Collin College) if they hold valid senior tax liens, and it allows all parties to challenge lien validity or priority in the future. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Si9B4 from PacerMonitor.com. About Apex Turnkey Services LLC Apex Turnkey Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40707-elm11) on February 17, 2026. In the petition signed by Kyle Voris, owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Robert T DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. ASPIRA WOMENS: Reports $12.78MM Loss for 2025, Warns of Cash Crunch ------------------------------------------------------------------- Aspira Women's Health Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $12,780,000 for the year ended December 31, 2025, compared to a net loss of $13,094,000 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $9,216,000 compared to $9,182,000 in the prior period. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor, issued a "going concern" qualification in its report dated April 1, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. The Company has incurred significant net losses and negative cash flows from operations since inception, and as a result has an accumulated deficit of approximately $544,177,000 and working capital of $598,000 as of December 31, 2025. For the year ended December 31, 2025, the Company used cash in operations of $7,029,000. The Company also expects to incur a net loss and negative cash flows from operations for 2026. In order to continue its operations as currently planned through 2026 and beyond, the Company will need to raise additional capital. The Company expects to take further action to protect its liquidity position. Such actions may include, but are not limited to: * Raising capital through an equity offering either in the public markets or via a private placement offering (to the extent that the Company raises additional funds by issuing equity securities, the Company's stockholders may experience significant dilution. However, no assurance can be given that capital will be available on acceptable terms, or at all); * Securing debt, however, no assurance can be given that debt will be available on acceptable terms or at all; * Reducing executive bonuses or replacing cash compensation with equity grants; * Reducing professional services and consulting fees and eliminating non-critical projects; * Reducing travel and entertainment expenses; and * Reducing, eliminating or deferring discretionary marketing programs. The Company also has outstanding warrants to purchase shares of its common stock that may be exercised; although there can be no assurance that the warrants will be exercised. There can be no assurance that the Company will achieve or sustain profitability or positive cash flow from operations. Management expects cash from product sales and licensing to be the Company's only material, recurring source of cash in 2026. The company said, "We plan to continue to expend resources selling and marketing our ovarian cancer and endometriosis offerings and developing our pipeline and service capabilities." "We do not believe our existing cash and cash equivalents balance and cash flow from operations will be sufficient to meet our working capital, capital expenditures, and material cash requirements from known contractual obligations for the next 12 months and beyond." "We believe that successful achievement of our business objectives will require additional financing. We expect to raise capital through a variety of sources that may include public or private equity offerings, debt financing, collaborations, licensing arrangements, grants and government funding and strategic alliances. However, in part due to our low stock price, additional financing may not be available when needed or on terms acceptable to us. If we are unable to obtain additional capital, we may not be able to continue sales and marketing, research and development, distribution or other operations on the scope or scale of current activity and that could have a material adverse effect on our business, results of operations and financial condition." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/2ayvn9hz About Aspira Women's Health Inc. Aspira Women's Health Inc. (OTC: AWHL) is a U.S.-based healthcare company focused on developing and commercializing diagnostic tools for gynecologic disease, with an emphasis on ovarian cancer risk assessment. The company leverages biomarker discovery, proprietary algorithms and machine-learning-driven analytics to provide blood-based tests intended to improve early detection and risk stratification for women's health conditions. As of December 31, 2025, the Company had $5,456,000 in total assets, $12,388,000 in total liabilities, and $6,932,000 in total stockholders' deficit. AVALON GLOBOCARE: Sets 2026 Annual Meeting for June 9, 2026 ----------------------------------------------------------- Avalon Globocare Corp. disclosed in a regulatory filing that the Board of Directors resolved to hold its 2026 Annual Meeting of Stockholders on June 9, 2026. The 2026 Annual Meeting will be held virtually online by means of remote communication. The record date for the 2026 Annual Meeting is May 15, 2026. Stockholders owning the Company's common stock at the close of business on the record date, or their legal proxy holders, are entitled to vote at the 2026 Annual Meeting. The Company, however, reserves the right to change the record date or the meeting date. Because the date of the 2026 Annual Meeting has been changed by more than 30 days from the one-year anniversary of the date of the Company's 2025 Annual Meeting of Stockholders, the deadline for stockholders' nominations or proposals for consideration at the 2026 Annual Meeting set forth in the Company's proxy statement for the 2025 Annual Meeting no longer applies. As such, the Company filed the Report on Form 8-K to inform stockholders of the change and to provide the due date for the submission of any qualified stockholder proposals or qualified stockholder director nominations. Stockholders of the Company who wish to have a proposal considered for inclusion in the Company's proxy materials for the 2026 Annual Meeting pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended must ensure that such proposal is delivered or mailed to and received by the Company's Corporate Secretary at Company's principal executive office located at 4400 Route 9 South, Suite 3100, Freehold, NJ 07728. Such proposals must comply with all applicable procedures and requirements of Rule 14a-8. About Avalon Globocare Avalon Globocare Corp., based in Freehold, New Jersey, develops and markets precision diagnostic consumer products and cellular therapy intellectual property. The Company currently sells the KetoAir breathalyzer, a U.S. FDA-registered Class I medical device, and plans to expand its diagnostic applications. It also owns and manages commercial real estate at its headquarters. The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $23,400,737 in total assets and $14,170,629 in total liabilities, and total equity of $9,230,108. BALTIMORE INTERNATIONAL: Employs Gross Mendelsohn as Accountant --------------------------------------------------------------- Baltimore International Warehousing & Transportation, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Gross, Mendelsohn & Associates, P.A. to serve as its accountant. The firm will provide these services: (a) perform accounting services necessary for the Debtor to fulfill its duties as Debtor and Debtor-in-Possession; (b) prepare financial statements; (c) prepare tax returns; and (d) prepare reports for taxing authorities. Gross, Mendelsohn & Associates, P.A. will charge hourly rates ranging from $145 to $445 depending on the professional providing services. Gross, Mendelsohn & Associates, P.A. holds no adverse interest to the Debtor or the estate, according to court filings. The firm can be reached at: David M. Lanchak, CPA GROSS, MENDELSOHN & ASSOCIATES, P.A. 1801 Porter Street, Suite 500 Baltimore, MD 21230 Telephone: (410) 685-5512 About Baltimore International Warehousing & Transportation, Inc. Baltimore International Warehousing & Transportation, Inc. provides warehousing, transportation, and logistics services, including distribution, freight handling, bonded storage, container freight station operations, and related cargo services. The Company operates in Baltimore, Maryland, serving importers, exporters, and transportation providers, with facilities located near the Port of Baltimore and supporting domestic and international freight movements. Baltimore filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 26-10737) on January 22, 2026, with $1 million to $10 million in assets and liabilities. Sue Monaghan, president of Baltimore, signed the petition. Judge David E Rice oversees the case. Joseph Selba, Esq., at Tydings & Rosenberg, LLP represents the Debtor as legal counsel. BCPE EMPIRE: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings affirmed BCPE Empire Topco, Inc.'s (Imperial Dade) B3 Corporate Family Rating and B3-PD Probability of Default Rating following the completion of Imperial Dade's merger with BradyPLUS Holdings, LLC (BradyPLUS) on March 12, 2026. Moody's also affirmed the B3 rating on Imperial Dade's approximately $2.7 billion senior secured first lien term loan, issued by BCPE Empire Holdings, Inc. (BCPE Holdings), a subsidiary of BCPE Empire Topco, Inc. Moody's also assigned a B3 rating to the $2.8 billion incremental senior secured first lien term loan B due 2032 issued under BCPE Holdings in exchange for the $2.8 billion senior secured term loan originally issued by BradyPLUS in December 2025. Concurrently, Moody's withdrew the B3 rating on the former BradyPLUS' $2.8 billion senior secured first lien term loan, as well as BradyPLUS's B3 CFR and B3-PD PDR and change the outlook to RWR from positive. The rating outlook for Imperial Dade and BCPE Holdings remains stable. The affirmation reflects the company's strengthened business profile following the merger with BradyPLUS, supported by materially increased scale, broader end-market and customer diversification, and enhanced purchasing leverage, which factors should improve operational efficiency. The combined company benefits from a wide product portfolio and a large, dense distribution network serving diversified end markets, with demand supported by the consumable nature of its products. These strengths are balanced by very high financial leverage, low earnings quality, and execution risk associated with integrating two large distribution platforms, including the timing and realization of expected cost synergies. Moody's expects leverage to decline gradually over the next 2-3 years through synergy realization, operating efficiencies and a shift to positive free cash flow generation, but the extended integration timeline indicates that improved earnings quality will take time and good execution to realize. Because Imperial Dade acquired BradyPLUS' ownership interests with equity, BradyPLUS' moderately lower leverage leads to slightly lower debt-to-EBITDA leverage for the pro forma combined company relative to the very high 9.7x level for Imperial Dade stand alone as of December 2025. RATINGS RATIONALE Imperial Dade's B3 CFR reflects its position as a large-scale specialty distributor of foodservice disposables (FSD), janitorial and sanitation (Jan-San), and industrial packaging products following the merger with BradyPLUS. The combined company benefits from a broad product portfolio, an extensive national distribution network, strong route density, and a highly diversified customer and supplier base. Scale benefits enhance purchasing leverage and operational efficiency, while the consumable nature of the company's products supports relatively stable demand across economic cycles. Imperial Dade has a significant presence and increased density across major metropolitan areas in the United States and Canada. Imperial Dade has meaningful exposure to consumer-facing end markets, with restaurants, hospitality, and entertainment representing approximately 31% of revenue, which could pressure volumes and profitability during an economic slowdown. This exposure is partially offset by more defensive end markets, including healthcare, government and education, and grocery, which together represent approximately 37% of revenue and provide greater revenue stability through economic cycles. Moody's estimates that debt-to-EBITDA leverage will decline from a low-9.0x range for the 12-month period ended December 31, 2025 and pro forma for the BradyPLUS acquisition, to the high-7.0x range by year-end 2026. Moody's expects the company to slow large acquisition activity while it focuses on integrating BradyPLUS and driving organic growth, including expanding wallet share with existing customers and adding new customers. The focus will be on realizing operational efficiencies by maximizing its existing infrastructure rather than investing in new facilities. Acquisitions were nevertheless a key driver of growth for both BradyPLUS and Imperial Dade, and Moody's anticipates a continuation of smaller tuck-in acquisitions during the integration. The ratings also reflect Imperial Dade's exposure to pricing pressure, given its sale of certain low-priced, commodity-oriented products for which switching costs are low. However, Moody's expects the company to continue effectively managing pricing to offset product and freight cost inflation, as these products typically represent a small portion of customers' total cost base. In addition, the products are essential to customers' day-to-day operations, making reliable service and familiarity with delivery requirements critical competitive considerations, areas where Imperial Dade's scale and delivery frequency provide a commercial value. Governance factors include the company's aggressive financial policies under private equity ownership, such as high financial leverage, an aggressive acquisition strategy, and debt-funded shareholder dividend distributions. However, the ratings also reflect management's commitment to using free cash flow for debt repayment following the BradyPLUS merger, with the target of achieving a leverage profile comparable to that of public companies. The company's ratings are supported by Imperial Dade's well established and growing market position as a specialty distributor of foodservice packaging (FSP) and janitorial sanitation (Jan-San) products, driven in part by its broad product breadth. The company benefits from a relatively stable revenue stream owing to the disposable and recurring usage nature of products sold, its well diversified customer and supplier bases, and its relatively high EBITA margin for the industry. Imperial Dade had $96 million in cash on hand as of December 2025 and a largely undrawn $1.2 billion committed ABL facility expiring in 2030 at the transaction close that supports liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Imperial Dade will maintain its current credit profile over the near- to medium-term following the BradyPLUS merger. Moody's expects improvements in earnings quality and leverage to be gradual, reflecting the extended integration timeline, continued merger-related costs, and a still-challenging operating environment with limited organic growth. The merger is projected to deliver approximately $235 million of cost synergies over 24 months, primarily from procurement, private label expansion, facility consolidation, and overhead savings, alongside operational improvements such as higher supersite utilization, increased fleet efficiency, and technology integration. The stable outlook also incorporates Moody's expectations that the company will shift to generating positive free cash flow following the merger and use it primarily for debt repayment and tuck-in acquisitions that bolster the earnings base, with debt-to-EBITDA leverage declining to the high-7.0x range over the next year. The ratings could be upgraded if the company generates organic revenue growth, makes good progress integrating BradyPLUS, improves earnings quality and the EBITDA margin, and generates consistent healthy free cash flow on an annual basis. The company would also need to sustain debt/EBITDA below 6.0x and EBITA/interest approaching 2.0x. A ratings upgrade will also require at least good liquidity and financial policies that support credit metrics at the above levels. The ratings could be downgraded if operating profit declines due to factors such as market share or volume losses, pricing pressure, increase in input or other costs, and challenges integrating BradyPLUS. A deterioration in liquidity such as growing revolver usage, sustained weak or negative free cash flow on an annual basis, debt/EBITDA sustained above 8.0x, EBITA/interest coverage approaching 1.0x, or debt-financed acquisitions or shareholder distributions could also lead to a downgrade. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 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 Jersey City, New Jersey, BCPE Empire Topco, Inc. (dba Imperial Dade) is a wholesale specialty distributor of foodservice disposables (FSD), janitorial and sanitation (Jan-San), and industrial packaging products. In March 2026, Imperial Dade completed its merger with BradyPLUS Holdings, LLC, creating a large-scale specialty distribution platform with approximately 300 distribution locations and over 200,000 customers across the United States and Canada. Bain Capital LP acquired a majority stake in Imperial Dade in June 2019 and retains a majority interest following a roughly 45% stake sale in the company to Advent International Corporation in 2022. BradyPLUS, headquartered in Las Vegas, Nevada, was formed through the combination of BradyIFS and Envoy Solutions in 2023 and was sponsored by Warburg Pincus, Kelso & Company, and FEMSA. Following the merger, ownership is evenly split among the sponsors, each holding approximately 20%, while the remaining approximately 20% is owned by FEMSA and management. On a combined pro forma basis, the company generated approximately $10 billion of revenue for the 12 months ended December 30, 2025. The company is privately held and does not publicly disclose its financial statements. BELLAVIVA AT WHISPERING: Taps Fisher and Colliers as Co-Brokers --------------------------------------------------------------- Bellaviva at Whispering Hills, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Fisher Auction Co., Inc. as broker/auctioneer and Colliers International Group, Inc. as co-broker. The Debtor needs a broker/auctioneer and co-broker to market, advertise, and sell its property. The firms will receive 3 percent buyer's premium as compensation, to be charged to the successful purchaser and to be added to the final bid price and shall be due and payable upon the closing of the sale of the property. Fisher will receive 1.5 percent of the final bid price as its earned real estate commission and Colliers will receive 1.5 percent of the final bid price as its earned real estate commission. Lamar Fisher, a member at Fisher Auction, and Scott Brenner, a member at Colliers International Group, disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Lamar Fisher Fisher Auction Co., Inc. 880 Taver Road Alpine, CA 91901 Telephone: (619) 590-2828 - and - Scott Brenner Colliers International Group, Inc. Global Head Office 1140 Bay Street, Suite 4000 Toronto, ON M5S 2B4 Telephone: (416) 960-9500 About Bellaviva at Whispering Hills Bellaviva at Whispering Hills LLC, based in Orlando, Florida, develops and manages residential real estate, focusing on the Whispering Hills subdivision in Lake County. The Company is a single-asset real estate entity whose activities are concentrated on designing, building, and promoting residential properties in this development. Bellaviva at Whispering Hills sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06655) on October 16, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Judge Grace E. Robson oversees the case. The Debtor is represented by Stewart J. Subjinski, Esq., at Lippes Athias, LLP. BEYOND AIR: CEO Steven Lisi Resigns, Robert Goodman Named Successor ------------------------------------------------------------------- Beyond Air, Inc. disclosed in a regulatory filing that Mr. Steven A. Lisi notified the Board of Directors of his resignation as the Company's Chief Executive Officer and as Director of the Board and from all his positions with the Company and its subsidiaries. Mr. Lisi's resignation is not the result of any disagreement with the Company or its Board or any matter relating to the Company's operations, policies, or practices. Accordingly, on March 27, 2026, the Company executed a Separation and Release of Claims Agreement with Mr. Lisi. The Release Agreement contains customary protections, including a general release of claims by Mr. Lisi in favor of the Company and certain other related parties. The Agreement will only go effective after the Revocation Period has expired. Pursuant to the terms of the Release Agreement, after the Revocation Period, the Company shall be obligated to pay Mr. Lisi $650,000 separation pay (representing Mr. Lisi's base salary as of date of separation) in the form of compensation continuation over 12 months pursuant to the Company's regular and customary payroll schedule, less all regular and customary payroll withholdings. The Company shall also pay Mr. Lisi COBRA premiums for 12 months, as more specifically described in the Release Agreement. All unvested options and all unvested stock restriction unit awards held by Mr. Lisi as of March 27, 2026, shall be accelerated and shall immediately vest, and shall continue to remain exercisable for 24 months from March 27, 2026. For the past nine years, Mr. Lisi has led Beyond Air, guiding the development and launch of the Company's LungFit PH. Under his leadership, the Company successfully brought this revolutionary technology to market and established a strong foundation for the LungFit franchise to accelerate Beyond Air's growth. "On behalf of the entire Board, I want to thank Steve for his many years of dedicated service and visionary leadership," said Robert F. Carey, Chairman of the Board. "His contributions were critical in developing the LungFit system and positioning the Company for its next phase. As we focus on accelerating widespread market adoption of LungFit PH and scaling our commercial operations, the Board is confident that Bob Goodman's proven commercial and operational expertise in both the U.S. and international markets makes him the ideal leader to drive broader customer deployment and unlock Beyond Air's true potential." "I am deeply grateful for the opportunity to have led Beyond Air through its formative growth years," said Steve Lisi. "We have built an exceptional platform with tremendous upside. I have complete confidence in the Beyond Air team to scale the business to new heights." A full text copy of the Release Agreement is available at https://tinyurl.com/494f85nn Appointment of Robert Goodman Following Mr. Lisi's resignation, the Board, by a unanimous vote, appointed Robert Goodman to serve as CEO of the Company, effective March 27, 2026. "I am honored by the Board's trust and excited to lead Beyond Air into this next chapter," said Robert Goodman, incoming Chief Executive Officer. "Our technology delivers clear value, and we have a significant opportunity to expand adoption in the U.S. and international inhaled nitric oxide markets. I am fully committed to sharpening our commercial execution, strengthening customer partnerships, scaling the Company to achieve its substantial long-term potential and delivering enhanced value for shareholders." Mr. Goodman was appointed as a director of the Company on June 16, 2025. Mr. Goodman has also served as Chief Commercial Officer since November 2025. He brings over 25 years of experience in sales strategy, go-to-market execution, strategic partnerships and growth management. He has been instrumental in shaping the Company's recent commercial approach and is widely recognized for his ability to expand market penetration and accelerate product adoption in competitive healthcare sectors. Prior to joining Beyond Air, Mr. Goodman served as Chief Commercial Officer at WEP Clinical from 2023 to 2024, and ActiGraph from 2022 to 2023, where he led global commercial operations and go to market execution. Earlier in his career, he spent more than nine years at BioTelemetry, Inc. (acquired by Royal Philips), including as Division President and Business Head of BioTel Care and Alliance from and Senior Vice President of Global Sales and Marketing at BioTel Research, helping scale multiple businesses through periods of accelerated growth and strategic transformation. He previously held senior leadership roles at Cardiocore (acquired by BioTelemetry), Thermo Fisher Scientific, and Pfizer, where he spent 15 years in progressively senior commercial positions. Mr. Goodman currently serves on the board of Fourth Frontier. He is a retired U.S. Army officer and holds a B.S. degree from Norwich University. The Company has not yet entered into an employment agreement or made other compensation arrangements with Mr. Goodman at this time. As of the date of filing of this Current Report on Form 8-K, no material changes to Mr. Goodman's existing compensation arrangements have been made in connection with his appointment as Chief Executive Officer. The Company intends to promptly begin negotiations with Mr. Goodman with respect to his employment and will disclose any such agreement or arrangements in a subsequent report with the SEC. There are no family relationships between Mr. Goodman and any director or executive officer of the Company, and there are no transactions between Mr. Goodman and the Company that require disclosure pursuant to Item 404 of Regulation S-K. About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFitPH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $28.1 million in total assets, against $17.7 million in total liabilities. BEYOND MEAT: Adopts Employment Inducement Equity Incentive Plan --------------------------------------------------------------- Beyond Meat, Inc. disclosed in a regulatory filing that the Board of Directors approved the Beyond Meat, Inc. 2026 Employment Inducement Equity Incentive Plan. The terms of the Inducement Plan are substantially similar to the terms of the Company's 2018 Equity Incentive Plan, as amended and restated on September 28, 2025, with the exception that incentive stock options may not be issued under the Inducement Plan and awards under the Inducement Plan may only be issued to eligible recipients under the applicable rules of the Nasdaq Stock Market LLC. The Inducement Plan was adopted by the board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Board has initially reserved 10,000,000 shares of the Company's common stock for issuance pursuant to awards granted under the Inducement Plan. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to an employee who has not previously been an employee or member of the board of directors of the Company or any parent or subsidiary, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if he or she is granted such award in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. Full text copies of the Inducement Plan and the forms of restricted stock unit and stock option award agreements to be used thereunder, are available at https://tinyurl.com/52y4fnbt, https://tinyurl.com/34kv3kd3, and https://tinyurl.com/4um3ky59. About Beyond Meat Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand promise, Eat What You Love(R), represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of September 27, 2025, the Company had $599.7 million in total assets, $1.4 billion in total liabilities, and $784.1 million in total stockholders' deficit. BEYOND MEAT: Commits to $23.5MM Pea Protein Deal With Roquette -------------------------------------------------------------- Beyond Meat, Inc. disclosed in a regulatory filing that the Company and Roquette Freres entered into a Sales Agreement pursuant to which Roquette will provide the Company with pea protein. The Sales Agreement expires on December 31, 2027, subject to extension or early termination under certain circumstances. The Sales Agreement provides for pea protein to be supplied by Roquette in each of 2026 and 2027, on a purchase order basis per specified minimum annual base quantities, subject to periodic adjustment based on the Company's binding forecasted requirements throughout the term. The Company is not required to purchase and Roquette is not required to deliver pea protein in amounts in excess of such specified minimum annual quantities. The total annual amount purchased each year by the Company must be at least the minimum amount specified in the Sales Agreement, which totals in the aggregate approximately $23.5 million (subject to annual inflationary and exchange rate adjustments) over the term of the Sales Agreement. If the Company does not purchase the applicable minimum annual quantities, it will be required to pay Roquette liquidated damages calculated as a percentage of the amount the Company would have been required to pay for the unpurchased volumes in the relevant year, subject to roll over of a portion of unpurchased volumes from year to year. The Sales Agreement requires the Company to procure a $1.0 million standby letter of credit to secure its payment obligations thereunder and also provides for the Company and Roquette to indemnify one another in certain circumstances. A full text copy of the Sales Agreement is available at https://tinyurl.com/4kphyx87 About Beyond Meat Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand promise, Eat What You Love(R), represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of September 27, 2025, the Company had $599.7 million in total assets, $1.4 billion in total liabilities, and $784.1 million in total stockholders' deficit. BOMBARDIER INC: S&P Alters Outlook to Positive, Affirms 'BB-' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook to positive from stable on Montreal-based business jet manufacturer Bombardier Inc. At the same time, S&P affirmed all its ratings on the company, including its 'BB-' issuer credit rating. S&P said, "The positive outlook reflects our expectation that the company's S&P Global Ratings-adjusted debt to EBITDA will improve to the low-2x area over the next 12 months supported by growth in aftermarket and defense end markets. "We expect Bombardier Inc.'s large backlog and growth in Aftermarket and Defense will drive continued expansion of margins, earnings, and operating cash flow. "Bombardier has reduced debt in recent quarters, and we expect mid-single-digit percent EBITDA growth over the next couple of years to facilitate further deleveraging. "The positive outlook reflects our view of Bombardier's continued growth, as well as margin expansion and deleveraging. Bombardier has repaid more than $1.15 billion of debt since the start of 2025 and is well on track to achieve its net leverage target of 1.5x (per the company's calculation) within the next couple of years. This target roughly translates to an S&P adjusted debt to EBITDA ratio of 2x, which we consider low for the current rating. Our leverage calculation is about half a turn higher than the company's (2.5x vs 1.9x as of Dec. 31, 2025) due in large part to our treatment of 50% of the Bombardier's preferred shares as debt, and our inclusion of government refundable advances, pension liabilities, and leases as debt. Our forecast for further deleveraging is supported by continued earnings growth and debt reduction with S&P Global Ratings-adjusted debt of about 2.4x in 2026, 2.2x in 2027, and 2.0x in 2028. We assume Bombardier will generate mid-single digit percent annual EBITDA growth supported by 1%-2% annual increase in business jet deliveries as it executes a robust backlog along with relatively higher growth in Maintenance, Repair, and Overhaul (MRO) and Defense segments that we expect will be accretive to margins. In our view, this shift in mix of revenue toward services and defence should also enhance Bombardier's earnings diversity and stability. "In our view, demand for Bombardier's business jet offering that include the Global series (large cabin) and Challenger series (medium cabin) remains solid. We expect fleet operators, which we estimate will comprise 20%-25% of Bombardier's business jet deliveries, will continue to expand and business jet flight hours continue to grow. This incorporates our view of a shift in flying preferences among high-net-worth individuals and geopolitical tensions impacting commercial airline routes. "We expect solid free operating cash flow (FOCF) generation over the next few years to facility debt reduction and financial flexibility. After generating more than $1 billion of FOCF in 2025, we expect the company will continue its strong cash conversion with annual FOCF of $800 million – $1 billion over the next few years even as capital expenditures step up to expand manufacturing capacity, advance its defense division, and grow its global services network. Contributing to higher cash flow in our forecast is the company's lower interest burden from recent debt reduction that we estimate will reduce cash interest by about $50 million in 2026. FOCF is also supported by the company's $12 billion tax assets, which we expect will result in negligible cash taxes over the next several years. We expect the company to use excess cash generated over the next few years to continue to repay outstanding debt, fund tuck-in acquisitions that we expect would be primarily focused in the MRO segment, and fund modest shareholder distributions. "The positive outlook reflects our expectation that Bombardier will continue to reduce S&P Global Ratings-adjusted debt to EBITDA toward the low-2x area over the next 12 months. It also reflects our expectation that the company will continue to execute on its large backlog of orders while growing its MRO and Defense segments. "We could revise our outlook on Bombardier to stable within the next 12 months if we expect it to sustain S&P Global Ratings-adjusted debt to EBITDA in the mid- to high-2x area. This could occur if Bombardier's backlog declines due to lower business jet orders, potentially as a result of higher tariffs or weaker macroeconomic conditions impacting demand. This could also occur if the company experiences supply chain or operational disruptions that affect profitability and earnings or pursues a financial policy more aggressive than we currently anticipate. "We could upgrade Bombardier within the next 12 months if we expect S&P Global Ratings-adjusted debt to EBITDA in the low-2x area, supported by continued growth in MRO and Defense, as well as strong FOCF generation. In this scenario, we would expect the company to prioritize deleveraging over shareholder returns." BREAKFAST BITCH: Seeks to Hire Guidant Law as Bankruptcy Counsel ---------------------------------------------------------------- Breakfast Bitch AZ LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Guidant Law, PLC as counsel. The firm will render these services: (a) advise the Debtor with respect to all legal matters in connection with the continued operation of its business; (b) reject executory contracts and make new contracts; (c) prepare pleadings and applications and conduct of examinations incidental to administration of the bankruptcy proceedings; (d) develop the relationship status of the Debtor to the claims of creditors; (e) advise the Debtor of its rights, duties and obligations operating under Chapter 11 of the Bankruptcy Code; (f) take any and all necessary action incident to the proper preservation and administration of the bankruptcy estate; and (g) advise the Debtor in the formulation of a Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code and concerning matters relating thereto. The firm's counsel will be paid at these hourly rates: D. Lamar Hawkins, Attorney $575 Sam Saks, Attorney $475 Scott Jensen, Attorney $450 Mark Hanson, Attorney $450 Karen Bentley, Attorney $425 Cameron Cox, Associate $350 Paralegal $160 - 4200 Clerk $80 - $150 In addition, the firm will seek reimbursement for expenses incurred. Mr. Hawkins 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: D. Lamar Hawkins, Esq. Guidant Law, PLC 4320 E. Presidio Street, Suite 101 Mesa, AZ 85215 Telephone: (602) 888-9229 Facsimile: (480) 725-0087 Email: lamar@guidant.law About Breakfast Bitch AZ LLC Breakfast Bitch LLC, a restaurant operator based in Phoenix, Arizona, provides dine-in breakfast and brunch services featuring American-style comfort food, including chicken and waffles, pancakes, and egg-based dishes, while creating a high-energy, party-like dining atmosphere and branding centered on inclusivity and empowerment. The company serves individual diners and social groups seeking experiential dining. Breakfast Bitch AZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-03290) on April 3, 2026. In the petition signed by Derrell Hutsona, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Eddward P. Ballinger, Jr. oversees the case. The Debtor tapped D. Lamar Hawkins, Esq., at Guidant Law, PLC as counsel. BRUNCH ROOM: Scott Seidel Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for Brunch Room Bistro LLC. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About Brunch Room Bistro LLC Brunch Room Bistro LLC is a Texas-based dining establishment specializing in brunch-style cuisine, offering a range of breakfast and lunch menu items in a casual setting. The company operates within the food and hospitality industry. Brunch Room Bistro LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31166) on March 20, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. The Debtor is represented by Frances Anne Smith of Offit Kurman. BRVSB LLC: Frances Smith Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for BRVSB LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About BRVSB LLC BRVSB LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-31119) on March 17, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Scott W. Everett presides over the case. Manolo R. Santiago, Esq. at Herrin Law PLLC represents the Debtor as legal counsel. BRYAN BRIGGS: Court Tosses Motion for Relief from Judgment ---------------------------------------------------------- Judge William H. Orrick of the U.S. District Court for the Northern District of California denied the motion of Bryan Michael Thomas Briggs for relief from judgment in his bankruptcy case. On March 3, 2026, Judge Orrick affirmed the bankruptcy court's Order dismissing the Chapter 11 case of Mr. Briggs for failure to prosecute. That same day, he entered judgment in the case. On March 12 and 13, 2026, Mr. Briggs moved for reconsideration of the Prior Order and also filed a Petition for a Redress of Grievances. According to Judge Orrick, a motion for reconsideration is an improper vehicle to use to seek relief after entry of judgment. In light of Mr. Briggs's pro se status, however, his motion will be construed as a timely filed Rule 60 Motion for Relief from Judgment. Mr. Briggs contends that Judge Orrick made numerous errors of law and fact in the Prior Order. Judge Orrick explains, "I affirmed the bankruptcy court decision that Mr. Briggs failed to prosecute his case in bankruptcy court because he was required to appear for numerous court hearings and meetings and did not do so." Mr. Briggs's argument that the judgment is void also fails. Judge Orrick says Mr. Briggs may believe that there was a jurisdictional error given his insistence that the bankruptcy court lacked jurisdiction in the first instance, but his belief does not translate into a rule of law. If Mr. Briggs wishes to appeal this Order, he may do so before the United States Court of Appeals for the Ninth Circuit. A copy of the Court's Order dated April 9, 2026, is available at http://urlcurt.com/u?l=eYsCk6from PacerMonitor.com. Bryan Briggs filed for Chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case No. 24-4167) on September 23, 2024. The bankruptcy case was dismissed on March 3, 2026. CAL LOGISTICS: Seeks to Tap Law Office of W. Derek May as Counsel ----------------------------------------------------------------- Cal Logistics Group, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire the Law Office of W. Derek May to serve as its general insolvency counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers, duties, and compliance obligations in these proceedings, including Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Rules, and U.S. Trustee requirements; (b) prepare and assist in drafting necessary applications, motions, pleadings, reports, orders, and other legal documents required in the Chapter 11 case; (c) represent the Debtor in court proceedings, hearings, adversary proceedings, and other litigation matters affecting the bankruptcy estate; and (d) assist the Debtor in the formulation, negotiation, and implementation of a Chapter 11 plan of reorganization, including creditor negotiations and claim review and objections as needed. The Law Office of W. Derek May will be compensated at an hourly rate of $500 and received a $14,000 retainer, which has been deposited into its trust account. The Law Office of W. Derek May is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: W. Derek May, Esq. LAW OFFICE OF W. DEREK MAY 400 N. Mountain Ave., Suite 236 Upland, CA 91786 Telephone: (909) 920-0443 Facsimile: (909) 912-8114 E-mail: wdmlaw17@socalbankruptcy.net About Cal Logistics Group, LLC Cal Logistics Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal., Case No. 2:26-bk-12519) on March 17, 2026. At the time of filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. Judge Deborah J. Saltzman oversees the case. The Law Office of W. Derek May serves as the Debtor's proposed legal counsel. CAMPBELL REALTY: Gets Extension to Access Cash Collateral --------------------------------------------------------- Campbell Realty Investment Group, LLC received another extenssion from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court entered an interim order authorizing the Debtor to use cash collateral strictly in accordance with an approved budget. Spending is subject to a maximum variance of 10% per line item and overall monthly budget limits. Any changes to the budget require either court approval or consent from secured creditors. The Debtor's 13-week budget projects total operational expenses of $218,005.35. As adequate protection, secured creditors including First Guaranty Bank, Regions Bank, BARH Dunmore, LLC, and Englade Investments, LLC will receive replacement liens on post-petition assets and proceeds, excluding avoidance actions. Additional protection includes equity cushions and monthly payments of $9,000 to First Guaranty Bank and $3,500 to Englade Investments. A final hearing is scheduled for April 29, with objections due by April 22. First Guaranty Bank, as secured creditor, is represented by: Richard A. Rozanski, Esq. Richard A. Rozanski, APLC P.O. Box 13199 Alexandria, LA 71315-3199 318-445-5600 Englade Investments, as secured creditor, is represented by: Fernand L. Laudumiey, IV, Esq. Chaffe McCall, LLP 2300 Energy Centre, 1100 Poydras Street New Orleans, LA 70163-2300 Telephone: (504) 585-7000 Fax: (504) 585-7075 laudumiey@chaffe.com About Campbell Realty Investment Group Campbell Realty Investment Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12356) on Oct. 20, 2025, listing up to $10 million in both assets and liabilities. Judge Meredith S. Grabill presides over the case. Ryan J. Richard, Esq., at Sternberg, Naccari & White, LLC serves the Debtor as counsel. CAN TRAIL: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Can Trail Transportation, LLC got the green light from the U.S. Bankruptcy Court for the Central District of California, Riverside Division to use cash collateral and provide adequate protection to secured creditors. The court issued an order approving the Debtor's interim use of cash collateral through May 28 in accordance with its operating budget, subject to a 5% variance per line item per month. As adequate protection, the court authorized the Debtor to pay $476.97 monthly to BayFirst National Bank and continue payments to other secured creditors. The court also approved modification to the adequate protection terms to provide for $4,000 in monthly payments to Citizens Business Bank for certain loans. The order is available at https://is.gd/tC5aH5 from PacerMonitor.com. A final hearing is scheduled for May 28, with objections due by May 14 and replies to objections by May 21. About Can Trail Transportation L.L.C. Can Trail Transportation L.L.C. provides freight transportation services including dry and refrigerated local and intermodal over-the-road shipments, with a focus on cargo originating from the Los Angeles and Long Beach ports. The company serves clients across sectors such as B2B commercial, construction, and hazardous materials, offering LTL pick-up and tailored logistics solutions. Can Trail emphasizes reliability, safety, and customer satisfaction, leveraging experienced drivers, industry expertise, and a culture of continuous improvement to support efficient and dependable freight operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11496) on March 1, 2026. In the petition signed by Derrick Lee Cantrell, managing member, the Debtor disclosed $272,546 in assets and $1,740,024 in liabilities. Judge Scott H. Yun oversees the case. Keving Tang, Esq., at Tang & Associates, represents the Debtor as legal counsel. CARE FOR THE ELDERLY: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- Care For The Elderly, Inc. received final approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with the current budget and any future budgets, with a permitted cumulative variance of up to 15%. This flexibility allows the Debtor to manage ongoing expenses and maintain business continuity without requiring further court approval for minor deviations. All banks holding the Debtor's funds are ordered to release such funds for deposit into debtor-in-possession accounts. The Debtor's secured creditors will be granted replacement liens and superpriority administrative expense claims on the Debtor's assets (excluding avoidance actions) to the same extent and priority as their pre-petition liens, protecting them against any diminution in value of their interests. These protections are enforceable immediately and automatically perfected without additional filings. No presumption of validity is made for claims or liens held by any individual creditor unless determined by the court. The final order is available at https://shorturl.at/mXoKY from PacerMonitor.com. Care For The Elderly believes that, as of the petition date, the only creditor with a claim secured by cash collateral is the U.S. Small Business Administration, which is currently owed approximately $44,000. The Debtor is current on the payment of its monthly obligations to the SBA and intends to stay current during this bankruptcy case. About Care for the Elderly Inc. Care for the Elderly, Inc. specializes in services and programs for seniors, including the management of facilities and initiatives that promote health, safety, and quality of life. The company adheres to the regulations governing healthcare and elder care providers. Care for the Elderly, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10221) on January 11, 2026. In its petition, the Debtor reported estimated assets in the range of $10 million to $50 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P. Tamar Terzian is the patient care ombudsman appointed in the Debtor's case. CAREVIEW COMMUNICATIONS: Extends Loan Maturity With PDL to June 30 ------------------------------------------------------------------ CareView Communications Inc. disclosed in a regulatory filing that it entered into a Fourteenth Amendment to its existing Credit Agreement. The Credit Agreement, originally executed on June 26, 2015, between the Company, its wholly owned subsidiary as borrower, and PDL Investment Holdings LLC (as administrative agent and lender), has been amended numerous times since inception, including a series of modification agreements and thirteen prior amendments. As of March 30, 2026, the Company, the Borrower, the Lender, Steven G. Johnson, President and Chief Executive Officer of the Company, and Dr. James R. Higgins, a director of the Company, entered into the Fourteenth Amendment, pursuant to which the parties agreed to extend the maturity date to June 30, 2026. A full text copy of the Fourteenth Amendment to Credit Agreement is available at https://tinyurl.com/mwrb6pjz About CareView Communications Headquartered in Lewisville, Texas, CareView Communications, Inc. -- http://www.care-view.com-- is a provider of products and on-demand application services for the healthcare industry, specializing in bedside video monitoring, software tools to improve hospital communications and operations, and patient education and entertainment packages. As of December 31, 2025, the Company had $4,640,595 in total assets and $47,654,973 in total liabilities, and total stockholders' deficit of $43,014,378. Somerset, New Jersey-based Rosenberg Rich Baker Berman P.A., the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. CAROLINA FITNESS: Gets Extension to Use Cash Collateral ------------------------------------------------------- Carolina Fitness Equipment, LLC received another extension from the U.S. Bankruptcy Court for the Western District of North Carolina to use cash collateral to fund operations. At the recently held hearing, the court approved the Debtor's continued use of cash collateral and set a further hearing for May 20. Regions Bank and the U.S. Small Business Administration hold a first-priority lien and a second-priority lien on the cash collateral, respectively. Both secured creditors are adequately protected through the replacement liens on post-petition cash collateral granted to them under the court's previous interim orders. Regions Bank, as secured creditor, is represented by: Jay R. Bender, Esq. Bradley Arant Boult Cummings, LLP 214 North Tryon Street, Suite 3700 Charlotte, NC 28202 Telephone: (704) 338-6035 jbender@bradley.com About Carolina Fitness Equipment LLC Carolina Fitness Equipment, LLC sells new and used commercial and residential fitness equipment and provides installation, delivery, and maintenance services from its Belmont, North Carolina location to customers throughout the Carolinas and nearby areas. Carolina Fitness Equipment, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30091) on January 25, 2026. The company reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laura T. Beyer oversees the case. The Debtor is represented by Cole Hayes, Esq. CARROLL CREEK: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, granted Carroll Creek Whiskey, LLC final approval to use cash collateral. Under the final order, the Debtor is authorized to use cash and receivables in the ordinary course of business in accordance with an approved budget. Permitted uses include operating expenses such as overhead, taxes, insurance, utilities, raw materials, subcontractors, and other routine business costs necessary for continued operations. The Debtor must strictly comply with the budget. Any amendment requires consent from secured creditors. Variances exceeding 10% of any line item require approval from all secured creditors, the Subchapter V Trustee, and the U.S. Trustee, with deemed approval if no response is received within seven days. As adequate protection, secured creditors will be granted replacement liens on pre-petition collateral and all post-petition assets and proceeds, maintaining the same priority and validity as before the bankruptcy filing. These liens are automatically perfected without further documentation. The order preserves all parties' rights to seek additional relief or modifications and does not determine the ultimate validity or avoidability of liens. Secured creditors may request further protection if needed. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0K6xf from PacerMonitor.com. Carroll Creek Whisky's primary asset is its distilling operation and the revenue generated from it. In 2025, the Debtor earned approximately $1 million from operations. In addition to this revenue, the Debtor holds assets including bank accounts, receivables, a vehicle, equipment, tools, inventory, and merchandise, many of which are subject to liens held by secured creditors. Secured creditors include Meridian Management Group, Inc., the U.S. Small Business Administration, and Home Run, LLC, each of which holds a security interest in the Debtor's cash and cash equivalents pursuant to UCC-1 financing statements filed in Maryland. About Carroll Creek Whisky LLC Carroll Creek Whisky, LLC, doing business as Tenth Ward Distilling Company, is a woman-owned distillery based in Frederick, Maryland, founded in 2016 in the historic Tenth Ward district. The Company produces a range of spirits, including Absinthe Nouvelle, Genever Gin, Maryland Rye Whiskey, and Smoked Bourbon, as well as seasonal liqueurs and canned cocktails, with its whiskey distilled in-house using locally sourced grains. Tenth Ward Distilling also operates a cocktail bar and tasting room, hosts events in its Whiskey Hall venue, and distributes its products through retail and offsite events. Carroll Creek Whisky, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-10931) on January 29, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. No judge is identified in the employment application or related docket information provided. Law Office of David Cahn, LLC serves as the Debtor's legal counsel. CATURUS ENERGY: Fitch Assigns 'B-' Rating on Senior Unsecured Notes ------------------------------------------------------------------- Fitch Ratings has assigned Caturus Energy, LLC's (Caturus) proposed senior notes a 'B-' rating with a Recovery Rating of 'RR4'. Fitch has also placed the rating on Rating Watch Positive (RWP). Caturus' 'B-' long-term Issuer Default Rating (IDR) reflects its strong access to growing liquefied natural gas (LNG) export markets, reasonable cost structure and moderate leverage. Fitch placed the IDR on RWP after the company agreed to acquire South Texas assets from SM Energy for $950 million. The acquisition adds scale and increases the liquids percentage of production which will lead to modestly higher netbacks. The proposed new issue and $525 million of equity funding are in line with Fitch's expectations. Fitch expects to resolve the RWP upon the closing of the transaction, which will likely result in a one-notch upgrade. While not expected, this may take longer than six months. Key Rating Drivers Acquisition Increases Scale: Fitch views the acquisition favorably as it increases Caturus' scale. In 3Q25 it produced 616 million cubic feet of natural gas equivalent per day (mmcfe/d). The acquisition will increase this by around 240 million mmcfe/d, which brings the operating scale in line with higher rated peers. Additionally, the acquisition increases the liquids component of its production which will improve price realizations. An affiliate of Caturus has entered into a 220,000 gross acre development agreement with Black Stone Minerals within the Shelby Trough and Haynesville Expansion. The agreement creates a multi-year drilling program utilizing Caturus' expertise operating in basins requiring deep drilling in hot, high-pressure zones. This arrangement exists outside of Caturus Energy but may eventually provide basin diversification through dropdowns into Caturus Energy. Aggressive Growth Plans: The management team plans to run a three-rig program through 2027 and a four-rig program thereafter. This growth plan entails significant capital spending, ranging from $700 to $800 million per year, and execution risk. While the growth plan could be funded from cash flows and revolver borrowings under strip pricing, under Fitch's base case price deck, additional funding beyond the current revolver commitment would be required. Additional Debt with Improved FCF: The rating is supported by Caturus' ability to remain FCF positive under Fitch's base case price deck while maintaining flat to modestly declining production post the acquisition. This flat production scenario is Fitch's base case. The company can maintain this production while spending significantly less capital, between $400 and $600 million per year, than under the growth plan. The positive FCF provides the opportunity to repay some of the debt used to finance the acquisition over the forecast. Conservative Hedging Policy: Caturus's hedging policy supports its credit strength. The company targets hedging 75% of proved gas production two years ahead. Caturus is allowed under its revolver to hedge up to 85% of 1P production. The hedging policy provides downside protection to cash flows and stabilizes the credit profile. Fitch expects the company to add hedges on the acquired liquids production. Supportive Equity Sponsor: Kimmeridge Energy is a supportive equity sponsor with a strong record of investment in the energy sector. Mudabala's large investment in Caturus HoldCo, LLC added another supportive investor. Caturus HoldCo, LLC invested a further $125 million of equity into Cauturus in conjunction with the Mudabala investment and is contributing an additional $525 million of equity as partial funding for the acquisition. Capital Structure and Recovery: Caturus' capital structure consists of a $675 million revolver that has a borrowing base derived from the company's reserves and $500 million in senior notes. Fitch's recovery analysis results in an 'RR1' Recovery Rating for the 'BB-' reserve-based lending (RBL) and an 'RR4' Recovery Rating for the 'B-' senior notes. The additional senior debt and enlarged revolver commitment are supported by increased scale and profitability and are not likely to weaken the Recovery Ratings. Peer Analysis Caturus is a small Eagle Ford operator with 3Q25 production of 616 mmcfe/d (10% liquids). On a pro forma basis, production will increase to around 850 mmcfe/d) which is in line with Aethon United BR LP (Aethon; B/RWP; 867 mmcfepd). It remains smaller than Gulfport Energy Corporation (B+/Stable; 1,120 mmcfepd) and larger than W&T Offshore, Inc. (B-/Stable; 214 mmcfepd). In 3Q25, it generated levered cash netbacks of $1.06 per thousand cubic feet equivalent (mcfe) as compared to peers Aethon ($1.43/mcfe) and Gulfport ($1.61/mcfe). The increased liquids component to Caturus' production will increase netbacks by at least $0.20/mcfe. Under Fitch's base forecast, Caturus is projected to remain below 2x leverage throughout the forecast, which is broadly in line with peers. Fitch’s Key Rating-Case Assumptions - Revolver interest rate based on the secured overnight financing rate (SOFR) forward curve; - WTI prices of $65 per barrel (bbl) for 2026, $58/bbl for 2027 and $57/bbl thereafter; - Henry Hub prices of $3.50 per thousand cubic feet of natural gas (mcf) in 2026, $3.25/mcf for 2027, $3.00/mcf for 2028 and $2.75/mcf thereafter; - Around 50% production growth in 2025 followed by around 55% growth in 2026, 12% growth in 2027 and then flat to down; - Capex of around $860 million in 2025, around $700 million in 2026 and then between $400 and $600 million a year thereafter; - FCF used for debt repayment. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b-, Higher), 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 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Caturus would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach Caturus' GC EBITDA assumptions reflect Fitch's projections under a stressed case price deck, which assumes Henry Hub natural gas prices of $2.50 in 2026, and $2.25 thereafter. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption is 225 million, which reflects the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. The GC EBITDA was increased by $75 million from the last review due to the increased production from the acquired assets. An EV multiple of 3.75x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of the multiple considered the following factors: The historical case study exits multiples for peer companies ranged from 2.8x to 7.0x, with an average of 5.2x and median of 5.4x. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Recovery Waterfall The senior secured revolver is expected to be 80% drawn from the $675 million commitment. This reflects the expectation that in a stressed pricing environment, the borrowing base will be reduced. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' recovery for the $675 million senior secured revolver and a recovery corresponding to 'RR4' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A reduction in financial flexibility resulting from an inability to transition to positive FCF and/or excessive use of the RBL; - Deviation from stated financial policy including aggressive organic growth initiatives and/or overly debt-funded mergers and acquisitions (M&A) activity; - Mid-cycle EBITDA leverage sustained above 3.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon completion of the transaction under the terms described. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Independent of the Transaction - Growth and/or efficiency gains leading to mid-cycle EBITDA generation exceeding $500 million; - Sustained positive FCF; - Maintenance of conservative financial policy leading to mid-cycle leverage sustained below 2.5x. Liquidity and Debt Structure Liquidity is sufficient with $1 million of cash and $212 million available under the revolver as of Dec. 31, 2025. Under the base case with flat production the company generates positive FCF and is able to repay a portion of the revolver over 2026 and 2027. Issuer Profile Caturus Energy, LLC is an independent exploration & production company focused primarily on the development of natural gas properties in South Texas. The company maintains 212,000 net acres in the dry gas window of the Eagle Ford Trend. Date of Relevant Committee 19-Feb-2026 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 Caturus' revenue-weighted Climate.VS of 54 by 2035 is in line with tother North American oil and gas production companies. This score 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. The rating is not currently affected by these concerns as Fitch believes meaningful energy transition will play out over several decades. 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 ----------- ------ -------- Caturus Energy, LLC senior unsecured LT B- New Rating RR4 CBDMD INC: All Proposals Approved at 2026 Annual Meeting -------------------------------------------------------- cbdMD, Inc. held its 2026 Annual Meeting of Shareholders where seven proposals were voted upon. Of the 10,495,561 shares of common stock outstanding and entitled to vote at the 2026 Annual Meeting, 5,732,044 shares of common stock (or 54.6%), constituting a quorum, were represented in person or by proxy at the 2026 Annual Meeting. At the meeting, all the proposals were approved and the final vote on the proposals was recorded as follows: Proposal 1: The following directors were elected at the 2026 Annual Meeting of shareholders to hold office until the 2027 annual meeting of shareholders or their earlier resignation, removal or death: 1. Bakari Sellers * For: 2,224,637 * Withheld: 700,025 * Broker Non-Votes: 2,807,382 2. William F. Raines, III * For: 2,236,697 * Withheld: 687,965 * Broker Non-Votes: 2,807,382 3. Scott G. Stephen * For: 2,236,870 * Withheld: 687,972 * Broker Non-Votes: 2,807,382 4. T. Ronan Kennedy * For: 2,859,262 * Withheld: 65,400 * Broker Non-Votes: 2,807,382 5. Dr. Sybil Swift * For: 2,229,929 * Withheld: 694,733 * Broker Non-Votes: 2,807,382 6. Jeffrey Porter * For: 2,859,580 * Withheld: 65,082 * Broker Non-Votes: 2,807,382 7. Kevin Roe * For: 2,237,494 * Withheld: 687,168 * Broker Non-Votes: 2,807,382 Proposal 2: The appointment of Cherry Bekaert LLP as independent registered public accounting firm and to audit the financial statements for the fiscal year ending September 30, 2026 was ratified, based upon the following final tabulation of votes: * For: 4,098,687 * Against: 43,614 * Abstain: 1,589,743 Proposal 3: The approval and adoption of an amendment to our articles of incorporation, as amended, at the discretion of the board of directors, to effect a reverse stock split of our issued and outstanding shares of common stock, at a specific ratio, ranging from one-for-two (1:2) to one-for-ten (1:10), at any time prior to the one-year anniversary date of the 2026 Annual Meeting, with the exact ratio to be determined by the board was approved, based upon the following final tabulation of votes: * For: 3,420,668 * Against: 2,215,228 * Abstain: 96,148 Proposal 4: The proposal to approve, in accordance with NYSE American Company Guide Section 713, the issuance of shares of common stock upon the conversion of Series B Convertible Preferred Stock and accrued or potential dividend shares pursuant to those certain securities purchase agreements dated September 29, 2025 with four institutional investors, without giving effect to the exchange cap in the Series B Purchase Agreements, which may result in the issuance of more than 20% of the Company's outstanding common stock immediately prior to such issuance, potentially resulting in significant dilution to existing shareholders was approved, based upon the following final tabulation of votes: * For: 1,872,202 * Against: 1,035,956 * Abstain: 16,504 * Broker Non-Votes: 2,807,382 Proposal 5: The proposal to approve, in accordance with NYSE American Company Guide Section 713, the issuance of shares of common stock upon the conversion of Series C Convertible Preferred Stock and accrued or potential dividend shares pursuant to those certain securities purchase agreements dated December 18, 2025 with two institutional investors, without giving effect to the exchange cap in the Series C Purchase Agreements, which may result in the issuance of more than 20% of the Company's outstanding common stock immediately prior to such issuance, potentially resulting in significant dilution to existing shareholders was approved, based upon the following final tabulation of votes: * For: 1,873,290 * Against: 1,035,798 * Abstain: 15,574 * Broker Non-Votes: 2,807,382 Proposal 6: The proposal to approve, in accordance with NYSE American Company Guide Section 713, the issuance of shares of the Company's common stock pursuant to that certain securities purchase agreement dated December 15, 2025 with C/M Capital Master Fund, LP, establishing an equity line of credit under which the Company may sell shares of common stock to C/M Capital Master Fund, LP from time to time in its sole discretion, without giving effect to the exchange cap in the ELOC Agreement, which may result in the issuance of more than 20% of the Company's outstanding common stock immediately prior to such issuance was approved, based upon the following final tabulation of votes: * For: 1,868,900 * Against: 1,039,934 * Abstain: 15,828 * Broker Non-Votes: 2,807,382 Proposal 7: The proposal to approve the 2025 Equity Compensation Plan was approved, based upon the following final tabulation of votes: * For: 1,854,961 * Against: 1,052,954 * Abstain: 16,747 * Broker Non-Votes: 2,807,382 Proposal 8 for the adjournment of the 2026 Annual Meeting was moot, as there were sufficient votes to approve proposals 1 through 7. About cbdMD, Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated December 19, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has historically incurred losses, including a net loss of approximately $2 million in the current year, resulting in an accumulated deficit of approximately $179 million as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $11,782,124 in total assets, $2,774,158 in total liabilities, and $9,007,966 in total stockholders' equity. CBDMD INC: Shareholders OK 2025 Equity Compensation Plan -------------------------------------------------------- cbdMD, Inc. disclosed in a regulatory filing that the shareholders, upon recommendation of the board of directors, approved the Company's 2025 Equity Compensation Plan. The purpose of the 2025 Plan is to enable the Company to offer to its employees, officers, directors and consultants whose past, present and/or potential contributions to the Company and its subsidiaries have been, are, or will be important to the success of the Company, an opportunity to acquire a proprietary interest in the Company. The 2025 Plan initially reserves 891,316 shares of the Company's common stock for issuance pursuant to the terms of the 2025 Plan upon the grant of plan options, restricted stock awards, or other stock-based awards granted under the 2025 Plan. The 2025 Plan also contains an "evergreen formula" pursuant to which the number of shares of common stock available for issuance under the 2025 Plan will automatically increase on October 1 of each calendar year during the term of the 2025 Plan, beginning with calendar year 2026, by an amount equal to 2% of the total number of shares of common stock outstanding on September 30 of such calendar year, up to a maximum of 300,000 shares. As previously disclosed, effective November 28, 2025, the Company entered into an Executive Employment Agreement with Mr. T. Ronan Kennedy to continue serving as the Company's chief executive officer and chief financial officer. As additional compensation under the agreement, the Company granted Mr. Kennedy a restricted stock award of an aggregate of 445,000 shares of common stock, subject to approval of the 2025 Plan. The grant, vesting and issuance of shares was subject to and contingent upon shareholder approval of the 2025 Plan. Effective with the shareholder approval of the 2025 Plan, the shares are issued to Mr. Kennedy. About cbdMD, Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated December 19, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has historically incurred losses, including a net loss of approximately $2 million in the current year, resulting in an accumulated deficit of approximately $179 million as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $11,782,124 in total assets, $2,774,158 in total liabilities, and $9,007,966 in total stockholders' equity. CENTER FOR EMOTIONAL: Gets Extension to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division issued its sixth order granting Center for Emotional Health, PC interim approval to use cash collateral. Under the order, the Debtor is authorized to use cash collateral from April 10 through May 10, in accordance with an approved budget, subject to a 10% variance. The Debtor projects total operational expenses of $525,481.75. Secured creditors including Newtek Small Business Funding, LLC and the U.S. Small Business Administration assert interest in the cash collateral, which may include the Debtor's revenues. The Debtor owes Newtek and the SBA $2,195,324 and $1,969,205, respectively. As adequate protection, secured creditors will be granted a lien on the Debtor's revenue and other assets generated or acquired after the petition date, with the same extent and priority as their pre-bankruptcy lien. Additionally, $15,000 has been set aside in escrow for the patient care ombudsman's fees. The interim order is available at https://shorturl.at/kR504 from PacerMonitor.com. The next hearing is scheduled for May 5. Center for Emotional Health asserts that no alternative exists to using the cash collateral to fund its operating expenses and that its use is necessary to preserve the Debtor's ability to rehabilitate under Chapter 11. The estate's revenue from its operations constitutes cash collateral in which multiple secured creditors including the SBA, Newtek, People's Bank of Commerce/BHG, Fox Funding Group, LLC, Square Advance, Overton Funding, LLC, Bizfund, LLC, Montcfi (Mr. Advance), and Wynwood Capital Group may have a secured interest, with balances ranging from approximately $174,000 to over $2.1 million. About Center for Emotional Health PC Center for Emotional Health, PC provides outpatient mental health services, including therapy for children and adults, counseling, and medication management, operating from Salisbury, North Carolina. The practice offers treatment for substance-use disorders and specialized programs for veterans, serving patients through a combination of individual and group sessions. It is classified within the healthcare industry, specifically in behavioral and mental health services. Center for Emotional Health sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04478) on November 10, 2025, listing between $1 million and $10 million in assets and liabilities. Jonathan Stoudmire, president of Center for Emotional Health, signed the petition. Judge Pamela W. McAfee oversees the case. Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as bankruptcy counsel. CFN ENTERPRISES: Needs Additional Time to Complete 2025 Financials ------------------------------------------------------------------ CFN Enterprises Inc. filed Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the period ended December 31, 2025. The Company has determined that it was unable to file the Annual Report within the prescribed time period without unreasonable effort or expense. Additional time is necessary as the Company is still working on the completion of the financial statements for the period ended December 31, 2025. The Company expects to file the Annual Report within the 15-calendar day extension period provided by Rule 12b-25. About CFN Enterprises Inc. CFN Enterprises Inc owns and operates as a media agency. The Company offers creative and media network solutions for cannabis industry. CFN Enterprises serves customers in the United States. Los Angeles, Calif.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $5,527,251 in total assets, $28,243,714 in total liabilities, and $22,716,463 in total stockholders' deficit. CHAMPION SCHOOLS: S&P Assigns 'BB' Rating on 2026 Revenue Bonds --------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term rating to the Sierra Vista Industrial Development Authority, Ariz.'s $12.26 million series 2026 education facility revenue and refunding bonds (Champion Schools project), issued for Champion Schools, Inc. (Champion), Ariz. At the same time, S&P affirmed its 'BB' long-term rating on the authority's series 2025 and series 2024 education facility revenue bonds (Champion Schools project), issued for Champion; and on the Industrial Development Authority of the County of Pima, Ariz.'s series 2017 education facility revenue bonds (Champion Schools project), also issued for Champion. The outlook is stable. S&P said, "We believe the school's governance structure lends itself to somewhat elevated governance risk given the close familial relationship between members of the school's management team and its board of directors, in addition to key-person risk. We view environmental and social risk factors as neutral in our credit analysis. "The stable outlook reflects our view that over the next year, Champion will meet its financial and enrollment growth projections, resulting in positive operations, sufficient MADS coverage, and growing DCOH. We expect the school will maintain its healthy demand profile and excellent academics, with no negative charter findings of significance. In addition, our outlook is based on expectations that Champion will not incur any material amounts of additional debt over the outlook period. "We could lower the rating during the one-year outlook period if the school misses enrollment projections such that financial performance or MADS coverage weakens, or if DCOH decreases materially. "We would consider a positive rating action if the school can successfully increase enrollment and strengthen and sustain financial margins and liquidity at levels commensurate with a higher rating." CHARLIE'S HOLDINGS: Swings to $4.5 Million Net Income in 2025 ------------------------------------------------------------- Charlie's Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net income of $4,499,000 for the year ended December 31, 2025, compared to a net loss of $4,159,000 for the year ended December 31, 2024. Revenues for the year ended December 31, 2025, was $20,916,000 compared to $7,765,000 in the prior period. Previously, in an audit reported dated May 29, 2025, attached on the Company's Annual Report for the fiscal year ended December 31, 2024, Urish Popeck & Co., LLC issued a "going concern" qualification, citing that the Company has incurred significant operating losses, negative cash flows from operations, and had an accumulated deficit, which raised substantial doubt about the Company's ability to continue as a going concern. In the audit report dated March 31, 2026, Urish Popeck stated that the ability of the Company to continue as a going concern is dependent on their ability to increase revenues, procure cost-effective financing, and continue its business development efforts to support the PMTA process for the Company's submissions to the FDA. Management intends to continue to fund its business by way of public or private offerings of the Company's stock or through loans from related parties and private funding, in order satisfy the Company's obligations as they come due for at least one year from the financial statement issuance date. Management believes any substantial doubt has been alleviated as they expect increase revenues and profitability to continue. Management's plans include: (i) streamlining profitable product lines (ii) focusing on the procurement of the FDA approval on the nicotine product line (iii) increasing marketing efforts. For the year ended December 31, 2025, the Company's revenue increased, the Company incurred a loss from operations of approximately $2,165,000, and a net income from continuing operations of approximately $4,318,000. Net cash used in continuing operating activities was approximately $6,314,000. The Company had a stockholders' equity of $3,423,000 at December 31, 2025. During the year ended December 31, 2025, the Company's working capital was increased to $3,137,000 from a deficit of $1,855,000 as of December 31, 2024. During the year ended December 31, 2025, the Company entered into and closed an Asset Purchase Agreement and subsequent amendment with one of the world's largest tobacco companies pursuant to which the Buyer purchased 16 of the Company's PACHA synthetic products and related assets that are covered by a premarket tobacco application first submitted by the Company in 2022. The combined purchase price for the Assets was $6.5 million paid at closings in April and May 2025, and an additional $1.0 million paid at closings in August 2025, plus a contingent one-time payment of up to $4.2 million based on product sold by the Buyer during the one year following the first day of commercialization of the Assets. The proceeds from these transactions have significantly improved the Company's liquidity position, reduced outstanding obligations, and strengthened working capital. In addition, management has implemented and continues to execute on initiatives designed to enhance operating performance and liquidity, including: (i) focusing on growth in the Company's non-combustible, alternative alkaloid (non-nicotine) products, (ii) advancing regulatory approval efforts for the Company's nicotine product portfolio, and (iii) the continued development of intellectual property related to product access and compliance. The Company is also pursuing additional strategic transactions, including potential PMTA-related asset sales, which may provide incremental liquidity. Based on these factors, management believes the Company is adequately capitalized to support its operations and meet its obligations as they come due for at least the next 12 months. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/7p3zteda About Charlie's Holdings Charlie's Holdings, Inc. formulates, markets, and distributes nicotine-based and alternative alkaloid vapor products through its subsidiary. Its products are manufactured by contract partners and sold via specialty retailers, distributors, and online resellers across the United States and select international markets. As of December 31, 2025, the Company had $11,564,000 in total assets, $8,141,000 million in total liabilities, and $3,423,000 in total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of Charlie's Holdings, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. CHOBANI LLC: Moody's Assigns B2 CFR & Rates New $775MM Notes B3 --------------------------------------------------------------- Moody's Ratings assigned a B2 Corporate Family Rating and B2-PD Probability of Default Rating to Chobani, LLC ("Chobani") and assigned a B3 rating to Chobani, LLC's proposed $775 million backed senior unsecured notes. All other ratings remain unchanged, including Chobani Holdco II, LLC's ("Chobani Holdco") B2 CFR, B2-PD PDR, and Caa1 rating on its senior unsecured pay-in-kind (PIK) toggle notes ("HoldCo notes"), as well as Chobani, LLC's existing instrument ratings, including the B3 rating on its backed senior unsecured notes and the Ba3 ratings on its backed senior secured debt (first-lien revolving credit facility, term loan, and secured notes). The positive outlooks are unaffected. Chobani will utilize proceeds from the proposed $775 million issuance of senior unsecured notes due 2034 along with cash on hand to fully redeem the HoldCo notes at Chobani Holdco with an approximate principal balance of $726 million as of December 2025 and to pay related fees and expenses. Moody's expects to withdraw the B2 CFR and B2-PD PDR at Chobani Holdco, and the Caa1 rating on the HoldCo notes following their full redemption. Moody's expects the proposed transactions to modestly reduce total interest expense due to the elimination of the high coupon HoldCo notes (8.75% cash / 9.50% PIK). These transactions follow the company's $650 million equity capital raise in the fourth quarter of 2025 at an indirect parent of Chobani Holdco, the proceeds of which ultimately strengthened liquidity at Chobani, LLC to help fund its sizable capacity expansion projects. Moody's recently revised the outlooks to positive, reflecting the company's deleveraging driven by earnings growth and its good liquidity position. Please see Moody's 11-Mar-2026 press release for additional details on the rationale for the outlook change from stable to positive. RATINGS RATIONALE Chobani's B2 CFR reflects its concentration in the competitive yogurt category, and execution risk associated with its high-paced innovation strategy, which includes both new product launches and the scaling of relatively new offerings within its portfolio. Chobani is in the midst of a multiyear capacity expansion plan and over the course of two years (2025 and 2026) is expected to invest more than $1.4 billion. These growth initiatives are capital intensive and carry some uncertainty around sustained commercial success, adding risk to the company's earnings trajectory while investments to expand capacity to meet demand will keep free cash flow negative for at least the next year. Nonetheless, these investments reflect the company's commitment to growth and product diversification, and are supported by underlying demand fundamentals that align with evolving consumer preferences. Chobani is pacing the capacity expansion to the level of commercial commitments from customers. The credit profile also reflects governance risks, including an aggressive financial policy and concentrated control by the founder, Hamdi Ulukaya, who also holds key senior executive roles including the CEO and chairman positions. Still, event risk has decreased following the full redemption of Healthcare of Ontario Pension Plan's (HOOPP) preferred equity stake in 2025 partly by the company and the remainder by the founder, and the proposed redemption of the HoldCo notes. In addition, the $650 million equity raise in 4Q25 significantly bolstered liquidity as the company invests heavily in capacity over the next few years. Chobani's credit profile is supported by its leading share in the US Greek yogurt category, growing market share, strong brand equity that supports expansion into adjacent categories, and favorable health and wellness trends, particularly around rising protein consumption. Additionally, the expected improvement in financial metrics, strong growth profile, and continued margin expansion position it strongly within the rating category, and are expected to drive deleveraging. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The positive outlook reflects Moody's expectations that Holdco debt-to-EBITDA leverage (Moody's adjusted) will decline to below 4.0x over the next 12–18 months, supported by strong category trends, ongoing innovation, and expanded production capacity. Free cash flow is expected to remain negative over this period as Chobani continues to invest heavily in capacity to support rising demand. However, the $650 million equity raise in the fourth quarter of 2025 substantially strengthened liquidity and supports funding of the company's investment program. A rating upgrade could occur if Chobani enhances product diversification, sustainably grows earnings supported by consistent revenue and EBITDA margin expansion, generates consistent and solid free cash flow, and sustains debt-to-EBITDA below 4.5x. A rating downgrade could occur if operating performance weakens due to factors such as revenue declines or EBITDA margin deterioration. A downgrade could also occur if liquidity deteriorates, free cash flow is not maintained at a comfortably positive level, debt-to-EBITDA is sustained above 6.0x, or the financial policy becomes more aggressive. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. Chobani's B2 CFR is two notches below the Ba3 scorecard-indicated outcome, reflecting the need for elevated capital spending to support the company's sizable capacity expansion initiatives, which is in turn driving negative free cash flow, and its weak cash flow credit metrics that are not fully captured by the scorecard. COMPANY PROFILE Chobani, based in New York, is a leading manufacturer of Greek yogurt, with a growing presence in the coffee creamer, ready-to-drink ("RTD") coffee, and oat milk categories. A majority of the company's products are sold under the "Chobani" brand. In December 2023, the company acquired La Colombe, an independent coffee roaster with retail locations and RTD offerings. The company is majority owned by its founder and CEO, Hamdi Ulukaya, with Keurig Dr Pepper Inc. ("KDP") also holding an ownership interest. On October 16, 2025, Chobani announced a $650 million equity capital raise at FHU US Holdings, LLC, Chobani's indirect parent, which introduced new investors to the ownership structure. Chobani, LLC's debt is guaranteed by certain domestic wholly-owned subsidiaries and its intermediate parent, Chobani Global Holdings, LLC. Chobani Holdco II, LLC is a direct intermediate holding company of Chobani Global Holdings, LLC. Chobani generated revenue of approximately $3.8 billion for the fiscal year ended December 27, 2025. CONSTRUCT GROUP: Taps Professional Management Systems as Accountant ------------------------------------------------------------------- Construct Group S.E. Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Professional Management Systems, Inc. as accountant. The firm will provide tax advice and accounting/bookkeeping services to the Debtor. Georgia Evans, CPA, the primary accountant in this representation, will charge an hourly rate of $65 for bookkeeping staff, $85 for her hourly time, and $125 per hour for communications with the Debtor's counsel. The accountant 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: Georgia Evans Professional Management Systems, Inc. 4590 Coach Lane Chipley, FL 32428 About Construct Group S.E. Inc. Construct Group S.E. Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-40125) on March 4, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor tapped Bruner Wright, PA as counsel and Professional Management Systems, Inc. as accountant. COSMOS HEALTH: Information Compilation Delays 2025 Annual Report ---------------------------------------------------------------- Cosmos Health Inc. disclosed in a regulatory filing that it could not complete the filing of its Annual Report on Form 10-K for the period ended December 31, 2025 due to delays in obtaining and compiling information to be included in its Form 10-K, including, but not limited to, its XBRL filing, which delay could not be eliminated by the Company without unreasonable effort and expense. About Cosmos Health Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. As of September 30, 2025, Cosmos Health had $69,492,758 in total assets, $46,357,874 in total liabilities, and a total stockholders' equity of $23,134,884. New York, N.Y.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. COSTAL DEVELOPMENT: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a second interim order allowing Costal Development Group LLC to continue using cash collateral. Under the order, the Debtor is authorized to use cash collateral for court-approved expenses and necessary operating costs outlined in an approved budget, with flexibility of up to 10% per line item. Additional expenditures may be made with written consent from Libertas Funding, LLC, the secured creditor. This authorization is limited to a four-week period but may be extended by agreement of the parties and court approval. To protect the secured creditor, Libertas is granted replacement liens on post-petition cash collateral with the same validity and priority as its prepetition liens. Additionally, the Debtor must provide detailed reporting within ten days, including the status of construction projects, payment obligations to subcontractors, and information about potential or pending new projects. The Debtor must comply with all duties of a debtor-in-possession, including U.S. Trustee reporting requirements, and maintain proper insurance coverage. The order preserves the rights of all parties to seek further protections or challenge liens, and the Court retains jurisdiction. A continued hearing is scheduled for May 7. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/yK1JX from PacerMonitor.com. About Costal Development Group LLC dba Covenant Development Group Costal Development Group LLC dba Covenant Development Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-01353-TPG) on February 27, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. LATHAM, LUNA, EDEN & BEAUDINE, LLP is Debtor's legal counsel. CYCLERION THERAPEUTICS: Amends Offer Letter With CEO ---------------------------------------------------- Cyclerion Therapeutics, Inc. disclosed in a regulatory filing that the Company entered into an amended and restated offer letter with Regina Graul, Ph.D., the Company's President and Chief Executive Officer. Under the A&R Graul Offer Letter, Ms. Graul will be entitled, at the Board's discretion, to receive a bonus of up to $150,000 payable upon the consummation of transaction with Korsana Biosciences, Inc. resulting in a change of control of Cyclerion. Ms. Graul is also entitled to: (i) severance pay of nine months' base salary, (ii) acceleration of vesting of any then unvested shares under then unvested and outstanding Cyclerion equity or equity-based awards and (iii) health insurance premium contributions for 12 months, in each case, following termination without cause or resignation for Good Reason (as defined in the A&R Graul Offer Letter). A full text copy of the A&R Graul Offer Letter is available at https://tinyurl.com/3f67fc6b About Cyclerion Therapeutics Inc. Cyclerion Therapeutics, Inc. is a biopharmaceutical company focused on identifying, developing, and delivering promising therapies for central nervous system (CNS) diseases. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has limited financial resources, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $9,985,000 in total assets, $900,000 in total current liabilities, and $9,085,000 in total stockholders' equity. CYCLERION THERAPEUTICS: Signs Merger Deal With Korsana Biosciences ------------------------------------------------------------------ Cyclerion Therapeutics, Inc. disclosed in a regulatory filing that the Company and its wholly owned subsidiaries -- Cariboos Merger Sub Corp., a Delaware corporation and Cariboos Merger Sub II, LLC, a Delaware limited liability company -- and Korsana Biosciences, Inc., a Delaware corporation, entered into an Agreement and Plan of Merger and Reorganization, pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement: (i) First Merger Sub will merge with and into Korsana, with Korsana continuing as a wholly owned subsidiary of Cyclerion and the surviving corporation of the merger, an (ii) immediately following the First Merger and as part of the same overall transaction as the First Merger, Korsana will merge with and into Second Merger Sub. The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger: (a) each then-outstanding share of Korsana common stock and Korsana preferred stock designated as "Series A Preferred Stock" will be converted into the right to receive a number of shares of Cyclerion common stock calculated in accordance with the Merger Agreement; provided, that in the event the aggregate number of shares of Cyclerion common stock issuable to holders of Korsana capital stock would result in the issuance of shares of Cyclerion common stock to a holder in excess of a specified percentage (initially set at a percentage up to 14.99%) total outstanding shares of Cyclerion common stock, then Cyclerion will issue to any such holder (x) shares of Cyclerion common stock up to such holder's Beneficial Ownership Limitation and (y) in lieu of any shares in excess of such holder's Beneficial Ownership Limitation, pre-funded warrants, to purchase a number of shares of Cyclerion common stock upon exercise of such Pre-Funded Warrants equal to such excess shares (b) each then-outstanding share of Korsana preferred stock designated as "Series Seed Preferred Stock" will be converted into the right to receive a number of shares of Series B Preferred Stock of Cyclerion calculated in accordance with the Merger Agreement (c) each then-outstanding option to purchase shares of Korsana capital stock will be assumed by Cyclerion, subject to adjustment as set forth in the Merger Agreement, (d) each then-outstanding restricted stock unit award for shares of Korsana capital stock will be assumed by Cyclerion, subject to adjustment as set forth in the Merger Agreement and (e) each then-outstanding warrant to purchase shares of Korsana capital stock will be assumed by Cyclerion, subject to adjustment as set forth in the Merger Agreement. Under the terms of the Merger Agreement, prior to the closing of the Merger, the board of directors of Cyclerion will accelerate the vesting of all equity awards of Cyclerion then outstanding but not then vested or exercisable. Each option to acquire shares of Cyclerion common stock with an exercise price per share greater than the volume weighted average closing trading price of a share of Cyclerion common stock on The Nasdaq Capital Market for the five consecutive trading days ending three trading days immediately prior to the date that is five business days before the date of the Cyclerion shareholder meeting will be cancelled in accordance with the terms of the Merger Agreement. At the closing of the Merger, each option to acquire shares of Cyclerion common stock with an exercise price less than or equal to the Parent Closing Price will be cancelled and converted into the right to receive an amount in cash without interest, less applicable tax withholding, equal to the product obtained by multiplying: (i) the excess of the Parent Closing Price over the exercise price per share of the Cyclerion common stock underlying such option by (ii) the number of shares of Cyclerion common stock underlying such option. Pursuant to the Exchange Ratio formula in the Merger Agreement, upon the closing of the Merger (and prior to closing of the financing described below), on a pro forma basis and based upon the number of shares of Cyclerion common stock expected to be issued in the Merger, pre-Merger Korsana stockholders will own approximately 1.5% of the combined company and pre-Merger Cyclerion shareholders will own approximately 98.5% of the combined company. For purposes of calculating the Exchange Ratio: (i) shares of Cyclerion common stock underlying options to purchase shares of Cyclerion common stock with an exercise price less than or equal to the Parent Closing Price and other rights to receive shares of Cyclerion common stock (other than options to acquire shares of Cyclerion common stock, to the extent cancelled at or prior to closing of the Merger in accordance with the Merger Agreement) outstanding as of immediately prior to the closing of the Merger will be deemed to be outstanding (on a fully-diluted and as-converted to Cyclerion common stock basis), and (ii) all shares of Korsana common stock underlying outstanding Korsana stock options, restricted stock units, warrants and other rights to receive shares of Korsana capital stock will be deemed to be outstanding (on a fully-diluted and as-converted to Korsana common stock basis), except for certain stock options and other equity awards made to directors, employees, consultants and other service providers of Korsana. The Exchange Ratio will be adjusted to the extent that Cyclerion net cash at closing is less than or greater than $0 and will be based on the amount of proceeds actually received by Korsana in the financing transaction described below, as further described in the Merger Agreement. In connection with the Merger, Cyclerion will seek the approval of its shareholders to, among other things: (a) issue shares of Cyclerion common stock issuable in connection with the Merger (including the shares of Cyclerion common stock issuable under the Series B Preferred Stock) and the financing described below under the rules of Nasdaq, and (b) amend its restated articles of organization to: (i) change the name of Cyclerion to Korsana Biosciences, Inc. (ii) effect a reverse stock split of Cyclerion common stock (iii) increase the number of shares of Cyclerion common stock that Cyclerion is authorized to issue, (iv) redomicile Cyclerion from Massachusetts to such jurisdiction as may be determined by Korsana, (v) designate shares of Cyclerion's preferred stock as the Series B Preferred Stock and (vi) such other changes as are mutually agreeable to Cyclerion and Korsana. In connection with these matters, Cyclerion intends to file with the Securities and Exchange Commission a registration statement on Form S-4, which will include a proxy statement and other relevant materials relating to a meeting of Cyclerion shareholders to be held in connection with the Cyclerion Voting Proposals. Each of Cyclerion and Korsana has agreed to customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants relating to: (1) using commercially reasonable efforts to obtain the regulatory approvals required by applicable law, (2) nonsolicitation of alternative acquisition proposals, (3) the conduct of their respective businesses during the period between the date of signing the Merger Agreement and the closing of the Merger, (4) Cyclerion using commercially reasonable efforts to maintain the existing listing of the Cyclerion common stock on Nasdaq and cause the shares of Cyclerion common stock to be issued in connection with the Merger to be approved for listing on Nasdaq prior to the closing of the Merger, and (5) Cyclerion filing with the SEC the Form S-4. Consummation of the Merger is subject to certain closing conditions, including, among other things; (1) approval by requisite Cyclerion shareholders of the Cyclerion Voting Proposals, (2) approval by the requisite Korsana stockholders of the adoption and approval of the Merger Agreement and the transactions contemplated thereby, (3) Nasdaq's approval of the listing application to be submitted in connection with the Merger, (4) Cyclerion's Form S-4 becoming effective in accordance with the Securities Act of 1933, as amended, and not being subject to any stop order or proceeding seeking a stop order, (5) the expiration of any applicable waiting periods (or extensions thereof) under the Hart Scott-Rodino Antitrust Improvements Act of 1976, as amended, and (6) the securities purchase agreement (described below) being in full force and effect providing for the receipt of not less than $150,000,000. Each party's obligation to consummate the Merger is also subject to other specified customary conditions, including regarding the accuracy of the representations and warranties of the other party, subject to the applicable materiality standard, and the performance in all material respects by the other party of its obligations under the Merger Agreement required to be performed on or prior to the date of the closing of the Merger. The Merger Agreement contains certain termination rights of each of Cyclerion and Korsana. Upon termination of the Merger Agreement under specified circumstances, Cyclerion may be required to pay Korsana a termination fee and Korsana may be required to pay Cyclerion a termination fee. Pursuant to Articles of Amendment to Cyclerion's restated articles of organization to be filed by Cyclerion with the Secretary of the Commonwealth of Massachusetts in connection with the Merger Agreement and the transactions thereunder, Cyclerion will establish the terms of a new series of preferred stock of Cyclerion designated as Series B Non-Voting Convertible Preferred Stock, no par value per share. Holders of the Series B Preferred Stock will be entitled to receive dividends on shares of Series B Preferred Stock equal to, on an as-if-converted-to-Cyclerion common stock basis, and in the same form as dividends actually paid on shares of the Cyclerion common stock. Except as otherwise required by the Articles of Amendment or law, the Series B Preferred Stock will not have voting rights. However, as long as any shares of Series B Preferred Stock are outstanding, Cyclerion will not, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series B Preferred Stock: (a) alter or change adversely the powers, preferences or rights given to the Series B Preferred Stock (b) alter or amend the description of rights of the Series B Preferred Stock set forth in its articles of organization (c) amend its articles of organization, bylaws or other charter documents in any manner that adversely affects any rights of the holders of the Series B Preferred Stock (d) file any articles of amendment, description of rights, preferences, limitations and relative rights of any series of Preferred Stock (as defined in the Articles of Amendment), if such action would adversely alter or change the preferences, rights, privileges or powers of, or restrictions provided for the benefit of the Series B Preferred Stock (e) issue further shares of the Series B Preferred Stock or increase or decrease (other than by conversion) the number of authorized shares of the Series B Preferred Stock (f) at any time while at least 30% of the originally issued Series B Preferred Stock remains issued and outstanding: (i) consummate either (A) a Fundamental Transaction (as defined in Cyclerion's articles of organization) or (B) any merger or consolidation of Cyclerion or other business combination in which the shareholders of Cyclerion immediately before such transaction do not hold at least a majority of the capital stock of Cyclerion immediately after such transaction (ii) increase the size of the Board, (iii) adopt, amend or repeal any written delegation of authority policy, corporate authority matrix or similar document, framework or schedule unless approved by the unanimous vote of the Board, or (iv) retain or replace Cyclerion's registered independent public accounting firm, independent compensation consultant or corporate counsel, or (g) enter into any agreement with respect to any of the foregoing. The Articles of Amendment provide that for so long as at least 30% of the Series B Preferred Stock remains issued and outstanding: (i) the holders of record, exclusively and voting together as a separate class on an as-converted to common stock basis, shall be entitled to elect four directors of Cyclerion (the "Preferred Directors"); and (ii) the holders of record of the shares of common stock and of any other class or series of voting stock (including the Series B Preferred Stock), exclusively and voting together as a single class on an as-converted to common stock basis, shall be entitled to elect the balance of the total number of directors of Cyclerion; provided, however, for administrative convenience, the initial Preferred Directors may also be appointed by the Board in connection with the approval of the initial issuance of Series B Preferred Stock without a separate action by the holders. The Series B Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of Cyclerion. Following the closing of the Merger, each share of Series B Preferred Stock then outstanding shall be convertible, at any time and from time to time, at the option of the holder of the Series B Preferred Stock, into a number of shares equal to 1,000 shares of Cyclerion common stock, subject to certain limitations, including that a holder of Series B Preferred Stock is prohibited from converting shares of Series B Preferred Stock into shares of Cyclerion common stock if, as a result of such conversion, such holder, together with its affiliates, would beneficially own more than a specified percentage (initially set at 19.99%) of the total number of shares of Cyclerion common stock issued and outstanding immediately after giving effect to such conversion. The transaction has received approval by the Board of Directors of both companies and is expected to close in the third quarter of 2026, subject to certain closing conditions, including, among other things, approval by the shareholders of Cyclerion and the stockholders of Korsana and the satisfaction of customary closing conditions. At the effective time of the Merger, the Board is expected to consist of six members, all of whom will be designated by Korsana. Upon the closing of the transaction, the combined company will be led by Korsana's president and chief executive officer. Financing Transaction Concurrently with the execution and delivery of the Merger Agreement, certain institutional and accredited investors have entered into a securities purchase agreement with Korsana, pursuant to which they have agreed, subject to the terms and conditions of such agreements, to purchase immediately prior to the Effective Time, shares of Korsana common stock and pre-funded warrants for an aggregate purchase price of approximately $380 million in a private placement. The closing of the Private Placement is conditioned on the satisfaction or waiver of the conditions set forth in the Merger Agreement (in addition to other customary closing conditions) and is expected to occur immediately prior to the Effective Time. The Purchase Agreement contains customary representations and warranties of Korsana, on the one hand, and the investors, on the other hand, and customary indemnification provisions. The Private Placement is also subject to approval of Korsana's stockholders which is expected to be received at the same time as the approval of the Merger. Pursuant to the terms of the Purchase Agreement, at closing of the Private Placement, Korsana will enter into a Registration Rights Agreement with the purchasers of the PIPE Securities, which will provide for the registration and resale of the Cyclerion common stock issuable in exchange for the PIPE Securities upon closing of the Merger and the shares of Cyclerion common stock issuable upon exercise of the pre-funded warrants following the Merger, in accordance with the terms of the Registration Rights Agreement. Shares of Korsana common stock and pre-funded warrants issued pursuant to this financing transaction will be converted into shares of Cyclerion common stock and pre-funded warrants to acquire shares Cyclerion common stock, in accordance with the Exchange Ratio and the Merger Agreement. Contingent Value Rights Agreement At or prior to the Effective Time, Cyclerion will enter into a Contingent Value Rights Agreement with a rights agent pursuant to which Cyclerion's pre-Merger shareholders will receive one contingent value right for each outstanding share of Cyclerion common stock and Cyclerion preferred stock held by such shareholder on such date. Each CVR will represent the contractual right to receive certain net proceeds, if any, derived from any consideration that is paid to Cyclerion as a result of the disposition of Cyclerion's pre-Merger legacy assets, net of any indemnity obligations, transaction costs and certain other expenses, during the period beginning on the date of the closing of the Merger and ending: (i) with respect to the sale, transfer, license or other disposition of all pre-Merger legacy assets other than those pre-Merger legacy assets described in the following clauses (ii) and (iii), upon the second (2nd) anniversary of the Closing Date, (ii) with respect to Cyclerion's right to receive payments under that License Agreement, dated June 3, 2021, between Cyclerion and Akebia Therapeutics, Inc., the earlier of (A) the fifteenth (15th) anniversary of the date of entry into the CVR Agreement and (B) the expiration or earlier termination by Akebia Therapeutics, Inc. of the Akebia License Agreement pursuant to its terms, and (iii) with respect to the sale, transfer or other disposition of the shares of common stock of Tisento Therapeutics Holdings, Inc. that were acquired by Cyclerion pursuant to that certain Asset Purchase Agreement, dated May 13, 2023, by and among Cyclerion, Tisento and JW Cycle, Inc., the earliest of (A) nine (9) months following the date of the consummation of Tisento's initial public offering pursuant to a registration statement filed with, and declared effective by, the Securities and Exchange Commission pursuant to the Securities Act, (B) the sale of Tisento, and (C) the seventh (7th) anniversary of the Closing Date. The contingent payments under the CVR Agreement, if they become payable, will become payable to the Rights Agent for subsequent distribution to the holders of the CVRs. In the event that no such proceeds are received, holders of the CVRs will not receive any payment pursuant to the CVR Agreement. There can be no assurance that any holders of CVRs will receive any payments with respect thereto. The right to the contingent payments contemplated by the CVR Agreement is a contractual right only and will not be transferable, except in the limited circumstances specified in the CVR Agreement. The CVRs will not be evidenced by a certificate or any other instrument and will not be registered with the SEC. The CVRs will not have any voting or dividend rights and will not represent any equity or ownership interest in Cyclerion or any of its affiliates. No interest will accrue on any amounts payable in respect of the CVRs. Support Agreements and Lock-Up Agreement Concurrently with the execution of the Merger Agreement: (i) certain stockholders of Korsana (solely in their respective capacities as Korsana stockholders) holding approximately 43.9% of the outstanding shares of Korsana capital stock have entered into support agreements with Cyclerion and Korsana to vote all of their shares of Korsana capital stock in favor of the adoption and approval of the Merger Agreement and the transactions contemplated thereby and against any alternative acquisition proposals and (ii) the directors and officers of Cyclerion holding approximately 24.2% of the outstanding shares of Cyclerion common stock have entered into support agreements with Cyclerion and Korsana to vote all of their shares of Cyclerion common stock in favor of the Cyclerion Voting Proposals and against any alternative acquisition proposals. Concurrently with the execution of the Merger Agreement, certain executive officers, directors and stockholders of Korsana have entered into lockup agreements pursuant to which, subject to specified exceptions, they have agreed not to transfer their shares of Cyclerion common stock for the 180-day period following the closing of the Merger. Full text copies of the Merger Agreement, the form Articles of Amendment, the form of Korsana Support Agreement, the form of Cyclerion Support Agreement, the form of Purchase Agreement, the form of Registration Rights Agreement, the form of Lock-Up Agreement and the form of CVR Agreement, are available as Exhibits to the Current Report on Form 8-K, available at https://tinyurl.com/wmcb9cvs About Cyclerion Therapeutics, Inc. Cyclerion Therapeutics, Inc. is a biopharmaceutical company focused on identifying, developing, and delivering promising therapies for central nervous system (CNS) diseases. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has limited financial resources, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of December 31, 2025,the Company had $9,985,000 in total assets, $900,000 in total current liabilities, and $9,085,000 in total stockholders' equity. CYTOSORBENTS CORP: Receives Extension to Meet Nasdaq Bid Price Rule ------------------------------------------------------------------- CytoSorbents Corp. disclosed in a regulatory filing that it received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC advising that the Company has been granted a 180-day extension, or until September 28, 2026, to regain compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on Nasdaq, as set forth in Nasdaq Listing Rule 5550(a)(2), in accordance with Nasdaq Listing Rule 5810(c)(3)(A). If at any time prior to September 28, 2026, the bid price of the Company's common stock, par value $0.001 per share, closes at $1.00 per share or more for a minimum of 10 consecutive trading days, the Company will regain compliance with the Minimum Bid Price Requirement. The Extension Notice has no immediate effect on the listing of the Common Stock on Nasdaq and does not affect the Company's reporting requirements with the Securities and Exchange Commission. As previously disclosed on its Current Report on Form 8-K filed with the SEC on October 3, 2025, the Company received a letter on October 2, 2025, from the Staff indicating that, based upon the closing bid price of the Common Stock, for the preceding 30 consecutive business days, the Company was not in compliance with the Minimum Bid Price Requirement. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided 180 days, or until March 31, 2026, to regain compliance with the Minimum Bid Price Requirement. The Company intends to continue actively monitoring the bid price for its Common Stock between now and September 28, 2026, and to continue considering available options to resolve the deficiency and regain compliance with the Minimum Bid Price Requirement. These options include, but are not limited to, effecting a reverse stock split, if necessary. There can be no assurance that the Company will regain compliance with the Minimum Bid Price Requirement during the additional 180-day compliance period or that the Company's Common Stock will not be delisted from Nasdaq. About CytoSorbents Based in Princeton, New Jersey, CytoSorbents Corp. develops and markets blood purification technologies for intensive care and cardiac surgery. Its proprietary adsorbent, porous polymer platform is deployed through U.S. and international subsidiaries, including operations in New Jersey, Berlin, India, and Dubai, supporting research, development, and commercialization of its medical devices. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 29, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operations, and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $44.2 million in total assets and $38.3 million in total liabilities, and total stockholders' equity of $5.9 million. DAVID SHANE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: David Shane Welch, DMD, PC 6300 Airport Blvd, Suite A Mobile, AL 36608 Business Description: David Shane Welch DMD PC operates a dental practice in Mobile, Alabama, providing preventive, restorative, and cosmetic dentistry services to individual patients. Led by Dr. David Shane Welch, the practice delivers routine oral health care and treatment services and operates at its Airport Boulevard location. Chapter 11 Petition Date: April 7, 2026 Court: United States Bankruptcy Court Southern District of Alabama Case No.: 26-11003 Judge: Hon. Jerry C Oldshue Debtor's Counsel: Alexandra K Garrett, Esq. SILVER VOIT GARRETT & WATKINS 23210 Highway 98, Suite B2 Fairhope, AL 36532 Tel: (251) 343-0800 E-mail: agarrett@silvervoit.com Total Assets: $2,255,279 Total Liabilities: $3,028,079 The petition was signed by David Shane Welch, DMD, 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/GHGZ3IQ/David_Shane_Welch_DMD_PC__alsbke-26-11003__0001.0.pdf?mcid=tGE4TAMA DHS MANAGEMENT: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: DHS Management LLC 23679 Calabasas Road, #386 Calabasas, CA 91302 Business Description: DHS Management LLC is a single-asset real estate entity that holds ownership of a 14.62-acre undeveloped parcel located in Desert Hot Springs, California 92240, with an estimated valuation of approximately $1.5 million. Chapter 11 Petition Date: April 10, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10750 Judge: Hon. Victoria S Kaufman Debtor's Counsel: M. Jonathan Hayes, Esq. RHM LAW LLP 17609 Ventura Blvd Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: jhayes@rhmfirm.com Total Assets: $1,500,500 Total Liabilities: $1,652,740 The petition was signed by Robert E. Selan as managing member. The Debtor stated in the petition that it does not have any unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R6WNPSQ/DHS_Management_LLC__cacbke-26-10750__0001.0.pdf?mcid=tGE4TAMA DIACARTA INC: U.S. Trustee Seeks to Appoint Mark Sharf as Trustee ----------------------------------------------------------------- Peter C. Anderson, the United States Trustee for Region 17, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to appoint Mark Sharf as trustee in the Chapter 11 case of DiaCarta, Inc. The trustee will be paid at his standard hourly rate of $740. Mr. Sharf 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 trustee can be reached at: Mark M. Sharf 6080 Center Dr., Suite 600 Los Angeles, CA 90045 Telephone: (818) 961-7170 Email: mark@sharflaw.com About DiaCarta Inc. DiaCarta Inc. is a precision diagnostics company that develops and provides molecular testing solutions for cancer and infectious diseases. It offers products such as RadTox, ColoScape, and Oncuria, leveraging proprietary XNA and isobDNA technologies to enable sensitive detection of genetic alterations. DiaCarta serves healthcare providers and patients globally through its suite of clinical diagnostic tests and services. DiaCarta sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41215) on July 10, 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 William J. Lafferty oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. DIGITAL DOLPHIN: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada issued a final order authorizing Digital Dolphin Products, LLC to use cash collateral in its Chapter 11 case. Under the order, the Debtor is authorized to use cash collateral from April 3 through April 24, (or until an earlier asset sale is approved), strictly in the ordinary course of business and in accordance with an approved budget. The Debtor is allowed a 10% aggregate monthly variance but is prohibited from granting any liens that are equal or superior to existing prepetition liens. As adequate protection, the Debtor must make an immediate payment of $25,000 to CalPrivate Bank. Additionally, the bank is granted replacement liens on the Debtor’s assets to the extent of any decline in collateral value, along with a superpriority administrative claim, giving it enhanced protection in the bankruptcy case. The order preserves all parties' rights to seek additional protections or challenge claims and clarifies that it does not determine lien validity or priority. A further status hearing on adequate protection scheduled for April 22. CalPrivate is represented by: Candace C. Carlyon, Esq. Carlyon Cica Chtd. 265 E. Warm Springs Road, Suite 107 Las Vegas, NV 89119 Phone: 702-685-4444 ccarlyon@carlyoncica.com About Digital Dolphin Products LLC Digital Dolphin Products, LLC is a Nevada limited liability company operating as a reseller of ink, toner, and office equipment products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-11119-abi) on February 23, 2026. In the petition signed by Joseph Hiller, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge August B. Landis oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. DIVERSIFIED HEALTHCARE: Moody's Ups CFR to B3, Outlook Positive --------------------------------------------------------------- Moody's Ratings upgraded Diversified Healthcare Trust's ("DHC" or "the REIT") corporate family rating to B3 from Caa1, senior secured rating to B2 from B3, backed senior unsecured rating to B3 from Caa1 and senior unsecured rating to Caa1 from Caa2. DHC's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The ratings outlook was revised to positive from stable. The rating action reflects the REIT's improved liquidity and financial credit metrics, which Moody's expects it will sustain going forward supported by strong senior housing demand. RATINGS RATIONALE DHC's B3 CFR reflects its improved financial metrics, in particular Moody's adjusted net debt to EBITDA which Moody's expects will decline to 8x or below by the end of 2026, from 11.6x at the end of 2024. The REIT's financial profile has improved in line with steady and substantial growth in its senior housing operating portfolio (SHOP) from growing demand (from the aging population) and a lack of new supply. The B3 CFR also reflects the continued uncertainty over further improvements, in particular as capital expenditures will be needed to drive further occupancy increases. It also reflects the high exposure to the SHOP segment which is exposed to high tenant turnover, short-term leases, and high fixed costs. The REIT derives 58.4% of its net operating income (NOI) from SHOP, 32% from Outpatient Medical & Life Science, and 9.6% from triple net (NNN). The SGL-3 speculative grade liquidity rating reflects Moody's views that DHC maintains adequate liquidity. The REIT will generate minimal free cash flow after growth capex, but has no debt maturities prior to Q1 2028. DHC also has a fully undrawn $150 million secured revolving credit facility, which expires in June 2029. The positive outlook reflects favorable operating trends, particularly within the SHOP segment, which could further strengthen the REIT's key credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would likely reflect further strengthening of liquidity and improvement in credit metrics such that leverage falls below 8.5x and interest coverage increases to above 1.5x, each on a sustained basis. Negative ratings pressure could develop should DHC's operating performance deteriorate, leverage trend above 9x, or interest coverage fall below 1.25x. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in March 2026. DHC's B3 CFR is two notches below the B1 scorecard-indicated outcome for the last 12 months period ending December 31, 2025 because the REIT has only recently improved liquidity and access to capital, and also has a limited track record with respect to sustaining positive operating performance. DIVERSIFIED WIRE: Hires Fenner Melstrom & Dooling as Accountants ---------------------------------------------------------------- Diversified Wire & Cable, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Brian J. Hunter, CPA and Fenner Melstrom & Dooling, PLC to serve as its accountants. Mr. Hunter and the firm will provide these services: (a) assist the Debtor in preparing its year-end reports for the tax year ending December 31, 2025; (b) prepare the Debtor's income tax return for the tax year ending December 31, 2025, and any other returns that may come due during the pendency of the case; and (c) perform all necessary accounting services and provide all other necessary accounting advice to the Debtor in connection with this Chapter 11, Subchapter V case. The frim will be compensated on an hourly basis. The filing discloses hourly rates ranging from approximately $210 to $325 for firm personnel and $425 for Brian J. Hunter, plus reimbursement of actual and necessary expenses. The Debtor also disclosed a prepetition balance of $668.75 owed to the Firm. Fenner, Melstrom & Dooling, PLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The Firm can be reached at: Brian J. Hunter, CPA Fenner, Melstrom & Dooling, PLC 355 S. Old Woodward, Suite 200 Birmingham, MI 48009 Telephone: (248) 258-8900 E-mail: fmd@fmdcpas.com About Diversified Wire & Cable Inc. Diversified Wire & Cable, Inc. supplies wire and cable products and supports telecommunications and technology infrastructure projects with related engineering and integration services. The company provides cable assembly, cabinet build solutions, and systems design assistance while operating a service center that fulfills both custom and large-volume orders. It works with contractors and corporate clients to source and deliver the cabling components needed for network and technology installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-42632) on March 12, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Dean Stanton, CEO, signed the petition. Judge Maria L. Oxholm presides over the case. Lynn M. Brimer, Esq. at STROBL PLLC represents the Debtor as legal counsel. DIVERSIFIED WIRE: Seeks to Hire DWH LLC as Financial Consultant --------------------------------------------------------------- Diversified Wire & Cable, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Heather Gardner of DWH, LLC to serve as financial consultant. Ms. Gardner will provide these services: (a) advise the Debtor with respect to its financial responsibilities and duties as debtor in possession in the continued management and operation of the business; (b) advise and consult with the Debtor's secured lender and Debtor-in-Possession Lender; (c) prepare budgets, including a 16-week cash flow, in support of the Debtor's use of cash collateral and reports required by the United States Trustee's guidelines; and (d) perform all necessary financial consulting services and provide all other necessary financial advice to the Debtor in connection with this Chapter 11, Subchapter V case. Ms. Gardner will receive an hourly rate of $475, while other professionals' rates range from $250 to $500 per hour, plus reimbursement of actual and necessary expenses. DWH, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Heather Gardner DWH, LLC 180 Monroe Ave NW Ste 2R Grand Rapids, MI 49503, US Telephone: (616) 233-0020 About Diversified Wire & Cable Inc. Diversified Wire & Cable, Inc. supplies wire and cable products and supports telecommunications and technology infrastructure projects with related engineering and integration services. The company provides cable assembly, cabinet build solutions, and systems design assistance while operating a service center that fulfills both custom and large-volume orders. It works with contractors and corporate clients to source and deliver the cabling components needed for network and technology installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-42632) on March 12, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Dean Stanton, CEO, signed the petition. Judge Maria L. Oxholm presides over the case. Lynn M. Brimer, Esq. at STROBL PLLC represents the Debtor as legal counsel. DIVERSIFIED WIRE: Seeks to Hire Strobl Stark as Legal Counsel ------------------------------------------------------------- Diversified Wire & Cable, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Strobl Stark PLLC to serve as legal counsel. The firm will provide these services: (a) represent the Debtor before the Bankruptcy Court; (b) advise the Debtor with respect to its powers and duties as a Debtor in bankruptcy and the continued management and operation of its business; (c) attend meetings and negotiate with individual creditors and other parties-in-interest; (d) take all necessary action to protect and preserve the Debtor's estate, including, if appropriate, the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor, and the filing of objections to claims filed against the estate; (e) prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (f) negotiate and prepare on the Debtor's behalf a plan of reorganization, and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (g) represent the Debtor in connection with its post-petition loan, and with obtaining additional post-petition financing, in the event additional financing becomes necessary during the pendency of this proceeding; (h) advise the Debtor in connection with any potential sales of assets or financing; (i) advise the Debtor regarding tax matters; (j) advise the Debtor in connection with any negotiations with landlords and/or the potential sale of assets, as well as the potential restructuring or recapitalization of the Debtor; (k) appear before this Court, any appellate courts, taxing authorities and the United States Trustee, regulatory agencies of the State of Michigan and protect the interests of the Debtor's estates before such Courts and Agencies; and (l) perform all other necessary legal services and all provide such other necessary legal advice to the Debtor in connection with this Chapter 11, Subchapter V case. Strobl Stark PLLC will receive compensation on an hourly basis, with rates ranging from $250 to $550 per hour. Specific hourly rates include $550 for Lynn M. Brimer, $450 for Pamela S. Ritter, and $400 for Evan H. Kaploe, while associates range from $250-$375/hour. The firm will also be reimbursed for actual, necessary expenses. Strobl Stark PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Lynn M. Brimer, Esq. Pamela S. Ritter, Esq. Evan H. Kaploe, Esq. STROBL STARK PLLC 33 Bloomfield Hills Parkway, Suite 125 Bloomfield Hills, MI 48304-2376 Telephone: (248) 540-2300 Facsimile: (248) 205-2786 E-mail: brimen@trollaw.com primer@sobilow.com eksplo@strobilaw.com About Diversified Wire & Cable Inc. Diversified Wire & Cable, Inc. supplies wire and cable products and supports telecommunications and technology infrastructure projects with related engineering and integration services. The company provides cable assembly, cabinet build solutions, and systems design assistance while operating a service center that fulfills both custom and large-volume orders. It works with contractors and corporate clients to source and deliver the cabling components needed for network and technology installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-42632) on March 12, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Dean Stanton, CEO, signed the petition. Judge Maria L. Oxholm presides over the case. Lynn M. Brimer, Esq. at STROBL PLLC represents the Debtor as legal counsel. E.W. SCRIPPS: Sells Two TV Stations for $123MM to Fund Debt Paydown ------------------------------------------------------------------- The E.W. Scripps Company closed the sale of WRTV, its ABC-affiliated station in Indianapolis, to Circle City Broadcasting for $83 million. The WRTV sale follows Scripps' recent completion of the sale of WFTX, its Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for $40 million. Combined, the two transactions generated $123 million in cash proceeds, which the company says will be used toward debt paydown and the purchase of 23 ION-affiliated stations that it divested to INYO Broadcast Holdings in connection with its acquisition of ION in January 2021. The current aggregate purchase price of the INYO stations is approximately $54 million pending timing of a deal close. The divestitures were required at the time to comply with Federal Communications Commission ownership rules, and Scripps will seek waivers from the FCC to the extent such rules are still in effect. Ownership of the INYO stations would be immediately accretive to Scripps Networks division segment profit and margin, and would support coordination with Scripps' other stations to develop potential new local programming opportunities. Scripps also has an agreement to swap stations in five markets with Gray Television, a transaction that will strengthen Scripps' competitive position in key Mountain West markets. That transaction, which requires relief from current television station ownership rules, is now in front of federal regulators for review. About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." * * * In July 2025, S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). Moreover, in August 2025, Fitch Ratings has upgraded The E.W. Scripps Company's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch has also upgraded Scripps' senior secured debt to 'B' with a Recovery Rating of 'RR1', from 'B-'/'RR1', and senior unsecured debt to 'CC'/'RR6' from 'C'/'RR6'. In addition, Fitch has assigned a 'CCC-'/'RR5' rating to Scripps' new senior secured second-lien debt. Moody's Ratings subsequently assigned a Caa2 rating to The Scripps (E.W.) Company's proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. EDELMAN FINANCIAL: S&P Rates New $2.7BB First Lien Term Loan 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue rating to Edelman Financial Engines Center's (B/Stable/--) proposed $2.715 billion first lien term loan due 2031. S&P also assigned the '3' recovery rating on the loan, indicating its expectation for a meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a default. The transaction is leverage neutral, as proceeds will be used to refinance Edelman's existing $2.13 billion first lien term loan and $575 million second lien term loan. Leverage was about 6.1x as of Dec. 31, 2025, well below the downside threshold of 8.0x. Edelman's leverage is roughly in line with those of other wealth managers seeking to rapidly gain market share, including Chicago US Midco III (d/b/a Wealthspire), Mariner Wealth Advisors, and Focus Financial. The stable outlook reflects S&P's expectation that Edelman's adjusted debt to EBITDA will remain well below 8x, while increasing its assets under management in the retail and workplace segments. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's recovery analysis includes 85% usage of the company's proposed $300 million revolving credit facility due 2031 and $2.715 billion first-lien term loan due 2031. -- S&P applies a 5x multiple for all asset managers because it believes this represents an average multiple for asset managers emerging from a default scenario. Simulated default assumptions -- S&P's simulated default scenario incorporates deterioration in market and business conditions (fee competition and a loss of key relationships in the workplace business, for example), leading to a reduction in EBITDA sufficient to trigger a payment default. Simplified waterfall -- Emergence EBITDA: $338.6 million -- Multiple: 5x -- Gross recovery value: $1.69 billion -- Net recovery value for waterfall after 5% administrative expenses: $1.61 billion -- Estimated priority claims: None -- Remaining recovery value for first-lien claims: $1.61 billion -- Estimated first-lien claim: $3.0 billion -- Recovery expectations: 50%-70%, rounded estimate: 50% Note: All debt amounts include six months of prepetition interest. EL SALTO: Employs Bankruptcy NM LLC as Legal Counsel ---------------------------------------------------- El Salto Ranches, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to hire Bankruptcy NM, LLC to serve as legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor the necessary petitions, complaints, answers, motions, applications, orders, reports, and other legal papers, including the Debtor's plan of reorganization; and (c) assist the Debtor in taking actions required to effect reorganization under Chapter 11 of the Bankruptcy Code. Bankruptcy NM, LLC will receive an hourly rate of $300 for attorney services and $140 for paralegal services. The firm also seeks reimbursement of actual costs and applicable gross receipts taxes, with interim compensation of 75% of fees and 100% of costs subject to Court approval under Bankruptcy Code Sections 328, 330, and 331. Bankruptcy NM, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Bankruptcy NM, LLC 11204 Montgomery Blvd NE, Box 178 Albuquerque, NM 87111 Telephone: (505) 317-1030 E-mail: chris@bk-nm.com About El Salto Ranches LLC El Salto Ranches LLC is a New Mexico-based agricultural and ranching company that owns and operates cattle ranches and related land holdings. The company provides livestock management, grazing services, and property maintenance across its New Mexico operations. El Salto Ranches LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10147) on February 6, 2026. In its petition, the debtor reports estimated assets between $1 million and $10 million and liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Robert H. Jacobvitz handles the case. The debtor is represented by Christopher M. Gatton, Esq. of Gatton & Associates, P.C. EMOREJ LLC: Seeks Approval to Hire Robl & Bowen as General Counsel ------------------------------------------------------------------ EMOREJ, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Robl & Bowen LLC as counsel. The firm's services include: (a) advise the Debtor regarding potential benefits and potential disadvantages of the Chapter 11 process, as applicable to its circumstances; (b) prepare the Bankruptcy Petition, Schedules of Assets and Liabilities, Statement of Financial Affair, and similar documents; (c) review the Debtor's governing corporate agreements and prepare a resolution authorizing a bankruptcy filing consistent with the requirements of those agreements; (d) assist the Debtor with the preparation of such "first day motions" as may be necessary; (e) assist the Debtor in providing documents to the United States Trustee's office for review in advance of the Initial Debtor Interview ("IDI"); (f) assist the Debtor in preparing for the IDI and participate in the IDI with its representative; (g) assist the Debtor in preparing for the examination provided for by Bankruptcy Code Section 341 (the "341 Meeting") and participating in the 341 Meeting with its representative; (h) prepare the status report required in a Subchapter V case; (i) participate in the status conference required in a Subchapter V case; (j) advise the Debtor and its rights, duties and obligations; (k) review claims filed in the case and assist the Debtor in evaluating such claims for potential objections; (l) conduct or defend examinations pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure as may be deemed desirable or necessary; (m) consult with the Debtor and represent it with respect to formulating a Chapter 11 plan of reorganization, drafting that plan; and in the Chapter 11 plan confirmation process; (n) assist the Debtor with the preparation of monthly operating reports; (o) perform such legal services as are incidental and necessary to carrying out the day-to-day operations of the Debtor's business activities; (p) institute and prosecute necessary adversary proceedings and contested matters; and (q) take any and all other actions incident to the proper preservation and administration of the Debtor's estate and business activities. The firm will be paid at these hourly rates: Michael Robl, Attorney $475 Max Bowen, Attorney $425 Dejanae Bridges, Paralegal $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $15,000 from the Debtor. Mr. Robl 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: Michael D. Robl, Esq. Robl & Bowen LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Telephone: (404) 373-5153 Facsimile: (404) 537-1761 Email: michael@roblgroup.com About EMOREJ LLC EMOREJ, LLC is a limited liability company with reported assets in the range of $0 to $100,000 and liabilities between $1 million and $10 million, reflecting significant financial distress relative to its asset base. EMOREJ, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54577) on April 6, 2026. In its petition, the Debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Lisa Ritchey Craig oversees the case. The Debtor is represented by Michael D. Robl, Esq., at Robl & Bowen LLC. ENCOMPASS ENTERPRISE: Seeks to Tap Lucove, Say & Co as Accountant ----------------------------------------------------------------- Encompass Enterprise, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Lucove, Say & Co. as accountant. The firm will render these services: (a) prepare tax returns; (b) review the Debtor's financial reporting; (c) assist the Debtor's bookkeeper; and (d) handle tax issues as they arise, such as payroll tax matters and sales tax issues. The firm will be paid at these following hourly rates: Richard Say, CPA $300 Cameron Say, Junior Accountant $250 The firm received a prepetition retainer of $5,000 from the Debtor. Mr. Say 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: Richard Say, CPA Lucove, Say & Co. 23901 Calabasas Rd., # 2085 Calabasas, CA 91302 Telephone: (818) 224-4411 About Encompass Enterprises LLC Encompass Enterprises LLC specializes in building and renovating homes, elevating and relocating structures, commercial projects, and design-build services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-11403) on February 10, 2026. In the petition signed by Eugene (Gene) Benton, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Maria Ellena Chavez-Ruark oversees the case. The Debtor tapped Christopher L. Rogan, Esq., at RoganMillerZimmerman, PLLC as counsel and Richard Say, CPA, at Lucove, Say & Co. as accountant. ENDO INT'L: Court Tosses Ecke's Untimely Appeal ----------------------------------------------- Judge Nelson S. Roman of the U.S. District Court for the Southern District of New York granted the motion of Patrick J. Bartels, Jr., solely in his capacity as Plan Administrator for Endo International plc and its debtor affiliates, to dismiss the appeal styled MARIA ECKE, Appellant, -against- PATRICK J. BARTELS, JR., Plan Administrator, Appellee, Case No. 25-cv-07803-NSR (S.D.N.Y.). Pursuant to 28 U.S.C. Sec. 158, pro se Appellant Maria Ecke seeks review of an order of the United States Bankruptcy Court for the Southern District of New York. This appeal concerns a challenge to the confirmation of a Chapter 11 Plan filed more than one year after entry of the confirmation order. The Plan Administrator's principal contention is that this appeal warrants dismissal because Ms. Ecke untimely filed her notice of appeal. The Confirmation Order that Ms. Ecke seeks to appeal was entered on March 22, 2024. Ms. Ecke therefore had until April 5, 2024 to timely file a notice of appeal. Ms. Ecke, however, filed a notice of appeal well beyond the statutory deadline on July 7, 2025 -- approximately 458 days late. Unless Ms. Ecke can show that (1) she requested an extension of the appeal period and (2) her failure to timely file was the result of "excusable neglect,” the District Court lacks jurisdiction to consider her appeal. According to the District Court, neither Ms. Ecke's notice of appeal nor her opposition addresses her untimeliness, much less articulates why she is entitled to a finding of excusable neglect. Because Ms. Ecke did not timely file her appeal and has not shown that she was entitled to an extension, the District Court lacks jurisdiction. A copy of the Court's Opinion & Order dated April 8, 2026, is available at http://urlcurt.com/u?l=Rh8rvIfrom PacerMonitor.com. About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. ENSONO INTERMEDIATE: S&P Raises ICR to 'B' on Improved Leverage --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating and issue-level ratings on Ensono Intermediate HoldCo Inc. to 'B 'from 'B-'. The '3' recovery rating on the company's first-lien term loan is unchanged. S&P said, "The stable outlook reflects our expectation that the company will continue to increase its revenue and EBITDA over the next 12 months while executing its growth strategy and maintaining leverage in the mid-5x area. We expect this will lead to an increase in Ensono's FOCF, which will provide it with greater flexibility to fund its growth expenditures." Ensono has continued improving its debt leverage and free operating cash flow (FOCF), supported by new bookings, the realization of benefits from its cost-savings initiatives, its long-term client contracts, and the favorable demand environment for mainframe services. S&P said, "We forecast the company will reduce its S&P Global Ratings-adjusted debt leverage to the mid-5x area over the next 12 months from 6x on Dec. 31, 2025. "The upgrade reflects our view that the company has demonstrably improved its financial performance, exceeding our expectations for revenue and EBITDA growth in 2025 and meeting our leverage forecast despite an unexpected debt add-on to fund capital expenditures. Since revising the outlook to positive in April 2025, Ensono has delivered robust results. We estimate full-year 2025 revenue and EBITDA growth of 10% and 25%, respectively, driven by strong bookings momentum, new customer wins, successful upselling, and effective cost controls. This performance improved the company's S&P Global Ratings-adjusted leverage to approximately 6.0x at year-end 2025, consistent with our prior expectations. We project leverage will further improve to 5.4x in 2026, supported by continued EBITDA growth. "We expect Ensono will continue generating good cash flow from operations in 2026, improving further in 2027. We forecast Ensono will generate cash flow from operations of $130 million in 2025 and $175 million-$190 million in 2026, a significant improvement from negative $13.5 million in 2023. Higher EBITDA, declining interest expenses, and improving working capital primarily drove the improvement. We expect working capital will be a modest source of cash in 2026. "While FOCF after software and finance lease payments remains negative, it has improved significantly, and we expect it will continue to improve. Although we generally view negative cash flow as associated with lower ratings, the primary reason for Ensono's deficits is the up-front cash outlays necessary for its expansion. These outlays only occur after the company has signed a long-term, committed contract, usually with blue-chip customers. In the event of a recession or significant capital market disruption, the company could reduce its growth spending and harvest the cash flows from its existing contracts. Ensono also has a large multi-year contractual order backlog that provides it with good revenue visibility. "We expect FOCF growth will more than offset capex growth in 2026 and beyond. Ensono's 2026 capital expenditure plan is higher than previously anticipated, but we believe the company will generate sufficient cash flow from operations to fund these investments. We anticipate a reliance on internal liquidity sources to cover a portion of other cash needs in 2026 (software licensing, finance lease payments, and mandatory debt repayment). However, we expect this reliance to diminish significantly by 2028, with cash flow from operations sufficient to cover all needs barring a substantial increase in capex. The company has committed to funding all future capex with internally generated cash, mitigating a key prior concern regarding potential debt-funded expansion into non-secured business. This commitment--combined with increasing contractual monthly recurring revenue--strengthens Ensono's financial profile and supports its ability to meet debt obligations. We still believe there's some risk the company could require additional capital to support new contracts if it sees a significant increase in the expansion of its bookings. However, we expect it would still maintain leverage below 6.5x in such a scenario. "The stable outlook reflects our expectation that the company will continue to increase its revenue and EBITDA over the next 12 months while executing its growth strategy and maintaining leverage in the mid-5x area. We expect this will lead to an increase in Ensono's FOCF, which will provide it with greater flexibility to fund its growth expenditures." S&P could lower the rating if the company's leverage increases above 6.5x. This could occur if: -- The company accelerates its expansion pace, requiring greater-than-expected external financing to fund its growth investments; -- It fails to convert its new bookings into positive cash flow; or -- Clients' IT budgets decline due to macroeconomic uncertainty. -- While unlikely over the next 12 months, S&P could raise its rating on Ensono if it reliably generates FOCF to debt of at least 10% and leverage less than 5x while maintaining or improving its current margin profile. ESTHER SCHOOL: Seeks to Employ Stonecipher Consulting as Accountant ------------------------------------------------------------------- Esther School, Inc. d/b/a Esther School New Port Richey seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Brenda Stonecipher, CPA and Stonecipher Consulting to serve as certified public accountants. The firm will provide these services: (a) providing general accounting and financial services to the Debtor; (b) assisting the Debtor in timely filing tax returns and monthly operating reports; and (c) maintaining accuracy and transparency in a prompt and efficient manner. Stonecipher will be compensated on an hourly basis in accordance with its ordinary and customary rates, subject to Court approval. Current hourly rates include $325 to $375 for the Principal, $375 for Senior Consultant, $275 for Associate Consultant, and $110 for Bookkeeper. The Debtor will also reimburse actual and necessary expenses, including those subject to a 17% administrative markup. Stonecipher does not represent or hold any interest adverse to the Debtor or the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Brenda Stonecipher, CPA STONECIPHER CONSULTING Telephone: (435) 308-9849 E-mail: Brenda@StonecipherConsulting.com About Esther School Inc. Esther School, Inc. operates a faith-based primary school in New Port Richey, Pasco County, Florida. Esther School sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02746) on April 3, 2026, listing up to $10 million in both assets and liabilities. Natasha Griffin, president, signed the petition. Judge Roberta A. Colton oversees the case. John A. Anthony, Esq., at Anthony and Partners, LLC, represent the Debtor as legal counsel. EX-CEL CORNED BEEF: Matthew Brash Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Ex-Cel Corned Beef Factory Corporation. Mr. Brash will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Ex-Cel Corned Beef Factory Corporation Ex-Cel Corned Beef Factory Corporation is a food manufacturing company based in Illinois, specializing in the production and distribution of corned beef and related processed meat products for retail and food service markets. Ex-Cel Corned Beef Factory Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-05527) on March 29, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Penelope N. Bach, Esq. of Bach Law Offices. FAIRHAVEN POKE: Employs Neeleman Law Group as Legal Counsel ----------------------------------------------------------- Fairhaven Poke, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Neeleman Law Group, P.C. to serve as legal counsel for the estate. The firm will provide these services: (a) assisting the Debtor in the investigation of the financial affairs of the estate; (b) providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; (c) preparing all pleadings necessary for proceedings arising under this case; and (d) performing all necessary legal services for the estate in relation to this case. Neeleman Law Group, P.C. will receive an hourly rate of $600 for principals, $475 for associates, and $250 for paralegals. The firm also received a $6,738 retainer, of which $1,738 was used for the Chapter 11 filing fee and $5,000 was applied to prepetition services. Neeleman Law Group, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and represents that it does not hold an interest adverse to the estate. The firm can be reached at: Jennifer L. Neeleman, Esq. Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 E-mail: jennifer@neelemanlaw.com About Fairhaven Poke, LLC Fairhaven Poke, LLC is a restaurant company specializing in Hawaiian-style poke bowls and other casual dining offerings. The company operates in the foodservice industry, serving dine-in and takeout customers in Washington state. Fairhaven Poke, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10735) on March 10, 2026. In its petition, the debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. The case is overseen by Honorable Bankruptcy Judge Christopher M. Alston. Judge Christopher M Alston oversees the case. The debtor is represented by Jennifer L. Neeleman, Esq. and Thomas D. Neeleman, Esq., of Neeleman Law Group, P.C. FREDERIKA MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------------ On April 09, 2026, Frederika Management Corp. filed a voluntary petition for relief under Chapter 7 in the Eastern District of New York Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Frederika Management Corp. Frederika Management Corp. is a corporation focused on managing real estate holdings and operational property services. Frederika Management Corp. sought Chapter 7 protection (Bankr. Case No. 26-41705) on April 09, 2026. In its petition, the Debtor reports estimated assets and liabilities each between $100,001 and $1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino oversees the case. FREEDOM ROAD: Seeks to Hire Hinkle Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- Freedom Road Cycles and Sales, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Hinkle Law Firm, LLC as counsel. The firm's services include: (a) advise the Debtor of its rights, powers, and duties; (b) advise the Debtor concerning and assist in the negotiation and documentation of financing agreements, cash collateral orders (if any) and related transactions; (c) investigate into the nature and validity of liens asserted against the property of the Debtor, and advise it concerning the enforceability of those liens; (d) investigate and advise the Debtor concerning and take such action as may be necessary to collect income and assets in accordance with applicable law and recover property for the benefit of its estate; (e) prepare on behalf of the Debtor such legal documents as may be necessary and appropriate, and review the financial and other reports to be filed herein; (f) advise the Debtor concerning and prepare responses to legal documents which may be filed and served herein; (g) counsel the Debtor in connection with the formulation, negotiation and promulgation of plan and related documents; and (h) perform such other legal services for and on behalf of the Debtor as may be necessary or appropriate in the administration of the case. The firm will be billed at these hourly rates: Nicholas Grillot, Attorney $340 Lora Smith, Attorney $285 Associates $220 Paralegal $160 In addition, the firm will seek reimbursement for expenses incurred. The firm received a general retainer from the Debtor in the sum of $25,000 for services to be rendered in connection with this case. Mr. Grillot 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: Nicholas R. Grillot, Esq. Hinkle Law Firm, LLC 1617 N. Waterfront Parkway, Ste. 400 Wichita, KS 67206 Telephone: (316) 660-6211 Facsimile: (316) 660-6523 Email: ngrillot@hinklaw.com About Freedom Road Cycles and Sales Freedom Road Cycles and Sales LLC is a Wichita, Kansas-based motorcycle dealer that specializes in pre-owned Harley-Davidson motorcycles and related gear, including helmets and apparel. The family-owned shop also offers financing and trade-ins, serving riders in Wichita and nearby Kansas markets. Freedom Road Cycles and Sales sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-10335) on April 6, 2026. In the petition signed by Shannon Heinly, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Mitchell L. Herren oversees the case. The Debtor tapped Nicholas R. Grillot, Esq., at Hinkle Law Firm, LLC as counsel. FREIGHT TECH: Moves Toward AI-First Model, Explores Brokerage Sale ------------------------------------------------------------------ Freight Technologies, Inc. announced progress in its transformation from an OTR online freight broker to a software-first, AI-native logistics technology company. As part of the Company's strategic transition, the Company also announced that it is exploring strategic alternatives for its online brokerage operations, including its potential sale, and has engaged with multiple interested parties as part of that process. The Company's Board of Directors is overseeing the evaluation of strategic alternatives for the brokerage operations. Fr8Tech emphasized that these discussions are preliminary and exploratory in nature, and there can be no assurance that the exploration of strategic alternatives will result in any transaction. The Company does not intend to provide further updates on this process unless and until a definitive agreement is reached or disclosure is otherwise required. The Company's brokerage operations have served as the proving ground for the AI-enabled automation technologies that continuously drive speed, efficiency, accuracy, and cost reductions across the supply chain. As Fr8Tech's software platforms -- including Fleet Rocket, Zayren, and Fr8Radar -- have matured and gained commercial traction, the Company has determined that a focused, AI-software business model represents the most direct path to deliver long-term value in the market. The Company's enterprise customer relationships, technology infrastructure, and AI development pipeline are unaffected by the strategic review process. "When we announced our strategic pivot in early 2025, we made a commitment to all our stakeholders that Fr8Tech would become a software-first logistics company," said Javier Selgas, Chief Executive Officer of Freight Technologies. "Every milestone since then has been a step in that direction: Fleet Rocket in production, Zayren and Zayren Pro commercially deployed, our AI platform delivering improved domestic booking efficiency, and our operations running at scale with significantly reduced headcount of the prior year. Evaluating strategic alternatives for our brokerage business is the logical next step in that journey. It reflects our conviction that the highest-value path forward is one where our capital, our talent, and our technology are fully concentrated on software." The pace of platform commercialization over the past twelve months reflects a business that has moved from strategic intent to operational reality. Fleet Rocket, the Company's cloud-based TMS, has expanded to enterprise clients deploying its full suite of capabilities -- including AI Tendering Bot, Zayren.ai integration, GPS tracking, ETA predictions, and ERP integration. Zayren Pro, the premium SaaS tier of the Company's AI pricing and carrier-matching platform, launched in January 2026 with unlimited AI Agent usage and a proprietary Carrier Portal that allows carriers to self-onboard and manage lane preferences. Fr8Radar, Fleet Rocket's real-time geolocation module, now integrates 73 GPS network providers across the U.S. and Mexico -- together, these deployments represent a unified, intelligence-led platform that is generating recurring software contracts and operating autonomously at scale. "Our AI Lab has been built from the ground up to solve the hardest problems in cross-border logistics -- rate volatility, carrier matching, real-time coordination -- and what we have deployed is only the beginning of what this platform is capable of," said Umberto León Domínguez, Director of the Fr8Tech AI Lab. "The next phase of our roadmap -- agentic AI workflows, voice-based freight coordination, and advanced predictive pricing -- will further define Fr8Tech as the technology standard for the USMCA corridor." The cross-border freight market that Fr8Tech targets represents a massive technology-adoption opportunity in North American logistics. U.S.–Mexico trade represents one of the largest and fastest-growing trade corridors in the world, driven by increased nearshoring investment along the U.S.–Mexico border, yet a substantial portion of freight operations in this corridor remain fragmented, manual, and technology-deficient. Fr8Tech believes its integrated software platform -- now commercially deployed, generating recurring software contracts, and backed by proprietary AI developed entirely in-house -- is well positioned to pursue this market opportunity. Fr8Tech's full product portfolio -- Fr8App, Fr8Fleet, Fr8Now, Waavely, Fleet Rocket, Zayren / Zayren Pro, and Fr8Radar -- remains fully operational and commercially available. About Freight Technologies, Inc. Freight Technologies (Nasdaq: FRGT) -- http://fr8technologies.com/ -- is a technology company offering a diverse portfolio of proprietary platform solutions powered by AI and machine learning to optimize and automate the supply chain process. Focused on addressing the distinct challenges within the supply chain ecosystem, the Company's portfolio of solutions includes the Fr8App platform for seamless OTR B2B cross-border shipping across the USMCA region; Fr8Now, a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico; Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide; Fleet Rocket, a nimble, scalable and cost-effective Transportation Management System (TMS) for brokers, shippers, and other logistics operators; and Zayren, an AI-based, machine learning pricing-prediction tool and carrier-matching platform designed specifically for cross-border and domestic OTR freight shipments across Mexico and the United States. Together, each product is interconnected within a unified platform to network carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, brokerage support, transportation management, fleet management, and committed capacity solutions. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 11, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $12,201,412 million in total assets, $5,917,313 in total liabilities, and $6,284,099 in total stockholders' equity. G3 CONSTRUCTION: Taps Professional Management Systems as Accountant ------------------------------------------------------------------- G3 Construction Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Professional Management Systems, Inc. as accountant. The firm will provide tax advice and accounting/bookkeeping services to the Debtor. Georgia Evans, CPA, the primary accountant in this representation, will charge an hourly rate of $65 for bookkeeping staff, $85 for her hourly time, and $12 per hour for communications with the Debtor's counsel. The accountant 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: Georgia Evans Professional Management Systems, Inc. 4590 Coach Lane Chipley, FL 32428 About G3 Construction Group Inc. G3 Construction Group, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-50030) on February 17, 2026, listing $1 million to $10 million in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor tapped Byron Wright, III, Esq., at Bruner Wright, PA as counsel and Georgia Evans at Professional Management Systems, Inc. as accountant. GENERATIONS ON 1ST: Affiliate Gets Extension to Use Cash Collateral ------------------------------------------------------------------- Parkside Place, LLC, an affiliate of Generations on 1st, LLC, received another extension from the U.S. Bankruptcy Court for the District of North Dakota to use the cash collateral of secured creditor Red River State Bank. The court order approved the Debtor's 11th stipulation with Red River State Bank, allowing it to use the secured creditor's cash collateral for the period beginning March 27 and continuing through May 18, consistent with the approved budget. As protection, Red River State Bank will receive replacement liens on the Debtor's post-petition accounts receivable, intangibles, cash, and rents, with the same priority as its pre-petition liens, to the extent its original collateral declines in value. In addition, the bank will receive a monthly payment of $19,266.67. The stipulation is available at https://is.gd/aynWaw from PacerMonitor.com. The next hearing is set for May 21. About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC, filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by Drew J. Hushka, Esq., at Vogel Law Firm. GENERATIONS ON 1ST: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Generations on 1st, LLC received another extension from the U.S. Bankruptcy Court for the District of North Dakota to use the cash collateral of secured creditor Red River State Bank. The court order approved the Debtor's 11th stipulation with Red River State Bank, allowing it to use the secured creditor's cash collateral for the period beginning March 27 and continuing through May 18, consistent with the approved budget. Under the 11th stipulation, the Debtor is not required to make additional payment called for in Section 5(iv) of the previous stipulation dated Feb. 3; and is granted an additional $10,000 allowance, to be used exclusively for fees incurred by its chief restructuring officer. The stipulation requires the Debtor to withdraw its opposition to Red River State Bank's motion to pursue insider claims and grants the bank derivative standing to pursue such claims on behalf of the Debtor's estate. The stipulation is available at https://is.gd/lFHAx2 from PacerMonitor.com. The next hearing is set for May 21. About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC, filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by Drew J. Hushka, Esq., at Vogel Law Firm. GILBERT LEGGETT: Ward and Smith Advises 4 Creditors --------------------------------------------------- In the Chapter 11 bankruptcy case of Gilbert Leggett Farms Inc. and its debtor-affiliates, Ward and Smith, P.A., filed with the United States Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, an amended Verified Statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to inform the Court that the firm represents these creditors: 1. Triangle Chemical Company; 2. Severn Peanut Company, Inc.; 3. Sandy Land Peanut Company, LLC f/k/a Sandy Land Peanut Company, Inc.; and 4. Harvey Fertilizer and Gas Co. Triangle Chemical is a Georgia corporation authorized to do business in Lenoir County, N.C., Severn Peanut is a North Carolina corporation with a place of business in Northampton County, Sandy Land Peanut Company, LLC f/k/a Sandy Land Peanut Company Inc. is a limited liability firm that operates in Hertford County, North Carolina, and Harvey Fertilizer and Gas Co. is a North Carolina corporation with a place of business in Lenoir County. In accordance with the North Carolina Rules of Professional Conduct, Ward and Smith has considered and evaluated all potential conflicts of interest and has determined that the representations are permissible and has obtained proper consents from its clients where required. The firm may be reached at: J. Michael Fields, Esq. Lilian L. Faulconer, Esq. WARD AND SMITH, P.A. Post Office Box 8088 Greenville, NC 27835-8088 Tel: (252) 215-4000 Fax: (252) 215-4077 E-mail: jmf@wardandsmith.com E-mail: llfaulconer@wardandsmith.com About Gilbert Leggett Farms Inc. Gilbert Leggett Farms, Inc. grows and sells sweet potato seed plants, including the Covington variety, and is also involved in cultivating crops such as peanuts, sweet corn, and cotton. Gilbert Leggett Farms sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02668) on July 14, 2025. In its petition, the Debtor reported total assets of $2,329,639 and total liabilities of $2,340,328. Judge Pamela W. McAfee handles the case. David J. Haidt, Esq., at Ayers & Haidt, P.A., is the Debtor's legal counsel. GOOD CITIZEN: Seeks to Employ Rain City Realty as Broker -------------------------------------------------------- The Good Citizen, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Eli Haworth-Kaufka of Rain City Realty to serve as Real Estate Broker. The firm will list and sell Debtor's real estate located at 916 SE 34th Ave, Portland OR. Eli Haworth-Kaufka will receive a commission of 6% of the final selling price, subject to final court approval. Eli Haworth-Kaufka is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The professional can be reached at: Eli Haworth-Kaufka RAIN CITY REALTY About The Good Citizen LLC The Good Citizen, LLC was originally formed in 2022 to purchase and manage the property located at 916-926 SE 34th Ave. Portland, OR 97214 (the "Property"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No 26-30418) on February 07, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge David W. Hercher presides over the case. Ted A. Troutman, Esq. at Troutman Law Firm P.C. represents the Debtor as legal counsel. GREEN TREE: Court Extends Cash Collateral Access to May 5 --------------------------------------------------------- Green Tree, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court issued a fourth interim order authorizing the Debtor to use cash collateral through May 5, subject to its budget and an aggregate variance of up to 10% per line item, unless otherwise agreed by the lien claimants. The order expressly preserves all contractual and legal rights of both the Debtor and the secured creditors. The secured creditors with liens on the cash collateral include the U.S. Small Business Administration, The Huntington National Bank, Square Financial Services, Inc., and any other unknown lien claimants. As adequate protection, the court granted these lien claimants post-petition replacement liens. These replacement liens attach to the Debtor's post-petition cash collateral and other property of the same or substantially equivalent type as the lien claimants' pre-bankruptcy collateral, and they retain the same relative priority held before bankruptcy. A further hearing is scheduled for May 4. The order is available at https://is.gd/uRnqPk from PacerMonitor.com. About Green Tree LLC Green Tree, LLC, doing business as X-Golf Glenview and X-Golf South Loop, operates indoor golf entertainment venues offering simulator-based golf play, instruction, leagues, and private events, serving customers in Glenview, Illinois, and Chicago, Illinois, and operates within the amusement and recreation services industry. Green Tree filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19313) on December 17, 2025, with $1 million to $10 million in assets and liabilities. James Joeng, member, signed the petition. Judge Michael B. Slade presides over the case. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the Debtor as legal counsel. GROUNDFLOOR FINANCE: Cherry Bekaert Raises Going Concern Doubt -------------------------------------------------------------- Groundfloor Finance Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 1-K, reporting a net loss of $11,071,453 for the year ended December 31, 2025, compared to a net loss of $13,582,895 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $45,552,247 compared to $26,715,095 in the prior period. Atlanta, Georgia -based Cherry Bekaert LLP, the Company's auditor, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred losses and negative cash flows from operations since its inception, resulting in substantial doubt about the Company's ability to continue as a going concern. Groundfloor has a limited operating history and has incurred a net loss since inception. To date, Groundfloor has earned limited revenues from origination and servicing fees charged to borrowers in connection with the loans made by the Company and its wholly-owned subsidiaries GRE 1 and Groundfloor GA corresponding to the LROs and Georgia Notes. Groundfloor has funded our operations primarily with proceeds from our convertible debt and preferred stock issuances... Over time, Groundfloor expects that the number of borrowers and lenders, and the volume of loans originated through the Groundfloor Platform, will increase and generate increased revenue from borrower origination and servicing fees. The proceeds from the sale of LROs described in our Consolidated Financial Statements will not be used to directly finance our operations. Groundfloor will use the proceeds from sales of LROs exclusively to originate the Loans that correspond to the corresponding series of LROs sold to investors. However, Groundfloor collects origination and servicing fees on Loans Groundfloor is able to make to Developers, which Groundfloor recognizes as revenue. The more Loans Groundfloor is able to fund through the proceeds of our offerings, the more fee revenue Groundfloor will make. With increased fee revenue, our financial condition will improve. However, Groundfloor does not anticipate this increased fee revenue to be able to fully support our operations through the next 12 months. Groundfloor's operating plan calls for a continuation of the current strategy of raising equity and, in limited circumstances, debt financing to finance its operations until Groundfloor reaches profitability and becomes cash-flow positive, which Groundfloor does not expect to occur before 2026. Groundfloor's operating plan calls for significant investments in website development, security, investor sourcing, loan processing and marketing, and for several rounds of equity financing before Groundfloor reaches profitability. To date, the company has raised funds for operations through multiple common stock, preferred stock, and convertible note fundraising rounds. In 2025, the company raised approximately $60.8 million in new operating capital through a combination of common stock and bond offerings during the year. Management intends to raise additional debt or equity financing to grow working capital and fund operations and believes the Company will obtain additional funding from current and new Investors in order to sustain operations. However, there are no assurances that the Company can be successful in obtaining the additional capital or that such financing will be on terms favorable or acceptable to the Company. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/v5hnh6sz About Groundfloor Finance Inc. Groundfloor Finance Inc. maintains and operates the Groundfloor Platform for use by the Company and Groundfloor subsidiaries to provide real estate development investment opportunities to the public. Groundfloor was originally organized as a North Carolina limited liability company under the name of Fomentum Labs LLC on January 28, 2013. As of December 31, 2025, the Company had $392,192,101 in total assets, $403,991,142 in total liabilities, and $11,799,041 in total stockholders' deficit. HANSEN-MUELLER CO: Seeks to Hire Rine Auctioneers as Auctioneer --------------------------------------------------------------- Hansen-Mueller Co. seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ Rine Auctioneers as auctioneer. The firm will conduct a public auction for the sale of the equipment on April 22, 2026, through its online auction platform at www.rineauctions.hibid.com. The equipment to be sold consists of personal property and equipment located at the Omaha Facility that was utilized in connection with the Debtor's grain elevator operations. The firm will be paid at these fees: (a) commission on all sold items shall be 20 percent of the total gross sales up to $100,000 and 30 percent of any amounts exceeding $100,000; and (b) advertising fee of $7,500 with $5,000 being charged to the Debtor and Rine absorbing the remaining costs. Rine will advance all monies and deduct from the sale settlement those advertising costs. Tom Rine, owner at Rine Auctioneer, 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: Tom Rine Rine Auctioneers 10702 Francis Street Omaha, NB 68124 Telephone: (402) 598-0710 About Hansen-Mueller Co. Hansen-Mueller Co. is a nationwide agribusiness company headquartered in Omaha, Nebraska, engaged in grain merchandising and processing with a diversified platform spanning the central United States, including nine grain elevators, four port terminals, and an oats processing facility producing pet food and animal feeds in Toledo, Ohio. The Company operates four complementary business units -- Oat Trading, Wheat Merchandising, Cross-Country Trading, and a Houston Joint Venture – and maintains grain trading offices in multiple states, supported by a private railcar fleet and multi-modal transportation network for domestic and international flows. Founded in 1979, Hansen-Mueller employs approximately 120 people across its operations in the U.S. and conducts business in 44 states and 24 countries, focusing on niche crops, international trade, and vertically integrated processing. Hansen-Mueller Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-81226) on November 17, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Thomas L. Saladino handles the case. The Debtor tapped Brian J. Koenig, Esq., Donald L. Swanson, Esq., and Trevor J. Lee, Esq., at Koley Jessen PC, LLO as bankruptcy counsel; Silverman Consulting as restructuring advisor; Michael G. Compton as chief restructuring officer and financial advisor; and Ascendant Consulting Partners, LLC as investment banker. The Debtor's notice, claims and solicitation agent is Epiq Bankruptcy Solutions, LLC. HARRISBURG DAIRIES: Seeks to Tap Harry Davis as Real Estate Broker ------------------------------------------------------------------ Harrisburg Dairies Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Harry Davis, LLC as real estate broker. The Debtor needs a broker to market and sell its property located at 2001 Herr Street, Harrisburg, Dauphin County, Pennsylvania as well as certain tangible and intangible personal property. The firm will receive a commission of 5 percent of the sale or lease price. Harry Davis 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: Harry Davis Harry Davis, LLC 1725 Boulevard of the Allies Pittsburgh, PA 15219 About Harrisburg Dairies Inc. Harrisburg Dairies, Inc., a company in Harrisburg, Pa., processes and distributes fluid milk and other dairy and beverage products from its base in Harrisburg, Pennsylvania, serving wholesale and commercial customers across Pennsylvania and neighboring states. Founded in 1931 and incorporated in 1946, the company operated as a family-owned dairy for multiple generations, sourcing milk from local farms. Its operations included pasteurizing, homogenizing, and bottling milk along with creams, juices, and teas. Harrisburg Dairies sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00474) on February 20, 2026, with between $1 million and $10 million in both assets and liabilities. Alec John Dewey, president, signed the petition. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky PC represents the Debtor as counsel. HAWKEYE ENTERPRISES: Steven Wallace Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Steven Wallace as Subchapter V trustee for Hawkeye Enterprises, LLC. Mr. Wallace will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wallace declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven M. Wallace Goldenberg Heller & Antognoli P.C. 2227 South State Route 157 Edwardsville, Illinois 62025 Telephone: (618) 656-5150 Facsimile: (618) 656-6230 Email: steven@ghalaw.com About Hawkeye Enterprises Hawkeye Enterprises, LLC filed Chapter 11 petition (Bankr. E.D. Mo. Case No. 23-42494) on July 17, 2023, with $328,232 in assets and $1,488,755 in liabilities. Robert Moellering, owner, signed the petition. Judge Brian C. Walsh oversees the case. Robert E. Eggmann, Esq., at Carmody MacDonald P.C. is the Debtor's legal counsel. HAYATS KITCHEN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Woodland Hills Division granted Hayats Kitchen interim approval to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with its budget, subject to specific modifications. Notably, the expense for water and power was reduced to $1,620 per month (or $3,240 every two months). The Debtor is also allowed flexibility to vary individual budget items by up to 5%, as long as such changes do not significantly harm the overall financial plan or prejudice secured creditors. To protect secured creditors, the court granted them replacement liens on post-petition assets to compensate for any decrease in the value of their collateral. Additionally, the Debtor must maintain existing insurance coverage on all collateral. These measures ensure that creditors' interests are safeguarded while the Debtor continues operations using cash collateral. The interim order remains effective until April 22, when a final hearing on the motion will take place. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Uh2Yr from PacerMonitor.com. About Hayats Kitchen Inc. Hayats Kitchen, Inc. operates as a small-scale restaurant business in California, providing food and dining services within its local market. Hayats Kitchen, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10498) on March 11, 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 Victoria S. Kaufman handles the case. The debtor is represented by Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc. HEART 2 HEART: Trustee Taps Jackson Kelly as Special Counsel ------------------------------------------------------------ Robert L. Johns, Chapter 7 Trustee of Heart 2 Heart Volunteers Inc., d/b/a Serenity Hills Life Center, seeks approval from the United States Bankruptcy Court for the Northern District of West Virginia to hire Jackson Kelly PLLC as special counsel. The firm will provide these services: (a) advising the Trustee as to his legal rights regarding the operation of the Debtor's business, including state agency reporting issues and employment issues; (b) representing the Trustee in any potential adversary proceedings to be filed by the Trustee; (c) assisting in the continued operation of the Debtor's business; (d) complying, responding, and reporting to governmental agencies; (e) assisting with employment-related issues; and (f) fulfilling the Trustee's obligations, duties, and responsibilities under the Bankruptcy Code. Jackson Kelly will be compensated on an hourly basis, with attorney rates ranging from $225 to $605 per hour and paraprofessional rates ranging from $55 to $200 per hour. The attorneys expected to work on the case have 2026 hourly rates ranging from $400 to $605 per hour. Jackson Kelly PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, and, according to court filings, does not hold or represent any interest adverse to the Debtor, the estate, creditors, or the Trustee with respect to the matters for which it is being employed. The firm can be reached at: Ellen S. Cappellanti, Esq. JACKSON KELLY PLLC P.O. Box 553 Charleston, WV 25322 Telephone: (304) 340-1000 Facsimile: (304) 340-1080 E-mail: ecappellanti@jacksonkelly.com About Heart 2 Heart Volunteers Inc. Heart 2 Heart Volunteers Inc., doing business as Serenity Hills Life Center, operates three addiction recovery centers and treatment facilities. Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge David L. Bissett oversees the case. The Debtor is represented by Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's Chapter 11 case. HLF FINANCING: S&P Rates Proposed $800MM Senior Secured Notes 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating and '2' recovery rating to HLF Financing S.a.r.l. LLC's proposed $800 million seven-year senior secured notes. The '2' recovery rating indicates its expectation for substantial (70%-90%: rounded estimate: 75%) recovery in the event of a default. The company, which does business as Herbalife, initially launched a refinancing transaction in late February 2026. This was subsequently delayed because of unfavorable market conditions after the outbreak of the war in the Middle East. The new proposed transaction entails nearly the same funded secured debt issuance amount (though with different tranche allocations) and use of proceeds. Herbalife now intends to issue a new $425 million revolving credit facility (with pro forma borrowings of $200 million), a $225 million new term loan A, and $800 million in new senior secured notes. It will use the proceeds to repay its term loan B due 2029 ($370 million outstanding as of Dec. 31, 2025), its $800 million 12.25% senior secured notes due 2029, and related transaction fees and expenses. S&P said, "Under our revised hypothetical default scenario, there is less secured debt, which leads to a 5% increase in rounded recovery on the $225 million term loan A ('BB' issue-level rating with recovery rating of '2', reflecting 75% rounded recovery) and the $600 million unsecured notes ('BB-' issue-level rating with a recovery rating of '3', reflecting 55% rounded recovery). The 'BB+' issue-level rating on the revolving credit facility is unchanged, with a recovery rating of '1', reflecting 95% rounded recovery. Our 'BB-' issuer credit rating on the company and stable outlook are unchanged." Issue Ratings--Recovery Analysis Key analytical factors Capital structure: -- Proposed $425 million multicurrency five-year revolver ($200 million drawn at close) borrowed by Herbalife Nutrition Ltd. (parent, Cayman Islands), Herbalife International Luxembourg S.à R.L. (HIL, Luxembourg), Herbalife International Inc. (HII, US), and HBL IHB Operations S.à r.l. (HBL, Luxembourg); -- Proposed $225 million term loan A maturing 2031 borrowed by HLF Financing SaRL LLC (HLF), U.S.; -- Proposed $800 million of senior secured notes maturing 2033 borrowed by HLF and HII; -- $600 million of senior unsecured notes maturing 2029 co-issued by HLF and HII; and -- $278 million of senior unsecured convertible Notes maturing 2028 (not rated) issued by Parent. Valuation: S&P said, "Our simulated default scenario assumes a payment default in 2030 stemming from a protracted economic downturn, the risks associated with the company's network marketing business, and intense competition in the weight-management industry. Our scenario assumes a sharp drop in revenue due to a large loss of distributors. Possible causes include escalating competition from large consumer product and online rivals, a general shift away from people working in the direct sales industry, or negative publicity concerning Herbalife's products, particularly its weight-management or nutritional supplements. Herbalife is also exposed to currency and regulatory risk and volatility in certain foreign economies. We assume these factors would severely stress its cash flow and liquidity. "We estimate a $1.5 billion gross emergence enterprise value, which incorporates a 5x multiple to our emergence EBITDA estimate. This multiple reflects the intensely competitive and fragmented subsector in which Herbalife participates and its inherent reputational risk. "We believe the relative share of value across obligor and non-obligor groups would be informed in part by economic value during a hypothetical default, and we consider the relative share of third-party revenue generated across these groups. We estimate that entities serving as obligors and entities pledging collateral would constitute 70% of the enterprise value." Guarantees and collateral: -- S&P estimates that obligors on Herbalife's secured debt and senior unsecured notes are approximately 30% of its total enterprise value. -- All secured debt instruments receive substantially identical guarantees, which are secured by substantially all assets at U.S. obligors, IP assets at non-U.S. obligors, and equity interests in all obligors (other than the parent); -- The revolving credit facility has borrowers spanning multiple jurisdictions and revolving loans made to a revolver or any borrower are the sole and several liability of that borrower; and -- The senior unsecured notes receive unsecured guarantees from the same guarantor group as that of the secured debt instruments. -- S&P estimates another 40% of total enterprise value comprises the non-obligors with equity pledged as collateral, which include subsidiaries in Mexico and India. -- Obligations at U.S. entities benefit from 65% equity pledges from these nonobligors. These obligations comprise revolver borrowings at HII, the term loan A, term loan B, and other proposed senior secured debt; and -- Obligations at non-U.S. entities benefit from 100% equity pledges from these nonobligors. These obligations comprise revolver borrowings at Parent, HIL, and HBL. S&P said, "Lastly, we estimate the remaining 30% of total enterprise value consists of non-obligors with zero equity pledged as collateral, which include subsidiaries in China and Malaysia. "In our waterfall analysis, we treat the revolver as higher ranking than the remaining secured debt. "We would expect a sizeable revolver draw at the non-U.S. borrowers during a hypothetical default, mirroring the company's sizeable share of economic earnings from international markets." Only the revolver would benefit from the 100% equity pledges provided to non-U.S. borrowings by certain entities under the current capital structure. The revolver's recovery outcome is sensitive to this incremental equity pledge of certain entities. S&P said, "Also, we treat the senior unsecured notes as higher ranking than the senior unsecured convertible notes (not rated) given their structural seniority and partial contractual seniority, based on our discussion with the company and its agent bank. The convertible notes are issued at the parent, whereas the senior unsecured notes are issued at a subsidiary (structural seniority). Also, the convertible notes don't receive guarantees (partial contractual seniority)." Simulated default assumptions -- Default year: 2030 -- Debt service: $159 million (default year interest plus amortization) -- Minimum capex: $76 million -- Emergence EBITDA: $305 million -- Emergence EBITDA multiple: 5x Simplified waterfall -- Gross recovery value: $1.53 billion -- Net recovery value (after 5% administrative expenses): $1.45 billion -- Estimated revolver claims: $324 million -- Recovery expectations: 90%-100% (rounded estimate: 95%) -- Value available for remaining senior secured claims (term loan A and senior secured notes): $765 million ($487 million collateral value/$296 million unpledged value) -- Estimated remaining senior secured claims: $1 billion -- Recovery expectations: 70%-90% (rounded estimate: 75%) -- Value available for senior unsecured notes: $341 million -- Estimated senior unsecured note claims: $615 million -- Recovery expectations: 30%-50% (rounded esti HRONIS INC: Hires GBB Advisors as Estate Broker and Sale Advisor ---------------------------------------------------------------- Hronis, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of California to employ MD Graham & Associates, Inc., doing business as GBB Advisors & Graham and Associates, as real estate broker and sale advisor. The firm's services include: (a) maintain regular status calls with all parties; (b) analyze assets and valuation of portfolio; (c) create and manage data room; (d) create and distribute marketing materials; (e) list and market sale; (f) manage all communications with interested parties; (g) negotiate consultations with the chief restructuring officer (CRO) and other estate professionals; (h) review, analyze and assist with determination of bid qualification and asset purchase agreements; (i) coordinate auction with CRO and other estate professionals; and (j) manage escrow processes. The firm received a minimum fee of $150,000 that will be the entire compensation afforded to GBB if the DIP Lender's stalking horse bid is the successful bid. In the event of sales of any of the Debtors' assets other than through the stalking horse bid, GBB will receive a commission of 1.5 percent of the gross sale price upon the closing of any such sale. Any commissions earned by GBB will be in addition to their minimum fee of $150,000. Bradley Bickers, a managing partner at GBB Advisors, 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: Bradley Bickers GBB Advisors 1005 N. Demaree St. Visalia, CA 93291 Telephone: (559) 667-9733 About Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, California, that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. HRONIS INC: Seeks Approval to Hire Saul Ewing as General Counsel ---------------------------------------------------------------- Hronis, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Saul Ewing LLP as counsel. The firm will render these services: (a) advise and assist the Debtors to comply with their statutory duties; (b) advise and assist the Debtors regarding the sale or disposition of any assets; (c) advise the Debtors regarding financing of operations and other administrative expenses during their cases; (d) assist the Debtors in the formulation, confirmation and implementation of a Chapter 11 plan or other dispositions of its estates; (e) assist the Debtors in identifying, analyzing, protecting and/or obtaining possession of estate property; (f) assist the Debtors with abandonment or other disposition of property of the estate; (g) assist with the analysis and pursuit of recovery of avoidable transfers, and if appropriate, initiate and prosecute adversary proceedings with respect thereto; (h) analyze and review the validity of and, if appropriate, object to claims; (i) assist with the employment and compensation processes for professionals; (j) analyze the validity of and, if appropriate, object to administrative expenses; (k) assist the Debtors with the settlement and compromise of claims by or against the estate, or pertaining to matters relating to this case; (l) pursue enforcement of the automatic stay and other protections for the benefit of the Debtors and their estates; (m) perform other general legal services to expeditiously administer the estate; and (n) advise the Debtors and their Board of Directors regarding business, corporate and commercial law transactional and litigation matters, in the ordinary course and outside the ordinary course of business, whether or not involving bankruptcy laws. Zev Shechtman, Esq., the lead attorney in this representation, will be paid at his hourly rate of $850. Other professionals and paraprofessionals of the firm will be billed at hourly rates range from $265 to $1,620. In addition, the firm will seek reimbursement for expenses incurred. The firm received payments from the Debtors prior to the petition date totaling $1,485,553.56 on account of restructuring, general business and corporate, and bankruptcy preparation services. Mr. Shechtman 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: Zev Shechtman, Esq. Saul Ewing LLP 1888 Century Park East, Suite 1500 Los Angeles, CA 90067 Telephone: (310) 255-6100 Facsimile: (310) 255-6200 Email: zev.shechtman@saul.com About Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, California, that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. HRONIS INC: Seeks to Tap Donlin, Recano as Administrative Advisor ----------------------------------------------------------------- Hronis, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Donlin, Recano & Company, LLC as administrative advisor. The firm's services include: (a) gather, assemble, and organize date in conjunction with, and otherwise assisting with, the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs; (b) assist with solicitation, balloting, tabulation, and calculation of votes, as well as prepare any appropriate reports required in furtherance of confirmation of any Chapter 11 plan; (c) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results for any Chapter 11 plan(s) in the Bankruptcy Cases; (d) assist with claims objections, exhibits, claims reconciliation, and related matters with respect to claims; and (e) provide such other claims processing, noticing, solicitation, balloting, and administrative services not included in the Claims and Noticing Agent Application, as may be requested by the Debtors from time to time. The firm received $15,000 retainer of claims and noticing services. Lisa Terry, a member at Donlin, Recano & Company, 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: Lisa Terry Donlin, Recano & Company, LLC 48 Wall Street New York, NY 10005 Telephone: 9212) 481-1411 About Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, California, that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. HUMERLIS INC: To Hire Neeleman Law Group as Legal Counsel --------------------------------------------------------- Humerlis, Inc. seeks approval from the United States Bankruptcy Court for the Western District of Washington to employ Neeleman Law Group, P.C. as its legal counsel. The firm will provide these services: (a) assisting the Debtor in the investigation of the financial affairs of the estate; (b) providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; (c) preparing all pleadings necessary for proceedings arising under this case; and (d) performing all necessary legal services for the estate in relation to this case. Neeleman Law Group, P.C. will be compensated at hourly rates of $600 for principals, $475 for associates, and $250 for paralegals, plus reimbursement of costs and expenses incurred. The Debtor also provided a $11,738 retainer, of which $1,738 was used for the Chapter 11 filing fee, $5,000 was applied to prepetition services, and $5,000 is held in trust for post-petition services pending court approval. Neeleman Law Group, P.C. represents that it is a disinterested person within the meaning of 11 U.S.C. Section 101 and does not hold or represent any interest adverse to the Debtor's estate. The firm further states it does not hold any prepetition or administrative claim against the Debtor. The firm can be reached at: Thomas D. Neeleman, Esq. Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 Email: jennifer@neelemanlaw.com About Humerlis, Inc. Humerlis, Inc. is a corporate debtor that filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Washington Case No. 26-10415) on February 11, 2026. At the time of filing, the debtor reported estimated assets of between $0 and $50,000 and liabilities of between $500,001 and $1 million. The case is an Ex Parte Application to Employ Neeleman Law Group, P.C. as legal counsel for the estate. Judge Timothy W Dore oversees the case. Neeleman Law Group, P.C. is Debtor's legal counsel. IMAGINATION ENTERPRISES: Case Summary & 14 Unsecured Creditors -------------------------------------------------------------- Debtor: Imagination Enterprises, LLC d/b/a Magic Candle Company 4065 L B McLeod Rd., Suite F Orlando, FL 32811 Business Description: Imagination Enterprises, LLC, doing business as Magic Candle Company, is based in Orlando, Florida, and makes home-fragrance products including candles, wax melts, room sprays, fragrance oils, air fresheners, and foaming hand soaps. The company offers products hand-poured with a soy-paraffin wax blend and wood wicks, and it ships to customers in the U.S. with limited international delivery. Chapter 11 Petition Date: April 10, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-02562 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 E-mail: chad@cvhlawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Keith Michael Mahne as president. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZLUJ4PA/Imagination_Enterprises_LLC__flmbke-26-02562__0001.0.pdf?mcid=tGE4TAMA INGLES PRODUCE: Gets OK to Use Cash Collateral Until May 7 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, entered an third interim order granting Ingles Produce, Inc. approval to use cash collateral through May 7. Under the interim order, the Debtor is authorized to use cash that may be encumbered by a lien held by Credibly of Arizona, LLC, Vox Funding and the U.S. Small Business Administration. As adequate protection, each of the three lenders is granted a post-petition lien on cash collateral, limited to the same extent and priority as their respective valid prepetition liens. These liens are deemed automatically perfected without further documentation. Additionally, the Debtor must make monthly payments of $2,500 to the Subchapter V trustee, which will be held in trust and used for administrative expenses if necessary. Creditors' rights are fully preserved, and they may seek further relief. Overall, the order ensures short-term operational continuity while protecting creditor interests until the final hearing. The next hearing is scheduled for May 7. The interim order is available at https://shorturl.at/wzWmW from PacerMonitor.com. Ingles Produce's books and records indicate that Credibly of Arizona, a merchant cash advance lender, and the SBA hold a blanket lien for which a UCC-1 was filed against the Debtor's assets. The UCC-1 covers all assets of the Debtor including cash. As of the petition date, the Debtor owed Credibly of Arizona and the SBA $30,000 and $150,000, respectively. Meanwhile, Vox Funding, another merchant cash advance lender, holds a lien covering the Debtor's future receipts and is owed approximately $110,000 as of the petition date. About Ingles Produce Inc. Ingles Produce, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25031) on December 19, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Tarek Kiem, Esq., at Kiem Law, PLLC serves as Subchapter V trustee. Aaron A. Wernick, Esq., at Wernick Law, PLLC represents the Debtor as bankruptcy counsel. INTEGRITY CHARTER SCHOOL: S&P Affirms 'BB-' LT Rating on Rev. Bonds ------------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB-' long-term rating on the California School Finance Authority's series 2024 tax-exempt charter school revenue bonds issued for Integrity Charter School (ICS). The negative outlook reflects S&P's view of the school's limited financial flexibility at the current rating given delays with its construction project and expectations of thin financial performance over the near term. S&P said, "We consider ICS' governance risk elevated within our credit rating analysis. This stems from the school's omission of its series 2024 bond liability within its fiscal 2025 financial statements. We believe this reflects some limitations with transparency and financial reporting. Management expects to issue revised financial statements to address the issue. In addition, data from S&P Global Sustainable1 demonstrates that ICS faces elevated physical risks given the state's exposure to seismic risk and extreme weather conditions such as drought and wildfires; however, the charter school's location in primarily urban areas somewhat mitigates these risks. In addition, we believe California's robust building codes for educational buildings substantially mitigate any elevated seismic risk. We view the school's social factor as being neutral in our credit rating analysis. "The negative outlook reflects our expectation that over the one-year outlook period the school's financial flexibility will be limited given delays with its construction project and expectation of thin financial performance, as it will be covering debt service costs on its 2024 bonds, plus leased space, with lower enrollment than what was projected at the time of the bond issuance. "We could consider lowering the rating if the school fails to meet revised projections associated with its expansion project, including construction, enrollment, operating, or coverage projections, or if there are material draws on cash. "We could revise the outlook to stable if the school executes on its expansion plans within budget, continues to strengthen its enrollment and demand profile, and maintains positive financial performance and stable liquidity." INTERNATIONAL LAND: Delays 10-K Filing to Finalize Audit -------------------------------------------------------- International Land Alliance, Inc. disclosed in a regulatory filing that it is not in a position to file its Annual Report on Form 10-K for the period ended December 31, 2025 within the prescribed time period in order to permit the Company's independent registered public accounting firm to complete its audit of the financial statements included in the Form 10-K. The compilation, dissemination and review of the information required to be presented in the Form 10-K have imposed time constraints that have rendered timely filing of the Form 10-K impracticable without undue hardship and expense to the registrant. About International Land Alliance San Diego, Calif.-based International Land Alliance, Inc. was incorporated under the laws of the State of Wyoming on September 26, 2013. The Company is a residential land development company with target properties located in the Baja California, Northern region of Mexico and Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties' infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers. As of September 30, 2025, the Company had $30.9 million in total assets, $18.7 million in total liabilities, and $11.9 million in total stockholders' equity. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 21, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. J&L INVESTMENTS: Gets Extension to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division issued a second interim order allowing J&L Investments of SWFL, LLC to continue using cash collateral through May 20. Under the order, the Debtor is authorized to use cash collateral to pay operating expenses in accordance with an approved budget, with flexibility of up to 10% per line item. Additional expenditures must be approved by the secured creditor within 48 hours of request. The Debtor projects total monthly operational expenses of $55,683.87. To protect secured creditors, the court granted them replacement liens on post-petition cash collateral, maintaining the same validity and priority as their pre-petition liens without requiring additional filings. The Debtor is also required to maintain insurance coverage on its assets in accordance with loan agreements. The order emphasizes compliance with all bankruptcy obligations and allows for further court review if disputes arise. The order is entered without prejudice to the rights of the Debtor, creditors or any future creditors' committee to challenge liens or seek modifications. The Debtor's authority to use cash collateral will automatically terminate if the case is dismissed or converted. A continued hearing is scheduled for May 20. As of the petition date, the Debtor had approximately $5,600 in cash on hand and $3,791.54 in accounts receivable. Its future earnings may be subject to creditors' alleged liens and to the extent such earnings constitute cash collateral, the Debtor intends to use them. The Debtor owes $829,378 to the U.S. Small Business Administration, secured by the Debtor's tangible and intangible personal property. About J&L Investments of SWFL LLC J&L Investments of SWFL, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00406) on February 23, 2026, with $1 million to $10 million in assets and liabilities. Judge Paul M. Black presides over the case. Jeffrey S. Ainsworth, Esq., at Branson Ainsworth PLLC represents the Debtor as counsel. K&S UNDERGROUND: Charles Mouranie Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Charles Mouranie of CMM & Associates as Subchapter V trustee for K&S Underground LLC. Mr. Mouranie will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mouranie declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles M. Mouranie CTP CMM & Associates 43313 Woodward Ave., Ste. 1189 Phone: 248.767.9492 Email: cmouranie@cmmengllc.com About K&S Underground LLC K&S Underground LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-20488) on April 01, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Daniel S. Oppermanbaycity presides over the case. George E. Jacobs, Esq. represents the Debtor as legal counsel. KARYOPHARM THERAPEUTICS: Commodore Capital Holds 9.9% Equity Stake ------------------------------------------------------------------ Commodore Capital LP, together with Commodore Capital Master LP, Robert Egen Atkinson, and Michael Kramarz, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 26, 2026, they beneficially own 1,950,000 shares of Karyopharm Therapeutics Inc.'s Common Stock, $0.0001 par value, representing 9.9% of the shares outstanding. The shares are held by Commodore Capital Master LP, for which Commodore Capital LP serves as investment manager. Michael Kramarz and Robert Egen Atkinson, as managing partners of Commodore Capital LP, exercise investment discretion over the securities. The percentage is based on 19,618,032 shares of Common Stock reported as issued and outstanding as of March 23, 2026. Commodore Capital LP may be reached through: Michael Kramarz, Managing Partner Commodore Capital LP 444 Madison Avenue, Floor 35 New York, NY 10022 Tel: 212-256-8600 A full-text copy of Commodore Capital LP's SEC report is available at: https://tinyurl.com/4wyaj74a About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 19, 2025, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $96.23 million in total assets, $365.49 million in total liabilities, and $269.26 million in total equity. KARYOPHARM THERAPEUTICS: RA Capital Entities Hold 9.9% Equity Stake ------------------------------------------------------------------- RA Capital Management, L.P., together with RA Capital Healthcare Fund, L.P., Peter Kolchinsky, and Rajeev Shah, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 26, 2026, they beneficially own 2,078,913 shares of Karyopharm Therapeutics Inc.'s Common Stock, $0.0001 par value per share, representing 9.9% of the shares outstanding. The beneficial ownership consists of shares and warrants held directly by RA Capital Healthcare Fund, L.P. (the "Fund"), for which RA Capital Management, L.P. serves as investment adviser. This includes: (i) 1,917,354 shares of common stock directly held by the Fund; (ii) pre-funded warrants exercisable for up to 3,391,164 shares; and (iii) common warrants exercisable for up to 4,421,518 shares. All warrants are subject to 9.99% beneficial ownership blockers that currently limit the Reporting Persons' exercisable ownership to the reported 2,078,913 shares. The percentage is calculated based on approximately 20,809,945 shares (19,618,032 shares outstanding as of March 23, 2026, plus 1,030,354 shares issued in the March 26, 2026 private placement, plus 161,559 shares issuable upon partial exercise of the warrants within the ownership limit). The Reporting Persons (including Dr. Kolchinsky and Mr. Shah as controlling persons of RA Capital) disclaim beneficial ownership except to the extent of their pecuniary interest and for Section 13(d) purposes. The Fund has delegated voting and investment power to RA Capital (revocable only on 61+ days' notice) and disclaims beneficial ownership for Section 13(d) purposes. RA Capital Management, L.P. (and related reporting persons) may be reached through: Peter Kolchinsky, Authorized Signatory RA Capital Management, L.P. 200 Berkeley Street, 18th Floor, Boston, MA 02116 Tel: 617-778-2500 A full-text copy of RA Capital Management, L.P.'s SEC report is available at: https://tinyurl.com/57s7n4zs About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 19, 2025, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $96.23 million in total assets, $365.49 million in total liabilities, and $269.26 million in total equity. KEVIN GARCIA: Gets Final OK to Use Cash Collateral -------------------------------------------------- Kevin Garcia Originals, LLC on April 13 received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with a budget covering April through September, subject to a 10% variance per line item. The authorization remains in effect through confirmation of a reorganization plan or further court order. As adequate protection, lenders including NewTek Bank, N.A., Rapid Finance, and the U.S. Small Business Administration that hold valid pre-petition liens will be granted automatically perfected replacement liens on post-petition assets similar to their original collateral. These replacement liens do not apply to proceeds from Chapter 5 avoidance actions. The final order reserves all parties' rights to later dispute whether any lender actually holds a valid lien or claim. The final order is available at https://is.gd/ZroEqe from PacerMonitor.com. About Kevin Garcia Originals LLC Kevin Garcia Originals, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51961) on February 13, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jonathan W. Jordan presides over the case. Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. KING'S ACADEMY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division entered a second preliminary order granting The King's Academy of West Orlando, Inc. authority to use cash collateral. Under the second preliminary order, the Debtor is authorized to use cash collateral through May 21 to pay court-approved expenses including U.S. Trustee quarterly fees; and operating costs outlined in its budget. The Debtor may exceed individual budget line items by up to 10% and may request additional expenditures with creditor approval. As adequate protection, secured creditors will be granted post-petition replacement liens on cash collateral, with the same validity, extent, and priority as their pre-petition liens, without requiring additional filings. In addition, King's Academy must comply with all debtor-in-possession obligations and maintain required insurance coverage on its property consistent with loan and security agreements. The order preserves the rights of creditors and other parties to seek modified protections or challenge lien claims later in the case, and it does not limit the U.S. Trustee's authority to appoint a creditors' committee. As of the petition date, King's Academy had approximately $4.48 in deposit accounts and its future earnings may be subject to creditors' asserted liens. Multiple UCC financing statements have been filed against the Debtor -- many by unidentified merchant cash advance lenders -- and the Debtor is reviewing them to determine the creditors and assess the validity, scope, and priority of any claimed liens. The Debtor may owe an undetermined amount to C T Corporation System, as representative. The Debtor operates a school offering educational and developmental programs for infants and children. A recent revenue decline impaired its ability to cover operating expenses and maintain cash flow, leading it to obtain a merchant cash advance loan on allegedly usurious and unconscionable terms. The next hearing is scheduled for May 21. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Bsbvy from PacerMonitor.com. About The King's Academy of West Orlando Inc. The King's Academy of West Orlando, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00557) on January 28, 2026, listing assets of up to $50,000 and liabilities of $500,001 to $1 million. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. KOINONIA CONSTRUCTION: Employs Harris Law Practice as Counsel ------------------------------------------------------------- KOINONIA CONSTRUCTION INC, dba IMPACT ROOFING, seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Harris Law Practice LLC to serve as general bankruptcy counsel. The firm will provide these services: (a) examination and preparation of documents and reports as required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rules; (b) preparations of applications and proposed orders to be submitted to the Court; (c) identification and prosecution of claims and causes of action assertable by Debtor on behalf of the estate; (d) examination of proofs of claim anticipated to be filed and the possible prosecution of objections to certain claims; (e) advice to the Debtor and preparing documents in connection with the contemplated ongoing operation of the Debtor's business, if any; (f) assistance to the Debtor in performing other official functions as set forth in Section 521, et seq. of the Bankruptcy Code; and (g) preparation of a plan of reorganization, and related documents, and confirmation of said plan, as provided in Section 1189, et seq., of the Bankruptcy Code. The firm will receive compensation based on hourly rates of $650 for Stephen R. Harris, Esq., $550 for Norma Guariglia, Esq., and $200 for paraprofessional services, plus reimbursement of reasonable and necessary expenses. HARRIS LAW PRACTICE LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen R. Harris, Esq. Norma Guariglia, Esq. HARRIS LAW PRACTICE LLC 850 E. Patriot Blvd., Suite F Reno, NV 89511 Telephone: (775) 786-7600 E-mail: steve@harrislawreno.com norma@harrislawreno.com About Koinonia Construction Inc. Koinonia Construction Inc., doing business as Impact Roofing, is an Elko, Nevada-based construction and development company that builds homes, manages housing projects, and provides roofing services under its Impact Roofing brand. Since its founding, the firm has overseen multi-phase residential developments such as Mountain View and Copper Trails, while maintaining a fleet of trucks, telehandlers, backhoes, and other heavy equipment to support its on-site construction work. Beyond construction, Koinonia manages a portfolio of townhouses and land parcels on North 5th Street and Platinum Drive, reflecting its integrated approach to development, building, and property management. Koinonia Construction sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.: 26-50335) on April 3, 2026. In the petition that was signed by Luke Fitzgerald as president, the Debtor disclosed total assets of $5,475,376 and total liabilities of $6,771,688. Debtor's Counsel: Stephen R. Harris, Esq., at HARRIS LAW PRACTICE LLC, in Reno, Nevada. LEFKO LLC: Hires Nason Yeager Gerson Harris & Fumero as Counsel --------------------------------------------------------------- LEFKO LLC, doing business as Salute Market, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Nason Yeager Gerson Harris & Fumero, PA as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties and the continued management of its business operation; (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 attend Initial Debtor Interview and Section 341 Meeting of creditors; (d) prepare and/or defend legal documents necessary in the administration of the cases; (e) protect the interest of the Debtor in all matters pending before the Court; and (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: James Silver, Attorney $625 Ivan Reich, Attorney $580 Jose Heredia, Paralegal $230 In addition, the firm will seek reimbursement for expenses incurred. Mr. Reich 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: Ivan J. Reich, Esq. Nason Yeager Gerson Harris & Fumero, PA 3001 PGA Boulevard, Suite 305 Palm Beach Gardens, FL 33410 Telephone: (561) 686-3307 Facsimile: (561) 686-5442 Email: ireich@nasonyeager.com About LEFKO LLC LEFKO LLC, doing business as Salute Market, operates a high-end restaurant in Palm Beach Gardens with indoor/outdoor seating, live entertainment, a premium wine and spirits selection, and a catering business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14231) on April 3, 2026. In the petition signed by Michelle Lefkowitz, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Ivan J. Reich, Esq., at Nason Yeager Gerson Harris & Fumero, PA represents the Debtor as counsel. LFTD PARTNERS: Posts Wider FY25 Loss, Warns of Potential Bankruptcy ------------------------------------------------------------------- LFTD Partners Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $24,858,678 for the year ended December 31, 2025, compared to a net loss of $1,857,429 for the year ended December 31, 2024. Net sales for the year ended December 31, 2025, was $36,920,799 compared to $37,325,228 in the prior period. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has an accumulated deficit, net losses, and is subject to unique regulatory risks and uncertainties. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company currently has one revenue-generating subsidiary, Lifted. Prior to the acquisition of Lifted on February 24, 2020, the Company had no sources of revenue, and the Company had a history of recurring losses, which has resulted in an accumulated deficit of $28,839,889 as of December 31, 2025. Bankruptcy of the Company at some point in the future is a possibility. If and to the extent that the revenue generated by Lifted is not adequate to pay the Company's operating expenses, the Company's financial obligations under its loan agreements with Surety Bank, and the dividends accruing on its preferred stock, then Company management plans to sustain the Company as a going concern by taking the following actions: (1) acquiring and/or developing profitable businesses that will create positive income from operations; and/or (2) completing private placements of the Company's common stock and/or preferred stock. Management believes that by taking these actions, the Company will be provided with sufficient future operations and cash flow to continue as a going concern. However, there can be no assurances or guarantees whatsoever that the Company will be successful in consummating such actions on acceptable terms, if at all. Moreover, any such actions can be expected to result in substantial dilution to the existing shareholders of the Company. The Company's investments in Ablis and Bendistillery made the Company a minority owner of these companies. As a minority owner, the Company is not able to recognize any portion of Ablis' or Bendistillery's revenues or earnings in the Company's financial statements. The Company monitors its investments in Ablis and Bendistillery and from time to time will evaluate whether there has been a potential impairment of value, which there was as of December 31, 2025. Refer to the following sections for more information about the impairment charges recorded against the Company's investments in Ablis and Bendistillery as of December 31, 2025: The Company's Investments in Ablis and Bendistillery The Company currently is making payments of interest and principal on its loan from Surety Bank, and is accruing and paying dividends on outstanding Series A Preferred Stock and Series B Preferred Stock at the rate of 3% per year, among other ongoing financial obligations. As extensively discussed in this document, the Company is subject to a wide variety of Risk Factors including substantial legal and regulatory risks. These matters cumulatively raise substantial doubt about the Company's ability to continue as a going concern. The legal and regulatory risks facing the Company's business are particularly acute now, in at least the following respects: On November 12, 2025, President Trump signed into law H.R. 5371, the "Continuing Appropriations, Agriculture, Legislative Branch, Military Construction and Veterans Affairs, and Extensions Act, 2026", which makes continuing appropriations and extensions for fiscal year 2026, and which also bans intoxicating hemp-derived consumable products nationally on November 12, 2026. It is unknown to the Company whether or not the sections of the Act that impact the hemp industry will ultimately go into effect on November 12, 2026, or if those sections will be replaced, impacted or amended by subsequent acts of Congress. However, the Act likely will have a devastating impact on the Company and the price of its common stock. The material adverse effects of the Act cannot be overstated; these material adverse effects include, but are not limited to, the following: 1) The elimination of half or more of Lifted's sales. Sales of hemp-derived products made up approximately 52% of Lifted's sales during the year ended December 31, 2025; thus, the Act could eliminate approximately half or more of the Company's revenue; 2) Goodwill impairment charges. As a result of LFTD Partners' acquisition of Lifted, LFTD Partners recognized goodwill of $22,292,767 ("Lifted Goodwill"). As a result of Lifted's purchase of assets of hemp-derived products maker Oculus CRS, LLC, and merger with Oculus CHS Management Corp., LFTD Partners recognized goodwill of $800,027 ("Oculus Goodwill"). The Act necessitated the calculation and recording of an impairment charge on the Lifted Goodwill and Oculus Goodwill. As of December 31, 2025, LFTD Partners recorded a goodwill impairment charge on the Lifted Goodwill and Oculus Goodwill, reducing the carrying value of both to $0. 3) An investment impairment charge. The Act necessitated the calculation and recording of an impairment of LFTD Partners' investment in hemp-derived beverage and products maker Ablis. On April 30, 2019, LFTD Partners purchased 4.99% of the common stock of Ablis for $399,200. As of December 31, 2025, LFTD Partners recorded an impairment charge on its investment in Ablis, reducing the carrying value of the investment to $0. 4) Significant write offs of inventory. The Act will most likely negatively impact the pricing of hemp-derived products, the availability and price of raw goods, and production forecasting and sales, which may lead to the recording of inventory allowances against, or write offs of, our hemp-derived inventory each quarter end leading up to November 12, 2026. Moreover, any hemp-derived products in inventory on November 12, 2026 will have to be written off. 5) Significant write offs of accounts receivable. The Act will have a material adverse effect on the wholesalers and distributors that sell our products. In turn, these wholesalers and distributors may disregard their payment terms and not pay us for the product that they have purchased, causing us to have to correspondingly increase our allowance for doubtful accounts, and eventually writing off the accounts receivable. 6) Impairments of, or losses on the disposition of, hemp-related fixed assets. The Act is expected to materially reduce or eliminate the utility and marketability of fixed assets used primarily in the manufacture of hemp-derived products. As a result, we may be required to record impairment charges on these assets, and any efforts to sell such assets may result in significant losses due to limited demand or substantial price discounts. 7) Sales of fixed or other assets to fund ongoing operations. If the Act materially reduces our revenue from hemp-derived products, our cash flow may be insufficient to support ongoing operating expenses. In that event, we may be required to sell fixed assets or other assets to generate liquidity, which could occur at unfavorable prices and materially adversely affect our financial condition. 8) Workforce reductions and termination of contractor relationships. If the Act materially reduces demand for our hemp-derived products, we may be required to reduce our workforce and terminate relationships with independent contractors. Such actions could disrupt our operations, result in restructuring costs, and adversely affect our ability to operate or pursue future business opportunities. 9) Reduced interest in our Company and in our common stock from investors, potential financing sources, and potential merger candidates. Just the passing of the Act has significantly reduced interest in our Company and in our common stock from investors, potential financing sources, and potential merger candidates, because the Act calls into question our Company's short-term and long-term financial and operational viability, growth prospects, liquidity, and potential for listing on a national stock exchange; and if the Act is not replaced, impacted or amended by subsequent acts of Congress prior to November 12, 2026, then these negative impacts on our Company and our common stock are likely to even further intensify. Additional factors that could materially adversely affect the Company's future operating results include, but are not limited to: other changes to federal laws and regulations; any new rule proposed by the federal Drug Enforcement Administration that might attempt to classify certain hemp-derived products as controlled substances; and any other federal or state laws and regulations prohibiting or restricting hemp-derived, kratom-derived, nicotine or other psychoactive products and/or vaping. There is also a risk that the Company potentially might be accused of selling products containing ingredients that might be considered an analog of a controlled substance. The Company is also subject to vendor concentration risk, customer concentration risk, customer credit risk, and counterparty risk. A limited number of customers have historically made up a significant portion of the Company's sales. Also, historically, the Company has purchased raw goods and finished goods from a limited number of suppliers. The loss of Lifted's relationships with these customers and vendors could have a material adverse effect on Lifted's business. The Company maintains levels of cash bank accounts that typically exceed federally insured limits. The Company has not experienced any losses in such accounts and it believes that it is not exposed to any significant credit risk on cash. No assurance or guarantee whatsoever can be given that the net income of the Company's wholly owned subsidiary Lifted will be sufficient to allow the Company to pay all of its operating expenses, its financial obligations under its loan agreements with Surety Bank, the dividends accruing and being paid on the Company's preferred stock, future company-wide management bonus pool payments, and other obligations. As a result of all the foregoing factors, there is substantial doubt that the Company will be able to continue as a going concern. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/27meh9cy About LFTD Partners Inc. Publicly traded LFTD Partners Inc. (OTCQB: LIFD), headquartered in Jacksonville, Fla., is currently directly or indirectly involved in the development, manufacture and/or sale or re-sale of a wide variety of branded, hemp-derived, psychoactive and alternative lifestyle products, and of products involving, nicotine, tobacco and marijuana. As of December 31, 2025, the Company had $19,272,548 in total assets, $6,640,288 million in total liabilities, and $12,632,260 in total stockholders' equity. LIPELLA PHARMACEUTICALS: Hires BDO Consulting as Financial Advisor ------------------------------------------------------------------ Lipella Pharmaceuticals Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ BDO Consulting, LLC as financial advisor. The firm will provide these services: (a) review the Debtor's current financial condition; (b) review the Debtor's current liquidity and cash flow models and scenarios, prepare appropriate analyses, and provide liquidity management recommendations to its management; (c) review and assist in developing materials to be presented to potential acquirers and assist in discussion with such parties; (d) prepare an initial analysis regarding the potential to monetize the Debtor's net operating loss; (e) prepare appropriate analyses for the Debtor's stakeholders; (f) advise the Debtor's Board of Directors; (g) serve as liaison with the Debtor's management stakeholders, and advisors; (h) assist in the preparation of a budget, bankruptcy petition, SOFA, SOAL, and monthly operating reports. Assist in development of a plan of reorganization, potential sale of assets, plan of liquidation and/or wind down or other case resolution. Provide case testimony, as necessary. Assist in managing the claims reconciliation process and in analyzing avoidance actions; and (i) other related matters as requested by the Debtor and agreed to by BDO. The firm will be paid at these hourly rates: Principals/Managing Director $750 - $1,150 Director $650 - $850 Manager $550 - $750 Seniors $375 - $625 Associates $175 - $375 The Debtor also agreed to pay the firm a success fee of: (a) 20 percent of proceeds up to $1,000,000; plus (b) 10 percent of incremental proceeds between $1,000,000 and $2,000,000; plus (c) 5 percent of proceeds in excess of $2,000,000. In addition, the firm will seek reimbursement for expenses incurred. Evan Blum, a managing director at BDO Consulting, 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: Evan Blum BDO Consulting, LLC 770 Kenmoor Ave., SE Grand Rapids, MI 49546 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 tapped Michael A. Shiner, Esq., at Tucker Arensberg, PC as counsel and BDO Consulting, LLC as financial advisor. LIPELLA PHARMACEUTICALS: Seeks to Tap Tucker Arensberg as Counsel ----------------------------------------------------------------- Lipella Pharmaceuticals Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Tucker Arensberg, PC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and assets; (b) prepare and file on behalf of the Debtor necessary legal papers in connection with the administration of its estate; (c) attend meetings and negotiate with representatives of creditors and other parties-in-interest; (d) take all necessary actions to protect and preserve the Debtor's estate; (e) negotiate and prepare on the Debtor's behalf any plan(s) of reorganization or liquidation, disclosure statement(s), and all related agreements and/or documents, and take any necessary action on its behalf to obtain confirmation of such plan(s); (f) represent the Debtor in connection with any necessary post-petition financing; (g) advise the Debtor in connection with any sale(s) of assets; (h) appear before this Court, any appellate courts, proceedings before the United States Trustee, and protect the interests of the Debtor's estate in those forums; (i) consult with the Debtor regarding non-bankruptcy disciplines of law; and (j) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Bankruptcy Case. The firm will be paid at these rates: Michael Shiner, Attorney $675 Beverly Weiss Manne, Attorney $675 Zakarij Thomas, Attorney $600 Maribeth Thomas, Attorney $475 Joanna D, Studeny, Attorney $400 Shareholders $460 - $700 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, the firm received a retainer in the amount of $105,000. Mr. Shiner 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: Michael A. Shiner, Esq. Tucker Arensberg, PC 1500 One PPG Place Pittsburgh, PA 15222 Telephone: (412) 566-1212 Email: mshiner@tuckerlaw.com 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 tapped Michael A. Shiner, Esq., at Tucker Arensberg, PC as counsel and BDO Consulting, LLC as financial advisor. LITHOTYPE COMPANY: Hires Robert W. Zimmer & Associates as Advisor ----------------------------------------------------------------- Lithotype Company Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Robert W. Zimmer & Associates, LLC as financial advisor. The firm will render these services: (a) investigate the Debtor's books and records related to its financial activities prior to the Petition Date; (b) prepare the Debtor's monthly operation reports and assist it with its cash flow projections in connection with its future plan of reorganization; and (c) perform all the financial services for the Debtor which may be necessary and proper in these proceedings. The firm will be billed at an hourly rate of $250. The firm will request a $25,000 retainer from the Debtor. Robert Zimmer, a certified public accountant at the firm, 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: Robert W. Zimmer, CPA Robert W. Zimmer & Associates, LLC Oak Lawn, IL 60453 About Lithotype Company Inc. Lithotype Company Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-02207) with $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by John E. Gerba as director of finance. Judge Daniel R. Fine oversees the case. The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman as counsel and Robert W. Zimmer & Associates, LLC as financial advisor. LYCRA COMPANY: Seeks to Hire FTI Consulting as Financial Advisor ---------------------------------------------------------------- The Lycra Company LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ FTI Consulting, Inc. as financial advisor. The firm's services include: (a) assess the cash flow of the Debtors' business and validate key operating and contingency planning assumptions to develop a dynamic 13-week cash flow forecast model; (b) assess the Debtors' liquidity and working capital; (c) assess the Debtors' long-term financial projections under different scenarios; (d) evaluate potential cost savings and working capital optimization; (e) assess receivables and inventory by country, along with related reserves and accruals to establish the feasibility of a multi-country/multi-currency ABL facility; (f) analyze significant executory contracts, and quantify prospective commitments and obligations specific to the contracts; (g) evaluate various contingency planning scenarios; (h) assist with internal and external stakeholder communications, as requested; and (i) provide other services as may be reasonably requested by the Debtors and/or their counsel, without duplicating services provided by other professionals. The firm will be paid at these hourly rates: Senior Managing Directors $1,270 - $1,580 Directors/Senior Directors/Managing Directors $940 - $1,195 Consultants/Senior Consultants $535 – $850 Administrative/Paraprofessionals $195 - $395 In addition, the firm will seek reimbursement for expenses incurred. Armen Emrikian, a senior managing director at FTI Consulting, 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: Armen Emrikian FTI Consulting, Inc. 555 12th Street Northwest, Suite 700 Washington, DC 20004 About The Lycra Co., LLC The Lycra Company LLC is a textile company that produces elastic materials used in cycling and yoga apparel. The Lycra Company LLC and several affiliates, including Eagle Global Holding B.V., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90399) on March 17, 2026, before the Hon. Christopher M. Lopez. The Debtors estimated $100 million to $500 million in estimated assets and liabilities. The Hon. Christopher M. Lopez presides over the jointly administered cases. The Debtors hired Linklaters LLP and Haynes and Boone, LLP as restructuring counsel; Houlihan Lokey as investment banker; FTI Consulting, Inc. as financial advisor; Kroll Inc. as claims and noticing agent. Gibson, Dunn & Crutcher UK LLP serves as lead counsel and Porter Hedges LLP as local counsel to an ad hoc group of lenders. LYCRA COMPANY: Seeks to Hire Haynes and Boone as Co-Counsel ----------------------------------------------------------- The Lycra Company LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Haynes and Boone, LLP as co-counsel. The firm's services include: (a) serve as bankruptcy co-counsel for the Debtors and work collaboratively with Linklaters, lead counsel, to advance its objectives in an efficient manner; (b) at the request of the Debtors and in coordination with Linklaters, prepare, on behalf of the Debtors, any necessary legal documents in connection with the administration of these Chapter 11 cases, review and comment on drafts of the foregoing, and review all financial and other reports to be filed in these cases; (c) provide counsel to the Debtors, in coordination with Linklaters, regarding their rights and obligations in the continued operation of their businesses and the management of their estates; (d) advise and represent the Debtors in connection with the formulation, negotiation, and implementation of a plan of reorganization and related documents and any solicitation related thereto; (e) assist Linklaters in connection with obtaining approval of financing, use of cash collateral, and all other financing and liquidity matters; (f) at the request of the Debtors, appear in Court and at any meeting with the United States Trustee, and any meeting of creditors at any given time on their behalf as their bankruptcy co-counsel; (g) provide legal advice and services regarding local rules, practices, procedures, and Fifth Circuit law, and conform filings and appearances to Southern District of Texas requirements; (h) assist the Debtors in contested matters and adversary proceedings as may be necessary and provide advice regarding local practice in such matters; (i) perform legal services necessary or appropriate to administer these Chapter 11 cases and the Debtors' business; (j) coordinate with other retained professionals and advisors to avoid duplication of services across teams; and (k) perform such additional legal services as the Debtors may request, to promote the efficient and effective prosecution of these Chapter 11 cases. The firm will be paid at hourly rates: Partners $1,300 - $2,000 Counsel $1,100 - $1,350 Associates $705 – $1,180 Paraprofessionals $550 - $675 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, Haynes and Boone received a total of $2,000,000 in aggregate as a retainer from the Debtors. Arsalan Muhammad, Esq., a partner at Haynes and Boone, 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: Arsalan Muhammad, Esq. Haynes and Boone, LLP 2801 N. Harwood Street, Suite 2300 Dallas, TX 75201 Telephone: (214) 651-5000 Facsimile: (214) 651-5940 Email: arsalan.muhammad@haynesboone.com About The Lycra Co., LLC The Lycra Company LLC is a textile company that produces elastic materials used in cycling and yoga apparel. The Lycra Company LLC and several affiliates, including Eagle Global Holding B.V., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90399) on March 17, 2026, before the Hon. Christopher M. Lopez. The Debtors estimated $100 million to $500 million in estimated assets and liabilities. The Hon. Christopher M. Lopez presides over the jointly administered cases. The Debtors hired Linklaters LLP and Haynes and Boone, LLP as restructuring counsel; Houlihan Lokey as investment banker; FTI Consulting, Inc. as financial advisor; Kroll Inc. as claims and noticing agent. Gibson, Dunn & Crutcher UK LLP serves as lead counsel and Porter Hedges LLP as local counsel to an ad hoc group of lenders. LYCRA COMPANY: Seeks to Hire Linklaters as Bankruptcy Counsel ------------------------------------------------------------- The Lycra Company LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Linklaters LLP as counsel. The firm's services include: (a) advise the Debtors with respect to their powers and duties in the continued operation and management of their business and properties; (b) prepare on behalf of the Debtors all necessary legal documents and pleadings in connection with the administration of these Chapter 11 cases; (c) advise the Debtors with respect to their relationships and the negotiation and documentation of transactions with creditors, equity holders, and other parties in interest; (d) advise the Debtors concerning the rejection, assumption, assignment, and restructuring of operational contracts, the Debtors' rights and obligations under certain debt instruments, potential refinancing and restructuring transactions, and all matters related to the implementation of a restructuring transaction in these Chapter 11 cases; (e) advise and represent the Debtors in connection with the formulation, negotiation, and implementation of a plan of reorganization and related documents; (f) advise the Debtors in connection with obtaining financing, use of cash collateral, and all other financing and liquidity matters; (g) advise the Debtors regarding claims prosecution, objections, estimation, and reconciliation; (h) advise the Debtors regarding sales of assets or mergers and acquisitions, whether pursuant to section 363 of the Bankruptcy Code or otherwise; (i) represent the Debtors in contested matters and adversary proceedings as may be necessary; and (j) perform all other legal services for the Debtors that may be necessary or appropriate in the administration of these Chapter 11 cases. The firm will be paid at hourly rates: Partners $1,830 - $2,340 Counsel $1,700 Associates $555 – $ 1,530 Paraprofessionals $312 - $400 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, Linklaters received an advance retainer in the aggregate amount of $1,750,000 from the Debtors. Michael Torkin, Esq., a partner at Linklaters, 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: Michael H. Torkin, Esq. Linklaters, LLP 1290 Avenue of the Americas New York, NY 10104 Telephone: (212) 903-9000 About The Lycra Co., LLC The Lycra Company LLC is a textile company that produces elastic materials used in cycling and yoga apparel. The Lycra Company LLC and several affiliates, including Eagle Global Holding B.V., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90399) on March 17, 2026, before the Hon. Christopher M. Lopez. The Debtors estimated $100 million to $500 million in estimated assets and liabilities. The Hon. Christopher M. Lopez presides over the jointly administered cases. The Debtors hired Linklaters LLP and Haynes and Boone, LLP as restructuring counsel; Houlihan Lokey as investment banker; FTI Consulting, Inc. as financial advisor; Kroll Inc. as claims and noticing agent. Gibson, Dunn & Crutcher UK LLP serves as lead counsel and Porter Hedges LLP as local counsel to an ad hoc group of lenders. MADISON ATRINA: Seeks to Tap J. Grant Walker as Legal Counsel ------------------------------------------------------------- Madison Atrina Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ the law firm of J. Grant Walker, PLLC as counsel. The firm will render these services: (a) assist the Debtor in taking all necessary action to protect and preserve the estate; (b) negotiate with creditors and other parties in interest; (c) advise the Debtor in connection with this proceeding; (d) prepare the plan of reorganization and disclosure statement; (e) prepare any necessary pleadings and attend court hearings thereon; and (f) perform other legal services normally incident to the Chapter 11 case. The firm's counsel will be paid at these hourly rates: Attorney $350 Paralegal $350 Kelly Black, Esq., an attorney at J. Grant Walker, 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: Kelly G. Black, Esq. J. Grant Walker, PLLC Safford, AZ 85546 Telephone: (928) 428-2728 Facsimile: (928) 428-2375 Email: kelly@jgwalkerlaw.com About Madison Atrina Properties Madison Atrina Properties, LLC owns and leases a residential property in Scottsdale, Arizona. Madison Atrina Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-03335) on April 6, 2026. In the petition signed by Joshua B. Rapaport, member, the Debtor disclosed up to $10 million in both assets and liabilities. Kelly G. Black, Esq., at J. Grant Walker, PLLC represents the Debtor as counsel. MARE ISLAND: Hires Berliner Cohen as Special Litigation Counsel --------------------------------------------------------------- Mare Island Dry Dock, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Berliner Cohen, LLP as special counsel. The firm will assist the Debtor with negotiation and preparation of an agreement to sale all of its assets. The firm's attorneys will be paid at these hourly rates: James Landrum, Jr., Attorney $950 Jayce Lynch, Attorney $540 Mr. Landrum 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: James Landrum, Jr., Esq. Berliner Cohen, LLP 10 Almaden Blvd., 11th floor San Jose, CA 95113 Telephone: (408) 286-5800 Facsimile: (408) 998-5388 About Mare Island Dry Dock LLC Mare Island Dry Dock, LLC operates as a maritime services company providing ship repair, maintenance, and dry dock services. The company supports commercial and industrial marine vessels through repair, refurbishment, and related waterfront operations. Mare Island Dry Dock, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20777) on February 14, 2026. In its petition, the Debtor disclosed up to $50 million in both assets and liabilities. The Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor tapped Julie H. Rome-Banks, Esq., at Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel, Berliner Cohen, LLP as special counsel, and Bean Hunt Harris & Company as accountant. On March 17, 2026, the Office of the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Keller Benvenutti Kim LLP as counsel. MARE ISLAND: Seeks to Tap Bean Hunt Harris & Company as Accountant ------------------------------------------------------------------ Mare Island Dry Dock, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Bean Hunt Harris & Company as accountant. The firm will prepare the Debtor's federal and state tax returns for 2025 and will assist with preparation of projections and estimation of tax consequences under a plan of reorganization or sale, to the extent such services are necessary or advisable. The firm will be paid at these hourly rates: Partners $350 Managers/CPAs $250 - $300 Staff/Sr. Accountants $125 - $200 Clerical/Administrative $75 The firm will request a retainer of $30,000 from the Debtor. Katherine Myrick, a certified public accountant at Bean Hunt Harris & Company, 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: Katherine Myrick, CPA Bean Hunt Harris & Company 7110 N. Fresno St., Ste. 460 Fresno, CA 93720 Telephone: (559) 221-5071 About Mare Island Dry Dock LLC Mare Island Dry Dock, LLC operates as a maritime services company providing ship repair, maintenance, and dry dock services. The company supports commercial and industrial marine vessels through repair, refurbishment, and related waterfront operations. Mare Island Dry Dock, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20777) on February 14, 2026. In its petition, the Debtor disclosed up to $50 million in both assets and liabilities. The Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor tapped Julie H. Rome-Banks, Esq., at Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel, Berliner Cohen, LLP as special counsel, and Bean Hunt Harris & Company as accountant. On March 17, 2026, the Office of the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Keller Benvenutti Kim LLP as counsel. MEXCOL GROUP: Seeks to Tap George E. Jacobs as Bankruptcy Counsel ----------------------------------------------------------------- Mexcol Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ George Jacobs, Esq., an attorney practicing in Flint, Mich., as its counsel. The attorney will provide these services: (a) advise the Debtor with respect to its rights and duties in conection with this Chapter 11 proceeding; and (b) perform all other legal services which may be necessary herein. Mr. Jacobs will be paid at his hourly rate of $350. The attorney received a retainer of $7,500 from the Debtor. Mr. Jacobs 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 firm can be reached through: George E. Jacobs, Esq. 2425 S. Linden Rd., Ste. C Flint, MI 48532 Telephone: (810) 720-4333 Email: george@bklawoffice.com About Mexcol Group LLC Mexcol Group LLC, doing business as Casa Real, operates a restaurant and bar at 21 S. Washington Street in Oxford, Michigan, specializing in Mexican food such as tacos, burritos, chimichangas, and fajitas. Mexcol Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-52229) on December 2, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Mark A. Randon oversees the case. George E. Jacobs, Esq., represents the Debtor as counsel. MORRISON HOSPITAL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Morrison Hospital Association d/b/a Morrison Nursing Home d/b/a Sartwell Place Assisted Living d/b/a Summit by Morrison d/b/a The Morrison Communities 6 Terrace St. Whitefield, NH 03598 Business Description: Morrison Hospital Association is a nonprofit healthcare organization based in Whitefield, New Hampshire, operating senior care facilities that provide skilled nursing, assisted living, memory care, and post-acute rehabilitation services across multiple campuses. Established in the early 1900s, the organization has transitioned from a hospital-rooted institution into a long-term care provider using trade names such as Morrison Nursing Home, Sartwell Place Assisted Living, Summit by Morrison, and The Morrison Communities. It serves elderly and medically dependent residents requiring residential care, rehabilitation, and dementia support throughout northern New Hampshire. Chapter 11 Petition Date: April 10, 2026 Court: United States Bankruptcy Court District of New Hampshire Case No.: 26-10308 Judge: Hon. Kimberly Bacher Debtor's Counsel: Christopher M. Candon, Esq. SHEEHAN PHINNEY BASS & GREEN, P.A. 1000 Elm Street P.O. Box 3701 Manchester, NH 03105-3701 Tel: (603) 668-0300 Debtor's Financial Advisor: Paul S. Valentine KCP ADVISORY GROUP, LLC Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Shannon Lynch as chief executive officer. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NHOHD6Y/Morrison_Hospital_Association__nhbke-26-10308__0001.2.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M6N2V4I/Morrison_Hospital_Association__nhbke-26-10308__0001.0.pdf?mcid=tGE4TAMA NATURE'S WAX: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a third interim order authorizing Nature's Wax & Spa, LLC to use cash collateral through May 27. Under the third interim order, the Debtor is authorized to use cash collateral only for court-authorized payments, including Subchapter V trustee fees, and for ordinary operating expenses outlined in its budget, subject to a 10% variance per line item. As adequate protection, creditors with interest in the cash collateral will be granted replacement liens, with the same validity and priority as their pre-bankruptcy liens. The creditors that may assert claims secured by a lien against the Debtor's cash collateral are the U.S. Small Business Administration, De Lage Landen, Milestone formerly known as LCA Bank, QL Titling Trust Ltd., and Regions Bank. The cash collateral is comprised of cash on hand and funds to be received through the continued payments on jobs from customers. As of the petition date, the Debtor estimates the value of its cash collateral, consisting of cash on hand, is approximately $7,800.90. The next hearing is scheduled for May 27. The interim order is available at https://shorturl.at/CtOr0 from PacerMonitor.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. NEW ENGLAND MOORINGS: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------------------- On April 07, 2026, New England Moorings, Inc. 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 1–49 creditors. About New England Moorings, Inc. New England Moorings, Inc. is a corporation engaged in marine services, including mooring and related waterfront operations. New England Moorings, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00791) on April 07, 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 Luis Ernesto Rivera II handles the case. The Debtor is represented by Michael R. Dal Lago, Esq. and Jennifer M. Duffy, Esq., of Dal Lago Law. NEW FORTRESS: Secures LCF Forbearance Through Sept. 15 ------------------------------------------------------ New Fortress Energy Inc. disclosed in a regulatory filing that it entered into a forbearance agreement with certain of its subsidiaries as guarantors, the lenders party thereto, and Natixis, New York Branch, in its capacity as administrative agent and collateral agent under the Company's Letter of Credit and Reimbursement Agreement dated July 16, 2021. Pursuant to the forbearance agreement, among other things, the lenders agreed to forbear from exercising all of their rights and remedies under the Letter of Credit Facility with respect to certain specified defaults listed which may arise prior to the termination date of the LCF Forbearance Agreement. Unless earlier terminated, the LCF Forbearance Agreement will terminate on September 15, 2026. Upon the termination of the LCF Forbearance Agreement, if a further forbearance is not agreed to, the lenders could require the Company to cash collateralize the outstanding principal balance of the loans and all other amounts owing under the Letter of Credit Agreement. The LCF Forbearance Agreement contains certain consents, covenants and termination rights that are consistent with the Restructuring Support Agreement, entered into on March 17, 2026, by and among the Company, certain of its direct and indirect subsidiaries party thereto, NFE Financing LLC, a Delaware limited liability company, NFE Brazil Investments LLC, a Delaware limited liability company, one or more subsidiaries of the Company that will accede to the RSA by delivering a joinder, Kroll Issuer Services Limited, and each of the undersigned holders or lenders party thereto, pursuant to which the parties agreed to certain transactions related to recapitalizing the Company's indebtedness. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW FORTRESS: Wesley Edens Holds 18.8% Equity Stake --------------------------------------------------- Wesley R. Edens, disclosed in a Schedule 13D (Amendment No. 7) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, he beneficially owns 53,634,666 shares of New Fortress Energy Inc.'s Class A Common Stock, representing 18.8% of the 284,552,811 shares outstanding as of November 14, 2025. This amendment discloses that on March 31, 2026, Wesley R. Edens entered into an Assignment and Assumption Agreement to purchase approximately $110 million aggregate principal amount of loans under the Issuer's Term Loan A Credit Agreement using personal funds. Upon closing of the transactions contemplated by the Restructuring Support Agreement, he is expected to receive a pro rata portion of the consideration to lenders, which may include an indeterminate amount of Class A Shares and shares of preferred stock convertible into Class A Shares. Wesley R. Edens may be reached through: Wesley R. Edens 111 W. 19th St. 8th Floor New York, NY 10011 Tel: (516) 268-7400 A full-text copy of Wesley R. Edens's SEC report is available at: https://tinyurl.com/dpvbxp7c About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW YORK: Seeks to Tap Certilman Balin Adler & Hyman as Counsel --------------------------------------------------------------- New York Beach Club, Ltd. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Certilman Balin Adler & Hyman, LLP to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Richard J. McCord, Esq., Partner $600 Jaspreet S. Mayall, Esq., Partner $625 Robert D. Nosek, Esq., of Counsel $500 Paraprofessionals $150 Richard J. McCord, Esq., a member at Certilman Balin Adler & Hyman, 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: Richard J. McCord, Esq. Certilman Balin Adler & Hyman, LLP 90 Merrick Avenue East Meadow, NY 11554 Telephone: (516) 296-7000 Email: nuccord@certilmanbalin.com About New York Beach Club Ltd. New York Beach Club, Ltd. operates a private seasonal beach club and oceanfront social venue at 1751 Ocean Boulevard in Atlantic Beach, New York. The company manages the club's facilities, including cabanas, pools, dining, and recreational amenities, under a non-residential lease from the property owner, Ocean Blvd., LLC. It functions as a hospitality and leisure services entity within the private beach club and resort sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70576) on February 10, 2026, with $902,221 in assets and $17,267,359 in liabilities. Alexander Jacobson, president, signed the petition. Judge Louis A. Scarcella presides over the case. Richard J. McCord, Esq., at Certilman Balin Adler & Hyman, LLP represents the Debtor as counsel. NICK'S PIZZA: Court Extends Cash Collateral Access to May 25 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois issued its seventh interim order authorizing Nick's Pizza & Pub, Ltd. to use cash collateral. Under the seventh interim order, the Debtor is authorized to use its lenders' cash collateral to pay the expenses set forth in its budget through May 25 or the date of the final hearing. The Debtor may make monthly partial rent payments for its Crystal Lake and Elgin restaurants from available operating funds after setting aside a $75,000 reserve and paying Section 330 attorneys' fees pursuant to Section 330 of the Bankruptcy Code. The next hearing is scheduled for May 20. The Debtor's lenders are St. Charles Bank & Trust Company, N.A., Rewards Network Establishment Services, Inc. and On Deck Capital, Inc. St. Charles Bank & Trust, successor by merger with First Community Bank, asserts that it holds a lien on assets of the Debtor pursuant to UCC-1 financing statements it filed against the Debtor. The lender provided a $5.725 million loan to the Debtor to, among other things, assist in the refinancing of the Debtor's real property and construction of a restaurant. Similar security interests may be asserted by Rewards pursuant to its 2017 Receivables Purchase and Marketing Agreement with the Debtor. The agreement included language granting a security interest in certain property owned by the Debtor. A copy of the court's order and the budget is available at https://shorturl.at/rqWMc from PacerMonitor.com. About Nick's Pizza & Pub Ltd. Nick's Pizza & Pub, Ltd. is a family-friendly restaurants in Crystal Lake and Elgin, serving thin-crust Chicago pizza. Nick's Pizza & Pub filed Chapter 11 petition (Bankr. N.D. Texas Case No. 24-18037) on December 2, 2024, with assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Nicholas Sarillo, president of Nick's, signed the petition. Judge Janet S. Baer handles the case. Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. is the Debtor's legal counsel. St. Charles Bank & Trust Company, N.A., as lender, is represented by: John Adam Powers, Esq. Brotschul Potts, LLC 1 Tower Lane, Suite 2060 Oak Brook Terrace, IL 60181 Phone: (312) 551-9003 apowers@brotschulpotts.com NOBLE CAPITAL: Appeal Shelved Pending Bankruptcy Case Resolution ---------------------------------------------------------------- The Court of Appeals for the First District of Texas at Houston abates the appeal styled Noble Capital Servicing, LLC v. House Mosaic Holdings, LLC, Appellate Case No. 01-25-00278-CV (Tex. App.). Appellant and appellee have filed a joint motion to abate this appeal pending the outcome of the bankruptcy court's confirmation hearing set for May 15, 2026. The parties expect that the appellate issues between them will be resolved in the bankruptcy. The parties are also scheduling mediation to take place before the confirmation hearing. Accordingly, the parties request abatement of the appeal pending further notification from the parties. The Court grants the motion and abates the appeal for 60 days to allow the parties to engage in mediation and to attempt to resolve their differences during the confirmation hearing scheduled in bankruptcy court on May 15, 2026. Should the parties not reach an agreement or need additional time, they shall file a motion to extend the abatement or a status update by June 8, 2026 advising the Court of the status of the parties' efforts to resolve the issues on appeal. A copy of the Court's Abatement Order dated April 7, 2026, is available at https://urlcurt.com/u?l=WnVI98 About Private Lender Network Private Lender Network, LLC operates in the credit intermediation sector, providing financing solutions for fix-and-flip, new construction, and multifamily projects, along with bridge loan services. Headquartered in Austin, Texas, the company primarily functions as a wholesale lender, partnering with brokers and leveraging investor capital to fund loans. Private Lender Network sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10742) on May 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by Ron Satija, Esq., at Hayward, PLLC. OCEAN BLVD: Seeks to Hire Certilman Balin Adler & Hyman as Counsel ------------------------------------------------------------------ Ocean Blvd., LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Certilman Balin Adler & Hyman, LLP to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Richard J. McCord, Esq., Partner $600 Jaspreet S. Mayall, Esq., Partner $625 Robert D. Nosek, Esq., of Counsel $500 Paraprofessionals $150 Richard J. McCord, Esq., a member at Certilman Balin Adler & Hyman, 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: Richard J. McCord, Esq. Certilman Balin Adler & Hyman, LLP 90 Merrick Avenue East Meadow, NY 11554 Telephone: (516) 296-7000 Email: nuccord@certilmanbalin.com About Ocean Blvd. LLC Ocean Blvd., LLC, based in Atlantic Beach, New York, is a real estate company that owns the land at 1751 Ocean Boulevard, leased to New York Beach Club, Ltd., which operates a beach club on the site. Ocean Blvd., LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70577) on February 10, 2026, listing $25,000,004 in assets and $14,262,396 in liabilities. The petition was signed by Alexander Jacobson as managing member. Judge Louis A. Scarcella presides over the case. Richard J. McCord, Esq., at Certilman Balin Adler & Hyman, LLP represents the Debtor as counsel. OCEAN POWER: Issues $10MM Convertible Notes at 4.5% Interest ------------------------------------------------------------ Ocean Power Technologies, Inc. disclosed in a regulatory filing that it entered into a Securities Purchase Agreement with institutional investors under which the Company agreed to issue and sell convertible notes for an aggregate principal amount of $10,000,000 that will be convertible into shares of the Company's common stock, par value of $0.001 per share. The Securities Purchase Agreement contains customary representations, warranties and covenants. The Notes contain customary affirmative and negative covenants, including certain limitations on debt, liens, restricted payments, asset transfers, changes in the business and transactions with affiliates. The Notes also contain standard and customary events of default. No Note may be converted to the extent that such conversion would cause a holder of such Note to become the beneficial owner of more than 4.99% of the then outstanding Common Stock, after giving effect to such conversion. The Notes bear interest at an interest rate of 4.5% per annum except that upon the occurrence and during the continuance of an event of default, interest will accrue on the Notes at an interest rate of 13% per annum. Unless earlier converted, the Notes will mature on the eighteen-month anniversary of their issuance dates at a premium to 13% to the face value of the Notes. At any time after the issuance date, all amounts due under the Notes are convertible, in whole or in part, and subject to the Beneficial Ownership Cap, at a conversion price equal to $0.40, which is subject to customary adjustments upon any stock split, stock dividend, stock combination, recapitalization or similar events. Starting on the closing date, the Notes amortize quarterly. The Company will make quarterly payments on the first trading day of each three-month anniversary commencing on the closing date through the maturity date, payable in cash. The Notes will rank senior to the right to payment of the holders of our unsecured debt, subject to certain exceptions. The Notes and shares issuable upon conversion of the Notes are being offered and sold pursuant to a prospectus supplement filed in connection with a "takedown" from the Company's shelf registration statement on Form S-3 (File No. 333-275843) declared effective on December 12, 2023. The Company may be reached through Robert Powers, Chief Financial Officer Ocean Power Technologies, Inc. 28 Engelhard Drive, Suite B Monroe Township, NJ 08831 Email: rpowers@oceanpowertech.com -- and -- Kevin J. Poli, Esq. Porter Hedges LLP 1000 Main Street, 35th Floor Houston, TX 77002 Email: kpoli@porterhedges.com The Buyer may be reached at through: Michael A. Adelstein, Esq. Kelley Drye & Warren LLP 3 World Trade Center 175 Greenwich Street New York, NY 10007 Telephone: (212) 808-7540 E-mail: madelstein@kelleydrye.com The Transfer Agent may be reached through: Marleen Grandeson-Mills Computershare Trust Company, N.A. 150 Royall Street, Suite 101 Canton, MA 02021-1011 Telephone: (800) 662-7232 E-Mail: Marleen.Grandeson-Mills@computershare.com Full text copies of the Securities Purchase Agreement and the Notes are available at https://tinyurl.com/2a642kf8 and https://tinyurl.com/2ardbx9b, respectively. An opinion of counsel regarding the validity of the securities being issued and sold by the Company in the transactions described in the Securities Purchase Agreement is available at https://tinyurl.com/hnucyexn About Ocean Power OPT -- www.OceanPowerTechnologies.com -- provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets including Merrows(TM), which provides AI-capable seamless integration of Maritime Domain Awareness Systems across platforms. The Company's PowerBuoy(R) platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. The Company also provide WAM-V(R) autonomous surface vessels (ASVs) and marine robotics services. The Company's headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. The Company's current cash balance may not be sufficient to fund its planned expenditures through 12 months from March 17, 2026, the filing date of the Company's Form 10-Q for the quarterly period ended January 31, 2026. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of January 31, 2026, the Company had $41.1 million in total assets, $21.1 million in total liabilities, and $20.1 million in total stockholders' equity. OFFICE PROPERTIES: Reaches Amended Settlement With Noteholders -------------------------------------------------------------- Office Properties Income Trust disclosed in a regulatory filing that pursuant to the Stipulation and Agreed Order Regarding Mediation and Appointing Judge Marvin Isgur as Mediator entered by the U.S. Bankruptcy Court for the Southern District of Texas, on March 2, 2026, the Debtors, an ad hoc group of holders of the Company's 9.000% Senior Secured Notes due September 30, 2029, and an ad hoc group of holders of certain of the Company's 3.250% Senior Secured Notes due December 11, 2026 commenced non-binding mediation to resolve certain disputes and issues in the Chapter 11 Cases. The Parties -- including advisors and principals -- participated in the mediation and worked closely with the Mediator and each other to reach resolution of the issues. On or about March 2, 2026, negotiations concluded, and an initial settlement was reached among the Parties. The Parties continued to revise and finalize the Original 2027 Settlement and on March 31, 2026, the Parties entered into an amended settlement and filed a revised version of the settlement term sheet [Docket No. 1139]. Certain of the key amendments to the Original 2027 Settlement include: * Interest Rate: The $385,000,000 secured promissory note issued on the Effective Date will bear interest at 8.375% rather than 8.125%. * Special Purpose Vehicle: The Promissory Note shall be issued by a new special purpose vehicle. The SPV incorporates certain protections for the holders of the 2027 Senior Secured Notes, including consent rights for an independent director of the SPV, maintenance of books and records for review by the holders of the 2027 Senior Secured Notes, and other restrictions on related-party transactions and distributions to equity. * Limited Guaranty: The reorganized Company shall provide a limited guaranty on the Promissory Note, which shall be capped at a total of $60,000,000, subject to the terms of the Amended 2027 Settlement Term Sheet. The reorganized Company will pay $10,000,000 of the Limited Guaranty as a support fee. * Valuation: The 2027 Ad Hoc Group confirmed their acceptance of $493,150,000 as the appraised value of the requisite properties securing the 2027 Senior Secured Notes on a first lien basis, thereby satisfying a requirement for effectiveness of the Amended 2027 Settlement. A copy of the Amended 2027 Settlement Term Sheet is available at https://tinyurl.com/bdwyp5d9 About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OLENOX INDUSTRIES: Delays 10-K Filing Due to Merger, Acquisitions ----------------------------------------------------------------- Olenox Industries, Inc. disclosed in a regulatory filing that it was unable to file its Form 10-K or the year ended December 31, 2025 within the prescribed time period without unreasonable effort or expense. The Company went through a merger and multiple acquisitions in 2025; therefore, the consolidation of all entities took longer than expected due to some of the entities having been unaudited. About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. OLENOX INDUSTRIES: Rejects Proposed Merger With New Asia Holdings ----------------------------------------------------------------- Olenox Industries, Inc. disclosed in a regulatory filing, the results of its 2025 Annual Meeting of Stockholders, held March 31, 2026, at 1:00 P.M. Central Time. Proposal No. 1 The following seven individuals were re-elected as directors, each to serve a one-year term expiring at the 2026 annual meeting of stockholders and until such director's successor is duly elected and qualified with the following votes: 1. Michael McLaren * For: 4,048,402 * Withheld: 130,070 * Broker Non-Votes: 1,378,281 2. Adam Falkoff * For: 4,069,596 * Withheld: 108,876 * Broker Non-Votes: 1,378,281 3. Jill Anderson * For: 4,070,842 * Withheld: 107,630 * Broker Non-Votes: 1,378,281 4. Thomas Meharey * For: 4,067,710 * Withheld: 110,762 * Broker Non-Votes: 1,378,281 5. Paula J. Dobriansky * For: 4,070,550 * Withheld: 107,922 * Broker Non-Votes: 1,378,281 6. Erik Blum * For: 4,070,097 * Withheld: 108,375 * Broker Non-Votes: 1,378,281 7. Samarth Verma * For: 2,543,827 * Withheld: 1,634,645 * Broker Non-Votes: 1,378,281 Proposal No. 2 The stockholders ratified and approved the appointment of RBSM LLP, as the Company's independent registered public accounting firm, for the year ended December 31, 2025, based on the votes: * For: 5,293,058 * Against: 192,192 * Abstain: 71,503 * Broker Non-Votes: 0 Proposal No. 3 The stockholders approved, on an advisory, non-binding basis, the compensation of the Company's named executive officers ("say-on-pay"), as disclosed in the Definitive Proxy Statement. The results of the voting for this proposal were as follows: * For: 3,993,730 * Against: 128,127 * Abstain: 56,615 * Broker Non-Votes: 1,378,281 Proposal No. 4 The requisite number of stockholders did not approve the merger pursuant to the terms of the Agreement and Plan of Merger, dated February 2, 2025, by and between the Company and New Asia Holdings, Inc., and subsequently, the conversion of the Company's Series A Convertible Preferred Stock, par value $1.00, into shares of the Company's common stock, par value $0.01, whereby each share of Preferred Stock converts into 15 shares of Common Stock, as disclosed in the Definitive Proxy Statement. The results of the voting for this proposal were as follows: * For: 3,839,210 * Against: 306,347 * Abstain: 32,915 * Broker Non-Votes: 1,378,281 Proposal No. 5 The stockholders approved, in compliance with Nasdaq Rule 5635(d), the issuance of shares of our Common Stock, pursuant to those certain securities purchase agreements, dated as of March 27, 2025, April 11, 2025, and May 29, 2025, respectively, in each case by and between the Company and Generating Alpha Ltd., in an amount equal to or in excess of 20% of Common Stock outstanding immediately prior to the issuance of such shares, as disclosed in the Definitive Proxy Statement. The results of the voting for this proposal were as follows: * For: 3,396,340 * Against: 410,797 * Abstain: 371,335 * Broker Non-Votes: 1,378,281 Proposal No. 6 The stockholders approved the increase of the maximum number of authorized shares subject to the SG Blocks, Inc. Stock Incentive Plan, as amended from time to time, by 1,500,000 shares and to automatically increase the maximum number of authorized shares subject to the Stock Incentive Plan on January 1 of each calendar year for a period of ten years commencing on January 1, 2026, in an amount equal to 4.5% of the number of shares of Common Stock outstanding on December 31 of the preceding calendar year, as disclosed in the Definitive Proxy Statement. The results of the voting for this proposal were as follows: * For: 3,540,624 * Against: 606,719 * Abstain: 31,129 * Broker Non-Votes: 1,378,281 Proposal No. 7 The stockholders approved to amend the articles of incorporation to increase the authorized shares of Common Stock from 75,000,000 shares to 3,000,000,000 shares, as disclosed in the Definitive Proxy Statement. The results of the voting for this proposal were as follows: * For: 4,344,754 * Against: 1,178,548 * Abstain: 33,451 * Broker Non-Votes: 0 Proposal No. 8 The stockholders approved, in compliance with Nasdaq Rule 5635(d), the issuance of shares of our Common Stock, pursuant to that certain Securities Purchase Agreement, dated as of November 25, 2025, by and between the Company and JAK Industrial Ventures I LLC, in an amount equal to or in excess of 20% of our Common Stock outstanding immediately prior to the issuance of such shares, as disclosed in the Definitive Proxy Statement. The results of the voting for this proposal were as follows: * For: 3,575,995 * Against: 236,993 * Abstain: 365,484 * Broker Non-Votes: 1,378,281 Proposal No. 9 The stockholders approved an amendment to the Company's Certificate of Incorporation, in substantially the form attached to the Definitive Proxy Statement as Appendix D, to effect a reverse stock split with respect to the issued and outstanding Common Stock, including stock held by the Company as treasury shares, at a ratio of 1-for-10 to 1-for-20, with the ratio within such range to be determined at the discretion of the Company's Board of Directors and included in a public announcement, subject to the authority of the Board of Directors to abandon such amendment, as disclosed in the Definitive Proxy Statement. The results of the voting for this proposal were as follows: * For: 4,456,081 * Against: 997,027 * Abstain: 103,645 * Broker Non-Votes: 0 Proposal No. 10 The stockholders approved one or more adjournments of the 2025 Annual Meeting, if necessary or appropriate, to solicit additional proxies in favor of the Proposals listed hereinabove, if there are not sufficient votes at the 2025 Annual Meeting to approve and adopt the Proposals as described further in the Definitive Proxy Statement. However, an adjournment was not needed as Proposals 1, 2, 3, 5, 6, 7, 8 and 9 received a sufficient number of votes for approval. The results of this proposal were as follows: * For: 4,865,394 * Against: 595,208 * Abstain: 96,151 * Broker Non-Votes: 0 About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. OMNIQ CORP: Delays 2025 10-K Filing Due to Compilation Issues ------------------------------------------------------------- OmniQ Corporation disclosed in a regulatory filing that it could not complete the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 due to a delay in obtaining and compiling information required to be included in the Form 10-K, which delay could not be eliminated by the Registrant without unreasonable effort and expense. About OmniQ Corp OmniQ Corporation -- www.omniq.com -- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver real-time object identification, tracking, surveillance, and monitoring for the Supply Chain Management, Public Safety, and Traffic Management applications. The technology and services provided by the Company help clients move people, objects, and manage big data safely and securely through airports, warehouses, schools, and national borders and in many other applications and environments. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a deficit in stockholders' equity and has sustained recurring losses from operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $25 million in total assets, $38.1 million in total liabilities, and a total stockholders' deficit of $13.1 million. ONEMAIN HOLDINGS: Moody's Affirms Ba2 CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings has affirmed OneMain Holdings, Inc.'s (OneMain) Ba2 long-term corporate family rating and OneMain Finance Corporation's Ba2 long-term issuer and senior unsecured ratings. The outlook remains stable. RATINGS RATIONALE The ratings affirmation reflects OneMain's long established franchise focused on non-prime consumer lending, a strong liquidity position in relation to its debt maturities, and solid profitability and loss-absorbing capital position (inclusive of loss reserves). These strengths are counterbalanced by OneMain's high exposure to non-prime consumers, who tend to have higher debt and lower savings and incomes than prime consumers, and thus are more vulnerable to stress that results in higher delinquencies and net charge-offs. Non-prime consumer lenders in the US are also more susceptible to regulatory and legal scrutiny, which could result in reputational damage, higher compliance costs, and monetary remediation. OneMain continues to exhibit strong liquidity management, a ratings strength and a positive differentiator relative to non-prime consumer finance company peers. OneMain seeks to maintain sufficient liquidity to meet all financial obligations for at least 24 months, a benefit to creditors. As of December 31, 2025, OneMain held approximately $8.2 billion of primary liquidity (i.e., unrestricted cash and cash equivalents, undrawn capacity on secured conduit facilities, and undrawn capacity on its unsecured corporate revolver) against approximately $1.2 billion of corporate debt maturing in 2026 and 2027. The company has access to 19 revolving conduit facilities with a total undrawn borrowing capacity of $6.4 billion, against which it had $11.8 billion of unencumbered loans that could be pledged. Moody's believes that there are elevated asset risks related to the company's non-prime consumer borrower base. Although OneMain's ratio of net charge-offs to average gross loans and leases declined to 7.7% in 2025, down from 8.1% in 2024, it remained significantly higher than pre-pandemic levels of approximately 6.0%. While a portion of the increase is attributable to the outsized growth of OneMain's credit card business, which has both higher credit losses and higher yields, the higher charge-offs are primarily related to looser underwriting during the pandemic and the cumulative effects of inflation. OneMain responded by tightening underwriting standards during the middle of 2022, and subsequent vintages have generally performed in line with historical trends. These pandemic-era loan vintages have declined over the past few years to a relatively small portion of OneMain's portfolio, but represent an outsized percentage of its credit losses. OneMain maintains a solid level of total loss-absorbing capital, although its capital is skewed more toward loan loss reserves rather than equity capital following the implementation of Current Expected Credit Losses (CECL) accounting in 2020. However, the company's capacity to absorb potential credit losses is relatively unchanged post-CECL implementation. As of December 31, 2025, OneMain's level of tangible common equity plus reserves (net of deferred taxes) relative to tangible managed assets was 15.7%. The stable outlook reflects Moody's expectations that OneMain will maintain solid financial performance with respect to its liquidity management and profitability, while net charge-offs continue to moderate. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS OneMain's ratings could be upgraded if the firm: 1) improves its capitalization such that the ratio of tangible common equity plus loan loss reserves to tangible managed assets is at least 20%; 2) maintains good financial performance with a return on assets above 3.5%; 3) maintains net charge-offs below 6.5% of average loans; and 4) continues to successfully develop its credit card and auto businesses without increasing its risk appetite. Positive ratings momentum could also develop over time should OneMain be granted a bank charter (application currently pending) and be able to substantially increase its funding from retail deposits and its mix of prime loans. OneMain's ratings could be downgraded if: 1) the firm's profitability or asset quality metrics deteriorate evidenced by return on assets below 2% or net charge-offs persistently above 8% of average loans; 2) Moody's observes an increase in the risk or leverage appetite of the firm; or 3) Moody's believes that OneMain will not maintain its liquidity position. LIST OF AFFECTED RATINGS Issuer: OneMain Holdings, Inc. Affirmations: LT Corporate Family Rating, Affirmed Ba2 Outlook Actions: Outlook, Remains Stable Issuer: AGFC Capital Trust I Affirmations: Backed Preferred Stock (Local Currency), Affirmed B1 (hyb) Outlook Actions: Outlook, Remains Stable Issuer: OneMain Finance Corporation Affirmations: LT Issuer Rating, Affirmed Ba2 Backed Senior Unsecured Shelf (Local Currency), Affirmed (P)Ba2 Senior Unsecured Medium-Term Note Program (Local Currency), Affirmed (P)Ba2 Backed Senior Unsecured (Local Currency), Affirmed Ba2 Outlook Actions: Outlook, Remains Stable PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ONITY GROUP: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has assigned Onity Group Inc. (Onity) and its wholly owned subsidiaries Onity Mortgage Corp., PHH Corp., and PHH Escrow Issuer LLC first-time Long-Term Issuer Default Ratings (IDRs) of 'B-'. The Rating Outlook is Stable. Fitch has also assigned ratings to the senior secured notes co-issued by PHH Corp and PHH Escrow Issuer LLC of 'B-' with a Recovery Rating of 'RR4'. Key Rating Drivers Solid Franchise: The ratings reflect Onity's solid franchise in U.S. residential mortgage servicing, improving profitability, adequate liquidity, and experienced management. Additionally, the company's origination capabilities and mortgage servicing right (MSR) hedging should provide for relative earnings stability through interest rate cycles and its subservicing business produces stable cash flows with minimal incremental capital requirements. Elevated Leverage, Secured Funding Reliance: The ratings are constrained by the highly cyclical nature of the mortgage industry, elevated leverage, high MSR exposure, reliance on secured, short-term wholesale funding, and the potential servicing advance needs and regulatory scrutiny from its exposure to Ginnie Mae (GNMA) loans. Large Servicing Portfolio: Onity's servicing portfolio, including subservicing, totaled $328 billion at YE 2025, which positions it as the 13th-largest U.S. mortgage servicer, according to Inside Mortgage Finance. Additionally, the company maintains consumer direct and correspondent origination capabilities, which should offer a natural hedge to the servicing business. Improving Profitability: Onity's pre-tax return on average assets (ROAA), adjusted for GNMA loans eligible for repurchase, transferred MSR and reverse mortgage loans held for sale, was 1.2% in 2025. This was up from 1.0% in 2024 and above the four-year average of 0.3% from 2022-2025. Earnings have improved as the company has expanded its correspondent loan acquisition channel and grown its MSR portfolio, partially offset by MSR amortization and fair value changes. Fitch expects profitability to remain stable in 2026, given its expectations for higher origination volumes. However, increased prepayment speeds may lead to MSR write-downs. Elevated Leverage: Onity's leverage, calculated as gross debt (including the preferred stock) to tangible equity was 7.8x at YE 2025, in line with a year ago. Corporate leverage, which excludes balances under origination funding facilities and reverse mortgage securitizations, was 3.9x at YE 2025, down from 4.3x at YE 2024, but higher than rated peers'. Fitch expects leverage to rise modestly in the near term with higher origination volume. However, corporate leverage will improve with earnings retention. Still, capital levels remain sensitive to MSR amortization and valuation changes, which can negatively affect leverage. MSRs were 408% of tangible equity at YE 2025, significantly higher than rated peers'. Preferred Shares Treatment: Fitch treats the preferred shares as debt given the change-of-control provision, which could require Onity to repurchase the shares in cash following a change of control. Secured Funding Profile: Consistent with other mortgage companies, Onity is reliant on short-term, secured wholesale funding for its operations. Onity's funding profile was primarily secured at YE 2025, comprised of warehouse facilities, MSR notes payable, advance facilities, senior secured notes and preferred shares. Onity's warehouse facilities mature within one year, which increases liquidity and refinancing risk. Including the preferred shares, unsecured funding was 1.2% of total debt, which is below rated peers'. Warehouse capacity was 21% committed at YE 2025, which is in-line with rated peers'. Adequate Liquidity: Fitch views Onity's current liquidity profile as adequate to meet operating needs, potential margin calls and servicing advancing requirements. At YE 2025, liquidity consisted of $180.5 million in cash and $24.5 million of available borrowing capacity on its MSR line, based on the amount of eligible collateral. This represented 9.5% of corporate debt, which is below rated peers'. However, liquidity improved in 1Q26 with the issuance of $200 million of senior secured notes in January, as proceeds were largely used to repay the outstanding MSR facility borrowings. Limited Asset Quality Risk: Asset quality risk is limited for Onity as nearly all loans are sold to investors shortly after origination. Delinquencies of 60+ days were 2.9% of the owned MSR portfolio at YE 2025, down from 3.4% at YE 2024 and below the four-year average of 4.1%. Mortgages outperformed other consumer assets over the past year due to strong home equity levels. However, rising unemployment could pressure delinquencies in 2026. Onity is exposed to potential losses due to repurchase or indemnification claims from investors under certain warranty provisions. However, claims in recent years have been manageable. Stable Outlook: The Stable Outlook reflects Fitch's expectation that leverage will remain below 6x and 12x on a corporate and gross basis, respectively, profitability will remain stable, and liquidity and access to funding will remain adequate. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Corporate leverage sustained above 6x; - Gross leverage sustained above 12x; - Sustained negative earnings; - Failure to maintain sufficient liquidity to manage servicer advances, meet margin call requirements or fund originations; - Erosion of the company's franchise as evidenced by significantly reduced market share; - Substantial regulatory fines or litigation expenses that negatively impact the company's franchise or operating performance. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement in the funding profile, including an extension of funding duration, an increase in the committed funding percentage and unsecured debt maintained above 10% of total debt; - Leverage sustained below 7x on a gross debt to tangible equity basis and below 3x on a corporate non-funding basis; - Reduced MSR exposure as a percentage of tangible equity; - Improved level and consistency of profitability, with Adjusted ROAA sustained above 1%; - Enhanced liquidity as evidenced by liquid resources as a percentage of total debt above 20%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The rating on the senior secured notes is equalized with Onity's Long-Term IDR, given the largely secured funding profile and subordination to other secured borrowings, which results in average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The ratings on the secured notes are primarily sensitive to changes in the Long-Term IDR and would be expected to move in tandem. However, a material increases in secured borrowings that are senior to noteholders could result in the secured notes being notched down from the IDR. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The ratings of Onity Mortgage Corp., PHH Corp., and PHH Escrow Issuer LLC are equalized with that of the parent, Onity, and are expected to move in tandem. Onity Mortgage Corp. is a primary operating subsidiary of the holding company, and PHH Corp. and PHH Escrow Issuer LLC are debt-issuing subsidiaries of the parent, Onity Group Inc. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason(s): Weakest Link - Funding, Liquidity & Coverage (negative). - The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative), Market position (negative). ESG Considerations Onity has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy, and Data Security due to its exposure to compliance risks including fair lending practices, debt collection practices, and consumer data protection, which has a negative impact on the credit profile, and is relevant to the rating 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 ----------- ------ -------- PHH Corporation LT IDR B- New Rating senior secured LT B- New Rating RR4 Onity Group Inc. LT IDR B- New Rating Onity Mortgage Corporation LT IDR B- New Rating PHH Escrow Issuer LLC LT IDR B- New Rating senior secured LT B- New Rating RR4 ORIGINAL MOWBRAY'S: Taps Ritchie Bros. Auctioneers as Auctioneer ---------------------------------------------------------------- The Original Mowbray's Tree Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Ritchie Bros. Auctioneers (America) Inc. as auctioneer. The auctioneer will use commercially reasonable efforts to maximize the sale price of the equipment at the auction, including through comprehensive, integrated print and online marketing of the auction and the equipment, paid search, and paid social media advertising. If and to the extent that the total sale price of the equipment at the auction exceeds the guaranteed floor of $3,376,000, then Ritchie Brothers shall be entitled to a commission equal to 100 percent of the proceeds above the guaranteed floor up to the commission threshold of $3,954,788, resulting in a commission of $578,788. If and to the extent that the aggregate sale price exceeds the commission threshold, Ritchie Brothers shall be entitled to 11.25 percent of any excess proceeds realized from the sale, with the Debtor receiving the remaining 88.75 percent of such excess proceeds. Devin Norris, an auctioneer at Ritchie Bros. Auctioneers, 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: Devin Norris Ritchie Bros. Auctioneers (America) Inc. Two Westbrook Corporate Center, Suite #500 Westchester, IL 60154 About The Original Mowbray's Tree Service The Original Mowbray's Tree Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 26-12674) on Mar. 20, 2026. In its petition, the Debtor disclosed up to $50 million in both assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Raines Feldman Littrell LLP. ORIGINCLEAR INC: Files Late Filing Notice for FY2025 Form 10-K -------------------------------------------------------------- OriginClear, Inc. submitted a Form 12b-25 (Notification of Late Filing) to the U.S. Securities and Exchange Commission on March 31, 2026, indicating that it was unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, within the prescribed deadline. The company stated that the delay could not be eliminated without "unreasonable effort or expense," as outlined under Rule 12b-25(b). OriginClear expects to file the Form 10-K within the allowable extension period of 15 calendar days following the original due date. The notification confirms that all other required periodic reports over the past 12 months have been filed in a timely manner. About OriginClear OriginClear, Inc. founded in 2007 as OriginOil and rebranded in 2015, operates as the Clean Water Innovation Hub, focusing on incubating and launching businesses in the industrial water sector. The Company's subsidiary, Water On Demand, Inc., includes three operating units: Progressive Water Treatment, which provides engineered water treatment solutions and generates the majority of revenue; Modular Water Systems, which holds an exclusive master license with three active patents valued between $26.6 million and $53.2 million as of April 2023; and Water on Demand, a development-stage unit aiming to offer water treatment as a pay-per-gallon service under a Design-Build-Own-Operate model. The Company leverages its intellectual property and proprietary practices to differentiate its offerings in the global water industry. In its audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company suffered a net loss from operations and used cash in operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, OriginClear, Inc. had $2,745,525 in total assets and $27,519,856 in total liabilities, total mezzanine equity of 7,457,720, and total shareholders' deficit of $32,232,051. OZOP ENERGY: Delays 2025 10-K Due to Incomplete Audit Procedures ---------------------------------------------------------------- Ozop Energy Solutions, Inc. disclosed in a regulatory filing that the Company was unable to file, without unreasonable effort or expense, its Annual Report on Form 10-K for the year ended December 31, 2025. The Company needs additional time to compile and analyze supporting documentation in order to complete the Form 10-K and in order to permit the Company's independent registered public accounting firm to complete its audit. About Ozop Energy Warwick, N.Y.-based Ozop Energy Solutions, Inc. operates in the renewable, electric vehicle, energy storage, and energy resiliency sectors. It is engaged in multiple business lines that include project development as well as equipment distribution. Hackensack, N.J.-based Prager Metis CPAs LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that as of December 31, 2024, the Company had an accumulated deficit of $224,868,641 and a working capital deficit of $32,232,815. As of December 31, 2024, the Company was in default of $19,925,000 plus accrued interest on debt instruments due to non-payment upon maturity dates. These conditions raise substantial doubt about its ability to continue as a going concern. PACECAR ENTERTAINMENT: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Pacecar Entertainment, LLC. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Pacecar Entertainment LLC Pacecar Entertainment, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-40092) on February 17, 2026, listing $100,001 to $500,000 in both assets and liabilities. Byron Wright, III, Esq. at Bruner Wright, P.A. serves as the Debtor's counsel. PAPPAS PIPING: Court Extends Cash Collateral Access to Oct. 30 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division issued an order approving an updated stipulation between Pappas Piping Service, Inc. and Live Oak Banking Company regarding the use of cash collateral. The Debtor is authorized to use cash collateral on a final basis in accordance with an updated budget, which was filed in support of the motion. The use of funds must strictly follow this approved budget, ensuring that expenditures remain controlled and aligned with the reorganization process. Importantly, this authorization extends through October 30 or until plan confirmation), providing longer-term operational stability for the Debtor. This arrangement allows continued business operations while protecting the secured creditor's interests under the agreed stipulation. About Pappas Piping Service Pappas Piping Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10033) on January 6, 2026, listing up to $10 million in both assets and liabilities. Judge Mark D. Houle oversees the case. The Debtor is represented by David A. Wood, Esq., at Marshack Hays Wood LLP. PEOPLES HEALTHCARE: John Whaley Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John T. Whaley of John T. Whaley, CPA, LLC as Subchapter V trustee for Peoples Healthcare LLC. Mr. Whaley will be paid an hourly fee of $440 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA JOHN T. WHALEY, CPA, LLC P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Peoples Healthcare LLC Peoples Healthcare LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54239) on March 31, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Sage M. Sigler presides over the case. PERNA OIL: Seeks to Employ Oil & Gas Management as Accountant ------------------------------------------------------------- Perna Oil & Gas LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Oil & Gas Management Group, LLC to serve as accountant. The firm will provide these services: (a) prepare monthly operating reports; (b) provide financial statements; (c) handle state regulatory filings; (d) assist in the preparation of income tax returns; (e) calculate royalty payments to numerous individuals and entities; and (f) track the Debtor's costs and expenses. Oil & Gas Management Group, LLC will receive an hourly rate of $125 for partner Russell Butz, and $35 for support staff. Oil & Gas Management Group, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Russell Butz OIL & GAS MANAGEMENT, LLC 427 N. Theard Street, PMB 110 Covington, LA 70433 About Perna Oil & Gas LLC Perna Oil & Gas LLC is a Louisiana-based company engaged in exploration, production, and distribution of oil and natural gas, serving both regional and commercial energy markets. Perna Oil & Gas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10168) on February 27, 2026. In its petition, the Debtor reports estimated assets of $1 million-10 million and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Michael A. Crawford handles the case. The Debtor is represented by Ryan James Richmond, Esq. of Sternberg, Naccari & White, LLC. PHASE TO PHASE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division issued an interim order authorizing Phase to Phase, LLC to use cash collateral. Under the interim order, the Debtor is permitted to use cash collateral in accordance with an approved budget, with flexibility to exceed individual line items by up to 10%. The budget may be modified by agreement with secured lenders, subject to further court approval. This interim authority remains in effect until a final order or further interim order is entered. As adequate protection, secured creditors will be granted replacement liens on post-petition accounts and equipment, maintaining the same priority and validity as their pre-petition liens. These liens exclude avoidance actions and are subordinate to certain administrative expenses, including professional fees and U.S. Trustee fees. The order preserves all parties' rights to challenge lien validity and priority. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hFsHc from PacerMonitor.com. A final hearing on the use of cash collateral is scheduled for April 21. Phase to Phase's primary secured creditors are merchant cash advance and other lenders, including National Funding, Inc. and SCJ Commercial Financial Services. These lenders are expected to assert liens on and security interests in substantially all of the Debtor's equipment, accounts, and inventory. About Phase To Phase LLC Phase To Phase, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40955) on March 23, 2026. In the petition signed by Jonathan Andrew Bridgers, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael S. Mitchell, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. PHYLLIS W. LEGGETT: Ward and Smith Advises Triangle Chemical et al. ------------------------------------------------------------------- In the Chapter 11 bankruptcy case of Phyllis W. Leggett, Ward and Smith, P.A., filed with the United States Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, a Verified Statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to inform the Court that the firm represents these creditors: 1. Triangle Chemical Company; and 2. Harvey Fertilizer and Gas Co. Triangle Chemical Company is a Georgia corporation authorized to do business in Lenoir County, N.C. Triangle Chemical is a creditor of the Debtor. Harvey Fertilizer and Gas Co. also operates in Lenoir, North Carolina. Harvey may provide post-petition credit to the Debtor. In accordance with the North Carolina Rules of Professional Conduct, Ward and Smith has considered and evaluated all potential conflicts of interest and has determined that the representations are permissible and has obtained proper consents from its clients where required. The firm may be reached at: J. Michael Fields, Esq. Lilian L. Faulconer, Esq. WARD AND SMITH, P.A. Post Office Box 8088 Greenville, NC 27835-8088 Tel: (252) 215-4000 Fax: (252) 215-4077 E-mail: jmf@wardandsmith.com E-mail: llfaulconer@wardandsmith.com About Phyllis W. Leggett Phyllis W. Leggett sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 5:25-bk-03009 on Aug. 7, 2025. David J. Haidt, Esq., at Ayers & Haidt, P.A. is the Debtor's legal counsel. George M. Oliver, Esq., at The Law Offices of George Oliver, PLLC serves as the Debtor's Subchapter V Trustee. PIG FLOYD'S: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued an interim order allowing Pig Floyd's Smokehouse, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral to pay operating expenses in accordance with its budget, with flexibility of up to 10% per line item. This authorization remains in effect through May 5, unless extended or modified by the court. The Debtor's cash collateral consists of cash on hand and funds generated in the ordinary course of business, which may be subject to liens held by CRF Small Business Loan Company, LLC and by junior secured creditors, including One Florida Bank, Corporation Service Company, and the U.S. Small Business Administration. Prior to the petition date, the Debtor obtained financing from CRF, which is purportedly secured by substantially all of its assets. CRF may assert a first-priority security interest in the Debtor's cash and cash equivalents pursuant to a UCC-1 financing statement filed in Florida. The outstanding balance is $254,859.63, which may be subject to dispute. As protection, creditors with pre-bankruptcy liens on the cash collateral will be granted replacement liens on cash collateral generated after the Debtor's Chapter 11 filing to the extent of any decline in collateral value. The Debtor is required to maintain insurance coverage and provide bi-weekly financial reports to One Florida Bank, including profit and loss statements and cash flow updates, ensuring transparency during the interim period. The order is entered without prejudice to the rights of all parties to seek changes or additional protections. A continued hearing on the motion is scheduled for May 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/k47VM from PacerMonitor.com. CRF is represented by: Kelly Roberts, Esq. Roberts Law, PLLC 2075 Main Street, Suite 23 Sarasota, Florida 34237 Office: (941) 444-9783 Fax: (941) 296-8517 kelly@kellyrobertslaw.com About Pig Floyd's Smokehouse LLC Pig Floyd's Smokehouse L.L.C. is a restaurant company based in Orlando, Florida. The company prepares and sells barbecue dishes and smoked meats with international flavor influences, offering menu items such as tacos, sandwiches, and pit-smoked meats. Founded in 2013, the business operates in the food service industry serving customers in the Orlando area. Pig Floyd's Smokehouse L.L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01774) on March 13, 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 Justin M. Luna, Esq. of LATHAM LUNA EDEN & BEAUDINE LLP. PITTS FUNERAL: Seeks to Hire Accessible Agency as Accountant ------------------------------------------------------------ Pitts Funeral Home & Cremation Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Accessible Agency, LLC as accountant. The firm will render these services: (a) financial record reconstruction; (b) prepare Monthly Operating Reports required by the United States Trustee; (c) financial reporting and analysis; (d) accounts payable and receivable review; (e) payroll administration and payroll reporting; (f) coordinate with bankruptcy counsel; and (g) financial and operational restructuring support for the Debtor's business operations. Iesha Griffin, CPA, a managing partner at Accessible Agency, 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: Iesha Griffin, CPA Accessible Agency,LLC 429 Fourth Avenue, Suite 300 Pittsburgh, PA 15219 About Pitts Funeral Home & Cremation Service Pitts Funeral Home & Cremation Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Pa. Case No. 25-23211) on November 25, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Honorable Judge Carlota M. Bohm oversees the case. The Debtor tapped Rodney D. Shepherd, Esq. as legal counsel and Iesha Griffin, CPA, at Accessible Agency, LLC as accountant. PSS TRUCKING: Seeks to Hire The Fuller Law Firm as Legal Counsel ---------------------------------------------------------------- PSS Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ The Fuller Law Firm, PC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case; (c) take all necessary action to protect and preserve the Debtor's estate. (d) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate and to review but not to prepare the monthly operating reports required to be filed in the herein case; (e) negotiate and prepare on the Debtor's behalf a plan for reorganization, and all related agreements and/or documents and take any necessary action on its behalf to obtain confirmation of such plan; (f) advise the Debtor in connection with the possible sale or any possible refinance of its assets; (g) appear before the Court and the U.S. Trustee and protect the interest of the Debtor's estate before such courts and the U.S. Trustee; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with the Chapter 11 case. The firm will be paid at these hourly rates: Lars Fuller, Attorney $565 Joyce Lau, Attorney $495 In addition, the firm will seek reimbursement for expenses incurred. The firm received a $26,800 retainer including the filing fee of $1,738. Mr. Fuller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lars T. Fuller, Esq. The Fuller Law Firm, PC 60 No. Keeble Ave. San Jose, CA 95126 Telephone: (408)295-5595 Facsimile: (408) 295-9852 About PSS Trucking Inc. PSS Trucking, Inc. is a transportation and trucking company. PSS Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40651) on March 28, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Charles Novack handles the case. The Debtor is represented by Lars T. Fuller, Esq., at The Fuller Law Firm. PUTNAM PULMONARY: Employs Latham Luna Eden as Legal Counsel ----------------------------------------------------------- Putnam Pulmonary & Primary Care, PA seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Daniel A. Velasquez of Latham, Luna, Eden & Beaudine, LLP to serve as counsel. Mr. Velasquez will provide these services: (a) advising as to the Debtor’s rights and duties in this case; (b) preparing pleadings related to this case, including a disclosure statement and plan of reorganization; (c) taking any and all other necessary action incident to the proper preservation and administration of this estate; and (d) assisting the Debtor in all aspects of the Chapter 11 process. Mr. Velasquez will be compensated at hourly rates between $275 and $495. The firm's overall hourly rates range from $495 to $105 for attorneys and paraprofessionals. An advance fee of $26,738 was paid prepetition, and $3,963.50 was received for prepetition services and costs. Latham, Luna, Eden & Beaudine, LLP is a "disinterested person" and has no connection with creditors, parties-in-interest, the United States Trustee, or other estate professionals, according to court filings. The firm can be reached at: Daniel A. Velasquez, Esq. LATHAM, LUNA, EDEN & BEAUDINE, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 E-mail: dvelasquez@lathamluna.com About Putnam Pulmonary & Primary Care P.A. Putnam Pulmonary & Primary Care, P.A. is a medical practice based in Palatka, Florida, providing pulmonary and primary care services to patients in the surrounding region. The practice diagnoses and treats respiratory conditions, including asthma and chronic obstructive pulmonary disease (COPD), while also offering general primary care services. Operating from its Zeagler Drive location, it serves patients across Putnam County through physician-led care focused on respiratory health and general medicine. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01181) on March 20, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Dr. Richard Feibelman, managing, member, signed the petition. Daniel A. Velasquez, Esq. at LATHAM LUNA EDEN & BEAUDINE LLP represents the Debtor as legal counsel. QVC GROUP: Delays 2025 Form 10-K Filing Due to Ongoing Lender Talks ------------------------------------------------------------------- QVC Group, Inc. disclosed in a regulatory filing that was unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, within the prescribed time period without unreasonable effort or expense. In light of ongoing discussions and negotiations with the Company's lenders and the associated uncertainty related to such discussions, additional time is required for the Company to compile and analyze certain information and documentation and finalize certain disclosures required to be included in the Form 10-K, as well as to allow for the review by its independent registered public accounting firm. Based on currently available information, management anticipates it will disclose, in the Form 10-K, that there remains substantial doubt about the Company's ability to continue as a going concern. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of September 30, 2025, the Company had $7.56 billion in total assets, $10.54 billion in total liabilities, and $2.98 billion in total deficit. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Company Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its Company credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+' . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." RAINMAKER CIDER: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington, at Tacoma, granted Rainmaker Cider, LLC final approval to use cash collateral to fund business operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with an approved budget. This budget governs operational spending and provides a structured framework for managing expenses during the reorganization process. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on post-petition assets including cash, accounts receivable and inventory, with the same priority and extent as its pre-petition liens. Additionally, the Debtor is required to make payments of $11,000 as outlined in the budget. The court determined that no further adequate protection is required beyond these measures. The order will remain in force until confirmation of the Debtor's plan of reorganization. The final order is available at https://is.gd/z83Kl6 from PacerMonitor.com. About Rainmaker Cider LLC Rainmaker Cider LLC manufactures hard ciders and fruit-forward alcoholic beverages under brands including Locust Cider, Colorado Cider Co., Argus Cidery, Smack Hard Lemonade, and Spiked Jones Hard Craft Soda. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-40555) on March 2, 2026, with up to $10 million in both assets and liabilities. Jason Spears, company owner, signed the petition. Judge Mary Jo Heston oversees the case. Ryan R. Cole, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. REALTRUCK INC: S&P Cuts ICR to 'CC' on Proposed Debt Restructuring ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on RealTruck Inc. to 'CC' from 'CCC+'. S&P also lowered its issue-level ratings on its term loans to 'CC' from 'CCC+' and on the unsecured notes to 'C' from 'CCC-'. The negative outlook reflects that upon the completion of the transaction, S&P expects to lower its issuer credit rating on the company to 'SD' (selective default) and its issue-level rating on its term loans and unsecured notes to 'D'. Once the restructuring is complete, S&P would expect to update the rating to reflect future creditworthiness. That rating will depend on our assessment of company's capital structure, liquidity, and business prospects, among other factors. S&P said, "We view the proposed restructuring as distressed and tantamount to a default. On April 8, 2026, RealTruck and certain subsidiaries announced a financing transaction that would raise a new super-priority new money term loan, extend maturities on existing term loans, and exchange the unsecured notes at a discount. In our view, RealTruck's lenders will receive less than they were originally promised. While the exchange of the term loans to extend maturity through 2031 is being completed at par, we view the subordination relative to the new super-priority new money term loan as negative in our consideration of adequate compensation. Further, we do not believe the modest increase in the applicable margin on its term loans will provide adequate compensation for its existing lenders. "In the case of the unsecured notes, noteholders are being offered to exchange them at material discounts into a new second-lien note facility. Noteholders are being offered to exchange at 75% of par if participating in the early deadline or 65% until the expiration date of the financing transaction closing. We consider this discount a clear indication that noteholders are receiving less than originally promised. We do not believe the restructuring adversely affected the lenders of the company's $250 million asset-based lending facility. "We view the proposed restructuring as distressed because absent the proposed transaction, we assess a conventional default as a realistic possibility given the company's elevated leverage (above 13x) and shrinking liquidity. We believe RealTruck has limited ability to deleverage and improve its credit metrics ahead of its early 2028 debt maturity due to ongoing economic pressures affecting sales volumes and margins." Under the proposed debt restructuring, the company plans to: -- Raise a new $371 million super-priority first-lien first-out term loan funded pro rata by participating first-lien term loan lenders in the exchange and backstopped by select ad-hoc creditors; -- Exchange the existing first-lien term loan into a new second-out tranche A term loan and extend the maturity to January 2031 from January 2028; -- Exchange the existing incremental first-lien term loan into a new second-out tranche B term loan and extend the maturity to January 2031 from January 2028; and -- Exchange the existing senior unsecured notes at 65%-75% of the $600 million face value into new second-lien notes due July 2031. S&P said, "We expect the company will use the net proceeds from the new super-priority term loan to repay asset-based loan (ABL) revolver borrowings, fund cash to the balance sheet, and pay transaction expenses. The transaction will require collective participation of a super majority of its existing term loan lenders and unsecured noteholders. "If RealTruck completes the transaction as described, we would treat it as a selective default and lower our issuer credit rating to 'SD' and our issue-level ratings on its debt to 'D'. Following the completion of the transaction, we would also review the company's new capital structure, cash-flow metrics, and liquidity position and reassess our ratings. "The negative outlook reflects that upon the completion of the transaction, we expect to lower our issuer credit rating on the company to 'SD' and our issue-level rating on its term loans and unsecured notes to 'D'. "We will lower our issuer credit rating on RealTruck to 'SD' and our issue-level rating on the affected debt to 'D' if it completes the transaction as proposed. "If RealTruck doesn't consummate the transaction, we could raise our rating on RealTruck, likely to the 'CCC' category. Under this scenario, our rating would reflect the potential for other restructuring initiatives and the company's ability to refinance its upcoming debt maturities while its capital structure is highly leveraged and its liquidity is weak." REBORN COFFEE: Delays 2025 Annual Report on Form 10-K ----------------------------------------------------- Reborn Coffee, Inc. disclosed in a regulatory filing that it was unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, by the prescribed date without unreasonable effort or expense. The Company believes that the Annual Report will be completed and filed within the extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) -- https://www.reborncoffee.com/ -- is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. As of September 30, 2025, the Company had $6.2 million in total assets, $9.6 million in total liabilities, and $3.4 million in total stockholders' deficit. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes, of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. RENTAL HUB: Seeks to Tap Counts Realty & Auction as Auctioneer -------------------------------------------------------------- The Rental Hub, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Dwight Counts of The Counts Realty & Auction Group to serve as auctioneer. Mr. Counts will provide these services: (a) provide a fair market valuation of Debtor's personal property and/or equipment; and (b) provide testimony in support thereof. Mr. Counts will require payment based on these fee schedule: $500 for valuation of personal property and/or equipment and $250/day for testimony (via zoom) in support of valuation. The Debtor requests to pay the professional his fee of $500 after he completes the valuation of the personal property and/or equipment. Dwight Counts and The Counts Realty & Auction Group qualify as a "disinterested person" pursuant to the Bankruptcy Code, according to court filings. The professional can be reached at: Dwight Counts THE COUNTS REALTY & AUCTION GROUP Lynchburg and Abingdon, VA About The Rental Hub Inc The Rental Hub, Inc. is a Virginia-based equipment rental business operating in Wytheville and Chilhowie. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 26-70176) on February 23, 2026. In the petition signed by Michael L. Hubble, president and sole director, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Paul M. Black oversees the case. Scot Farthing, Esq., at Farthing Legal, PC, represents the Debtor as legal counsel. ROYALE ENERGY: Delays 2025 Annual Report on Form 10-K ----------------------------------------------------- Royale Energy, Inc disclosed in a regulatory filing that it was unable to complete its Form 10-K for the year ended December 31, 2025, within the prescribed time period without unreasonable effort and expense due delays in compiling the information required to complete the financial reporting close process, including preparation of its financial statements. The Company previously completed the acquisition of certain non-operated working interest on September 9, 2025. As a result, the Company needs additional time to complete the accounting and disclosures related to the acquired assets. About Royale Energy, Inc. Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and production company headquartered in San Diego, California. The Company focuses on the acquisition, development, and marketing of oil and natural gas, with primary operations in Texas's Permian Basin. In its April 8, 2025 audit report, Horne LLP issued a "going concern" qualification, noting that the Company's recurring operating losses and liabilities exceeding its assets raise substantial doubt about its ability to continue operations. As of September 30, 2025, the Company had $15,386,535 in total assets, $29,366,864 in total liabilities, and $13,980,329 in total stockholders' deficit. RUN VEGGIE: Seeks to Hire Robert S. Brandt as Bankruptcy Counsel ---------------------------------------------------------------- Run Veggie, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ The Law Office of Robert S. Brandt as counsel. The firm's services include: (a) advise and consult the Debtor concerning questions arising in the conduct of the administration of the estate and concerning its rights and remedies with regard to the estate's assets and the claims of secured, preferred, and unsecured creditors, and other parties of interest; (b) appear for, prosecute, defend and represent the Debtor's interest in suits arising in or related to this case; (c) investigate and prosecute preferences and other actions arising under the Debtor's avoiding powers; (d) assist in preparation of such pleadings, motions, notices, and orders as are required for the orderly administration of this estate, and consult with and advise the Debtor in connection with the operation of its business; and (e) prepare and file a plan and to obtain the confirmation and completion of a plan of reorganization, and prepare a final report and a final accounting. Robert Brandt, Esq., will be paid at his hourly rate of $400. Prior to the filing of this case, the firm received a retainer of $10,000 plus the court filing fee. Mr. Brandt 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: Robert S. Brandt, Esq. The Law Office of Robert S. Brandt 600 Cameron Street Alexandria, VA 22314 Telephone: (703) 342-7330 Email: brandt@brandtlawfirm.com About Run Veggie LLC Run Veggie, LLC supplies a broad range of food, beverage, and operational products to restaurants, hotels, cafes, quick-service restaurants, and sub-distributors across the United States, offering fresh produce, seafood, dairy, frozen items, pantry and baking goods, and paper and cleaning supplies, supported by technology-driven services and insights designed to optimize clients' menus and supply chain operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00119) on March 16, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Jermaine Kelly, owner, signed the petition. Judge Elizabeth L. Gunn presides over the case. Robert S. Brandt, Esq., at The Law Office of Robert S. Brandt represents the Debtor as counsel. RYVYL INC: Appoints Steven Fletcher to Board and Audit Committee ---------------------------------------------------------------- RYVYL Inc. disclosed in a regulatory filing that the Board of Directors appointed Steven Fletcher as a director, filling a vacancy on the Board. Mr. Fletcher was also appointed to be a member of the audit committee of the Board. The Board determined that Mr. Fletcher is an independent member of the Board Mr Fletcher is a director of Lee Enterprises, Incorporated, a provider of local news with more than 350 weekly and specialty publications across 72 markets in 25 states, where he is Chairman of the Audit and Risk Management Committee, and a member of the Executive Compensation Committee. Mr. Fletcher has served as the Chief Executive Officer of technology company Explorer Parent LLC, a firm that sponsors special purpose acquisition companies (SPACs), since July 2020, an advisor to Carney Technology Acquisition Corp. II (NASDAQ: CTAQ) since December 2020, an advisor to Epiphany Technology Acquisition Corp. (NASDAQ: EPHY) since January 2021, an advisor to BioPlus Acquisition Corp. (NASDAQ: BIOS) since January 2021 and an advisor to Enterprise 4.0 Technology Acquisition Corp. (NASDAQ: ENTF) since October 2021. He served from 2013 to August 2022 as an independent director of atVenu, a leading live event commerce platform, where he was a member of the Audit and Compensation Committees, and as an independent director of Life Signals, Inc. a healthcare technology company since November 2021. From 2003 to May 2018, Mr. Fletcher was a Managing Director, Co-Head of the Digital Media Group and Head of the Software Group at GCA Savvian, a global investment bank. He was also a member of the firm's Management Committee. From 1994 until 2002, Mr. Fletcher worked at Goldman, Sachs & Co., where he held a number of leadership roles including Head of the Private Placement Group, Head of the IT Services sector and Co-Head of the Hardware, Storage, EMS, and Internet Infrastructure sectors. He began his career at Deloitte & Touche as a CPA. Mr. Fletcher received a B.A. in Economics from UCLA and an M.B.A. from the Wharton School of the University of Pennsylvania. Mr. Fletcher brings to the Board more than 20 years of experience in the investment banking industry, and he has extensive expertise with respect to debt and equity financing, strategic transactions, capital allocation, capital markets and corporate financial management, particularly in the digital media sector. He also has significant experience with corporate governance through prior service on several boards. His experience enables him to provide strong oversight of financial and disclosure responsibilities, controls, and procedures, which qualify him to serve as a member of the audit committee and as a designated financial expert. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $23.4 million in total assets, $26.6 million in total liabilities, and a total stockholders' deficit of $3.2 million. RYVYL INC: Wins 99% Approval for RTB Digital Merger and Rebrand --------------------------------------------------------------- RYVYL Inc. held its 2026 special meeting of stockholders. At the close of business on February 6, 2026, the record date for the Special Meeting, there were 1,266,631 shares of common stock, par value $0.001 per share, issued and outstanding and entitled to vote at the Special Meeting. In addition, on the Record Date there were 50,000 shares of Series C convertible preferred stock, par value $0.001 per share, issued and outstanding, held by one record holder entitled to vote at the Special Meeting. Each share of Common Stock entitled the holder thereof to one vote. Each share of Series C Preferred Stock entitled the holder thereof to vote on an as-converted to Common Stock basis, subject to beneficial ownership limitation provisions, resulting in the holder being entitled to an aggregate of 205,775 votes. At the Annual Meeting, the holders of shares entitled to vote represented an aggregate of 1,472,406 votes of the Company's capital voting stock were represented in person or by proxy, constituting a quorum. Set forth are each of the three proposals that were voted on at the Special Meeting and the stockholder votes on each such proposal, as certified by the inspector of elections for the Annual Meeting. These proposals are described in further detail in the Definitive Proxy Statement on Schedule 14A that the Company filed with the U.S. Securities and Exchange Commission on February 13, 2026. Proposal No. 1: The Merger Agreement and the transactions contemplated thereby, including the merger, the issuance of the Merger Shares, the assumption of the RTB equity incentive plans and outstanding awards, the assumption of the RTB convertible notes, and the change of control resulting from the merger. There were 157,570 broker non-votes on this matter. The final voting results were as follows: For: 804,879 Against: 7,173 Abstain: 663 Proposal No. 2: Approval of an amendment to the Ryvyl Amended and Restated Articles of Incorporation, as amended, to effect the change of name of Ryvyl to "RTB Digital, Inc.;" The final voting results were as follows: For: 960,658 Against: 7,338 Abstain: 2,289 Proposal No. 3: To consider and vote upon an adjournment of the RYVYL special meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of the foregoing proposals. The final voting results were as follows: For: 958,026 Against: 9,458 Abstain: 2,801 The merger was approved at the Company's Special Meeting of Shareholders. The approval removes the final corporate hurdle to complete the merger, and, subject to Nasdaq approval of Roundtable's initial listing application, which has been filed, establishes the foundation to list the combined company on Nasdaq as RTB Digital Inc., expected to be listed under the ticker symbol RTB. The transaction is anticipated to consummate imminently. "We are grateful for the outcome of today's Special Meeting and appreciate RYVYL stockholders' support for the merger," said Heckman, founder and CEO of Roundtable. "In anticipation of bringing our Web3, AI-powered digital media platform to NASDAQ." 99% of votes cast were in favor." which we believe reflects strong understanding of the transformative impact our platform can deliver to major media businesses," added Heckman. About Roundtable (RTB Digital, Inc.) Transforming the $200B Global Media Industry from Web1 to Web4. Roundtable -- RTB.io -- is the only full-stack enterprise platform combining AI and Web3 infrastructure, including decentralized publishing, DeFi payments and reporting, data encryption and IP protection, syndication, revenue optimization, AI-based business intelligence, management and operations, custom network applications, and a real-time blockchain-based payment and reporting system. The platform represents a multi-generational leap in technology. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $23.4 million in total assets, $26.6 million in total liabilities, and a total stockholders' deficit of $3.2 million. SAMSON METAL: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Samson Metal and Machine, Inc. 3145 U.S. Hwy. 92 E. Lakeland, FL 33801 Business Description: Samson Metal and Machine, Inc., based in Lakeland, Florida, provides precision machining, metal fabrication, and engineering services, operating a full-service manufacturing facility that produces custom components and integrated equipment systems for industrial applications. Founded in 1973, with origins tracing back to 1947, the company offers CNC and conventional machining, welding, assembly, testing, and installation services, serving sectors including aerospace, power generation, entertainment, and heavy industry. Chapter 11 Petition Date: April 6, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-02801 Debtor's Counsel: Harley E. Riedel, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 E-mail: hriedel@srpb.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Barak E. Samson as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V2ZA2NI/Samson_Metal_and_Machine_Inc__flmbke-26-02801__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V7FOO2Q/Samson_Metal_and_Machine_Inc__flmbke-26-02801__0001.0.pdf?mcid=tGE4TAMA SAMSONITE GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Samsonite Group S.A.'s Long-Term Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable. The 'BB+' rating reflects Samsonite's position as the world's largest travel luggage company, with strong brands and historically good organic growth. Near-term demand headwinds have impacted top-line growth trends in 2024 and 2025. However, in the medium term, Fitch expects that Samsonite will be able to resume top-line growth in the low-single-digit range with revenue approaching $3.8 billion by 2029 from $3.5 billion in 2025. The rating also considers the company's good liquidity, supported by FCF, projected in the $100 million-$200 million range which could be used to reinvest in the business, return cash to shareholders or further reduce debt. Samsonite's ratings assume the company can generate annual EBITDA in the low-to-mid-$600 million range and sustain EBITDAR leverage in the high-2x range and below. Key Rating Drivers Strategy Supports Medium-Term Trajectory: Samsonite's growth strategy, centered on its diversified multi-brand portfolio, broad product offering and continued focus on innovation, has supported market share gains and reinforced its position as the world's largest travel luggage company, with $3.5 billion in revenue and $607 million in EBITDA for the year ended Dec. 31, 2025. Fitch expects Samsonite to grow in the low-single-digit range over the medium term, with revenue approaching $3.8 billion by 2029. Growth is expected to be supported by the company's continued expansion of its direct-to-consumer channel, ongoing product premiumization, and the good long-term fundamentals of the travel industry. In addition, continued focus on growing the company's non-travel segment, which comprised approximately 36% of 2025 net sales, could provide incremental top-line upside. Near-Term Headwinds: In 2024 and 2025, Samsonite saw top-line headwinds driven in part by lower tourism to North America, softness in North American wholesale, and macro challenges in China. However, the top line has been improving sequentially in recent quarters. After declining approximately 6% in 1H25, revenue returned to approximately 1% growth in 2H25, driven in part by regional improvement in both North America and Asia, as well as management's top-line growth initiatives. Fitch expects that revenue will return to low-single-digit growth over the medium term driven by the company's growth initiatives and good long-term fundamentals for travel. However, Fitch notes that the ongoing Iran conflict and consequential oil price increases could impact demand for travel and discretionary goods under a sustained conflict scenario. Focused Strategy Supports Margins: Fitch expects EBITDA margins to trend in the high-17% to low-18% range beginning in 2026. This is lower than the 19.0% generated in 2024 but above the 17.3% generated in 2025. Samsonite has been facing several margin headwinds, including tariff cost pressures. However, the company has been able to somewhat offset these pressures through selective pricing actions, reduced discounting, a continued mix shift toward the higher-margin DTC channel and vendor negotiations. Based on Fitch's top-line assumptions, this yields EBITDA in the low-to-mid-$600 million range beginning in 2026. Mid-to-High-2x Leverage: Fitch expects EBITDAR leverage, which climbed toward 3.0x in 2025 on EBITDA moderation, could trend in the mid-to-high-2x range beginning in 2026 on a modest EBITDA rebound and term loan amortization. Samsonite's 3.0x EBITDAR leverage rating threshold is low for a 'BB+' rating and is balanced by the company's more moderate scale. Samsonite would need to drive EBITDAR closer to $1.0 billion for an upgrade to be considered. EBITDAR Below $1.0 Billion: Relative to larger retailers, Samsonite's smaller scale (measured by EBITDAR) results in a reduced ability to navigate macroeconomic and idiosyncratic challenges, particularly given the discretionary nature of its products. These factors are offset by Samsonite's strong brands and leading market share position within its category. The company owns several well-known brands and operates across the value, mid-market and premium market segments, which enables Samsonite to offer a fully developed offering and grow market share. Good Liquidity: Samsonite has good liquidity and financial flexibility, with $649 million in cash and $841 million availability on its $850 million revolving credit facility as of Dec. 31, 2025. Fitch expects the company to generate positive FCF (after dividends) of $100 million-$200 million annually across the forecast. Samsonite is listed on the Hong Kong Stock Exchange. In August 2024, Samsonite announced that its board had approved it to pursue a dual listing in the U.S. Fitch expects any proceeds from a dual listing could be used for a combination of debt repayment, cash distributions, or reinvestment into the business. Peer Analysis Levi Strauss & Co.'s 'BBB-'/Stable and Signet Jewelers Limited's 'BBB-'/Stable ratings are one notch above Samsonite. This reflects their lower EBITDAR leverage, which Fitch expects to trend below 2.0x for both ratings. Signet's ratings consider good execution from a top-line and margin standpoint, which supports Fitch's longer-term expectations of low-single-digit revenue and EBITDA growth. The rating reflects Signet's leading market position as a U.S. specialty jeweler with an approximately 9% share of a highly fragmented industry. Levi's rating considers the company's good execution both from a top-line and a margin standpoint, which supports Fitch's longer-term expectations of low-single-digit revenue and EBITDA growth. However, there could be some near-term pressure on operating results due to ongoing shifts in consumer behavior, difficult comparisons and global macroeconomic uncertainty. Capri Holdings Limited's 'BB'/Negative rating is one notch lower than Samsonite's, reflecting in part its higher EBITDAR leverage and weaker coverage metrics. Capri's Negative Outlook reflects ongoing top-line and EBITDA declines in its portfolio as it works to stabilize performance at the Michael Kors and Jimmy Choo brands while facing challenging industry headwinds. Gildan Activewear Inc.'s 'BBB/Stable' rating is two notches higher than Samsonite's, reflecting smaller scale, with EBITDA expected to trend in the $600 million range relative to Gildan's $1.4 billion in EBITDA. Fitch’s Key Rating-Case Assumptions - 2026 revenue to be flat to slightly up. Top-line growth could return to the low-single-digit growth range beginning in 2027 driven by the company's ongoing top-line initiatives as well as general good fundamentals for the global travel industry; - Fitch expects EBITDA could trend from the low-$600 million range in 2026 toward $660 million by 2028, driven by low-single-digit top-line growth and margin expansion. Gross margin and EBITDA margins could be supported by higher growth at the company's higher-end TUMI brand, which is a higher-margin business; - Annual FCF (after dividends) sustained in the $100 million to $200 million range annually beginning in 2026. Fitch assumes Samsonite could deploy about $120 million annually toward capex, including store refurbishments. On July 15, 2025, Samsonite paid a cash dividend of $150 million to shareholders; - Fitch expects EBITDAR leverage to trend in the high-2x range in 2026 and could moderate toward the mid-2x range by 2028, based on Fitch's EBITDA assumptions and assuming modest term loan amortization; - Fitch expects EBITDAR fixed-charge coverage to trend near 3.0x across the forecast period; - Interest rate assumptions: Samsonite's floating-rate instruments priced at SOFR + margins of 1.125%-2.00%, and variable base rates in the 3.0%- 4.0% range over the forecast horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the actual 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: - No adjustments were made to the SCP, resulting in an IDR of 'BB+'. Recovery Analysis Fitch does not employ a waterfall recovery analysis for issuers' assigned ratings in the 'BB' category. Fitch rates Samsonite's first lien secured debt 'BBB-' with a Recovery Rating of 'RR1', which is one notch above the IDR and indicates outstanding recovery prospects given default. The revolver and term loans are unconditionally guaranteed by the company and certain subsidiaries. They are secured by substantially all assets of the borrowers and guarantors on a first lien basis. The senior notes are rated 'BB+'/'RR4', indicating average recovery prospects. The senior notes are guaranteed on a senior subordinated basis. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weaker-than-expected performance leading EBITDAR leverage to sustain at 3.0x or above and EBITDAR fixed-charge coverage to sustain below the mid-2.0x range. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Better-than-expected performance yielding EBITDAR trending toward $1.0 billion, in tandem with EBITDAR leverage sustained at or below 2.5x and EBITDAR fixed-charge coverage sustained above 3.0x. Liquidity and Debt Structure Samsonite had $1.49 billion in total liquidity as of Dec. 31, 2025, consisting of $649 million in cash and $841 million in availability on its revolving credit facility. As of Dec. 31, 2025, Samsonite's debt consists of a $800 million term loan A due in 2030, a $494 million term loan B due in 2032, a new $850 million revolver due in 2030, and EUR350 million in new senior notes due in 2033. Issuer Profile Samsonite is the world's largest luggage company with LTM revenue and EBITDA of $3.5 billion and $607 million, respectively, as of Dec. 31, 2025. Its brands include Samsonite, TUMI, American Tourister and others. Summary of Financial Adjustments Fitch adjusted historical and projected EBITDA to add back non-cash stock-based compensation and exclude non-recurring charges. Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate VS screener did not indicate an elevated risk for Samsonite Group S.A. 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 ----------- ------ -------- ----- Samsonite Finco S.ar.l. Senior Secured 2nd Lien LT BB+ Affirmed RR4 BB+ Samsonite Group S.A. LT IDR BB+ Affirmed BB+ Samsonite IP Holdings S.a r.l. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- SB TRANSPORTATION: Hires Branson Ainsworth as Bankruptcy Counsel ---------------------------------------------------------------- SB Transportation Service, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Branson Ainsworth PLLC as counsel. The firm will render these services: (a) prosecute and defend any causes of action on behalf of the Debtor; prepare, on behalf of the Debtor, all necessary legal papers; (b) assist in the formulation of a plan of reorganization; and (c) provide all other services of a legal nature. The firm's attorneys and paralegals will be paid at hourly rates between $655 to $150. In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, Diana Rodriguez & Bernardo Fernandez Barrueco on behalf of the Debtor paid an advance fee of $18,042.50 for post-petition services and expenses. Jeffrey Ainsworth, Esq., an attorney at Branson Ainsworth, 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 S. Ainsworth, Esq. Branson Ainsworth PLLC 1501 East Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 Email: jeff@Bransonlaw.com About SB Transportation Service Inc. SB Transportation Service, Inc. is a Florida-based transportation and logistics company providing freight and delivery services across regional and interstate routes. It offers trucking, shipment management, and logistical coordination for commercial clients. SB Transportation Service sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00835) on February 6, 2026. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $500,001 and $1 million. Judge Lori V. Vaughan oversees the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at Bransonlaw Ainsworth PLLC. SECURE WASTE: S&P Places 'B+' ICR on CreditWatch Positive --------------------------------------------------------- S&P Global Ratings placed all its ratings on SECURE Waste Infrastructure Corp., including its 'B+' issuer credit rating and 'BB-' issue level ratings, on CreditWatch with positive implications. S&P said, "The positive CreditWatch placement reflects the likelihood we will raise our ratings on the company following the close of the acquisition, which we expect will occur in the second half of 2026. The deal is subject to a SECURE shareholder vote, regulatory approvals, and other customary closing conditions." On April 13, 2026, GFL Environmental Inc. (GFL) announced an agreement to acquire SECURE for an implied enterprise value of approximately C$6.4 billion in cash and stock. S&P said, "The CreditWatch placement reflects the likelihood we could raise our ratings on SECURE following the transaction to align them with our ratings on GFL (BB/Stable/--). The transaction values SECURE at approximately C$6.4 billion, including SECURE's C$600 million of unsecured notes. GFL plans to finance the deal with approximately 80% equity and 20% cash." This agreement has been approved by both companies' boards of directors as well as SECURE shareholders representing over 20% of shares outstanding. The transaction requires approval by at least two-thirds of the votes cast by SECURE common shareholders represented in person or by proxy at the special meeting. It also requires a simple majority of these votes when excluding votes by persons required to be excluded pursuant to Multilateral Instrument 61-101-Protection of Minority Security Holders In Special Transactions. The transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, regulatory approval, and a shareholder vote. The placement of all ratings on CreditWatch with positive implications reflects the likelihood S&P will raise its ratings on SECURE to align them with S&P's ratings on GFL upon close of the transaction, assuming the transaction is completed as proposed. SENIOR HOME: Mary Sieling Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Mary Sieling as Subchapter V trustee for Senior Home Health Care, LLC. Ms. Sieling will be paid an hourly fee of $330 for her services as Subchapter V trustee and an hourly fee of $200 for paralegal time. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Sieling declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mary F. Sieling 150 South Fifth Street, Suite 3125 Minneapolis, MN 55402 Email: mary@mantylaw.com About Senior Home Health Care LLC Senior Home Health Care, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-41044) on March 30, 2026, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Karl J. Johnson, Esq. at Mjb Law Firm PLLC represents the Debtor as legal counsel. SFP - TAMPA I: Fitch Affirms 'BB+' Rating on 2024 Housing Bonds --------------------------------------------------------------- Fitch Ratings has affirmed SFP - Tampa I LLC's (SFP) $113.5 million series 2024A-1 student housing revenue bonds (tax-exempt) and $13.1 million series 2024A-2 student housing revenue bonds (taxable) at 'BB+'. The Rating Outlook is Negative. The Negative Outlook reflects weak fiscal 2025 operating performance, as evidenced by a senior lien debt service coverage ratio (DSCR) of 1.05x at YE 2025 and the time needed to rebuild financial flexibility at the project level. While only the senior lien bonds are rated by Fitch and the senior lien debt service reserve fund (DSRF) remains fully funded, weaker-than-expected revenue resulted in draws on the subordinate lien DSRF and the full depletion of the operations and maintenance (O&M) reserve fund. Fitch views these draws, and the near-term replenishment requirement, as indicative of reduced financial cushion that could pressure the senior lien bonds should operating weakness persist. Stronger leasing trends, improved coordination with University of Tampa (UT; A+/Positive) and University of South Florida (USF; AA/Stable), and demand exceeding available units support recovery. The Outlook could be revised to Stable upon near-full restoration of reserves and sustained operating strength. KEY RATING DRIVERS Revenue Risk - Volume - Midrange Desirable Facility and University Connectivity The project is a single-site, preferred off-campus facility in downtown Tampa, FL. Under SFP's management, structural changes and increased collaboration through its affiliation and marketing agreements with UT and USF have improved tenant satisfaction, leasing, and pre-leasing momentum. These actions have resulted in management's forecast occupancy rates of more than 98% in 2026 and thereafter, with demand exceeding available capacity for certain units at The Henry. The USF affiliation agreement aligns incentives through revenue sharing, marketing clauses preferential to the project, and facility handover to USF at the end of the 35-year term. Enrollment trends have been largely stable at USF and stable to increasing at UT. The Henry can also be leased to other accredited universities in the greater Tampa Bay area, subject to certain conditions. Fitch views the agreements as supportive of ongoing student use of the facility, but they do not provide volume guarantees. While there is the risk of competition from other developments in the area, it is partially offset by the project's desirability and existence of sufficient market demand. Revenue Risk - Price - Midrange Moderate Rental Rate Flexibility Project revenues are primarily derived from student housing rentals (approximately 85%). Additional revenues are derived from student and hotel contract parking in the building and retail rent from a first-floor café. The agreements allow annual housing rate increases of up to 3.5% without requiring university approval. Increases above 3.5% are possible without university approval if coverage is expected to fall below the 1.2x rate covenant. As SFP is a non-profit, the project's rental rates are set below market, and are therefore more attractive to the student population. Infrastructure Dev. & Renewal - Stronger New Build, Well-Maintained Facility The Henry is a luxury, 23-story, multipurpose student housing property that opened for the fall 2021 semester. Management does not expect the building to have substantial near- to medium-term capital needs because of its relatively new construction. The project maintains various operating reserves. As of February 2026, the O&M reserve was depleted to $2 from its $1 million target balance after the project used it to pay subordinate lien debt service. Fitch expects the project to replenish this reserve by fiscal YE 2028. The owners maintain a renewal and replacement (R&R) fund of approximately $150,000, or around $272/bed, for routine maintenance. Deposits to the R&R fund escalate annually in line with operating expenses, and a condition assessment is required at least every five years to determine the fund's requirement. Up to 25% of all cash flow in excess of the senior debt service (1.00x) and subordinate interest expenses can be applied to maintenance, operation and preservation the project beyond those in the waterfall. Debt Structure - Stronger Mostly Conservative Debt Structure The security and structural features of the SFP's debt obligations are like other investment-grade student housing transactions. The rated debt is senior lien, fixed-rate and fully amortizing, with a 12-month DSRF sized to maximum annual debt service (MADS). The stronger features are slightly offset by a 1.2x rate covenant and additional bonds requirement, which are low relative to peers. However, the additional bonds test (ABT) requires a rating affirmation by all agencies before rating the debt. The overall debt structure also includes slightly more than 16% of subordinate debt (not rated by Fitch), structured as interest only through bullet repayment in 2059. This debt is fully subordinate to the rated debt, with no cross default or acceleration between the senior and subordinate liens. Peer Analysis Fitch's most comparable peer is a private transaction for a student housing project (BBB-/Stable) with on-campus units at a single-site U.S. university. Historical occupancy levels are, on average, comparable to The Henry at around 92%. However, annual revenues at the peer facility are significantly higher, given the much higher number of beds. Revenue per bed is significantly lower, reflecting the newness of The Henry and the strength of the Tampa market. The Henry is a preferred off-campus facility and represents a much smaller percentage of available housing stock. However, this is partially offset by the lack of comparable supply for graduate and upperclassmen in Tampa. The 10-year average and lifetime Fitch rating case DSCRs are slightly higher at the peer facility, resulting in a one-notch rating differential. Fitch publicly rates CDFI Phase I LLC - University of Tennessee at Chattanooga (BBB+/Stable), another single-asset project (albeit with five separate buildings) comprised of units at one U.S. university. CDFI is an on-campus facility, comprising approximately half of the university's housing stock, with historical occupancy near 100%. The five buildings are collectively much older than The Henry, which is approximately 20 years old. However, it recently underwent a large-scale renovation. CDFI's DSCR has averaged approximately 1.7x in recent years, positioning it solidly as investment grade compared to SFP-Tampa's weaker projected coverage profile at 1.2x over the next 10 years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Lower occupancy and/or increases in costs that result in a sustained Fitch rating case DSCR below 1.3x. This compares to Fitch's rating case 10-year average of 1.2x, and long-term average of 1.6x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Over the next one to two years, Fitch could revise the Outlook to Stable if occupancy stabilizes at or above 95% and/or at a level sufficient to avoid further reserve depletion; - Any combination of occupancy level increases, rate increases, or cost management that result in sustained Fitch rating case DSCR above 1.5x. Financial Profile SFP's YE 2025 senior DSCR of 1.05x, below the 1.2x covenant, did not trigger an event of default based on SFP's subsequent steps to cure the coverage breach through prompt compliance with consultant reporting requirements. Fitch expects improved DSCR levels going forward. The rating case incorporates a projected occupancy level of 98% in fiscal 2026 based on a near-final year-end of confirmed leases but then stresses this to 95% occupancies in 2027 based on the near-final budget figures, and then 93% on an ongoing basis. The rating case also assumes annual bed rate increases of 3.2%, non-rental (parking and commercial) annual revenue growth of 2%, and annual operating expense increases of 3.5%. These assumptions result in average Fitch-calculated DSCR of 1.2x over the next 10 years (through 2035) and 1.6x over the life of the debt. Net leverage, measured as net debt/cash available for debt service (CFADS) is elevated at above 18.1x in fiscal 2026 and declines modestly thereafter, given the interest-only structure on the series 2024A-1 through 2036, ongoing revenue growth, and a replenishment of operating reserves. SECURITY The bonds are limited obligations of the issuer, payable solely from project revenues and amounts on deposit in certain funds and accounts held by the trustee under the indentures. The bonds will not constitute a debt of the FDFC, the universities, the State of Florida, or any political subdivision thereof. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for SFP - Tampa I LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- SFP - Tampa I LLC SFP - Tampa I LLC/Housing Revenues - First Lien/1 LT LT FL St Dev Fin Corp (Henry Project) USD 42.27 mln 5.25% Senior Series 2024A‐1 (Tax‐Exempt) Industrial Revenue Bond 01-Jun-2059 34062AAE1 LT BB+ Affirmed BB+ FL St Dev Fin Corp (Henry Project) USD 8.205 mln 7.75% Senior Series 2024A‐2 (Taxable) Industrial Revenue Bond 01-Jun-2034 34062AAF8 LT BB+ Affirmed BB+ FL St Dev Fin Corp USD 4.99 mln 8% Series 2024A-2 Industrial Revenue Bond 1-Jun-2037 34062AAG6 LT BB+ Affirmed BB+ FL St Dev Fin Corp USD 21.73 mln 5% Series 2024A-1 Industrial Revenue Bond 1-Jun-2044 34062AAC5 LT BB+ Affirmed BB+ FL St Dev Fin Corp USD 44.43 mln 5.25% Series 2024A-1 Industrial Revenue Bond 1-Jun-2054 34062AAD3 LT BB+ Affirmed BB+ SHORELINE JUNK: Taps Professional Management Systems as Accountant ------------------------------------------------------------------ Shoreline Junk and Haul, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Professional Management Systems, Inc. as accountant. The firm will provide tax advice and accounting/bookkeeping services to the Debtor. Georgia Evans, CPA, the primary accountant in this representation, will charge an hourly rate of $65 for bookkeeping staff, $85 for her hourly time, and $125 per hour for communications with the Debtor's counsel. The accountant 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: Georgia Evans Professional Management Systems, Inc. 4590 Coach Lane Chipley, FL 32428 About Shoreline Junk and Haul LLC Shoreline Junk and Haul, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 26-50043) on Feb. 26, 2026, listing under $1 million in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor tapped Bruner Wright, PA as counsel and Professional Management Systems, Inc. as accountant. SKYLINE TOWER: Seeks to Hire Omni Agent as Administrative Agent --------------------------------------------------------------- Skyline Tower Resort Vacation Condominium Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Omni Agent Solutions, Inc. as administrative agent. The firm's services include: (a) assist with, among other things, solicitation, balloting, tabulation, and calculation of votes, if necessary, as well as prepare any appropriate reports required in furtherance of confirmation of any Chapter 11 plan; (b) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results for any chapter 11 plan(s) in the Chapter 11 Case; (c) provide a confidential data room, if requested; (d) manage and coordinate any distributions pursuant to a Chapter 11 plan; (e) comply with applicable federal, state, municipal, and local statutes, ordinances, rules, regulations, orders, and other requirements; (f) promptly comply with such further conditions and requirements as the Clerk's Office or the Court may at any time prescribe; and (g) provide such other claims processing, noticing, and administrative services as may be requested from time to time by the Debtor; Prior to the Petition Date, the Debtor provided the firm with a retainer in the amount of $15,000. Paul Deutch, executive vice president at Omni Agent Solutions, 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 be reached through: Paul Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 Email: paul.web@omniagnt.com About Skyline Tower Resort Vacation Condominium Association, Inc. Skyline Tower Resort Vacation Condominium Association Inc., doing business as The Boardwalk Brew, is a not-for-profit corporation organized in New Jersey to manage the Fairfield Atlantic City - Skyline Tower condominium in Atlantic City, New Jersey, overseeing a 32-story high-rise built in 1982 that includes 296 residential units ranging from one- to four-bedroom apartments and 20 commercial units. Skyline sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22156) on November 15, 2025, with $10 million to $50 million in assets and $500,000 to $1 million in liabilities. Sheama Holmes-Walker, president of Skyline, signed the petition. Judge Andrew B Altenburg Jr. presides over the case. The Debtor tapped Forman Holt as counsel; K&L Gates LLP as special counsel; Hilco Real Estate, LLC as real estate broker; and Omni Agent Solutions, Inc. as notice claims & solicitation agent and administrative agent. SMART COMMUNICATIONS: Gets OK to Tap Saul Ewing as Special Counsel ------------------------------------------------------------------ Smart Communications Holding, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Saul Ewing LLP as special litigation counsel. The firm will render these services: (a) complete outstanding fact discovery; (b) complete outstanding expert discovery; (c) defend against any substantive motions that may be filed; and (d) prepare for and try the case. Matthew Haar, Esq., the primary attorney in this representation, will be billed at his hourly rate of $785 plus reimbursement. In addition, the firm will seek reimbursement for expenses incurred. Mr. Haar 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 M. Haar, Esq. Saul Ewing LLP 2 North Second Street, 7th Floor Harrisburg, PA 17101 About Smart Communications Holding LLC Smart Communications Holding, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09473) on December 16, 2025, with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Roberta A. Colton presides over the case. The Debtor tapped Eric D. Jacobs, Esq., at Venable LLP as bankruptcy counsel and Matthew M. Haar, Esq., at Saul Ewing LLP as special litigation counsel. SOTHEBY'S: S&P Alters Outlook to Stable, Affirms 'B-' ICR --------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Sotheby's and revised its outlook to stable from negative. At the same time, S&P assigned its 'B-'issue-level rating and '3' recovery rating (50%-70%; rounded estimate: 55%) to the proposed senior secured notes. The stable outlook reflects S&P's view that operating performance will remain consistent over the next 12 months and liquidity will remain adequate, supported by the company's extended debt maturities and expected positive free operating cash flow (FOCF) generation. Sotheby's operating performance improved in 2025 following a significant recovery in the art market. The company plans to issue $825 million of new senior secured notes to refinance its existing $765 million senior secured notes due in 2027 and add cash to the balance sheet. The stable outlook reflects Sotheby's improved operating performance and debt maturity profile. Sotheby's proposed refinancing of its $765 million notes maturing October 2027 with $825 million in new notes due 2031 addresses its upcoming maturities. S&P views this transaction as leverage-neutral and expect it will improve the company's debt maturity profile and provide it with greater financial flexibility by mitigating near-term refinancing risk. Additionally, the company amended its $570 million revolving credit facility (RCF) in July 2025. The amended RCF is bifurcated into two tranches comprising $440 million maturing in July 2030 and $130 million maturing in August 2026. As of April 2026, the company secured $90 million in additional commitments. Pro forma the transaction, Sotheby's capital structure will primarily include the new $825 million notes due 2031, the $660 million RCF (which steps down to $530 million in August 2026), and the existing $300 million senior secured notes maturing June 2029, alongside a $100 million accounts receivable securitization facility entered in February 2026. S&P anticipates profitability will continue to grow in fiscal 2026 and beyond, aided by improving commission margins and cost-savings realization. Following two years of contraction, the global art market demonstrated renewed growth in 2025, a trend Sotheby's capitalized on with a robust 21% increase in fiscal year revenue. This momentum was particularly pronounced in the second half of the year, driven by increased supply of high-value property and resulting in higher auction services revenue. Additionally, Sotheby's realized substantial operating leverage alongside successful expense reduction strategies and improved auction commission margins. This allowed its S&P Global Ratings-adjusted EBITDA margins to expand to 30.3% from 16.6% in the prior fiscal period. S&P said, "While we forecast a 1% revenue decline for 2026, we project modest margin expansion. Sotheby's strategic focus on higher-margin categories, combined with previously implemented workforce reductions and ongoing cost optimization initiatives, support our forecast that its S&P Global Ratings-adjusted EBITDA margins will increase to 30.9% in 2026 and about 31% thereafter. While Sotheby's maintains a strong brand and leading market position, demand for high-value art and collectibles remains vulnerable to periods of market volatility, which we remain cautious of amid an evolving macroeconomic landscape. "We continue to view the group's credit profile as constrained, by both elevated leverage at the group level and significant earnings volatility. We project Sotheby's leverage will improve to the low-3x area in 2026. Its stand-alone S&P Global Ratings-adjusted leverage improved significantly to 3.6x in 2025 compared with 10.7x in 2024, reflecting profitability improvements and actions to address its capital structure. This was demonstrated by the repayment of its term loan following the $1 billion equity investment from Abu Dhabi Developmental Holding Co. (ADQ) in 2024. "Additionally, a lower debt balance reduced interest expense by 28% in 2025, with EBITDA interest coverage improving to 2.2x from 0.7x in 2024. While we forecast Sotheby's leverage will improve to the low-3x area in 2026 on improved profitability, its exposure to pronounced seasonality and volatility in art auction sales results in significant intrayear swings in EBITDA, cash flow, and coverage metrics. As such, even modest underperformance during key selling periods could materially weaken credit measures, underscoring Sotheby's vulnerability to operating volatility despite recent balance sheet improvements. Therefore, we maintain our view of a highly leveraged financial profile. "In line with our group rating methodology criteria, we consider BidFair USA Inc. to be the group's parent, and we incorporate all consolidated debt in our analysis of the group's credit metrics. On a group basis, we estimate leverage was 8.5x in 2025, improving to 7.6x in 2026. Despite this improvement, consolidated leverage at the group level including Sotheby's Financial Services Inc. (SFS) and the real estate held through BidFair Property Holdings Inc. remains well above 5x, and credit metrics remain highly sensitive to operating performance. "We expect steady FOCF generation and sufficient liquidity, supported by improved earnings prospects and reduced capital investment intensity. We forecast Sotheby's will generate approximately $200 million of FOCF in 2026, reflecting lower capital expenditure of $35 million, with investments focused on technology enhancements and strategic growth. "We anticipate Sotheby's will generate sufficient cash to fund shareholder returns through discretionary distributions payments of about $50 million annually and modest share repurchases. Furthermore, the recently amended RCF, combined with a balance sheet cash position of $270 million as of Dec. 31, 2025, provide it with a substantial cushion and financial flexibility should economic conditions weaken. The addition of an accounts receivable securitization facility will further supplement the company's liquidity position. "The stable outlook reflects our view that Sotheby's operating performance will remain consistent over the next 12 months and liquidity will remain adequate, supported by its extended debt maturities and expected positive FOCF generation. "We could lower our rating on Sotheby's if the company's capital structure becomes unsustainable. This could occur if a decline in the art market causes earnings volatility and a sustained deterioration in credit metrics such that EBITDA interest coverage declines below 1.5x." S&P could raise its rating if: -- Sotheby's demonstrates a sustained track record of reduced earnings volatility; and -- It commits to a more conservative financial policy, demonstrated by EBITDA interest coverage sustained above 2x and group leverage approaching 5x. SOUTHEAST HOUSING: Moody's Cuts Rating on 2007 Cl. I Bonds to Ba1 ----------------------------------------------------------------- Moody's Ratings has downgraded Southeast Housing, LLC's Taxable Military Housing Revenue Bonds, Series 2007 Class I Bonds to Ba1 from Baa3. Concurrently, the rating has been placed on review for further downgrade; previously the outlook was stable. This action affects approximately $350.0 million of Southeast Housing, LLC's ("NavySE") outstanding debt. The downgrade reflects preliminary fiscal 2025 results showing notable weakening in financial performance, driven largely by higher expenses related to environmental remediation at Naval Air Station-Key West. Recently released Department of Defense inspection findings pointing to continued deficiencies may require sustained resources to fully address conditions at the installation. These developments increase Environmental and Governance risk exposure under Moody's ESG framework, including considerations around customer responsiveness, reputational risk that can impair occupancy performance, as well as enhanced regulatory scrutiny. The rating is under review for downgrade as Moody's assesses the scope of the project's exposure to operational, capital and legal pressures due to remediation work, as well as current strategies to address these risks. Moody's analysis will further incorporate expectations for project-wide operating performance and liquidity over the near-term, including the ability to meet annual reserve requirements through net operating revenues. RATINGS RATIONALE The Ba1 rating incorporates the anticipated sizable decline in audited fiscal 2025 results that reverses a ten-year trend of stable and satisfactory operating performance. Based on preliminary financials, Moody's expects coverage to be approximately 1.10x, down from a Moody's-adjusted 1.36x in fiscal 2024. In addition, current year BAH rates are projected to remain flat overall, down from growth that averaged 5.4% annually from 2020-25. The lower BAH increase limits the project's ability to fully address rising costs through increased rental income. Key West represents approximately 17% of total NavySE units and has historically underperformed project-wide occupancy levels, themselves weaker at approximately 90% over the last four years. While preliminary financial results indicate debt service coverage sufficiency in 2025, this reflects only partial funding of the annual Capital Repair and Replacement requirement and reliance on non-operating funds to meet obligations associated with the SIR program. Offsetting these challenges is the size and scope of the project, generally high essentiality of the bases that make up the project, and the current availability of reserves in various unrestricted and restricted funds supporting the indenture. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Not anticipated over the medium term FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- A remediation plan necessitating increasing financial resources over the near term that weakens debt service coverage below 1.1x -- Declining occupancy combined with a trend of weak annual Basic Allowance for Housing (BAH) adjustments that further pressures operating performance PROFILE Southeast Housing, LLC (Issuer) is an affiliate of the Managing Member (Balfour Beatty Communities, who also serves as Property Manager) and the United States Navy. The project is managed under a 50-year ground lease expiring in 2057. The project consists of 5,258 housing units across 11 Navy bases located within Florida, Georgia, Mississippi, South Carolina and Texas. METHODOLOGY The principal methodology used in this rating was Global Housing Projects published in August 2024. SPLASH BEVERAGE: Delays 10-K Due to Limited Resources, Audit ------------------------------------------------------------ Splash Beverage Group, Inc. disclosed in a regulatory filing that it was unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 in a timely manner without unreasonable effort or expense due to its limited personnel and financial resources, and the continuing conduct of the audit of the financial statements to be included in the Form 10-K by the Company's independent registered public accounting firm. The Company needs additional time to review and finalize its financial statements, to ensure adequate disclosure of financial information, and for the Company's independent registered accounting firm to complete their audit. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $22,489,297 in total assets, $15,711,745 in total liabilities, and $6,777,552 in total stockholders' equity. STUDIO CHIQUE: Taps Law Firm of Morris Margulies as Attorney ------------------------------------------------------------ Studio Chique A Full Service Salon, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Frank Morris II, Esq. of The Law Firm of Morris Margulies, LLC to serve as its attorney. Mr. Morris will provide these services: (a) serve as counsel in this matter; (b) represent the Debtor in its chapter 11 Sub Chapter V case and to advise the Debtor as to its rights, duties and powers as a Debtor-in-possession; (c) prepare and file all necessary statements, schedules, and other documents and to negotiate and prepare one or more plans of reorganization for the Debtor; (d) represent the Debtor at all hearings, meeting of creditors, conferences, trials, and other proceedings in this case; and (e) perform such other legal services as may be necessary in connection with this case. The Debtor paid the attorney a retainer of $25,000. Pre-petition services totaled $19,945. Counsel discounted services by $1,945 for total prepetition services of $18,000. The balance of retainer being held in escrow is $7,000. The attorney also collected the filing fee from debtor of $1738 which was used to pay the court filing fees for the bankruptcy filing. Mr. Morris is a "disinterested person" within the meaning of the Bankruptcy Code and does not hold or represent an interest adverse to the estate, according to court filings. The firm can be reached at: Frank Morris II, Esq. MORRIS MARGULIES, LLC 8201 Corporate Drive, Suite 260 Hyattsville, MD 20785 Telephone: (301) 731-1000 Facsimile: (301) 731-1206 E-mail: frankmorrislaw@yahoo.com About Studio Chique A Full Service Salon, LLC Studio Chique A Full Service Salon, LLC, doing business as Studio Chique Luxury Salon & Wellness Spa, operates a beauty and wellness spa in Washington, DC, offering hair care, nail services, skincare, waxing, massage, body contouring and scalp treatments. Founded by Ngina Thomas, the company specializes in alopecia extension installations and corrective hair care, providing head spa services focused on scalp therapy and overall hair health. Studio Chique A Full Service Salon, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. DC Case No. 26-00154) on March 31, 2026. At the time of the filing, Debtor had estimated assets of between $500,001 to $1 million and liabilities of between $1,000,001 to $10 million. Judge Elizabeth L. Gunn oversees the case. MORRIS MARGULIES, LLC is Debtor's legal counsel. SUPERPSYCHED LLC: Seeks to Tap MidCoast Tax Advisors as Accountant ------------------------------------------------------------------ Superpsyched LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to employ MidCoast Tax Advisors, LLC as accountant. The firm will render these services: (a) prepare and file all annual and quarterly tax returns, both federal and state for the Debtor; and (b) consult and advise the Debtor on tax implications as necessary. The firm will be paid at these following rates: (a) $750 flat rate of billing and tax preparation; (b) $625 flat monthly fee for bookkeeping and payroll; and (c) $125 hourly rate for additional work necessary. The firm received $750 prepetition for preparation of 2025 corporate tax returns. Derric Isensee, CPA, a member at MidCoast Tax Advisors, 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: Derric Isensee, CPA MidCoast Tax Advisors, LLC 1000 E. 80th Pl., Suite 700N Merrillville, IN 46410 About Superpsyched LLC Superpsyched LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 26-20500) on March 16, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge James R. Ahler presides over the case. The Debtor tapped Sheila Ramacci, Esq., at Daniel L. Freeland & Associates, PC as counsel and MidCoast Tax Advisors, LLC as accountant. T-4 FARM: Seeks to Hire Ebby Halliday Real Estate as Broker ----------------------------------------------------------- T-4 Farm, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Ebby Halliday Real Estate, doing business as Williams Trew, as real estate broker. The Debtor needs a broker to provide real estate brokerage services for the Crowley Ranch. The firm will receive a commission of 6 percent of the final sales price. Allen Crumley, a broker at Ebby Halliday Real Estate, 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: Allen Crumley Ebby Halliday Real Estate, LLC 3707 Camp Bowle Blvd., Ste. 300 Fort Worth, TX 76107 Telephone: (817) 480-8502 About T-4 Farm LLC T-4 Farm, LLC owns and manages agricultural and ranch real estate in Tarrant County, Texas. The company's principal asset is a farm and ranch property located near Fort Worth that includes agricultural land, residential improvements, and facilities supporting livestock and recreational land uses. T-4 Farm sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40986) on March 3, 2026. In the petition signed by Gregory S. Thomas, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP serves as the Debtor's counsel. THERAPEUTICS MD: Reports $569K Loss for 2025, Warns of Cash Crunch ------------------------------------------------------------------ TherapeuticsMD Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $569 thousand for the year ended December 31, 2025, compared to a net loss of $2.2 million for the year ended December 31, 2024. Revenues for the year ended December 31, 2025, was $3 million compared to $1.8 million in the prior period. Palm Beach Gardens, Florida-based Carr, Riggs & Ingram, L.L.C., the Company's auditor since 2026, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the recent change in operations and continued net losses along with other conditions, raise substantial doubt about the Company's ability to continue as a going concern. TherapeuticsMD said, "On the Closing Date of the Mayne Transaction, we repaid all obligations under the Financing Agreement, dated as of April 24, 2019, as amended, with Sixth Street Specialty Lending, Inc., as administrative agent, the various lenders from time-to-time party thereto, and certain of our subsidiaries party thereto from time to time as guarantors and the Financing Agreement was terminated." "Following the transaction with Mayne Pharma, our primary source of revenue is from royalties on products licensed to pharmaceutical organizations that possess commercial capabilities in the relevant territories. We may need to raise capital to provide additional liquidity to fund our operations. To address our capital needs, we may pursue various equity and debt financing and other alternatives. The equity financing alternatives may include the private placement of equity, equity-linked, or other similar instruments or obligations with one or more investors, lenders, or other institutional counterparties or an underwritten public equity or equity-linked securities offering. Our ability to sell equity securities may be limited by market conditions, including the market price of our common stock and our available authorized shares." "To the extent that we raise additional capital through the sale of such securities, the ownership interests of our existing stockholders will be diluted, and the terms of these new securities may include liquidation or other preferences that adversely affect the rights of our existing stockholders. If we are not successful in obtaining additional financing, we could be forced to discontinue or curtail our business operations, sell assets at unfavorable prices, or merge, consolidate, or combine with a company with greater financial resources in a transaction that might be unfavorable to us." "On May 1, 2023, we entered into a Subscription Agreement with Rubric Capital Management LP, pursuant to which we agreed to sell to Rubric, or one or more of its affiliates, up to an aggregate of 5,000,000 shares of our common stock, par value $0.001 per share, from time to time during the term of the Subscription Agreement at a purchase price of the five-day volume-weighted average price of the Common Stock at the time of the sale of such shares of Common Stock, at an aggregate purchase price of up to $5,000,000. On June 29, 2023, we issued and sold 312,525 shares of Common Stock at a price per share equal to $3.6797 pursuant to the Subscription Agreement. We received gross proceeds of $1.15 million from the draw-down, before expenses. On November 15, 2023, Rubric drew an additional 877,192 shares of Common Stock at a price per share equal to $2.2761. We received gross proceeds of $2.0 million from the draw-down before expenses. There were no drawdowns in 2025 and 2024." "In February 2024, we received Mayne Pharma's calculation of the net working capital allowances for payer rebates and wholesale distributor fees pursuant to the Transaction Agreement, which differed significantly from our estimate of the allowances. We continue to believe our estimated allowances for payer rebates and wholesale distributor fees are reasonable. In August 2024 and in February 2025, we also received information from Mayne Pharma pertaining to the net working capital allowance for returns that differs significantly from our estimate of the allowance." "On April 8, 2025, we filed a lawsuit against Mayne Pharma in the United States District Court for the District of Delaware seeking damages for breach of contract, breach of the implied covenant of good faith and fair dealing, fraudulent inducement, and unjust enrichment related to Mayne Pharma's actions in relation to the License Agreement and the Transaction Agreement, primarily relating to the net working capital allowances and certain actions or inactions by Mayne Pharma relating thereto. On June 20, 2025, we filed an amended complaint against Mayne Pharma and on July 22, 2025, Mayne Pharma filed a motion to dismiss the Mayne Lawsuit. On March 23, 2026, a magistrate judge recommended that the court grant-in-part and deny-in-part Mayne Pharma's motion to dismiss. The magistrate judge recommended granting Mayne's motion to dismiss our claims for breach of the covenant of good faith and fair dealing, certain of our breach of contract claims and our claim for fraudulent inducement, but recommended the court grant us leave to amend the fraudulent inducement claim. The magistrate judge recommended denying Mayne's motion to dismiss our other claims. The magistrate judge further recommended the court stay the Mayne Lawsuit while the parties submit the net working capital claims to a dispute resolution process. The parties have 14 days to object to these recommendations." "On May 30, 2025, Mayne Pharma filed a lawsuit against us in the United States District Court for the District of Delaware seeking damages for breach of contract and fraudulent inducement related to the Transaction Agreement. As part of the Mayne Countersuit, Mayne Pharma also made certain indemnification demands under the Transaction Agreement, which we dispute. On July 28, 2025, we filed a motion to dismiss the fraudulent inducement claim in the Mayne Countersuit." "On March 23, 2026, a magistrate judge recommended that the court grant our motion to dismiss Mayne Pharma's claim for fraudulent inducement, but recommended the court deny our motion to dismiss Mayne Pharma's other claims. The parties have 14 days to object to this recommendation. As of December 31, 2025, we believed no additional accrual was required for such claims, as we could not reasonably estimate a range of loss." "The outcome of this matter is uncertain at this point. As a result, we cannot reasonably estimate a range of loss, and accordingly, we have not accrued any additional liability associated with Mayne Pharma's allowance calculation for payer rebates and wholesale distributor fees, particularly as we believe the outcome of this matter to be intertwined with the resolution of the net working capital allowance for returns." "As of December 31, 2025, we also believed no additional accrual was required for amounts that may be owed for the allowance for returns under the Transaction Agreement. We have not recorded any contingent gains or receivables for any such allowances. Management continues to monitor the unresolved and pending net working capital items as changes to estimated amounts owed or amounts due from Mayne Pharma may be material." "If Mayne Pharma's sales of Licensed Products grow more slowly than expected or decline, if the net working capital settlement with Mayne Pharma under the Transaction Agreement is greater than our current estimates, if the outcome of the Mayne Lawsuits is worse than we anticipate, if we are unsuccessful with future financings or the supply chains related to the third-party contract manufacturers are worse than we anticipate, our existing cash reserves may be insufficient to satisfy our liquidity requirements." "The potential impact of these factors in conjunction with the uncertainty of the capital markets raises substantial doubt about our ability to continue as a going concern for the next 12 months from the issuance of the financial statements included in this 2025 10-K Report." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4vsudys5 About TherapeuticsMD Inc. TherapeuticsMD Inc. was previously a women's healthcare company with a mission of creating and commercializing innovative products to support the lifespan of women from pregnancy prevention through menopause. In December 2022, the Company changed its business to become a pharmaceutical royalty Company, primarily collecting royalties from its licensees. The Company is no longer engaging in research and development or commercial operations. As of December 31, 2025, the Company had $37.7 million in total assets, $10.8 million in total liabilities, and $26.9 million in total stockholders' equity. THIRD COAST: S&P Alters Outlook to Negative, Affirms 'BB' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on Third Coast Infrastructure LLC (Third Coast) to negative from stable. S&P said, "We also affirmed our 'BB' issuer credit rating to Third Coast and 'BB+' issue-level rating on its TLB with a recovery rating of '2'. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a default. "The negative outlook on the company reflects our expectation that it will have elevated leverage in 2026, with S&P Global Ratings-adjusted debt to EBITDA of 3.25x-3.50x in 2026 before declining to 2.75x-3.00x in 2027." Third Coast's consolidated scale remains relatively small, despite the Salamanca acquisition expanding its floating production systems (FPS) segment and bringing cash flow backed by fixed-fee contracts with mostly investment-grade counterparties. In October 2025, the company acquired a 32.8% ownership stake in Salamanca, which it initially funded with sponsor equity during construction and is now partially financed with the $125 million TLB add-on as the assets are now operational, commenced in September 2025. With its noncontrolling equity interests in Salamanca, S&P believes Third Coast lacks control of Salamanca and treats its investments in Salamanca under our equity method. Salamanca, a semi-submersible FPS located in the Keathley Canyon region of the deepwater Gulf of Mexico, has a processing capacity of 60,000 barrels per day of oil and 40 million cubic feet per day of natural gas, processing raw production into pipeline-quality hydrocarbons. Following the acquisition, Third Coast now has four different corridors in the Gulf of Mexico, mitigating both geologic concentration and hurricane risk. S&P said, "As Salamanca ramps up to full operational capacity, we forecast its distributions to Third Coast will increase to $75 million-$80 million in 2027 from $45 million-$50 million in 2026. Combined with distributions from Third Coast's other joint-venture (JV) affiliates, we expect its S&P Global Ratings-adjusted EBITDA will increase to $350 million-$360 million in 2027 from $300 million-$310 million in 2026, relatively lower than its peers." S&P said, "We expect the company's debt-funded asset growth trajectory will constrain its credit metrics in 2026. We anticipate elevated capital spending over the next two years driven by planned growth projects; however, we expect the company to maintain a prudent financial policy and disciplined capital spending. The company's TLB is subject to a 75% excess cash flow (ECF) sweep if its leverage exceeds 3.5x, decreasing to 50% when leverage is 2.0x-3.5x, 25% when leverage is 1.5x-2.0x, and no cash sweep when it falls below 1.5x. With ECF sweeps, we anticipate S&P Global Ratings-adjusted debt to EBITDA will rise to 3.25x-3.50x in 2026 from 3.00x-3.25x in 2025, before declining to 2.75x-3.00x in 2027. In addition, the company's full availability under its $100 million revolving credit facility provides financing flexibility for growth initiatives, but reliance on debt funding could pressure its credit metrics. "While we expect the company's supportive contractual framework to continue supporting its cash flow, the negative outlook reflects our expectation that S&P Global Ratings-adjusted leverage will remain 3.25x-3.50x in 2026 and 2.75x-3.00x in 2027." S&P could lower its ratings on the company if it believes its S&P Global Ratings-adjusted leverage will remain above 3x on a sustained basis, which could occur if: -- The company generates lower-than-expected levels of EBITDA or makes lower-than-anticipated levels of debt repayment; or -- It raises incremental debt or debt-like instruments, leading to deteriorated credit metrics. S&P could revise its outlook to stable if it anticipates the company will maintain S&P Global Ratings-adjusted leverage below 3x. TORY BURCH: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' rating on luxury accessory retailer Tory Burch LLC. S&P also assigned its 'BB-' issue-level ratings to the company's new $300 million revolving credit facility and $700 million term loan facility. The stable outlook reflects S&P's expectation that S&P Global Ratings-adjusted leverage will decline below 3x within one year of the transaction, supported by debt reduction and consistent cash flow from operations (CFO) of $150 million or more. Tory Burch LLC launched a refinancing transaction to extend maturities and increase debt to repurchase $346 million of General Atlantic's entire ownership stake in the company. S&P estimates pro forma leverage will rise to 3.4x and quickly decline below 3x in fiscal 2027 as operating performance improves and debt is repaid. The affirmation reflects Tory Burch's commitment and ability to reduce leverage below 3x within 12 months following the transaction. Tory Burch is adding an incremental $127 million of debt to partially fund the buyout of General Atlantic. The company has a track-record of using debt to buy out owners of the company, as illustrated in 2018 when Tresalia Capital exited its ownership position. The company quickly reduced leverage after that transaction and has a track record of managing net leverage conservatively. S&P said, "We forecast S&P Global Ratings-adjusted leverage of about 3.2x in fiscal 2026 (down modestly from fiscal 2025 pro forma leverage of 3.4x), declining further to roughly 2.7x in fiscal 2027, supported by improving cash flow generation and permanent debt reduction. We expect management will use a portion of its FOCF to reduce debt, consistent with its prudent financial policy of managing net leverage below 2x." Pro forma for the transaction, the company will have approximately $121 million of cash on hand and full availability under its new $300 million revolving credit facility due 2031. This represents a $100 million increase in borrowing capacity relative to its prior $200 million revolver due 2030. S&P said, "We project the company will generate reported free operating cash flow (FOCF) of approximately $94 million in 2026, after capital expenditure (capex) of about $80 million. The company has historically maintained FOCF above $125 million annually. However, weaker consumer spending combined with elevated tariff costs led to FOCF generation of roughly $85 million in fiscal 2025 (compared to $136 million in fiscal 2024). Capex will primarily expand international stores, support maintenance, and refresh the existing store base, as well as fund technology initiatives. "We also expect lower cash tax payments of roughly $3 million in fiscal 2026, driven by provisions in the recently enacted U.S. tax and spending bill (referred to as the One Big Beautiful Bill Act). Specifically, the legislation accelerates depreciation and expands utilization of tax attributes, which we expect will defer a portion of the company's cash tax obligations. As a result, we believe Tory Burch will benefit from improved near-term cash flow generation. "Additionally, we project roughly $100 million of its annual cash generation will reduce debt in fiscal 2027. We do not anticipate the company will pursue large share repurchases or issue any dividend distributions over the next 12 months. "We expect Tory Burch to return to modest revenue growth in fiscal 2026 following pressured performance in fiscal 2025. Consolidated revenue declined approximately 3.5% year over year for the fiscal 2025 (approximately 1.5% when adjusting for the 53rd fiscal week in 2024), reflecting continued softening demand across certain luxury categories and weaker discretionary consumer spending. In the Americas, revenue decreased by about 3%, with a roughly 2% decline in the direct-to-consumer channel and a sharper contraction of approximately 10% within its wholesale channel. "Looking ahead, we forecast consolidated revenue growth of 3.1% in fiscal 2026 and 3.4% in fiscal 2027 as Tory Burch expands internationally within Asia and Europe, improves pricing for new product launches (including passing through tariff-related costs), and shifts further from wholesale, which currently represents about 17.5% of total revenue. Furthermore, the company will benefit from improving industry demand trends." S&P Global Ratings-adjusted EBITDA margins experienced pressure in fiscal 2025, declining to roughly 19.9% from 21.8% in fiscal 2024, largely due to the unmitigated impact of tariffs and selling, general, and administrative (SG&A) costs. However, S&P expects adjusted EBITDA margins to improve to 20.4% in fiscal 2026 and 21.4% in fiscal 2027, supported by disciplined expense management, tariff mitigation, and strategic pricing actions. The transaction represents a meaningful shift in the company's ownership structure, with higher leverage balanced by a more founder-aligned and less sponsor-concentrated ownership base. Tory Burch refinanced its existing term loan facility with a new $700 million term loan to partially fund the buyout of General Atlantic, a transaction S&P views as increasing financial leverage in the near term but favorably reducing financial sponsor ownership. General Atlantic, which initially invested in the company in December 2012, will likely be fully bought out upon transaction close, funded through the new term loan facility and existing balance sheet cash. Following the buyout and pro forma the transaction, Tory Burch ownership will comprise of BDT & MSD Partners, Tory Burch, her family and other shareholders. The stable outlook reflects S&P's expectation that S&P Global Ratings-adjusted leverage will decline below 3x within 1 year of the transaction, supported by debt reduction and consistent CFO of $150 million or more. S&P could lower the rating if it expects S&P Global Ratings-adjusted leverage to remain above 3x and annual CFO below $150 million. This could occur if: -- Profitability weakens due to increased competition, loss of brand resonance, or further weakness in consumer discretionary spending; or -- Management's financial policy becomes more aggressive, potentially pursuing large distributions or debt-funded acquisitions. S&P could raise the rating if the company sustains S&P Global Ratings-adjusted leverage below 2x. This could occur if: -- Operating prospects and competitive standing improve such that it compares more closely with larger and more diversified peers. This could occur if Tory Burch expands its scale and improves its competitive position; or -- The company improves its profitability or uses cash flow to permanently reduce its debt balance, lowering sustained leverage. TRANSOCEAN LTD: Secures $1 Billion in Incremental Contract Backlog ------------------------------------------------------------------ Transocean Ltd. announced awards of a contract for a harsh environment semisubmersible in Norway and contract extensions for two ultra-deepwater drillships in Brazil. In aggregate, the fixtures represent approximately $1.0 billion in incremental firm contract backlog, as follows. * The Transocean Barents was awarded a 1,095-day contract with Vår Energi ASA in Norway at a rate of $450,000 per day, excluding additional services. The program is anticipated to commence by the middle of the second quarter of 2027 and is expected to contribute approximately $490 million in backlog, excluding compensation for mobilization and demobilization. The contract also includes options that, if fully exercised, could keep the rig working in Norway into 2034. * The Deepwater Orion was awarded a 1,095-day contract extension with Petrobras in direct continuation of its current activity. The extension is expected to contribute approximately $420 million in incremental backlog and commit the rig through March 2030. Prior to the extension period, from April 1, 2026, until the commencement of the new contract extension in March 2027 (approximately 340 days), the existing backlog will be reduced by approximately $20 million. * The Deepwater Aquila was awarded a 365-day contract extension with Petrobras in direct continuation of its current activity. The extension is expected to contribute approximately $160 million in incremental backlog and commit the rig through June 2028. Prior to the extension period, from April 1, 2026, until the commencement of the new contract extension in June 2027 (approximately 450 days), the existing backlog will be reduced by approximately $10 million. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of December 31, 2025, the Company had $15.6 billion in total assets, $1.3 billion in total current liabilities, $6.2 billion in long-term liabilities, and $8.1 billion in total equity. * * * In Feb. 2026, S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' Company credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to its operating assumptions. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. TRANSOCEAN LTD: Targets $750MM Total Debt Retirement for FY2026 --------------------------------------------------------------- Transocean Ltd. disclosed in a regulatory filing that it retired the 8.375% Senior Secured Notes due 2028 (Titan Notes) in full on March 20, 2026. The outstanding principal amount of $358 million, plus a call premium and accrued but unpaid interest, was settled using cash on hand and funds from the associated debt service reserve account. Interest expense savings to maturity is approximately $39 million. The early retirement of the Titan Notes is consistent with the company's commitment to accelerate deleveraging, reduce interest expense and simplify the balance sheet. Including the retirement of the Titan Notes, and excluding any additional early retirements, Transocean currently expects to retire a total of $0.75 billion of debt in 2026. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of December 31, 2025, the Company had $15.6 billion in total assets, $1.3 billion in total current liabilities, $6.2 billion in long-term liabilities, and $8.1 billion in total equity. * * * In Feb. 2026, S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' Company credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to its operating assumptions. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. TRUTANKLESS INC: Delays 10-K Due to Incomplete Financial Statements ------------------------------------------------------------------- Trutankless, Inc. disclosed in a regulatory filing that it was unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2025, because the accountants could not complete the required financial statements, the auditors could not complete their review of the financial statements and periodic report, and management could not complete the Management's Discussion and Analysis of such financial statements prior to the filing deadline. About Trutankless, Inc. Trutankless, Inc. is involved in sales, marketing, research and development of a high quality, whole-house, smart electric tankless water heater that is more energy efficient than conventional products. Management anticipates the Company's trutankless water heater, with Wi-Fi capability and Trutankless' proprietary apps offered in the iOS and Android store, will augment existing products in the home automation space. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated August 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that as of December 31, 2024, and December 31, 2023 (restated), the Company had an accumulated deficit of $77,101,969, and $66,915,867 respectively. The Company has not established sufficient revenue to cover its operating costs for the next 12 months. These factors raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $3,343,211 in total assets, $12,668,576 in total liabilities, and $9,325,365 in total stockholders' deficit. URBAN WELLNESS: Chapter 11 Trustee Appointment Sought ----------------------------------------------------- Ilene Lashinsky, the U.S. Trustee for Region 14, asked the U.S. Bankruptcy Court for the District of Arizona to dismiss or convert the Chapter 11 case of Urban Wellness, LLC to Chapter 7, or in the alternative, appoint a bankruptcy trustee. The U.S. trustee asserts that sufficient cause exists to grant this Motion under any of the elements of Section 1112(b) of the Bankruptcy Code. Debtor has engaged in continued gross mismanagement pre and post-petition by allowing insurance to lapse prior to the case and until March 23, 2026. In addition, the Debtor has failed to properly disclose: (1) the Restaurant Sale for $1.08 million and (2) the Unsecured Loan of $376,000 by Debtor to EQUUS Ellis. While the Unsecured Loan greatly benefited the insiders due to preventing a foreclosure on an asset held by EQUUS Ellis and in which Mr. Edgelow personally owns a 6% limited partnership interest, Debtor received very little benefit because the loan is unsecured and remains outstanding, making up more than half of Debtor's outstanding A/R. The U.S. trustee contends that the Debtor's failure to properly disclose information in its Bankruptcy Documents, to take proper legal action that otherwise negatively impacts the estate, and to remain administrative current in reports and disclosures to the UST, all constitute gross mismanagement and is cause for, or weighs heavily in favor of, conversion or dismissal. The UST respectfully requests this Court to convert or to dismiss this case for "cause." Ms. Lashinsky also asserts that cause exists for the appointment of a chapter 11 trustee. As stated above, the Edgelows have an inherent conflict of interest with the Debtor's estate that cannot be corrected: (1) the $376,000 pre-Petition outstanding unsecured loan that make up more than half of Debtor's outstanding A/R to EQUUS Ellis, of which Mr. Edgelow is a 6% limited partner and (2) the delinquent rent totaling $15,000 owed by the Debtor's tenant EQUUS Group, which is owned 100% by the Edgelows. The U.S. trustee argues that the Edgelows are unlikely to take any legal action against themselves to the detriment of the Debtor's estate. The Debtor has grossly mismanaged the estate by its pre Petition actions of siphoning money out of the Debtor for the enrichment of insider/s and by its continued post-Petition omissions on its Bankruptcy Documents and lack of legal action due to actual and irreconcilable conflicts of interest of the insiders. About Urban Wellness Urban Wellness, LLC filed Chapter 11 petition (Bankr. D. Ariz. Case No. 26-01279) on Feb .11, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Brenda K. Martin oversees the case. The Debtor is represented by: Bert L. Roos, Esq. Bert L. Roos, PLLC 5045 N. 12th Street, #B Phoenix, AZ 85014 Phone: 602-242-7869 blrpc85015@msn.com UWM HOLDINGS: Fitch Alters Outlook on BB- LongTerm IDR to Negative ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of UWM Holdings Corporation, UWM Holdings, LLC, and United Wholesale Mortgage, LLC (collectively, UWM) at 'BB-'. The Rating Outlook has been revised to Negative from Stable. Fitch has also affirmed the senior unsecured debt ratings of UWM Holdings, LLC and United Wholesale Mortgage, LLC at 'BB-'. Key Rating Drivers Negative Outlook Driven by Leverage: The revision of UWM's Outlook to Negative from Stable reflects the company's rising corporate leverage, which exceeds the downgrade trigger of 2.0x, and Fitch's view that it will remain elevated over the Outlook horizon. Corporate leverage (gross non-funding debt to tangible equity) was 2.7x at YE25, up from 2.4x at 3Q25 and significantly above 1.2x at YE23. Gross leverage, which includes funding debt, has likewise increased to 8.5x at YE25 from 3.1x at YE23. Borrowings have grown in recent periods to fund originations and operations and have increased with greater retention of mortgage servicing rights (MSR) in favor of sales. Meanwhile, tangible equity has declined as quarterly dividends frequently exceed earnings. Fitch expects these trends to continue in the near term. Failure to show meaningful progress toward reducing corporate leverage to 2.0x or below over the Outlook horizon could result in a downgrade of the ratings to 'B+'. Leading Franchise and Market Position: The rating affirmation reflects UWM's market position and franchise as the leading wholesale residential mortgage lender, adequate liquidity, solid asset quality of the servicing portfolio, a robust and integrated technology platform, and an experienced management team. The company has a dominant position within the wholesale channel with a market share of 43% and has been the nation's largest mortgage originator since 4Q22, according to Inside Mortgage Finance. Highly Cyclical Mortgage Industry: UWM's ratings are constrained by the highly cyclical nature of the mortgage origination business, elevated leverage, MSR valuation risk exposure, and a reliance on secured, short-term, uncommitted funding facilities. The company is also exposed to elevated key person risk related to the CEO and president, Mat lshbia, who, together with the lshbia family, exercises significant control over the company as majority shareholders. UWM's exclusive focus on the wholesale channel is another rating constraint, as it could limit further market share gains within the overall mortgage market. Elevated Payout Ratio: UWM's payout ratio is elevated relative to peers. The dividend policy of $0.10 per share, with proportional distributions to majority owner SFS Corp., has remained unchanged since it was set in February 2021, when low rates supported a significantly stronger earnings environment. Since 2023, total distributions averaged $703 million per year, compared to average net income of $168 million. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Corporate leverage sustained above 2x; - Total leverage sustained above 10x; - Sustained capital distributions in excess of earnings; - A decrease in aggregate liquidity resources or reduction in unencumbered assets that constrains the company's funding flexibility; and/or increased utilization of secured funding that reduces the unsecured funding mix to below 10%; - Sustained profitability challenges that erode tangible equity and the firm's market position; - Regulatory scrutiny resulting in UWM incurring substantial fines that negatively impact its franchise or operating performance; - The departure of Mat lshbia and/or reduced involvement of the Ishbia family, who have led the growth and direction of the company. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A sustained decline in corporate leverage to 2x or below could result in revision of the Outlook to Stable. Beyond that, positive rating momentum could develop from: - Corporate leverage sustained at or below 1x; - Gross leverage sustained below 5x; - Sustained earnings generation in excess of capital distributions; - Improvement in the funding profile, including an extension of funding duration and/or an increase in the proportion of committed funding and the maintenance of unsecured debt above 25% of total debt; - Increased liquidity resources above 30% of total debt; - Maintenance of market position and leadership in the wholesale origination channel; - Demonstrated effectiveness of corporate governance policies. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt ratings are equalized with the IDRs because the funding mix and adequate unencumbered assets available to the noteholders suggest average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The ratings on the unsecured notes are primarily sensitive to changes in the Long-Term IDRs and would be expected to move in tandem with them. However, a material decrease in unencumbered assets and/or an increase in the proportion of secured funding could result in the unsecured notes being notched down from the IDRs. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS The ratings of UWM Holdings, LLC (the go-forward debt-issuing subsidiary) and United Wholesale Mortgage, LLC (the operating company and legacy debt-issuing subsidiary) are equalized with those of UWM Holdings Corporation because they are wholly owned subsidiaries, and debt issued by UWM Holdings, LLC benefits from a corporate guarantee from United Wholesale Mortgage, LLC. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The ratings of UWM Holdings, LLC and United Wholesale Mortgage, LLC are equalized with those of UWM Holdings Corporation and are expected to move in tandem with them. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Non-loan exposures (negative). The Funding, Liquidity & Coverage score has been assigned above the implied score due to the following adjustment reason: Liquidity coverage (positive). ESG Considerations UWM has an ESG Relevance Score of '4' for Governance Structure due to elevated key person risk related to its president and CEO Mat Ishbia, who has led the growth and strategic direction of the company since its inception. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. UWM also has an ESG Relevance Score of '4' for Customer Welfare — Fair Messaging, Privacy and Data Security due to its exposure to compliance risks that include fair lending practices, debt collection practices and consumer data protection. This has a negative impact on the credit profile and is relevant to the rating 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 Prior ----------- ------ ----- UWM Holdings, LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- UWM Holdings Corporation LT IDR BB- Affirmed BB- United Wholesale Mortgage, LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- VANDERBILT MINERALS: Committee Hires Cohen as Special Counsel ------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of Vanderbilt Minerals, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Cohen Ziffer Frenchman & McKenna as special counsel. The firm will provide these services: (a) advise and consult with the committee on the conduct of this case regarding insurance matters; (b) attend meetings and negotiate with representatives of the Debtor, secured and unsecured creditors, and other parties in interest on the committee's behalf regarding insurance matters; (c) meet and coordinate with other counsel and other professionals representing the Debtor and other parties in interest; and (d) handle such other matters as may be requested by the committee and to which Cohen agrees. The firm will be paid at these hourly rates: Partner $1,100 - $1,950 Associate $610 - $970 Paraprofessional $265 - $390 In addition, the firm will seek reimbursement for expenses incurred. Nicholas Maxwell, Esq., a partner at Cohen Ziffer Frenchman & McKenna, 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: Nicholas R. Maxwell, Esq. Cohen Ziffer Frenchman & McKenna LLP 1325 Avenue of Americas New York, NY 10019 Telephone: (212) 584-1890 Facsimile: (212) 584-1891 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 relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60110) on February 16, 2026. Judge Wendy A. Kinsella oversees the case. The Debtor tapped Charles J. Sullivan, Esq., at Bond, Schoeneck & King, PLLC as counsel. Kurtzman Carson Consultants, LLC, operating as Verita Global, LLC, serves as the Debtor's claims agent. 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 Cohen Ziffer Frenchman & McKenna as special counsel. VANGUARD SURGICAL: Michael Wheatley Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Michael Wheatley as Subchapter V trustee for Vanguard Surgical LLC. Mr. Wheatley will be paid an hourly fee of $275 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wheatley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael E, Wheatley PO Box 1072 Prospect KY 40059 502-744-6484 Email: mwheatleytr@gmail.com About Vanguard Surgical LLC Vanguard Surgical LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-30901) on March 31, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Charles R. Merrill presides over the case. Michael W. McClain, Esq. at Mcclain Law Group, PLLC represents the Debtor as legal counsel. VASILIA INVESTMENTS: Gets Extension to Use Cash Collateral ---------------------------------------------------------- Vasilia Investments, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral to fund its operations through June 11. The Debtor was initially allowed to access cash collateral under the court's April 6 interim order. The initial order approved the payment of operating expenses from the cash collateral in accordance with the Debtor's budget and granted secured creditors replacement liens on post-petition cash collateral, with the same priority and validity as its pre-petition liens. Prior to its Chapter 11 filing, the Debtor entered into a loan agreement with Newtek Small Business Finance, LLC, which included a security agreement granting Newtek a security interest in the Debtor's equipment, inventory, accounts, and general intangibles. On May 31, 2018, Newtek filed UCC-1 financing statements covering all of the Debtor's personal property, including accounts. About Vasilia Investments LLC Vasilia Investments, LLC, based in New Smyrna Beach, Florida, owns and operates the Salty Mermaid Oceanfront Hotel, a boutique oceanfront lodging property serving visitors to the New Smyrna Beach area, offering individually designed suites with private patios, beach cabanas, and reserved seating. The hotel provides upscale amenities, including king-size beds, luxury bedding, and curated comforts aimed at creating a high-end beach getaway experience. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01293) on Feb. 25, 2026, with $1 million to $10 million in assets and liabilities. John Kostoglou, manager, signed the petition. Judge Grace E. Robson presides over the case. Katelyn Vinson, Esq. at JENNIS MORSE represents the Debtor as legal counsel. VERITONE INC: Delays 2025 Annual Report Amid Barter Revenue Review ------------------------------------------------------------------ Veritone, Inc. disclosed in a regulatory filing that it was unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission within the prescribed time period primarily due to delays in finalizing the Company's accounting determination of certain barter revenue transactions under ASC 606, which include: (1) a non-monetary transaction in which the Company sold an on-premise software license in exchange for certain intangible rights with a contracted price of $13.0 million during the fourth quarter of fiscal year 2025 and (2) the estimated fair value associated with an on-premise software sale in the fiscal year ended December 31, 2025. The Company's ongoing accounting analysis of the estimated fair value associated with an on-premise software sale in the fiscal year ended December 31, 2025 may result in out-of-period adjustments, the largest of which may result in a reduction in revenue for the quarter ended September 30, 2025 of $1.5 million to $2.5 million, or 5.2% to 8.6%, of the total $29.1 million of revenue previously reported for such quarter. Management is evaluating the overall impact of the possible out-of-period adjustments and whether the previously issued financial statements for the quarters ended June 30, 2025 and September 30, 2025 may need to be revised or restated. Given the accounting complexity associated with these revenue transactions, the finalization of the accounting determination of the estimated fair value of these revenue transactions under ASC 606 has resulted in delays in the preparation of the Company's consolidated financial statements for the fiscal year ended December 31, 2025 and, as a result, a delay in the filing of the Form 10-K. Preliminary, Unaudited Results of Operations The Company expects revenue for the fourth quarter of 2025 of $18.1 million to $21.8 million, as compared to $22.4 million for the fourth quarter of 2024, primarily due to declines in software products and services and representation services revenue. The Company also expects total operating expenses for the fourth quarter of 2025 of $41.2 million, as compared to $43.5 million for the fourth quarter of 2024, primarily due to decreases in research and development expenses and general and administrative expenses, partially offset by an increase in sales and marketing expense. The Company expects operating loss for the fourth quarter of 2025 of $23.0 million to $19.7 million, as compared to $21.0 million for the fourth quarter of 2024.The Company expects loss from continuing operations before income tax for the fourth quarter of 2025 of $37.2 million to $33.9 million, as compared to $24.4 million driven by the year over year improvement in operating loss, offset by a one-time non-cash expense of $13.0 million associated with the acceleration of debt discount from the early retirement of the Company's senior secured debt in Q4 2025. The Company expects net loss from continuing operations for the fourth quarter of 2025 of $36.7 million to $33.4 million, as compared to $24.3 million for the fourth quarter of 2024. The Company expects non-GAAP net loss from continuing operations for the fourth quarter of 2025 of $13.6 million to $10.3 million, as compared to $9.7 million for the fourth quarter of 2024. The Company expects net loss for the fourth quarter of 2025 of $36.7 million to $33.4 million, as compared to $31.8 million for the fourth quarter of 2024. The Company expects revenue for 2025 of $93.7 million to $94.9 million, as compared to $92.6 million for 2024, primarily due to an increase in VDR and public sector software products and services revenue, partially offset by declines in representation services and Veritone Hire revenue. The Company also expects total operating expenses for 2025 of $173.5 million, as compared to $180.8 million for 2024, primarily due to decreases in research and development expenses and general and administrative expenses. The Company expects operating loss for 2025 of $79.8 million to $78.6 million, as compared to $88.2 million for 2024. The Company expects loss from continuing operations before income tax for 2025 of $110.3 million to $109.1 million, as compared to $100.2 million for 2024. The Company expects net loss from continuing operations for 2025 of $110.3 million to $109.1 million, as compared to $96.3 million for 2024. The Company expects non-GAAP net loss from continuing operations for 2025 of $39.2 million to $38.0 million , as compared to $40.8 million for 2024. The Company expects net loss for 2025 of $110.3 million to $109.1 million, as compared to $37.4 million for 2024. The Company expects to report cash and cash equivalents at December 31, 2025 of approximately $27.4 million. Although the Company is continuing to review its financial condition, the Company expects that management will determine there is substantial doubt about the Company's ability to continue as a going concern over the twelve months following the filing of its Annual Report on Form 10-K. The Company does not expect the financial results included in the Form 10-K, when filed, to reflect any material changes from the financial information included in this Form 12b-25. However, because management's review is ongoing, there can be no assurance that the financial results included in this Form 12b-25 will not change upon completion of the financial statements and filing of the Form 10-K. About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. Based on the Company's liquidity position as of the issuance of its Quarterly report on form 10-Q for the quarterly period ended September 30, 2025 the and the Company's current forecast of operating results and cash flows, absent any other action, management determined that there is substantial doubt about the Company's ability to continue as a going concern over the 12 months following the filing of this Quarterly Report on Form 10-Q, principally driven by the Company's debt repayment obligations, historical negative cash flows and recurring losses. As a result, the Company will require additional liquidity to continue its operations over the next 12 months. As of September 30, 2025, the Company had $200.2 million in total assets, $184.2 million in total liabilities, and a total stockholders' equity of $16 million. VOLITIONRX LTD: Shareholders Back Share Issuance, Reverse Split --------------------------------------------------------------- VolitionRx Limited held a Special Meeting of Stockholders during which the Company's stockholders voted on two proposals. The stockholders had 135,565,326 shares of common stock outstanding on February 9, 2026, the record date for the Special Meeting, of which 80,508,751 shares of common stock were present in person or represented by proxy at the Special Meeting. The following sets forth the final voting results of the two proposals voted upon by the Company's stockholders at the Special Meeting. These matters are described in more detail in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on February 11, 2026. Proposal 1: The stockholders approved the issuance of additional shares of the Company's common stock in an amount exceeding 20% of outstanding shares to Lind Global Asset Management XII LLC for purposes of complying with NYSE American Rule 713. The voting results are as follows: * Votes For: 44,152,648 * Votes Against: 14,095,382 * Votes Abstained: 1,114,276 * Broker Non-Votes: 21,146,445 Proposal 2: The stockholders approved an amendment to the Company's Second Amended and Restated Certificate of Incorporation to authorize a reverse stock split of the Company's outstanding shares of common stock by one of several ratios between 1-for-5 and 1-for-20, if and as determined by the Company's board of directors. The voting results are as follows: * Votes For: 62,838,654 * Votes Against: 16,451,299 * Votes Abstained: 1,218,798 No other matters were presented for consideration or stockholder action at the Special Meeting. About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company suffered recurring losses from operations, negative cash flows from operations, and minimal revenues, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $6.9 million in total assets, $42.5 million in total liabilities, and $35.6 million in total stockholders' deficit. VSBROOKS INC: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division entered a final order authorizing VS Brooks, Inc. to use cash collateral in its Chapter 11 Subchapter V case. The Debtor is authorized to use cash collateral through the effective date of its confirmed reorganization plan, allowing continued business operations during the restructuring process. This provides longer-term authority compared to interim orders, tying the use of cash collateral directly to the plan's implementation. As adequate protection, CNB is granted replacement liens on all post-petition assets with the same validity, priority, and extent as its prepetition liens. In addition, the Debtor must make monthly adequate protection payments of $15,000 to CNB until the plan becomes effective, after which the plan terms will govern the parties' relationship. The order confirms that the replacement liens are automatically perfected without additional filings and allows CNB to seek relief from the automatic stay in case of default on payments. The Court retains jurisdiction to enforce the order, which remains in effect unless modified by a subsequent court ruling. City National Bank is represented by: Melbalynn Fisher, Esq. Ghidotti | Berger LLP 10800 Biscayne Blvd., Suite 201 Miami, FL 33161 Tel: (305) 501-2808 Fax: (954) 780-5578 bknotifications@ghidottiberger.com About VSBROOKS Inc. VSBROOKS Inc., doing business as The 3rd Eye Creative Agency, is a certified women-owned independent full-service marketing agency in Miami specializing in health and wellness brands. With more than 25 years of experience, it focuses on generational healthcare advertising, women's healthcare initiatives, multicultural audience engagement and B2B growth within regulatory compliance. VSBROOKS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18690) on July 29, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by: Jacqueline Calderin, Esq. Email: 305-722-2002 Email: jc@agentislaw.com Robert P. Charbonneau, Esq. Tel: 305-722-2002 Email: rpc@agentislaw.com WAGNER RESTORATION: Court Denies Extension to Use Cash Collateral ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division denied another extension of Wagner Restoration, LLC's authority to use cash collateral. At the April 15 hearing, the court denied as moot the Debtor's bid to continue to use cash collateral based on confirmation of the Debtor's amended Chapter 11 Subchapter V plan of reorganization. The Debtor was previously allowed to access cash collateral to pay its operating expenses under the court's interim orders entered on Feb. 18 and April 6. Both orders granted secured creditors replacement lien on post-petition cash collateral. The creditors that may assert an interest in the cash collateral are On Deck Capital and the U.S. Small Business Administration. Wagner derives all its revenue, which may constitute cash collateral of the creditors, from the operation of its business. About Wagner Restoration LLC Wagner Restoration, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07831) on December 2, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Tiffany P. Geyer presides over the case. Scott W. Spradley, Esq., at the Law Offices of Scott W. Spradley, P.A. represents the Debtor as bankruptcy counsel. WESTERN URANIUM: Delays Filing of FY 2025 Form 10-K --------------------------------------------------- Western Uranium & Vanadium Corp. disclosed in a regulatory filing that the Company has experienced a delay in completing the information necessary for inclusion in its Form 10-K for the fiscal year ended December 31, 2025 as certain financial and other information necessary for an accurate and full completion of the Report could not be provided within the prescribed time period without unreasonable effort or expense. The Company expects to file its Form 10-K Annual Report within the allotted extension period. About Western Uranium Western Uranium & Vanadium Corp is engaged in the business of exploring, developing, mining and producing uranium and vanadium resources. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plants will be licensed to include the kinetic separation process. Mississauga, Canada-based MNP LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred continuing losses and negative cash flows from operations and is dependent upon future sources of equity or debt financing in order to fund its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Western Uranium & Vanadium had $33,916,238 in total assets, $4,100,164 in total liabilities, and a total shareholders' equity of $29,816,074. WHITE ROCK MEDICAL: Gets Extension to Use Cash Collateral --------------------------------------------------------- White Rock Medical Center, LLC and its affiliated debtors received another extension form the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court entered its third interim order authorizing the Debtors to use cash collateral -- money that is subject to a lender's lien -- to fund their operations in accordance with an approved budget, subject to permitted variances. The budget may be updated with lender consent or further court approval, including adjustments related to Medicaid-related payment obligations. Secured creditor SRC Hospital Investments I, LLC will be granted protection through monthly cash payments of $75,000; replacement liens on post-petition assets; superpriority administrative expense claims for any diminution in collateral value; and access to the Debtors' bank account statements. The provisions of the order remain in effect even if the Debtors' Chapter 11 cases are later converted or dismissed or result in a confirmed reorganization plan. The next hearing is set for May 7. The deadline for filing objections is on April 30. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/SgQXa from PacerMonitor.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 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90115) on January 20, 2026. In its petition, the Debtor 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 case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. WINDTREE THERAPEUTICS: Delays 2025 Annual Report on Form 10-K ------------------------------------------------------------- Windtree Therapeutics, Inc. disclosed in a regulatory filing that it was unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2025. As reported in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, its existing resources are limited. In response to its limited liquidity, the Company is seeking sources of capital through potential strategic transactions. The Company management has devoted significant resources toward finalizing its financial statements and disclosures, however, the Company was required to devote a significant amount of time and other Company resources to other matters such as financing opportunities, which normally would be devoted to the preparation of the Annual Report on Form 10-K and related matters. There can be no assurance that a strategic transaction will be consummated. As a result of these factors, the Company's limited resources have caused a delay in the Company's ability to complete and file its Form 10-K for the fiscal year ended December 31, 2025 by the required deadline without unreasonable effort and expense. About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $16 million in total assets, $27.6 million in total liabilities, and $11.6 million in total stockholders' deficit. XCEL BRANDS: Unable to Timely File 2025 10-K Due to Audit Delay --------------------------------------------------------------- Xcel Brands, Inc. disclosed in a regulatory filing that it was unable to file its Annual Report on Form 10-K for the year ended December 31, 2025, within the prescribed period because of a delay in completing the audit for this period as a result of management requiring additional time to compile and verify the data required to be included in the report. The Company expects to file within the extension period. The Registrant estimates that its results of operations for the year ended December 31, 2025, as reflected in its consolidated statements of operations to be included in its Form 10-K for the year ended December 31, 2025, will reflect the following changes: For the year ended December 31, 2025, the Registrant expects to report a decrease in revenues to approximately $4.9 million from approximately $8.3 million for the year ended December 31, 2024. The decrease in revenues was primarily attributable to the decline in licensing revenues of approximately $3.0 million, which was primarily attributable to the divestiture of the Lori Goldstein brand in 2024. For the year ended December 31, 2025, the Registrant expects to report a net loss of approximately $17.5 million, compared to a net loss of approximately $22.4 million for the year ended December 31, 2024. The net loss for the year ended December 31, 2025.includes a $6 million loss on the divestiture of the equity investee IM TopCo and a $1.9 million loss from extinguishment of debt. The net loss in the prior year included $11.8 million loss related to the equity investee IM TopCo, asset impairment charges related to the Company's former office lease and partially off set by a $3.8 million gain from the divestiture of the Lori Goldstein brand. Also, for the year ended December 31, 2025, the Registrant expects to report net loss per share - basic and diluted - of approximately $(5.08), compared to net loss per share – basic and diluted - of $(9.84) for the year ended December 31, 2024. Net loss per share has been adjusted to give effect to a 1-for 10 share reverse split of the Registration's outstanding common stock which was effected on March 25, 2025. About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $40.5 million in total assets, $23.9 million in total liabilities, and $16.6 million in total stockholders' equity. XWELL INC: Eases Going Concern Doubts Following Capital Raise ------------------------------------------------------------- XWELL, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $16,106,000 for the year ended December 31, 2025, compared to a net loss of $16,490,000 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $29,210,000 compared to $33,897,000 in the prior period. As of December 31, 2025, the Company had cash and cash equivalents of approximately $2,617,000, marketable securities of $7,000, total current assets of $5,910,000, total current liabilities of $12,892,000, and long-term operating lease liabilities of $7,035,000. The Company's working capital was in a deficit position at December 31, 2025, compared with a working capital surplus of $6,113 at December 31, 2024. In light of these conditions and the Company's historical operating losses, management evaluated whether substantial doubt existed about the Company's ability to continue as a going concern within one year after the date these consolidated financial statements are issued. Subsequent to year end, on February 24, 2026, the Company announced it had entered into a private placement of Series H Convertible Preferred Stock with accompanying warrants for expected gross proceeds of approximately $31,300 before fees and expenses, which closed on February 26, 2026. The Company used $9,000,000 of the proceeds to repurchase certain notes, redeem the Company's Series G Preferred Stock and certain warrants, with the remainder for general corporate purposes and working capital needs. Management considered the expected net cash proceeds from the Series H transaction, the planned uses of proceeds, and the Company's current operating plan in assessing liquidity for the twelve-month period following the issuance of these financial statements. Based on this evaluation, management concluded that the conditions that previously raised substantial doubt have been alleviated as of April 1, 2026. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/5yptnmhf About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. As of December 31, 2025, the Company had $11,217,000 in total assets, $23,797,000 in total liabilities, $224,000 in temporary equity, and $12,804,000 in total deficit. * * * This concludes the Troubled Company Reporter's coverage of XWELL, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Dada Moe Bistro LLC Bankr. D. N.J. Case No. 26-13698 Chapter 11 Petition filed April 2, 2026 See https://www.pacermonitor.com/view/LILQVFQ/DADA_MOE_BISTRO_LLC__njbke-26-13698__0001.0.pdf?mcid=tGE4TAMA represented by: Andre L. Kydala, Esq. LAW FIRM OF ANDRE L. KYDALA E-mail: kydalalaw@aim.com In re Immaculate Detail LLC Bankr. D. Ariz. 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Case No. 26-22368 Chapter 11 Petition filed April 13, 2026 See https://www.pacermonitor.com/view/QIKXU2Y/Westchester_3148_LLC__nysbke-26-22368__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Dilling PA, LLC Bankr. E.D. Pa. Case No. 26-11548 Chapter 11 Petition filed April 13, 2026 See https://www.pacermonitor.com/view/FP3BEIQ/DILLING_PA_LLC__paebke-26-11548__0001.0.pdf?mcid=tGE4TAMA represented by: Maggie Soboleski, Esq. CENTER CITY LAW OFFICES, LLC E-mail: msoboles@yahoo.com In re Sumo Biloxi, Inc. Bankr. S.D. Miss. Case No. 26-50604 Chapter 11 Petition filed April 13, 2026 See https://www.pacermonitor.com/view/2JMFJOI/Sumo_Biloxi_Inc__mssbke-26-50604__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey G. Pierce, Esq. LAW OFFICE OF JEFFREY G. PIERCE PLLC E-mail: piercelawnoticing@gmail.com In re B.A.D. LLC Bankr. E.D. Calif. Case No. 26-22029 Chapter 11 Petition filed April 13, 2026 See https://www.pacermonitor.com/view/5WZG7MY/BAD_LLC__caebke-26-22029__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Banner Chemical Corp. Bankr. D. N.J. Case No. 26-14051 Chapter 11 Petition filed April 13, 2026 See https://www.pacermonitor.com/view/GQZSPQY/Banner_Chemical_Corp__njbke-26-14051__0001.0.pdf?mcid=tGE4TAMA represented by: Anthony Sodono, III, Esq. MCMANIMON, SCOTLAND & BAUMANN, LLC E-mail: asodono@msbnj.com In re Elias & Company Management, Inc. Bankr. C.D. Calif. Case No. 26-12850 Chapter 11 Petition filed April 13, 2026 See https://www.pacermonitor.com/view/O4OVEPA/Elias__Company_Management_Inc__cacbke-26-12850__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew D. Resnik, Esq. RHM LAW LLP E-mail: matt@rhmfirm.com In re American Structural Systems Inc. Bankr. D. Kan. Case No. 26-10371 Chapter 11 Petition filed April 13, 2026 See https://www.pacermonitor.com/view/B3H7JMY/American_Structural_Systems_Inc__ksbke-26-10371__0001.0.pdf?mcid=tGE4TAMA represented by: Nicholas R. Grillot, Esq. HINKLE LAW FIRM LLC E-mail: ngrillot@hinklaw.com In re Party Rentals Arizona LLC Bankr. D. Ariz. Case No. 26-03554 Chapter 11 Petition filed April 13, 2026 See https://www.pacermonitor.com/view/GM6W44Q/PARTY_RENTALS_ARIZONA_LLC__azbke-26-03554__0001.0.pdf?mcid=tGE4TAMA represented by: Eli Enger, Esq. UDALL SHUMWAY PLC E-mail: ete@udallshumway.com In re CA Brokering & Consulting LLC Bankr. C.D. Calif. Case No. 26-13556 Chapter 11 Petition filed April 14, 2026 See https://www.pacermonitor.com/view/ZVWFRBY/CA_Brokering__Consulting_LLC__cacbke-26-13556__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 520 Madison Ave, LLC Bankr. N.D.N.Y. Case No. 26-10395 Chapter 11 Petition filed April 14, 2026 See https://www.pacermonitor.com/view/VE5G5OA/520_Madison_Ave_LLC__nynbke-26-10395__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jaguar Logistics, LLC Bankr. N.D. Ga. Case No. 26-54911 Chapter 11 Petition filed April 11, 2026 See https://www.pacermonitor.com/view/NREEFTQ/Jaguar_Logistics_LLC__ganbke-26-54911__0001.0.pdf?mcid=tGE4TAMA represented by: Brad Fallon, Esq. FALLON LAW PC E-mail: brad@fallonbusinesslaw.com In re Iauction Three LLC Bankr. M.D. Fla. Case No. 26-02996 Chapter 11 Petition filed April 12, 2026 See https://www.pacermonitor.com/view/54XV6FA/IAUCTION_THREE_LLC__flmbke-26-02996__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re Every Blooming Thing, LLC Bankr. D. Utah Case No. 26-22079 Chapter 11 Petition filed April 14, 2026 See https://www.pacermonitor.com/view/GFND44A/Every_Blooming_Thing_LLC__utbke-26-22079__0001.0.pdf?mcid=tGE4TAMA represented by: Andres Diaz, Esq. DIAZ & LARSEN E-mail: courtmail@adexpresslaw.com In re Byrum's Floor Store, LLC Bankr. S.D. Ohio Case No. 26-30812 Chapter 11 Petition filed April 14, 2026 See https://www.pacermonitor.com/view/YY2DYFQ/Byrums_Floor_Store_LLC__ohsbke-26-30812__0001.0.pdf?mcid=tGE4TAMA represented by: Russ B. Cope, Esq. COPE LAW OFFICES, LLC E-mail: ecf@copelawoffices.com In re Terence Jerome Dickson Bankr. D. Md. Case No. 26-13994 Chapter 11 Petition filed April 14, 2026 See https://www.pacermonitor.com/view/67HP6DQ/Terence_Jerome_Dickson__mdbke-26-13994__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Weiss, Esq. THE WEISS LAW GROUP E-mail: brett@BankruptcyLawMaryland.com In re Brian P. Delaney Bankr. D. N.J. Case No. 26-14111 Chapter 11 Petition filed April 14, 2026 represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. In re Wellington Alves de Oliveira Bankr. D. N.J. Case No. 26-14093 Chapter 11 Petition filed April 14, 2026 See https://www.pacermonitor.com/view/SQN5NMI/Wellington_Alves_de_Oliveira__njbke-26-14093__0001.0.pdf?mcid=tGE4TAMA represented by: David Stevens, Esq. SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP E-mail: dstevens@scura.com In re Thomas A Maggio Bankr. E.D.N.Y. Case No. 26-71435 Chapter 11 Petition filed April 14, 2026 See https://www.pacermonitor.com/view/AT3NTOY/Thomas_A_Maggio__nyebke-26-71435__0001.0.pdf?mcid=tGE4TAMA represented by: Fred S. Kantrow, Esq. THE KANTROW LAW GROUP, PLLC E-mail: fkantrow@thekantrowlawgroup.com In re Reginald Ferrell Mathis Bankr. D. Md. Case No. 26-13938 Chapter 11 Petition filed April 13, 2026 represented by: Kelly Horning, Esq. In re Avi Katz Bankr. D. N.J. Case No. 26-14098 Chapter 11 Petition filed April 14, 2026 See https://www.pacermonitor.com/view/4EUT2HI/Avi_Katz__njbke-26-14098__0001.0.pdf?mcid=tGE4TAMA represented by: Geoffrey P. Neumann, Esq. BROEGE NEUMANN FISCHER & SHAVER, LLC E-mail: geoff.neumann@gmail.com In re Robert James Semrad, Jr. Bankr. N.D. Ill. Case No. 26-06436 Chapter 11 Petition filed April 14, 2026 In re Mario G. Cesario Bankr. D. N.J. Case No. 26-14084 Chapter 11 Petition filed April 14, 2026 See https://www.pacermonitor.com/view/QMB35ZI/Mario_G_Cesario__njbke-26-14084__0001.0.pdf?mcid=tGE4TAMA represented by: Justin M Gillman, Esq. GILLMAN CAPONE LLC E-mail: jgillman@gillmancapone.com In re Molly Lenore Bankr. D. N.J. Case No. 26-14058 Chapter 11 Petition filed April 13, 2026 represented by: David Beslow, Esq. In re Clay Riley Bankr. E.D.N.Y. Case No. 26-41740 Chapter 11 Petition filed April 13, 2026 In re Christopher E McGowan Bankr. E.D.N.C. Case No. 26-01649 Chapter 11 Petition filed April 13, 2026 See https://www.pacermonitor.com/view/M4VYKLY/Christopher_E_McGowan__ncebke-26-01649__0001.0.pdf?mcid=tGE4TAMA represented by: John A Northen, Esq. NORTHEN BLUE LLP E-mail: jan@nbfirm.com ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. 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