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260420.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, April 20, 2026, Vol. 30, No. 110 Headlines 10 SHEPHERDS: Hires Dahiya Law Offices as Bankruptcy Counsel 10M NW FRWY: Voluntary Chapter 11 Case Summary 143 COURT ST: Court Extends Cash Collateral Access to June 30 22 EAST C: Court Extends Cash Collateral Access to May 27 25350 PLEASANT: Taps VerStandig Law Firm as Reorganization Counsel 3040 GIBRALTAR: Involuntary Chapter 11 Case Summary 325 GREENWICH: Voluntary Chapter 11 Case Summary 33 MAKO: Loses Bid to Disallow or Reduce 54 SCL Funding's Claim 57 CONCRETE: Plan Exclusivity Period Extended to Oct. 15 74THARTS LLC: Voluntary Chapter 11 Case Summary 7Q59 AMHERST: Court Extends Cash Collateral Access to May 13 801 RESTAURANT: Case Summary & 12 Unsecured Creditors 850 AUTO: Seeks to Hire Bruner Wright as Legal Counsel ABUNDANT LIFE: Case Summary & Three Unsecured Creditors AFC ACQUISITION: Hires Bankruptcy NM LLC as Counsel AGORIANI INC: Hires Morrison-Tenenbaum PLLC as Counsel ALL TEX LAND: Melissa Haselden Named Subchapter V Trustee ALL THINGS SURPLUS: Hires Allan D. NewDelman PC as Legal Counsel ALPINE SUMMIT: Court Tackles Equitable Ownership Issues in HB2 Case ALSANGEST INTERNATIONAL: Files Emergency Bid to Use Cash Collateral AMERIGAS PARTNERS: Fitch Alters Outlook on B LongTerm IDR to Stable ANOINTED TOUCH: Hires Allen Wellman Harvey as Counsel APRIL MANAGEMENT: Taps Susan M. Gray Law Offices as Legal Counsel ARTELLA SOLUTIONS: Hires Sheffield Trackwell & Rapp as Counsel ASCEND ELEMENTS: Seeks Court OK to Hold Assets Sale Hearing in May AZHAR CHAUDHARY: Taps Kevin Michael Madden PLLC as Special Counsel BEELAND PROPERTIES: Liquidation Agent Hires Financial Advisor BELLA CAPRI: Seeks 30-Day Extension of Plan Filing Deadline BIG L TIRES: Gets Interim OK to Use Cash Collateral BISHOP OF OAKLAND: 6 State Court Sexual Abuse Cases Can Proceed BLACKSTONE CLAIM: Court Narrows Claims in "McKee" BLUE SUN: Plan Exclusivity Period Extended to April 30 BLUE SUN: Seeks to Extend Plan Exclusivity to April 30 BOTTOMLINE INK: Court Extends Cash Collateral Access to July 10 BOXLIGHT CORP: Issues 600K Shares to J.J. Astor in Debt Conversion BRIGHT MOUNTAIN: Amends Credit Agreement with Centre Lane Partners BROOKDALE SENIOR: WCM Investment Holds 5.38771% Equity Stake BUSTER SJE : Hires DeMarco Mitchell PLLC as Legal Counsel CAFE PASSE: Seeks Cash Collateral Access Until July 31 CALITRE LLC: Gets Interim OK to Use Cash Collateral CARESTREAM HEALTH: Moody's Ups CFR to Caa1, Outlook Stable CATURUS ENERGY: Moody's Alters Outlook on 'B2' CFR to Positive CATURUS ENERGY: Moody's Rates New Sr. Unsecured Notes Due 2031 'B3' CENTRAL GARDEN: Phillips Pet Deal No Impact on Moody's 'Ba3' CFR CHARLES & COLVARD: Inks DIP Loan Agreement With Van Lang Jewelry CHC901 LLC: Court OKs De Minimis Asset Sale CITIUS PHARMACEUTICALS: Two Proposals OK'd at Annual Meeting COLOGNE ACADEMY: Moody's Alters Outlook on 'Ba1' Rating to Positive COMPONENT FABRICATORS: Hires Tarpy Cox Fleishman as Legal Counsel CONROE LOCAL GOVERNMENT: S&P Cuts Sub Revenue Bonds Rating to 'D' COOL SOLUTIONS: Creditors Win Bid for Automatic Stay Relief COSMETIC MEDICINE: Gets Extension to Use Cash Collateral CRANE ENTERPRISES: Court Affirms Summary Judgment, Eviction Order CREDITO REAL SAB: Court Upholds Chapter 15 Recognition CT&C FAB: Gets Final OK to Use Cash Collateral D WOOD HOTEL: Hires Bang Realty as Real Estate Broker DADA MOE: Mark Politan Named Subchapter V Trustee DEDICATION & EVERLASTING: Gets Court OK to Use Cash Collateral DEL CAMPO AL: Seeks to Hire Luis D. Flores Gonzalez as Counsel DEL MONTE: Settlement Approval Order Not Suitable for Direct Appeal DENVER SPRING: Hires Kutner Brinen Dickey Riley PC as Counsel EDDIE BAUER: Store Operator Gets Chapter 11 Plan NJ Court Approval EDELMAN FINANCIAL: Moody's Affirms B3 CFR, Rates New Term Loan B3 EEW AMERICAN: Court OKs Interim Cash Collateral Access, DIP Loan ESJ TOWERS: Court Narrows Claims in "Nalley" Lawsuit ESTHER SCHOOL: Seeks to Hire Stonecipher Consulting as Accountant ESTHER SCHOOL: Taps Anthony & Partners PLLC as Bankruptcy Counsel FABRICATION DESIGNS: Hires Tydings & Rosenberg LLP as Attorneys FARRELL'S ON ROUND: Purling Property Sale to Dark Horse OK'd FELT & FAT: Court Extends Cash Collateral Access to May 31 FF FUND I: Court Upholds Summary Judgment Ruling in Adversary Case FINLEY DESIGN: Gets Extension to Access Cash Collateral FLORIDA KEYS: Hires Van Horn Law Group PA as Counsel FOUR SEASONS: Seeks to Hire Ford McDonald & Borden as Counsel FREEDOM ROAD: Court Denies Interim Use of Cash Collateral FRONTLINE MEDICAL: 10th Circuit Dismisses Busch Law Firm Appeal G2 TECHNOLOGIES: Court Extends Cash Collateral Access to May 7 GB AIT: S&P Assigns 'B' ICR on Leveraged Buyout, Outlook Stable GEE CONCEPTS: Gets Interim OK to Use Cash Collateral GLIDE LOGISTICS: Court Extends Cash Collateral Access to June 30 GLOBAL LOGISTICS: Gets Final OK to Use Cash Collateral GOOD CITIZEN: Hires Rain City Realty as Real Estate Broker GREG BEECHE: Gregory Beeche in Civil Contempt of Receivership Order H&S COMMERCIAL: Gets Final OK to Use Cash Collateral HARRISBURG DAIRIES: Harrisburg Property Sale to Patanjali Dairy OKd HAWAII MOLD: Gets Two-Month Extension to Use Cash Collateral HLF FINANCING: Moody's Rates New $800MM Secured Notes Due 2033 Ba2 HO WAN KWOK: Trustee Has Standing to Assert Alter-Ego Claim HOWARD'S APPLIANCES: To Sell Appliance Inventory to Whirlpool Corp. IBODY INC: Commences Chapter 11 Bankruptcy in California IHN PODIATRY: Bid to Enforce Automatic Stay Granted in Part INFINITY TIRE: Gets Interim OK to Use Cash Collateral INNOVATE CORP: Expects $2.7MM from DBM Dividend on April 28 INSPIRED HEALTHCARE: Seeks to Hire BDO USA, PC as Tax Accountant IQSTEL INC: Reports $8.5M Net Loss in 2025, Warns of Cash Shortfall J KRUSE INVESTMENTS: Seeks to Hire Poe Law LLC as Co-Counsel JAGUAR HEALTH: FY25 Net Loss Widens to $54MM, Warns of Cash Strain JAGUAR LOGISTICS: Seeks Subchapter V Bankruptcy in Georgia JAMMER LLC: Gets Final OK to Use Cash Collateral JASNIA REALTY: Gets Extension to Access Cash Collateral JSL COMPANIES: Court Extends Cash Collateral Access to August 2 KASAI HOLDINGS: Court OKs Restaurant Biz Sale to the Highest Bid KEDE2 LLC: Hires Law Offices of Everett Cook P.C. as Counsel KENTUCKY OWL: Seeks to Sell Whiskey Inventory at Auction KOHL'S CORP: Moody's Affirms 'B2' CFR & Alters Outlook to Positive LIFE STRIDE: Case Summary & 20 Largest Unsecured Creditors LITHOTYPE COMPANY: Taps Robert W. Zimmer & Assoc. as Consultant LL CREATIONS: Kathleen DiSanto Named Subchapter V Trustee LONG BEACH: Case Summary & One Unsecured Creditor LOW COST TREE: Seeks to Extend Plan Exclusivity to April 30 LUCIENNE HOME: Carol Fox of GlassRatner Named Subchapter V Trustee LUMINAR TECHNOLOGIES: Leadership Resigns After Plan Confirmation M & M BUCKLEY: Seeks to Hire Gregory K. Stern, P.C. as Counsel M&M CUSTARD: Seeks to Extend Plan Exclusivity to August 11 MACROFIT INC: Commences Chapter 11 Bankruptcy in California MADISON ATRINA: Files Emergency Bid to Use Cash Collateral MAMA BIRD'S: Seeks to Hire Mullin P.C. as Special Counsel MARINER'S GATE: Court Extends Cash Collateral Access to April 30 MAWSON INFRASTRUCTURE: Inks Cooperation Deal With Endeavor MCCOOL MILLWORKS: Has Deal on Cash Collateral Access MCCOOL MILLWORKS: Hires Scott Law Group LLP as Counsel MED-RIDE INC: Cash Collateral Hearing Set for April 21 MED-RIDE INC: Hires Dunham Hildebrand Payne Waldron as Counsel MJS MATERIALS: Gets OK to Use Cash Collateral Until June 16 MODERN FLOOR: Court Tosses City of Los Angeles' Lawsuit MONUMENT ACADEMY: Moody's Rates Series 2026A/B Revenue Bonds 'Ba1' MORA OAK: Hires Law Office of David R. Herzog as Counsel MORA OAK: Hires Tang & Associates Law Office as Co-Counsel MP MIDCO: Moody's Affirms 'Caa1' CFR & Alters Outlook to Positive MULFORD CONSTRUCTION: Hires Traxi LLC as Financial Advisor MULFORD CONSTRUCTION: Hires Tydings & Rosenberg as Attorney MULTI-COLOR CORP: Wins Approval For Ch. 11 Plan Slashing $3.9B Debt NATIONAL ROAD: Seeks Cash Collateral Access NAVAJO SMILES: Gets Final OK to Use Cash Collateral Until June 14 NEW AMSTERDAM: Case Summary & 20 Largest Unsecured Creditors NEW FORTRESS: Uses $265.9MM Sale-Leaseback Proceeds to Repay Debt NEWCAP INC: Case Summary & 20 Largest Unsecured Creditors NIGHTFOOD HOLDINGS: Inks Joint Development Deal With Oncotelic NOAH ASHER: Seeks to Amend Final Cash Collateral Order NOISE ENTERTAINMENT: Gets Interim OK to Use Cash Collateral NORTH SHORE: Seeks to Hire Paul S. Joo CPA as Accountant NORTH STAR: Hires Accordion Partners as Financial Advisor NORTHWEST BIOTHERAPEUTICS: Acquires UK CDMO Advent BioServices NRG ENERGY: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes NRPF GROUP: Seeks to Sell Restaurant Biz at Auction NXT ENERGY: Posts C$2.3MM Net Loss in FY2025, Warns of Cash Crunch O'BRIEN ENERGY: Committee Taps Bernstein Shur Sawyer as Counsel OBJECT & SUBJECT: Gets Final OK to Use Cash Collateral OLD WORLD: Claims Will be Paid from Property Sale/Refinance OLIVE BRANCH: Gets Interim OK to Use Cash Collateral PAT MCGRATH: Fla. Court Postpones Chapter 11 Plan Confirmation PATRIOT DSP: Gets Interim OK to Use Cash Collateral PAVMED INC: Tasso Partners Discloses 912,996 Shares and Warrants PEKIN PARK DISTRICT, IL: S&P Withdraws 'BB' Rating on GO Bonds PICO BULDING: Seeks Chapter 7 Bankruptcy in California PIGZZA LLC: Gets Interim OK to Use Cash Collateral Until May 5 PLAZA 106: Seeks to Hire Valerga LLP as Special Counsel POINT CLEAR: Plan Filing Deadline Extended to May 6, 2026 PURE SCIENCE: Hires Van Horn Law Group PA as Counsel QVC GROUP: Seeks Chapter 11 Bankruptcy to Cut $6.6B Debt RAD DIVERSIFIED: Gets Extension to Use Cash Collateral RAIN CARBON: Moody's Affirms 'B2' CFR, Outlook Remains Stable RANA REAL ESTATE: Voluntary Chapter 11 Case Summary RAY'S PIZZA: Gets Interim OK to Use Cash Collateral Until May 7 RAY'S PIZZA: Seeks to Hire Hacker Accounting as Accountant REBORN COFFEE: Reaches Forbearance Deal With Arena to Avoid Default RENTAL HUB: Gets Interim OK to Use Cash Collateral Until June 4 RMMJ SERVICE: Section 341(a) Meeting of Creditors on May 12 RONALD H. CARPENTER: Thompson Wins Bid for Automatic Stay Relief ROSE RENTAL: Court OKs Withdrawal of Brandon Property Sale S GARAY: Initiates Chapter 7 Bankruptcy in California SAM'S DINER: Wins Bid for Default Judgment in Fenix Adversary Case SAM'S DINER: Wins Bid for Default Judgment in Parafin, et al. Case SAM'S DINER: Wins Bid for Default Judgment in SBA Adversary Case SAM'S DINER: Wins Bid for Default Judgment in United First Case SCHAFER FISHERIES: Hires Wesler & Associates CPA as Accountant SENIOR HOME HEALTH: Gets Interim OK to Use Cash Collateral SHELLE REALTY: Gets Interim OK to Use Cash Collateral Until May 12 SILVERROCK DEVELOPMENT: Amends Several Secured Claims Pay SK GRAPHICS: Seeks Chapter 7 Bankruptcy in California SKYBOUND PROPERTIES: Case Summary & 20 Top Unsecured Creditors SKYBOUND PROPERTIES: To Sell Wilmington Property to Gary London SLATEHILL EOM: Voluntary Chapter 11 Case Summary SMART COMMUNICATIONS: Hires Gilbert Harrell as Special Counsel SMITH MICRO: CFO Bethany Braund Reports 19,585 Shares Ownership SOMNIGROUP INT'L: Moody's Puts 'Ba2' CFR Under Review for Upgrade SONIC AUTOMOTIVE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable SOTHEBY'S: Moody's Affirms 'B3' CFR & Alters Outlook to Positive STAT EMERGENCY: Court Affirms Dismissal of Cheatem Adversary Case STILL BALLIN: Christopher Lee Named Subchapter V Trustee STOMATCARE DSO: Seeks to Hire RSM US LLP as Accountant SUN GIR: Files Emergency Bid to Use Cash Collateral SUPERIOR DISPOSAL: Hires Martin J. Peck, Esq. as Counsel T-4 FARM: To Sell T4 Property to Multiple Buyers TEAM SYSTEMS: Court Affirms Approval of Consultant Settlement THERAPEUTICS MD: Baselake Entities Hold 5.2% Equity Stake THIRD COAST: New Term Loan Add-on No Impact on Moody's 'Ba3' CFR TM36 LLC: Hires Pablo Bonjour of Veritas Restructuring as CRO TM36 LLC: Hires Susman Godfrey LLP as Special Litigation Counsel TM36 LLC: Seeks to Hire Porter Hedges LLP as Bankruptcy Counsel TOBIN'S TOWING: Gets Interim OK to Use Cash Collateral TOCO HOLDINGS: Berger's $1.5M State Court Judgment Claim Allowed TORY BURCH: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative TRAVERSE MIDSTREAM: Moody's Rates New Sr. Secured Term Loan 'B2' ULTINON MOTION: Hires Ultinon Motion as Restructuring Advisor UNIFIED PROTECTIVE: Case Summary & 16 Unsecured Creditors URBAN WELLNESS: Seeks Cash Collateral Access VANDERBILT MINERALS: Committee Taps Caplin & Drysdale as Co-Counsel VANDERBILT MINERALS: Jones Day DQ'd Over Pre-Chapter 11 Work VERITAS FARMS: Delays 2025 10-K, Prior Filings Remain Unfiled VILLAGE ROADSHOW: Court OKs Disclosure Statement, Liquidation Plan VISIONARY PLANNING: Seeks to Hire DASA Law as Bankruptcy Counsel VITAL PHARMACEUTICALS: Ex-CEO Blamed for Ch. 11 Bankruptcy VIVOSIM LABS: Esousa Group Holds 9.9% Equity Stake WELLENS BIZ: Seeks to Tap Demetrius J. Parrish Jr. as Counsel WINDHILL CLO 1: S&P Assigns Prelim BB-(sf) Rating on Cl. E-R Notes WINE COUNTRY: Case Summary & 11 Unsecured Creditors WIRECO WORLDGROUP: S&P Alters Outlook to Stable, Affirms 'B' ICR WISCONSIN LLC: Hires Swanson Sweet as Bankruptcy Counsel YAJIKA RESTAURANTS: Case Summary & Nine Unsecured Creditors [] Delaware Bankruptcy Judge John T. Dorsey Dies of Cancer ********* 10 SHEPHERDS: Hires Dahiya Law Offices as Bankruptcy Counsel ------------------------------------------------------------ 10 Shepherds LN Map LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Dahiya Law Offices LLC as bankruptcy counsel. The firm will render these services: (a) assist and advise the Debtor relative to the administration of this proceeding; (b) represent the Debtor before the Bankruptcy Court and advise it on all pending litigations, hearings, motions, and of the decisions of the Bankruptcy Court; (c) review and analyze all applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding and advise the Debtor thereon; (d) attend all meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent the Debtor at all examinations; (e) communicate with creditors and all other parties in interest; (f) assist the Debtor in preparing all necessary applications, motions, orders, supporting positions taken by it, and prepare witnesses and review documents in this regard; (g) confer with all other professionals; (h) assist the Debtor in its negotiations with creditors or third parties concerning the terms of any proposed plan of reorganization; (i) prepare, draft and prosecute the plan of reorganization and disclosure statement; (j) assist the Debtor in performing such other services as may be in its interest and the estate and performing all other required legal services; and (k) prosecute such claims. The firm will be paid at these hourly rates: Principal $750 Counsel $550 Associate $200 - $350 Paralegal $75 - $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received $15,000 as a retainer, paid by Thomas Makkos, the sole member of the Debtor, from his personal funds. Karamvir Dahiya, Esq., a principal at Dahiya Law Offices, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Karamvir Dahiya, Esq. Dahiya Law Offices, LLC 111 John Street Suite 1860 New York, NY 10038 Tel: (212) 766 8000 Email: karam@dahiya.law About 10 Shepherds LN Map LLC 10 Shepherds LN MAP LLC owns a residential real estate property in Port Washington, New York, and is classified under NAICS 5313 for activities related to real estate. 10 Shepherds LN Map LLC in Port Washington, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 26-70355) on Jan. 27, 2026, listing $0 to $50,000 in assets and $1 million to $10 million in liabilities. Thomas T Makkos as operating member, signed the petition. Judge Louis A Scarcella oversees the case. DAHIYA LAW OFFICES LLC serve as the Debtor's legal counsel. 10M NW FRWY: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: 10M NW FRWY LLC 10000 Northwest Freeway Houston, TX 77092 Business Description: 10M NW FRWY LLC is a Houston, Texas-based real estate holding entity that is associated with a commercial flex-retail property at 10000 Northwest Freeway, Houston, Texas, which is primarily occupied by a furniture showroom operator. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-32617 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Reese Baker, Esq. BAKER & ASSOCIATES 950 Echo Ln Ste 300 Houston TX 77024-2824 Tel: (713) 869-9200 E-mail: courtdocs@bakerassociates.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Martin Abrahams as owner and managing partner. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2SUCBLY/10M_NW_FRWY_LLC__txsbke-26-32617__0001.0.pdf?mcid=tGE4TAMA 143 COURT ST: Court Extends Cash Collateral Access to June 30 ------------------------------------------------------------- 143 Court St. Associates, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The interim order authorized the Debtor, through its receiver Dean Horowitz, to use cash collateral through June 30 pursuant to its budget, subject to a 10% variance. Funds may be used for asset maintenance, business operations, taxes, insurance, utilities, and U.S. trustee fees. The Debtor projects total monthly operational expenses of $2,642.94. As adequate protection for the use of its cash collateral, the lender 143 Court Street Funding, LLC will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing. The replacement liens do not apply to any avoidance actions. In addition, the lender will continue to receive a monthly payment of $18,280.54 (9% of the lender's judgment of foreclosure and sale). In case of any diminution in value of its collateral, the lender will have a superpriority administrative expense claim, subordinate only to a fee carveout. The Debtor's authority to use cash collateral will terminate upon dismissal or conversion of its Chapter 11 case; plan confirmation; non-compliance with the interim order; or termination of business. About 143 Court St. Associates LLC 143 Court St. Associates LLC is a real estate debtor holding a single asset, as outlined in 11 U.S.C. Section 101(51B). The Debtor owns the property at 143 Court Street, Brooklyn, NY, in fee simple, and the property's current value is $4 million. 143 Court St. Associates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41056) on March 4, 2025. In its petition, the Debtor reports total assets of $4,000,000 and total liabilities of $3,745,332. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP, is the Debtor's legal counsel. 143 Court Street Funding, LLC, as lender, is represented by: Evan M. Newman, Esq. Jacobowitz Newman Tversky, LLP 377 Pearsall Avenue, Suite C Cedarhurst, NY 11516 Tel: (516)-545-0343 Fax: (212) 671-1883 enewman@jntllp.com 22 EAST C: Court Extends Cash Collateral Access to May 27 --------------------------------------------------------- 22 East C, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. At the recently held hearing, the court extended the Debtor's authority to use cash collateral through May 27. The Debtor was previously allowed to access cash collateral under the court's preliminary orders entered on March 1 and April 3. Both orders approved the payment of expenses from cash collateral in accordance with the Debtor's budget and provided secured creditors with protection through replacement liens on the Debtor's post-petition cash collateral, with the same validity and priority as their pre-petition liens. The Debtor projects total operational expenses of $142,765 for April. About 22 East C LLC 22 East C, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00726) on February 3, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as counsel. 25350 PLEASANT: Taps VerStandig Law Firm as Reorganization Counsel ------------------------------------------------------------------ 25350 Pleasant Valley Drive, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire The VerStandig Law Firm, LLC d/b/a The Belmont Firm as general reorganization counsel. The firm will provide these services: a. prepare and file all necessary pleadings, motions, and other court papers, on behalf of the Debtor; b. negotiate with creditors, equity holders, and other interested parties; c. tend to such other and further matters as are necessary and appropriate in the prism of this case. The firm will be paid at these rates: Attorneys $600 per hour Associates $300 per hour Paralegals $100 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a post-petition retainer of $15,000. Maurice VerStandig, Esq., a partner at VerStandig Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LLC 1050 Connecticut Avenue, NW, Suite 500 Washington, DC 20036 Telephone: (202) 991-1101 Facsimile: (301) 444-4600 Email: mac@dcbankruptcy.com About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive, LLC filed Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor was represented by John P. Forest, II, Esq., in Fairfax, Virginia. The case was converted to Chapter 7 on April 19, 2024. 3040 GIBRALTAR: Involuntary Chapter 11 Case Summary --------------------------------------------------- Alleged Debtor: 3040 Gibraltar Rd Acquisitions, LLC 3040 Gibraltar Rd. Santa Barbara CA 93105 Business Description: 3040 Gibraltar is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B), focused on owning and managing a single income-generating property. Involuntary Chapter 11 Petition Date: April 14, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10526 Judge: Hon. Ronald A Clifford III Petitioners' Counsel: Michael R. Totaro, Esq. TOTARO & SHANAHAN, LLP P.O. box 789 Pacific Palisades CA Tel: 310-804-2157 E-mail: Ocbkatty@aol.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JQ55EIY/3040_Gibraltar_Rd_Acquisitions__cacbke-26-10526__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Emanuel Leal Rojas Money Loaned $2,000,000 4311 Santa Ana St. Huntington Park CA 90255 Juan Flores Payment for Work $345,000 4311 Santa Ana St. Huntington Park CA 90255 Elena Leal Money Loaned $75,000 4311 Santa Ana St. Huntington Park CA 90255 325 GREENWICH: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: 325 Greenwich Street LLC c/o Rudd Realty Management 641 Lexington Ave New York, NY 10022 Business Description: 325 Greenwich Street LLC, a New York limited liability company based in New York City, owns a five-story mixed-use building in Tribeca at 325 Greenwich Street. The company acquired the property in January 2019 for $7.3 million, and the building contains 11,729 square feet of leasable space occupied or previously occupied by four loft residential tenants and four commercial units. As a single-asset landlord, the company generates rental income from residential and commercial occupiers. Chapter 11 Petition Date: April 13, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10839 Judge: Hon. David S Jones Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Goldwasser as chief restructuring officer. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X5TXGPA/325_Greenwich_Street_LLC__nysbke-26-10839__0001.0.pdf?mcid=tGE4TAMA 33 MAKO: Loses Bid to Disallow or Reduce 54 SCL Funding's Claim --------------------------------------------------------------- The Hon. Philip Bentley of the U.S. Bankruptcy Court for the Southern District of New York denied the motion of 33 Mako LLC to disallow or reduce 54 SCL Funding LLC's claim for post-petition default interest. Before the Court is the objection of 33 Mako, LLC (the "Debtor") to the secured claim of its lender, 54 SCL Funding LLC ("SCL"), pursuant to sections 502 and 506 of the Bankruptcy Code. It is undisputed that SCL is over-secured and therefore entitled to postpetition interest. The only questions are at what rate such interest should be awarded and what fees and other charges should be awarded. The Debtor in this case is a New York limited liability company that operates as a single-asset real estate debtor. The Debtor's sole asset is a vacant single-family residence located at 54 Sandcastle Lane in Amagansett, New York (the "Property"), which it is in the process of selling for approximately $4.32 million. The Debtor's business relates exclusively to its ownership of the Property; it has no other business operations. In December 2021, the Debtor entered into a loan with LendingOne, LLC in the principal amount of $2.4 million. The loan is secured by a first-priority mortgage on the Property. Through a series of assignments, SCL became the holder of the loan and the mortgage. The Debtor fell into financial distress a few years ago and ceased making payments on this loan. A foreclosure action was commenced in state court in the summer of 2024. The Debtor filed this chapter 11 case in June 2025, thereby staying the foreclosure action. In January 2026, the Debtor filed its second amended liquidating plan (the "Plan"). The Plan contemplates a sale of the Property followed by distributions to creditors in their order of priority. Those payments will be funded principally, if not entirely, by the sale proceeds. The Court recently confirmed the Plan, by order dated March 11, 2026. In February of this year, a virtual bankruptcy auction was held with respect to the Property pursuant to bidding procedures that I had earlier approved. On March 6, 2026, the Court approved the sale of the Property to the highest bidder for approximately $4.32 million. The sale is expected to close soon. The great majority of the Debtor's debts are owed either to SCL or to insiders. SCL has asserted a claim in the amount of approximately $3.28 million. Administrative and priority claims are expected to be modest in amount and to consist principally of attorneys' fees and U.S. Trustee fees. The non-insider general unsecured creditor claims are de minimis; they appear to total only $7,000. After those claims come the insider general unsecured claims, which total approximately $2.3 million. The upshot is that the proceeds of the sale will be sufficient to pay all of the Debtor's creditors in full, with the sole exception of the insider creditors, who will receive only partial payment. Debtor's counsel stated at the March 19, 2026 hearing that he estimates that, if SCL's default interest is allowed, the insider class will receive a distribution in the vicinity of $600,000 on account of their claims. The main issue now before the Court is the Debtor's objection to SCL's claim for postpetition interest at the contractual default rate. SCL seeks approximately $516,000 of such interest. The Debtor acknowledges that SCL is oversecured, but it argues that, under section 506(b), SCL is not entitled to postpetition default interest. The Debtor can overcome the presumption in favor of awarding default rate interest if, but only if, it can show that one or more of the four relevant factors warrants disallowance. The Court finds the Debtor has failed to make such a showing. The first equitable factor (i.e., factor two in the five-factor test) considers whether the default rate operates as an impermissible penalty. Acccording to Judge Bentley, "There is no evidence that the parties intended the default rate to serve as a penalty, rather than as compensation for the increased risk that generally accompanies a borrower's default." The second equitable factor (i.e., factor three in the five-factor test) is whether the creditor engaged in misconduct. This factor therefore does not help the Debtor. The Debtor has not alleged that SCL has engaged in any misconduct. The third equitable factor (i.e., factor four in the five-factor test) is generally stated as whether allowing postpetition interest at the contractual default rate would materially harm other creditors. In this case, the Debtor has not argued that an award of default rate interest to SCL would cause any harm to creditors beyond the reduction in distributions to insider creditors directly caused by any increase in the distribution to SCL. This factor therefore does not support the disallowance of default rate interest, the Court concludes. The Debtor objects to SCL's claim for a late charge, which totals approximately $29,000, on the ground that SCL should not be awarded both default rate interest and a late charge fee. SCL agrees that it is not entitled to both default rate interest and a late charge, but only one or the other. The final factor is whether allowing postpetition interest at the default rate would impair the Debtor's fresh start. Judge Bentley says this factor has no application in this case. The plan of liquidation has already been confirmed, and an award of default rate interest to SCL will not put the liquidation at risk in any way. Judge Bentley holds, "The Debtor has not shown that any of the four equitable factors warrants disallowance of postpetition interest at the contractual default rate. I will therefore deny the Debtor's motion to the extent it seeks to disallow or reduce such interest." The Court will enter an order allowing SCL's claim for postpetition default rate interest and disallowing SCL's claim for a late charge. A copy of the Court's Bench Decision dated April 4, 2026, is available at http://urlcurt.com/u?l=IDP6LGfrom PacerMonitor.com. Counsel for the Debtor: Joel Shafferman, Esq. KUCKER MARINO WINIARSKY & BITTENS 747 Third Avenue New York, NY 10017 E-mail: jshafferman@kuckermarino.com Counsel for 54 SCL Funding LLC: H. Bruce Bronson, Esq. BRONSON LAW OFFICES, P.C. 480 Mamaroneck Avenue Harrison, NY 10528 E-mail: hbbronson@bronsonlaw.net Counsel for 54 SCL Funding LLC: James E. Cantanno, Esq. Robert J. Teitelbaum, Esq. ABRAMS GARFINKEL MARGOLIS BERGSON, LLP 1430 Broadway, 8th Floor New York, NY 10018 E-mail: JCantanno@agmblaw.com RTeitelbaum@agmblaw.com About 33 Mako LLC 33 Mako LLC is a real estate company doing business as 54 Sandcastle, which owns a residential property at 54 Sandcastle Lane in Amagansett, New York. The Company focuses on single-asset real estate development and management in the Hamptons area. 33 Mako LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11256) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtors are represented by Joel M. Shafferman, Esq. at KUCKER MARINO WINIARSKY & BITTENS, LLP. 57 CONCRETE: Plan Exclusivity Period Extended to Oct. 15 -------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended 57 Concrete LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Oct. 15 and Dec. 14, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that this case presents precisely the type of complex capital structure that courts have recognized as warranting additional time. The Debtor's secured obligations include tens of millions of dollars owed to approximately 27 secured equipment lenders, each operating under separate promissory notes and security agreements with differing collateral packages, lien priorities, and loan terms. In addition to its equipment financing obligations, the Debtor's accounts receivable are encumbered by a factoring arrangement and four merchant cash advance facilities, creating overlapping and potentially disputed liens on the Debtor's cash flow. Given the number of secured creditors, the layered lien structure, the related entity and guaranty obligations, and the ongoing tax audit, the size and complexity of this case weigh strongly in favor of extending the Exclusive Periods. The Debtor claims that it requires additional time to complete negotiations with its secured creditors and other stakeholders. The Debtor's capital structure includes multiple secured lenders with differing collateral packages, lien priorities, and contractual rights. As a result, the Debtor anticipates that any chapter 11 plan will require separate classifications and potentially differing treatment of secured claims depending on the nature and priority of the collateral securing each creditor's claim. The Debtor asserts that since the Petition Date, the Debtor has worked to stabilize its operations and evaluate its capital structure while engaging in ongoing discussions with its secured lenders and other stakeholders regarding potential plan treatment. The Debtor continues to monitor its financial performance through rolling cash flow forecasts and is actively working with its stakeholders to formulate a feasible restructuring strategy. These efforts demonstrate that the Debtor have demonstrated has reasonable prospects for filing a viable chapter 11 plan. 57 Concrete LLC is represented by: Charles M. Rubio, Esq. Parkins & Rubio, LLP Great Jones Building 708 Main St, Fl 10 Houston, TX 77002-3246 Telephone: (212) 763-3331 Email: crubio@parkinsrubio.com About 57 Concrete LLC 57 Concrete LLC is a Texas-based concrete contracting company that provides concrete construction services for residential, commercial, and infrastructure projects. The company's operations typically include concrete pouring, finishing, and related site work for building and development projects across the region. 57 Concrete sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90818) on Dec. 19, 2025. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher M. Lopez presides over the case. The Debtor is represented by Charles Michael Rubio, Esq., and Lenard M. Parkins, Esq., at Parkins & Rubio, LLP. On January 26, 2026, the United States Trustee for the Southern District of Texas appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Grable Martin PLLC as its counsel. 74THARTS LLC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 74tharts, LLC 151 W 74th St Apt 1A New York NY 10023 Business Description: 74tharts, LLC, based in New York, New York, is an arts and culture organization that produces pop-up exhibitions and related cultural events in select cities. The company works with curators, artists, galleries, and partners to stage international, nomadic projects focused on contemporary art and culture. Chapter 11 Petition Date: April 10, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10824 Debtor's Counsel: Adrienne Woods, Esq. WEINBERG ZAREH MALKIN PRICE LLP 45 Rockefeller Plaza, 20th Floor New York NY 10111 Tel: 212-899-5470 Email: awoods@wzmplaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Rebecca Hoffman-Greenwald as sole member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4ITHTQA/74tharts_LLC__nysbke-26-10824__0001.0.pdf?mcid=tGE4TAMA 7Q59 AMHERST: Court Extends Cash Collateral Access to May 13 ------------------------------------------------------------ 7Q59 Amherst, LLC received another extension from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court issued a proceeding memorandum and order authorizing the Debtor's interim use of cash collateral through May 13 under the same terms and conditions. The Debtor was ordered to file, on or before May 11, a projected budget for May, June and July; and a reconciled budget showing actual to projected income and expenses for the period ending April 30, as well as beginning and ending bank balances monthly. The next hearing is scheduled for May 13. 7Q59's cash collateral consists of rentals from its two properties: a 12-unit apartment complex at 1-23 Eastern Avenue, Northampton, Mass., and a single-family rental at 11 South Whitney Street, Amherst, Mass. The 1-23 Eastern Avenue property is valued at $2.1 million while the 11 South Whitney Street property is valued at $430,000. Greenfield Cooperative Bank holds a first mortgage on both properties totaling an estimated $1.6 million. Greenfield Cooperative Bank, as secured creditor, is represented by: Jerry B. Plumb, Jr., Esq. O'Connell & Plumb, P.C. 75 Market Place Springfield, MA 01115 Phone: (413) 733-9111 Fax: (413) 733-9888 jplumb@ocpllaw.com About 7Q59 Amherst LLC 7Q59 Amherst, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-30150) on March 17, 2025, listing up to $10 million in both assets and liabilities. Xian Dole, manager of 7Q59 Amherst, signed the petition. Judge Elizabeth D. Katz oversees the case. Louis S. Robin, Esq., at Law Offices of Louis S. Robin, represents the Debtor as bankruptcy counsel. 801 RESTAURANT: Case Summary & 12 Unsecured Creditors ----------------------------------------------------- Debtor: 801 Restaurant Group, LLC 6900 College Boulevard, Suite 425 Overland Park, KS 66211 Business Description: 801 Restaurant Group, LLC, based in Overland Park, Kansas, is a privately held restaurant operator founded in 1993 that develops and manages dining concepts including steakhouses and seafood restaurants. The company operates restaurant brands including 801 Chophouse, 801 Fish, and Pig & Finch, serving individual and corporate customers across the Midwest and other U.S. markets. Chapter 11 Petition Date: April 10, 2026 Court: United States Bankruptcy Court District of Kansas Case No.: 26-20549 Judge: Hon. Robert D Berger Debtor's Counsel: Frank Wendt, Esq. BROWN & RUPRECHT, PC 2323 Grand Blvd., Suite 1100 Kansas City, MO 64108 Tel: (816) 292-7000 E-mail: fwendt@brlawkc.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by James P. Lynch, III as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LS4DN3I/801_Restaurant_Group_LLC_a_Delaware__ksbke-26-20549__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 12 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 999 Office, LLC Guaranty of Lease $2,706,873 6380 S. Fiddlers Green Circle Suite 400 Attn: Peter Culshaw Greenwood Village, CO 80111 2. Small Business $907,260 Administration 1000 Walnut St., Suite 500 Kansas City, MO 64106-2156 3. 1776 Curtis, LLC Guaranty of Lease $667,226 8351 E. Belleview Avenue Attn: Peter Culshaw Denver, CO 80237 4. Clayton-Franklin Guaranty of Lease $0 Clayton Plaza 1900 Spring Road, Suite 100 Attn: Raymond Warner Oak Brook, IL 60523 5. JH Investors II, LLC Guaranty of Lease $0 7200 W. 132nd St, Suite 150 Attn: Matt Pennington Overland Park, KS 66213 6. JH Investors, LLC Guaranty of Lease $0 7200 W. 132nd St., Suite 150 Attn: Matt Pennington Overland Park, KS 66213 7. KBSIII Park Place Guaranty of Lease $0 Village, LLC 800 Newport Center Drive Suite 700 Attn: Ryan Pires Newport Beach, CA 92660 8. KC Live Block 139 Guaranty of Lease $0 Retail, LLC c/o The Cordish Company 601 E. Pratt, 6th Floor Baltimore, MD 21202 9. Nicollet Office Fee Guaranty of Lease $0 Owner, LLC c/o Golub Realty Services, LLC 801 Nicollet Mall, Suite 325 Minneapolis, MN 55402 10. Piedmont-800 Nicollet Guaranty of Lease $0 Ave. Own 5565 Glenridge Connector Suite 450 Asset Manager-Minneapolis Atlanta, GA 30342 11. TDG Lindberg, LLC Guaranty of Lease $0 25 N. Brentwood Blvd. c/o The DESCO Group, Inc Saint Louis, MO 63105 12. Westpark Corporate Guaranty of Lease $0 Center, LLC 8484 Westpark Drive, Suite 210 Attn: NW Mutual Invest. Man. Mc Lean, VA 22102 850 AUTO: Seeks to Hire Bruner Wright as Legal Counsel ------------------------------------------------------ 850 Auto Detailing and Powerwashing, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Bruner Wright, P.A. to handle the bankruptcy proceedings. The firm will be paid these hourly rates: Robert C. Bruner $450/hour Byron Wright III $425/hour Samantha A. Kelley $400/hour Paralegal $175/hour The firm was paid $11,738 as a retainer for this proceeding. Of that amount, $600 was utilized in connection with pre-petition services, and $1,738 was expended on the filing fee for this case. According to court filings, Bruner Wright P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert C. Bruner, Esq. Byron Wright III, Esq. Samantha A. Kelley, Esq. Bruner Wright, P.A. 2868 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 E-mail: rbruner@brunerwright.com twright@brunerwright.com skelley@brunerwright.com About 850 Auto Detailing and Powerwashing 850 Auto Detailing and Powerwashing, Inc. filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 26-40149) on March 13, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. The Debtor is represented by: Byron W. Wright III, Esq. Bruner Wright, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 E-mail: twright@brunerwright.com ABUNDANT LIFE: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: Abundant Life HCS Company First Class Dayhab Academy 4575 S Westmoreland Rd Dallas, TX 75237 Business Description: Abundant Life HCS Company, based in Dallas, Texas, provides home and community-based services, including residential support and individualized care for consumers and families. The company operates a day habilitation program under the name First Class Dayhab Academy and offers related services such as employment support and structured daily programs. It serves clients across multiple Texas locations, including Mount Pleasant, Paris, and Texarkana. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-41672 Judge: Hon. Edward L Morris Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mack Jones as owner. A copy of the Debtor's list of its three unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/U64YHIA/Abundant_Life_HCS_Company__txnbke-26-41672__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GKM3YWI/Abundant_Life_HCS_Company__txnbke-26-41672__0001.0.pdf?mcid=tGE4TAMA AFC ACQUISITION: Hires Bankruptcy NM LLC as Counsel --------------------------------------------------- AFC Acquisition Corporation seeks approval from the U.S. Bankruptcy Court for the District of Mexico to employ Bankruptcy NM, LLC as counsel. The firm will provide these services: a. represent and to render legal advice to Debtor regarding all aspects of this bankruptcy case including adversary proceedings and including, without limitation, the continued operation of Debtor's business, meetings of creditors, cash collateral matters (if any), claims objections, plan confirmation, and all hearings before this Court; b. prepare on behalf of Debtor necessary petition, complaints, answers, motions, applications, orders, reports and other legal papers, including Debtor's plan of reorganization; and c. assist the Debtor in taking actions required to effect reorganization under chapter 11 of the Bankruptcy Code. The firm will be paid at these rates: Chris Gatton $300 per hour Paralegal $140 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Gatton 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 at: Chris M. Gatton, Esq. Bankruptcy NM, LLC 11204 Montgomery Blvd NE, Box 178 Albuquerque, NM 87111 Tel: (505) 317-1030 Email: chris@bk-nm.com About AFC Acquisition Corporation AFC Acquisition Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 26-10283) on March 5, 2026, with $1 million to $10 million in both assets and liabilities. The petition was signed by Kenton Van Harten as chief executive officer. Judge Hon. Robert H. Jacobvitz oversees the case. The Debtor is represented by: Christopher M Gatton, Esq. Gatton & Associates, P.C. Tel: (505) 271-1053 Email: chris@gattonlaw.com AGORIANI INC: Hires Morrison-Tenenbaum PLLC as Counsel ------------------------------------------------------ Agoriani, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Morrison-Tenenbaum, PLLC as counsel. The firm will provide these services: (a) advising the Debtor with respect to its powers and duties as Debtor-in-possession in the management of its estate; (b) assisting in any amendments of Schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; (c) negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; (d) preparing on behalf of the Debtor all necessary motions, applications, answers, proposed orders, reports and other papers to be filed by the Debtor in this case; (e) appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and the estate; and (f) performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. MT Law will receive these hourly rates: Partners $550 to $895 per hour Senior Counsel $595 per hour Associates $380 per hour Paraprofessionals $250 per hour The firm received a retainer in the amount of $4,500. The firm is a "disinterested party" within the meaning of Secs. 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. Morrison Tenenbaum PLLC 87 Walker Street, Floor 2 New York, NY 10013 Phone: (212) 620-0938 E-mail: lmorrison@m-t-law.com About Agoriani, Inc. Agoriani Inc. operates in the food-service and restaurant business. Agoriani Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12287) on October 17, 2025. In its petition, the Debtor reports estimated aasets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Lisa G Beckerman handles the case. The Debtor is represented by Lawrence Morrison, Esq. ALL TEX LAND: Melissa Haselden Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for All Tex Land Management, LLC. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About All Tex Land Management LLC All Tex Land Management, LLC, based in Splendora, Texas, delivers land management and construction services focused on preparing and developing sites for residential, commercial, and industrial projects. Using equipment such as compact track loaders, mini excavators, dozers, and horizontal grinders, the company clears brush and trees, moves earth, and grades land to support construction, utilities, and other infrastructure work. Its machinery allows it to handle both large-scale land clearing and precise excavation projects efficiently. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32034) on March 27, 2026, with $1,509,309 in assets and $3,043,525 in liabilities. Justin Lackey, manager, signed the petition. Jeffrey P. Norman presides over the case. Donald Wyatt, Esq., at Attorney Donald Wyatt, PC represents the Debtor as bankruptcy counsel. ALL THINGS SURPLUS: Hires Allan D. NewDelman PC as Legal Counsel ---------------------------------------------------------------- All Things Surplus LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Allan D. NewDelman, P.C. as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to all matters related to this case; b. prepare on behalf of the Debtor, as Debtor-In-Possession, necessary applications, answers, orders, reports and other legal papers; and c. perform all other legal services for the Debtor. The firm will be paid at these hourly rates: Allan D. NewDelman $475 Roberta J. Sunkin $395 Paralegal $150 to $200 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Allan NewDelman, Esq., a partner at Allan D. NewDelman, P.C., 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 at: Allan D. NewDelman, Esq. Allan D. Newdelman, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: (602) 264-4550 Fax: (602) 277-0144 Email: anewdelman@adnlaw.net About All Things Surplus LLC All Things Surplus, a company based in Phoenix, Arizona, is an electronics surplus reseller offering new and refurbished computer and IT components, including motherboards, hard drives, power supplies, memory, and enterprise server systems, alongside a broad inventory of books, cameras, consumer electronics, business and industrial goods, clothing, and collectibles. Founded by a team with over 30 years of combined industry experience, the company evaluates used products before listing and updates its procedures to maintain operational standards. Its customers include individuals and businesses seeking to rebuild, upgrade, or maintain computer systems, as well as buyers of assorted surplus items. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-02922) on March 26, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Jeffrey Moore, managing member, signed the petition. Judge Daniel P. Collins presides over the case. Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C. represents the Debtor as legal counsel. ALPINE SUMMIT: Court Tackles Equitable Ownership Issues in HB2 Case ------------------------------------------------------------------- Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas ruled on the motion for summary filed by Paul Jansen, as GUC Trustee, successor-in interest to HB2 Origination, LLC, and Ageron Energy II, LLC, in the adversary proceeding captioned as ALPINE NON-OP LLC, et al., Plaintiffs, VS. HB2 ORIGINATION, LLC, et al., Defendants, ADVERSARY NO. 23-3244 (Bankr. S.D. Tex.) The GUC Trustee moves for summary judgment on several issues relating to whether certain oil and gas interests constitute property of the bankruptcy estate. The Plaintiffs are certain oil and gas investors1 in a Texas partnership formed for the purpose of investing in and deriving economic benefits from certain oil and gas interests that were owned by HB2. Some of these investors are insiders of Debtor-affiliated entities. Prior to the formation of the Partnership, HB2 held marketable title to 16.3446% of interests in wells, equipment, pipelines, and appurtenant rights located in Webb County and Fayette County, Texas ("Subject Properties"). HB2 initially funded the drilling and completion of the wells of the Subject Properties. The business arrangement was structured by two agreements. The General Partnership Agreement provides that the "purpose of the Partnership shall be to derive the economic benefits from the Subject Properties." Under the Agreement, the partners were required to contribute capital to receive an interest in the partnership. Ownership of a partnership interest entitled a partner to allocations of profits and losses and to distributions of cash flow. HB2 did not contribute capital to the partnership and was not assigned a partnership interest. In connection with the General Partnership Agreement, HB2 and the partnership entered into a nominee agreement, which designated HB2 as nominee. In essence, the Nominee Agreement required HB2 to hold its pre-existing 16.3446% interest in the Subject Properties for the benefit of the Partnership. In the ordinary course of business, HB2 would issue Authorizations for Expenditures ("AFE") to the Partnership. The Partnership asserts that it is owed over $1 million in refunds from previously paid AFEs. HB2 and its affiliates filed for chapter 11 protection on July 5, 2023. Following the Petition Date, HB2 and the Partnership entered a stipulation allowing the Debtors to sell the Subject Interests subject to the respective rights of each of the Partnership, ANOLLC, each other partner in the Partnership and the Debtors as they relate to the allocation of the sale proceeds attributable to the sale of the Subject Interests. The Subject Interests were sold pursuant to this Court's order shortly after. The GUC Trustee asserts that the Subject Properties are estate property as a matter of law. The Partnership asserts that it holds an equitable interest in the Subject Properties and that interest was never part of the Estate under Sec. 541(d). The Partnership contends that, notwithstanding the absence of any assignment, the Nominee Agreement created a trust relationship such that HB2 held bare legal title and the Partnership held an equitable interest in the Subject Properties as of the petition date. The GUC Trustee characterizes the Agreements as creating merely an investment arrangement rather than a trust relationship. According to the Court, while the Partnership certainly expected to reap economic benefits from their investment, the operative language raises a genuine issue as to whether the Subject Properties were held in trust. In this case, the Partnership does not receive a fixed rate of return. The Partnership's expected economic benefit depends on the performance of the Subject Properties themselves. This structure is consistent with the concept of beneficial ownership of property in trust. Viewing the evidence in the light most favorable to the nonmovant, the Court cannot conclude as a matter of law that the language of the Nominee Agreement fails to create an express trust in the Subject Properties. Under the agreements, the partners furnished consideration in exchange for a portion of the partnership interest, but legal title over the Subject Properties never changed hands. HB2 retained legal title before and after the Partnership was formed. The essential elements of a resulting trust are missing. The Court finds the resulting trust claim over the Subject Properties fails as a matter of law. The GUC Trustee argues that, even if the agreements created a trust relationship that conferred the Partnership an equitable interest over the Subject Properties, he can use his strong-arm powers under Sec. 544(a)(3) to recover the interest for the benefit of the Estate. The critical issue is whether the GUC Trustee can use its Sec. 544(a)(3) power to avoid an equitable interest that, under Sec. 541(d), would not have become property of the estate as of the Petition Date. The Partnership has raised a genuine issue as to whether it held an equitable interest in the Subject Properties under an express trust theory. But even assuming the Partnership held an equitable interest, Sec. 544(a)(3) permits the GUC Trustee to avoid that interest. The Partnership argues that Sec. 544 cannot be used to avoid equitable interests that were not part of HB2's estate under Sec. 541(d), The Partnership argues that the GUC Trustee cannot use Sec. 544(a)(3) to avoid an interest in property that would not have become property of the estate under Sec. 541(d). The Court emphasizes that while Sec. 541(d) may restrict the estate's interest in property under Sec. 541(a)(1), it does not bar property coming into the estate from a trustee's avoidance powers under Sec. 541(a)(3). Any equitable interest in the Subject Properties that the Partnership may have held is avoidable under Sec. 544(a)(3) as a matter of law. Because the GUC Trustee may avoid and recover the Partnership's asserted equitable interest in the Subject Properties, and the properties come into the bankruptcy estate, the Partnership cannot establish ownership of revenues or proceeds derived from those properties. The Court notes the AFE Refunds are not proceeds of the Subject Properties under Sec. 541(a)(6). Those refunds represent the return of excess funds advanced by the Partnership for HB2's drilling and completion costs for wells. They are not proceeds or revenue generated by the Subject Properties themselves. The Partnership asserts it holds an equitable interest in the AFE Refunds under an express trust theory. The Court disagrees. Judge Isgur explains, "The plain language of the Nominee Agreement reflects no division of ownership over the partnership items, which include AFE Refunds. The Agreement provides that partnership items belong legally to the partnership and HB2 has no legal interest in the items. Under this structure, HB2 does not hold legal title to the AFE Refunds for the benefit of the Partnership." The Court concludes because a trust requires bifurcation of ownership, and the Agreement disclaims HB2 from any ownership interest in the partnership items, the Partnership's express trust theory falls short. The Partnership also seeks imposition of a constructive trust over the AFE Refunds. In this case, the GUC Trustee argues an absence of fraud or a breach of a fiduciary relationship. The GUC Trustee argues that there is no fiduciary relationship because the Partnership Agreement disclaims any fiduciary duties owed by HB2 to the partners. The issue is whether the Nominee Agreement created a fiduciary relationship between HB2 and the Partnership with respect to the AFE Refunds. The summary-judgment record reflects that the relationship between HB2 and the Partnership arose from an arm's-length business arrangement. The Partnership has not identified evidence that HB2 owed or breached a fiduciary duty with respect to the AFE Refunds. The Court says HB2's retention of the AFE Refunds, without more, does not justify the imposition of a constructive trust. A copy of the Court's Memorandum Opinion is available at https://urlcurt.com/u?l=DcKhxu from PacerMonitor.com. About Alpine Summit Energy Partners Alpine Summit Energy Partners Inc. and its affiliates develop, own, and operate oil and gas properties in several formations in Texas. Alpine Summit Energy Partners and its affiliates, including HB2 Origination, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90739) on July 5, 2023. In the petition filed by Craig Perry, CEO and Chairman of Board of Directors, Alpine Summit Energy Partners estimated assets up to $50,000 and liabilities between $500,000 and $1 million. Affiliate Ageron Energy II, LLC estimated $100 million to $500 million in assets and $1 million to $10 million in liabilities. Affiliate HB2 Origination, LLC estimated $100 million to $500 million in assets and $50 million to $100 million in liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Porter Hedges, LLP as counsel; Houlihan Lokey Capital, Inc. as investment banker; Huron Consulting Services, LLC as financial advisor; and White & Case LLP as special litigation counsel. Kroll Restructuring Administration, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Reed Smith, LLP as bankruptcy counsel and Huron Consulting Services, LLC as restructuring advisor. Ryan Bouley of Huron serves as chief restructuring officer. ALSANGEST INTERNATIONAL: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------------- Alsangest International, LLC asks the U.S. Bankruptcy Court for the Central District of California, San Fernando Division, for authority to use cash collateral and provide adequate protection, in accordance with a detailed weekly budget covering projected receipts and expenses through June 27, 2026, in order to fund essential operations and avoid immediate and irreparable harm. As part of the requested relief, the Debtor seeks to grant its secured lenders superpriority administrative claims to compensate for any post-petition diminution in the value of their collateral, as well as replacement liens on all pre- and post-petition assets to provide adequate protection. The Debtor also requests flexibility to deviate from the budget by up to 20% per line item and to carry over unused funds, along with a waiver of any stay so that the interim order can take effect immediately. The Debtor's business was established in 2007 and has operated as an e-commerce reseller of consumer electronics, sourcing inventory from wholesalers and liquidators, refurbishing products, and selling them on platforms such as eBay, Amazon, and Walmart Marketplace. The company's operations depend heavily on steady inventory acquisition and rapid turnover. However, its financial distress stems from a series of significant losses and disruptions, including shipping losses, employee theft exceeding $300,000, unpaid receivables, a major bankruptcy, multiple warehouse burglaries, increased platform fees, litigation costs, and forced relocation due to lease issues. These cumulative setbacks strained liquidity and contributed to the Chapter 11 filing. The Debtor explains that it has multiple secured creditors with recorded liens that may attach to its cash collateral, although the exact scope and amounts remain under investigation. Because of the urgency of the situation, the Debtor has not yet obtained consent from these lenders but asserts that immediate access to cash collateral is essential to continue paying critical expenses such as payroll, rent, utilities, inventory, and other operational costs. Without such access, the business would be forced to shut down and liquidate, significantly diminishing value for creditors. The Debtor emphasizes that continued operations will preserve and potentially enhance the value of the lenders’ collateral, thereby satisfying the requirement of adequate protection under the Bankruptcy Code. In support of its request, the Debtor argues that courts routinely allow interim use of cash collateral where necessary to prevent irreparable harm and where creditors' interests are protected. Here, adequate protection is provided through a combination of replacement liens, superpriority claims, and the preservation of the business as a going concern, which is expected to maintain or increase collateral value. A court hearing is set for May 27. A copy of the motion is available at https://urlcurt.com/u?l=S7Ssjq from PacerMonitor.com. About Alsangest International LLC Alsangest International, LLC operates as an e-commerce reseller of consumer electronics, sourcing inventory from wholesalers and liquidators, refurbishing products, and selling them on platforms such as eBay, Amazon, and Walmart Marketplace. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 1:26-bk-10722-VK) on April 6, 2026. In the petition signed by Gentile Gohoho, owner, the Debtor disclosed up to $$500,000 in assets and up to $10 million in liabilities. Judge Victoria S. Kaufman oversees the case. Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as legal counsel. AMERIGAS PARTNERS: Fitch Alters Outlook on B LongTerm IDR to Stable ------------------------------------------------------------------- Fitch Ratings has affirmed AmeriGas Partners, L.P.'s Long-Term Issuer Default Rating (IDR) at 'B' and revised the Rating Outlook to Stable from Negative. Fitch has also affirmed the senior unsecured notes co-issued by AmeriGas and AmeriGas Finance Corp at 'B' with a Recovery Rating of 'RR4'. The Stable Outlook reflects Fitch's expectation that AmeriGas' EBITDA leverage will remain below 5.5x and continue making progress on its operational turnaround plan. Fitch's forecast assumes normal winter weather conditions. Customer attrition persisted in fiscal 1Q26, but at a slower pace, reflecting some improvement in operational execution and customer service. AmeriGas is a major player in the fragmented retail propane distribution market, with seasonally dependent demand and higher-than-average commodity price exposure versus midstream peers. Fitch continues to monitor customer attrition, execution of operational and customer service initiatives, and progress addressing the 2027 maturities. Key Rating Drivers Executing on Deleveraging Plan: Fitch calculates AmeriGas' leverage declined to around 5.1x at fiscal YE 2025 and was maintained at 5.1x through LTM 1Q26. Parent UGI Corporation (UGI; not rated) revised its long-term gross leverage target for AmeriGas to below 4.0x, down from the 4.0x-4.5x range. Fitch expects AmeriGas' leverage to be maintained below 5.5x over the forecast period supported by management's financial policy. The intercompany loan remains a liquidity overhang as Fitch expects the company will use FCF to repay the debt. Fitch views the ownership dynamic between UGI and AmeriGas as supportive of the company's credit quality. This was recently demonstrated by a series of cash contributions and the commitment to forgo cash distribution in fiscal 2025 and 2026 to support debt reduction at AmeriGas. Fitch expects distributions to resume in fiscal 2027. Slowing Customer Attrition: AmeriGas continued to see net customer attrition through 1Q26 despite improvements related to AmeriGas' operational turnaround plan. AmeriGas' total customer count has dropped below 1.1 million. This attrition is slower compared to last winter. The net attrition observed was attributable to the combined effects of customers switching to other competitors and alternative fuel sources. Progress on Operational Turnaround: AmeriGas has made measurable progress on its operational turnaround plan. Management reports meeting roughly 60% of the goals during the fiscal 2026 winter and expects to achieve 100% by the winter of fiscal 2027. Key improvements include a 45% reduction in recordable incidents and 60% less lost time due to injuries compared to the prior year. Additional operational improvements include a 12% reduction in zero fill rates, 5% fewer average miles driven to serve customers, a 17% reduction in call volumes, and improving net promoter scores. Volumes Flat Year Over Year: Retail gallons sold during fiscal 1Q26 were relatively flat compared to the prior year. The cold weather in Eastern U.S. offset the warmer weather in the West. Certain geographies were stressed by the extreme weather hampering some of the benefits of colder winter weather. There were instances where the demand was strong, but road conditions impacted safe delivery. Due to AmeriGas' large footprint, the company was able to reallocate resources from the West, where demand was weaker, and redeploy drivers to the East. Large Footprint in Competitive Market: The market for propane distribution in the U.S. is fragmented with a handful of national distributors in competition with smaller local players. AmeriGas has a market share of around 11% and one of the largest retail propane distribution networks in the U.S. by gallons distributed annually. AmeriGas' geographic footprint spans 49 states. This broad scale and diversity help reduce weather-related volatility of cash flows. Retail gallon sales are evenly diversified by geography, which can help limit the effect of warm weather within its regional base. Rating Linkages: There is a parent-subsidiary relationship between UGI and AmeriGas. Fitch believes UGI has a stronger Standalone Credit Profile (SCP) than AmeriGas and follows the stronger parent path. Legal Incentive is low as UGI does not guarantee AmeriGas' debt. Fitch notes the UGI credit agreement contains cross-default language that includes AmeriGas debt. Strategic and Operational Incentives are also low. AmeriGas has a history of paying dividends to UGI Corp., but the amount is varied and flexible. AmeriGas also has its own finance team and liquidity access. Due to the linkage considerations, Fitch rates the company on a standalone basis. Peer Analysis Fitch considers Sunoco LP, (BB+/Stable) a wholesale fuel distributor, comparable to AmeriGas as both have seasonal or cyclically exposed cash flow and perform fuel sourcing operations. AmeriGas' retail propane demand tends to be more seasonally affected than motor fuel demand. Sunoco's business risk profile has improved following a series of large acquisitions that increased its size in terms of EBITDA generation as well as geographic and business line diversity. Sunoco's leverage is currently elevated above Fitch's rating sensitivity band of 3.8x to 4.8x following a sizable acquisition, but Fitch expects it to fall back within the range over the medium term. AmeriGas' leverage is forecast to be around the midpoint of Sunoco's leverage sensitivity band. The significantly lower business risk at Sunoco accounts for the multi-notch rating difference. UGI International, LLC (UGII; BB+/Stable) has retail propane operations in less-fragmented European markets with lower leverage. In terms of EBITDA, UGII is larger, generating roughly $100 million more EBTIDA in fiscal 2025. In addition to its larger size, UGII has lower leverage, which Fitch forecasts between 2.7x and 2.8x, around 2.0x lower than Fitch's leverage forecast for AmeriGas. Larger size, market position and lower leverage justify the multi-notch rating difference. Fitch’s Key Rating-Case Assumptions - Retail gallons sales relatively flat yoy for fiscal 2026 and single-digit growth forecast in fiscal 2027; - Base interest rate applicable to the ABL RCF reflects Fitch's latest "Global Economic Outlook" at 3.25% for 2026 and 3.00% in 2027; - No distributions paid by AmeriGas for fiscal 2026 and distributions recommence in fiscal 2027, in line with management financial policy; - No material acquisitions or divestitures assumed over the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (b, Moderate), Sector Characteristics (bb-, Lower), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (b, Higher), Profitability (b, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a standalone approach. Recovery Analysis The recovery analysis assumes the enterprise value of AmeriGas would be maximized in a going concern (GC) scenario versus a liquidation scenario. Fitch contemplates a scenario in which a default is caused by warmer winter weather and continued customer attrition leading to the inability to refinance upcoming maturities in advance of triggering the liquidity covenant of the senior secured ABL RCF. Fitch assumes a sustainable, post-reorganization GC EBITDA of $200 million, reflecting continued secular decline and loss of market share per the contemplated scenario leading to further loss of customers. As per Fitch's criteria, the GC EBITDA reflects some residual portion of the distress that caused the default. Fitch estimates AmeriGas would receive a GC recovery multiple of 5.5x, consistent with past reorganizations multiples in the energy sector. In Fitch's bankruptcy case study report "Energy, Power and Commodities Bankruptcies Enterprise Value and Creditor Recoveries," published in October 2025, the median enterprise valuation exit multiple for 51 energy cases was 5.3x, with a wide range of multiples observed. Fitch assumes AmeriGas' ABL RCF would be roughly 75% to 80% drawn down at bankruptcy. A 10% administrative claim is incorporated in the recovery calculation. The recovery analysis results in a 'B'/'RR4' rating for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch-calculated EBITDA leverage expected to be above 6.5x on a sustained basis; - EBITDA interest coverage sustained below 2.0x; - Lack of parental support compared to Fitch's expectation; - Continued deterioration of business fundamentals; - Absence of proactive refinancing of upcoming maturities about one year in advance; - Imminent impairments to liquidity could result in a multi-notch downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continuing improvement of operational goals which the company is currently in process of planning and executing; - Proactive refinancing of upcoming maturities about one year in advance; - Fitch-calculated EBITDA leverage below 5.5x on a sustained basis; - Increased scale of business while improving profitability. Liquidity and Debt Structure Fitch considers AmeriGas' liquidity to be sufficient over the near term with around $140 million of available liquidity as of Dec. 31, 2025. There was about $131 million borrowing capacity available on the senior secured ABL RCF, based on the borrowing base of about $171 million and $38 million of borrowings outstanding in addition to $2 million letters of credit and guarantees outstanding. AmeriGas also had around $9 million in cash and cash equivalents. AmeriGas' has several upcoming maturities. The unsecured intercompany loan currently has $150 million outstanding and matures January 2027. Following the repayment of the intercompany loan, the next maturity is the $512 million senior notes maturing May 2027, which Fitch expects to be refinanced prior to becoming current, followed by the $493 million senior notes maturing June 2028. AmeriGas was in compliance with all its covenants as of Dec. 31, 2025. The ABL RCF contains a springing fixed-charge coverage ratio covenant of greater than 1.0x based on the undrawn availability of the facility. The ABL RCF contains a covenant requiring liquidity greater than or equal to the outstanding principal amount of any senior notes maturing within 91 days plus 20% of the maximum revolving advance amount. Issuer Profile AmeriGas is a large retail propane distributor serving residential, commercial, industrial, agricultural, wholesale and motor fuel customers across the U.S. The company is a wholly owned subsidiary of UGI Corporation. Summary of Financial Adjustments In calculating EBITDA, Fitch adds/subtracts unrealized losses/gains from commodity derivative instruments not associated with current-period transactions. 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 AmeriGas Partners, L.P. 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 ----------- ------ -------- ----- AmeriGas Finance Corp. senior unsecured LT B Affirmed RR4 B AmeriGas Partners, L.P. LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B ANOINTED TOUCH: Hires Allen Wellman Harvey as Counsel ----------------------------------------------------- Anointed Touch Residential Services LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Allen Wellman Harvey Keyes Cooley, LLP as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as debtors-in-possession and management of its property; b. take necessary action to avoid the attachment of any lien against Debtor’s property threatened by secured creditors holding liens; c. prepare on behalf of Debtor as debtors-in-possession necessary petitions, answers, orders, reports, and other legal papers; d. represent the Debtor in these proceedings in an effort to maximize the value of the assets available herein, and to pursue confirmation of a successful Plan of Reorganization; and e. perform such other legal services as may be required and in the interest of the estate herein. The firm will be paid at these rates: Michael Cooley $400 per hour Other Partners $400 per hour Jacob S. Troxell $325 per hour Associates $325 per hour Paralegals $175 per hour Law Clerks $175 per hour The firm will received from the Debtor an initial retainer of $15,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Troxell 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 at: Jacob S. Troxell, Esq. Allen Wellman Harvey Keyes Cooley, LLP Five Courthouse Plaza, PO Box 455 Greenfield, IN 46140 Tel: (317) 462-3455 Fax: (317) 467-6109 Email: jst@awhkc.com About Anointed Touch Residential Services LLC Anointed Touch Residential Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-00922) on February 24, 2026. In the petition signed by Ayries Nachelle Bledsoe, sole member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge James M. Carr oversees the case. Jacob Troxell, Esq., at Allen Wellman Harvey Keyes Cooley, LLP, represents the Debtor as legal counsel. APRIL MANAGEMENT: Taps Susan M. Gray Law Offices as Legal Counsel ----------------------------------------------------------------- April Management, Ltd seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Susan M. Gray Law Offices, Inc. as its legal counsel. The firm will render these services: a. advise the Debtor as to its rights, duties and powers under the Bankruptcy Code; b. file statements, schedules, Chapter 11 plan and other documents; c. represent the Debtor at court hearings, meetings of creditors, conferences, trials and other proceedings; d. perform other legal services. The firm will be paid at these rates: Attorneys $300 per hour Legal Assistants $100 per hour Susan Gray, Esq., disclosed in a court filing that she and her firm do not hold or represent any interest adverse to the Debtor's estate. The firm can be reached through: Susan M. Gray, Esq. Ohio Savings Bank Building 22255 Center Ridge Road, Suite 210 Rocky River, OH 44116 Tel: (440) 331-3949 Fax: (440) 331-8160 Email: smgray@smgraylaw.com About April Management, Ltd April Management, Ltd is a business entity engaged in management and administrative services, potentially including property or asset management operations. April Management, Ltd sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11535) on April 3, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtor is represented by Susan M. Gray, Esq. of Susan M. Gray Attys & Counselors At Law. ARTELLA SOLUTIONS: Hires Sheffield Trackwell & Rapp as Counsel -------------------------------------------------------------- Artella Solutions, Inc. seeks preliminary approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Sheffield, Trackwell & Rapp, LLC as counsel. The firm will render these services: a. prepare any federal and requested state income tax returns, including Debtor’s 2025 federal and any state income tax returns; b. prepare any required federal and state tax extensions; c. perform any bookkeeping necessary for preparation of any income tax returns; and d. provide other accounting, consulting, and tax-related services as needed during the administration of the Debtor's bankruptcy case. Mr. Rapp and STR will charge the Debtor his normal hourly rate of $350 for the services provided. Marcela Evans will bill at an hourly rate of $150 per hour for services rendered in connection with this engagement. As disclosed in the court filings, Sheffield, Trackwell & Rapp, LLC is a "disinterested person" within the definition of section 101(14) of the Bankruptcy Code. The firm can be reached through: Greg Rapp, CPA Sheffield, Trackwell & Rapp, LLC 2500 Tanglewilde St., Suite 425 Houston, TX 77063 Phone: (713) 993-7710 Email: grapp@strcpafirm.com About Artella Solutions Inc. Artella Solutions, Inc provides remote patient monitoring solutions focused on cardiac rhythm management. It is a Texas corporation and a wholly owned subsidiary of CorMedica Group, Inc. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31092) on February 19, 2026. In the petition signed by Patrick Magill, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Melissa A. Haselden, Esq., at Haselden Farrow, PLLC, represents the Debtor as legal counsel. ASCEND ELEMENTS: Seeks Court OK to Hold Assets Sale Hearing in May ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that Ascend Elements, a battery recycling firm, has asked a Texas bankruptcy court to approve bidding procedures that would pave the way for a sale of its assets under Chapter 11. The company is targeting a May hearing to finalize the procedures and begin soliciting bids from potential buyers. In its motion, the debtor detailed a proposed auction framework that includes bid qualification requirements, deadlines, and protections for an initial bidder if one is selected. These measures are designed to provide clarity and structure to the sale process while fostering competitive bidding, the report states. The company said the proposed timeline balances the need for a prompt transaction with sufficient time for interested parties to evaluate the business. Ascend Elements emphasized that the sale process is aimed at maximizing recoveries for stakeholders while ensuring an efficient transition of its operations. About Ascend Elements Ascend Elements is an advanced manufacturing and recycling company dedicated to producing sustainable lithium-ion battery materials. Founded in 2015, the company operates from its headquarters in Westborough, Massachusetts, and serves the growing electric vehicle supply chain. Ascend Elements sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90440) on April 9, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Ryan E. Manns, Esq. of Norton Rose Fulbright Us LLP. AZHAR CHAUDHARY: Taps Kevin Michael Madden PLLC as Special Counsel ------------------------------------------------------------------ Azhar Chaudhary Law Firm PC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Law Offices of Kevin Michael Madden, P.L.L.C. as special counsel. The firm's services include: a. representing the Debtor in Adversary No. 26-3035 styled Hamzah Ali v. Azhar Chaudhary and Azhar Chaudhary Law Firm, P.C. filed in the United States Bankruptcy Court for the Southern District of Texas, a removal of Cause No.18-DCV249370 in the 240th Judicial District Court of Fort Bend County, Texas; b. representing the Debtor in Cause No. 22-DCV-292633 styled Azhar M.Chaudhary and Azhar M. Chaudhary Law Firm P.C. v. Hamzah Ali, Wayne Dolcefino and Dolcefino Consulting, LLC pending in the 400th Judicial District Court of Fort Bend County, Texas; c. handling any appeals that may result from the litigation; and d. performing any other legal services that may be appropriate in connection with the prosecution of the litigation described. The Debtor has agreed to an hourly fee of $375 for attorney Kevin M. Madden, and an hourly fee of $175 for paralegal Patricia Zaragoza. According to court filings, Kevin Michael Madden, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and represents no interests adverse to the Debtor or its estate. The firm can be reached through: Kevin M. Madden, Esq. Law Offices of Kevin Michael Madden, PLLC 16310 State Highway 249, Unit 1304 Houston, TX 77064 Tel: (281) 888-9681 Fax: (832) 538-0937 Email: kmm@kmaddenlaw.com About Azhar Chaudhary Law Firm PC Azhar Chaudhary Law Firm, PC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-30895) on February 10, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez presides over the case. David L. Venable, Esq. represents the Debtor as legal counsel. BEELAND PROPERTIES: Liquidation Agent Hires Financial Advisor ------------------------------------------------------------- Dwayne M. Murray, the Liquidation Agent of Beeland Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Patrick J. Gros, CPA APAC as financial advisor. The firm will provide these services: a. analyze the Debtor's prepetition and postpetition transfers, financial information, bank records, general ledgers, and due-to/due-from accounts to determine whether there exist viable causes-of action against any party; b. potentially provide expert testimony and reporting relating to such causes of action; and c. provide additional services as requested by the Liquidation Agent or his counsel to assist the Liquidation Agent in the chapter 11 subchapter V case relating to such investigation, claims, and causes of action. The firm will be paid at these rates: Partner $290 per hour Manager $175 per hour Senior Accountant $150 per hour Staff Accountant $110 per hour Paraprofessionals $110 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Gros 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 at: Patrick J. Gros Patrick J. Gros, CPA APAC 651 River Highlands Boulevard Covington, LA 70433 Tel: (985) 898-3512 Fax: (985) 871-9600 About Beeland Properties, LLC Beeland Properties, LLC is a company in Denham Springs, La., engaged in renting and leasing real estate properties. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. La. Case No. 24-10461) on June 11, 2024, with $1 million to $10 million in both assets and liabilities. Jeff Landry, manager, signed the petition. Judge Michael A. Crawford presides over the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. BELLA CAPRI: Seeks 30-Day Extension of Plan Filing Deadline ----------------------------------------------------------- Bella Capri, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof for additional thirty days. The Debtor is a Delaware limited liability company that owns a single real estate asset, a condominium unit located at 17875 Collins Avenue, PH 4506, Sunny Isles Beach, Florida 33160 (the "Property"). The Debtor has valued the Property in its Schedules at $15,500,000.00, based on a February 2025 appraisal and the Debtor's opinion of the market value of the Property. The Debtor explains that it has demonstrated cause for an extension of the exclusivity periods based on the following: * The Debtor has been actively and diligently pursuing multiple avenues to reorganize, including negotiations with lenders and marketing the Property for sale. * The Debtor has received interest from several potential buyers who are in the process of submitting offers. * As a fall back, the Debtor is entering into a listing agreement with a reputable broker who is experienced in the purchase and sale of properties in Sunny Isles. * The Debtor is continuing to negotiate refinancing terms with several potential lenders. * Due to the uniqueness of the Property, additional time and attention is necessary to properly market it for sale. * Either the sale of the Property or refinancing of the debt will provide the means for implementing a successful plan of reorganization. * This is the Debtor's first request for an extension of the exclusivity period and is only asking for a short 30-day extension. The Debtor claims that it has substantial equity in the Property and the brief extension will not cause any diminution in value of the estate's asset or prejudice creditors, as the Debtor continues to make progress toward a viable reorganization plan. Bella Capri, LLC is represented by: SCHATZMAN & SCHATZMAN, P.A. Jeffrey N. Schatzman, Esq. 9990 S.W. 77th Avenue Penthouse 2 Miami, Florida 33156-8115 Telephone: (305) 670-6000 Email: jschatzman@schatzmanlaw.com About Bella Capri LLC Bella Capri, LLC, a company in Sunny Isles Beach, Fla., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24523) on Dec. 9, 2025. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Laurel M. Isicoff oversees the case. The Debtor is represented by Jeffrey N. Schatzman, Esq. BIG L TIRES: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Big L Tires & Auto Service, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recently held preliminary hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for May 21. The Debtor intends to use cash collateral -- funds in which secured lenders have an interest -- to pay essential operating expenses such as payroll, rent, utilities, and other costs necessary to maintain business operations. The Debtor relies on revenue to sustain operations but is currently burdened by debt, including obligations to three secured lenders -- Addition Financial Credit Union, On Deck Capital, Inc., and Credibly of Arizona LLC -- which hold liens on substantially all of its assets, including cash and receivables. In addition to these secured debts, the Debtor faces challenges meeting obligations to service providers and unsecured creditors. As adequate protection, the Debtor offers these lenders replacement liens on post-petition receivables and other assets, as well as reliance on projected positive cash flow. The Debtor emphasizes that this protection ensures the lenders' secured positions are not diminished and may even improve through continued business operations. About Big L Tires & Auto Service LLC Big L Tires & Auto Service, LLC is a Florida-based automotive service company specializing in tire sales, installation, and vehicle repair. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:26-bk-01530-BAJ) on April 8, 2026. In the petition signed by Luis Narvaez, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Jason A. Burgess oversees the case. Thomas Adam, Esq., at Adam Law Group, PA, represents the Debtor as legal counsel. BISHOP OF OAKLAND: 6 State Court Sexual Abuse Cases Can Proceed --------------------------------------------------------------- Judge Jacqueline Scott Corley of the U.S. District Court for the Northern District of California affirmed the bankruptcy court's order terminating the automatic stay as to six pending state court actions for purposes of liquidation but not collection against the Roman Catholic Bishop of Oakland. The Debtor's filing of a voluntary chapter 11 petition in 2023 automatically stayed hundreds of sexual abuse claims pending against it in state court. On June 25, 2025, the Official Committee of Unsecured Creditors of the Roman Catholic Bishop of Oakland moved for relief from the automatic stay as to six state court cases against the Debtor. The Committee argued lifting the stay as to six cases pending against Debtor, solely for purposes of liquidation and not collection against the Debtor, would help the parties gain clarity on the value of survivor claims, unlock the liability insurance assets, and set this case on a path toward resolution. The bankruptcy court granted the motion and terminated the automatic stay to allow six state court actions to proceed. Given wide-ranging disagreement about the claims' value, the court determined even if the cases did not quickly turn into a trial and a verdict, other good things could come from the ability to advance aspects of the litigation. Several of Debtor's insurers now appeal the bankruptcy court's order. Insurers argue the bankruptcy court unlawfully delegated to the state court the choice of which six state court cases to release from the stay. They dispute the bankruptcy court's finding of cause to lift the stay. They also contend the Committee lacked standing to bring the motion, and the order granting relief from the automatic stay violated 11 U.S.C. Sec. 1123(a)(4). Insurers argue the motion asserted rights to stay relief on behalf of six claims, rather than on behalf of all unsecured creditors. Judge Corley explains, "The Committee sought select stay relief as a potential pathway to reach a consensual resolution of Debtor's bankruptcy proceeding, which would benefit all unsecured creditors. So, the motion does not exclusively benefit the creditors whose claims will immediately advance. Instead, as the bankruptcy court found, the motion could certainly be brought by a committee whose purpose is to try, among other things, to regulate the process whereby we're going to get to a solution. So, the bankruptcy court did not err in refusing to deny the motion on standing grounds." The District Court finds the bankruptcy court operated within its broad latitude under section 362(a) when it terminated the automatic stay as to six state court cases and allowed the state court to select those six cases. The bankruptcy court also did not abuse its discretion in finding cause for relief from the stay. A copy of the Court's Order dated April 7, 2026, is available at http://urlcurt.com/u?l=AdO4wq About The Roman Catholic Bishop of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel, Alvarez & Marsal North America, LLC as restructuring advisor, and Covington & Burling LLP as special insurance counsel. Kurtzman Carson Consultants LLC is the Debtor's claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. BLACKSTONE CLAIM: Court Narrows Claims in "McKee" ------------------------------------------------- Chief Judge Craig A. Gargotta of the U.S. Bankruptcy Court for the Western District of Texas granted in part and denied in part Blackstone Claim Services, Inc.'s motion to dismiss the counterclaims of Aaron McKee in the adversary proceeding captioned as BLACKSTONE CLAIM SERVICES, INC., Plaintiff v. AARON MCKEE, Defendant, v. GARY H. PENNINGTON, Third-Party Defendant, ADVERSARY NO. 25-05084-CAG (Bankr. W.D. Tex.). Blackstone argues that McKee's Counterclaims should be dismissed under Fed. R. Civ. P. 12(b)(1). It asserts that McKee lacks standing to bring Counterclaims in this litigation, and that McKee's claims are too "speculative and conjectural" in nature to constitute an injury fact to confer standing. Therefore, Blackstone argues that the Court lacks subject-matter jurisdiction over McKee's Counterclaims against Blackstone. McKee, on the other hand, argues that the Court has subject matter jurisdiction because he has alleged more than $3 million in damages for Blackstone's failure to document evidence to support McKee's adjusted claim against Chubb. McKee argues that the remedy for destroyed or lost evidence depends on the degree of culpability of the destroyer, so he has inferred the amount of damages attributed to Blackstone based on Blackstone's assessment of the total claim amount of $7,109,134.26. According to the Court, in this case, there is redressability for all causes of action. McKee's injury is monetary for all causes of action. A favorable award of actual damages to McKee will redress the monetary injury. McKee alleges he was not paid enough because of Blackstone's actions. Blackstone paying McKee will redress McKee's injury. Therefore, the Court concludes all of McKee's counterclaims satisfy the elements of standing. These claims will not be dismissed pursuant to Rule 12(b)(1). Blackstone also argues for dismissal of McKee's Counterclaims pursuant to Rule 12(b)(6). Res Judicata and Collateral Estoppel Blackstone argues that McKee's Counterclaims are barred under the doctrines of collateral estoppel and res judicata because he settled the underlying insurance claim against Chubb. McKee argues that res judicata and collateral estoppel do not apply because McKee did not have an adversarial relationship with Blackstone and Pennington in the Chubb litigation. McKee's acceptance of a settlement in that case has no bearing on his claims against Blackstone and Pennington for failure to comply with their contract, which is the basis of McKee's claims against Blackstone and Pennington in this Court. The Court finds res judicata does not bar McKee's ounterclaims against Blackstone in this Adversary Proceeding. McKee brings causes of action for DTPA violations, negligence, and breach of contract against Blackstone. These claims were not brought against Chubb in the previous litigation. Therefore, res judicata does not apply. Collateral Estoppel The Court finds that collateral estoppel does not apply. The issue at stake in this case is not identical to that in the earlier action between McKee and Chubb. In this case, McKee alleges that Blackstone violated the DTPA, was negligent, and breached the Agreement. These issues were not involved in the Chubb litigation. First Cause of Action: Violations of the Deceptive Trade Practices Act McKee alleges that Blackstone violated sections 17.46(b)(5), 17.46(b)(7), 17.46(b)(12), and 17.46(b)(24) of the Texas Business & Commerce Code (known as the Deceptive Trade Practices-Consumer Protection Act ("DTPA")). The Court finds McKee successfully pleads consumer status under the DTPA: (1) McKee sought to acquire services by purchase; and (2) the services purchased formed the basis of McKee's DTPA claim against Blackstone. According to the Court, McKee properly pleads that Blackstone committed a wrongful act under DTPA. McKee specifically alleges that Blackstone engaged in false, misleading, and deceptive acts under DTPA subsections 17.46(b)(5), (7), (12), and (24). McKee properly pleads that Blackstone's wrongful acts under subsection 17.46(b)(5) were a producing cause of his damages. Accordingly, McKee's claim under subsection 17.46(b)(5) is not dismissed under 12(b)(6). Second Cause of Action: Negligence and Negligence Per Se McKee pleads that Blackstone violated sections 4102.102 and 4102.159 of the Texas Insurance Code. McKee states Blackstone is a licensed public adjuster and that the Texas Insurance Code mandates this duty upon license holders such as Blackstone. McKee further alleges Blackstone failed to fulfill this duty by failing to comply with the McKees' insurance policy in making the claim, and that McKee therefore incurred damages due to loss of recovery on amounts he was entitled to under his insurance policy. Therefore, the Court finds McKee properly pleads negligence and negligence per se regarding section 4102.102 of the Texas Insurance Code. McKee alleges Blackstone had a duty not to make any misrepresentations when securing its contract with McKee. McKee states Blackstone made misrepresentations in its contract that it could prove the cause of loss. This led McKee to file suit against its insurance carrier, and McKee lost the case due to Blackstone's failure to preserve evidence. The Court concludes McKee properly pleads negligence and negligence per se regarding section 4102.159 of the Texas Insurance Code. Third Cause of Action: Breach of Contract McKee pleads that a valid contract exists. He alleges that Blackstone first committed a material breach, which excused McKee from his nonpayment. Assuming these allegations are true, McKee sufficiently pleads an excuse for nonperformance. In its Motion to Dismiss, Blackstone argues that McKee fails to identify a specific contractual provision requiring Blackstone to serve as a plumbing or electrical expert and provide litigation-ready expert testimony, or to designate additional experts in federal court. The Court finds that, while McKee's allegations are thin, they satisfy the minimum pleading standard at this stage. Accepting the well-pled factual allegations as true and drawing all reasonable inferences in McKee's favor, the breach of contract claim satisfies the minimum plausibility threshold required to survive Blackstone's Motion to Dismiss. Non-Dischargeability Claims McKee requests the Court to find that his Counterclaims against Blackstone are nondischargeable under 11 Sec. 523(a)(2)(A) and (a)(6). (ECF No. 17 at 9–10). Blackstone argues that McKee fails to plead fraud with particularity for a valid Sec. 523(a)(2)(A) claim and fails to plead non-conclusory facts showing Blackstone acted with the requisite state of mind for Sec. 523(a)(6). McKee asserts that his nondischargeability Counterclaims are sufficiently pled because they incorporate the detailed facts contained in other parts of McKee's pleadings. The Court finds McKee sufficiently pleads non-dischargeability under Sec. 523(a)(2)(A) for his remaining DTPA claim but fails for his negligence and breach of contract claims. McKee has pled a plausible claim for relief under Sec. 523(a)(6) regarding his allegations that Blackstone either intended to cause harm or was substantially certain that it would cause harm to McKee through a breach of the Agreement. McKee's claims against Blackstone pursuant to Tex. Bus. & Com. Code Ann. Secs. 17.46(b)(7), (12) and (24) are dismissed with prejudice. McKee's third-party claims against Gary H. Pennington are dismissed with prejudice. A copy of the Court's Order dated April 2, 2026, is available at http://urlcurt.com/u?l=7G1xca About Blackstone Claim Services, Inc. Blackstone Claim Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52804) on November 19, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Craig A Gargotta presides over the case. Ronald J Smeberg, Esq. at Smeberg Law Firm, PLLC serves as the Debtor's counsel. BLUE SUN: Plan Exclusivity Period Extended to April 30 ------------------------------------------------------ Judge David E. Rice of the U.S. Bankruptcy Court for the District of Maryland extended Blue Sun Scientific, LLC and The Innovative Technologies Group & Co, LTD's exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 30 and June 29, 2026, respectively. In a court filing, following the Court's earlier admonition regarding counsel for the Debtor's not unnecessarily duplicating time in these jointly administered cases, Jeffrey Orenstein has been taking the lead role in addressing issues that relate equally to both Debtors and is the person that has taken primary responsibility for preparing the Plan(s) and Disclosure Statement(s). As reported in the Debtors' Consent Emergency Motion for Order Briefly Extending Exclusive Periods to File Plans of Reorganization and Obtain Acceptances Thereto (the "Consent Motion") that was filed with the Court on March 24, Mr. Orenstein's mother has had complicated health issues for a period of time and experienced a significant medical event on March 12, that required a hospitalization and emergency surgery. The Debtors explain that given KPM's consent, no creditor or party in interest will be prejudiced by the granting of this additional brief extension as no creditor or other party in interest had objected to the relief requested in the First Motion which included a request for a deadline will beyond what is being requested in this Motion. In filing this Motion, it is Mr. Orenstein's hope that he will be able to complete the Plan and Disclosure Statement within the time frame established by the Consent Order or very close to that deadline and it is his expectation and desire that no further extensions will be required. Counsel for Blue Sun Scientific, LLC: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LL 9812 Falls Road, #114-160 Potomac, Maryland 20854 Phone: (301) 444-4600 Email: mac@mbvesq.com Counsel for The Innovative Technologies: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road, Suite 465 Rockville, Maryland 20850 (301) 250-7232 Email: jorenstein@wolawgroup.com About Blue Sun Scientific LLC Blue Sun Scientific LLC, a majority-owned subsidiary of Innovative Technologies Group and Co., develops, manufactures, distributes, and services analytical solutions for global markets, including agriculture, chemical, and food industries. The Company offers rapid, non-destructive analysis tools such as Phoenix NIR analyzers for applications in forage, animal feed, pet food, oilseeds, and plant breeding, supported by instruments, software, reagents, sample handling systems, training, and long-term services. Headquartered in Jessup, Maryland, it operates internationally through representatives and distributors in over 50 countries. Blue Sun Scientific LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17998) on Aug. 29, 2025. In its petition, the Debtor reports total assets of $451,175 and total liabilities of $6,329,907. The Debtor tapped Maurice Verstandig, Esq., at The Belmont Firm as bankruptcy counsel and Smith Duggan Cornell & Gollub LLP as special counsel. BLUE SUN: Seeks to Extend Plan Exclusivity to April 30 ------------------------------------------------------ Blue Sun Scientific, LLC, and The Innovative Technologies Group & Co, LTD asked the U.S. Bankruptcy Court for the District of Maryland to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 30 and June 29, 2026, respectively. Following the Court's earlier admonition regarding counsel for the Debtor's not unnecessarily duplicating time in these jointly administered cases, Jeffrey Orenstein has been taking the lead role in addressing issues that relate equally to both Debtors and is the person that has taken primary responsibility for preparing the Plan(s) and Disclosure Statement(s). As reported in the Debtors' Consent Emergency Motion for Order Briefly Extending Exclusive Periods to File Plans of Reorganization and Obtain Acceptances Thereto (the "Consent Motion") that was filed with the Court on March 24, Mr. Orenstein's mother has had complicated health issues for a period of time and experienced a significant medical event on March 12, that required a hospitalization and emergency surgery. Mr. Orenstein has contacted counsel for KPM Analytics North America Corporation ("KPM") to advise of the existing circumstances and to ask for its consent to a further brief extension of the deadlines while the situation continues to develop. The Debtors explain that given KPM's consent, no creditor or party in interest will be prejudiced by the granting of this additional brief extension as no creditor or other party in interest had objected to the relief requested in the First Motion which included a request for a deadline will beyond what is being requested in this Motion. In filing this Motion, it is Mr. Orenstein's hope that he will be able to complete the Plan and Disclosure Statement within the time frame established by the Consent Order or very close to that deadline and it is his expectation and desire that no further extensions will be required. The Debtors claim that this Motion is being filed solely for the reasons set forth in this Motion and not for the purpose of unduly delaying these proceedings or for any other improper purpose. Counsel for Blue Sun Scientific, LLC: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LL 9812 Falls Road, #114-160 Potomac, Maryland 20854 Phone: (301) 444-4600 Email: mac@mbvesq.com Counsel for The Innovative Technologies: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road, Suite 465 Rockville, Maryland 20850 (301) 250-7232 Email: jorenstein@wolawgroup.com About Blue Sun Scientific LLC Blue Sun Scientific LLC, a majority-owned subsidiary of Innovative Technologies Group and Co., develops, manufactures, distributes, and services analytical solutions for global markets, including agriculture, chemical, and food industries. The Company offers rapid, non-destructive analysis tools such as Phoenix NIR analyzers for applications in forage, animal feed, pet food, oilseeds, and plant breeding, supported by instruments, software, reagents, sample handling systems, training, and long-term services. Headquartered in Jessup, Maryland, it operates internationally through representatives and distributors in over 50 countries. Blue Sun Scientific LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17998) on August 29, 2025. In its petition, the Debtor reports total assets of $451,175 and total liabilities of $6,329,907. The Debtor tapped Maurice Verstandig, Esq., at The Belmont Firm as bankruptcy counsel, and Smith Duggan Cornell & Gollub LLP as special counsel. BOTTOMLINE INK: Court Extends Cash Collateral Access to July 10 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio entered a third interim order authorizing Bottomline Ink Corporation to use its secured creditors' cash collateral. The order authorized the Debtor to use the cash collateral of Waterford Bank, N.A. and Unique Funding Solutions, LLC on an interim basis to pay operating expenses in accordance with an approved budget, subject to a 10% variance per line item or in the aggregate. The Debtor may also use cash collateral to pay professional fees (upon court approval), U.S. Trustee quarterly fees, additional court-approved expenses, and any further adequate protection payments ordered by the court. As adequate protection, the Debtor must make monthly interest payments of $12,000 to Waterford beginning this month and provide financial reporting, including a 13-week cash flow, weekly variance reports, and borrowing base certificates. In addition, Waterford will be granted a post-petition replacement lien with the same validity and priority as its pre-bankruptcy liens, excluding avoidance actions. Unique is not entitled to cash payments as adequate protection but will be granted a similar replacement lien on post-petition collateral except avoidance actions. Other forms of protection include maintenance of insurance, payment of post-petition taxes, and authorization for Waterford to exercise setoff rights against $33,544 in pre-bankruptcy account balances. The Debtor's authority to use cash collateral continues through July 10, unless earlier terminated by specified events of default or court order. The court scheduled a further hearing for July 8. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/3xvx43sc from PacerMonitor.com. About Bottomline Ink Corporation Bottomline Ink, Corporation operates as a full-service provider of printing and promotional solutions, offering customized apparel, signage, and branded merchandise. Its services include screen printing, embroidery, and digital printing for companies, schools, and nonprofit organizations. Bottomline Ink, Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32806) on December 31, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Mary Ann Whipple handles the case. The Debtor is represented by Steven L. Diller, Esq. BOXLIGHT CORP: Issues 600K Shares to J.J. Astor in Debt Conversion ------------------------------------------------------------------ Boxlight Corporation disclosed in a regulatory filing that it entered into an amendment to the Inventory Finance Agreement, dated May 27, 2025, as amended and restated on November 7, 2025, with J.J. Astor & Co., a Utah corporation. Pursuant to the terms of the Amended and Restated Agreement, $556,200 of the outstanding balance was converted into 600,000 shares of common stock at a conversion price of $0.927 per share. Further, the parties agreed that, if the aggregate proceeds from the sale of the Conversion Shares are less than $556,200, the Company shall pay the shortfall in cash within five Trading Days. "Proceeds Protection" means the Company's obligation to ensure aggregate proceeds of at least $556,200 are received by J.J. Astor from the sale of 600,000 Conversion Shares. Michael Pope, Chairman of the Company's Board of Directors, and its former president and chief executive officer, is the chief executive officer of J.J. Astor. J.J. Astor is beneficially owned, directly or indirectly, by a private investment fund managed by Mr. Pope. A full text of the Amended and Restated Agreement is available at https://tinyurl.com/4thsh65z About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $36.7 million as of September 30, 2025, matures on December 31, 2025. As of September 30, 2025, the Company's short-term debt will mature within three months. The Company is actively working to refinance its debt with new lenders. However there can be no assurance that these efforts will be successful prior to the maturity date at which time all amounts under the Term Loan will become due. The Company does not expect it will have the available resources, absent a financing or refinancing, to pay the loan when due. As of September 30, 2025, the Company had $99,590,000 in total assets, $90,544,000 in total liabilities, $28,509,000 in total mezzanine equity, and $19,463,000 in total stockholders' deficit. BRIGHT MOUNTAIN: Amends Credit Agreement with Centre Lane Partners ------------------------------------------------------------------ Bright Mountain Media, Inc. and its subsidiaries are parties to an Amended and Restated Senior Secured Credit Agreement between itself, the lenders party thereto, and Centre Lane Partners Master Credit Fund II, L.P., as Administrative Agent and Collateral Agent, dated June 5, 2020, as amended. Effective as of March 31, 2026, the Company and its subsidiaries, CL Media Holdings LLC, Bright Mountain LLC, MediaHouse, Inc., Deep Focus Agency LLC, and BV Insights LLC, Centre Lane Partners, and the Lenders entered into the Twenty-Fifth Amendment to Amended and Restated Senior Secured Credit Agreement to amend certain terms of the Credit Agreement. The principal changes to the Credit Agreement made in the Twenty-Fifth Amendment include, but are not limited to, the following: (i) Adjusting the amortization of the Second Out Loans such that the quarterly installment due on March 31, 2026 with respect to the Second Out Loans, which totaled approximately $1.2 million, was deferred in its entirety until December 20, 2026; (ii) Adjusting the payment of interest accrued on the Second Out Loans for the interest period ended March 31, 2026, which totaled approximately $201,000, such that the interest payment for the Second Out Loans due on March 31, 2026 was payable-in-kind in lieu of a cash payment; and (iii) Providing that the Company must notify the Lenders of any termination or material modification to the Company's agreements with certain of the Company's key vendors or of its intent to engage any additional vendors meeting certain criteria. In connection with the Twenty-Fifth Amendment and as consideration therefor, the Company agreed to issue a number of shares of the common stock of the Company, par value $0.01 per share, equal to 1.5% of the fully-diluted pro forma ownership of the Company as of March 31, 2026, or 2,922,566 shares of Common Stock, to Centre Lane Partners. Following such issuance, Centre Lane Partners and its affiliates collectively beneficially own approximately 27.3% of the Common Stock. Approximately $1.6 million will be due under the Credit Agreement as of June 30, 2026, and approximately $92.1 million will be due under the Credit Agreement as of December 20, 2026, which is the maturity date of the Credit Agreement. About Bright Mountain Bright Mountain Media, Inc. (together with its wholly-owned subsidiaries) is an end-to-end marketing services company that helps brands with the right audiences, at the right time, with the right message, both effectively and efficiently by removing the middlemen in the marketing workflow. The Company's end-to-end offerings combine consumer insights with creative services, media services, and advertising technology to deliver solutions to improve audience fidelity for brands. The Company focuses on digital publishing, advertising technology, consumer insights, creative services, and media services. New York, New York-based WithumSmith+Brown, PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 10, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024. The report cited that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $37.6 million in total assets, $111 million in total liabilities, and $73.4 million in total stockholders' deficit. BROOKDALE SENIOR: WCM Investment Holds 5.38771% Equity Stake ------------------------------------------------------------ WCM Investment Management, LLC, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 12,811,574 shares of Brookdale Senior Living Inc's Common Stock, representing 5.38771% of the shares outstanding, WCM Investment Management, LLC may be reached through: David J. Joerger (Chief Compliance Officer) 281 Brooks Street Laguna Beach, California 92651 Tel: 949-380-0200 A full-text copy of WCM Investment Management, LLC's SEC report is available at: https://tinyurl.com/57rrrx72 About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of December 31, 2025, the Company had $5.95 billion in total assets, $6 billion in total liabilities, and $43.38 million in total stockholders' deficit. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BUSTER SJE : Hires DeMarco Mitchell PLLC as Legal Counsel --------------------------------------------------------- Buster SJE Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ DeMarco·Mitchell, PLLC as legal counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco $450 per hour Michael S. Mitchell $300 per hour Barbara Drake, Paralegal $125 per hour The firm received from the Debtor a retainer of $15,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. DeMarco·Mitchell, 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: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco·Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About Buster SJE Inc. Buster SJE, Inc. provides property inspection, maintenance and pest control services, and operates an industrial coatings business, including powder coating, in Mansfield, Texas. The company uses a fleet of service vehicles and heavy equipment to carry out field operations and surface treatment work for residential and commercial clients. Buster SJE sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41259) on March 23, 2026, listing $715,619 in assets and $3,773,229 in liabilities. Eric Evans, company owner, signed the petition. Judge Edward L. Morris oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. CAFE PASSE: Seeks Cash Collateral Access Until July 31 ------------------------------------------------------ Cafe Passe, LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and provide adequate protection, through July 31. The Debtor's total secured and unsecured debt is approximately $400,000, and it continues operating without a trustee, examiner, or unsecured creditors' committee. The business employs eleven non-insider employees and maintains relatively stable trade relationships, with most vendors current and many operating on a cash-on-delivery basis. The Debtor reports no known critical vendors and no outstanding food and beverage financing obligations. It also notes that utilities are addressed in a separate motion seeking adequate protection under Section 366. Previously, the court authorized use of cash collateral through April 30 and the Debtor now seeks an extension to support continued operations. The Debtor argues that continued use of cash collateral is essential to maintain normal restaurant operations, including payment of payroll, rent, utilities, insurance, taxes, supplies, and other ordinary business expenses necessary to preserve going-concern value. It asserts that uninterrupted operations are critical to developing a viable plan of reorganization and avoiding irreparable harm. The secured creditors will remain adequately protected because the use of funds is consistent with ordinary operations that preserve the value of the business, and because the budgeted expenses are necessary to sustain revenue generation. The Debtor will also continue making required payments and that, if necessary, the court may impose replacement liens or other protective conditions. A copy of the motion is available at https://urlcurt.com/u?l=j0iO7s from PacerMonitor.com. About Cafe Passe LLC Cafe Passe, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00509) on January 18, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Scott H. Gan presides over the case. Charles R. Hyde, Esq., at the Law Offices of C.R. Hyde, PLC represents the Debtor as bankruptcy counsel. CALITRE LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Calitre, LLC got the green light from the U.S. Bankruptcy Court for the District of New Jersey, Newark Vicinage, to use cash collateral. At the recently held hearing, the court authorized the Debtor's use of cash collateral and set a further hearing for May 14. Calitre, a New Jersey-based commercial painting company operating out of leased premises in Westwood, derives most of its income from commercial projects completed through subcontractors and is currently engaged in ongoing and prospective jobs expected to generate revenue. At the time of filing, the Debtor's primary asset consists of approximately $210,000 in accounts receivable while its bank accounts held a negative balance due to creditor collection attempts. Its tangible assets such as equipment and inventory are of minimal value. Several creditors -- OnDeck Capital, P1 Finance, and PDM Capital, LLC -- hold or may assert secured interests in the Debtor's cash, receivables, and related assets through filed UCC-1 financing statements. The Debtor said it needs immediate access to cash collateral to pay subcontractors, vendors, insurance, overhead, and other necessary business expenses. To address the interests of secured creditors, the Debtor offers to provide adequate protection through a combination of monthly payments and replacement liens on its post-petition assets, including accounts receivable and other property, to the extent their collateral value is diminished. About Calitre LLC Calitre, LLC, based in New York, New York, provides commercial painting, wallcovering installation, and Kadex coating services for residential and commercial properties. The company's portfolio includes projects across New York City and nearby markets, including office buildings, hotels, multifamily properties, and transit-related facilities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-13857) on April 7, 2026. In the petition signed by Eric Stolte, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian G Hannon, Esq., at Norgaard O'Boyle & Hannon, represents the Debtor as legal counsel. CARESTREAM HEALTH: Moody's Ups CFR to Caa1, Outlook Stable ---------------------------------------------------------- Moody's Ratings has upgraded Carestream Health, Inc.'s ("Carestream") Corporate Family Rating to Caa1 from Caa2 and the Probability of Default Rating to Caa1-PD from Caa2-PD following the completion of a refinancing transaction. At the same time, Moody's assigned a Caa1 rating to Carestream's new senior secured first-lien term loan due 2031. The outlook was changed to stable from negative. Moody's appended a limited default designation (/LD) to the PDR, changing it to Caa1-PD/LD, as Moody's considers the transaction a distressed exchange, which constitutes a default under Moody's Ratings' definition. The "/LD" designation will be removed from the company's PDR in approximately three business days. The upgrade of Carestream's CFR to Caa1 from Caa2 reflects Moody's views that the company's likelihood of default is lower following the recapitalization. In particular, the refinancing transaction resulted in a material reduction in total debt and extended the maturity of the company's first lien debt to 2031 from 2027, thereby reducing near-term refinancing risk. The upgrade also reflects Moody's expectations that Carestream's go forward US digital imaging businesses will exhibit more stable performance than the legacy film business. The rating actions follow Carestream's completion of a series of transactions that have reshaped its business and capital structure, including the sale of most international operations and distribution businesses to Midea Group with proceeds used toward meaningful debt reduction, and the completion of a refinancing transaction involving the repurchase and exchange of the company's existing first lien term loan into a new senior secured first lien term loan due 2031. RATINGS RATIONALE Carestream's Caa1 CFR reflects a meaningful level of business risk, driven by exposure to structurally declining legacy film operations and a still weak, though improving, financial profile following the recapitalization. While the company has taken steps to stabilize its capital structure, leverage remains moderately high, reflecting ongoing pressure from the declining film business. At the end of 2026, Moody's expects leverage to be in the high-3x area, trending towards the low-3x area in 2027. The rating also reflects reduced scale following the divestiture of international operations while transitioning to a more focused digital imaging platform. The company's credit profile benefits from its strong position in US digital imaging markets, including Digital Radiography and Non Destructive Testing, which exhibit more stable demand characteristics than the legacy film business. These businesses benefit from replacement driven demand, recurring service revenue, and secular digital adoption, which partially offset the risks associated with declining film volume. Moody's expects Carestream's liquidity to be adequate over the next twelve to eighteen months. Pro forma for the exchange transaction that closed on March 13, 2026, the company has approximately $55 million of cash on the balance sheet and access to an undrawn $30 million asset based lending facility, which expires in March 2027. Moody's expects free cash flow to be modestly positive in the near term and improving over time as the company's business mix shifts further toward US digital imaging activities, which are less capital intensive and have more efficient cash conversion characteristics. The Caa1 rating assigned to the new senior secured first lien term loan reflects the preponderance of this debt within the company's capital structure. The stable outlook reflects Moody's expectations that Carestream will continue to execute on its strategic transition, maintain adequate liquidity, and avoid aggressive financial policies while focusing on its US digital imaging businesses. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Carestream experiences execution challenges associated with the separation from recent asset sales or other restructuring initiatives, particularly if these actions result in higher than expected costs or operational disruption. The ratings could also be downgraded if operating performance deteriorates, free cash flow generation is materially weaker than expected, or the company pursues more aggressive financial policies. Lastly, the ratings could be downgraded if the likelihood of another transaction Moody's would consider a distressed exchange or default increases. The ratings could be upgraded if Carestream's remaining Digital Radiology and Non Destructive Testing businesses maintain stable operating performance. The ratings could also be upgraded if the company increases its size and scale, while maintaining good liquidity. Quantitatively, maintaining debt-to-EBITDA below 3x on a sustained basis could also lead to a higher rating. Headquartered in Rochester, NY, Carestream Health, Inc. is a global provider of medical imaging products. The company's film business (included in Value Tier) provides specialized paper to produce images from digital x-rays and printers. The company's medical digital business (Premium Tier) provides digital medical imaging systems. The company has two smaller lines, non-destructive testing and contract manufacturing. Carestream Health, Inc. is owned by numerous private equity firms. The principal methodology used in these ratings was Medical Products and Devices published in October 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. CATURUS ENERGY: Moody's Alters Outlook on 'B2' CFR to Positive -------------------------------------------------------------- Moody's Ratings changed Caturus Energy, LLC's (Caturus) outlook to positive, from stable. Concurrently, Moody's affirmed the company's B2 Corporate Family Rating, B3 senior unsecured notes rating, B2-PD Probability of Default Rating, and SGL-3 Speculative grade liquidity rating remained unchanged. RATINGS RATIONALE The change in outlook to positive reflects Moody's expectations that Caturus's credit profile will improve over the next 12-18 months. The acquired Galvan Ranch assets will add around 250 million cubic feet equivalent per day (MMcfe/d) of existing production and provide a clear line of sight to bringing the company's total production to over 1 billion cubic feet equivalent per day (Bcfe/d). The acquisition will also increase Caturus's net leasehold acreage to 275,000 net acres, add around 290 million barrels of oil equivalent (MMBoe) of proved reserves, and increase its exposure to higher-margin liquids production. The meaningful equity component of the funding mix for the Galvan Ranch assets mitigates the transaction's negative impact on the company's credit profile. Caturus's B2 CFR is supported by its sizable acreage position in South Texas, its growing scale of production and reserves, its low leverage, and its conservative financial policies. The company has been executing on a significant organic growth effort with production more than doubling in 2024 and rising about 50% year-over-year in 2025. The addition of the Galvan Ranch assets to Caturus's portfolio should allow the company to moderate its annual growth rate while continuing to execute on its goal of becoming one of the largest natural gas producers in the United States. Pro forma for the Galvan Ranch acquisition, Caturus holds 275,000 net acres in South Texas with over 1,000 drilling locations, providing the company with a 20+ year inventory of drilling locations assuming a two-rig drilling program. The positive attributes of Caturus's credit profile are offset by its significant exposure to natural gas and relatively short operating track record. Moody's expects Caturus to maintain good liquidity through at least 2027. The company had a minimal cash balance and $463 million of borrowings outstanding under its secured credit facility as of the end of 2025. The secured revolver was recently amended to increase the borrowing base and lender commitments to $925 million. Caturus's credit facility contains financial covenants requiring the maintenance of a consolidated current ratio of no less than 1.0x and a consolidated total net leverage ratio of no more than 3.0x. Moody's expects Caturus to remain in compliance with its covenants through at least 2027. The company's senior notes due in 2030 are rated B3, one notch below the CFR, because they are subordinated to the secured revolving credit facility. The revolver has a borrowing base of $925 million, lender commitments of $925 million, and is secured by first priority liens covering working interests with a value of at least 85% of Borrowing Base Value of proved reserves. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Caturus's ratings could be upgraded if the company meaningfully grows its scale and reduces its leverage while generating free cash flow and adhering to its conservative financial policies. A downgrade of Caturus's ratings could be considered if its liquidity deteriorates, leverage is sustained above 2.5x, or it deviates from its conservative financial policies. Caturus Energy, LLC is a Houston-based exploration and production company with operations in South Texas. The company is 76% owned by Kimmeridge Energy Management, an alternative asset manager focused on the development of low-cost energy assets in the U.S, and 24% owned by Mubadala Energy, the upstream oil and gas arm of Abu Dhabi's state-owned global investment firm Mubadala Investment Company PJSC. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CATURUS ENERGY: Moody's Rates New Sr. Unsecured Notes Due 2031 'B3' ------------------------------------------------------------------- Moody's Ratings assigned a B3 rating to Caturus Energy, LLC's (Caturus) new senior unsecured notes due 2031. The company's B2 Corporate Family Rating, B3 senior unsecured notes rating, B2-PD Probability of Default Rating, and SGL-3 Speculative Grade Liquidity rating (SGL) are unchanged. The outlook remains positive. RATINGS RATIONALE The new senior unsecured notes and existing senior unsecured notes are rated B3, one notch below the CFR, because they are subordinated to the secured revolving credit facility. The revolver has a borrowing base of $925 million, lender commitments of $925 million, and is secured by first priority liens covering working interests with a value of at least 85% of Borrowing Base Value of proved reserves. Caturus will be required to repurchase 100% of the new notes at par plus accrued and unpaid interest to, but excluding, the redemption date if the Galvan Ranch acquisition does not close on or before September 04, 2026. Caturus will use the proceeds from its bond offering along with equity provided by its owners to fund its acquisition of SM Energy Company's (SM, Ba3 positive) Galvan Ranch assets. The acquired Galvan Ranch assets will add around 250 million cubic feet equivalent per day (MMcfe/d) of existing production and provide a clear line of sight to bringing the company's total production to over 1 billion cubic feet equivalent per day (Bcfe/d). The acquisition will also increase Caturus's net leasehold acreage to 275,000 net acres, add around 290 million barrels of oil equivalent (MMBoe) of proved reserves, and increase its exposure to higher-margin liquids production. The meaningful equity component of the funding mix for the Galvan Ranch assets mitigates the transaction's negative impact on the company's credit profile. Caturus's B2 CFR is supported by its sizable acreage position in South Texas, its growing scale of production and reserves, its low leverage, and its conservative financial policies. The company has been executing on a significant organic growth effort with production more than doubling in 2024 and rising about 50% year-over-year in 2025. The addition of the Galvan Ranch assets to Caturus's portfolio should allow the company to moderate its annual growth rate while continuing to execute on its goal of becoming one of the largest natural gas producers in the United States. Pro forma for the Galvan Ranch acquisition, Caturus holds 275,000 net acres in South Texas with over 1,000 drilling locations, providing the company with a 20+ year inventory of drilling locations assuming a two-rig drilling program. The positive attributes of Caturus's credit profile are offset by its significant exposure to natural gas and relatively short operating track record. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Caturus's ratings could be upgraded if the company meaningfully grows its scale and reduces its leverage while generating free cash flow and adhering to its conservative financial policies. A downgrade of Caturus's ratings could be considered if its liquidity deteriorates, leverage is sustained above 2.5x, or it deviates from its conservative financial policies. Caturus Energy, LLC is a Houston-based exploration and production company with operations in South Texas. The company is 76% owned by Kimmeridge Energy Management, an alternative asset manager focused on the development of low-cost energy assets in the U.S, and 24% owned by Mubadala Energy, the upstream oil and gas arm of Abu Dhabi's state-owned global investment firm Mubadala Investment Company PJSC. The principal methodology used in this rating was Independent Exploration and Production published in February 2026. CENTRAL GARDEN: Phillips Pet Deal No Impact on Moody's 'Ba3' CFR ---------------------------------------------------------------- Moody's Ratings says that Central Garden & Pet Company's (CENT, CENTA) joint venture agreement with Phillips Pet Food & Supplies (Phillips, unrated) does not impact CENT's existing ratings or outlook, including its Ba3 corporate family rating, B1 senior unsecured note ratings and stable outlook. While the transaction will reduce the company's scale, Moody's expects a limited impact on CENT's earnings given the historically modest profitability of the distribution business. The joint venture will combine CENT's pet distribution business with Phillips' distribution operations to form a larger, standalone pet distribution platform. CENT will receive cash proceeds at closing and retain a 20% minority ownership interest, which will be accounted for as a minority investment, with Phillips and its existing investors owning the remaining 80%, and the business will continue to serve the independent pet retail channel. The transaction is expected to close imminently. While the joint venture will result in a reduction in reported consolidated revenue, the distribution business operates at structurally lower margins relative to CENT's branded manufacturing operations. As a result, Moody's expects the transaction to be modestly positive for EBITDA margins over time and do not expect a material impact on leverage, earnings or liquidity. Moody's expects CENT's debt-to-EBITDA leverage (3.4x as of December 2025, incorporating Moody's adjustments) to remain comfortably within the 2.75x-3.75x range Moody's anticipates for the Ba3 CFR. The transaction aligns with the company's strategy to simplify its operating footprint, focus on higher margin branded products and improve operating efficiency, while maintaining access to the pet distribution channel for its brands. Headquartered in Walnut Creek, California, Central Garden & Pet Company (NASDAQ: CENT, CENTA) manufactures branded products and distributes third-party products in the US lawn and garden and pet supplies industries. The company's Chairman William E. Brown owns roughly 8% of the stock and controls approximately 55% of the voting rights through effectively a dual-class voting structure. Revenue was about $3.1 billion for the trailing 12 months ended December 31, 2025. CHARLES & COLVARD: Inks DIP Loan Agreement With Van Lang Jewelry ---------------------------------------------------------------- Charles & Colvard, Ltd. disclosed in a regulatory filing that the Company obtained an interim order of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorizing the Company to obtain post-petition financing in the form of a senior secured superpriority debtor-in-possession credit facility consisting of a multiple-draw term loan facility in the aggregate maximum principal amount of up to $1 million, subject to and in accordance with the terms and conditions set forth in that certain Section 364 Financing Loan Agreement, dated as of March 24, 2026, by and among the Company and Van Lang Jewelry LLC. The proceeds of the DIP Facility may be used, subject to the terms and conditions of the DIP Financing Agreement, to fund and pay: (a) operating expenses incurred by the Company; (b) necessary costs and expenses associated with the administration of the Chapter 11 Case; (c) if necessary, any required debt-service payments in the underlying bankruptcy proceeding of the Company; and (d) any applicable interest premiums, attorneys' fees, costs, expenses, penalties, and other amounts owed on account of the DIP Financing Agreement, to the extent applicable. Advances under the DIP Facility generally bear interest at a rate equal to 9% per annum. The Company will pay certain other agreed fees to the DIP Lender under the DIP Facility. The DIP Facility contains usual and customary affirmative and negative covenants and events of default for transactions of this type. A full text copy of the DIP Financing Agreement is available at https://tinyurl.com/2p8x64pb About Charles & Colvard Ltd. Charles & Colvard Ltd. is a jewelry manufacturer known for its lab-grown moissanite gemstones. Charles & Colvard Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-00969 on March 2, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge David M Warren oversees the case. The Debtor is represented by Rebecca Redwine Grow, Esq. and Jason L. Hendren, Esq. of Hendren Redwine & Malone, PLLC. CHC901 LLC: Court OKs De Minimis Asset Sale ------------------------------------------- The U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, has approved CHC901 LLC to transfer Property other than in the ordinary course of business, free and clear of liens, claims, interests, and encumbrances. The property is of de minimis value and has already been sold by the Debtor-in-Possession (DIP). The Debtor vacated its prior leased space, and its employees are working remotely. As such, it no longer needed office furniture and filing cabinets. It sold these items to various purchasers rather than moving and storing these items. The combined total of $4,930.00 with the most expensive item selling for $600.00. The Court has considered the statements of counsel and the applicable law. The Court finds that the relief requested in the Motion is in the best interest of the Debtor, the bankruptcy estate and creditors. The Debtor is authorized to transfer its interest in the property of the estate as described in the Motion. About CHC901 LLC CHC901, LLC operates an ambulance, wheelchair, and nonmedical transportation business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-20114) on January 7, 2026. In the petition signed by Justin G. James, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Denise E. Barnett oversees the case. C. Jerome Teel Jr., Esq., at Teel & Gay, PLC, represents the Debtor as legal counsel. CITIUS PHARMACEUTICALS: Two Proposals OK'd at Annual Meeting ------------------------------------------------------------ Citius Pharmaceuticals Inc. held its 2026 annual meeting of stockholders at which stockholders elected seven members to the Company's Board of Directors to serve one-year terms expiring at the 2027 annual meeting of stockholders, or until their successors are duly elected and qualified, based on the following votes: 1. Leonard Mazur * For: 2,391,069 * Withheld: 1,071,618 * Broker Non-Votes: 6,660,992 2. Myron Holubiak * For: 2,390,702 * Withheld: 1,071,985 * Broker Non-Votes: 6,660,992 3. Suren Dutia * For: 2,311,462 * Withheld: 1,151,225 * Broker Non-Votes: 6,660,992 4. Dr. Eugene Holuka * For: 2,391,419 * Withheld: 1,071,268 * Broker Non-Votes: 6,660,992 5. Dennis M. McGrath * For: 2,449,029 * Withheld: 1,013,658 * Broker Non-Votes: 6,660,992 6. Robert Smith * For: 2,485,904 * Withheld: 976,783 * Broker Non-Votes: 6,660,992 7. Carol Webb * For: 2,422,082 * Withheld: 1,040,605 * Broker Non-Votes: 6,660,992 The stockholders also ratified the selection of Wolf & Company, P.C. as independent registered public accounting firm for the fiscal year ending September 30, 2026. The vote for such ratification was 8,593,946 shares for, 855,866 shares against, 673,867 shares abstaining, and no broker non-votes. About Citius Pharmaceuticals Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. The Company's goal generally is to achieve leading market positions by providing therapeutic products that address unmet medical needs yet have a lower development risk than usually is associated with new chemical entities. New formulations of previously approved drugs with substantial existing safety and efficacy data are a core focus. The Company seeks to reduce development and clinical risks associated with drug development yet still focus on innovative applications. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated December 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025. The auditor cited that the Company has suffered recurring losses and has a working capital deficit 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 $140,391,730 in total assets, $46,923,760 in total liabilities, and $93,467,970 in total equity. COLOGNE ACADEMY: Moody's Alters Outlook on 'Ba1' Rating to Positive ------------------------------------------------------------------- Moody's Ratings has revised Cologne Academy's (MN) outlook to positive from stable and has affirmed its Ba1 revenue bond rating. For fiscal 2025 (June 30 year-end), the academy had about $13 million in total debt outstanding. The outlook revision to positive reflects that academy's improved academic performance and strengthened financial metrics. RATINGS RATIONALE The Ba1 rating reflects the academy's strong academic performance, stable enrollment near capacity, and ample liquidity, balanced against its small operating scale and elevated financial leverage. The academy's consistently strong academic results, which compare favorably to the Central Public School District and state benchmarks, will continue to support its stable enrollment. Unlike many areas in Minnesota, the academy's service area continues to benefit from favorable population and demographic trends. Operating performance has been solid, supported by disciplined fiscal management. Liquidity is a key credit strength, with approximately $6 million in spendable cash and investments, equal to about 200 days cash on hand in fiscal 2025. Debt service coverage for fiscal 2026 is expected to be satisfactory at 1.5x, based on financial performance to date. The academy remains on good terms with its authorizer, Friends of Education, and its current charter contract expires on June 30, 2029. RATING OUTLOOK The positive outlook reflects the academy's strong operating performance in recent years, resulting in solid debt service coverage and liquidity. The outlook also incorporates the likelihood of continued enrollment stability and sound financial management despite potential state funding weakness in the future. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Continued strong operating performance resulting in sustained debt service coverage of at least 1.5x -- Sustained liquidity of more than 200 days cash on hand FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Enrollment declines that results in narrowing of operating performance -- Material increase in financial leverage or significant reduction in liquidity below 100 days cash on hand PROFILE Cologne Academy is located in Carver County, within the Twin Cities metro area. The academy offers a Core Knowledge curriculum implemented through classical instruction strategies, and provides electives in Spanish, Physical Education, Music and Arts. In fiscal 2025, the academy reported $12 million in operating revenue and enrolled about 696 students in grades K-8. The academy operates under a charter contract from the Friends of Education that expires on June 30, 2029. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. COMPONENT FABRICATORS: Hires Tarpy Cox Fleishman as Legal Counsel ----------------------------------------------------------------- Component Fabricators, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Tarpy, Cox, Fleishman & Leveille, PLLC, as general counsel. The services to be performed by counsel include all matters dealing with the Chapter 11 bankruptcy including, but not limited to, litigation in the bankruptcy, federal, and state courts. The firm will be paid at these rates: Lynn Tarpy $425 per hour Kelli Holmes $335 per hour Ed Shultz $385 per hour Thomas Leveille $425 per hour Associate Lawyer $275 per hour Paralegal and Law Clerk $75 to $95 per hour The firm received a retainer in the amount of $11,692.50 plus $1,738. Tarpy, Cox, Fleishman & Leveille, PLLC, is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Lynn Tarpy, Esq. Tarpy, Cox, Fleishman & Leveille, PLLC 1111 N. Northshore, Suite N-290 Knoxville, TN 37919 Phone: (865) 588-1096 About Component Fabricators, Inc. Component Fabricators, Inc., doing business as Legend Fitness, is a precision metal fabrication and commercial fitness equipment manufacturer headquartered in Knoxville, Tennessee, with roots in a fabrication workshop at 5901 Middlebrook Pike. Founded in 1992, it produces American-made strength and athletic training equipment, including racks, cages, plate-loaded machines, and free-weight systems, under the Legend Fitness brand, serving gyms, athletic centers, professional teams, educational institutions, and other commercial customers worldwide. Its in-house capabilities include custom design engineering, CNC bending, welding, routing, plasma cutting, assembly, and finishing, which support both bespoke projects and build-to-order fitness product lines. Component Fabricators, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30565) on March 27, 2026, listing $221,285 in assets and $3,299,899 in liabilities. The petition was signed by Pierre Steenekamp as president and CEO. Judge Suzanne H Bauknight presides over the case. Lynn Tarpy, Esq. at TARPY, COX, FLEISHMAN & LEVEILLE, PLLC serves as the Debtor's counsel. CONROE LOCAL GOVERNMENT: S&P Cuts Sub Revenue Bonds Rating to 'D' ----------------------------------------------------------------- S&P Global Ratings lowered the rating on Conroe Local Government Corp.'s (CLGC) series 2021B subordinate second-lien hotel revenue bonds to 'D' from 'CCC-'. Recovery of subordinated debt will be subject to residual cash after recovery of senior debt at its default. S&P assumes a simulated default of senior debt in 2028 with 40% recovery, and therefore, a 0% recovery for the subordinated debt, indicating negligible (0%-10%) recovery. S&P will subsequently withdraw its rating on CLGC's series 2021B subordinate second-lien hotel revenue bonds in 30 days. On April 1, 2026, CLGC was delinquent on the interest payment for its series 2021B subordinate second-lien hotel revenue bonds due to underperformance of the hotel after its opening and insufficient liquidity in the dedicated debt service reserve account (DSRA). The CLGC, a political subdivision of the State of Texas and City of Conroe, Texas, issued $28.715 million of series 2021A first-lien hotel revenue bonds, $27.16 million of series 2021B second-lien hotel revenue bonds, and $21.215 million of third-lien hotel revenue and series 2021C subordinated contract revenue bonds. The series 2021C bonds are backed by contract revenue derived from sales tax revenue of the Conroe Industrial Development Corporation and not rated by S&P Global Ratings. The proceeds of series 2021A, 2021B, and 2021C bonds were used to 1) finance the costs to design, acquire, construct, equip, furnish, and open the hotel facilities in the full-service, upper-upscale, 250-room Hyatt Regency hotel located south of Downtown Conroe, 2) fund capitalized interest accounts and debt service reserves, and 3) pay certain issuing costs. Hotel facilities include 250 guestrooms, food and beverage facilities (restaurants and lounges), back-of-the-house areas and food preparation facilities, and other amenities (pool, fitness center, and business center). Separately, the City of Conroe issued certificates of obligation (COs) and obtained a loan and cash contribution from Conroe Industrial Development Corp. to fund the construction of the city facilities of the hotel. The COs are secured by the city's property tax revenue and rated 'AA+', equivalent to our general obligation rating on the City of Conroe. City facilities include convention center facilities in the hotel (31,000 square feet of ballrooms and conference rooms), the parking garage adjacent to the hotel, and certain public facilities. Though the hotel facilities and city facilities of the hotel are funded with different capital structures, S&P's ratings for series 2021A and 2021B consider both facilities' cash flows as part of the operations phase because the rated bonds are repaid with net revenues from both the city facilities and the hotel facilities, both of which are operated under one hotel service agreement with Hyatt. The series 2021A first-lien and 2021B second-lien bonds are secured by assets held in the trust estate as established in indenture, the second-lien bonds being subordinate to the first-lien bonds. The trust estate comprises net operating revenue from the hotel and all amounts in the project's funds and accounts held by the trustee under the indenture. CLGC owns the hotel facilities, and the City of Conroe owns the city facilities and the land. CLGC and the city entered into a ground lease agreement, under which the city, as lessor, leases the land that both the hotel and city facilities are on to CLGC for $1 dollar per year for a period of the earlier of 40 years after bond issuance or until bond repayment. The project's construction started in October 2021, and it reached substantial completion on April 19, 2023. The hotel has been open to the public since May 2023. Garfield Public/Private LLC is the project developer, and its fully owned subsidiary is the asset manager. S&P lowered the second-lien subordinate debt rating to 'D' because it views an interest payment not paid in full as a default. The project has been draining its liquidity to pay second-lien debt service since the hotel opened in 2023. Given the absence of any improvement in the hotel's operational or financial performance, there was no operational cash flow available and an insufficient amount in the second-lien DSRA to cover the interest payment due on April 1, 2026. The total insufficiency to pay the April 1 interest payment for second-lien bonds was $294,835.11, after the project transferred $21,591 from the third-lien bond service fund and $146,893 from the second-lien DSRA. The second-lien DSRA was depleted after the final withdrawal on April 1. Given this shortfall, S&P lowered the rating on the second-lien subordinate debt to 'D'. COOL SOLUTIONS: Creditors Win Bid for Automatic Stay Relief ----------------------------------------------------------- The Hon. Hannah L. Blumenstiel of the U.S. Bankruptcy Court for the Northern District of California granted the motion for relief from the automatic stay and for adequate protection filed by creditors Linda and Kamel Totah in the bankruptcy case of Cool Solutions Manufacturing Inc. The motion for relief from the automatic stay of landlord and creditor The Magaline Family Living Trust dated March 23, 2001 dba TRM Fourth Avenue is also granted. 1. Totahs' Motion is granted to the extent set forth in this Order as follows: a. The pending AAA arbitration #01-25-001-9448 as further described in the Totahs' Motion may proceed to completion including issuance of a decision by the arbitrators and confirming such decision by entry of judgment in the Santa Clara County Superior Court, provided that there shall be no enforcement of any decision against the Debtor while this bankruptcy case is pending. b. Relief from stay is granted retroactively to the bankruptcy petition date of January 19, 2026 as to the civil action styled as Cool Solutions Manufacturing Inc., et al. v. Kamel Totah et al. and related cross-actions, Case #25CV461457, pending in the Santa Clara County Superior Court (the "Superior Court Action") to validate all proceedings and orders of the Superior Court pertaining to the Totahs' motion to compel discovery and for sanctions in the Superior Court Action (the "Discovery Motion") as further described in the Totahs' Motion. Prospective relief from stay is also granted as to all future proceedings in the Superior Court Action through entry of judgment, provided that there shall be no enforcement of any order or judgment against the Debtor while this bankruptcy case is pending. c. Relief from stay is granted retroactively to January 23, 2026 as to the 120-day notice of termination of the lease with TRM issued by the Totahs pursuant to the Side Letter Agreement (the "Lease Termination Notice") as further described in the Totahs' Motion. Counsel for the parties agrees that the Lease Termination Notice shall expire on May 23, 2026 (the "Termination Date"). d. The proceeds from the Letter of Credit of $150,000.00 ("Letter of Credit Proceeds") drawn down by the Totahs shall be used by the Totahs to make payments to the Landlord for post-petition rent. After the $150,000 proceeds from the Letter of Credit are used pay Landlord for any amounts owing under the Lease, should any amounts remain owing, Debtor must make those payments to Landlord from funds it currently has on hand. To the extent the Totahs pay the Landlord any amount in excess of the Letter of Credit Proceeds, the Totahs shall subrogate to the administrative priority status of the Landlord pursuant to 11 U.S.C. Secs. 503(b)(1) and 507(d). This provision is without prejudice to any administrative priority claim otherwise held by the Landlord. All terms of the Lease and guaranty remain in effect. Should there remain a default under the Lease, Debtor and Totahs continue to remain liable. 2. The Landlord's Motion is granted to the extent set forth in this Order as follows: a. Relief from stay is granted to the Landlord to take all steps needed under California law to recover possession of the non-residential real property located at 178 West Hill Place, Brisbane, California (the "Property") effective upon the earlier of (i) the Termination Date, or (ii) the effective date of rejection of the Lease pursuant to any order of this Court issued pursuant to 11 U.S.C. Sec. 365(d), or (iii) expiration of the 120-day period to assume or reject the Lease pursuant to 11 U.S.C. Sec. 365(d). b. Upon the effective date of relief from the automatic stay, Landlord is authorized to take all actions required to recover possession of the Property, including the commencement of an unlawful detainer action in the state courts and enforcement of a writ of possession of the Property by the San Mateo County Sheriff. A copy of the Court's Order is available at https://urlcurt.com/u?l=6ilE8C from PacerMonitor.com. Attorneys for Creditors Linda and Kamel Totah: JULIE H. ROME-BANKS, Esq. RENO R.F. FERNANDEZ, Esq. Binder Malter Harris & Rome-Banks LLP 1625 The Alameda, Suite 101 San Jose, CA 95126 Telephone: (408) 295-1700 Email: julie@bindermalter.com Email: reno@bindermalter.com About Cool Solutions Manufacturing Inc. Cool Solutions Manufacturing, Inc. designs, manufactures, and installs commercial refrigeration systems, including insulated panels, doors, accessories, and related refrigeration equipment. The Company provides turnkey refrigeration and cold-storage solutions for grocery, food-service, food-processing, and pharmaceutical facilities, supporting both new construction and retrofit projects. It is headquartered in Brisbane, California, and serves customers nationwide. Cool Solutions Manufacturing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30046) on Jan. 19, 2026. In the petition signed by Luis Barbosa, president, the Debtor listed up to $50,000 in assets and up to $10 million in liabilities. Marc Voisenant, Esq., serves as the Debtor's counsel. COSMETIC MEDICINE: Gets Extension to Use Cash Collateral -------------------------------------------------------- Cosmetic Medicine Enterprises, Inc. and affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division to use cash collateral. At the recently held hearing, the court authorized the Debtor's continued use of cash collateral and set a further hearing for May 18. The Debtor was initially allowed to access cash collateral under the court's April 13 interim order. The interim order approved the payment of $41,726.48 in pre-petition employee wages and $58,273.52 in additional operational expenses from the cash collateral of Synovus Bank, a secured creditor. It granted secured creditors replacement liens on post-petition cash collateral, with the same validity, extent and priority as their pre-petition liens. The Debtors identify a wide array of secured creditors, with numerous lenders asserting liens on substantially all business assets, including accounts receivable, revenues, and other collateral. For Cosmetic Medicine Enterprises, asserted secured creditors include American Express, Citizens Bank, Carlton Capital, Dover Capital, Everest Business Funding, Meged Funding, ODK Capital, Parkview Advance, Pathway Funding, TD Bank, and Unique Funding Solutions, with claims in the hundreds of thousands. Similar multi-lender structures apply to M&M Products, LLC and Regenerative Processing Plant, LLC, involving merchant cash advance providers, revenue-based financiers, and institutions like the U.S. Small Business Administration and Synovus Bank, with claims from tens of thousands to several million. Additional lenders and investors also assert liens against Regener-Eyes LLC, West Florida Medical Investment Company, and the individual Harrell debtors. The creditors appear to have perfected security interests under Florida's secured transaction registry, although the Debtors expressly reserve all rights to dispute lien validity, priority, and enforceability. About Cosmetic Medicine Enterprises Inc. Cosmetic Medicine Enterprises Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02756) on April 3, 2026. In the petition signed by Marissa Morris Harrell, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Steve M. Berman, Esq., at Shumaker LLP, represents the Debtor as legal counsel. CRANE ENTERPRISES: Court Affirms Summary Judgment, Eviction Order ----------------------------------------------------------------- Judge Denise Cote of the U.S. District Court for the Southern District of New York denied the appeal styled CRANE, et al., Appellants,-v- CRANE ENTERPRISES LLC, Appellee, Case No. 25-cv-06793-DLC (S.D.N.Y.). On March 4, 2025, Crane Enterprises, LLC (the "Debtor") filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The Debtor holds a single asset: 99 shares in a cooperative apartment located in Long Beach, New York (the "Apartment"). On March 5, the Debtor commenced an adversary proceeding against Michael E. Crane and his son Daniel M. Crane (collectively, "Defendants"), asserting one count under Sec. 542 of the Bankruptcy Code, 11 U.S.C. Sec. 542, for an order directing Defendants to turnover possession of the Apartment to the Debtor. The United States Bankruptcy Court for the Southern District of New York granted summary judgment for the Debtor on its turnover claim in a decision of July 29 and an order of July 30. On August 15, Defendants filed a notice of appeal from the Bankruptcy Court's entry of final judgment. The Bankruptcy Court denied a stay of that decision pending appeal on August 20, and on August 22 entered an order authorizing the Debtor to evict the Defendants from the Apartment beginning at noon on September 5. On August 25, Defendants filed, in the District Court, an emergency motion to stay the Bankruptcy Court's Opinion of July 29, its Order of July 30, its Opinion of August 20, and its Order of August 22 pending appeal. The District Court denied Defendants' motion during an August 29 hearing. The Court concluded that Defendants failed to demonstrate a likelihood of success on the merits of their argument that the Bankruptcy Court clearly erred in its collateral estoppel holding. The Court also found that many of Defendants' remaining merits arguments were forfeited because they were not raised to the Bankruptcy Court in their summary judgment opposition brief below. Defendants challenge three of the Bankruptcy Court's decisions on appeal: (1) the July 29 Opinion and July 30 Order granting summary judgment to the Debtor on its turnover claim, (2) the August 20 Opinion and Order denying reconsideration and a stay of that July 29 and 30 Opinion and Order pending appeal, and (3) the August 22 Order permitting the Defendants' eviction from the Apartment. Defendants make three primary arguments to challenge the Bankruptcy Court's orders on appeal. First, they claim that the Bankruptcy Court erred in giving collateral estoppel effect to the 2024 New York state court judgment and failing to consider their arguments regarding the validity of the alleged "lifetime lease" on the merits. Second, Defendants contend that any collateral estoppel effect does not bind Daniel Crane because he was not a party to the New York action, and he does not meet various New York state law requirements to be a party in privity. Third, they request that this Court, "at an absolute minimum," rule that the August 22 Eviction Order improperly permitted self-help methods because it did not require that a Marshal be present at the time of eviction. All three arguments have been rejected multiple times -- by the District Court, the Bankruptcy Court, or the state courts below. The District Court finds Defendants' argument that the Bankruptcy Court erred in holding that collateral estoppel applied to preclude Defendants from relitigating the validity of their alleged "lifetime lease" fails. As Defendants concede, Michael Crane, opposed the eviction action in New York state court on the ground that "Michael and Daniel were signatories to a lifetime lease." In issuing a Judgment of Possession and Warrant of Eviction in favor of the Debtor, the New York state court necessarily rejected Michael's "lifetime lease" defense. Defendants only assert that the Bankruptcy Court erred in concluding that Daniel, Michael's son who was not a party to the New York state action, was estopped from litigating his rights as well. But, as both the Bankruptcy Court and the District Court have explained, issue preclusion may apply to a party that did not participate in the prior action but that is "sufficiently in privity" with parties who did, and Daniel is bound as a non-party "sufficiently in privity" with his father Michael. And Defendants' own theory depends on Daniel and Michael being cotenants on the alleged "lifetime lease" with identical rights, if any, to reside in the Apartment. Thus, the Bankruptcy Court did not err in concluding that Daniel, too, was estopped by the 2024 New York state judgment, the District Court finds. The Bankruptcy Court's Opinions and Orders of July 29, July 30, August 20, and August 22, 2025 are affirmed. A copy of the Court's Opinion and Order dated April 6, 2026, is available at http://urlcurt.com/u?l=rnOWIrfrom PacerMonitor.com. About Crane Enterprises LLC Crane Enterprises LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10405) on March 4, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge David S Jones handles the case. Brett Silverman, Esq., at Silverman Law PLLC represents the Debtor as counsel. CREDITO REAL SAB: Court Upholds Chapter 15 Recognition ------------------------------------------------------ In the appeal styled UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION, Appellant, v. CREDITO REAL S.A.B. DE C.V., SOFOM, E.N.R., et al., Appellees, Civ. No. 25-371 (D. Del.), Chief Judge Judge Colm F. Connolly of the U.S. District Court for the District of Delaware will affirm the order of the U.S. Bankruptcy Court for the District of Delaware granting recognition of Credito Real, S.A.B. de C.V., SOFOM, E.N.R.'s insolvency proceeding as a foreign main proceeding and enforcing the Chapter 15 Debtor's plan. On February 7, 2025, Credito Real, S.A.B. de C.V., SOFOM, E.N.R. (the "Chapter 15 Debtor"), a Mexican company, through its Foreign Representative, filed a Chapter 15 petition seeking, inter alia, (1) recognition of its insolvency proceeding (the "Concurso Proceeding") as a foreign main proceeding pursuant to section 1517 of the Bankruptcy Code; and (2) an order rendering assistance to the Mexican court, pursuant to sections 1521(a)(7) and 1507 of the Bankruptcy Code, by recognizing and enforcing the Chapter 15 Debtor's plan (the "Concurso Plan"), which had been approved by the Mexican court overseeing the Concurso Proceeding, and which contained a provision releasing certain direct claims (including, for fraud and other intentional wrongdoing) held by third parties against certain non-debtors -- a provision often referred to as a nonconsensual third-party release. Appellant, United States International Development Finance Corporation ("DFC"), an agency of the United States of America and claimant in the Concurso Proceeding, objected to the entry of an order granting full force and effect to the Concurso Plan based on the nonconsensual third-party release it contained. Relying on the Supreme Court's decision in Harrington v. Purdue Pharma LP, 603 U.S. 204 (2024), DFC argued that the Bankruptcy Court lacked statutory authority to approve such a release under Chapter 15 and that the release was "manifestly contrary to the public policy" of the U.S. within the meaning of § 1506 of the Bankruptcy Code. On March 11, 2025, the Bankruptcy Court issued its Order Granting (I) Recognition of Foreign Main Proceeding, (II) Full Force and Effect to Concurso Plan and Certain Related Relief (the "Enforcement Order"), overruling DFC's objection for the reasons set forth in its thorough opinion, In re Credito Real, S.A.B. de C.V., SOFOM, E.N.R., 670 B.R. 150 (Bankr. D. Del. 2025). On March 25, 2025, DFC filed a timely notice of appeal. On April 1, 2025, the Bankruptcy Judge issued his Opinion in support of the Enforcement Order. The Bankruptcy Judge addressed each of DFC's arguments, finding that Chapter 15's broad grant of authority permits enforcement of foreign court orders containing nonconsensual third-party releases. The court found Purdue to be inapplicable because the Supreme Court limited its decision to Chapter 11's specific provisions, which have no bearing on Chapter 15's separate framework for international comity and cooperation with foreign courts in foreign insolvency proceedings. The Bankruptcy Court emphasized procedural and fundamental fairness of the Concurso Proceeding and determined that creditor interests were sufficiently protected under section 1522 of the Bankruptcy Code. Finally, the Bankruptcy Court determined that the Release was not "manifestly contrary" to U.S. public policy, emphasizing the narrow construction of this exception and the availability of nonconsensual third-party releases in section 524(g) of the Bankruptcy Code. In this case, the Bankruptcy Court determined that enforcement of the Concurso Plan (including the Release) was proper under the broad authority granted by sections 1521(a) and 1507 of the Bankruptcy Code. DFC argues that the Bankruptcy Court erred in holding that it had the power to enforce a nonconsensual third-party release under Chapter 15. According to DFC, sections 1521(a)(7) and 1507(a) are "catch-all" provisions, and the Bankruptcy Court should have interpreted them in the same way that the Purdue court interpreted Sec. 1123(b)(6). In DFC's view, the Supreme Court's decision last year in Purdue provides a roadmap for interpreting broad, catch-all statutory language in the Bankruptcy Code, including the provisions of chapter 15 on which the Bankruptcy Court relied. DFC further argues that the court abused its discretion in enforcing the Concurso Plan as the Release is "manifestly contrary to the public policy" of the U.S. within the meaning of section 1506 of the Bankruptcy Code. According to the District Court, DFC's assertion that Purdue "provides a roadmap" to interpret provisions in Chapter 15 fails to account for the fundamental structural and functional differences between Chapter 11 and Chapter 15. The catch-all provisions in Chapter 15 are part of a recognition and enforcement framework, drafted specifically to empower courts to assist foreign proceedings where appropriate. The District Court holds the Bankruptcy Court did not err in rejecting the effort to conflate these frameworks and holding that Purdue has no bearing on whether the Release may be recognized in a Chapter 15 case. The Bankruptcy Court further determined that enforcement of the Concurso Plan (including the Release) and Concurso Order was authorized under both sections 1521(a) and 1507. DFC argues that section 1521(a) does not authorize third-party releases because they are "not specifically enumerated" and it says the Bankruptcy Court's reliance on section 1521(a)(7) was misplaced. But section 1521(a) allows the court to grant any appropriate relief to a Chapter 15 debtor in order to preserve the value of the debtor's assets and facilitate the administration of the foreign proceeding. As the Bankruptcy Court found, this provision explicitly grants broad judicial discretion, including the ability to enforce the terms of a foreign restructuring plan. DFC's focus on the unavailability of third-party releases under Chapter 11 also ignores the broader language of section 1521(a), which expressly permits any appropriate relief necessary to effectuate the objectives of Chapter 15. According to the District Court, when read together, sections 1521(a) and 1521(a)(7) grant courts broad discretion to approve relief that protects debtor assets and creditor interests, unless explicitly excluded, and third-party releases are not among those exclusions. In sum, by authorizing any appropriate relief, section 1521 empowers courts to facilitate outcomes in foreign proceedings that promote fairness, comity, and the efficient resolution of cross-border insolvencies. The Bankruptcy Court's decision that the Release could be enforced under section 1521(a) is supported by the text and purpose of Chapter 15, the District Court concludes. DFC argues that this application of comity is optional, claiming that a bankruptcy court can fully satisfy its statutory duty of comity without providing any discretionary relief requested under Sections 1507 or 1521. The District Court further finds the Bankruptcy Court did not clearly err in finding that the Concurso Proceeding included these hallmarks of procedural fairness and did not violate section 1507(b). The Bankruptcy Court carefully reviewed the record and found that the Concurso Proceeding provided DFC and other creditors with notice, an opportunity to be heard, and meaningful judicial review. According to the District Court, the Bankruptcy Court did not err in holding that section 1507(a) authorizes enforcement of third-party releases where the relief aligns with the principles of comity, fairness, and U.S. public policy. Nor did it abuse its discretion in extending comity to the Mexican Court's judgment, which it found to be the product of a procedurally sound, transparent, and equitable restructuring process. DFC has provided no basis to determine that finding was clearly erroneous. Judge Connolly holds, "It is well settled that U.S. bankruptcy courts can give effect to foreign orders in recognized foreign proceedings pursuant to the authority granted in Chapter 15, even when those orders contain relief unavailable under U.S. law. DFC's arguments misconstrue the Supreme Court's narrow holding in Purdue, applicable in Chapter 11 cases, as well as the statutory framework of Chapter 15 and its core policy objectives. Accordingly, I will affirm the Enforcement Order." A copy of the Court's Opinion is available at https://urlcurt.com/u?l=5RNWy3 from PacerMonitor.com. Counsel for Appellant: Benjamin Butterfield, Esq. Theresa Foudy, Esq. Darren Smolarski, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Phone: (212) 468-8000 Fax: (212) 468-7900 E-mail: bbutterfield@mofo.com tfoudy@mofo.com dsmolarski@mofo.com Kevin M. Capuzzi, Esq. John C. Gentile, Esq. BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP 1313 North Market Street Suite 1201 Wilmington DE 19801 Phone: (302) 442-7010 Fax: (302) 442-7012 E-mail: kcapuzzi@beneschlaw.com jgentile@beneschlaw.com Counsel for Appellees: John K. Cunningham, Esq. Richard S. Kebrdle, Esq. Claire M. Campbell, Esq. WHITE & CASE LLP, 1221 Avenue of the Americas New York, NY 10020-1095 Phone: (212) 819-8200 Fax: (212) 354-8113 E-mail: jcunningham@whitecase.com rkebrdle@whitecase.com claire.campbell@whitecase.com Jason N. Zakia, Esq. WHITE & CASE LLP 300 N. LaSalle Drive Chicago, IL 60654 Phone: (312) 881-5400 Fax: (312) 881-5450 E-mail: jzakia@whitecase.com Mark D. Collins, Esq. John H. Knight, Esq. Amanda Steele, Esq. RICHARDS LAYTON & FINGER P.A., One Rodney Square 920 North King Street Wilmington, DE 19801 Phone: (302) 651-7700 Fax: (302) 651-7701 E-mail: collins@rlf.com knight@rlf.com steele@rlf.com About Credito Real SAB Credito Real SAB de CV SOFOM ENR is a Mexico-based company that provides consumer financing. Credito is Mexico's biggest payroll lender and second largest non-bank lender after Real Unifin. Credito Real provides loans, either by providing direct financing to consumers or by establishing financing programs with consumer financing dealers that sell to Credito Real the collection rights from consumer financing products. It also provides financing directly to individuals that are employed by corporations with payroll deduction agreements with consumer financing dealers authorized by Credito Real. Credito Real operates through a number of subsidiaries, including AFS Acceptance LLC. Three alleged creditors signed a petition to send Credito Real to Chapter 11 bankruptcy on June 22, 2022 (Bankr. S.D.N.Y. Case No. 22-10842). Institutional Multiple Investment Fund LLC, of Boston, Massachusetts; Banco Monex, S.A., of Mexico, and Solitaire Fund, of Liechtenstein, who claim to own an aggregate $8 million of unsecured bond debt, signed the involuntary Chapter 11 petition. David H. Botter, Esq., at Akin Gump Strauss Hauer & Feld LLP is advising the three bondholders. Despite efforts by bondholders to force the company to pursue a Chapter 11 restructuring in the U.S., the Debtor opted to pursue proceedings in Mexico instead. On June 28, 2022, Angel Francisco Romanos Berrondo, one of the Debtor's shareholders and the former CEO of Credito Real, filed a petition, in his capacity as a shareholder, with the Mexican Court seeking to commence the Mexican Liquidation Proceeding. On June 30, 2022, the Mexican Court entered an order commencing the dissolution and liquidation proceedings for the Company and appointing Mr. Fernando Alonso-de-Florida Rivero as the Mexican Liquidator. The liquidator for Credito Real filed a Chapter 15 bankruptcy petition (Bankr. D. Del. Case No. 22-10630) on July 14, 2022, to seek U.S. recognition of the Mexican proceedings. The petition was signed by Robert Wagstaff, the foreign representative of the liquidator. Richards, Layton & Finger, P.A., led by John HenryKnight, is counsel in the U.S. case. CT&C FAB: Gets Final OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the District of Utah granted CT&C Fab, LLC authorization to use cash collateral on a final basis. The order authorized the Debtor to use cash collateral through June 30 in accordance with a court-approved budget. The Debtor may use these funds to cover essential operating expenses, including payroll, contractor payments, and other employee-related obligations, with a permitted variance of up to 10% of the total approved budget. The Debtor projects total operational expenses of $548,200 for the period from Jan. to June. As part of adequate protection for secured creditors, the court approved monthly payments of $2,064.73 to the Internal Revenue Service and $800 to Highland Capital Corp. Additionally, creditors with an interest in cash collateral such as the IRS, Utah State Tax Commission, and Utah Department of Workforce Services will be granted replacement liens to protect against any decline in the value of their collateral. This final order ensures the Debtor can continue normal business operations while protecting creditor interests, and it remains effective through the specified period or until further court action, including plan confirmation. The final order is available at https://is.gd/uN8JWj from PacerMonitor.com. About CT&C Fab LLC CT&C Fab LLC is a Utah-based steel fabrication and welding company providing structural and miscellaneous steel fabrication and related services for industrial and construction projects in the Salt Lake City area. CT&C Fab LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 25-27781) on December 28, 2025, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by David Sullivan as managing member. Judge Peggy Hunt presides over the case. Brian D. Johnson, Esq. at BRIAN D. JOHNSON, P.C. serves as the Debtor's counsel. D WOOD HOTEL: Hires Bang Realty as Real Estate Broker ----------------------------------------------------- D Wood Hotel, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Corina Palekar of Hotel Brokers of America, and Brian Brockman of Bang Realty, as real estate brokers. The firm will market and sell the Debtor's hotel named "Super 8 by Wyndham Woods Cross/Salt Lake City North" located at 2433 South 800 West Woods Cross, UT 84087. The firms will be paid a 3 percent commission, with Brockman of Bang Realty to retain ten percent, and Hotel Brokers of America to receive ninety percent of the total commission. As 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 at: Corina Palekar Hotel Brokers of America 12655 North Central Expressway, Suite 550 Dallas, TX 75243 Tel: (661) 808-4998 - and - Brian Brockman Bang Realty 2939 Vernon Place Cincinnati, OH 45219 Tel: (513) 898-1551 About D Wood Hotel, LLC D Wood Hotel, LLC owns and operates the Super 8 by Wyndham Woods Cross/Salt Lake City North at 2433 South 800 West, Woods Cross, Utah, providing economy-style lodging services in the hospitality industry. The property functions as a motel offering accommodations, basic amenities, and guest services to travelers in the Salt Lake City metropolitan area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43559) on November 24, 2025. In the petition signed Larry Williams, corporate representative, the Debtor disclosed up to $10 million in assets and up to $100 million in liabilities. Judge Brenda T. Rhoades oversees the case. John Paul Stanford, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C., represents the Debtor as legal counsel. DADA MOE: Mark Politan Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Mark Politan, Esq., at Politan Law, LLC, as Subchapter V trustee for Dada Moe Bistro, LLC. Mr. Politan will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Politan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark J. Politan, Esq. Politan Law, LLC 88 East Main Street #502 Mendham, NJ 07945 Cell: (973) 768-6072 mpolitan@politanlaw.com About Dada Moe Bistro LLC Dada Moe Bistro, LLC is a hospitality business engaged in restaurant and food service operations. Dada Moe Bistro sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13698) on April 2, 2026. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $100,001 and $500,000. The Debtor is represented by Andre L. Kydala, Esq., at Andre Kydala, Esq. DEDICATION & EVERLASTING: Gets Court OK to Use Cash Collateral -------------------------------------------------------------- Todd Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue), received approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. Under the order, the trustee is authorized to use cash collateral in accordance with an approved budget to keep the Debtor operating and cover necessary expenses during the bankruptcy case. The court also granted flexibility in spending, allowing the trustee to deviate from the approved budget by up to 15% on an aggregate basis. This provides operational leeway to address unforeseen costs while maintaining overall financial discipline. As adequate protection, secured creditors will be granted replacement liens. The court directed the trustee to complete any paperwork required by Merrill in order for him to become authorized on the Merrill Accounts ending in -4A17 and -2928. A copy of the court order is available at https://shorturl.at/Ox24t from PacerMonitor.com. The Debtor's assets include approximately $547,000 in cash, over $14 million in Merrill Lynch investment accounts, and multiple unencumbered real properties. The judgment creditor holds liens on the Debtor's cash and investments but remains adequately protected given the estate's significant equity cushion exceeding $12 million. During the interim period, the trustee aims to pursue mediation with the judgment creditor, the Debtor's insurance carrier, and the City of El Monte to address pending disputes and the potential abandonment of certain property. The trustee expects these efforts to advance case resolution in 2026. D.E.L.T.A. Rescue, a large "no-kill, care-for-life" animal sanctuary based in Acton, California, filed for Chapter 11 protection on May 9 following a nearly $2.9 million judgment obtained by a former employee, Adriana Duarte Valentines. About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. Todd A. Frealy is the Chapter 11 trustee appointed in the Debtor's case. DEL CAMPO AL: Seeks to Hire Luis D. Flores Gonzalez as Counsel -------------------------------------------------------------- Del Campo Al Norte Restaurant Corporation seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Law Offices of Luis D. Flores Gonzalez as counsel. The firm will render these services: (a) counsel the Debtor with respect to its duties, powers, and responsibilities in this case under the laws of United States and Puerto Rico in which it conducts its operations, do business, or is involved in litigation; (b) advise the Debtor in connection with its reorganization planning; (c) assist the Debtor with respect to all negotiation with creditors for the purpose arranging a feasible Plan of Reorganization; (d) prepare on behalf of the Debtor the necessary legal documents as may be needed in present case; (e) appear before the Bankruptcy Court, in which the Debtor asserts a claim or defense directly or indirect related to the present bankruptcy case; and (f) provide other legal services for the Debtor required in this proceedings, or related with operation. The firm will be paid at these hourly rates: Luis Flores Gonzalez, Attorney $250 Legal Assistants $60 Other Paraprofessional $40 Prior to the filing of this petition, the firm received a retainer in the amount of $5,000 from the Debtor. Mr. Flores Gonzalez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Luis D. Flores Gonzalez, Esq. Law Offices of Luis D. Flores Gonzalez Suite MZ-9 VIG Tower Santurce, PR 00907 Telephone: (787) 758-3606 Email: ldfglaw@yahoo.com About Del Campo Al Norte Restaurant Del Campo Al Norte Restaurant Corporation operates in the restaurant and food service industry, providing dining and hospitality services. Del Campo Al Norte Restaurant Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01003) on March 9, 2026. In its petition, the Debtor reported estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor is represented by Luis D. Flores Gonzalez, Esq. DEL MONTE: Settlement Approval Order Not Suitable for Direct Appeal ------------------------------------------------------------------- The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey denied the the request of the Ad Hoc Group of Minority Secured Lenders of Del Monte Foods Corporation II Inc. (the "Movants") seeking certification of this Court's Order (A) Approving the Settlement Reached Among the Mediation Parties and (B) Granting Related Relief (the "Settlement Approval Order") for direct appeal to the United States Court of Appeals for the Third Circuit (the "Motion"). The Settlement Approval Order was entered following a two-day evidentiary hearing and resolved disputes among key stakeholders, including the Debtors, the Majority Group, and the Official Committee of Unsecured Creditors. The settlement provided, among other things, for an $8 million recovery to general unsecured creditors and resolved potential litigation that, according to the record, threatened to disrupt the Debtors' restructuring and sale process. The Movants, who opposed the settlement, now seek certification of a direct appeal of the Settlement Approval Order to the Third Circuit. The Movants contend that certification is warranted because the Settlement Approval Order presents specific questions of law appropriate for immediate review under 28 U.S.C. Sec. 158(d)(2). They frame the issues on appeal as whether the Settlement Approval Order violates core provisions of the Bankruptcy Code governing creditor treatment -- specifically, whether the settlement structure is impermissible under 11 U.S.C. Secs. 1129(b)(1) and 1123(a)(4). In this regard, Movants argue that the settlement provides consideration to general unsecured creditors while excluding Movants, notwithstanding Movants' asserted entitlement to priority as secured creditors, and that such treatment raises legal questions concerning both unfair discrimination and equal treatment among similarly situated creditors. They further contend that these issues present pure questions of law, including whether, and to what extent, statutory requirements typically applied in the plan confirmation context -- such as the prohibition on unfair discrimination and the requirement of equal treatment within a class -- apply to settlements approved under Bankruptcy Rule 9019. They assert that the Court's approval of the settlement without resolving these statutory questions warrants immediate appellate review. Movants also assert that immediate appeal would materially advance the progress of the case, arguing that the legality of the settlement structure is central to the Debtors' restructuring and that resolving these issues now would avoid the risk of later disruption. The Debtors argue that the Motion seeks to reframe a fact-intensive settlement approval as a legal question suitable for direct appeal. They contend that Movants did not clearly raise an "unfair discrimination" objection before this Court and therefore cannot rely on that theory as a basis for certification. the Debtors argue that the question presented is not a "pure" legal issue but instead involves the application of well-established legal standards to a detailed factual record developed through extensive briefing and a two-day evidentiary hearing. The Debtors submit that certification will not materially advance the progress of the case. To the contrary, according to the Debtors, the settlement is a central component of the Debtors' restructuring efforts, and an immediate appeal would risk delay and disruption. The Majority Group joins in the Debtors' opposition and advances additional arguments. As a threshold matter, the Majority Group argues that Movants lack appellate standing because they cannot demonstrate that they would receive any recovery even if the settlement were unwound. The Majority Group further contends that Movants have not satisfied any of the statutory criteria for certification and, in addition, submit that Movants failed to preserve the arguments they now seek to raise on appeal. In particular, the Majority Group asserts that Movants did not adequately present their unfair discrimination or related statutory arguments in connection with the settlement approval proceedings and therefore cannot rely on those arguments as a basis for certification. This Court is not persuaded that the Settlement Approval Order presents a suitable vehicle for direct appeal. According to the Court, the approval of a settlement under Bankruptcy Rule 9019 is inherently a fact-intensive determination requiring the Court to assess, among other things, the probability of success in litigation, the complexity, expense, and likely duration of such litigation, and the paramount interests of creditors. These considerations necessarily require the Court to weigh competing evidence, evaluate risks, and exercise its discretion based upon the particular circumstances of the case. The Court finds the Settlement Approval Order does not present the type of purely legal issue contemplated by Sec. 158(d)(2) but rather reflects a fact-bound application of settled law, making it an unsuitable candidate for direct appeal. A copy of the Court's Letter Ruling dated April 2, 2026, is available at https://urlcurt.com/u?l=HUwRhY from PacerMonitor.com. About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. DENVER SPRING: Hires Kutner Brinen Dickey Riley PC as Counsel ------------------------------------------------------------- Denver Spring & Suspension seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. as bankruptcy counsel. The firm's services include: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a Chapter 11 plan of reorganization; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Section 362; and (e) perform all other legal services for the Debtor which may be necessary. The firm will be paid at these hourly rates: Jeffrey S. Brinen $600 Jonathan M. Dickey $425 Keri L. Riley $410 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. Mr. Riley 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: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: jmd@kutnerlaw.com About Denver Spring & Suspension Denver Spring & Suspension filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-12159) on April 1, 2026, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Thomas B Mcnamara presides over the case. Keri L. Riley, Esq. at Kutner Brinen Dickey Riley, P.C serves as the Debtor's counsel. EDDIE BAUER: Store Operator Gets Chapter 11 Plan NJ Court Approval ------------------------------------------------------------------ Ben Zigterman of Law360 reports that a New Jersey bankruptcy judge indicated Thursday, April 16, 2026, she would approve the Chapter 11 liquidation plan for a company running Eddie Bauer stores, after the debtor struck a deal with lenders and creditors last month. The settlement eliminated major objections to the proposed plan. The agreement created consensus among stakeholders on how to handle asset sales and creditor recoveries, allowing the debtor to move forward with minimal resistance. The court noted that the resolution paved the way for a smoother confirmation process, the report states. Once confirmed, the plan will guide the company through a structured liquidation, including the distribution of proceeds to creditors. The case is now entering its final phase as the debtor winds down its business, according to Law360. About Eddie Bauer LLC Eddie Bauer is an outdoor apparel brand was founded in Seattle in 1920 and has built a reputation around clothing and gear for hiking, travel, and outdoor recreation. It sells outdoor apparel, footwear, and equipment designed for travel and adventure. The company currently reports operating over 250 locations throughout North America. Eddie Bauer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11422) on February 9, 2026. In its petition, the Debtor reports Honorable Bankruptcy Judge Stacey L. Meisel handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. EDELMAN FINANCIAL: Moody's Affirms B3 CFR, Rates New Term Loan B3 ----------------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and the B3-PD probability of default rating of The Edelman Financial Engines Center, LLC (Edelman) following the company's announcement of a refinancing of its senior secured bank credit facilities. At the same time, Moody's assigned a B3 rating to Edelman's new senior secured first-lien term loan and senior secured first-lien revolving credit facility. The outlook remains stable. Edelman plans to raise a new $2.715 billion senior secured first-lien term loan. Proceeds will be used to refinance the existing first-lien term loan and to repay $575 million outstanding under the company's second-lien term loan. Additionally, Edelman intends to increase the size of its revolving credit facility to $300 million and extend its maturity by five years. RATINGS RATIONALE The ratings affirmation reflects the leverage-neutral impact of the proposed transaction. Pro forma leverage is expected to remain unchanged at 5.7x, based on fiscal year 2025 results. Although Edelman has delevered in recent years, supported by strong free cash flow generation, its financial flexibility remains constrained by elevated leverage and aggressive financial policies, including a demonstrated willingness to prioritize shareholder dividends. In recent years, Edelman has experienced persistent net outflows, which have weakened asset resiliency. These outflows were mainly driven by elevated plan sponsor terminations, partly attributable to corporate consolidation, but also to changes in its lead generation strategies which have resulted in lower levels of inflows in its Wealth Planning business. While the ultimate success of the company's revised growth strategy remains uncertain, investments made to support new client origination showed early signs of improvement in the third quarter of 2025, when Edelman reported positive net flows of $0.8 billion. Edelman's flexible cost structure has supported pretax income margins of about 10%, which are above levels typical for its rating category. The company's cash generative business model is sufficient to fund ongoing operations and supported a $300 million dividend to its private equity sponsors in the first quarter of 2026. Edelman also benefits from a strong competitive position as a leading provider of managed account solutions for 401(k) plans. Despite still weak organic growth, the company has maintained solid financial performance, primarily reflecting favorable market conditions. The assignment of a B3 rating to the company's backed senior secured first-lien term loan is one notch lower than the B2 rating assigned to its previous senior secured bank credit facility. This change reflects the elimination of Edelman's second-lien debt, which had previously served as a loss-absorbing cushion that contributed to a higher rating for the first-lien instruments. With the removal of this subordinated layer, the expected loss given default for the first-lien debt increases, as the capital structure now consists of a single class of debt. The stable outlook reflects Moody's expectations that asset resiliency will improve as the company's marketing and client development initiatives gain traction, supporting modest growth and continued positive operating performance over the next twelve months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade in Edelman's ratings include: (1) sustained debt-to-EBITDA below 5.5x; (2) sustained positive organic asset growth; or (3) a pre-tax income margin consistently above 15%. Conversely, factors that could lead to a downgrade of Edelman's ratings include: (1) debt-to-EBITDA exceeding 7.5x for a sustained period; (2) declines in customer acquisition and retention rates, as well as fee rates; or (3) sustained weakening of the company's liquidity profile. The principal methodology used in these ratings was Asset Managers published in May 2024. Edelman's standalone credit profile adjusted score of B3 is positioned five notches below the standalone credit profile before qualitative notching factors of Ba1. The downward adjustment reflects the company's aggressive financial policy, including dividend recapitalizations, which has resulted in elevated leverage. In addition, Edelman's organic asset growth remains weak relative to wealth management peers that have demonstrated sustained positive asset growth. EEW AMERICAN: Court OKs Interim Cash Collateral Access, DIP Loan ---------------------------------------------------------------- EEW American Offshore Structures Inc. and EEW AOS Paulsboro Urban Renewal, LLC, received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral and obtain financing to get through bankruptcy. The court-approved financing is a debtor-in-possession facility totaling $6.5 million in new money to be provided by DiScho Vermögensverwaltung GmbH & Co. KG, an affiliate of the Debtors' parent and existing lender. The facility includes a "roll-up" feature, where approximately $9.67 million in pre-petition debt will be converted into post-petition DIP obligations. Under the interim order, the Debtors may borrow up to $500,000 in new money, plus additional amounts allowed under the DIP credit agreement, along with a roll-up of pre-petition secured debt equal to the new advances. The DIP loan carries a 5% annual interest rate and is set to mature on Dec. 31, or upon the closing of a sale of the Debtors’ assets. In exchange for this financing, the Debtors offer to grant DiScho superpriority administrative expense status and senior secured liens on substantially all of their assets. There is also a "carveout" provision to ensure that statutory fees and professional fees for the Debtors' and the creditors' committee's attorneys can be paid, up to specified caps, even in the event of a default. To ensure the bankruptcy proceeds expeditiously, the DIP facility is contingent upon the Debtors meeting a series of strict case milestones. These deadlines require the court to approve bidding procedures and a final financing order within 28 days of the filing. The timeline further mandates that an auction for the assets be conducted within 75 days, with a final sale approved by the court within 90 days. The entire process is intended to culminate in the confirmation of a Chapter 11 plan within 150 days. The Debtors, which operate out of Paulsboro, New Jersey, entered the bankruptcy process with minimal cash and require immediate liquidity to maintain operations and fund a sale process of their assets managed by Hilco Corporate Finance. They argued that without this financing, they will face irreparable harm and be unable to meet basic operational expenses or administrative costs. The Debtors' request for financing is necessitated by an overleveraged pre-petition capital structure totaling $9,675,874 in secured debt, primarily held by DiScho. This debt is comprised of a $900,857 bridge loan (the pre-petition secured note) issued in March to prepare for the bankruptcy, and a series of six intercompany term loans dating back to March 2025, which total approximately $8.77 million. Because these obligations encumber nearly all the Debtors' assets, the Debtors began negotiating with DiScho in mid-March after determining that no third-party lender would provide unsecured credit given their high level of debt. The Debtors said that the terms of the DIP Facility are reasonable and represent the best available option under the circumstances, adding that their dire financial state prevented a lengthy marketing process for alternative financing but the 5% interest rate is actually below market value. The final hearing is set for April 30. The deadline for filing objections is on April 23. A copy of the interim DIP order is available at https://is.gd/yU7wBY from PacerMonitor.com. About EEW American Offshore Structures Inc. EEW American Offshore Structures Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-13901-JNP) on April 8, 2026. In the petition signed by Tom Pratt, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. Brett S. Theisen, Esq., at Connell Foley LLP, represents the Debtor as legal counsel. DiScho Vermögensverwaltung GmbH & Co. KG, as DIP Lender, is represented by: Ericka F. Johnson, Esq. Daniel N. Brogan, Esq. Steven D. Adler, Esq. BAYARD, P.A. 600 N. King Street, Suite 400 Wilmington, DE 19801 Telephone: (302) 655-5000 ejohnson@bayardlaw.com dbrogan@bayardlaw.com sadler@bayardlaw ESJ TOWERS: Court Narrows Claims in "Nalley" Lawsuit ---------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico denied, in part, and granted in part, the motion to dismiss filed by Black Briar Advisors, LLC and Stephen L. Nalley in the adversary proceeding captioned as COMMITTEE OF UNSECURED CREDITORS FOR ESJ TOWERS, INC., Plaintiffs vs. STEPHEN L. NALLEY; BLACK BRIAR ADVISORS LLC Defendants, ADVERSARY NO. 25-00027 (Bankr. D.P.R.). On December 18, 2022, the Debtor entered into a Management Agreement with Black Briar pursuant to which Black Briar would manage the Debtor's operations. Concurrently with the execution of the Management Agreement, Mr. Nalley assumed the role of the Debtor's Acting General Manager. On July 2, 2025, the Committee filed an Amended Complaint against Black Briar and Mr. Nalley, asserting three (3) causes of action: a. Count I: Avoidance and Disgorgement Against Black Briar. The Committee asserts that the Management Agreement, the services performed thereunder, and the fees received therefrom of approximately $600,000 did not receive court approval in violation of Sections 330 and 549 of the Bankruptcy Code, and seeks to avoid and disgorge said amount pursuant to Sections 329, 330 and 550 of the Bankruptcy Code, together with prejudgment interest. b. Count II: Breach of the Management Agreement Against Black Briar. The Committee seeks direct and consequential damages "of several hundred thousand dollars" on account of Black Briar's alleged breach of the Management Agreement. The Committee alleges that Black Briar breached the Management Agreement by terminating the Management Agreement without the required notice. The Committee alleges that Black Briar's breach of the Management Agreement caused Debtor to suffer damages including an inability to pay fees owed to the U.S. Trustee when the second quarter payment became due on July 31, 2024. c. Count III: Breach of Fiduciary Duties Against Mr. Nalley. The Committee seeks compensatory and punitive damages "in an amount to be determined at trial" on account of Mr. Nalley's alleged breach of fiduciary duties to the Debtor. The Committee alleges that Mr. Nalley breached his fiduciary duties to the Debtor by authorizing and/or making hundreds of thousands of dollars in payments to professionals (including Black Briar) and other parties that were outside the ordinary course of business and were not authorized by the Court. The Committee alleges that Mr. Nalley's breach of fiduciary duties caused substantial damage to the Debtor and its creditors, including (i) unpaid fees to the U.S. Trustee when the second quarter payment became due on July 31, 2024, (ii) professional fees that the Debtor and the Committee incurred in connection with the termination of timeshare contracts, and (iii) Debtor's loss of its share of insurance proceeds. With respect to Count I, Defendants argue that the Management Agreement was entered into in the ordinary course of the Debtor's business, that notice and hearing was not required pursuant to 11 U.S.C. Secs. 363(c)(1), 1107(a). In the alternative, Defendants argue that to the adversary proceeding was filed on May 21, 2025, any claim seeking disgorgement of fees paid before May 21, 2023 are time barred under 11 U.S.C. Sec. 549(d). With respect to Count II, Defendants argue that the action fails to satisfy the minimum pleading requirements of Fed. R. Civ. P. 8(a) and 9(b) by, inter alia, failing to describe with sufficient particularity which terms of the Management Agreement were allegedly breached, how Black Briar breached those terms, what false misrepresentations were made by Black Briar, who made them and when. They also argue that Count II fails to plead the elements applicable to a breach of contract claim under Puerto Rico law as there is no causal nexus between the purported termination of the Management Agreement and the damages asserted, and that damages in a contract action are limited to those which are "reasonably foreseeable". With respect to Count III, Defendants argue that: (i) the Committee does not have standing to pursue, on the Debtor's behalf, claims that accrued after the Confirmation Date (May 21, 2024) as per the terms of the confirmed plan; (ii) Mr. Nalley personally did not owe a fiduciary duty to the Debtor because the Management Agreement was entered by the Debtor and Black Briar; (iii) any claim that the Debtor may have had for injuries that it suffered prior to the Confirmation Date are time-barred by Puerto Rico's general tort statute, 31 L.P.R.A. Sec. 10801 (2020), which has a one-year statute of limitations; and (iv) Mr. Nalley is not liable to the Debtor under 31 L.P.R.A. Sec. 10801 (2020) because each theory underlying Count III fails to satisfy one or more elements. The court finds the Committee has adequately pleaded that the Management Agreement was not entered into in the ordinary course, and the record, at this stage in the proceedings, does not support Defendants' conclusory statements as the transaction's ordinariness. Dismissal as this juncture is thus not appropriate. Consequently, the court denies Defendants' request for dismissal of Count I with respect to fees received from May 21, 2023 onward. Partial dismissal of Count I is appropriate with respect to fees received prior to May 21, 2023. Under the Management Agreement, Black Briar had the authority to unilaterally terminate the agreement prior to expiration of the initial term. Whether Black Briar breached its duty to provide prior written notice of termination is a question of fact. Consequently, the court denies Defendants' request for dismissal of Count II solely with respect to claims arising from Black Briar's unilateral termination of the Management Agreement. All other alleged breaches for which "sufficient factual matter" is not alleged, and are unsupported by reference to any specific contractual provision, are dismissed. The question of whether, in a particular factual setting, a fiduciary relationship exists is a question of fact. Consequently, the court denies Defendants' request for dismissal of Count III. A copy of the Court's Opinion and Order dated April 6, 2026, is available at http://urlcurt.com/u?l=XslcPFfrom PacerMonitor.com. About ESJ Towers ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury apartments and condo units at ESJ Towers have direct access to Isla Verde Beach, widely considered one of the best in Puerto Rico. ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as 50 million in both assets and liabilities. ESJ President Keith St. Clair signed the petition. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as special counsels; Dage Consulting CPAS, PSC as financial advisor; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and De Angel & Compania, PA, LLC as auditor. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 12, 2022. The committee tapped the Law Office of Jonathan A. Backman as lead bankruptcy counsel; Julio Cesar Alejandro Serrano, Esq., at JCAS Law as local counsel; and Dage Consulting CPAS, PSC as financial advisor. The court confirmed the Debtor's Chapter 11 plan of reorganization on May 21, 2024. ESTHER SCHOOL: Seeks to Hire 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 as certified public accountants. The firm will provide general accounting and financial services to the Debtor. The Debtor has agreed to compensate Stonecipher on an hourly basis in accordance with its ordinary and customary rates. Stonecipher is disinterested as such term is defined by Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Brenda Stonecipher, CPA Stonecipher Consulting Everett, WA, USA Brenda@StoncipherConsulting.com Tel: (425) 308-9849 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. ESTHER SCHOOL: Taps Anthony & Partners PLLC as Bankruptcy Counsel ----------------------------------------------------------------- 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 Anthony & Partners, PLLC to handle the bankruptcy proceedings. The Debtor paid a retainer of $50,000 to A&P as a pre-petition retainer. The firm will be paid at these hourly rates: John A. Anthony, Senior Partner $610 Stephenie Biernacki Anthony, Senior Partner $485 Catherine Gay, Paralegal $175 Carissa Fosdick, Paralegal $175 As disclosed in the court filings, Anthony & Partners, PLLC does not represent or hold any interest adverse to the Debtor or to the estate with respect to the matters upon which it is to be engaged which would preclude its employment. The firm can be reached through: John A. Anthony, Esq. Stephenie Biernacki Anthony, Esq. Anthony & Partners, PLLC 100 South Ashley Drive, Suite 1600 Tampa, FL 33602 Telephone: (813) 273-5616 Telecopier: (813) 221-4113 Email: janthony@anthonyandpartners.com santhony@anthonyandpartners.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. FABRICATION DESIGNS: Hires Tydings & Rosenberg LLP as Attorneys --------------------------------------------------------------- Fabrication Designs, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Tydings & Rosenberg LLP as attorneys. The firm's services include: a. providing the Debtor legal advice with respect to its powers and duties as a debtor in possession and in the operation of its business; b. representing the Debtor in defense of any proceedings instituted to obtain relief from the automatic stay under Section 362(a) of the Bankruptcy Code; c. preparing any necessary applications, answers, orders, operating reports and other legal papers, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor; d. assisting the Debtor with any sale of its assets under Section 363 of the Bankruptcy Code; e. assisting the Debtor in the preparation of schedules, statement of financial affairs, and any amendments thereto which the Debtor may be required to file in this case; f. assisting the Debtor in the preparation of a plan; g. prosecuting affirmative claims on behalf of the Debtor seeking the recovery of any assets; h. assisting the Debtor with other legal matters, including, among others, securities, corporate, real estate, tax, intellectual property, employee relations, general litigation, and bankruptcy legal work; and i. performing all of the legal services for the Debtor which may be necessary or desirable in this bankruptcy case. The hourly rates of the firm's counsel are: Partners $500 to $700 per hour Associates $300 to $400 per hour Legal assistants $175 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $20,000 from the Debtor. Tydings & Rosenberg LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joseph M. Selba, Esq. Tydings & Rosenberg LLP 1 East Pratt Street, Suite 901 Baltimore, MD 21202 Telephone: (410) 752-9700 E-mail: jselba@tydings.com About Fabrication Designs, Inc. Fabrication Designs, Inc. is a Hanover, Maryland-based manufacturer specializing in forced-entry and bullet-resistant (FEBR) security systems. Founded in 1988, the company produces made-to-order products including doors, windows, louvers, and guard booths. It provides integrated services spanning in-house manufacturing, engineering, and installation, serving customers in the security and defense sectors. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-13061) on March 23, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Kenneth Best, president, signed the petition. Joseph Selba, Esq., at Tydings Rosenberg, LLP represents the Debtor as legal counsel. FARRELL'S ON ROUND: Purling Property Sale to Dark Horse OK'd ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York has permitted Farrell's On Round Top LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 866-872-876 Mountain Avenue, Purling, New York. The Court has authorized the Debtor to sell the Property to Dark Horse Development for the price of $2,000,000. The Debtor is authorized and directed to pay off and satisfy the liens of secured creditor Greene County Treasurer simultaneous with the closing of title. The Debtor is authorized and directed to pay all New York State Transfer Taxes and usual and customary title and recording charges associated with the sale simultaneous with the closing of title. The Debtor is directed to deposit the sum of $128,500.00 from the proceeds of sale, representing the amount of estimated administrative claims in this case, including professional fees, real estate broker fees and a provision for U.S. Trustee fees. The Debtor is authorized to pay the Bavarian Companies the then remaining balance of the proceeds of sale simultaneous with the closing of title, and the Bavarian Companies are directed to deliver a release of mortgaged property, in recordable form acceptable to the Purchaser's title company, to extinguish the mortgage lien(s) encumbering the Property. About Farrell's On Round Top LLC Farrell's on Round Top LLC owns a mixed-use commercial property (105 acres, hotel, bar/restaurant (dormant) located at Mountain Avenue, Purling NY 12470 having a current value $3 million. Farrell's on Round Top LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35906) on September 9, 2024. In the petition filed by Garrett P. Doyle, as managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Richard S. Feinsilver, Esq. FELT & FAT: Court Extends Cash Collateral Access to May 31 ---------------------------------------------------------- Felt and Fat, LLC received sixth interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court authorized the Debtor to use cash collateral strictly in accordance with the budget for the period from the petition date through May 31. As adequate protection, secured lenders were granted replacement liens on post-petition assets of the Debtor, with the same validity, priority and extent as their pre-bankruptcy liens. In case such protection proves insufficient, the lenders will be granted superpriority administrative expense claims under Section 507(b). The lenders include the U.S. Small Business Administration, PIDC Community Capital, United Bank of Philadelphia, PNC Bank, and Citizens Bank, N.A. The Debtor also owes non-traditional lenders -- Shopify Capital (owed $106,366) and Wayflyer (owed $258,000) -- on account of loans that may be secured by liens on its assets. The order preserves creditors' rights to conduct inspections and audits of the Debtor's books, records, and collateral upon notice, and allows lenders and other parties in interest to seek modifications for cause. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/sZ8FA from PacerMonitor.com. PIDC Community Capital is represented by: Louis I. Lipsky, Esq. Lipsky and Brandt 1101 Market Street, Suite 2820 Philadelphia, PA 19107 Phone: 215-922-664 Fax: 215-440-7185 United Bank of Philadelphia is represented by: Matthew Lipman, Esq. McElroy, Deutsch, Mulvaney & Carpenter, LLP 1 Penn Center, Suburban Station 1617 JFK Blvd., Ste. 1500 Philadelphia, PA 19103 Phone: (215) 557-2900 Fax: (215) 557-2990 mlipman@mdmc-law.com About Felt and Fat LLC Felt and Fat, LLC is an innovative and collaborative ceramic design and manufacturing hub that provides manufacturing jobs to its local community in Kensington, Philadelphia, Pennsylvania. Felt and Fat sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14162) on October 14, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer presides over the case. Albert Anthony Ciardi, III, Esq., at Ciardi Ciardi & Astin, represents the Debtor as legal counsel. FF FUND I: Court Upholds Summary Judgment Ruling in Adversary Case ------------------------------------------------------------------ Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida denied FF Fund Management, LLC's Motion for Reconsideration of Court's Orders Dated March 9, 2026 (I) Granting Summary Judgment in Favor of Defendant/Counter-Plaintiff and (II) Denying Summary Judgment in Favor of Plaintiff/Counter-Defendant in the adversary proceeding captioned as FF FUND MANAGEMENT, LLC, Plaintiff, vs. SONEET R. KAPILA, as the Liquidating Trustee of the FF Fund Liquidating Trust and the F5 Liquidating Trust, Defendants, ADV. CASE NO. 24-01491-LMI (Bankr. S.D. Fla.). Movant argues that the Court committed manifest error by holding that the Second Amended Plan and the Liquidating Trust Agreement were unambiguous, such that parol evidence should not be considered in entering the Order Granting Counter-Plaintiff's Motion for Summary Judgment of Counterclaims (and Order Denying Plaintiff/Counter-Defendant's Summary Judgment on Count I of Complaint Seeking Declaratory Relief (the "Orders"). Movant further argues that, contrary to the Court's statement, and notwithstanding the Court's refusal to consider the declarations of Andrew Franzone and Michael S. Fox (the "Declarations"), the Court relied on other parol evidence in rendering its decision. According to Judge Isicoff, the Movant is incorrect. He explains, "The Court's ruling that the Second Amended Plan and Liquidating Trust Agreement were unambiguous was based solely on those documents. The other matters to which the Court referred, the disclosure statements, etc. were referred to merely to underscore that the documents were not ambiguous, and the Court's application of the rule of interpretation that the specific prevails over the general was supported by, rather than contradicted by, other documents created or filed contemporaneous with, or in connection with the Second Amended Plan and Liquidating Trust Agreement." Having reviewed the Declarations, the Court concludes the language in the Second Amended Plan and Liquidating Trust Agreement are unambiguous, and the Declarants' after-the-fact "confusion" about the plain meaning of those documents does not persuade the Court otherwise. A copy of the Court's Order dated April 1, 2026, is available at http://urlcurt.com/u?l=YNsDzsfrom PacerMonitor.com. About FF Fund FF Fund I, L.P., is a limited partnership that was formed in August 2010. FF Fund's general partner is FF Management. FF Fund's offering documents identified a broad range of investment strategies to achieve its stated objectives of "capital appreciation and current income." FF Fund has 13 subsidiaries and affiliates that FF Management set up and routinely evolved over the roughly 10 years since FF Fund's formation for various accounting, tax, audit, insurance, regulatory, liquidity, operational, and administrative reasons. F3 Real Estate Partners, LLC, was established to invest in real estate primarily from 2011 through 2019. Prior to the CRO's appointment, F3 purchased and then sold a residential complex containing 87 condominium units in West Palm Beach, FL, which sale transaction closed in May 2019. F5 Business Investment Partners, LLC, held and currently owns the majority of the current investments made by FF Fund with monies received from the Limited Partners. The investments made by the F5 consisted mainly of (i) illiquid, non-tradeable privately held shares in early-stage or start-up companies, (ii) minority interests in real estate partnerships, or (iii) unsecured promissory notes. F6 Standard Securities Partners, LLC, held liquid hedge fund investments. The remainder of the subsidiaries had nominal investments. On Sept. 24, 2019, FF Management retained Soneet R. Kapila to manage FF Fund. FF Management was and is controlled by Andrew Franzone. FF Fund I L.P., an investment company based in Miami, Fla., filed a voluntary petition for relief under Chapter 11 of Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-22744) on Sept. 24, 2019. In the petition signed by CRO Soneet R. Kapila, the Debtor estimated $50 million to $100 million in assets and $1 million to $10 million in liabilities. On Jan. 24, 2020, F5 Business Investment Partners, LLC, an affiliate of FF Fund, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 20-10996). The case is jointly administered with that of FF Fund. At the time of the filing, F5 Business estimated assets of between $10 million and $50 million and liabilities of between $1 million and $10 million. Chief Judge Laurel M. Isicoff oversees the cases. Paul J. Battista, Esq., at Genovese Joblove & Battista, P.A., is serving as the Debtors' legal counsel. No creditors' committee has been appointed in the case. In addition, no trustee or examiner has been appointed. FINLEY DESIGN: Gets Extension to Access Cash Collateral ------------------------------------------------------- Finley Design, P.A. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court issued its 11th interim order authorizing the Debtor to use cash collateral to pay the expenses set forth in its budget for the period from April 1 to 30. The budget projects total operational expenses of $130,799.78. First Citizens Bank & Trust Co. and five other creditors hold UCC-perfected security interests. As protection for the Debtor's use of their cash collateral, secured creditors will be granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to pay $1,500 per month to First Citizens and maintain insurance of its property, with First Citizens listed as loss payee. The next hearing is scheduled for May 5. The interim order is available at https://tinyurl.com/4fjjcwcp from PacerMonitor.com. About Finley Design P.A. Finley Design P.A., doing business as Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Philip Sasser, Esq. Sasser Law Firm Tel: 919-319-7400 Email: philip@sasserbankruptcy.com FLORIDA KEYS: Hires Van Horn Law Group PA as Counsel ---------------------------------------------------- Florida Keys Lobster House, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Van Horn Law Group, 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 operations; (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 legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Chad Van Horn, Esq., the primary attorney in this representation, will be paid at his hourly rate of $500. The hourly rates of law clerks, paralegals, and associates range from $175 to $350. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000, plus 2,500 as filing fee. Mr. Horn 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: Chad Van Horn, Esq. Van Horn Law Group, PA 500 N.E. 4th Street, Suite 200 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Email: Chad@cvhlawgroup.com About Florida Keys Lobster House, Inc. Florida Keys Lobster House, Inc. is a hospitality company engaged in restaurant operations, specializing in seafood dining and related food service offerings. Florida Keys Lobster House, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14233) on April 3, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. The Debtor is represented by Chad T. Van Horn, Esq. FOUR SEASONS: Seeks to Hire Ford McDonald & Borden as Counsel ------------------------------------------------------------- Four Seasons Outdoor Services, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Ford, McDonald & Borden, PA as counsel. The firm's services include: (a) prepare schedules and the statement of financial affairs; (b) prepare, negotiate and prosecute of a plan of reorganization; (c) deal with creditor issues, motions for relief from stay, assumption and rejection issues, utility matters, cash collateral matters and all other creditor facing issues and problems of a Chapter 11 Debtor; (d) attend the section 341 meeting, informal debtor interview and all matters associated with the United States Trustee's office; (e) assist with monthly operating reports and other mandatory reports and filings; (f) recovery of assets through appropriate Chapter 5 litigation; (g) defend the Debtor's possession of and right to use needed assets and cash; (h) employ appropriate professionals; and (i) such other matters as may come to the Debtor's or counsel's attention. The firm's counsel will be paid at these hourly rates: Edmond Ford, Attorney $550 Marc McDonald, Attorney $400 Ryan Borden, Attorney $325 Paralegal $185 The firm received $2,500 from the Debtor's principal, Jacob J. Messer, Sr., as a pre-petition retainer. Mr. Borden 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: Ryan Borden, Esq. Ford, McDonald & Borden, PA 815 Elm Street, Unit 5B Manchester, NH 03101 Telephone: (603) 373-1613 Email: rborden@fordlaw.com About Four Seasons Outdoor Services Four Seasons Outdoor Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 26-10317) on April 11, 2026, listing up to $10 million in both assets and liabilities. Ryan Borden, Esq., at Ford, McDonald & Borden, PA represents the Debtor as counsel. FREEDOM ROAD: Court Denies Interim Use of Cash Collateral --------------------------------------------------------- Freedom Road Cycles and Sales, LLC failed to win court approval to use cash collateral to fund its operations. The U.S. Bankruptcy Court for the District of Kansas denied the Debtor's motion for an interim order authorizing use of its secured creditors' cash collateral. The secured creditors that may claim interests in the cash collateral include Valley State Bank, Northpoint Commercial Finance, Newtek Bank, several former floorplan lenders, and multiple merchant cash advance lenders. Valley State Bank holds a senior lien on all assets with nearly $1 million owed, followed by Northpoint with a partially secured claim while other lenders hold junior or potentially unsecured positions. The value of the Debtor's assets and cash collateral -- estimated at roughly $200,000 total -- is significantly less than the senior debt, meaning many subordinate creditors are effectively undersecured or unsecured. Freedom traces its financial difficulties, tracing them to mid-2025 when an audit by a floorplan lender led to the termination of financing and immediate repayment demands. This triggered similar actions by other lenders, forcing the Debtor to take on high-cost merchant cash advance loans to cover those obligations. The resulting repayment burden caused further financial strain, leading to defaults with Valley State Bank, which ultimately refused to renew loans and initiated foreclosure proceedings. After disputes over a temporary restraining order and threats of asset seizure, the Debtor filed for bankruptcy to preserve operations and pursue a potential sale of the business as a going concern. About Freedom Road Cycles and Sales LLC Freedom Road Cycles and Sales, LLC sought protection 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. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the Debtor as bankruptcy counsel. FRONTLINE MEDICAL: 10th Circuit Dismisses Busch Law Firm Appeal --------------------------------------------------------------- The U.S. Court of Appeals for the Tenth Circuit dismissed the appeal styled BUSCH LAW FIRM, LLC, Appellant, v. FRONTLINE MEDICAL SERVICES LLC, Appellee, No. 25-1421 (10th Cir.). This matter is before the court on appellant Busch Law Firm, LLC's Motion to Voluntarily Dismiss Appeal. The motion is unopposed. As shared by the Troubled Company Reporter, in the appeal styled as BUSCH LAW FIRM, LLC, Appellant, v. FRONTLINE MEDICAL SERVICES LLC, Appellee, BAP No. CO-24-008 (10th Cir.), Judges Janice Lloyd, Cathleen Parker and William Thurman of the United States Bankruptcy Appellate Panel of the Tenth Circuit affirmed the decision of the United States Bankruptcy Court for the District of Colorado denying the motion of Busch Law Firm to dismiss Frontline Medical Services, LLC's bankruptcy case. The Panel reversed the Bankruptcy Court's decision confirming the plan of reorganization filed by the Debtor. It remanded the issue to the Bankruptcy Court for further proceedings. Frontline is certified as a Service-Disabled, Veteran-Owned Small Business, which provides it with an advantage to receive government contracts from the Veteran's Administration and other government healthcare providers. Over the years, the company operated under several different contracts with the VA. Frontline was profitable in 2018 and 2019, but its profits were substantially affected in 2020 due to the COVID-19 pandemic -- VA locations were closed, and durable medical equipment orders were not placed. In October 2020, Frontline received notice that the VA was partially terminating a contract because several line items had been awarded to it in error. The notice indicated the partial termination was effective immediately and a formal termination notification would follow. In response, Frontline retained Appellant Busch Law Firm to represent it in resolving the Terminated Contract issue pursuant to an engagement letter dated Oct. 16, 2020. In December 2021, the Appellant terminated its engagement with Frontline and began efforts to recover its fees. Although the Engagement Letter required the parties to engage in mediation to resolve fee disputes, no mediation took place because the parties were unable to agree on a mediator. In May of 2022, the Appellant filed a lawsuit in state court against Frontline asserting breach of contract claims, and alternatively, seeking equitable relief. Frontline filed five counterclaims. The Appellant moved to dismiss four of them. While the motion to dismiss was pending, on September 6, 2022, Frontline filed a petition for chapter 11 bankruptcy relief, electing to proceed under subchapter V. Immediately following Frontline's bankruptcy filing, Appellant sought relief from the automatic stay to proceed with the State Court Litigation. The Bankruptcy Court denied Appellant's request. Subsequently, Frontline filed its Subchapter V Plan of Reorganization. Appellant objected. On Jan. 13, 2023, the Appellant filed its Motion to Dismiss Case Pursuant to Sec. 1112(b) arguing: (1) Frontline's bad faith constitutes cause for dismissal or conversion, and (2) dismissal rather than conversion is appropriate because this case involves a two-party dispute. Frontline amended the Plan on March 20, 2023, and again on March 29, 2023, to which Appellant objected on several grounds, including that Appellant had not proposed the Plan in good faith and the Plan failed to meet the requirements of Secs. 1129 and 1191. On Feb. 20, 2024, the Bankruptcy Court denied the Motion to Dismiss and confirmed the Plan. The Panel agreed that the Bankruptcy Court committed no clear error in finding that Frontline did not file its case in bad faith. The evidence supported its conclusion that Frontline filed its bankruptcy petition for the legitimate purpose of reorganizing an ongoing business and proposed its Plan in good faith. About Frontline Medical Services Frontline Medical Services, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-13411) on Sept. 6, 2022, with between $100,001 and $500,000 in both assets and liabilities. Joli A. Lofstedt serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. Steven T. Mulligan, Esq., at Coan, Payton & Payne, LLC, is the Debtor's counsel. G2 TECHNOLOGIES: Court Extends Cash Collateral Access to May 7 -------------------------------------------------------------- G2 Technologies, Inc. received sixth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. Under the order, G2 Technologies is permitted to use cash collateral for necessary operating expenses according to a court-approved budget covering April 7 through May 7, with a 10% flexibility per budget line item. The Debtor projects total operational expenses of $148,604.00. Bulldog Capital, LLC, CFG Merchant Solutions, LLC, QFS Capital, LLC, Citibank, N.A., and Jaffe Capital are the secured creditors with potential interests in the Debtor's cash collateral. The Debtor acknowledges the validity, priority or enforceability of the secured creditors' liens, however, it reserves the right to review, dispute and challenge any such liens. Creditors may seek administrative expense claims under Section 507(b) if their interests are not adequately protected by the terms of the interim order. The interim order authorized customers, including Thomas Built Buses, Inc., to remit payments directly to the Debtor. The order remains effective until modified, terminated, or superseded by a later interim or final order, or upon conversion or dismissal of the Debtor's Chapter 11 case. The interim order is available at https://tinyurl.com/yc7macz9 from PacerMonitor.com. A final hearing is scheduled for May 5. G2's only revenue comes from cash on hand and on deposit in its bank account; proceeds from completed projects and customer shipments; and collections on outstanding accounts receivable. Before filing for bankruptcy, the Debtor incurred business-related debt, with secured creditors taking a security interest in certain property and collateral, which may constitute cash collateral. About G2 Technologies Inc. G2 Technologies, Inc. provides automation for inspection and test systems serving industrial clients in the aerospace, automotive, and manufacturing sectors. The Company develops and integrates customized systems such as aircraft smoke detector testers and precision defect detection tools for automotive components, supported by its proprietary dTRAK data analytics platform. Based in North Carolina's Research Triangle Park, G2 Technologies delivers scalable and cost-efficient automation solutions for clients worldwide. G2 Technologies sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04315) on October 31, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Craig Borsack, president of G2 Technologies, signed the petition. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 jfrost@bbflawfirm.com GB AIT: S&P Assigns 'B' ICR on Leveraged Buyout, Outlook Stable --------------------------------------------------------------- S&P Global Ratings has assigned its 'B' issuer credit rating to newly formed GB AIT Buyer Inc., which will be the parent company of AIT Worldwide. S&P said, “We also assigned a 'B' issue-level rating to GB AIT Buyer's proposed senior secured term loan, with a '3' recovery rating reflecting a meaningful recovery (50%-70%; rounded estimate: 55%). "The stable outlook reflects our expectation that AIT will benefit from recent business wins–driven improvement in its operating performance driving its S&P Global Ratings–adjusted leverage down to the high-5x range by 2026, which we view as commensurate with the rating." In February 2026, global freight forwarding solutions provider AIT Worldwide Logistics Holdings Inc. announced it entered into a definitive agreement to be acquired by funds affiliated with Greenbriar Equity Group. The transaction, anticipated to close in the coming months, is proposed to be funded with approximately $2.1 billion of new debt including a $1.6 billion first-lien term loan, $500 million senior unsecured notes and $315 million revolving credit facility (unutilized at transaction close on a pro-forma basis). S&P said, "Under this new capital structure, we forecast transaction-close leverage to increase to the mid- to high-6x range, offset by continued revenue and earnings growth supporting modest improvement in the overall credit profile. Therefore, we have "The transaction adds leverage to AIT's capital structure. Incoming financial sponsor Greenbriar is aggressively funding the acquisition of AIT with the company's S&P Global Ratings adjusted leverage for 2025 estimated to rise to 7.0x on a pro-forma basis. Although we expect profitability growth will facilitate deleveraging to the high-5x range by 2026 with further reduction expected in 2027, we expect Greenbriar to pursue an approach followed typically by financial sponsors of operating with an aggressive capital structure. We therefore anticipate that AIT will prioritize shareholder returns over any meaningful debt reduction. We expect it to allocate its excess free cash flow either towards dividend repatriation or to fund growth initiatives and strategic acquisitions, potentially combining it with incremental debt. We expect the company to maintain an elevated S&P Global Ratings adjusted leverage in the high-5x area. "We anticipate strong revenue growth to continue in 2026. AIT's financial performance remained solid in 2025, with revenue growth estimated at approximately 30%, driven primarily by recent business wins from technology hyperscalers that contributed to both volume expansion and top-line growth. We expect this revenue growth momentum to continue in 2026, as a significant portion of these newly secured contracts were awarded towards the latter part of 2025 and are expected to ramp up further during the year. Additionally, the company has secured new business in late 2025 and early 2026 that has yet to contribute to revenue while a near doubling of its sales pipeline since 2022 is expected to further support revenue growth through incremental business wins. Accordingly, we forecast volume supported revenue growth in the mid-20% range for 2026. We think revenue growth will moderate somewhat in 2027 as the pace of data centers buildout activity slows; however, we forecast it to remain robust in the high single-digit range. "We expect EBITDA to track revenue growth, with EBITDA margins maintained in the 10%–11% range. AIT orchestrates freight for its shipping customers by sourcing capacity across multiple modes from a diverse network of carriers. Its operations are structured to earn a spread on each shipment, generated either as a percentage spread on revenue or as a fixed dollar amount per load. Assuming the company maintains this pricing discipline, gross profits should grow broadly in line with revenue. However, as AIT operates in a highly fragmented and competitive market pursuing a larger share of wallet from existing and new customers, we expect some compression in gross margins, partially offset by lower overhead costs (more than half of which are fixed in nature) as a percentage of revenue providing operating leverage benefits and mitigating the decline in gross margins. Accordingly, we expect AIT's EBITDA margins about 20–30 basis points lower in 2026, while absolute EBITDA grows roughly 20%–22% over 2025. Higher interest costs, arising from increased debt levels under the new capital structure will offset most of the improvement in free operating cash flows which we forecast to increase from $74 million in 2025 to $104 million in 2026, driven almost entirely by lower working capital-related outflows. "We believe AIT's business risk profile has strengthened over time, with its 2025 revenue nearly doubling compared to 2023. Some of this revenue growth was supported by a combination of strategic tuck-in acquisitions across the U.S. and Europe and a deliberate diversification into end-markets such as ship-spares and energy. However, the company's demonstrated ability to handle complex, time-sensitive shipments which have a high cost of failure coupled with its consistent service quality, has supported organic growth through the acquisition of incremental business, primarily from technology customers, thereby increasing its share of customer spend. This market position strengthening within the technology segment underpins a favorable near-term outlook, particularly as capital expenditure on data centers is expected to remain robust in 2026, potentially driving further market share gains for AIT. However, the company's increasing reliance on the technology end-segment—already accounting for approximately 31% of is 2025 gross profits— reflects an elevated degree of concentration risk. Over the medium-to-long term, we anticipate AIT could face potential revenue headwinds if it is unable to pivot towards growing in other end-markets amid the data centre build cycle maturing and eventually tapering off. "The stable outlook reflects our expectation that AIT will benefit from recent business wins–driven improvement in its operating performance driving its S&P Global Ratings–adjusted leverage down to the high-5x range by 2026, which we view as commensurate with the rating. "We could lower our ratings on AIT over the next 12 months if its debt to EBITDA increases above 6.5x or its FFO to debt declines to the mid-single-digit-percent area on a sustained basis." This could occur if: -- Its freight volumes or its gross margins per load decline due to increased competition affecting its earnings; or -- The company purses significant debt-financed acquisitions or dividends. S&P could raise its ratings on AIT over the next 12 months if: -- It can reduce reliance on the technology sector while maintaining its business momentum and volume growth such that its profitability and free cash flows sustainably improve from current levels or -- It repays some debt such that its debt to EBITDA declines below 5x and FFO to debt improves above 12%. S&P would also requires management and its financial sponsor to commit to maintaining these metrics over the longer term before raising its rating. GEE CONCEPTS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Gee Concepts, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral to fund operations. As part of the agreement with the secured creditor, Midwest Regional Bank, the Debtor must segregate $3,204.63 representing cash collateral. This amount will remain set aside pending further court order or agreement between the parties. The Court also approved the Debtor's monthly operating budget, finding the expenses reasonable and necessary. The Debtor is authorized to spend funds in line with the budget, with flexibility to vary expenses by up to 10%. The Debtor projects total operational expenses $133,031. Additionally, the Debtor must make monthly adequate protection payments of $300 to protect the creditor's interest. A continued hearing on the use of cash collateral and adequate protection is scheduled for April 23. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/PRGES from PacerMonitor.com. About Gee Concepts LLC Gee Concepts, LLC owns a gourmet burger restaurant. Gee Concepts filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01629) on February 23, 2026, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Brenda K. Martin oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices, represents the Debtor as bankruptcy counsel. GLIDE LOGISTICS: Court Extends Cash Collateral Access to June 30 ---------------------------------------------------------------- Glide Logistics, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court issued its seventh interim order authorizing the Debtor to use its cash collateral through June 30 to make these monthly payments to lenders: $4,500 to BMO Bank, N.A.; $1,500 to Commercial Credit Group, Inc.; $3,000 to First Citizens; $1,675 to Auxilior Capital Partners, Inc.; and $400 to Mitsubishi HC Capital America, Inc. The Debtor may exceed the budgeted amounts by up to 20% for unexpected contingencies and $2,000 for any other ordinary business expenses for the two months combined. As adequate protection, Commercial Credit, First Citizens, Auxilior, Mitsubishi and the U.S. Small Business Administration will be granted valid, perfected, enforceable security interests in the Debtor's post-petition assets and the proceeds thereof, with the same priority and extent as their pre-bankruptcy liens. As further protection, the Debtor was ordered to keep the equipment that is the subject of the lenders' liens insured. The next hearing will be held on June 26. About Glide Logistics Inc. Glide Logistics Inc. is a transportation company specializing in open deck, heavy haul, and oversize freight services across the United States. Glide Logistics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03258) on March 2, 2025. In its petition, the Debtor reported total assets of $1,220,786 and total liabilities of $1,050,846. Judge Janet S. Baer handles the case. Keevan D. Morgan, Esq., at Morgan & Bley, Ltd. is the Debtor's legal counsel. Auxilior Capital Partners, Inc., as lender, is represented by: Diana Perez, Esq. Wright Law Group, PLLC 2405 W Grand Ave., Ste. B PMB 84356 Chicago, IL 60612-1577 Direct: (312) 778-6438 Fax: (312) 778-6438 dperez@replevin.com Mitsubishi HC Capital America, Inc., as lender, is represented by: W. Kent Carter, Esq. Gordon Rees Scully Mansukhani, LLP One North Wacker, Suite 1600 Chicago, IL 60606 Phone: 312.619.4900 kentcarter@grsm.com GLOBAL LOGISTICS: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Nevada granted Global Logistics and Fulfillment, LLC final approval to use cash collateral in its Chapter 11 case. Under the final order, the Debtor is authorized to use funds in the ordinary course of business in accordance with an approved budget, subject to a 10% monthly variance. As adequate protection, the U.S. Small Business Administration is entitled to monthly payments of $731 and is granted replacement liens on post-petition assets to the extent of any decline in collateral value. The SBA will also receive a superpriority administrative claim. The order prohibits the Debtor from granting any liens that are equal to or senior to existing prepetition liens. However, the Debtor retains the right to challenge the validity, priority, or enforceability of creditor claims. The court found no objections to final approval and ruled the order effective immediately, retaining jurisdiction to enforce its terms and address any related disputes. The order is available at https://is.gd/ZF8xIp from PacerMonitor.com. About Global Logistics and Fulfillment Global Logistics and Fulfillment LLC is a warehouse distribution and third-party logistics company. Global Logistics and Fulfillment, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nevada Case No. 26-10855) on February 10, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Natalie M. Cox presides over the case. Zachariah Larson, Esq., at Larson and Zirzow, LLC represents the Debtor as legal counsel. GOOD CITIZEN: Hires Rain City Realty as Real Estate 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 as real estate broker. The firm will market and sell the Debtor's real property located at 916 SE 34th Ave, Portland OR. The firm will be paid a commission 6 percent of the final selling price. As 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 at: Eli Haworth-Kaufka Rain City Realty Tel: (503) 502-9403 Email: eli@cloudcityrealty.com 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. GREG BEECHE: Gregory Beeche in Civil Contempt of Receivership Order ------------------------------------------------------------------- The Hon. Anne M. Nardacci of the U.S. District Court for the Northern District of New York granted the motion for contempt filed by Dotan Y. Melech, Greg Beeche, Logistics, LLC's receiver, against Gregory L. Beeche ("Defendant Beeche" or "Beeche") in the case captioned as MCCORMICK 103, LLC, Plaintiff, v. GREG BEECHE, LOGISTICS, LLC et al., Defendants, Case No. 1:25-cv-00944 (N.D.N.Y.). Defendants' cross-motion is denied. Receiver Dotan Y. Melech seeks a court order finding Defendant Gregory L. Beeche in civil contempt for his failure to abide by the terms of the order appointing Dotan Y. Melech as receiver on a permanent basis, which this Court entered on January 30, 2026. Defendant Beeche opposes the Motion and cross-moves to temporarily stay the Receiver's powers and obligations under the Permanent Receivership Order. Greg Logistics, LLC ("GL"), and the New York State Department of Taxation and Finance, alleging various causes of action under New York state law based upon purported defaults on millions of dollars in loan agreements. The next day, Plaintiff filed an emergency motion pursuant to Rule 66 of the Federal Rules of Civil Procedure seeking the appointment of a receiver over GBL and GL, as well as the real property of Beeche. On July 31, 2025, Beeche filed for personal bankruptcy in the United States Bankruptcy Court for the Northern District of New York pursuant to Chapter 13 of the Bankruptcy Code, and thus, on August 6, 2025, Plaintiff filed an amended complaint to, inter alia, remove Beeche and the New York State Department of Taxation and Finance as parties to the action, alongside a letter motion clarifying that Plaintiff now sought the appointment of a receiver over only GBL and GL. On August 8, 2025, this Court entered a temporary receivership order appointing Dotan Y. Melech as temporary receiver. Then, on October 24, 2025, GBL filed for bankruptcy in the United States Bankruptcy Court for the Northern District of New York pursuant to Chapter 11 of the Bankruptcy Code. Accordingly, this case was automatically stayed pursuant to 11 U.S.C. Sec. 362 of the Bankruptcy Code. On December 23, 2025, GBL's bankruptcy case was dismissed due to GBL's failure to provide proof of appropriate insurance, and Beeche's personal bankruptcy was dismissed on January 21, 2026, which lifted the automatic stay as to GBL and Beeche, respectively. On January 23, 2026, Plaintiff filed a second amended complaint to re-name Beeche as a defendant in this matter and to foreclose on his real property. Thereafter, on January 30, 2026, the Court issued an order appointing Dotan Y. Melech as receiver on a permanent basis. On March 6, 2026, the Receiver filed an emergency motion seeking to hold Defendant Beeche in contempt for allegedly violating the Court's Permanent Receivership Order. Specifically, the Receiver argues that Defendant Beeche is in civil contempt of the Permanent Receivership Order because he has failed, neglected, or otherwise refused to turn over certain assets that, pursuant to the Permanent Receivership Order, must be held and managed by the Receiver ("Receivership Assets"). In particular, the Receiver contends that Defendant Beeche: (i) refuses to turn over administrative login credentials and passwords for the GBL servers despite several demands from the Receiver; (ii) has not surrendered a 2014 Porsche Panamera owned by GBL to the Receiver; and (iii) has not returned funds wrongfully transferred from GBL's business checking account totaling $71,000. The Court finds the record demonstrates that Defendant Beeche has not complied with the Permanent Receivership Order. Notwithstanding the Receiver's multiple efforts to marshal the Receivership Assets pursuant to the Permanent Receivership Order, Defendant Beeche has failed to turn over all of the Receivership Assets, in violation of the Permanent Receivership Order. Specifically, Defendant Beeche does not contest that he refused to turn over the administrative login credentials and passwords for the GBL servers, the Porsche, and the wrongfully transferred funds from GBL's business checking account. Accordingly, the Court finds clear and convincing evidence of Defendant Beeche's noncompliance with the Permanent Receivership Order. The Court holds Defendant Beeche in civil contempt of the Permanent Receivership Order. The Court finds that a monetary sanction of $1,000 per day is sufficient, but not greater than necessary, to compel compliance. In imposing this sanction, the Court considers the fact that Beeche's noncompliance has persisted since this Court initially appointed the Receiver on August 8, 2025, the Receiver has made numerous attempts to secure compliance, and that this is the first order of contempt imposed upon him. Accordingly, the Court imposes a daily coercive fine of $1,000 to bring about Defendant Beeche's compliance under the Permanent Receivership Order. However, if Defendant Beeche comes into full compliance by April 10, 2026, no sanction will be imposed. Moreover, if it finds that Defendant Beeche's violation of the Permanent Receivership Order was willful, the Court may also award the Receiver reasonable attorneys' fees and costs of prosecuting the contempt motion. Cross-Motion to Stay Proceedings Defendants seek a temporary stay of the Receiver's powers and obligations under the Permanent Receivership Order for a period of 120 days to allow Beeche to "finalize financing and secure pending business opportunities" in an effort to maintain GBL as a viable going concern. The Court finds that a stay of the Permanent Receivership Order, and the Receiver's efforts pursuant to that Order, is not warranted. Plaintiff contends that it has an interest in proceeding expeditiously with this litigation, as the Receivership costs continue to mount. Given these costs, the Court finds that the prejudice to Plaintiff of further delaying the orderly disposition of assets is significant. Defendants contend that they would be prejudiced if the Permanent Receivership Order is not stayed because the Receiver's liquidation efforts, specifically, the Receiver's engagement in a piecemeal "fire sale" of GBL's assets, are inconsistent with the purpose of a receivership -- to maximize asset value. However, the Court finds that Defendants are not prejudiced by the actions of the Receiver, who, pursuant to the Permanent Receivership Order, is authorized to market, sell or otherwise dispose of the Receivership Assets. Accordingly, the Court denies Defendants' Cross-Motion. The Court says Defendant Beeche must immediately transfer the administrative login credentials and passwords for the GBL servers, the 2014 Porsche Panamera, and all wrongfully transferred funds, by wire or certified check, to the Receiver. A copy of the Court's Memorandum-Decision & Order dated April 3, 2026, is available at https://urlcurt.com/u?l=GTsEDq About Greg Beeche, Logistics, LLC Greg Beeche, Logistics, LLC and Greg Logistics, LLC are a New York limited liability company with principal place of business at 356 Hudson River Road, Waterford, New York 12188. Greg Beeche is facing a receivership case captioned as McCormick 103, LLLC v. Greg Beeche, Logistics, LLC, Case No. 1:25-cv-00944 (N.D. NY), before the Hon. Anne M. Nardacci. The case was filed on July 17, 2025. Attorneys for Plaintiff are: Christopher P. Schueller, Esq. Buchanan Ingersoll & Rooney PC Union Trust Building 501 Grant Street, Suite 200 Pittsburgh, PA 15219 Tel: 412-562-8800 E-mail: christopher.schueller@bipc.com - and - Mark Pfeiffer, Esq. Buchanan Ingersoll & Rooney PC 50 S. 16th Street, Suite 3200 Philadelphia, PA 19102 Tel: 215-665-3921 E-mail: mark.pfeiffer@bipc.com H&S COMMERCIAL: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Alabama granted H&S Commercial & Industrial Supplies and Services, LLC final approval to use cash collateral in its Chapter 11 case. Under the final order, the Debtor is authorized to use funds for court-approved and necessary operating expenses under an approved budget, with up to a 10% variance per line item. H&S must comply with all obligations as a debtor-in-possession under the Bankruptcy Code and court orders. Any additional expenditures require consent from secured creditors unless otherwise authorized by the Court. Secured creditors will be granted replacement liens on post-petition cash collateral, maintaining the same validity, extent, and priority as their pre-petition liens. However, the Debtor retains the right to challenge the validity, priority, or extent of those liens. The order is issued without prejudice to future modifications or disputes, and the Court retains jurisdiction to enforce its terms. The final order is available at https://is.gd/lFV7Yx from PacerMonitor.com. H&S has operated for approximately thirty years, providing janitorial and other labor-intensive services throughout the Southeastern United States, and currently employs about 175 workers. The bankruptcy filing was precipitated by a severe liquidity crisis caused by customers' failure to timely pay for services related to a large emergency project. Although substantial accounts receivable remain outstanding, the Debtor's need to obtain high-cost emergency loans to sustain operations created an unsustainable cash flow burden, ultimately necessitating Chapter 11 protection. About H&S Commercial & Industrial Supplies and Services H&S Commercial & Industrial Supplies and Services is an Alabama-based supplier of commercial and industrial products, providing equipment, materials, and support services to businesses across multiple sectors. H&S Commercial & Industrial Supplies and Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10564) on February 27, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jerry C. Oldshue handles the case. The Debtor is represented by R. Scott Williams, Esq. of Rumberger, Kirk & Caldwell, P.C. HARRISBURG DAIRIES: Harrisburg Property Sale to Patanjali Dairy OKd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Pennsylvania has approved Harrisburg Dairies, Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Pennsylvania corporation engaged in the dairy product business. Specifically, the Debtor engaged in the business of processing and packaging fluid dairy products as well as water, teas, juice, iced teas, and other flavored drinks. The Debtor is a family-owned business and has been in operation since 1931. The Debtor owns certain real estate located in 2001 Herr Street, Harrisburg, Dauphin County, Pennsylvania as well as certain tangible and intangible personal property. The Court has authorized the Debtor to sell the Property to Patanjali Dairy USA LLC, a Delaware limited liability company having an address at c/o Gary S. Pasricha, 1794 Oak Tree Road, Edison, New Jersey 08820. The purchase price of the Property is $3,750,000. Each of the Agreement, bills of sales, releases, other agreements, certificates, assignments, documents and instruments executed in connection therewith, and all of the other actions contemplated by the sale of the Real Property and Personal Property are approved and authorized in their entirety. Any other provisions of the Bankruptcy Code governing the sale free and clear of all liens, claims, encumbrances and other interests, outside the scope of the Debtor's ordinary course of business, have been satisfied. The Debtor is authorized to execute, deliver, exchange, and perform under the Agreement and all other documents necessary or appropriate to consummate sale and transfer of the Real Property to the Buyer. Subject to the distributions set forth in the Order, all Liens and Claims shall be transferred and attach, with the same validity, enforceability, priority, force and effect that they now have as against the Real Property and Personal Property, to the net proceeds obtained for the Real Property and Personal Property. 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. HAWAII MOLD: Gets Two-Month Extension to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Hawaii entered a stipulated order granting Hawaii Mold and Flood, LLC a two-month extension to use the cash collateral of Central Pacific Bank. Under the stipulated order, the Debtor is authorized to use cash collateral from April 1 to May 31 to pay its operating expenses in accordance with an agreed budget. The Debtor is also allowed flexibility to exceed the budget by up to 20% on a cumulative basis during the interim period, providing additional operational leeway. The Debtor projects total operational expenses of $225,445.87 for April and $207,768.89 for May. As adequate protection for Central Pacific Bank, the Debtor will continue making payments under the original loan agreement, and the bank will be granted replacement liens on the Debtor's collateral, including cash collateral. The court scheduled a final hearing for May 18. The Debtor must file an amended budget by May 4, and Central Pacific Bank may respond by May 11. About Hawaii Mold and Flood LLC Hawaii Mold and Flood, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 26-00144) on February 20, 2026. In the petition signed by Glen Kelsey, sole member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Robert J. Faris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. HLF FINANCING: Moody's Rates New $800MM Secured Notes Due 2033 Ba2 ------------------------------------------------------------------ Moody's Ratings assigned a Ba2 rating to HLF Financing SaRL, LLC's (HLF) proposed $800 million backed senior secured notes due 2033. The notes will be issued at HLF and Herbalife International, Inc., wholly owned subsidiaries of Herbalife Ltd. (Herbalife). Herbalife's B1 Corporate Family Rating and B1-PD Probability of Default Rating are not affected. The stable outlooks and all other ratings on Herbalife's and HLF's existing debt are also not affected. The Ba2 rating on the previously proposed senior secured term loan B will be withdrawn since Herbalife no longer plans to issue this instrument. Herbalife will utilize proceeds from the proposed $800 million senior secured notes in conjunction with the planned proceeds from the previously announced credit facilities to refinance a large portion of its existing debt, including the existing senior secured term loan B and $800 million 12.25% senior secured notes due 2029. The proposed credit facilities consist of a $225 million senior secured term loan A and a partial draw on a $425 million senior secured revolver. The proposed notes will be guaranteed by Herbalife Ltd. and each of the company's subsidiaries that guarantee the credit facility, and will be secured on a pari-passu first lien priority basis by the same collateral pledge to the credit facility. Following the close of the proposed refinancing transactions, the nearest debt maturity will be the $277.5 million convertible notes due June 2028. The proposed issuance is in line with Moody's expectations for the company to issue about $650 million of senior secured debt when Moody's assigned Ba2 ratings to the company's proposed term loan A and the revolver on February 23, 2026. Please see the February 23, 2026 press release for details on the rationale for the rating assignments. RATINGS RATIONALE Herbalife's B1 CFR rating reflects its niche product and service offering within the highly competitive nutrition and weight loss industry, reliance on the direct selling channel, and strong free cash flow generation, balanced against execution risk inherent in sustaining distributor recruitment and productivity. The company offers weight management, targeted nutrition, energy, sports and fitness, and outer nutrition products in 95 markets around the world supported by customer engagement and coaching, which differentiate its offering but also create reliance on ongoing distributor activity to sustain volumes and revenue growth. Herbalife's strategies to restore growth are showing increasing effectiveness, evidenced by improving distributor trends and a return to positive volume growth in the third quarter of 2025. Moody's expects sales volumes to remain modestly positive through 2026 and into 2027, supported by improving distributor engagement, product innovation, and digital initiatives. Execution risk remains given the lag between recruitment and volume realization and the need to translate product and digital innovation into durable, organic volume growth. Herbalife's broad geographic diversification supports its credit profile by mitigating localized weakness, although uneven regional performance and ongoing softness in certain markets continue to weigh on overall stability. The company continues to benefit from cost discipline and restructuring actions implemented over the past two years, which are contributing to an improved operating margin and stronger free cash flow generation than previously expected. Herbalife remains committed to a previously announced plan to reduce its total outstanding debt to $1.4 billion by the end of 2028 and suspended share repurchases in 2023, which previously contributed, along with earnings pressure, to elevated leverage. The plan would entail continued meaningful debt reduction from the approximate $2.1 billion outstanding as of December 2025. Improved operating earnings and the focus on debt reduction is leading to lower leverage with, debt-to-EBITDA (incorporating Moody's adjustments) declining to approximately 3.3x as of December 2025 from 4.4x as of December 2024. Moody's expects leverage to continue to decline in 2026, supported by stable operating performance, strong free cash flow, and interest savings from the proposed refinancing actions. The planned mid-2026 commercial release of Pro2col in the US, Canada and Puerto Rico and further expansion of the beta version to select EMEA markets in 2026, presents a good opportunity and supports the company's long-term strategy to become a more connected, data driven health and wellness platform, integrating products, community, AI and digital capabilities to better serve customers worldwide. Moody's also expects interest coverage to improve steadily over this period. Herbalife's global multi-level marketing structure continues to present inherent risks, particularly as recruitment dynamics evolve amid changing consumer preferences, increasing e-commerce penetration, and broader employment flexibility. These risks are more pronounced in certain developing markets, where competition and foreign exchange volatility can erode legacy distribution advantages. As a result, Moody's believes Herbalife must continue to maintain prudent financial policies and solid credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectations that Herbalife will maintain stable earnings and good liquidity over the next 12 months, while continuing to reduce debt and improve credit metrics. Moody's forecasts that the company will generate strong free cash flow of at least $200 million in 2026, which will be directed toward debt repayment, supporting a gradual improvement in leverage and interest coverage. Ratings could be upgraded if Herbalife demonstrates successful execution of strategic initiatives including technology enabled personalization and distributor productivity improvements to generate sustained growth in organic sales and profitability with a stable distributor base and strong free cash flow. The company would also need to maintain financial policies that sustain debt-to-EBITDA below 4x, EBITA-to-interest above 2.5x and retained cash flow (RCF)-to-net debt in the mid-20% range to be upgraded. Ratings could be downgraded if earnings decline due to factors such as a contraction in the sales force or product volumes, pricing pressure on higher costs. Debt-to-EBITDA above 5x, EBITA-to-interest below 2x, free cash flow below $100 million, or a deterioration in liquidity could also lead to a downgrade. The principal methodology used in this rating was Consumer Packaged Goods published in February 2026. Herbalife Ltd., founded in 1980 and headquartered in Los Angeles, California, is a global health and wellness company that develops and sells weight management, targeted nutrition, energy, sports and fitness, and outer nutrition products through a global network of independent members. The company operates primarily through a direct selling business model, complemented by a large base of distributor owned nutrition clubs that provide community based product consumption and wellness support. As of December 31, 2025, Herbalife had approximately 6.4 million members worldwide, including distributors, preferred members, and independent service providers, operating across 95 markets. For the year ended December 31, 2025, the publicly traded company generated approximately $5.0 billion of net sales. HO WAN KWOK: Trustee Has Standing to Assert Alter-Ego Claim ----------------------------------------------------------- In the appeal styled MEI GUO, Counter-Defendant-Appellant, HK INTERNATIONAL FUNDS INVESTMENTS (USA) LIMITED, LLC, Plaintiff-Counter-Defendant-Appellant, v. LUC A. DESPINS, Chapter 11 Trustee, Defendant-Counter-Claimant-Appellee, UNITED STATES TRUSTEE, Trustee, No. 24-2504 (2nd Cir.), Judges Denny Chin, Richard J. Sullivan and Eunice C. Lee of the U.S. Court of Appeals for the Second Circuit affirmed the judgment of the the United States District Court for the District of Connecticut granting the motion for summary judgment of Luc A. Despins, Ho Wan Kwok's Chapter 11 trustee. Mei Guo and HK International Funds Investments (USA) Limited, LLC ("HK") -- third parties in a Chapter Eleven bankruptcy filed by an individual debtor -- appeal from a judgment of the United States District Court for the District of Connecticut affirming the bankruptcy court's conclusion that HK was an alter ego of the debtor and that HK's assets therefore belonged to the bankruptcy estate. On appeal, Guo and HK argue that the Trustee did not have standing to assert the alter-ego claim on behalf of the bankruptcy estate's creditors and that, in any event, HK was not the debtor's alter ego. HK had three assets: the Lady May, the Lady May II, and $37,000,000 in escrow. The Lady May officially belongs to HK (one of the Appellants), a limited liability company whose only member is Kwok's daughter, Mei Guo (the other Appellant). The Trustee accordingly filed counterclaims against HK in its adversary proceeding, asserting that: (i) the New York court's findings in the contempt proceeding estopped HK from arguing that it (and not Kwok) owned the Lady May; and (ii) in any event, HK was Kwok's alter ego, meaning that all three of its assets belonged to the bankruptcy estate. The Trustee also brought counterclaims for fraudulent transfer and equitable ownership relating to the assets. The bankruptcy court granted summary judgment to the Trustee on his collateral-estoppel and alter-ego counterclaims. HK and Guo then appealed to the district court, which exercised its discretionary jurisdiction over interlocutory bankruptcy appeals, and affirmed both orders, explaining that there was no genuine issue of material fact that HK was Kwok's alter ego, that HK was separately estopped from relitigating the issue of the ownership of the Lady May" because there was no genuine issue of material fact that Appellants had a full and fair opportunity to litigate that issue in the state-court proceeding, and that this collateral estoppel finding was not necessary to the alter-ego determination. On the merits, Appellants argue that the district court improperly affirmed the bankruptcy court's order ruling that HK was Kwok's alter ego and reverse-piercing HK's corporate veil. In particular, Appellants contend that: (i) the Trustee lacked standing under the Bankruptcy Code to bring his reverse veil-piercing claim; and (ii) genuine disputes as to issues of material fact precluded summary judgment. The panel holds, "As an initial matter, we conclude that we have jurisdiction to hear this appeal. Turning to the merits, We agree with the district court that the Trustee has standing to assert an alter-ego claim on behalf of the creditors and that the only reasonable conclusion to be drawn from the record is that HK is the debtor's alter ego. Accordingly, we affirm the judgment of the district court." A copy of the Court's Opinion dated April 6, 2026, is available at http://urlcurt.com/u?l=SLFfab About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. HOWARD'S APPLIANCES: To Sell Appliance Inventory to Whirlpool Corp. ------------------------------------------------------------------- Howard’s Appliances Inc. seeks permission from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell Property at Auction, free and clear of liens, claims, interests, and encumbrances. The Debtor requests authority to sell to Whirlpool Corporation certain appliance inventory that was originally sold by Whirlpool to the Debtor on credit on a credit bid basis whereby Whirlpool will "take back" the items via credit bid in exchange for a full credit against Whirlpool's invoice price for each item purchased, subject to overbid at the hearing on the Motion and free and clear of all liens, claims and interests. Howard's has been an independent leader in retail appliance sales in Southern California for 79 years. During its long service to the Southern California community, Howard's has offered high-quality appliances, electronics and mattresses to the public at exceptional prices. In addition to serving as Southern California's leader in low-priced appliances, electronics and mattress, Howard's numerous contributions to the local community have made it Southern California's largest and most trusted independent appliance retailer. Within the week before the bankruptcy filing, Howard's began moving its remaining inventory and assets from its retail stores to its warehouse in the City of Industry, California. The Debtor has vacated all its retail space and rejected all its commercial leases, except for its lease for the warehouse. The Debtor laid off nearly all its employees and paid all accrued wages, benefits and other compensation due to them. The Debtor’s assets consist of appliances and parts inventory as well as certain furniture, fixtures and equipment located at the Debtor's showrooms and warehouse. The Assets include, among other things, the To-Be-Transferred Whirlpool Inventory which consists of 57 of the total 106 boxed units that Whirlpool recorded during its inventory of Whirlpool units held by the Debtor. Based on the inventory prepared by Whirlpool, the value of the Inventory is $33,038.12. The lienholder of the Property is Whirlpool Corporation. Whirlpool has offered to credit bid on the To-Be-Transferred Whirlpool Inventory in the amount of $33,038.12, subject to any higher and better offers that may be received at or before the hearing on the Motion. The Debtor has accepted the offer. The salient terms of the sale and settlement between the Debtor and Whirlpool and the proposed overbid procedures are also provided. https://urlcurt.com/u?l=mMg2To The Debtor believes that allowing Whirlpool to credit bid for the To-Be-Transferred Whirlpool Inventory is a better result for the Debtor than including these items in the Auction Motion because the credit bid is the dollar-for-dollar value of the To-Be-Transferred Whirlpool Inventory and not a discounted value typically associated with an auction or bulk sale. The Buyer is buying in good faith. Except as otherwise disclosed, the Buyer has no prior relationship with the Debtor and the anticipated sale of the To-Be-Transferred Whirlpool Inventory was negotiated with Buyer in "arms'-length" discussions between counsel for the Buyer and the Debtor’s counsel. About Howard's Appliances Inc. Howard's Appliances, Inc. is a California-based retailer specializing in home appliances, electronics and related accessories. The company operates brick-and-mortar stores and provides sales, delivery and installation services for major household brands, serving residential customers across the state. Howard's Appliances, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21116) on December 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Sheri Bluebond. The Debtor is represented by David M. Goodrich, Esq. IBODY INC: Commences Chapter 11 Bankruptcy in California -------------------------------------------------------- On April 10, 2026, IBody Inc. filed for Chapter 11 protection in the Central District of California Bankruptcy Court. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 4, 2026 at 02:30 PM at UST-LA1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:4892201. About IBody Inc. IBody Inc. is a company engaged in health, wellness, and body-related products or services, offering solutions aimed at improving physical fitness and overall well-being. IBody Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13464) on April 10, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1,000,000–$10,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Steven R. Fox, Esq. IHN PODIATRY: Bid to Enforce Automatic Stay Granted in Part ----------------------------------------------------------- Judge Luis E. Rivera II of the U.S. Bankruptcy Court for the Middle District of Florida granted in part and denied in part the Emergency Motion to Enforce the Automatic Stay filed by IHN Podiatry Services, PLLC. The Motion asks the Court to direct the Department of Health and Human Services, the Centers for Medicare and Medicaid Services, First Coast Service Options, Inc., and other Medicare administrative contractors (collectively, "CMS"), the Department of Treasury's Bureau of Fiscal Service (the "Treasury"), and CBE Group, Inc. ("CBE Group") to cease offsetting their disputed overpayment claims against the Debtor's post-petition revenues arising from services rendered after the petition date to Medicare beneficiaries, as well as any other amounts owed to the Debtor by the federal government. The Debtor runs a mobile medical clinic that provides wound care and podiatry services. It is enrolled as a participating supplier in the Medicare program11 and supplies most of its services to Medicare beneficiaries under Medicare Part B. Before the petition date, CMS rendered three Medicare Part B claim overpayment determinations as to the Debtor, asserting the Debtor was overpaid almost $3.7 million for services rendered to six beneficiaries between December 2022 and July 2024. The Debtor took administrative appeals of these decisions. And the appeals remain unresolved as of the petition. In April 2025, while the administrative appeals were pending, CMS began to recover the alleged Medicare overpayments using the mechanisms provided by the Medicare regulations. Among other things, CMS adjusted payments on the Debtor's Medicare reimbursement claims for wound care and podiatry services provided to other Medicare beneficiaries. Additionally, the Treasury and CBE Group may have intercepted a federal tax refund owed to the Debtor of $28,346.00. The Debtor estimates CMS owes the Debtor about $2,000,000.00 on account of the intercepted federal tax refund and Medicare reimbursement claims for services provided to other Medicare beneficiaries. The Debtor contends any Medicare reimbursement claims for postpetition services provided to other Medicare beneficiaries are property of the estate and any post-petition adjustment of payment for post-petition services unrelated to CMS's disputed overpayment claims violates the automatic stay. CMS contends its adjustment of the Debtor's Medicare payments on account of, and in the amount of, the previous Medicare overpayments is recoupment, which does not implicate the automatic stay. In this case, the Debtor asserts CMS and the Treasury's post-petition recovery of the alleged Medicare overpayments violates the automatic stay because: (A) the postpetition Medicare reimbursements to which the Debtor is or will be entitled are property of the estate, (B) the police power exception under Sec. 362(b)(4) is inapplicable, and (C) CMS's conduct constitutes set off, not recoupment. CMS asserts the Medicare laws require that the overpayment be withheld from future Medicare claim payments to the supplier. It argues this adjustment process is expressly designated as recoupment in the Medicare statute. CMS also claims it has a common law right to recoup overpayments. The key issue is whether CMS' efforts to recover the alleged Medicare overpayments it made to the Debtor by adjusting payment on the Debtor's postpetition Medicare claims are setoff, which is barred by the automatic stay, or whether CMS' actions are in the nature of recoupment, which does not implicate the automatic stay. Congress intended the Medicare payment system to operate as a continuous stream that includes adjustments for overpayments. And recoupment is imbedded in the system as the method of determining the actual amounts owed. The Court thus finds that CMS's overpayment claim against the Debtor arise arises from the same integrated transaction as the Debtor's present and future claims against CMS as a participating Medicare Part B supplier. The Court concludes the automatic stay does not apply to CMS's past or future exercise of its right of recoupment. Still, the automatic stay enjoins CMS, the Treasury, and CBE Group from any act to collect the alleged Medicare overpayments from property of the estate, including any non-Medicare debt owed to the Debtor. A copy of the Court's Memorandum Opinion and Order dated April 6, 2026, is available at http://urlcurt.com/u?l=tMApCMfrom PacerMonitor.com. About IHN Podiatry Services PLLC IHN Podiatry Services, PLLC, operating as Bedside Wound Care, provides in-home wound care services to patients in Lakeland, Florida, and surrounding areas, specializing in chronic wounds, post-surgical wounds, and diabetic foot ulcers. It offers wound assessment, debridement, and foot and ankle care, delivering personalized treatment plans tailored to individual patient needs. Its services aim to improve healing outcomes, reduce complications, and enhance patient convenience by bringing professional wound care directly to the home. IHN Podiatry Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00384) on January 21, 2026, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee. Judge Luis Ernesto Rivera II oversees the case. The Debtor is represented by: Erik Johanson, Esq. Erik Johanson PLLC Tel: 813-210-9442 Email: ecf@johanson.law INFINITY TIRE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Infinity Tire Supplies, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recently held preliminary hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for May 21. The Debtor's business relies heavily on ongoing revenue from the sale of tires and automotive supplies to fund its operations, but it faces financial distress due to multiple pre-petition obligations, including eight merchant cash advance lenders that assert liens on substantially all of its assets, including cash and receivables. These lenders collectively claim varying balances and blanket security interests, making most of the Debtor's operating funds cash collateral under the Bankruptcy Code. To address the rights of secured creditors, the Debtor acknowledges that the cash collateral lenders may hold valid liens and, therefore, offers to provide adequate protection as required under the Bankruptcy Code. This protection includes granting replacement liens on post-petition receivables and maintaining projected positive cash flow, thereby preserving the value of the lenders' collateral. The Debtor emphasizes that adequate protection is a flexible, case-specific concept intended to safeguard the value of secured creditors' interests, not necessarily to guarantee full repayment, and that replacement liens are a commonly accepted form of such protection. About Infinity Tire Supplies LLC Infinity Tire Supplies, LLC operates a tire supply business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:26-bk-01533-JAB) on April 8, 2026. In the petition signed by Luis Narvaez, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Jacob A. Brown oversees the case. Thomas Adam, Esq., at Adam Law Group, PA, represents the Debtor as bankruptcy counsel. INNOVATE CORP: Expects $2.7MM from DBM Dividend on April 28 ----------------------------------------------------------- INNOVATE Corp. announced that DBM Global Inc., a family of companies providing fully integrated steel construction services, and an operating subsidiary of INNOVATE, will pay a cash dividend of approximately $3 million, or $0.78 per share, on April 28, 2026 to DBMG's stockholders of record at the close of business on April 13, 2026. As the largest stockholder of DBMG, INNOVATE expects to receive approximately $2.7 million of the total $3 million dividend payout. INNOVATE's individual stockholders are not eligible to receive the cash dividend. About Innovate INNOVATE Corp. is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of non-controlling equity interest positions or debt instruments. The Company's shares of common stock trade on the New York Stock Exchange under the symbol "VATE". As of December 31, 2025, the Company had $950.1 million in total assets and $1,165.4 million in total liabilities, $10.9 million in total temporary equity, and total stockholders' deficit of $226.2 million. Atlanta, Georgia-based BDO USA, P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has significant upcoming maturities of its debt obligations and is subject to certain cross-default provisions. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INSPIRED HEALTHCARE: Seeks to Hire BDO USA, PC as Tax Accountant ---------------------------------------------------------------- Inspired Healthcare Capital Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ BDO USA, P.C. as tax accountant. The firm's services include: Tax Compliance -- preparation of federal, state, and local income/franchise tax extension forms; -- preparation of federal, state, and local extension forms; -- preparation of federal and state quarterly estimates including filing and submission; -- preparation of individual tax forms; -- preparation of additional state and local tax filings as requested by the Debtors; and -- calculate estimated tax payments. Tax Consulting -- calculate the amount of gain or loss related to the Debtors' potential or contemplated sales/divestitures of stock, assets, franchise agreements, etc.; -- provide sell-side tax due diligence related to any contemplated transactions; -- read and comment on transaction-related documents (i.e., purchase agreements, bills of sale, merger agreements, etc.); -- determine the tax consequences of a contemplated debt / equity conversion or other restructurings; -- determine amount of the Debtors' tax attributes; -- determine amount of cancellation of indebtedness income (CODI) and/or gain related to potential forgiveness of the Debtors' obligations; -- includes scrutiny of debt location and characterization with assistance from legal advisors; -- determine tax basis in the assets held by the Debtors; -- determine impact of settling intercompany/related party balances and, if applicable, optimize steps to settle such balances; -- state and local tax consulting, -- consider structuring to optimize tax treatment of real estate transactions and restructuring(s), and -- quantify real estate transfer taxes (if any) applicable to the sale transactions and identify opportunities to mitigate such transfer taxes; and -- other tax compliance and tax consulting services requested by the Debtors. BDO's standard hourly rates are: Principals/ Managing Director $750 to $1,150 Director $650 to $850 Manager $550 to $750 Seniors $375 to $625 Associates $175 to $375 Staff/Paraprofessionals $120 to $175 Kevin Wilkes, a principal of BDO, assured the court that BDO is a "disinterested person" as defined by section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code. The firm can be reached through: Kevin Wilkes BDO USA, P.C. 200 Ottawa Ave NW Ste 300 Grand Rapids, MI, 49503-2426 Tel: (616) 774-7000 Fax: (616) 776-3680 About Inspired Healthcare Capital Holdings LLC Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements, while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc., as an investment banker, and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. On Feb. 25, 2026, the Office of the United States Trustee for the Northern District of Texas appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Greenberg Traurig, LLP as counsel and Berkeley Research Group, LLC as financial advisor. IQSTEL INC: Reports $8.5M Net Loss in 2025, Warns of Cash Shortfall ------------------------------------------------------------------- iQSTEL, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $8,510,266 for the year ended December 31, 2025, compared to a net loss of $5,180,036 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $316,899,498 compared to $283,220,442 in the prior period. Pittsburgh, Pennsylvania-based Urish Popeck & Co., LLC, the Company's auditor, issued a "going concern" qualification in its report dated April 6, 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, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish its business plan and eventually attain profitable operations. Accordingly, the Company has determined that these factors raise substantial doubt as to the Company's ability to continue as a going concern for a period of one year from the issuance of the financial statements. Management intends to continue to fund its business by way of public or private offerings of the Company's stock or through loans from private investors, in order satisfy the Company's obligations as they come due for at least one year from the financial statement issuance date. However, the Company has not concluded that these plans alleviate the substantial doubt related to its ability to continue as a going concern. During the next year, the Company's foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing in the industry and continuing its marketing efforts. The Company may experience a cash shortfall and be required to raise additional capital. Historically, the Company has relied upon funds from its stockholders, and loans from third parties. Management may raise additional capital through future public or private offerings of the Company's stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company's failure to do so could have a material and adverse effect upon its operations and its stockholders. Liquidity and Capital Resources As of December 31, 2025 we had total current assets of $36,162,424, compared with total current liabilities of $34,606,407, resulting in a positive working capital of $ 1,556,017 and a current ratio of approximately 1.04 to 1. The Company's operating activities used $3,844,872 in the year ended December 31, 2025, as compared with $2,930,306 used in operating activities in the year ended December 31, 2024. Its cash flow from operations varies depending on its operating results and the timing of operating cash receipts and payments, specifically trade accounts receivable and trade accounts payable. Investing activities used $239,651 for the year ended December 31, 2025, as compared with $3,162,971 used in investing activities for the year ended December 31, 2024. The cash used in 2024 in investing activities is largely due to the acquisition of QXTEL, where the Company invested $2,955,121, while in 2025 the cash used in investing activities was largely purchases of property and equipment totaling $113,020. Financing activities provided $3,729,525 for the year ended December 31, 2025, as compared to $7,240,966 provided for the year ended December 31, 2024. The cash provided in 2025 was largely from loans. We have financed our operations largely through private placements and secured and unsecured debt. Material Cash Requirements The Company's material cash requirements include: * Working capital needs associated with high-volume telecom traffic settlement cycles. * Vendor and carrier payments, including interconnection fees, SMS termination costs, and network capacity charges. * Debt service obligations, including interest and scheduled principal payments under existing credit facilities. * Capital expenditures related to network infrastructure, platform development, and AI-driven software enhancements. * Regulatory and compliance costs, including licensing, audits, and data protection requirements across multiple jurisdictions. The Company said, "Based upon our current financial condition, we do not have sufficient cash to operate our business at the current level for the next twelve months. We intend to fund operations through increased sales and debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements. We have not attained profitable operations and even though the Company maintains a cash position very close to one third year's operating expenses, we are dependent upon obtaining financing or generating revenue from operations to continue operations for the next 12 months." "Our future is dependent upon our ability to obtain financing or upon future profitable operations. We reserve the right to seek additional funds through private placements of our common stock and/or through debt financing. Our ability to raise additional financing is unknown. We do not have any formal commitments or arrangements for the advancement or loan of funds. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all." A full text copy of the Company's Form 10-K is available at About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. As of December 31, 2025, the Company had $51,087,935 in total assets, $34,807,308 in total liabilities, and $16,280,627 in total stockholders' equity. J KRUSE INVESTMENTS: Seeks to Hire Poe Law LLC as Co-Counsel ------------------------------------------------------------ J Kruse Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Poe Law, LLC as co-counsel. The firm's services include: a. advising Debtor with respect to its rights and obligations as Debtor-In-Possession and regarding any other matters of bankruptcy law; b. preparing and filing of any petition, schedules (or amendments thereto), motions, statement of financial affairs, plan or reorganization, or other pleadings and documents that may be required in this proceeding; c. representing the Debtor at the meeting of creditors, plan of reorganization, disclosure statement, confirmation and related hearings, and any adjourned hearings thereof; d. representing the Debtor in the above matters, and any other matters that may arise in connection with Debtor's reorganization proceeding and its business operations. The firm's hourly rates are: Attorney $400 Paralegal $185 Poe Law, LLC is a disinterested person as that term is defined in Section 101(14), according to court filings. The firm can be reached through: James M. Poe, Esq. Poe Law, LLC 3804 S. Fremont Avenue Springfield, MO 65804 Tel: (417) 887-1807 Fax: (417) 429-2142 Email: jamespoe@poe-law.com About J Kruse Investments LLC J Kruse Investments, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60861) on December 17, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Brian T. Fenimore presides over the case. James B. James, Esq., at JB James Law Firm, P.C. represents the Debtor as bankruptcy counsel. JAGUAR HEALTH: FY25 Net Loss Widens to $54MM, Warns of Cash Strain ------------------------------------------------------------------ Jaguar Health, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. In connection with the filing, RBSM LLP, the Company's auditor since 2022, issued a going concern qualification in its report dated April 7, 2026, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Liquidity and Capital Resources Sources of Liquidity The Company has incurred net losses since its inception. For the years ended December 31, 2025 and 2024, the Company had net losses of $54.0 million and $39.3 million, respectively, and expects to incur additional losses in the near-term future due to significant expenses incurred related to the research and development phase. At December 31, 2025, the Company had an accumulated deficit of $399.9 million and accumulated comprehensive loss of $833,000. The Company continues its efforts to develop its products and continues the development of its pipeline in the near term and, to date, the Company has generated only limited revenues. As of December 31, 2025, the Company had cash of $968,000. As of December 31, 2025, the carrying amount of JAGX Holdings' assets included in the Company's consolidated financial statements was restricted cash of $6.9 million. While the Company's historical resources were insufficient to fund its operating plan for one year from the issuance of these financial statements, the Company's liquidity position improved in January 2026. The Company entered into a U.S. licensing agreement that provided $18.0 million in total upfront fees. While management believes this infusion improves the Company's liquidity, it does not fully alleviate the conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year from the issuance of these financial statements. The Company has funded its operations primarily through issuing debt and equity securities, in addition to selling its commercial products. Cash provided by financing activities for the year ended December 31, 2025, was generated from $10.0 million proceeds from New Note from Streeterville, issuance of an aggregate of 2,159,049 shares of common stock under the ATM Agreement for total net proceeds of approximately $6.3 million, $3.4 million proceeds from Convertible Notes, $2.4 million in net proceeds from shares issued in PIPE financing, $1.3 million in net proceeds from shares issued to placement agents, $1.0 million in net proceeds from shares issued to Brown Stone Capital Limited, offset by $652,000 repayment of insurance financing, and $100,000 in principal payments of the notes payable. The Company expects its expenditures will continue to increase as it continues its efforts to develop its products and continues the development of its pipeline in the near term. The Company may seek additional capital due to favorable market conditions or strategic considerations even if it believes it has sufficient funds for its current or future operating plans. The Company may also not be successful in entering into partnerships that include payment of upfront licensing fees for its products and product candidates for markets outside the United States, where appropriate. If the Company does not generate upfront fees from any anticipated arrangements, it would have a negative effect on the Company's operating plan. The Company still plans to finance its operations and capital funding needs through equity and debt financing as well as revenue from future product sales. However, there can be no assurance that additional funding will be available to the Company on acceptable terms on a timely basis, if at all, or that the Company will generate sufficient cash from operations to fund operating needs or ultimately achieve profitability adequately. If the Company is unable to obtain an adequate level of financing needed for the long-term development and commercialization of its products, the Company will need to curtail planned activities and reduce costs. Doing so will likely have an adverse effect on the Company's ability to execute on its business plan. Liquidity Management As of December 31, 2025, the Company is actively monitoring trends in its capital resources, recognizing favorable and unfavorable developments that may materially impact its financial position. The Company has experienced a substantial increase in debt levels due to recent financing activities intended to support operational growth. The Company expects changes in the mix of capital resources, particularly concerning the relative costs of debt versus equity financing. Current market conditions indicate a trend of rising interest rates, which may increase the cost of future debt issuances. Furthermore, the Company recognizes challenges related to liquidity. It has incurred recurring operating losses and negative cash flows, which raises uncertainties about its future liquidity. The ability to meet current obligations relies on successful ongoing development efforts and securing additional financing. While the Company plans to finance its operations through equity and/or debt financing, collaboration arrangements, and revenue from future product sales, it currently believes that existing cash balances may not be sufficient to fund its operating plan in the next years. There can be no assurance that additional funding will be available on acceptable terms. To address these liquidity concerns, the Company is committed to pursuing all available avenues for financing and will continuously assess its capital structure and operational needs to ensure financial stability. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/mrx774nh About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. As of December 31, 2025, the Company had $38.3 million in total assets, $57 million in total liabilities, and $18.7 million in total stockholders' deficit. JAGUAR LOGISTICS: Seeks Subchapter V Bankruptcy in Georgia ---------------------------------------------------------- On April 11, 2026, Jaguar Logistics, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. Deadline to submit the Chapter 11 Subchapter V Plan is July 10, 2026. About Jaguar Logistics, LLC Jaguar Logistics, LLC is a transportation and logistics company engaged in freight and delivery services. Jaguar Logistics, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-54911) on April 11, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Sage M. Sigler handles the case. The Debtor is represented by Brad Fallon, Esq. of Fallon Law PC. JAMMER LLC: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division-Flint, entered a final order granting The Jammer, LLC authority to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with its approved budget, with a permitted 10% variance per line item. This funding is essential for paying employees, maintaining production, and continuing customer services through the reorganization process. As adequate protection, secured creditors -- Samson Funding, LLC and SBG Funding/Peac -- will be granted replacement liens on post-petition assets, limited to the same types of collateral covered pre-petition, and maintaining the same priority and validity. These replacement liens exclude Chapter 5 avoidance actions and related claims while preserving the Debtor's right to challenge creditor liens. The Debtor is also authorized to establish a DIP account to reserve $5,000 per month for administrative expenses. The order remains effective through September 20, subject to compliance with the budget. The final order is available at https://is.gd/jLE9Vu from PacerMonitor.com. The Debtor was previously authorized to use up to $35,645.70 in cash collateral over a two-week period under the court's second interim order entered on April 2. About The Jammer LLC The Jammer, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-30523) on March 3, 2026. In the petition signed by Richard LaFramboise, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Joel D. Applebaum oversees the case. Edward J. Gudeman, Esq., at Gudeman & Associates, PC, represents the Debtor as legal counsel. JASNIA REALTY: Gets Extension to Access Cash Collateral ------------------------------------------------------- Jasnia Realty, LLC received another extension from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court on April 17 entered an order authorizing the Debtor to use cash collateral in accordance with its budget and granted secured creditors replacement liens, with the same validity, extent and enforceability as their pre-petition liens. The Debtor is ordered to file, on or before May 11, a projected budget for May, June and July; and a reconciled budget showing actual and projected income and expenses for the period ending April 30 as well as beginning and ending balances on its bank accounts for such period. The next hearing is scheduled for May 14. The order is available at https://is.gd/XPemD9 from PacerMonitor.com. Jasnia owns two residential rental properties in Feeding Hills, Massachusetts: 438 Springfield Street (16 units) and 873 Springfield Street (28 units). Both properties are encumbered by first mortgages held by Freedom Credit Union in the approximate amount of $1 million each, and second mortgages held by Louis Cardaropoli, Trustee, in the approximate amount of $1.2 million, representing the same junior obligation secured by both properties. The rental income from the properties constitutes cash collateral, which the Debtor intends to use to pay its operating expenses, including repairs, maintenance, insurance, real estate taxes, payroll, and related costs essential to preserving the estate. As of the petition date, the Debtor's bank balance was $8,057. About Jasnia Realty LLC Jasnia Realty, LLC operates as a limited liability company focused on real estate investment and asset management. Jasnia Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30102) on February 16, 2026. The filing reflects estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Elizabeth D. Katz. The Debtor is represented by Louis S. Robin, Esq., of Law Offices of Louis S. Robin. JSL COMPANIES: Court Extends Cash Collateral Access to August 2 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio, Western Division At Dayton, extended its prior order that granted JSL Companies, LLC final approval to use cash collateral. Under the latest order, the Debtor's authority to use cash collateral is extended from April 12 to August 2. The Debtor's primary secured creditor is First Financial Bank, which holds various claims against it, totaling several million dollars, and secured by a first-priority, properly perfected security interest in all of its personal property. In addition to its obligations to First Financial Bank, the Debtor owes these merchant cash advance lenders: Alliance Funding Group ($200,000); Forward Financing, LLC ($90,000); Kapitus, LLC ($150,000); and Unique Funding Solutions, LLC ($250,000). The Debtor asserts these MCA loans are unsecured, as the bank's liens exceed the total value of the assets. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/20BRW from PacerMonitor.com. About JSL Companies LLC JSL Companies, LLC doing business as Boat & RV Accessories, is a retailer of marine and recreational vehicle parts and equipment in the United States. The Company offers a wide range of products including boat accessories, RV appliances, HVAC parts, solar power systems, and power generation equipment. It distributes components from brands such as Dometic, Atwood, Thetford, and Battery Tender to boat and RV owners nationwide. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-31919) on September 23, 2025. In the petition signed by Joseph Medsker, owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Tyson A. Crist oversees the case. Denis E. Blasius, Esq., at Thompsen Law Group, LLC, represents the Debtor as bankruptcy counsel. KASAI HOLDINGS: Court OKs Restaurant Biz Sale to the Highest Bid ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona has permitted Michael W. Carmel, duly appointed Chapter 11 Trustee of Kasai Holdings Three LLC, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Trustee has taken control of the Debtor's operations and has worked to stabilize the business and preserve value. At the time of the Trustee's appointment, the Debtor operated two restaurant locations—one on Peoria, Arizona, and one in Scottsdale, Arizona. The Court has authorized the Debtor to sell the Property at Auction. The Sale Motion is approved, as modified with stipulations made on the record, subject to further consideration and final approval of the proposed sale at the April 22nd Sale Hearing. The bidding procedures set forth in the Sale Motion are hereby approved in their entirety and shall govern the sale process. Executive Decisions Group, Inc., is approved as the stalking horse bidder pursuant to the terms set forth in the Sale Motion and the Asset Purchase Agreement. The deadline for submission of qualified competing bids shall be 4:00 p.m. on April 20, 2026. In order to constitute a qualified bid, each bidder must deliver a deposit equal to 10% of the proposed purchase price by no later than close of business on April 20, 2026, by ACH or wire transfer to the Trustee’s IOLTA account, in accordance with the bidding procedures. Bidders should reach out directly to the office of the Trustee for account information. In the event qualified competing bids are received, the Trustee is authorized to conduct an in court auction consistent with the approved bidding procedures. All objections to the sale and/or auction results shall be filed and served by no later than close of business on April 21, 2026. About Kasai Holdings Three Kasai Holdings Three, LLC owns and operates a restaurant in Scottsdale, Ariz. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06967) on August 22, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Michael F. Russel, manager through Dinnertainment, LLC, signed the petition. Judge Brenda K. Martin presides over the case. Chris D. Barski, Esq., at Barski Law Firm, PLC, is the Debtor's bankruptcy counsel. KEDE2 LLC: Hires Law Offices of Everett Cook P.C. as Counsel ------------------------------------------------------------ KeDe2, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ The Law Offices of Everett Cook, P.C. as counsel. The firm will render these services: (a) provide the Debtor with legal services with respect to its power and duties as Debtor-in-Possession in continuing the management of its assets; (b) prepare on behalf of Debtor necessary applications, answers, orders, reports, and other legal papers; (c) represent the Debtor in any matters involving contests with secured or unsecured creditors; (d) assist the Debtor in providing legal services required to negotiate and prepare a plan of reorganization; and (e) perform such other legal services for the Debtor as are necessary and appropriate. The firm will be paid at these rates: Everett Cook, Esq. $350 per hour Lauren Specter $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in the court filings, Everett Cook, P.C. represents no interest adverse to the Debtor or the estate. The firm can be reached through: Everett Cook, Esq. The Law Offices of Everett Cook, P.C. 1605 N. Cedar Crest Blvd, Suite 520 Allentown, PA 18194 Phone: (610) 351-3566 Email: bankruptcy@everettcooklaw.com About KeDe2, LLC KeDe2, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 26-11442) on April 8, 2026. The Debtor hires The Law Offices of Everett Cook, P.C. as counsel. KENTUCKY OWL: Seeks to Sell Whiskey Inventory at Auction -------------------------------------------------------- Claudia Z. Springer, Chapter 11 trustee of Kentucky Owl, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor’s core assets consist of over 35,000 barrels and approximately 19,000 proof gallons of bourbon whiskey of varying vintages spanning production years 2013 through 2025 and additional whiskey and other inventory and work-in-process items. The Assets reflect a diverse set of underlying mash bills, encompassing approximately twenty distinct recipes with differing proportions of corn, rye, wheat, and malted barley, resulting in a broad spectrum of flavor profiles, aging characteristics, and potential end-market positioning. The Assets are in various stages of maturation, representing a significant and time-sensitive asset whose value is intrinsically tied to aging progression, storage conditions, and market demand for premium and ultra-premium American whiskey. The Trustee, with the assistance of her proposed industry broker, Time and Tasks LLC, and other advisors, has undertaken a strategic review of the Assets, including evaluating inbound interest in acquiring portions of the Assets that the Trustee has received and developing a list of potential targets to market classes of the Assets. The Trustee seeks the relief requested herein on emergency basis so that the Trustee may attempt to advance these negotiations on an expedited basis to maximize value for an estate with extremely limited resources. To alleviate the costs and delay of filing a separate motion for each proposed sale of Assets, and to eliminate any uncertainty regarding the Kentucky Owl Trustee's authority to consummate such sales, the Trustee has developed proposed expedited sale procedures to efficiently govern the sale of the Assets with oversight and review by the Debtor’s secured lender, Fifth Third Bank, N.A., and its primary storage facility provider, Bardstown Bourbon Company, LLC, and seeks authority to sell or transfer the Assets free and clear of liens, claims and encumbrances up to a certain monetary limit. The Trustee proposes to use the Sale Procedures with regard to sales or transfers of Assets in any individual transaction or series of related transactions to a single buyer or group of related buyers to facilitate a more expeditious and cost-efficient review of each sale by the Kentucky Owl Trustee and other parties-in-interest. The terms of the proposed sale procedures can be found at: https://urlcurt.com/u?l=1UnSGw With respect to the Sales of Assets in any individual or series of related transactions to a single buyer or group of related buyers with an aggregate selling price (including all commissions, fees, taxes, and other costs) more than $20,000,000 and any proposed Sale which constitutes all or substantially all of the Debtor’s assets, the Trustee will file a separate motion seeking approval of any such proposed Sale in accordance with section 363 of the Bankruptcy Code. The Trustee submits that the Sale Procedures are reasonable and designed with objective of obtaining the best value for the Assets in an efficient manner and at reduced cost and expense to the Debtor’s estate. The Trustee submits that sufficient cause exists to implement the Sale Procedures and such Procedures will improve the efficiency and minimize the cost of the sale process for the Assets, thereby maximizing the value of such assets to the Debtor's estate. The Trustee submits that any Sale consummated in accordance with the Sale Procedures will be an arm’s length transaction without indication of any fraud or collusion between the purchaser and other bidders or the Kentucky Owl Trustee, or an attempt to take grossly unfair advantage of other bidders or similar conduct that would cause section 363(m) of the Bankruptcy Code not to apply to such Sales. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. KOHL'S CORP: Moody's Affirms 'B2' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings changed Kohl's Corporation's (Kohl's) outlook to positive from stable. Additionally, Moody's affirmed the company's B2 corporate family rating and its B2-PD probability of default rating. Moody's also affirmed the B3 rating of the company's senior unsecured notes and the Ba3 rating of the company's senior secured first lien notes. The speculative grade liquidity rating (SGL) is upgraded to SGL-2 from SGL-3. "The positive outlook reflects Kohl's better than expected operating performance in 2025 and improved liquidity resulting in credit metrics that are better than Moody's previous expectations", Moody's Ratings Vice President Mickey Chadha stated. "For fiscal 2025 Moody's-adjusted EBIT/interest expense was 1.4x versus Moody's expectations of 1.0x and Moody's-adjusted debt/EBITDA was 4.5x versus Moody's expectations of 5.3x. Moody's expects that metrics will show further modest improvement in the next 12-18 months", Chadha further stated. RATINGS RATIONALE Kohl's B2 CFR reflects the company's significant market position and scale with approximately $15.5 billion of revenue for fiscal year 2025 and its good liquidity. Kohl's has a long-term track record of innovative merchandising, which includes a high level of private label and exclusive merchandise that resonates with its value-oriented customers. However, Kohl's sales cadence has been negative with continued declines in 2025 as the company's core customer remains stressed in the face of the ongoing high cost of essentials. Moody's expects sequential improvement in quarterly comparative store sales in fiscal 2026 with the company returning to topline growth by the end of the year. Sales at Sephora continued to grow but that has not been enough to offset the weakness in Kohl's other merchandise categories, such as footwear and legacy home. Moody's anticipates that improved inventory management and new merchandising efforts particularly in proprietary brands will have a positive effect on overall profitability. However, the company still must navigate a challenging macroeconomic environment and a stressed consumer. Moody's forecasts Moody's-adjusted debt/EBITDA and EBIT/interest to improve modestly to 4.4x and 1.5x in the next 12-18 months respectively. Kohl's rating also reflects its good liquidity. The positive outlook reflects Moody's expectations that operating performance including sales growth and credit metrics will continue to improve and liquidity will remain good. The positive outlook also reflects that Kohl's will continue to pursue a balanced financial strategy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Kohl's demonstrates operating margins and comparable store sales growth that represent a stable to improving market position. An upgrade would also require Kohl's to maintain at least good liquidity including good free cash flow generation while its financial strategy remains balanced. Quantitatively, the ratings could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 5.0x and EBIT/interest expense is sustained above 1.5x. Failure to stabilize operating margins and revenue growth could lead to a downgrade. The ratings could also be downgraded if free cash flow generation weakens, if liquidity deteriorates for any reason or financial strategies become more aggressive. Quantitatively, the ratings could be downgraded should Moody's-adjusted debt/EBITDA be sustained above 6.5x or EBIT/interest expense be sustained below 1.0x. Headquartered in Menomonee Falls, Wisconsin, Kohl's Corporation is a leading department store retailer with 1,153 stores in the US. Total revenue is approximately $15.5 billion for fiscal year 2025. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LIFE STRIDE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Life Stride, Inc 3005 Bladensburg Road NE Washington, DC 20018 Business Description: Life Stride, Inc., based in Washington, D.C., operates group homes and provides mental health care services, including psychiatric treatment, counseling, group therapy, case management, housing support, day programs, substance abuse services, and supported employment. A DC Department of Behavioral Health-certified community service provider, the company serves consumers seeking recovery-focused care and related residential support. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00183 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Christianna Cathcart, Esq. THE BELMONT FIRM 1050 Connecticut NW, Suite 500 Washington, DC 20036 E-mail: christianna@dakotabankruptcy.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Leonard Lucas as authorized agent. 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/WM66E4I/Life_Stride_Inc__dcbke-26-00183__0001.0.pdf?mcid=tGE4TAMA LITHOTYPE COMPANY: Taps Robert W. Zimmer & Assoc. as Consultant --------------------------------------------------------------- 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 consultant. The firm will render these services: a. assess the Client's financial and operational conditions, including but not limited to evaluating existing and future liquidity and projected cash flow(s) requirements; b. assist the Client's management in preparing cash flow, operating and cash collateral budgets, monthly operating reports and other ad hoc reports as requested; c. assist with the monthly closing and preparation of monthly financial statements; d. assist the Client in developing and executing a plan of reorganization to restructure the company's debt and capital structure; e. assist with communications with creditors; f. communicate directly with stakeholders and appear before the Court regarding the matters; and g. provide financial and operational duties typically associated with the scope of a Financial Advisor of the Client as may be approved by Client. The firm will charge $250 per hour for its services. The firm requested for a $25,000 retainer. 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. LL CREATIONS: Kathleen DiSanto Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for LL Creations, LLC. Ms. DiSanto will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About LL Creations LLC LL Creations, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02729) on April 2, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Catherine Peek Mcewen presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor as legal counsel. LONG BEACH: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: Long Beach Property, LLC 1429 E. South Street Long Beach, CA 90805 Business Description: Long Beach Property, LLC, a Long Beach, California-based single-asset real estate entity, owns a three-unit commercial building comprising approximately 5,500 square feet of rentable space on an 8,500-square-foot lot. The property, acquired in December 2024 for $1.18 million, includes suites measuring approximately 3,500, 1,000, and 1,000 square feet, respectively. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-13636 Judge: Hon. Sheri Bluebond Debtor's Counsel: Louis J. Esbin, Esq. LAW OFFICES OF LOUIS J. ESBIN 25115 Avenue Stanford Suite A201 Valencia, A 91355 Tel: 661-254-5050 Email: Louis@Esbinlaw.com Total Assets: $2,400,000 Total Liabilities: $1,411,324 The petition was signed by Victor Duran as managing member. The Debtor identified Fortaleza Divina LB Inc. as its sole unsecured creditor, with a $253,550 claim arising from litigation, and listed the mailing address as that of Sergio Alejandro Copete, Esq., of Copete Law Firm, located at 601 Parkcenter Drive, Suite 107, Santa Ana, California 92705. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DAFM6LI/Long_Beach_Property_LLC__cacbke-26-13636__0001.0.pdf?mcid=tGE4TAMA LOW COST TREE: Seeks to Extend Plan Exclusivity to April 30 ----------------------------------------------------------- Low Cost Tree Service & Systems, LLC d/b/a Love's Tree Service asked the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 30 and June 29, 2026, respectively. The Debtor explains that the need for an extension is attributable to the following causes for which the debtor should not justly be held accountable: * The Debtor experienced unexpected delays due to the sudden increase in volume of his seasonal work; * The Debtor's counsel delayed in providing a draft of the plan to debtor's principal due to negotiations with Mid Penn Bank regarding cash collateral; * The Debtor's office manager unexpectantly terminated her employment with debtor thus unavoidably delaying communication between debtor's counsel and debtor regarding necessary information to support debtor's petition. The Debtor asserts that the requested extension will allow the Debtor to present a confirmable plan that maximizes value for all stakeholders, rather than facing premature competition, which could result in administrative insolvency. The Debtor further asserts that the extension is requested in good faith and not to delay the proceedings. Low Cost Tree Service & Systems, LLC is represented by: James K. Jones, Esq. CGA Law Firm 135 North George Street York, PA 17401 (717) 848-4900 About Low Cost Tree Service & Systems Low Cost Tree Service & Systems, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15263) on December 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge Patricia M. Mayer presides over the case. James K. Jones, Esq., at Cga Law Firm represents the Debtor as bankruptcy counsel. LUCIENNE HOME: Carol Fox of GlassRatner Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Lucienne Home Care, Inc. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Lucienne Home Care Inc. Based in Boca Raton, Florida, Lucienne Home Care provides home health care services, including skilled nursing, physical therapy, occupational therapy, speech therapy, home health aide, and personal care, delivered under physician-directed plans of care. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14150) on April 1, 2026, with $205,097 in assets and $1,986,545 in liabilities. Bien Aime Amos, treasurer, signed the petition. Judge Mindy A. Mora presides over the case. Stan L. Riskin, Esq., at Stan L. Riskin, PA represents the Debtor as legal counsel. LUMINAR TECHNOLOGIES: Leadership Resigns After Plan Confirmation ---------------------------------------------------------------- Luminar Technologies Inc. disclosed in a regulatory filing that the U.S. Bankruptcy Court for the Southern District of Texas entered an order on April 3, 2026 confirming the Fourth Amended Chapter 11 Plan of Liquidation of the Company and its affiliated debtors. The Confirmed Plan became effective on April 6, 2026. Following the effectiveness of the Confirmed Plan, all directors and officers of the Company and its subsidiaries were deemed to have resigned without any further action. As of the Effective Date, each of the Company's directors, including Paul Ricci, Austin Russell, Elizabeth Abrams, Patricia Ferrari, Alec E. Gores, Mary Lou Jepsen, Shaun Maguire, Katharine A. Martin, Dominick Schiano, Matthew J. Simoncini, and Daniel D. Tempesta, as well as the Company's officers, including Paul Ricci, Chief Executive Officer, and Thomas Beaudoin, Chief Financial Officer, ceased serving in their respective roles. Pursuant to the Confirmed Plan, the liquidation trustee of the liquidating trust serves as the sole officer, director, or manager, as applicable, of each of the Debtors and certain non-Debtor subsidiaries in which the Debtors held an interest before the Effective Date without any further action. Furthermore, all of the Company's outstanding equity interests prior to the Effective Time, consisting of outstanding shares of Common Stock and related rights to receive or purchase shares of Common Stock, have been or will be cancelled without consideration and have no value. In connection with the liquidation, the Company will file a Form 15 with the Securities and Exchange Commission to deregister the Common Stock under Section 12(g) of the Securities Exchange Act of 1934, as amended, and to suspend its reporting obligations under Section 15(d) of the Exchange Act. Upon filing the Form 15, the Company's obligations to file certain reports and forms with the SEC, including Forms 10-K, 10-Q and 8-K, will be immediately suspended. Full text copies of the Confirmation Order and Confirmed Plan are available at https://tinyurl.com/54bt655r and https://tinyurl.com/yc6myz4p, respectively. About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Marty Korman, Esq., and Mark Holloway, Esq., and Catherine Riley Tzipori, Esq., at Wilson Sonsini Goodrich & Rosati Professional Corporation, in Palo Alto, California. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. M & M BUCKLEY: Seeks to Hire Gregory K. Stern, P.C. as Counsel -------------------------------------------------------------- M & M Buckley, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Gregory K. Stern and Monica C. O'Brien of Gregory K. Stern, P.C. as legal counsel in its Chapter 11 case. The firm's services include: (a) reviewing assets, liabilities, loan documentation, account statements, executory contracts and other relevant documentation; (b) preparing list of creditors, list of twenty largest unsecured creditors, schedules and statement of financial affairs; (c) advising the Debtor with respect to its powers and duties as Debtor in Possession in the operation and management of his financial affairs; (d) assisting in the preparation of schedules, statement of affairs and other necessary documents; (e) preparing applications to employ attorneys, accountants or other professional persons, motions for turnover, motion for use of cash collateral, motions for use, sale or lease of property, motion to assume or reject executory contracts, plan, applications, motions, complaints, answers, orders, reports, objections to claims, legal documents and any other necessary pleading in furtherance of reorganizational goals; (f) negotiating with creditors and other parties in interest, attending court hearings, meetings of creditors and meetings with other parties in interest; (g) reviewing proofs of claim and solicitation of creditors' acceptances of plan; and, (h) performing all other legal services for the Debtor, as Debtor in Possession, which may be necessary or in furtherance of his reorganizational goals. The attorneys will be paid at these rates: Gregory K. Stern $650 per hour Monica C. O'Brien $550 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior filing of the bankruptcy case, the firm received a retainer of $25,000. The attorneys are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The attorneys can be reached at: Gregory K. Stern, Esq. Monica C. O'Brien, Esq. Gregory K. Stern, P.C. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Telephone: (312) 427-1558 About M & M Buckley Management Inc. M & M Buckley Management, Inc. is a professional property management company based in Richton Park, IL. It specializes in managing residential and commercial properties. M & M sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-19108) on December 23, 2024, with $1 million to $10 million in both assets and liabilities. Melvin T. Buckely, Jr., president of M & M, signed the petition. Judge Janet S. Baer handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. Secured creditor Community Loan Servicing is represented by Jill Sidorowicz, Esq. at Noonan & Lieberman, Ltd. M&M CUSTARD: Seeks to Extend Plan Exclusivity to August 11 ---------------------------------------------------------- M&M Custard, LLC and its affiliates asked the U.S. Bankruptcy Court for the District of Kansas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 11 and Oct. 10, 2026, respectively. The Debtors explain that they require additional time to file their Plan and Disclosure Statement. The Debtors are attempting to negotiate the terms of the Plan and need additional time to file a confirmable Plan and Disclosure Statement. The Debtors state that the complication of this case, which includes the Debtors closing businesses and transitioning to a new accountant, is cause to allow an extension. The Debtors assert that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and are in the best interest of all parties. Counsel to the Debtors: Colin N. Gotham, Esq. Evans & Mullinix, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 E-mail: cgotham@emlawkc.com About M&M Custard LLC M&M Custard LLC, doing business as Freddy's Frozen Custard & Steakburgers, operates 30+ franchise locations across six Midwestern and Southern U.S. states. Headquartered in Overland Park, Kansas, M&M Custard was founded in 2010, opened its first location in Jefferson City, Missouri in 2012, and has expanded into Missouri, Kansas, Illinois, southern Indiana, Kentucky, and Tennessee. The Debtor operates fast-casual restaurants specializing in steakburgers, hot dogs, and frozen custard, and manages its stores through individual subsidiary LLCs, collectively holding 41 store franchise license agreements with Freddy's. M&M Custard and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-21650) on November 14, 2025. In its petition, M&M Custard reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Colin N. Gotham, Esq., at Evans & Mullinix, P.A. MACROFIT INC: Commences Chapter 11 Bankruptcy in California ----------------------------------------------------------- On April 11, 2026, Macrofit, Inc. filed for Chapter 11 protection in the Central District of California Bankruptcy Court. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on 5/18/2026 at 09:00 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About Macrofit, Inc. Macrofit, Inc. is a health and fitness company that provides nutrition planning, wellness programs, and lifestyle solutions designed to support personal fitness goals. Macrofit, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13505) on April 11, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1,000,000–$10,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Thomas B. Ure, Esq. of Ure Law Firm. MADISON ATRINA: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Madison Atrina Properties, LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and provide adequate protection. The Debtor owns seven rental properties -- some leased to traditional tenants and others used as short-term vacation rentals -- and asserts that continued access to cash collateral is essential to fund post-petition operating expenses such as utilities, vendor payments, and property maintenance. Without such access, the Debtor contends it would suffer immediate and irreparable harm and be unable to reorganize effectively. Accordingly, it requests emergency interim relief pending a final hearing, along with approval of a proposed budget governing the use of funds. The Debtor identifies several secured creditors with potential interests in the cash collateral, including EverBank, NationStar Mortgage, LLC, United Wholesale Mortgage, LLC, and First Internet Bank of Indiana. While the Debtor is current on most secured obligations, it disputes the claims of First Internet Bank, asserting that its liens are avoidable under the Bankruptcy Code because the Debtor allegedly received no value in exchange and that certain transfers to the bank are recoverable. As a result, the Debtor proposes to provide adequate protection payments -- typically monthly mortgage payments consistent with underlying loan agreements -- only to the undisputed secured lenders, while offering no such protection to First Internet Bank unless required by the Court. The Debtor further argues that even if protection were required, compliance with its operating budget and continued business operations would sufficiently safeguard any asserted interest. A copy of the motion is available at https://urlcurt.com/u?l=Pa9Mm2 from PacerMonitor.com. About Madison Atrina Properties, LLC Madison Atrina Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-0333) on April 26, 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 legal counsel. MAMA BIRD'S: Seeks to Hire Mullin P.C. as Special Counsel --------------------------------------------------------- Mama Bird's Cookies N Cream LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Mullin, P.C. as special counsel. The firm will advise the Debtor and prepare the necessary documents to finalize the franchise agreement with Vaaraahi Services P2, LLC. The firm will be paid flat fee of $2,500. Ms. Mullin 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 at: Cheryl Mullin, Esq. Mullin, P.C. 2600 Philmont Avenue, Suite 200 Huntington Valley, PA 19006 Tel: (972) 852-1703 Email: Cheryl.Mullin@mullinlawpc.com About Mama Bird's Cookies N Cream LLC Mama Bird's Cookies N Cream, LLC, doing business as Mama Bird's Ice Cream, produces handcrafted ice cream and baked goods from its locations in Holy Springs and Apex, North Carolina, offering a range of rotating flavors that highlight traditional recipes with unique twists. The company emphasizes scratch-made desserts, including gluten-free options, and serves customers through its physical locations and a mobile unit. Its operations focus on creating a community-oriented environment, catering to local consumers and families seeking artisanal frozen treats. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00272) on January 20, 2026, with $321,096 in assets and $1,044,349 in liabilities. Lesley Richmond, managing member, signed the petition. Judge David M. Warren presides over the case. Laurie B. Biggs, Esq., at Biggs Law Firm, PLLC represents the Debtor as bankruptcy counsel. MARINER'S GATE: Court Extends Cash Collateral Access to April 30 ---------------------------------------------------------------- Mariner's Gate, LLC received an extension from the U.S. Bankruptcy Court for the Southern District of New York to use the cash collateral of JPMorgan Chase Bank, N.A. The bankruptcy court entered an order extending the Debtor's authority to use the lender's cash collateral through April 30. The court also extended key milestones under previously approved sale procedures to give potential buyers more time to evaluate the Debtor's property -- a commercial office loft building at 548 West 28th Street in New York City -- and submit competitive offers. Specifically, the court extended the bid deadline to May 1, the auction to May 5, the sale approval hearing to May 12, and closing to June 12; and required the Debtor to secure Chapter 11 plan confirmation by May 12. The Debtor said the short extension will not harm JPMorgan, may increase sale value, and is consistent with preserving the status quo while maximizing creditor recovery. The Debtor's revised April budget shows approximately $275,000 in rent and $136,567 in operating expenses, resulting in net operating income of about $136,433, which is intended to fund "adequate protection" payments. Mariner's Gate said it continues to provide adequate protection payments to JPMorgan, including at least $138,433 for April, ensuring that the lender remains protected while the property is marketed. The Debtor also said its principal personally contributed about $64,400 to cover insurance-related expenses, demonstrating good faith and commitment to preserving the property's value. The Debtor has been working in good faith to market the property and maximize its sale value above JPMorgan's approximately $41.4 million mortgage lien. The case has involved prior disputes with the bank, including litigation over the appointment of a trustee but the parties ultimately reached an interim agreement permitting use of cash collateral. Since then, the Debtor has engaged Avison Young as broker, conducted marketing efforts including advertisements in major newspapers, and prepared for a structured sale process. The order is available at https://is.gd/1DQrnm from PacerMonitor.com. About Mariner's Gate LLC Mariner's Gate LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12819) on December 16, 2025. In the petition signed by James Y.A. Pastreich, president and director, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Philip Bentley oversees the case. Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, represents the Debtor as legal counsel. JPMorgan Chase Bank, NA, as lender, is represented by: Theresa A. Foudy, Esq. Justin Young, Esq. Miranda Russell, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 tfoudy@mofo.com justinyoung@mofo.com mrussell@mofo.com MAWSON INFRASTRUCTURE: Inks Cooperation Deal With Endeavor ---------------------------------------------------------- Mawson Infrastructure Group Inc. disclosed in a regulatory filing that it entered into a Cooperation Agreement by and among Endeavor Blockchain, LLC, an Arkansas limited liability company, Big Digital Energy LLC, a Texas limited liability company, PM Squared, LLC (DBA PM Squared Financial), a Texas limited liability company, Joshua Kilgore, Cody Smith and Phillip Stanley. Pursuant to the Cooperation Agreement, the Company has agreed to, among other things, appoint Kyle B. Danges, K. Rodger Davis, Lisa R. Hough, Cody Smith and Phillip Stanley to the Board, effective as of April 6, 2026. As of the date of the Cooperation Agreement, each of Messrs. Davis and Danges and Ms. Hough are "Qualified Directors" and are not "Affiliates" of any of the Endeavor Parties. The Cooperation Agreement, among other things, includes certain litigation-related provisions, including agreements by the Company and each of the Endeavor Parties not to initiate or pursue any legal proceedings against each other and to release each other from any claims except for those arising out of the Cooperation Agreement, as well as certain non-disparagement provisions that in each case remain in place until April 4, 2029. In connection with the cooperation agreement, Ryan Costello, Kathryn Schellenger and Steven Soles will step down from the Board. These appointments and resignations are effective immediately. Ryan Costello, departing Chair of the Mawson Board, said, "As a board, Kathryn, Steven and I considered the options available and unanimously determined that entering into an agreement with Endeavor is the best path forward for Mawson and in the best interest of all shareholders. We have made meaningful strides in recent months to navigate business and industry challenges and reposition the business toward higher growth opportunities." Joshua Kilgore, Managing Member of Endeavor Blockchain, LLC, commented, "We are pleased to reach this agreement and believe Mawson has the potential to become a valuable digital infrastructure platform. We look forward to helping the Company realize its potential and deliver value for all Mawson shareholders." The cooperation agreement includes, among other things, customary standstill provisions and will be filed as an exhibit to a Form 8-K with the U.S. Securities and Exchange Commission. New Board Member Biographies: * Kyle B. Danges has served as Founder and Principal at KBD Strategy & Execution, LLC, since July 2023. Previously, he served as Chief Strategy Officer & Head of Innovative Solutions Businesses at illumifin, from October 2021 to July 2023 and as Strategy Director at KPMG, from 2014 to October 2021. Mr. Danges received his B.S in Finance from the Smeal College of Business at Pennsylvania State University. * K. Rodger Davis has served as Managing Director at Ikaria Capital Group, a financial services firm, since September 2024. Prior to that, Mr. Davis served as a Director at White Oak Healthcare Finance, LLC, a healthcare focused financial services provider, from May 2020 to September 2024. Mr. Davis has served as Co-Founder and Head of Finance for Green Minting Technologies Corp., a renewable energy developer, since 2024. In addition, Mr. Davis is Partner at Purpose Living Ventures Jenison, LLC, a senior living services company, since March 2026. * Lisa R. Hough currently serves as Co-Founder and Advisor of Eberly Energy Ventures LLC, a behind-the-meter power company focused on Bitcoin and AI infrastructure. She also serves as an Advisor to Trammell Venture Partners and as a Supervisory Board Member of Melanion Digital, a Paris-based UCITS ETF regulated by the French AMF and listed on Euronext Paris (not a U.S.-registered entity). She serves on the Board of Directors of the Bitcoin Today Coalition and as a Founding Board Member of Proof of Workforce, a nonprofit focused on Bitcoin adoption among unions and pension funds. * Cody Smith has served as Chief Operating Officer of Big Digital Energy LLC, a digital asset mining, AI, and HPC company, since August 2025. After founding Arrowhead Technologies, a cybersecurity firm, he served as its CEO from 2007 until it was acquired in July 2025. As CEO of Arrowhead Technologies, Mr. Smith advised many private and public companies with respect to their internal controls, compliance, and security. * Phil Stanley has served as Chief Executive Officer and Managing Member of PM Squared LLC, a private financial advisory firm, where he is responsible for financial oversight, investment strategy, and operations, since 2019. Mr. Stanley holds Series 7 and Series 66 securities licenses, as well as Life and Health Insurance licenses, and earned a Bachelor's degree in Corporate Communications from Texas A&M University. About Mawson Infrastructure Group Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, 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 net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $57.4 million in total assets, $60.6 million in total liabilities, and $3.1 million in total stockholders' deficit. MCCOOL MILLWORKS: Has Deal on Cash Collateral Access ---------------------------------------------------- McCool Millworks, Inc. asks the U.S. Bankruptcy Court for the District of Oregon for authority to use cash collateral from April through September in accordance with its agreement with secured lender, Columbia Bank. The Debtor asserts that continued access to cash collateral is essential for ongoing operations, and that without such approval it would be unable to maintain its business activities during the Chapter 11 case. Under the agreement, the Debtor is authorized to use cash collateral strictly in accordance with an agreed operating budget, with expenses limited to defined categories and subject to a 10% variance per category unless otherwise approved by Columbia Bank. In exchange for the use of cash collateral, Columbia Bank is granted several forms of adequate protection, including replacement liens on post-petition assets of the same type and scope as its pre-petition collateral, adequate protection payments as specified in the budget, and assurance that all collateral will remain insured and unencumbered. The agreement also provides that post-petition interest will continue to accrue at the pre-petition non-default contractual rate, with any later court ruling potentially recharacterizing such payments as principal reduction or requiring disgorgement. The stipulation further includes operational and procedural safeguards such as requiring all funds to be deposited into DIP-controlled accounts, prohibiting unauthorized expenditures, and mandating monthly financial reporting. It also establishes default provisions under which Columbia Bank may terminate the Debtor's right to use cash collateral upon written notice if a default is not cured within 14 days, while preserving the Debtor's ability to seek expedited court review of any alleged default. Importantly, the agreement states that its terms do not concede lien validity, priority, or adequate protection status, and preserves all parties' rights to challenge claims or seek additional remedies under bankruptcy or state law. The cash collateral authorization remains effective through the earlier of September 30, plan confirmation, conversion, dismissal, or further court order. It also allows limited pre-order use of cash collateral with the secured creditor's consent under section 363(c)(2)(A). A copy of the motion is available at https://urlcurt.com/u?l=dwaljw from PacerMonitor.com. About McCool Millworks Inc McCool Millworks, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 26-60938-dwh11) on April 8, 2026. In the petition signed by Michael McCool, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge David W. Hercher oversees the case. Loren S. Scott, Esq., at The Scott Law Group, represents the Debtor as legal counsel. MCCOOL MILLWORKS: Hires Scott Law Group LLP as Counsel ------------------------------------------------------ McCool Millworks, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Scott Law Group LLP as counsel. The services the firm will render includes all legal services regularly and customarily required by a debtor in possession including representation in such adversary proceedings as may be commenced in this case, or such other proceedings as may be necessary and proper in other forums. The firm will be paid at these rates: Loren S. Scott, Esq. $380 per hour Natalie C. Scott, Esq. $340 per hour Paralegals $90 to $160 per hour Law Clerks $150 to $200 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. On March 6, 2026, the Debtor paid the firm in the amount of $25,000. Loren Scott, Esq., a partner at Scott Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Loren S. Scott, Esq. Scott Law Group LLP PO Box 70422 Springfield, OR 97475 Tel: (541) 868-8005 Fax: (541) 868-8004 Email: lscott@scott-law-group.com About McCool Millworks, Inc. McCool Millworks, Inc., based in Sweet Home, Oregon, operates as a local millwork company producing custom wood products for residential and commercial use, including cabinetry, moldings, and specialty components. The company serves regional contractors, builders, and individual clients, with a facility at 1744 Main St. supporting production and limited distribution across Linn County. McCool Millworks, Inc. in Sweet Home, OR, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Ore. Case No. 26-60938) on April 8, 2026, listing $1,922,881 in assets and $2,968,373 in liabilities. Michael McCool as president, signed the petition. Judge David W Hercher oversees the case. THE SCOTT LAW GROUP serve as the Debtor's legal counsel. MED-RIDE INC: Cash Collateral Hearing Set for April 21 ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, is set to hold a hearing on April 21 to consider extending Med-Ride, Inc.'s authority to use cash collateral. The Debtor was initially allowed to access cash collateral under the court's April 13 interim order. The interim order approved the payment of expenses from the cash collateral including all accounts receivable or funds currently held by any third-party payor for the benefit of the Debtor. It granted creditors with pre-petition liens on the cash collateral adequate protection through a replacement lien on post-petition receipts. Based on a preliminary review of UCC-1 filings, Med-Ride identified City National Bank and entities acting as representatives for lenders such as First American Equipment Finance and Idea Financial as the creditors that may claim liens on its cash collateral. These filings include both blanket liens on assets and more limited liens such as those potentially tied to leased vehicles. However, the Debtor reserves the right to challenge the validity, scope, perfection, and enforceability of any such liens and notes that some claims may not actually extend to cash collateral. Med-Ride's business consists of transporting elderly and low-income patients to routine medical appointments, with revenue derived entirely from Medicare and Medicaid reimbursements. About Med-Ride Inc. Med-Ride, Inc. is a Tennessee-based non-emergency medical transportation provider. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 3:26-bk-01653) on April 8, 2026. In the petition signed by Joseph Musoke, president, the Debtor disclosed up to $1 million in assets and up to $10 million in both assets and liabilities. Judge Nancy B. King oversees the case. Henry E. Hildebrand, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. MED-RIDE INC: Hires Dunham Hildebrand Payne Waldron as Counsel -------------------------------------------------------------- Med-Ride, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Dunham Hildebrand Payne Waldron, PLLC as counsel. The firm's services include: a. rendering legal advice with respect to the rights, powers and duties of the Debtor in the management of its property; b. investigating and, if necessary, instituting legal action on behalf of the Debtor to collect and recover assets of the estate of the Debtor; c. preparing all necessary pleadings, orders and reports with respect to this proceeding and to render all other necessary or proper legal services; d. assisting and counseling the Debtor in the preparation, presentation and confirmation of its plan of reorganization; e. representing the Debtor as may be necessary to protect its interests; and f. performing all other legal services that may be necessary and appropriate in the general administration of the Debtor's estate. The firm's current standard hourly rates are: Attorneys $500 to $550 Paralegals $200 to $225 The firm received a retainer in the amount of $26,738. Mr. Hildebrand, IV 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: Henry E. Hildebrand, IV, Esq. Dunham Hildebrand Payne Waldron, PLLC 9020 Overlook Blvd, Ste 316 Brentwood, TN 37027 Phone: (629) 777-6539 Email: ned@dhnashville.com About Med-Ride, Inc. Med-Ride, Inc., based in Dickson, Tennessee, provides non-emergency medical transportation services, operating a mixed fleet of SUVs, minivans and passenger vans that includes 2022 to 2024 model-year Ford, GMC, Nissan, Hyundai, Kia, Honda, Chrysler and Toyota vehicles. The company supports patient transport needs for medical appointments and related healthcare travel, with fleet assets structured through a combination of owned, financed and leased vehicles. Med-Ride, Inc. in Dickson, TN, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Tenn. Case No. 26-01653) on April 8, 2026, listing $560,187 in assets and $3,052,745 in liabilities. Joseph Musoke as president, signed the petition. Judge Nancy B Kin oversees the case. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC serve as the Debtor's legal counsel. MJS MATERIALS: Gets OK to Use Cash Collateral Until June 16 ----------------------------------------------------------- MJS Materials, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral through June 16. The court found the relief necessary to maintain business operations and protect the value of the bankruptcy estate while the Debtor reorganizes under Chapter 11 Subchapter V. In its interim order, the court authorized the Debtor to use cash to pay ordinary business expenses pursuant to an approved budget, subject to a 10% variance. A carveout was approved for court fees and professional fees, including Subchapter V trustee and counsel fees. The Debtor projects monthly operational expenses of $745,863 for April. The order provides adequate protection to secured vehicle lenders. Commercial Credit Group will receive monthly protection payments of $91,843, beginning April 25, along with insurance, maintenance, inspection rights, and default remedies. Other vehicle lenders -- First Citizens, Balboa, Amur Equipment Finance, Inc., Commercial Equipment Finance International, LLC and Wells Fargo Equipment Finance, Inc. -- will be granted varying monthly protection payments (or none, as specified), insurance and maintenance protections, inspection rights, and default procedures. Replacement liens are confirmed post-petition, matching the validity, extent, and priority of pre-petition liens, including proceeds and avoidance recoveries. The next hearing is scheduled for June 16. The court order is available at https://tinyurl.com/2mkh68dp from PacerMonitor.com. About MJS Materials Inc. MJS Materials, Inc. is a Florida-based business offering aggregate hauling and logistics solutions for the construction, land development, and infrastructure sectors. MJS Materials sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21971) on October 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and liabilities. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Matthew S. Kish, Esq. MODERN FLOOR: Court Tosses City of Los Angeles' Lawsuit ------------------------------------------------------- Judge Otis D. Wright, II of the U.S. District Court for the Central District of California granted the motion of Defendants City of Los Angeles, Mayor Karen Bass, and five City Attorneys (the "City Defendants") to dismiss the First Amended Complaint in the case captioned as MODERN FLOOR SPECIALISTS, INC. et al., Plaintiffs, v. CITY OF LOS ANGELES et al., Defendants, Case No. 2:25-cv-04765-ODW (D. Cal.). Plaintiffs Joseph Branch, Erica Perez, Martha Arciniega, and Alicio Galeno Mendoza bring this action against the City of Los Angeles, its Mayor and City Attorneys, and two private individuals. Plaintiffs are all individuals formerly employed by or associated with non-party Modern Floor Specialists, Inc. Plaintiffs allege everything from civil rights violations to trade secret misappropriation, all stemming from discovery requests made in a separate state court action. On July 29, 2024, City Defendants filed a civil law enforcement action in state court against Modern Floor, Mendoza, Perez, and Branch, asserting wage and hour claims on behalf of the People of the State of California (the "Modern Floor Action"). At some point, Defendants labeled Plaintiffs as Janitorial Defendants, mocked American Disability Act ("ADA") complaints, made derogatory remarks about Plaintiffs' religion and ethnicity, and told Plaintiffs of Mexican descent to prove it in court, flip. Also at some point, City Defendants attended Modern Floor's bankruptcy meeting to intimidate Plaintiffs and collect information for sanctions and leverage. Based on these allegations, Plaintiffs bring twelve causes of action. Plaintiffs bring five claims under 42 U.S.C. Sec. 1983, alleging: (1) retaliation under the First Amendment; (2) unreasonable search and seizure under the Fourth Amendment; (3) self-incrimination under the Fifth Amendment; (4) equal protection and due process under the Fourteenth Amendment; and (5) liability under Monell v. Dep't of Soc. Servs., 436 U.S. 658 (1978). Plaintiffs also bring four additional federal claims for: (1) declaratory and injunctive relief under the Supremacy Clause and Bankruptcy Code; (2) trade secret infringement under the federal Defend Trade Secrets Act ("DTSA"); (3) violation of the Racketeer Influenced and Corrupt Organizations ("RICO") Act; and (4) RICO conspiracy. Finally, Plaintiffs assert three claims under state and common law: (1) trade secret infringement under the California Uniform Trade Secrets Act ("CUTSA"), (2) abuse of process; and (3) civil conspiracy. The City Defendants now move to dismiss the First Amended Complaint, claiming various immunities. They also move for sanctions against Plaintiffs' counsel for bringing frivolous legal claims and including false or misleading representations in the First Amended Complaint. Plaintiffs also bring a motion for sanctions, alleging that the City Defendants' Motion for Sanctions itself is frivolous. According to Judge Wright, "Plaintiffs' pleading is a shotgun pleading. Plaintiffs assert eleven causes of action against nine defendants, including one entity (the City of Los Angeles) and the Mayor of Los Angeles. However, Plaintiffs barely attempt to specify against which Defendants they are bringing each claim. Instead, the Court is forced to guess, for example, which Defendants allegedly misappropriated trade secrets, or which Defendants were part of the civil conspiracy. Moreover, several of Plaintiffs' causes of action appear to include multiple claims rolled into one, such as their due process claim (combining procedural and substantive due process) and their trade secret misappropriation claim (combining CUTSA and DTSA). These deficiencies make it unreasonably difficult for the Court to determine the substantive merits of the matter, wreaking havoc and wasting scarce judicial resources. For these reasons, the Court dismisses plaintiffs' First Amended Complaint." The Court grants City Defendants' Motion to Dismiss. Specifically, the Court dismisses City Attorneys Heidi Soto, Michael Bostrom, Jessica Brown, Joshua Crowell, and Nikhil Dandekar from the federal causes of action without leave to amend and with prejudice because they are protected by prosecutorial immunity. The Court also dismisses City Defendants from Plaintiffs' seventh, tenth, and eleventh causes of action without leave to amend and with prejudice as they are protected by litigation privilege from these state and common law causes of action. Finally, the Court sua sponte dismisses the balance of Plaintiffs' First Amended Complaint as an improper shotgun pleading, with leave to amend. A copy of the Court's Order dated April 3, 2026, is available at http://urlcurt.com/u?l=zFqynHfrom PacerMonitor.com. About Modern Floor Specialists Inc. Modern Floor Specialists Inc. provides floor maintenance services including cleaning, polishing, and waxing. Modern Floor Specialists Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-16762) on August 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The Debtor is represented by Joshua E. Matic, Esq. at MATIC LAW ASSOCIATES. MONUMENT ACADEMY: Moody's Rates Series 2026A/B Revenue Bonds 'Ba1' ------------------------------------------------------------------ Moody's Ratings has assigned an initial Ba1 rating to Monument Academy, CO's Charter School Refunding and Improvement Revenue Bonds (Monument Academy Project), Series 2026A and Series 2026B (Federally Taxable), with proposed par amounts of $44.2 million and $500,000, respectively. The bonds will be issued by the Colorado Educational and Cultural Facilities Authority on behalf of the charter school. The outlook is stable. Following the sale, the bonds will constitute the academy's only outstanding debt. RATINGS RATIONALE The Ba1 rating reflects the academy's solid competitive position, with the expectation of near term enrollment growth supported by capital improvements to school facilities. The rating also incorporates the academy's satisfactory key financial metrics, including recent improvements to annual EBIDA margins and good levels of spendable liquidity. In addition, debt service coverage is projected to remain sound. Governance is a key rating driver and reflects the low likelihood of charter non renewal by the home district authorizer, given the academy's consistent academic performance and long operating history, including four successful charter renewals. RATING OUTLOOK The stable outlook reflects generally steady enrollment over the near term and likely modest increases in state per pupil funding, supporting stable operations and adequate debt service coverage. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Successful completion of its capital projects, resulting in sustained enrollment and revenue growth -- Sustained liquidity above 150 days cash on hand and annual debt service coverage consistently near or above 2.0x -- Significant moderation of the academy's debt and total adjusted leverage ratios FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to demonstrably increase enrollment demand -- Narrowed operating margins below 15%, reduction to days cash on hand below 100, or debt service coverage below 1.2x -- Material increases to the academy's debt or total adjusted leverage ratios PROFILE Monument Academy is a Colorado nonprofit corporation, incorporated on April 19, 1995. The charter school operates two campuses located in the cities of Monument and Colorado Springs, providing preK-12th grade education to approximately 1,050 students. The academy is authorized by the El Paso County Consolidated School District 38 (Lewis-Palmer), CO (Aa2) and its current charter is valid through June 30, 2028. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. MORA OAK: Hires Law Office of David R. Herzog as Counsel -------------------------------------------------------- Mora Oak Park, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Office of David R. Herzog, LLC as counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its duties, powers, and responsibilities as a debtor-in-possession; (b) assist the Debtor in the negotiation, formulation, and drafting of a plan of reorganization; (c) appear for, prosecute, defend, and represent the Debtor's interests in matters arising in or related to this case; (d) prepare all necessary pleadings, orders, applications, reports, and other legal papers as may be necessary in connection with this case; and (e) perform such other legal services as may be required. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Herzog 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 at: David R. Herzog, Esq. Law Office Of David R. Herzog, LLC 53 W. Jackson Blvd., Suite 1442 Chicago, IL 60604 Telephone: (312) 977-1600 E-mail: drh@dherzoglaw.com About Mora Oak Park, LLC Mora Oak Park, LLC operates an upscale Japanese restaurant in Oak Park, Illinois. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03137) on February 23, 2026. In the petition signed by Christine M Cancel, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. David R. Herzog, Esq., represents the Debtor as legal counsel. MORA OAK: Hires Tang & Associates Law Office as Co-Counsel ---------------------------------------------------------- Mora Oak Park, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Tang & Associates Law Office, LLC as co-counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its duties, powers and responsibilities as a debtor-in-possession; b. assist the Debtor in the negotiation, formulation and drafting of a plan of reorganization; c. appear for, prosecute, defend and represent the Debtor’s interests in matters arising in or related to this case; d. prepare all necessary pleadings, orders, applications, reports and other legal papers as may be necessary in connection with this case; and e. perform such other legal services as may be required. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Tang 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 at: Patrick Tang, Esq. Tang & Associates Law Office, LLC 5009 N. Sheridan Road, Unit D Chicago, IL 60640 Tel: (773) 944-4000 Email: ptang@tnalawoffice.com About Mora Oak Park, LLC Mora Oak Park, LLC operates an upscale Japanese restaurant in Oak Park, Illinois. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03137) on February 23, 2026. In the petition signed by Christine M Cancel, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. David R. Herzog, Esq., represents the Debtor as legal counsel. MP MIDCO: Moody's Affirms 'Caa1' CFR & Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings affirmed MP Midco Holdings, LLC ("Maker's Pride") Caa1 Corporate Family Rating and changed its outlook to positive from stable. At the same time, Moody's affirmed the company's Caa1-PD Probability of Default Rating, and the Caa2 rating on the company's senior secured first lien term loan. The outlook change to positive from stable reflects Maker's Pride's improving credit metrics, better liquidity and Moody's expectations that the company will turn to generating modestly positive free cash flow in the next 12 to 18 months, assuming that it does not have new customer business-related capex needs. Moody's are forecasting EBITDA growth supported by ongoing cost control initiatives and incremental volume from new customers and new projects, that will help to improve Moody's adjusted leverage in the next 12 to 18 months from a relatively high 7x as of the LTM period ended December 27, 2025 to below 6x. Maker's Pride has good liquidity based on $321 million in cash as of December 27, 2025, full availability under the $275 million ABL revolver, and approximately $30 million in free cash flow in fiscal 2027 as it cycles elevated capex needs in the current year. It has no meaningful maturities through 2028 aside from approximately $7 million of required annual term loan amortization commencing in 2027. This liquidity position provides flexibility and time to effect its turnaround plans. RATINGS RATIONALE Maker's Pride's Caa1 CFR reflects currently elevated leverage and execution risk related to the company's ability to sustain recent improvements in operating performance and continue to strengthen its credit profile amid a challenging operating environment. Moody's expects that demand conditions for contract food manufacturers will remain pressured by weak consumer spending and macroeconomic uncertainty, including volume softness across portions of the US food sector and lingering inflation risk. In this difficult environment, management's focus on cost reduction initiatives, operational discipline, and incremental volume from new customer projects is nevertheless contributing to improving profitability and cash flow generation which if sustained, should improve financial flexibility. The ratings consider the company's good position as a contract manufacturer and packager of food products. The company has long-standing relationships with leading US food companies and limited commodity exposure due to pass-through cost arrangements which help limit cost-related cash flow and earnings volatility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company improves operating revenue and operating earnings, generates sustained and comfortably positive free cash flow, and reduces financial leverage such that debt to EBITDA is sustained below 6x. Maker's Pride would also need to maintain EBITDA less capital spending-to-interest of at least 1.2x to be considered for an upgrade. Ratings could be downgraded if revenue and earnings do not improve, free cash flow remains negative, or liquidity deteriorates such as through a depletion of the cash balance. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. Maker's Pride's Caa1 CFR is two notches below the B2 scorecard-indicated outcome due to the company's high Moody's adjusted debt-to-EBITDA and weak free cash flow. MP Midco Holdings, LLC (Maker's Pride) is a contract manufacturer and packager of packaged food products in North America. Primary product categories include refrigerated and frozen foods, bars and components, baked goods and packaging. Revenue in the LTM period ended December 27, 2024 was $3.2 billion. Maker's Pride is owned by a consortium of lenders who obtained equity ownership following the April 01, 2025 emergence from the Chapter 11 bankruptcy filing that occurred in November 2024. MULFORD CONSTRUCTION: Hires Traxi LLC as Financial Advisor ---------------------------------------------------------- Mulford Construction Co., Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Traxi LLC as financial advisor. The firm's services include: a. assisting with restructuring negotiations with stakeholders and their representatives; b. assisting with negotiations with creditors and merchant cash advance; c. communicating with subcontractors, customers, and vendors as necessary; d. assisting with the development of a short-term cash flow forecast to assist with planning; e. assisting with the development and implementation of cash management strategies and processes; f. assisting with the development of the Debtor's future business plan, and related forecast for us in negotiations with lenders and other stakeholders, and for other corporate purposes; g. advising the Debtors in its oversight and management of financial performance in accordance with the business plan and compliance with the covenants under the debtor-in-possession financing or cash collateral order, if any; h. assisting with developing project plans, including the timing of milestones and milestone interdependencies, communication frameworks, governance structure, resource requirements, and the responsibilities of various project teams/participants; i. assisting with the preparation of the statement of financial affairs, bankruptcy schedules, account analyses, monthly reports, reconciliations, including reconciliations of claims, bankruptcy petitions, the plan of reorganization and other documentation required by the bankruptcy court; j. assisting with providing testimony before the Bankruptcy Court on matters that are within the Traxi's expertise; k. managing and approving the debtors-in-possession expenditures in accordance with the Bankruptcy Court approved budget and any other Bankruptcy Court approved expenditures; and l. providing any and all other financial support services mutually agreed upon by the Debtor and Traxi. The firm will be paid at these rates: Managing Director $595 per hour Directors $450 per hour Senior Associates $300 per hour The firm received from the Debtor a retainer of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Iommazzo 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 at: Robert Iommazzo Traxi LLC 8 Hemlock Drive Edison, NJ 08820 About Mulford Construction Co., Inc. Mulford Construction Company, Inc., based in Prince Frederick, Maryland, provides heavy civil contracting, earthwork, and utility installation services across Maryland, Washington, D.C., and Virginia, supporting commercial, residential, and infrastructure-related site development projects. Founded in 1976, the firm specializes in excavation, grading, material processing, and the construction of stormwater management systems, including bioretention, for large-scale construction initiatives. Mulford Construction Co., Inc. in Prince Frederick, MD, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 26-13271) on March 27, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Kurt Fowler as CEO, signed the petition. TYDINGS ROSENBERG LLP serve as the Debtor's legal counsel. MULFORD CONSTRUCTION: Hires Tydings & Rosenberg as Attorney ----------------------------------------------------------- Mulford Construction Co., Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Tydings & Rosenberg LLP as attorneys. The firm's services include: a. providing the Debtor legal advice with respect to its powers and duties as a debtor in possession and in the operation of its business; b. representing the Debtor in defense of any proceedings instituted to obtain relief from the automatic stay under section 362(a) of the Bankruptcy Code; c. preparing any necessary applications, answers, orders, operating reports and other legal papers, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor; d. assisting the Debtor with any sale of its assets under Section 363 of the Bankruptcy Code; e. assisting the Debtor in the preparation of schedules, statement of financial affairs, and any amendments thereto which the Debtor may be required to file in this case; f. assisting the Debtor in the preparation of a plan; g. prosecuting affirmative claims on behalf of the Debtor seeking the recovery of any assets; h. assisting the Debtor with other legal matters, including, among others, securities, corporate, real estate, tax, intellectual property, employee relations, general litigation, and bankruptcy legal work; and i. performing all of the legal services for the Debtor which may be necessary or desirable in this bankruptcy case. The hourly rates of the firm's counsel are: Partners $500 per hour Associates $400 per hour Legal assistants $150 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $125,000 from the Debtor. Tydings & Rosenberg LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Richard L. Costella, Esq. Dennis J. Shaffer, Esq. Megan K. Young, Esq. One East Pratt Street, Suite 901 Baltimore, MD 21202 Tel: (410) 752-9700 Email: rcostella@tydings.com dshaffer@tydings.com myoung@tydings.com About Mulford Construction Co., Inc. Mulford Construction Company, Inc., based in Prince Frederick, Maryland, provides heavy civil contracting, earthwork, and utility installation services across Maryland, Washington, D.C., and Virginia, supporting commercial, residential, and infrastructure-related site development projects. Founded in 1976, the firm specializes in excavation, grading, material processing, and the construction of stormwater management systems, including bioretention, for large-scale construction initiatives. Mulford Construction Co., Inc. in Prince Frederick, MD, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 26-13271) on March 27, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Kurt Fowler as CEO, signed the petition. TYDINGS ROSENBERG LLP serve as the Debtor's legal counsel. MULTI-COLOR CORP: Wins Approval For Ch. 11 Plan Slashing $3.9B Debt ------------------------------------------------------------------- Alex Wittenberg of Law360 reports that Multi-Color Corp. secured confirmation of its Chapter 11 reorganization plan Thursday from a New Jersey bankruptcy judge, capping a quick restructuring effort. The label-maker filed for bankruptcy less than three months ago. The plan reduces the company's debt by approximately $3.9 billion and injects $889 million in new capital, strengthening its balance sheet. Creditor backing and negotiated resolutions helped clear the way for approval, the report states. With the plan confirmed, Multi-Color is preparing to emerge from bankruptcy with greater financial flexibility. The company expects the restructuring to support ongoing operations and position it for future growth, according to reports. About Multi-Color Corp. Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as investment banker, AlixPartners is serving as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.'s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. NATIONAL ROAD: Seeks Cash Collateral Access ------------------------------------------- National Road Logistics, LLC asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection. National Road Logistics' operations as a transportation and logistics company depend on continued access to cash flow to fund essential expenses such as fuel, labor, and equipment. The Debtor distinguishes between different creditor classes: equipment lenders secured by specific assets, lenders claiming interests in accounts receivable and proceeds (which may constitute cash collateral), and a judgment creditor whose lien is limited to personal property and not ongoing revenue. The Debtor proposes adequate protection primarily through replacement liens, if necessary, and contends that no creditor is entitled to additional protection payments absent a demonstrable decline in collateral value, relying on case law emphasizing preservation of collateral value rather than immediate payment. The Debtor further argues that post-petition receivables are generally not subject to pre-petition liens under 11 U.S.C. section 552(a), unless they qualify as identifiable proceeds, and that continued operations actually preserve or enhance collateral value by maintaining the business as a going concern. It emphasizes that liquidation would significantly reduce value for all stakeholders, while continued operations generate approximately $1.49 million in monthly gross revenue and help replenish collateral bases. National Road Logistics also requests emergency authority to spend up to approximately $25,000 for critical operational needs such as securing port chassis, asserting that failure to do so would cause immediate operational disruption and loss of revenue. A copy of the motion is available at https://urlcurt.com/u?l=kMuhSo from PacerMonitor.com. About National Road Logistics, LLC National Road Logistics, LLC operates as a transportation and logistics company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-13324) on April 6, 2026. In the petition signed by Paul Dukesherer, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Anerio Ventura Altman, Esq., at Lake Forest Bankruptcy, represents the Debtor as legal counsel. NAVAJO SMILES: Gets Final OK to Use Cash Collateral Until June 14 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona approved a stipulated final order allowing Navajo Smiles, LLC to use cash collateral in its Chapter 11 Subchapter V case. The Debtor may use funds in accordance with the approved budget, subject to a 10% variance, through June 14. As adequate protection, Columbia State Bank will be granted replacement liens on post-petition assets and deposit accounts, maintaining the same validity and priority as its pre-petition liens. The Debtor must also make monthly adequate protection payments of $7,000 from April 6 through June 6. The order provides that creditor rights remain reserved regarding claim valuation and lien priority. A continued hearing is scheduled for June 11, with objections due by June 4. The Debtor's authority to use cash collateral will terminate upon specified default events, including failure to make required payments, case conversion or dismissal, or relief from the automatic stay in favor of the secured creditor. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/SopZy from PacerMonitor.com. About Navajo Smiles LLC Navajo Smiles, LLC operates a dental clinic in Peoria, Arizona. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-02081) on March 6, 2026. In the petition signed by Chad Lyons, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Brenda K. Martin oversees the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the Debtor as legal counsel. NEW AMSTERDAM: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: New Amsterdam Restaurant Equipment Sales & Service, Inc. Kitchen Works 679 S. Ocean Avenue Freeport, NY 11520 Business Description: New Amsterdam Restaurant Equipment Sales & Service, Inc., also known as Kitchen Works, is a Freeport, New York-based commercial foodservice equipment business operating from 679 S. Ocean Avenue that provides repair, maintenance, and supply services for restaurant kitchens and institutional food operations. Founded in 1983, the company serves restaurants and other foodservice operators with commercial cooking, refrigeration, and kitchen equipment systems. Chapter 11 Petition Date: April 14, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-71451 Debtor's Counsel: Salvatore LaMonica, Esq. LAMONICA HERBST & MANISCALCO, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Tel: 516-826-6500 E-mail: sl@lhmlawfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Daniel Fowley as general manager. 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/BXVH7UQ/New_Amsterdam_Restaurant_Equipment__nyebke-26-71451__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BLIQKPY/New_Amsterdam_Restaurant_Equipment__nyebke-26-71451__0001.0.pdf?mcid=tGE4TAMA NEW FORTRESS: Uses $265.9MM Sale-Leaseback Proceeds to Repay Debt ----------------------------------------------------------------- New Fortress Energy Inc. disclosed in a regulatory filing that NFE Power PR LLC, a subsidiary of the Company, entered into an Asset Purchase Agreement with Macquarie Energy LLC, and NFE Turbines LLC, a subsidiary of the Company, entered into a Master Lease Agreement, pursuant to which the parties agreed to consummate a sale and leaseback transaction with respect to certain turbines. The Company entered into a parent guarantee in respect of Lessee's obligations pursuant to the Lease, and the Company guarantees Seller's obligations pursuant to the Purchase Agreement. On the same date, the Company completed the sale of the Equipment for a purchase price of $265,882,500.00, and entered into the Lease pursuant to which Lessee will lease the Equipment from Macquarie for a 10-year term, expected to begin on July 1, 2026. The Company used the net proceeds from the Sale-Leaseback Transaction to repay certain indebtedness of the Company. 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 Company 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. NEWCAP INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Newcap, Inc. 1540 Capital Drive Green Bay, WI 54303 Business Description: Newcap, Inc., a nonprofit community action agency based in Green Bay, Wisconsin, operates a regional network of social service programs, including healthcare clinics, affordable housing, and community assistance initiatives across northeastern Wisconsin. Founded in 1965, the organization manages and develops subsidized housing assets, including duplex units, shelters, and interests in multi-unit affordable housing projects, many of which are subject to land use restriction agreements tied to government funding programs. It also provides clinical services through health centers, along with weatherization and home energy-efficiency services. Newcap primarily serves low-income individuals and families across counties including Brown, Oconto, Marinette, and Shawano. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court Eastern District of Wisconsin Case No.: 26-22088 Judge: Hon. Katherine M Perhach Debtor's Counsel: Paul G. Swanson, Esq. SWANSON SWEET LLP 107 Church Avenue Oshkosh, WI 54901 Tel: (920) 235-6690 Fax: (920) 426-5530 E-mail: pswanson@swansonsweet.com Total Assets: $5,922,532 Total Liabilities: $4,036,209 The petition was signed by Deborah A. Barlament as acting executive director. 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/2UTOIUQ/Newcap_Inc__wiebke-26-22088__0001.0.pdf?mcid=tGE4TAMA NIGHTFOOD HOLDINGS: Inks Joint Development Deal With Oncotelic -------------------------------------------------------------- Nightfood Holdings, Inc. disclosed in a regulatory filing that its wholly owned subsidiary, TechForce Robotics, Inc., entered into a Joint Development, Manufacturing and Licensing Agreement with Oncotelic Therapeutics, Inc. Pursuant to the Agreement, TechForce and Oncotelic, using Oncotelic's AI platform and pharmaceutical expertise with TechForce's robotics, hardware and AI capabilities, will collaborate to jointly develop, manufacture, and commercialize AI-enabled, Good Manufacturing Practice (GMP)-compliant robotic systems for use in pharmaceutical and related manufacturing environments. The collaboration between TechForce and Oncotelic will encompass the full lifecycle of the Product, from initial design and development through manufacturing readiness and commercial deployment. TechForce and Oncotelic will fund the joint development as set forth in any applicable written payment schedule or statement of work agreed to between the parties. Each party shall contribute the funding, personnel, facilities, equipment, and other resources assigned to it in accordance with any written agreements. During the term of the Agreement and for a period of 12 months following the expiration or termination of this Agreement, TechForce will not, directly or through any affiliate, partner, joint venture, or third-party arrangement, license, assign, transfer, sublicense, or otherwise provide to any third party access to or rights in the Joint IP developed under the agreement for use, deployment, or commercialization in the pharmaceutical or biopharmaceutical manufacturing industry. Pursuant to the Agreement, upon verified achievement and acceptance of each defined Milestone, the applicable party will make the associated milestone payment within 30 days of written confirmation of the Milestone achievement by both parties. Achievement of Milestones will be determined through acceptance testing procedures agreed to in writing by each of TechForce and Oncotelic. Additionally, TechForce and Oncotelic, have agreed that revenue sharing, royalty rates, profit-sharing formulas, and related financial terms applicable to the commercial sale, licensing, or RaaS deployment of Products will be negotiated and set forth in a separate Commercialization and Licensing Agreement to be executed prior to the first commercial sale of the Product. TechForce and Oncotelic will retain all right, title, and interest in and to its respective Background IP. Neither TechForce or Oncotelic will acquire any rights in the other party's Background IP except as expressly set forth in the Agreement. The Agreement includes a non-exclusive license of certain Oncotelic intellectual property, including the PDAOAI platform. All AI-related foreground intellectual property developed under the Agreement, including improvements to the PDAOAI Platform, is and shall be owned exclusively by Oncotelic. Robotic hardware developments created solely by TechForce are owned exclusively by TechForce. Intellectual property jointly developed by both parties is and shall be jointly owned. All data generated through the operation, deployment, and testing of the Product is and shall be owned exclusively by the Company. Any commercial licenses associated with the Product shall be defined in the Commercial and Licensing License to be executed prior to the first commercial sale. The Agreement will be in effect for an initial term of one year and will automatically renew for successive five year terms unless terminated in accordance with the terms of the Agreement. The Agreement contains customary representations, warranties by TechForce and Oncotelic, customary conditions to closing, indemnification obligations of TechForce and Oncotelic, including for liabilities under the Securities Act of 1933, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Agreement were made only for purposes of the Agreement and as of specific dates, were solely for the benefit of the parties to the Agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged between the parties in connection with the execution of the Agreement. A full text copy of the Agreement is available at https://tinyurl.com/3dz8fv47 About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $129,618,033 in total assets, $43,244,437 in total liabilities, and $86,373,596 in total stockholders' equity. NOAH ASHER: Seeks to Amend Final Cash Collateral Order ------------------------------------------------------ Noah Asher LLC asks the U.S. Bankruptcy Court for the District of Arizona to amend the final cash collateral order to allow additional payment to its legal counsel. After filing for bankruptcy, the Debtor obtained interim and ultimately final approval to use cash collateral, under which it has remained compliant by making required monthly payments of $3,000 to the Subchapter V trustee and providing adequate protection payments to its secured creditor, First Internet Bank of Indiana. The Debtor's counsel has already received partial compensation through approved fee applications, but a remaining balance is still owed. The Debtor asserts that its financial performance has exceeded the originally approved budget, leaving it with sufficient cash flow and reserves to pay outstanding and future legal fees without jeopardizing creditor interests. In support of the requested modification, the Debtor argues that the proposed use of cash collateral continues to provide adequate protection to First Internet Bank of Indiana as required under the Bankruptcy Code. Specifically, the Debtor maintains that ongoing business operations preserve and potentially enhance the value of the collateral (i.e., the business as a going concern), thereby benefiting the secured creditor. Additionally, the Debtor highlights the existence of an equity cushion, which further protects the creditor against any decline in collateral value, as well as the continuation of replacement liens and regular adequate protection payments already required under the existing order. The Debtor emphasizes that using cash collateral to sustain operations and pay necessary administrative expenses, including legal fees, ultimately maximizes the value of the estate and improves the likelihood of repayment to creditors. A court hearing is set for May 14. A copy of the motion is available at https://urlcurt.com/u?l=lmJJnj from PacerMonitor.com. About Noah Asher LLC Noah Asher LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Court for the District of Arizona to hire Guidant Law, PLC as bankruptcy counsel. At the time of filing, the Debtor estimated up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Brenda K Martin presides over the case. D. Lamar Hawkins, Esq. at Guidant Law, PLC represents the Debtor as counsel. NOISE ENTERTAINMENT: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Noise Entertainment & Media, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral in accordance with an approved budget, with flexibility to adjust line items by up to 15% and carry forward unused amounts. This authorization remains in effect until the continued hearing scheduled for May 21. The Debtor projects total operational expenses of $10,285 for April, $10,285 for May, and $11,775 for June. The Debtor identifies potential secured creditors -- Celtic Bank Corporation and the U.S. Small Business Administration -- that may assert liens on its assets. No other secured claims are known. As adequate protection, the U.S. Small Business Administration and Celtic Bank Corporation will be granted replacement liens on post-petition assets, maintaining the same priority as their pre-petition interests. These liens do not apply to avoidance action proceeds. The order preserves all parties' rights to challenge liens or seek further relief. The order is available at https://is.gd/yhPbJN from PacerMonitor.com. About Noise Entertainment & Media LLC Noise Entertainment & Media, LLC is a Georgia-based motion picture and video production company that owns real property in Atlanta. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54573) on April 6, 2026, listing up to $10 million in both assets and liabilities. Rasool D. Malik, II, owner and president, signed the petition. Judge Paul W. Bonapfel oversees the case. Brian S. Limbocker, Esq., at Limbocker Law Firm, represents the Debtor as legal counsel. NORTH SHORE: Seeks to Hire Paul S. Joo CPA as Accountant -------------------------------------------------------- North Shore Poke Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Paul S. Joo, CPA as its accountant. The firm will provide accounting, tax, and other professional services. The firm will be paid at these hourly rates: Paul S. Joo, President $340 Frank Rawson, Vice President $340 HyunHoo Kim, Manager $250 Youngseo Chi, Manager $250 Esther Reu, Sr. Accountant $225 Paul S. Joo, CPA is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Paul S. Joo, CPA Paul S. Joo, C.P.A. Accountancy Corporation 12966 Euclid St # 210 Garden Grove, CA 92840 Phone: (714) 537-1200 About North Shore Poke Co. Inc. North Shore Poke Co. Inc. specializes in fast-casual Hawaiian cuisine, with a focus on poke bowls. North Shore Poke Co. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-13413) on December 4, 2025. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities in the range of $100,001 to $1 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by James A. Dumas, Jr., Esq., at Dumas & Kim, APC. NORTH STAR: Hires Accordion Partners as Financial Advisor --------------------------------------------------------- North Star Health Alliance, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Accordion Partners, LLC as financial and restructuring advisor. The firm's services include: a. reviewing the Debtors' liquidity and overall financial position, including preparing 13-week cash flow forecasts, DIP and cash collateral budgets, cash controls, and related financing and strategic alternatives; b. assessing and enhancing the Debtors' finance and reporting framework, including evaluation of pre-petition management practices, accounting and operating procedures (including segregation of pre- and post-petition transactions), and the design of dashboards and reporting to support day-to-day and bankruptcy-related decision-making; c. evaluating the Debtors' operations, performance, and ongoing viability as a going concern, and assisting management in identifying and implementing initiatives to improve operational and financial performance; and d. assisting the Debtors and their professionals with bankruptcy compliance and stakeholder engagement, including required bankruptcy reporting, implementation of Court orders, and support for communications and negotiations with lenders, committees, vendors, regulators (including DOH), the U.S. Trustee, and other key constituencies; e. supporting the Debtors' senior management and Board in developing, evaluating, and implementing restructuring and transformation initiatives and other strategic alternatives, and providing such additional restructuring or advisory services as the Debtors and their counsel deem appropriate and feasible, as more fully detailed in the Engagement Letter. The firm's current hourly rates are: Senior Managing Director $1,050 to $1,250 Managing Director $950 to $1,050 Senior Director $795 to $895 Vice President $575 to $650 Associate $450 to $550 James Porter, senior managing director of Accordion, assured the court that is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: James Porter Accordion Partners, LLC One Vanderbilt Ave, 24th floor New York, NY 10017 Email: Legal@Accordion.com About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. NORTHWEST BIOTHERAPEUTICS: Acquires UK CDMO Advent BioServices -------------------------------------------------------------- Northwest Biotherapeutics, Inc. disclosed in a regulatory filing that on October 24, 2025, it completed the acquisition of Advent BioServices Ltd., a United Kingdom-based contract development and manufacturing organization (CDMO), from Toucan Holdings LLC, pursuant to an acquisition agreement dated as of August 27, 2025. Prior to the acquisition, Advent provided the Company with product development, manufacturing, cryostorage and distribution services for the Company's DCVax(R) product platform pursuant to various service agreements. Following the acquisition, Advent became a wholly owned subsidiary of the Company. The consideration for the acquisition is payable in installments over two years, beginning 3 months after the Closing Date, with potential acceleration after regulatory approval of the Company's DCVax(R)-L product. The consideration for the acquisition consists of a purchase price of approximately $1.9 million (EUR1.4 million) and payment of the then outstanding net amount of accounts payable owed by the Company to Advent for manufacturing and related services already provided under services contracts prior to the acquisition, totaling approximately $8.3 million. Certain excluded amounts (relating to accounts payable for non-Company matters prior to the acquisition date) were retained by the Seller, totaling approximately $0.7 million. The unpaid balance of installment payments will accrue interest at 7.5% annually. At closing, the Company received back 12 million shares of the Company's common stock and 5.5 million Company stock options, which were previously issued to Advent as compensation for services. The returned shares were retired to the Company's treasury and the options were cancelled. The acquisition constitutes a related party transaction, because the Company's Chairperson, Chief Executive Officer, and President, Linda Powers, is the controlling member of the Seller. The transaction was reviewed and approved in accordance with the Company's related-party transaction policies. In connection with the acquisition, the Company obtained from the Securities and Exchange Commission, pursuant to its authority under Rule 3-13 under Regulation S-X, a waiver from the requirements of Rule 3-05 and Article 11 of Regulation S-X to provide certain financial statements of Advent under Rule 3-05 of Regulation S-X and pro forma financial information relating to the acquisition. Accordingly, the Company will not provide such pro forma information under Item 9.01 of Form 8-K. About Northwest Biotherapeutics Northwest Biotherapeutics, Inc., is a biotechnology company focused on developing personalized immunotherapy products that are designed to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis. The Company disclosed in its Quarterly report for the quarter ending September 30, 2025 (filed with the Securities and Exchange Commission on November 14, 2025), that it has incurred annual net operating losses since its inception. The Company had a net loss of $61.6 million for the nine months ended September 30, 2025. The Company used approximately $30 million of cash in its operating activities during the nine months ended September 30, 2025. The Company does not expect to generate material revenue in the near future from the sale of products and is subject to all of the risks and uncertainties that are typically faced by biotechnology companies that devote substantially all of their efforts to research and development ("R&D") and clinical trials and do not yet have commercial products. The Company expects to continue incurring annual losses for the foreseeable future. The Company's existing liquidity is not sufficient to fund its operations, anticipated capital expenditures, working capital and other financing requirements until the Company reaches significant revenues. Until that time, the Company will need to obtain additional equity and/or debt financing, especially if the Company experiences downturns in its business that are more severe or longer than anticipated, or if the Company experiences significant increases in expense levels resulting from being a publicly-traded company or from expansion of operations. If the Company attempts to obtain additional equity or debt financing, the Company cannot assume that such financing will be available to the Company on favorable terms, or at all. Because of recurring operating losses and operating cash flow deficits, there is substantial doubt about the Company's ability to continue as a going concern for at least one year. As of September 30, 2025, the Company had $30.6 million in total assets, $125.9 million in total liabilities, $13.6 million in mezzanine equity, and $108.6 million in total stockholders' deficit. NRG ENERGY: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes ------------------------------------------------------------- Fitch Ratings has assigned a 'BBB-' rating with a Recovery Rating of 'RR1' to both NRG Energy, Inc.'s new issuance of senior secured first lien note and Term Loan B. Fitch also rated the company's new issuance of senior unsecured debt 'BB+'/'RR4'. NRG intends to use a portion of the net proceeds from the issuances to repay Lightning Power, LLC's secured debt, assumed in the recent acquisition of LS Power Equity Advisors, LLC. The remainder of net proceeds will be used to partly repay NRG's secured revolver borrowings and for general corporate purposes. The Rating Outlook on NRG's 'BB+' Long-Term Issuer Default Rating (IDR) is Stable. Key Rating Drivers Leveraging Transaction: On Jan. 30, 2026 NRG completed the acquisition of 13 GW of natural gas generation facilities in PJM Interconnection (PJM) and Electric Reliability Council of Texas (ERCOT) and a 6 GW commercial and industrial virtual power plant platform from LS Power Equity Advisors, LLC for $13.6 billion, including $3.2 billion of assumed subsidiary debt. NRG financed the transaction with a combination of NRG stock and cash. NRG's post close 2026 EBITDA gross leverage should increase and remain elevated and significantly outside Fitch's 3.5x downgrade threshold. NRG is targeting debt paydown over 36 months after close, focusing on returning to under 3.0x net debt to adjusted EBITDA, per company calculations. Fitch's 3.5x leverage threshold is calculated on a gross debt basis and includes NRG's series A preferred stock (50% equity credit). Shift in Asset Ownership Strategy: NRG's acquisition of generating assets is a significant shift from the customer-focused nature of prior major acquisitions, Direct Energy (2020) and Vivint Smart Home (2022). The company recently acquired 738 MW of ERCOT gas-fired generation assets from Rockland Capital for $560 million and is pursuing three new build generation assets totaling 1.5GW in ERCOT. With the LS Power transaction, NRG has gone from a previous generation deficit to having surplus capacity in both the ERCOT and PJM markets. While the addition of physical assets removes risk related to being short power, NRG is now exposed to different risks like merchant prices for excess generation, fuel supply and plant operations. The increased ownership of physical generation may allow NRG to reduce collateral postings, which is a positive. Capital Allocation Plan: Fitch expects NRG to continue its active capital allocation plan and follow through on prior commitments to buy back $1 billion of stock annually over the forecast period until it has reached 3.0x net debt to adjusted EBITDA, per its calculations. Non-Recourse Subsidiary Debt: The current financing redeems $1.5 billion of the $3.2 billion Lighting Power, LLC nonrecourse debt. Lightning Power will be an excluded project subsidiary under NRG's credit agreement. While NRG debt is technically subordinated to Lightning debt, Fitch does not anticipate significant restrictions in NRG's ability to upstream cash. As a result, Fitch has evaluated NRG's credit metrics on a consolidated basis. Significant Load Growth Expected: NRG expects to benefit from the increasing demand for electricity from data centers. In addition to increased utilization of existing facilities, the company is discussing redevelopment of retired power facilities. NRG signed a 445MW long-term PPA with a hyperscaler in 2025 and is likely to pursue similar opportunities going forward. Fitch's current metrics do not incorporate potential benefits from, or expenditures to, support such activities. However, Fitch expects NRG to develop these plans within its stated credit-metric goals. Improved Asset and Market Diversity: The acquired generation assets will improve NRG's fuel mix with the addition of more modern natural gas fired plants. The acquisition will also further reduce the company's reliance on the ERCOT market. Fitch estimates that NRG's EBITDA attributed to ERCOT will decline to approximately 40% from 50%. Additionally, Fitch estimates that Vivint, which provides security and smart home services, will decline to approximately 20% of total EBITDA from the previous 27% level. NRG's coal generation capacity is reduced to 24% from 48% pre-acquisition, reducing climate transition risks and potential regulatory risks. Commodity Exposure: Despite the additional generation assets, as an integrated energy marketer, NRG is still exposed to commodity risks. Unexpected differences in load forecasts, wholesale power markets, commodity prices and plant operations could have a significant impact on cash flow. Fitch expects NRG's pre-acquisition ERCOT generation to be ~50% hedged in 2026 and less than 25% in 2027. Recovery Analysis: Fitch applies a generic approach to rate and assign Recovery Ratings for issuers in the 'BB' rating category. As per Fitch's criteria, first-lien (Category 1) debt of issuers with an IDR of 'BB+' are assigned a 'RR1' and notched up one level from the IDR. Unsecured debt is assigned a 'RR4' and is rated the same as the IDR. As a result, NRG secured debt is rated 'BBB-'/'RR1' and its unsecured debt is rated 'BB+'/'RR4'. Peer Analysis NRG is rated below peers Vistra Corp. (BBB-/Stable) and Calpine Corporation (BBB/Stable). The LS Power acquisition will raise NRG's leverage immediately. Fitch expects gross EBITDA leverage to return within the 3.5x downgrade threshold within 24 months of closing. Fitch upgraded Vistra based on expectations that gross EBITDA leverage will remain at 3.0x-3.5x from 2025-2027, supported by higher wholesale generation EBITDA and strong retail performance. Fitch expects Calpine's leverage to remain at 3.5x-4.0x in 2025-2028. Calpine's rating also benefits from strong linkage to parent Constellation Energy Corporation over the forecast period. NRG's asset acquisition will diversity NRG's cash flow sources. As a result, Fitch estimates that NRG's concentration in Texas will decline to 40% of EBITDA generation from approximately 50%. Vistra's portfolio is less diversified geographically than its peers', with just over 50% of its consolidated EBITDA from operations in Texas. Like NRG, Vistra benefits from ownership of large and well-entrenched retail electricity businesses in Texas. Calpine's retail business is much smaller. NRG's business profile benefits from its ownership of Vivint, a home security business, which diversifies its revenue stream compared to Vistra. Like Vistra, NRG benefits from its ownership of large and well-entrenched retail electricity businesses in Texas. However, generation fleet for both NRG, with recent expansion in natural gas, and Calpine bears less operational and environmental risk compared to Vistra's portfolio, which also has nuclear and coal generation assets. Fitch’s Key Rating-Case Assumptions - Dividend growth of 7%-9%, as per management's publicly stated forecast; - Stock buybacks of $1.0 billion until returning to less than 3.0x net debt to adjusted EBITDA per management's publicly stated forecast; - NRG retail gross margins remain in line with Fitch's current expectations; - Continued practice of hedging retail energy load at signing; - Capacity revenue per past auction results; - Debt pay-down over 24 months-36 months after closing of LS Power transaction, consistent with publicly stated target net debt/adjusted EBITDA of 3.0x. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bbb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BB+'. Recovery Analysis Fitch applies a generic approach to rate and assign Recovery Ratings for issuers in the 'BB' rating category. According to Fitch's criteria, first-lien (Category 1) debt of issuers with an IDR of 'BB+' are assigned a 'RR1' and notched up one level from the IDR. Unsecured debt is assigned a 'RR4' and is rated the same as the IDR. As a result, NRG secured debt is rated 'BBB-'/'RR1' and its unsecured debt is rated 'BB+'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA gross leverage exceeding 3.5x 24 months after transaction close; - Weaker power prices than Fitch expected or capacity auctions in core regions; - Unfavorable changes in regulatory constructs or rules in NRG's markets; - Aggressive growth, including capex, mergers and acquisitions, or capital allocation strategy that reduces stability of cash flow or slows down debt repayment to achieve leverage metrics. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage under 3.0x on a sustainable basis; - Balanced allocation of FCF that maintains balance-sheet flexibility and leverage within stated goal; - Successful integration of newly acquired business and ability to meet synergy targets. Liquidity and Debt Structure NRG has adequate liquidity. NRG maintains a total of $5.2 billion of secured revolver lines expected to reduce to $4.3 billion after the proceeds from the proposed transaction are used to prepay a portion of the outstanding revolver. As of Dec. 31, 2025, NRG had unrestricted cash of $30 million and undrawn revolver of $2.7 billion. The company has a $900 million senior secured first lien note maturing in 2027, and $500 million in 2029. It also has a $821 million senior note due in 2028, and $2.03 billion in 2029. Fitch expects NRG to continue to access capital markets. In total, NRG is expected to have approximately $4.6 billion liquidity after this financing, including a consolidated cash balance of $350 million and available lines under two revolving facilities. Issuer Profile NRG is an unregulated, integrated power company producing and selling electricity, natural gas, and related products in major competitive power markets in the U.S. and Canada. Summary of Financial Adjustments NRG's series A preferred stock receive 50% equity credit, based on Fitch's Corporate Hybrids Treatment and Notching Criteria. The features supporting 50% equity credit include an ability to defer dividend payments for at least five years and the cumulative feature of deferred dividends. Date of Relevant Committee 24 February 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 The results of its Climate.VS screener did not indicate an elevated risk for NRG Energy, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- NRG Energy, Inc. senior secured LT BBB- New Rating RR1 senior unsecured LT BB+ New Rating RR4 NRPF GROUP: Seeks to Sell Restaurant Biz at Auction --------------------------------------------------- NRPF Group Two LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property at Auction, free and clear of liens, claims, interests, and encumbrances. The Debtors are Applebee's Neighborhood Bar & Grill franchise operators with restaurants in Florida, Georgia, and Alabama. After a period of growth in 2012 during which the Debtors acquired sixty-five Applebee’s restaurants, the Debtors' financial performance deteriorated due to softening consumer demand, the effects of the COVID19 pandemic, and persistent inflationary pressures across the restaurant industry. Facing these financial headwinds, the Debtors engaged Citizens Bank in early 2025 to market the restaurants for sale. Citizens Bank contacted more than eighty potential buyers, but was unable to secure any willing purchaser due in part to unfavorable lease economics and the need for concessions from landlords and the Franchisor. Undeterred, the Debtors continued to pursue a going-concern solution with an attempt, as set forth above, to negotiate an agreement with Equity Bank to facilitate an acquisition with the Franchisor to acquire approximately 54 restaurants pursuant to an out of court restructuring process. Those negotiations proved unsuccessful, and looming cash flow issues forced the Debtors to seek relief under chapter 11. The Debtors received a form stalking horse asset purchase agreement from Applebee's Restaurants Mid-Atlantic LLC for the purchase of substantially all of the Debtors’ restaurant assets, including restaurant assets located on real estate owned by the Debtors in Ozark, Alabama. The Debtors seek to formalize Bidding Procedures to continue their ongoing marketing process. The Debtors are seeking to sell substantially all of the Assets primarily to the Stalking Horse Bidder, and in the event that there are qualified bidders interested in separate restaurant assets, to consummate transactions with those bidders in accordance with the Bidding Procedures. NRPF Group Two, LLC, together with its Debtors is a franchisee owning Applebee's Neighborhood Bar & Grill restaurants in Florida, Georgia and Alabama. Applebee's is a prominent American casual dining restaurant chain operating over 1,500 locations worldwide. It offers affordable, traditional American comfort food alongside cocktails in a relaxed, family-friendly setting. Details of the timeline in the proposed sale process and the terms of the Stalking Horse Agreement are also provided. https://urlcurt.com/u?l=WVkRMy The Debtors developed and proposed the Bidding Procedures to solicit, receive, and evaluate bids in a fair, accessible, and expeditious manner. The Bidding Procedures facilitate the continuation of the marketing process and are designed to permit an efficient, competitive, and value-maximizing sale process for the Assets. The Debtors respectfully submit that the Sale Notice is reasonably calculated to provide interested parties with timely and proper notice of the proposed Sale Transactions and Sale Hearing and an opportunity to respond accordingly. The Debtors believe that the Winning Bidder(s) arising from the Auction, if any, should be entitled to the full protections of section 363(m) of the Bankruptcy Code. About NRPF Group Two, LLC NRPF Group Two, LLC is a business entity that operates as part of a broader investment or real estate holding structure, managing assets and financial interests. The company focuses on overseeing investments and maintaining portfolio holdings. NRPF Group Two, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-53945) on March 24, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Sage M. Sigler handles the case. The Debtor is represented by Ashley Reynolds Ray, Esq. of Scroggins, Williamson & Ray, P.C. NXT ENERGY: Posts C$2.3MM Net Loss in FY2025, Warns of Cash Crunch ------------------------------------------------------------------ NXT Energy Solutions Inc. filed with the U.S. Securities and Exchange Commission Annual Information Form for Year Ended December 31, 2025, reporting a net loss of C$2,317,149, compared to a net loss of C$9,077,795 for the year ended December 31, 2024. Revenue increased from 644,284 in 2024 to C$16,351,286 in 2025, a 2,437% increase. Operating cash inflow improved C$5,132,508 versus 2024. Calgary, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, citing that the Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for a year beyond the date of auditor's report, unless additional financing is obtained or new revenue contracts are completed. This raises substantial doubt about the Company's ability to continue as a going concern. NXT's cash and cash equivalents and short-term deposits as at December 31, 2025, totaled C$3,920,213. Net working capital totaled $5,257,017. NXT continues to make progress toward realizing widespread commercialization of its SFD(R) technology. The Company's ability to generate cash flow from operations will depend on its ability to service its existing clients and develop new clients for its SFD(R) services. Management recognizes that the commercialization phase can last for several years, and that it can have significant economic dependence on a small number of clients, which can have a material effect on the Company's operating results and financial position. During 2025 the Company realized positive operating cash flow. The Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for the next 12 months. During 2024 the Company completed an SFD(R) survey and had received deposits on three other SFD(R) surveys planned to be executed in 2025. As of the date of these financial statements, the Company has finished one of those SFD(R) surveys and the interpretation phase of two of the 2025 SFD(R) Surveys. In addition, during 2023 and 2024 the Company completed convertible debenture financings which resulted in raising additional net proceeds of approximately US$6,172,000 of which US$6,127,000 of the original proceeds have been converted to common shares at December 31, 2025. The Company continues to develop its pipeline of opportunities to secure additional revenue contracts. The Company's longer-term success remains dependent upon its ability to convert these revenue opportunities into successful contracts, to continue to attract new client projects, expand its revenue base to a level sufficient to exceed fixed operating costs, and generate consistent positive cash flow from operations. The occurrence and timing of these events cannot be predicted with certainty. Further financing options that may or may not be available to the Company include the issuance of new equity, debentures or bank credit facilities. The need for any of these options will be dependent on the timing of securing additional SFD(R) related revenues and obtaining financing on terms that are acceptable to both the Company and the financier. Full text copies of the Financial Statements and Notes for Year Ended December 31, 2025 and MD&A are available at https://tinyurl.com/5s7x2wph and https://tinyurl.com/5929xa23, respectively. About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method. This system can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures, and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. As of December 31, 2025, the Company had C$19,311,880 in total assets, C$5.56 million in total liabilities, and C$12.5 million in total stockholders' equity. O'BRIEN ENERGY: Committee Taps Bernstein Shur Sawyer as Counsel --------------------------------------------------------------- The official committee of unsecured creditors of O'Brien Energy Resources Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Bernstein, Shur, Sawyer & Nelson, P.A. as its counsel. The firm's services include: (a) advising the Committee of its rights, powers, and duties in the bankruptcy case; (b) assisting and advising the Committee in its consultation with the Debtor relative to administration of the bankruptcy case; (c) reviewing and analyzing all applications, motions, orders, statements of operations, and schedules filed with the Court by the Debtor or third parties, advising the Committee as to their propriety, and, after consultation with the Committee, take appropriate action in furtherance of the Committee's interests and objectives; (d) preparing on behalf of the Committee any necessary motions, applications, objections, answers, orders, reports, and papers in furtherance of the Committee's interests and objectives; (e) representing the Committee at hearings held before the Bankruptcy Court and communicating with the Committee regarding the issues raised, as well as the decision of the Bankruptcy Court; (f) assisting the Committee in analyzing the claims of the Debtor's creditors and in negotiating with such creditors; (g) assisting with the Committee's investigation of the acts, conduct, assertions, liabilities, and financial condition of the Debtor and of the operation of the Debtor's business; (h) assisting the Committee in its analysis of, and negotiations with, the Debtor or their creditors concerning matters related to, among other things, the terms of any plan or plans of reorganization, liquidation, or Sec. 363 sale; and (i) performing all other necessary legal services as may be required and are deemed to be in the interest of the Committee in connection with the bankruptcy case, including advising the Committee regarding local practice and procedure. The firm will be paid at these hourly rates: Adam R. Prescott, Attorney $545 Matthew J. Delude, Attorney $485 Kenneth Laughton, Attorney $320 Evelyn Kitchen, Paralegal $275 Kate Flynn, Paralegal $180 Matthew J. Delude, Esq., a shareholder with the law firm of Bernstein, Shur, Sawyer & Nelson, P.A., assured the court that his firm is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, as contemplated by Sec. 328(c) of the Bankruptcy Code. The firm can be reached through: Matthew J. Delude, Esq. Adam R. Prescott, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 670 N. Commercial Street, Suite 108 P.O. Box 1120 Manchester, NH 03105 Tel: (207) 623-8700 Email: mdelude@bernsteinshur.com aprescott@bernsteinshur.com About O'Brien Energy Resources Corp. Business Description: O'Brien Energy Resources Corporation, a Colorado corporation, is a privately held independent oil and natural gas exploration and production company focused on conventional drilling, operating wells and fields across Colorado, Nebraska, Wyoming, Oklahoma, Kansas, Texas, and Louisiana. The Company, which has been in business since 1990 and is headquartered in Portsmouth, New Hampshire, develops new and existing leaseholds through operated interests and joint ventures with other energy companies and partners. O'Brien Energy Resources Corporation in Portsmouth, NH, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.N.H. Case No. 26-10092) on Jan. 30, 2026, listing $50 million to $100 million in assets and $10 million to $50 million in liabilities. John J. Forma as director, signed the petition. AMANN BURNETT, PLLC serve as the Debtor's legal counsel. OBJECT & SUBJECT: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Utah granted Object & Subject, LLC final approval to use cash collateral to continue operating its business through July 31. Under the order, the Debtor is authorized to use cash collateral in line with the approved budget and may exceed individual line items by up to 10%, with the ability to carry forward savings from prior periods. As adequate protection, secured creditors including Decathlon Alpha V, L.P., Cache Valley Bank, and Clear Finance Technology Corporation will be granted replacement liens on post-petition assets to the extent of any diminution in the value of their collateral. These liens are automatically perfected and maintain the same priority as prepetition liens. The order also requires the Debtor to provide weekly financial reporting to certain creditors, including cash on hand and receipts. The court emphasized that the order does not determine the validity or priority of creditor claims, and creditor rights remain reserved. The order is available at https://shorturl.at/eS1EV from PacerMonitor.com. The creditors with interests in the cash collateral are Cache Valley Bank and Decathlon Alpha V, L.P. Although Clear Finance Technology Corporation nominally holds a secured interest, it is entirely unsecured under Bankruptcy Code section 506 because the Debtor's assets are insufficient to satisfy the senior claims of Cache Valley Bank and Decathlon. Cache Valley Bank extended two separate SBA loans to the Debtor's former subsidiaries totaling $1.5 million. The loan balance stands at approximately $1.061 million. These loans have always been paid current and are both the senior secured obligations of the former subsidiaries. Meanwhile, Decathlon is owed more than $2 million while Clear Finance Technology is owed $63,346 by the Debtor's former subsidiaries. In addition, the Debtor had approximately $2.5 million in unsecured debt (this excludes the unsecured parts of Decathlon and Clear Finance Technology's claims) as of the petition date. Of this total unsecured debt, approximately $1.5 million is owed to insiders, largely loans extended simply to keep the Debtor and its former subsidiaries in operation. About Object & Subject LLC Object & Subject LLC, doing business as Ascendant Brands, manages consumer product businesses across the U.S., focusing on brand development, product design, packaging, and supply chain operations. The Company specializes in online marketing, particularly on the Amazon marketplace, and works with brand partners and brick-and-mortar retailers to distribute their products. Ascendant Brands partners with businesses generating $500,000 to $5 million in annual revenue, offering acquisition, operational management, or investment collaboration opportunities. Object & Subject LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Case No. 25-25418) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by George B. Hofmann, Esq., at Cohne Kinghorn, P.C. OLD WORLD: Claims Will be Paid from Property Sale/Refinance ----------------------------------------------------------- Old World Homes, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement to accompany Plan of Reorganization dated April 8, 2026. The Debtor owns a property at 3441 W 22nd Ave, Denver, CO, 80211 (the "Property"). The Debtor has a permit to build an accessory dwelling unit that will result in a complete development of the Property and cause a significant increase in value appraised at an after development value of $1,755,000. Prior to the Petition Date the Debtor satisfied the secured claim of W.J. Garvin whose claim encumbers the Property. Upon an effort to refinance the Property, the Debtor learned W.J. Garvin had failed to release the lien. The Debtor requested that W.J. Garvin release the lien. W.J. Garvin refused to file a release creating a spurious lien upon the Property (the "Spurious Lien") and making it impossible for the Debtor to refinance the Property. The primary lien holder was commencing collection actions. The Debtor therefore sought protection under Chapter 11 of the Bankruptcy Code. The Plan provides for the reorganization of the Debtor under Chapter 11 of the Code. Pursuant to the Plan, the Debtor will restructure its debts and obligations. The Debtor will fund the Plan through generating Net Refinance Proceeds and/or Net Sale Proceeds. As provided in Section 1123(a)(1) of the Code, the Priority, Administrative and Tax Claims against the Debtor is not designated as Classes. The holders of such Allowed Claims are not entitled to vote on the Plan and such Claims will be paid in full. On the Effective Date of the Plan, the Debtor will open a separate interest bearing deposit account at a federally insured commercial bank selected by the Debtor. This account will be maintained by the Debtor as the Unsecured Creditor Account into which all payments made by the Debtor for the benefit of holders of unsecured creditors will be made until the term of the Plan is completed. The Debtor will deposit into the Unsecured Creditor Account Net Refinance Proceeds and/or Net Sale Proceeds. Class 4 consists of Allowed Claims held by unsecured creditors. Holders of Class 4 Allowed Claims shall share on a Pro Rata basis money deposited by the Debtor into the Unsecured Creditor Account after the satisfaction of Allowed Administrative Claims and Tax Claims. Class 5 includes the Interests in the Debtor. Upon confirmation of the Plan, the interest holders in the Debtor shall continue to maintain their interests in the Debtor. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the generation of Net Refinance Proceeds or Net Sale Proceeds once the Spurious Lien is removed. The WJ Garvin's lien is spurious because he was paid in full and WJ Garvin refuses to release the lien. Once removed the Debtor has an offer for takeout financing. The Debtor also already has a permit to complete the improvements to the Property. The Debtor will be able to pay its Administrative Claims from the held retainers for professionals, but such could change depending upon the level of litigation. Then Administrative Claims have a right to lien the Property to be paid upon sale of the Property. Class 4 unsecured creditors, comprised of two creditors, D&K Works holding a Claim in the amount of $8,938.59 and the IRS asserting an unsecured claim in the amount of $10,271.80, will share in monies deposited into the Unsecured Creditor Account after satisfaction of Administrative Claims. Upon development of the accessory dwelling unit that will result in a complete development of the Property the Property will have value of $1,755,000, which upon sale will provide a means to pay all creditor Claims in full. Given the alternative of unsecured creditors not receiving any distribution under a Chapter 7 scenario, the Debtor's proposed Plan provides a better outcome for creditors. The Plan contemplates that all creditors holding Allowed Claims will receive a return on their Claims within the five-year term of the Debtor's Plan. It is therefore urged by the Debtor that all creditors vote in favor of the Plan. A full-text copy of the Disclosure Statement dated April 8, 2026 is available at https://urlcurt.com/u?l=WnrN4G from PacerMonitor.com at no charge. Counsel to the Debtors: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 Email: agarber@wgwc-law.com About Old World Homes LLC Old World Homes, LLC, is a single asset real estate company. The company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10213) on Jan. 14, 2026. Its petition reflects assets estimated between $1 million and $10 million and liabilities in the same range. The case is overseen by Judge Michael E. Romero. Legal counsel for the Debtor is Aaron A. Garber, Esq. OLIVE BRANCH: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Olive Branch Hospice, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use the cash collateral of its lenders from April 17 until the final hearing scheduled for May 19. The Debtor earns nearly all revenue from its business operations, which may qualify as cash collateral, and expects certain lenders may claim an interest in those funds. The lenders -- Kapitus, LLC, Peapack-Gladstone Bank, Lendistry SBLC, LLC, and Newtek Bank -- hold security interests in substantially all of the Debtor's assets, though some claims remain under investigation. Additionally, the Debtor owes over $500,000 in Medicare aggregate cap overpayments, repayable over three years and subject to recoupment from Medicare receivables. As protection, lenders will be granted valid and properly perfected liens on all property acquired by the Debtor after the petition date that is similar to their pre-petition collateral. These liens do not apply to proceeds of any Chapter 5 avoidance actions. The order is available at https://is.gd/JmXaol from PacerMonitor.com. Olive Branch Hospice commenced its Chapter 11 case to stabilize operations, preserve patient care, and restructure financial obligations arising primarily from multiple merchant cash advance agreements that had strained liquidity. About Olive Branch Hospice LLC Olive Branch Hospice, LLC a licensed hospice provider serving the greater Atlanta, Georgia area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20503) on April 6, 2026. In the petition signed by Kimberly Griffith, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge James R. Sacca oversees the case. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. PAT MCGRATH: Fla. Court Postpones Chapter 11 Plan Confirmation -------------------------------------------------------------- David Minsky of Law360 reports that the confirmation of a cosmetic company's Chapter 11 plan was put on hold Monday, April 13, 2026, by a Florida bankruptcy judge after a creditor raised concerns about inequitable subordination. The objection stems from a proposed $80 million transaction in which a lender would convert its outstanding debt into an equity stake in the reorganized business. According to the creditor, the plan unfairly disadvantages certain claims by subordinating them in favor of the lender, whose position is significantly enhanced under the proposed restructuring. The creditor argued that this treatment distorts the priority scheme established under bankruptcy law. The judge opted to delay confirmation, signaling that the issues surrounding claim treatment must be addressed before the plan can be approved. The parties are now expected to work toward resolving the dispute or providing further justification for the plan’s structure, the report states. About Pat McGrath Cosmetics LLC Pat McGrath Cosmetics LLC offers cosmetic products. Pat McGrath Cosmetics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10772) on January 22, 2026. In its petition, the debtor reports estimated assets of $50 million-$100 million and estimated liabilities of $50 million $100 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The debtor is represented by Jessey J. Krehl, Esq. PATRIOT DSP: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, entered a second interim order authorizing Patriot DSP, LLC to use cash collateral to continue business operations. Under the Order, the Debtor may use cash collateral, including ordinary business revenues, through May 8, in accordance with an approved budget. The Debtor is permitted flexibility to exceed individual budget line items by up to 110%, allowing it to manage operational needs while maintaining oversight. The Debtor projects 30-Days total operational expenses of $352,572.00. As adequate protection for secured creditors, the Court granted replacement liens on post-petition assets and cash collateral to the extent of any decline in the value of their prepetition interests. These liens maintain the same priority and validity as before the bankruptcy filing but do not extend to Chapter 5 avoidance actions or their proceeds. The Order also provides for a carve-out to cover certain administrative expenses, including court fees, trustee fees, and approved professional fees. Additionally, the Debtor must make monthly adequate protection payments of $3,500 to the Small Business Administration. A final hearing is scheduled for May 7. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/yc4re484 from PacerMonitor.com. About Patriot DSP LLC Patriot DSP LLC is an Amazon delivery service and electrical contractor business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41165-mxm11) on March 16, 2026. In the petition signed by Blake Vaughn, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Mark X. Mullin oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. PAVMED INC: Tasso Partners Discloses 912,996 Shares and Warrants ---------------------------------------------------------------- Tasso Partners, LLC, a 10% owner in PAVmed Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of March 27, 2026, it beneficially owns 912,996 shares of common stock directly, as well as warrants to purchase up to 5,365 shares of Series D Preferred Stock at an exercise price of $1,000 per share. Each share of Series D Preferred Stock has a stated value of $1,000 and is convertible into shares of common stock at a conversion price of $6.50 per share, for an aggregate of up to 825,385 shares of common stock. Upon exercise of the warrant, the PAVmed may, in lieu of issuing the Series D Preferred Stock, issue the number of shares of common stock that would be issuable upon conversion of the Series D Preferred Stock. A full text copy of Tasso Partners' SEC Report is at https://tinyurl.com/3a2h3796 About PAVmed PAVmed operates through multiple subsidiaries, including Lucid Diagnostics, which markets the EsoGuard test and EsoCheck device, and Veris Health, which focuses on digital tools for personalized cancer care. The company is also advancing its PortIO implantable vascular access device and developing endoscopic imaging technology licensed from Duke University. The New York-based life sciences company reported total assets of $38.81 million, total liabilities of $16.51 million and stockholders' equity of $22.30 million as of Dec. 31, 2025. CBIZ CPAs P.C., in its March 27, 2026 audit report, issued a going-concern qualification, citing a significant working capital deficit, recurring losses and the need to raise additional funds. These conditions, the report notes, raise substantial doubt about the company's ability to continue operating. PEKIN PARK DISTRICT, IL: S&P Withdraws 'BB' Rating on GO Bonds -------------------------------------------------------------- S&P Global Ratings withdrew its 'BB' long-term rating on Pekin Park District, Ill.'s series 2020A general obligation bonds (alternate revenue source) due to insufficient information. S&P said, "The withdrawal reflects the district's failure to provide us with adequate and timely financial information necessary to maintain surveillance of the ratings in accordance with our applicable criteria and policies. Such financial information includes fiscal 2024 audited financial statements. "The withdrawal follows our placement of the district's rating on CreditWatch with negative implications on March 6, 2026. In addition, on April 10, 2026 we lowered the district's rating five notches to 'BB' because of a missed debt service payment due on Dec. 15, 2025 (ultimately paid on March 27, 2026) and because of severe management deficiencies. "In order to maintain our ratings, we rely on timely financial and related information relevant to our credit analysis. For U.S. public finance issuers and obligors, we view proactive disclosure and dissemination of information as a positive management characteristic. Conversely, we view the lack of timely disclosure and information flow negatively." PICO BULDING: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On April 10, 2026, Pico Bulding Supply Corporation filed for Chapter 7 protection in the Central District of California Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 12, 2026 at 01:30 PM via Zoom - Pringle: Meeting ID 340 853 2781, Passcode 3286389205, Phone 1 213 592 2163. About Pico Bulding Supply Corporation Pico Bulding Supply Corporation is a supplier of construction and building materials, providing products and services to contractors, developers, and other customers in the construction industry. Pico Bulding Supply Corporation sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13471) on April 10, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Sheri handles the case. The Debtor is represented by Young K. Chang, Esq. PIGZZA LLC: Gets Interim OK to Use Cash Collateral Until May 5 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, granted Pigzza LLC authorization to use cash collateral on an interim basis. Under the interim order, the Debtor is permitted to use cash collateral to cover necessary operating expenses outlined in an approved budget, with a flexibility of up to 10% per line item. Additional expenditures may be made if expressly approved by One Florida Bank. This authorization remains effective through May 5, unless extended by the court. As a condition of this use, secured creditors will be granted replacement liens on post-petition cash collateral to protect against any decrease in the value of their interests. The Debtor is also required to maintain proper insurance coverage and fulfill all obligations as a debtor-in-possession. The order preserves the rights of all parties, allowing future requests for modified protections or objections to lien validity. 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/RL7nU from PacerMonitor.com. About Pigzza LLC Pigzza LLC operates a restaurant in Orlando, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-017731) on March 13, 2026. In the petition signed by Thomas H. Ward, sole managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine LLP, represents the Debtor as legal counsel. PLAZA 106: Seeks to Hire Valerga LLP as Special Counsel ------------------------------------------------------- Plaza 106, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Valerga LLP as special counsel. The firm will the provide Debtor with independent guidance, assistance, and advice and can timely and adequately assist Andres Diaz and Timothy Larsen and the law firm of Diaz & Larsen to adequately prosecute this bankruptcy case and assist Debtor with the oversight and management of matters related to Federal Rule of Civil Procedure 60 as incorporated into Bankruptcy Rule 9024. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Valerga 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 at: Brody Valerga, Esq. Valerga LLP 395 S. Main Street #201 Alpine, UT 84004 Tel: (801) 893-3635 Fax: (801) 396-7164 About Plaza 106, LLC Plaza 106 LLC, based in Price, Utah, operates in the Iron and Steel Mills and Ferroalloy Manufacturing industry, producing and processing ferrous metals and related materials. Plaza 106 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-25459) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented Andres Diaz, Esq. at Diaz & Larsen. POINT CLEAR: Plan Filing Deadline Extended to May 6, 2026 --------------------------------------------------------- Judge Jerry C. Oldshue, Jr. of the U.S. Bankruptcy Court for the Northern District of Florida granted the motion of Point Clear Capital Advisors, LLC and its affiliates for extension of: (1) plan and disclosure statement filing deadline, (2) exclusive right to file plan, and (3) exclusive period to solicit acceptances of plan. The deadline by which Debtors have to file a plan and disclosure statement is extended through and including May 6, 2026. The 120-day period during which Debtors have the exclusive right to propose and file a plan of reorganization is extended through and including May 6, 2026. The 180-day period during which Debtors have the exclusive right to solicit acceptances of a plan of reorganization is extended through and including July 6, 2026. As shared by the Troubled Company Reporter, the Debtors filed a motion to extend the plan and disclosure statement filing deadline, as well as the exclusive periods within which only the Debtors may file and solicit acceptances of a plan. The Debtor Darryl Seelhorst is currently seeking employment and expects such income will enable him to commit more disposable income to the Debtors' Plan. Additionally, the Debtors continue to negotiate with creditors regarding investment properties held by the Debtor, are defending motions for relief from stay that will materially affect the proposals set forth in the Debtors' Plan, and are still working on submitting necessary tax returns. Additionally, the Debtors are working with Plaintiffs' Counsel, Mr. Bates, on a proposed scheduling order for mediation of the Plaintiffs' disputed claims against several of the Debtors, the result of which is expected to materially affect the terms of the Plan. About Point Clear Capital Advisors Point Clear Capital Advisors, LLC, provides investment management and advisory services and is based in Pensacola, Florida. Point Clear Capital Advisors and their affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30963) on Oct. 1, 2025. The case is jointly administered in Case No. 25-30963. In its petition, Point Clear Capital Advisors reported between $100 million and $500 million in assets and liabilities. Bankruptcy Judge Peggy Hunt handles the case. The Debtors are represented by Stichter, Riedel, Blain & Postler, PA. PURE SCIENCE: Hires Van Horn Law Group PA as Counsel ---------------------------------------------------- Pure Science Lab Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Van Horn Law Group, 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 operations; (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 legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Chad Van Horn, Esq., the primary attorney in this representation, will be paid at his hourly rate of $500. The hourly rates of law clerks, paralegals, and associates range from $175 to $350. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000, plus 2,500 as filing fee. Mr. Horn 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: Chad Van Horn, Esq. Van Horn Law Group, PA 500 N.E. 4th Street, Suite 200 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Email: Chad@cvhlawgroup.com About Pure Science Lab Inc. Pure Science Lab CBD, a provider of hemp-derived cannabidiol (CBD) products, offers oils, capsules, gummies, concentrates, topical creams, and pet formulations for the health and wellness market. The company focuses on sourcing organic hemp and producing non-psychoactive CBD extracts, with a product portfolio that includes tinctures, softgels, and topical applications distributed to individual consumers seeking plant-based wellness products. Pure Science Lab Inc. in Pompano Beach, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 26-14210) on April 3, 2026, listing $66,485 in assets and $1,296,462 in liabilities. Steven Pomerantz as president, signed the petition. Judge Peter D Russin oversees the case. VAN HORN LAW GROUP, P.A. serve as the Debtor's legal counsel. QVC GROUP: Seeks Chapter 11 Bankruptcy to Cut $6.6B Debt -------------------------------------------------------- Hilary Russ of Law360 reports that home shopping network operator QVC Group Inc. filed for Chapter 11 in Texas on Thursday, April 16, 2026, aiming to cut approximately 80% of its $6.6 billion in debt after turnaround efforts fell short. The move marks a significant step in addressing mounting financial challenges. Despite efforts to modernize its business — including job cuts and the rollout of live commerce events on TikTok — the company struggled to offset declining consumer demand and structural changes in the media landscape. Tariffs and the continued erosion of traditional cable television further weighed on performance, the report relays. Through bankruptcy, QVC Group plans to restructure its obligations and strengthen its capital structure. The company said it will maintain operations as it works through the Chapter 11 process and seeks to emerge on firmer financial footing, according to report. 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. QVC Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. and Lydia R. Webb of Gray Reed & McGraw LLP. RAD DIVERSIFIED: Gets Extension to Use Cash Collateral ------------------------------------------------------ RAD Diversified REIT, Inc. and its affiliated debtors received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. At the recently held hearing, the court authorized the Debtors' continued use of cash collateral and set a further hearing for May 19. The Debtor was previously allowed to access cash collateral under the court's April 2 order to fund necessary operating expenses in accordance with a five-week budget. The order granted secured creditors adequate protection through replacement liens on post-petition rents, with the same validity and priority as their pre-petition liens. The Debtors' primary source of revenue is rent collected from tenants across their properties. Tenants make payments through the property management platform AppFolio, which deposits the funds electronically into a pooled bank account belonging to one of the Debtors, RAD REIT, held at Fifth Third Bank. This account functions as a central repository for rental income from multiple properties. At the time of the bankruptcy filing, the account held approximately $8,223.75, and by March 5, an additional $53,373 in rent had been deposited. Based on historical rent collections, the Debtors expect to receive roughly $90,000 per month in post-petition rental income. Because the rents from multiple properties are commingled in a single account, it is not possible to trace specific funds to individual tenants or properties. The properties generating these rents are subject to mortgages held by various lenders. Each mortgage agreement contains an assignment-of-rents clause, which means that the mortgage holders may have a legal interest in the rental income produced by their respective properties. Under 11 U.S.C. Section 552(b), those mortgagees may claim an interest in the post-petition rental income generated by the properties securing their loans. However, the Debtor stated that no other pre-petition liens attach to these post-bankruptcy rents, making the listed mortgagees the only parties with a potential interest in the rental income. About RAD Diversified REIT Inc RAD Diversified REIT, Inc are a group of entities engaged in acquiring, managing, renovating, repositioning, and operating real estate, primarily single-family residential properties and vacant lots across Florida, Pennsylvania, Texas, and New Jersey, with certain affiliates holding other types of real estate. RAD Diversified OZ Fund, LP, a Delaware limited partnership, focuses on investments in Qualified Opportunity Zone properties, while RAD Diversified REIT, Inc., a Maryland corporation, is structured to qualify as a real estate investment trust under U.S. tax law. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 26-01636) on March 1, 2026. In the petition signed by Katie S. Goodman, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Catherine Peek Mcewen oversees the case. Joseph Pack, Esq. and Jessey J. Krehl, Esq at PACK LAW, represents the Debtor as legal counsel. The Debtors tapped KAPILAMUKAMAL, LLP as forensic accountant, financial analyst and financial advisor, EPIQ CORPORATE RESTRUCTURING, LLC as noticing and claims agent, and GGG PARTNERS, LLC as operations advisor. RAIN CARBON: Moody's Affirms 'B2' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings affirmed Rain Carbon Inc.'s (Rain Carbon) B2 corporate family rating and B2-PD probability of default rating, the Ba3 rating on its senior secured revolving credit facility, and the B3 rating on its second-lien senior secured notes. Moody's also affirmed Rain Carbon GmbH's Ba3 senior secured first-lien term loan B. The ratings outlook remains stable. RATINGS RATIONALE Rain Carbon Inc.'s B2 corporate family rating reflects its position as one of the leading global producers of carbon-based upcycled byproducts, which are key raw materials for a broad range of industries. The company benefits from its diversified business profile serving a number of end markets and geographic regions. Rain Carbon's credit profile is constrained by its relatively low revenue base versus similarly rated companies, historically volatile earnings performance, somewhat weak credit metrics and significant dependency on the cyclical and volatile aluminum industry, accounting for 45%-55% of the company's revenues. It also reflects the risk the company does not extend the maturity of its revolving credit facility past January 2027 in a timely fashion considering its reliance on this borrowing facility. Nevertheless, the ratings are supported by Moody's expectations for improved operating results driven by higher demand, increased calcined petroleum coke (CPC) pricing, improved earnings at the company's operations in India and cost cutting initiatives, which should move its credit metrics more in line with the rating over the next 12-18 months. Rain Carbon's operating performance materially improved in 2025 due to improved product pricing and wider spreads over raw material costs in its carbon products segment. As a result, it generated adjusted EBITDA of $229 million versus $152 million in 2024. However, the company consumed almost $100 million of cash due to a $142 million increase in working capital investments driven by elevated prices across its product portfolio and higher inventory requirements to support the new plant in India. Nevertheless, the company's credit metrics strengthened despite increased borrowings to support this investment with its leverage ratio (Debt/EBITDA) declining to 5.1x from 6.9x and its interest coverage (EBIT/Interest) rising to 1.3x from 0.6x. The company is experiencing varying impacts from the conflict in Iran, but the overall impact will likely be somewhat favorable in the near term. Rain Carbon sources some raw materials from the Middle East and sells calcined petroleum coke into the region and is facing higher raw material and energy costs. However, it is benefitting from reduced Chinese competition for raw materials purchases and lower finished product exports by the country likely due to concerns about potential future supply disruptions. It is also benefitting from increased demand from aluminum smelters outside of the Middle East that are filling the void left by reduced Middle East production. Therefore, Moody's expects modestly improved operating results, positive free cash generation and credit metrics that are more in line with the B2 corporate family rating in 2026. Rain Carbon has an adequate liquidity profile with $80.7 million of unrestricted cash and $65.8 million of availability under its $260 million secured revolver maturing in January 2027. If the company does not extend the maturity of its revolver within the next few months, then it could result in a negative ratings action. The company also has credit facilities (unrated) available to fund working capital needs at the company's Indian operations. The company's credit agreement includes a maximum first lien net leverage ratio covenant of 3.0x. The ratio was 2.03x for the LTM period ended December 2025. The Ba3 rating on the senior secured revolving credit facility and term loan reflect their priority claim on collateral, ahead of the second lien notes, which are rated B3 due to the preponderance of the first-lien debt in the capital structure. The RCF and the term loan are secured by substantially all of the assets of the company and its subsidiaries except for subsidiaries incorporated in India. The 2029 notes are secured on a second-priority basis by liens on all of the assets of the issuer that secure the credit agreement other than excluded assets and are guaranteed on a joint and several basis by the company's existing and future wholly owned restricted subsidiaries that are a borrower or a guarantor under the credit agreement. The stable outlook reflects Moody's expectations that Rain Carbon's operating results will modestly improve in the near term, and the company will use free cash flow to pay down debt and maintain credit metrics and a liquidity profile commensurate with the B2 rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Rain Carbon's ratings could be considered if leverage (Debt/EBITDA) is expected to be sustained below 4.5x, retained cash flow above 12% of net debt, the company consistently generates free cash flow and maintains a good liquidity profile. A downgrade would be considered if leverage (Debt/EBITDA) is sustained above 5.5x, retained cash flow below 8% of net debt or if its liquidity profile materially deteriorates. The principal methodology used in these ratings was Steel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Rain Carbon Inc. is an indirect wholly owned subsidiary of Rain Industries Limited, a company incorporated in India. The company is engaged in the manufacturing and sale of carbon based upcycled byproducts and advanced materials, including calcined petroleum coke (CPC), coal tar pitch (CTP), cogenerated energy, and other derivatives and downstream products of the coal tar distillation process. The company generated $1.7 billion in revenues during the LTM period ended December 31, 2025. RANA REAL ESTATE: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Rana Real Estate, LLC 12386 State Road 535 Suite 213 Orlando FL 32826 Business Description: Rana Real Estate, LLC is a Florida-based real estate holding company with principal assets concentrated in a single residential rental property in Kissimmee, Florida. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-02678 Judge: Hon. Grace E Robson Debtor's Counsel: Kenneth D. Herron, Jr., Esq. HERRON HILL LAW GROUP, PLLC P.O. Box 2127 Orlando FL 32802 Tel: 407-648-0058 E-mail: chip@herronhilllaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ali Mazhar Rana as manager. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WE6EW3A/Rana_Real_Estate_LLC__flmbke-26-02678__0001.0.pdf?mcid=tGE4TAMA RAY'S PIZZA: Gets Interim OK to Use Cash Collateral Until May 7 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona granted Ray's Pizza 88 LLC approval to use cash collateral on an interim basis. Under the order, the Debtor is authorized to use cash collateral to fund operations in accordance with a monthly budget, allowing up to a 10% variance per line item. This authorization remains effective through May 7, enabling the Debtor to maintain business operations during the interim period. The Debtor projects total operational expenses of $97,124.44 for April and $97,077.85 for May. To protect secured creditors including American Momentum Bank, the court granted them replacement liens on post-petition assets such as cash and receivables to the extent of any decline in the value of their collateral. Additionally, the court approved monthly adequate protection payments of $2,000 to American Momentum Bank and $200 to Roger's Aire Mechanical, LLC. The order preserves all parties' rights to challenge the validity, priority, or extent of liens. A final hearing on the motion is scheduled for May 6, with objections due by April 29. About Ray's Pizza 88 LLC Ray's Pizza 88 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-02881) on March 25, 2026. In the petition signed by Robert A. Grover, Jr., member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Madeleine C. Wanslee oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices, PC, represents the Debtor as legal counsel. RAY'S PIZZA: Seeks to Hire Hacker Accounting as Accountant ---------------------------------------------------------- Ray's Pizza 88 LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Hacker Accounting as accountant. The firm will assist the Debtor in the performance of bookkeeping, accounting and tax services. The firm will be paid a monthly base fee of $325, where $250 as base and $75 for payroll. Mr. Hacker 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 at: Robert Hacker Hacker Accounting 3710 W Greenway Rd Ste 114 Phoenix, AZ 85053 Tel: (602) 375-5251 About Ray's Pizza 88 LLC Ray's Pizza 88 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-02881-MCW) on March 25, 2026. In the petition signed by Robert A. Grover, Jr., member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Madeleine C. Wanslee oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices, PC, represents the Debtor as legal counsel. REBORN COFFEE: Reaches Forbearance Deal With Arena to Avoid Default ------------------------------------------------------------------- Reborn Coffee, Inc. previously reported on February 6, 2025, that it entered into a Securities Purchase Agreement with Arena Special Opportunities (Offshore) Master II, LP, and Arena Special Opportunities Partners III, LP, which was amended on March 28, 2025 and July 31, 2025. In connection with the Securities Purchase Agreement, the Company issued 10% Original Issue Discount Secured Convertible Debentures to the Arena Investors on February 10, 2025, February 26, 2025, March 28, 2025 and July 31, 2025 (as amended, restated or supplemented from time to time, the "Debentures"). On October 20, 2025, the Company entered into a Securities Subscription Agreement with Charles Joeng, pursuant to which the Company issued 1,192,661 shares of common stock, par value $0.0001 per share to Jeong for an aggregate purchase price of $6,500,000 funded in multiple tranches. Section 6(a) of the Debentures provides that, at any time prior to the full repayment or full conversion of all amounts owed under the Debentures, the Company receives cash proceeds from the issuance of equity, the Company shall inform the Arena Investors, whereupon the Arena Investors shall have the right to require that the Company immediately apply up to 30% of the gross cash proceeds received from the applicable financing transaction to redeem a portion of the outstanding principal amount of the Debentures. On February 19, 2026, the Arena Investors sent a letter to the Company requesting that the Company pay to the Arena Investors 30% of the gross cash proceeds received from the October Agreement, which the Arena Investors and the Company were in mutual discussion regarding the timing and manner of such payment to the Arena Investors which caused a delay in payment to the Arena Investors. On March 31, 2026, the Company and the Arena Investors entered into a Forbearance Agreement whereby the Arena Investors would waive and forbear from any exercise of their rights and remedies under the Securities Purchase Agreement, the Debentures and applicable law in connection with the Specified Delay and waive any defaults or events of default which may exist and may be ongoing under the Debentures as of March 31, 2026. In consideration of such forbearance and waiver, the Company agreed to: (i) make payment of $1,059,522 in cash to the Arena Investors on or before April 6, 2026; (ii) make payment of $400,000 in cash to the Arena Investors on or before April 20, 2026; (iii) make payment of $500,000 in cash to the Arena Investors on the sixth day of each month, beginning in May 2026, until the Debentures have been fully paid off or converted; (iv) issue warrants to the Arena Investors to purchase 250,000 shares of Common Stock at an exercise price of $2.00 per share (the "Forbearance Warrants"); and (v) file a registration statement no later than five business days following the filing of the Company's Annual Report on Form 10-K covering the shares underlying the Forbearance Warrants and other common stock purchase warrants issued to the Arena Investors on December 31, 2025. Full text of copies of the form of Forbearance Warrant and the Forbearance Agreement are available at https://tinyurl.com/apvmpzt4 and https://tinyurl.com/2jpcs284, respectively. 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: Gets Interim OK to Use Cash Collateral Until June 4 --------------------------------------------------------------- The Rental Hub, Inc. received another extension from the U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division, to use cash collateral. The court issued a second interim order authorizing the Debtor to use cash collateral until June 4 to fund operations in accordance with its budget. Numerous creditors assert liens on the Debtor's assets, including accounts receivable, inventory and personal property, with First Bank and Trust Company as the senior secured creditor owed approximately $21,000 and the U.S. Small Business Administration holding a $450,000 Economic Injury Disaster Loan lien. The Debtor disputes the validity of liens asserted by certain MCA lenders, such as Kapitus, and reserves the right to challenge these claims. As adequate protection, secured creditors will be granted replacement liens on post-petition collateral of the same type and priority as existed on the petition date. The order is available at https://shorturl.at/YJqhe from PacerMonitor.com. The Rental Hub has experienced cash flow disruptions due to temporary closure of its Wytheville location following a landlord sale, defective equipment, and other operational interruptions, which contributed to the need for bankruptcy relief. The next hearing is set for June 4. 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. RMMJ SERVICE: Section 341(a) Meeting of Creditors on May 12 ----------------------------------------------------------- On April 6, 2026, RMMJ Service & Delivery LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A Meeting of Creditors under Section 341(a) meeting to be held on May 12, 2026 at 01:00 PM at Zoom.us - USTrustee 6: Meeting ID 160 6479 0874, Passcode 6789012456, Phone 1 (202) 798-4458. About RMMJ Service & Delivery LLC RMMJ Service & Delivery LLC is a logistics and delivery services company engaged in transportation and distribution operations. RMMJ Service & Delivery LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22341) on April 6, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by H. Bruce Bronson, Jr., Esq. of Bronson Law Offices, P.C. RONALD H. CARPENTER: Thompson Wins Bid for Automatic Stay Relief ---------------------------------------------------------------- Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the Middle District of Florida granted in part and denied in part the verified motion of Larry S. Thompson for relief from the automatic stay in the bankruptcy case of Ronald H. Carpenter, Jr. According to the Court, the automatic stay of 11 U.S.C. Sec. 362(a) does not apply, pursuant to 11 U.S.C. Sec. 362(b)(4), to actions by Mr. Thompson to file and pursue, if needed, police reports, regulatory complaints, or other actions involving governmental police or regulatory powers, including but not limited to responding to any complaints pending with the Department of Business & Professional Regulation. The Court finds the automatic stay does not apply to actions by Mr. Thompson as are necessary to defend against claims arising from the alleged unauthorized use of Movant's State Contractor's License asserted by non-debtor third parties against Movant in any non-bankruptcy forums consistent with this Order or to defend the complaint filed with the Department of Business & Professional Regulation by the Debtor against Mr. Thompson. The Motion is denied without prejudice to the extent that it seeks such relief. A copy of the Court's Order dated April 2, 2026, is available at http://urlcurt.com/u?l=5UJA97from PacerMonitor.com. Ronald H. Carpenter, Jr. filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 25-04857) on July 16, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Kathleen DiSanto, Esq. ROSE RENTAL: Court OKs Withdrawal of Brandon Property Sale ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Mississippi has permitted Rose Rental Properties, LLC to withdraw motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 118 Fairfax Circle Unit A, Brandon, MS 39047, which includes the house and land that is mortgaged by Citizens National Bank. The Court has authorized the Debtor to withdraw Motion to Sell the Property, following the Court being advised that the proposed sale of the subject property was not consummated after the purchaser terminated the contract following its inspection of the property. About Rose Rental Properties, LLC Rose Rental Properties, LLC is a Mississippi-based real estate rental business that operates from Jackson and is associated with residential property activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-03091) on December 4, 2025. In the petition signed by Jerrick W Rose, member-manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jamie A. Wilson oversees the case. Thomas C. Rollins, Jr., Esq., at THE ROLLINS LAW FIRM, PLLC, represents the Debtor as legal counsel. S GARAY: Initiates Chapter 7 Bankruptcy in California ----------------------------------------------------- On April 12, 2026, S Garay & Co LLC filed for Chapter 7 protection in the Southern District of California Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About S Garay & Co LLC S Garay & Co LLC is a business services firm that provides consulting and operational support services to individuals and small to mid-sized businesses. S Garay & Co LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01533) on April 12, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge J. Barrett Marum handles the case. The Debtor is represented by Alberto M. Carranza, Esq. of Alberto Carranza Law Offices. SAM'S DINER: Wins Bid for Default Judgment in Fenix Adversary Case ------------------------------------------------------------------ Judge Mary Ann Whipple of the U.S. Bankruptcy Court for the Northern District of Ohio granted Sam's Diner of Maumee, Inc.'s motion for default judgment in the adversary proceeding captioned as Sam's Diner of Maumee, Inc., Plaintiff, v. Fenix Funding, LLC, Defendant, Adv. Pro. No. 26-03009 (Bankr. N.D. Ohio). Plaintiff is the Debtor in the underlying Chapter 11, Subchapter V case. Named as Defendant is Fenix Funding, LLC, a creditor in the underlying Chapter 11 case. Plaintiff brings this request under Fed. R. Bankr. P. 7001(2) to determine the validity, extent and priority of liens. The legal basis for the Complaint is 11 U.S.C. Sec. 506. In addition, Plaintiff requests disallowance of a secured claim filed by Defendant (filed by Atlas Acquisitions for Fenix Funding). According to the Complaint, Plaintiff entered into a loan agreement with Defendant whereby Defendant agreed to advance $25,000.00 to Plaintiff in return for the purchase of future receivables off the Plaintiff in the amount of $34,975.00. Plaintiff granted to Defendant a security interest in all of its personal property in July 2024. Plaintiff believes the amount owed to Defendant is approximately $33,725.00, the amount in Claim 2-1. Plaintiff states that creditors United States Small Business Administration ("SBA"), Rapid Finance, United First, DoorDash/Parafin, and Forward Financing have superior interests in Plaintiff's personal property totaling approximately $429,276.05. According to Plaintiff, at least two of these creditors filed their respective financing statements with the Ohio Secretary of State. Plaintiff seeks to have the security interest of the Defendant declared junior to that of any interest claimed by the SBA, Rapid Finance, United First, DoorDash/Parafin, and Forward Financing in the Debtor's personal property. Based upon the value of Plaintiff's personal property, and the superior interests existing and claimed by the SBA, Rapid Finance, United First, DoorDash/Parafin, and Forward Financing, Plaintiff contends Defendant's security interest does not attach to any equity in Plaintiff's personal property. Plaintiff requests the court determine the value of Plaintiff's personal property to be $56,879.71 and the court find Defendant's claim to be wholly unsecured under 11 U.S.C. Sec. 506(a). Plaintiff further requests the court determine Defendant's secured claim to be declared void and released under 11 U.S.C. Sec. 506(d). Plaintiff requests that Defendant's proof of claim be disallowed as a secured claim and determined to be void and released. Finally, Plaintiff requests the court find that any security interest claimed by Defendant in Plaintiff's property and property of the estate be disallowed. Review of the record reflects no answer or other response to the Complaint having been filed by Defendant. According to the court, the straightforward and detailed, well-pleaded factual allegations of the Complaint and the basic circumstances underlying it substantiate and establish a cause of action against Defendant under Sec. 506 as to priority of Defendant's lien. The Complaint shows and the court finds that Defendant's security interest that is junior to any interest claimed by the SBA, Rapid Finance, United First, Door Dash/Parafin, and Forward Financing. The court further finds from the Complaint that the value of Plaintiff's personal property is $56,897.71. The court further finds any claim by Defendant is determined to be wholly unsecured under 11 U.S.C. Sec. 506(a) and the Defendant's security interest is determined to be void and released pursuant to 11 U.S.C. Sec. 506(d). Additionally, the claim filed by Defendant at Claim 2-1 is not allowed as a secured claim, only as a wholly unsecured claim. Accordingly, Plaintiff has established a determination as to validity, priority and extent of the Defendant's lien; has established a basis for the secured status of interests in property of the estate; and established a basis for avoiding Defendant's lien. A copy of the Court's Memorandum of Decision and Order dated April 14, 2026, is available at http://urlcurt.com/u?l=SNj6CQfrom PacerMonitor.com. About Sam's Diner of Maumee Inc. Sam's Diner of Maumee, Inc. is a Maumee, Ohio-based dining company specializing in American-style cuisine. The privately held diner offers breakfast, lunch, and dinner to local patrons and travelers, focusing on high-quality meals and customer satisfaction. Sam's Diner of Maumee, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30057) on January 13, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Mary Ann Whipple presides over the case. Eric R. Neuman, Esq., represents the Debtor as legal counsel. SAM'S DINER: Wins Bid for Default Judgment in Parafin, et al. Case ------------------------------------------------------------------ Judge Mary Ann Whipple of the U.S. Bankruptcy Court for the Northern District of Ohio granted Sam's Diner of Maumee, Inc.'s motion for default judgment in the adversary proceeding captioned as Sam's Diner of Maumee, Inc., Plaintiff, v. Parafin, et al., Defendant, Adv. Pro. No. 26-03008 (Bankr. N.D. Ohio). Plaintiff is the Debtor in the underlying Chapter 11, Subchapter V case. Named as Defendants are Parafin and Door Dash Capital, both creditors in the underlying Chapter 11 case. Plaintiff brings this request under Fed. R. Bankr. P. 7001(2) to determine the validity, extent and priority of liens. The legal basis for the Complaint is 11 U.S.C. Sec. 506. In addition, under 11 U.S.C. Sec. 544, Plaintiff seeks avoidance of an unperfected security interest. According to the Complaint, Plaintiff entered into a loan agreement with Defendants whereby Defendants agreed to advance sums to Plaintiff in return for the purchase of future receivables of the Plaintiff. Plaintiff may have also granted to Defendants a security interest in all of its personal property in August 2024. Plaintiff believes the amount owed to Defendants is approximately $8,097.94. Plaintiff states that creditors United States Small Business Administration ("SBA"), Rapid Finance, and United First have claims totaling approximately $374,678.31. According to Plaintiff, two of these creditors filed their respective financing statements with the Ohio Secretary of State. Plaintiff seeks to have the security interest of the Defendants declared junior to that of any interest claimed by the SBA, Rapid Finance and United First in the Debtor's personal property. Based upon the value of Plaintiff's personal property, and the superior interests existing and claimed by the SBA, Rapid Finance, and United First, Plaintiff contends Defendants' security interest does not attach to any equity in Plaintiff's personal property. Plaintiff requests the court determine the value of Plaintiff's personal property to be $56,879.71 and the court find Defendants' claims to be wholly unsecured under 11 U.S.C. Sec. 506(a). Plaintiff further requests the court determine Defendant's claim to be declared void and released under 11 U.S.C. Sec. 506(d). Plaintiff requests that Defendant's proof of claim, to the extent one is filed, be disallowed as a secured claim. Finally Plaintiff requests the court find that any security interest claimed by the Defendants in Plaintiff's property and property of the estate is avoided. Review of the record reflects no answer or other response to the Complaint having been filed by the Defendants. According to the court, the straightforward and detailed, well-pleaded factual allegations of the Complaint and the basic circumstances underlying it substantiate and establish a cause of action against Defendants under Sec. 506 as to priority and extent of Defendants' lien. The Complaint shows and the court finds that Defendants' security interest is junior to any interest claimed by the SBA, Rapid Finance and United First. The court further finds from the Complaint that the value of Plaintiff's personal property is $56,897.71. The court further finds any claim by Defendants is determined to be wholly unsecured under 11 U.S.C. Sec. 506(a) and the Defendants' security interest is determined to be void and released pursuant to 11 U.S.C. Sec. 506(d). Additionally, under 11 U.S.C. Sec. 544(a)(1), any security interest claimed by Defendants in Plaintiff's personal property and property of the estate is avoided. While the Complaint asserts that a proof of claim by the Defendant should be disallowed, if filed, Defendants failed to file such a claim and the deadline for doing so passed on March 24, 2026. Therefore, the relief sought under the third claim for relief is not at issue. Accordingly, Plaintiff has established a determination as to validity, priority and extent of the Defendants' lien; has established a basis for the secured status of interests in property of the estate; and established a basis for avoiding Defendants' lien. A copy of the Court's Memorandum of Decision and Order dated April 13, 2026, is available at http://urlcurt.com/u?l=KR6aKrfrom PacerMonitor.com. About Sam's Diner of Maumee Inc. Sam's Diner of Maumee, Inc. is a Maumee, Ohio-based dining company specializing in American-style cuisine. The privately held diner offers breakfast, lunch, and dinner to local patrons and travelers, focusing on high-quality meals and customer satisfaction. Sam's Diner of Maumee, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30057) on January 13, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Mary Ann Whipple presides over the case. Eric R. Neuman, Esq., represents the Debtor as legal counsel. SAM'S DINER: Wins Bid for Default Judgment in SBA Adversary Case ---------------------------------------------------------------- Judge Mary Ann Whipple of the U.S. Bankruptcy Court for the Northern District of Ohio granted Sam's Diner of Maumee, Inc.'s motion for default judgment in the adversary proceeding captioned as Sam's Diner of Maumee, Inc., Plaintiff, v. Small Business Financial Solutions, LLC, Defendant, Adv. Pro. No. 26-03011 (Bankr. N.D. Ohio). Plaintiff is the Debtor in the underlying Chapter 11, Subchapter V case. Named as Defendant is Small Business Financial Solutions, LLC, aka Rapid Finance, a creditor in the underlying Chapter 11 case. Plaintiff brings this request under Fed. R. Bankr. P. 7001(2) to determine the validity, extent and priority of liens. The legal basis for the Complaint is 11 U.S.C. Sec. 506. In addition, under 11 U.S.C. Sec. 544, it seeks avoidance of an unperfected security interest. According to the Complaint, Plaintiff entered into a loan agreement with Defendant whereby Defendant as a merchant cash advance lender agreed to advance up to $58,000.00 to Plaintiff. Plaintiff granted to Defendants a security interest in all of its personal property in November 2023 although no UCC-1 financing statement appears to have been filed by it. Plaintiff believes the amount owed to Defendant is approximately $16,859.76. Plaintiff states that creditor United States Small Business Administration ("SBA") has claims totaling approximately $345,220.47, which are superior in interest in Plaintiff's personal property. The SBA filed its financing statements with the Ohio Secretary of State. Plaintiff seeks to have the security interest of Defendant declared junior to that of any interest claimed by the SBA in the Debtor's personal property. Based upon the value of Plaintiff's personal property, and the superior interests existing and claimed by the SBA, Plaintiff contends Defendant's security interest does not attach to any equity in Plaintiff's personal property. Plaintiff requests the court determine the value of Plaintiff's personal property to be $56,879.71 and further find Defendant's claims to be wholly unsecured under 11 U.S.C. Sec. 506(a). Plaintiff further requests the court determine Defendant's claim to be declared void and released under 11 U.S.C. Sec. 506(d). Plaintiff requests that Defendant's proof of claim, to the extent one is filed, be disallowed as a secured claim. Finally, Plaintiff requests the court find that any security interest claimed by the Defendant in Plaintiff's property and property of the estate is avoided. Review of the record reflects no answer or other response to the Complaint having been filed by the Defendant. According to the court, the straightforward and detailed, well-pleaded factual allegations of the Complaint and the basic circumstances underlying it substantiate and establish a cause of action against Defendant under § 506 as to priority of Defendant's lien. The Complaint shows and the court finds that Defendant's security interest is junior to any interest claimed by the SBA. The court further finds from the Complaint that the value of Plaintiff's personal property is $56,897.71. The court further finds that any claim filed by Defendant is determined to be wholly unsecured under 11 U.S.C. Sec. 506(a) and the Defendant's security interest is determined to be void and released pursuant to 11 U.S.C. Sec. 506(d). Additionally, under 11 U.S.C. Sec. 544(a)(1), any security interest claimed by Defendant in Plaintiff's personal property and property of the estate is avoided. While the Complaint asserts that a proof of claim by the Defendant should be disallowed, if filed, Defendant failed to file such a claim and the deadline for doing so passed on March 24, 2026. Therefore, the relief sought under the third claim for relief is not at issue. Accordingly, Plaintiff has established a determination as to validity, priority of the Defendant's lien; has established a basis for the secured status of interests in property of the estate; and established a basis for avoiding Defendant's lien. A copy of the Court's Memorandum of Decision and Order dated April 14, 2026, is available at http://urlcurt.com/u?l=PPooDxfrom PacerMonitor.com. About Sam's Diner of Maumee Inc. Sam's Diner of Maumee, Inc. is a Maumee, Ohio-based dining company specializing in American-style cuisine. The privately held diner offers breakfast, lunch, and dinner to local patrons and travelers, focusing on high-quality meals and customer satisfaction. Sam's Diner of Maumee, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30057) on January 13, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Mary Ann Whipple presides over the case. Eric R. Neuman, Esq., represents the Debtor as legal counsel. SAM'S DINER: Wins Bid for Default Judgment in United First Case --------------------------------------------------------------- Judge Mary Ann Whipple of the U.S. Bankruptcy Court for the Northern District of Ohio granted Sam's Diner of Maumee, Inc.'s motion for default judgment in the adversary proceeding captioned as Sam's Diner of Maumee, Inc., Plaintiff, v. United First, LLC, Defendant, Adv. Pro. No. 26-03012 (Bankr. N.D. Ohio). Plaintiff is the Debtor in the underlying Chapter 11, Subchapter V case. Named as Defendant is United First, LLC, a creditor in the underlying Chapter 11 case. Plaintiff brings this request under Fed. R. Bankr. P. 7001(2) to determine as the validity, extent and priority of liens. The legal basis for the Complaint is 11 U.S.C. Sec. 506. In addition, Plaintiff requests disallowance as secured of a claim filed in Case No. 26-30057 by Defendant (as United First LLC 305894) as Claim No. 5-1 as fully secured in the amount of $2,092.22. According to the Complaint, Plaintiff entered into a loan agreement with Defendant whereby Defendant agreed to advance sums to Plaintiff in return for the purchase of future receivables of the Plaintiff. Plaintiff also granted to Defendant a security interest in all of its personal property in July 2024. Plaintiff averred that the amount owed to Defendants is approximately $12,598.08, however, Defendant's claim is filed in the amount of $2,092.22. Plaintiff states that creditors United States Small Business Administration ("SBA") and Rapid Finance have interests in Plaintiff's personal property totaling approximately $362,080.23. According to Plaintiff, at least one of these creditors filed their respective financing statements with the Ohio Secretary of State. Plaintiff seeks to have the security interest of the Defendant declared junior to that of any interest claimed by the SBA and Rapid Finance in the Debtor's personal property. Based upon the value of Plaintiff's personal property, and the superior interests existing and claimed by the SBA and Rapid Finance, Plaintiff contends Defendant's security interest does not attach to any equity in Plaintiff's personal property. Plaintiff requests the court determine the value of Plaintiff's personal property to be $56,879.71 and the court find Defendant's claim to be wholly unsecured under 11 U.S.C. Sec. 506(a). Plaintiff further requests the court determine Defendant's lien to be declared void and released under 11 U.S.C. Sec. 506(d). Plaintiff requests that Defendant's proof of claim, Claim No. 5-1, be disallowed as a secured claim. Review of the record reflects no answer or other response to the Complaint having been filed by the Defendant. The Complaint shows and the court finds that Defendant's security interest is junior to any interest claimed by the SBA and Rapid Finance. The court further finds from the Complaint that the value of Plaintiff's personal property is $56,897.71. The court further finds the claim filed by Defendant is wholly unsecured under 11 U.S.C. Sec. 506(a) and the Defendant's security interest is determined to be void and released pursuant to 11 U.S.C. Sec. 506(d). Finally, the Complaint asserts that the proof of claim by the Defendant should be disallowed as secured. The court finds this claim is disallowed as a secured claim and allowed only as an unsecured claim. Accordingly, the court concludes the Plaintiff established through the well-plead factual allegations of its Complaint a determination as to the validity, priority and extent of the Defendant's lien; has established a basis for the secured status of its claimed interests in property of the estate; and established a basis for avoiding Defendant's lien. A copy of the Court's Memorandum of Decision and Order dated April 14, 2026, is available at http://urlcurt.com/u?l=RkrFpHfrom PacerMonitor.com. About Sam's Diner of Maumee Inc. Sam's Diner of Maumee, Inc. is a Maumee, Ohio-based dining company specializing in American-style cuisine. The privately held diner offers breakfast, lunch, and dinner to local patrons and travelers, focusing on high-quality meals and customer satisfaction. Sam's Diner of Maumee, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30057) on January 13, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Mary Ann Whipple presides over the case. Eric R. Neuman, Esq., represents the Debtor as legal counsel. SCHAFER FISHERIES: Hires Wesler & Associates CPA as Accountant -------------------------------------------------------------- Schafer Fisheries, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Wesler & Associates, CPA, PC as its accountants. The firm will provide accounting services for the limited purpose of preparing amended monthly operating reports for the months of December 2025 and thereafter. The Debtor's estate will not be charged for Wesler's services; they will be paid for by Debtor's counsel, David Leibowitz. As disclosed in the court filings, Wesler & Associates, CPA, PC and its professionals are "disinterested persons," as that term is used in section 327(a) and defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Cheryl Wesler, CPA Wesler & Associates, CPA, PC 4664 Campus Drive, Suite 100 Kalamazoo, MI 49008 Telephone: (269) 482-1015 Email: info@weslercpa.com About Schafer Fisheries Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. Newtek Small Business Finance, LLC, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Telephone: (312) 876-1700 E-mail: pgarga@dykema.com SENIOR HOME HEALTH: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota granted Senior Home Health Care, LLC interim approval to use cash collateral in its Chapter 11 Subchapter V case. Under the interim order, the Debtor is authorized to utilize funds in accordance with its financial projections during the interim period. As adequate protection, secured creditors will be granted replacement liens on post-petition assets, maintaining the same priority and validity as their pre-petition liens to the extent of any collateral value decline. These liens do not extend to avoidance actions under Chapter 5 of the Bankruptcy Code. The Debtor is also required to maintain insurance on its assets and provide financial reporting as requested by creditors, ensuring continued protection of secured interests. A final hearing is scheduled for April 30 where further authorization will be considered. The order is available at https://shorturl.at/vfQ0L from PacerMonitor.com. Senior Home Health Care is a Medicare-certified skilled home health agency founded in 2012, providing in-home medical services including nursing, therapy, and other care. Its revenue primarily comes from Medicare, supplemented by commercial and government payers such as Blue Cross Blue Shield of Minnesota, HealthPartners, Medica, and the U.S. Department of Veterans Affairs. The Debtor has faced severe revenue disruptions due to the failure of major local healthcare partners, reductions in reimbursement rates by Medicare and the VA, and burdensome merchant cash advance loans. The Debtor's secured debt involves multiple lenders, including Merchants Bank ($387,719 balance), Change Healthcare ($420,822), PIRS Capital ($143,420), Bizfund.com ($451,464), Cedar Advance ($486,281), and NewCo Capital Group ($215,093). Many of these agreements, although structured as receivable purchases, appear to be disguised loans with security interests in accounts and personal guarantees. The Debtor holds approximately $431,049 in cash and accounts receivable as of the petition date, with projected increases to $230,000 by the end of the interim cash collateral period. About Senior Home Health Care, LLC Senior Home Health Care, LLC is a Medicare-certified skilled home health agency. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-41044) on March 30, 2026. In the petition signed by Jeylani Hashi, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Karl Johnson, Esq., at MJB Law Firm PLLC, represents the Debtor as legal counsel. SHELLE REALTY: Gets Interim OK to Use Cash Collateral Until May 12 ------------------------------------------------------------------ Mark DeGiacomo, the Chapter 11 Trustee for Shelle Realty, LLC, received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use cash collateral. The interim order authorized the trustee to use cash collateral through May 12 to pay real property insurance, with rents subject to Bangor Savings Bank and Genesis Fund liens restricted to insuring the properties at 16 Lincoln St. and 793 Main St. in South Portland, Maine. Any creditor with a valid pre-petition lien on rents will retain a continuing lien on post-petition rents as protection. The trustee said that rent collection and continued insurance coverage provide adequate protection to secured creditors, preserving collateral value during the bankruptcy case. The budget submitted by the trustee anticipates continued rental income of approximately $53,038 per month and allocates funds primarily toward insurance and limited miscellaneous expenses, with projected net income allowing the estate to maintain or increase cash balances through mid-2026. The Debtor's estate consists of 11 residential properties located across Massachusetts, Maine, Rhode Island, and Connecticut. Nine of these properties are leased to Vanderburgh House, LLC, which operates them as sober living residences, generating approximately $53,038 in monthly rental income. At the time of the trustee's appointment, the estate had minimal cash on hand initially but received approximately $71,993 in operating funds, largely derived from partial rent payments from Vanderburgh. An additional partial rent payment of $30,250 was later received in April 2026. The trustee said that all Shelle Realty properties are encumbered by mortgages, and secured lenders may assert liens on rental income as cash collateral. While lien validity and priority are still under review, the trustee proceeds on the assumption that cash collateral restrictions apply. The most urgent need for funds is to pay a series of insurance premiums totaling approximately $43,708 due between April and May. The trustee also previously used $1,021 of personal funds to prevent cancellation of insurance on Maine properties and now seeks reimbursement from the estate for that payment. The next hearing is set for May 12. The deadline for filing objections is on May 11. The order is available at https://is.gd/PoJl4Y from PacerMonitor.com. About Shelle Realty LLC Shelle Realty, LLC invests in and manages residential properties with a focus on affordable and recovery housing across multiple states. Shelle Realty, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12293-CJP) on October 24, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Christoper J. Panos oversees the case. Ehrhard & Associates, P.C. is Debtor's legal counsel. SILVERROCK DEVELOPMENT: Amends Several Secured Claims Pay --------------------------------------------------------- SilverRock Development Company, and affiliates submitted a First Amended Combined Disclosure Statement for the Joint Plan of Liquidation dated April 8, 2026. The Debtors closed the Sale to the Buyer on December 9, 2025 (the "Closing Date"). In connection therewith, the Debtors paid certain closing costs and the then outstanding amount of the DIP Financing out of the gross sale proceeds received from the Sale. The remainder of the sale proceeds were placed into escrow accounts. On March 24, 2026, the Debtors filed the Allocation Motion, which seeks among other things, determination of the value of certain Asserted Secured Claims under section 506(a) of the Bankruptcy Code pursuant to a revised allocation methodology that the Debtors and their advisors have refined as a result of discussions with certain Mediation Parties and further analysis of the Debtors' books and records, additional research, and review of the relevant issues. Under the revised allocation methodology, the Debtors continue to utilize a per-acre approach to allocation. The proposed allocation also takes into account the "priming caps" set forth in Exhibit 3 to the Final DIP Order. The Debtors have scheduled the Allocation Motion for hearing in connection with approval of the Combined Disclosure Statement and Plan on a final basis. Only some of the Asserted Secured Claims are either partially or fully Secured. The Secured portion, if any, of the Asserted Secured Claims that are partially Secured are each classified in their own Class and have the treatment set forth under the Plan. The unsecured deficiency portion of such claims and claims that are fully unsecured (as determined by the Allocation Methodology) are classified in Class 15 General Unsecured Claims. Class 3 consists of the Keillor Secured Claim. On the Effective Date, the Keillor Secured Claim shall be deemed Allowed in the amount of $16,759,043.05. Except to the extent that the Holder of the Keillor Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, on or as soon as reasonably practicable after the Effective Date, the Holder of the Keillor Secured Claim shall, in exchange for full and final satisfaction, settlement and release of such Claim, receive payment of $15,300,000 in Cash. Class 10 consists of the EB-5 Secured Claim. Pursuant to the EB-5 Settlement, the EB-5 Secured Claim shall be Allowed in the amount of $3,301,142.23. Pursuant to the EB-5 Settlement, the EB-5 Secured Claim shall be treated as follows: (i) on the Effective Date, or as soon as reasonably practicable thereafter, the EB-5 Lenders shall receive a Cash distribution in the amount of $1,200,000; (ii) the remaining $2,101,142.23 of the EB-5 Lenders' recovery on account of the Allowed EB-5 Secured Claim shall be initially utilized as funding for the Litigation Trust and/or utilized to pay Allowed Administrative Claims under the terms hereof and/or as may otherwise be agreed among the Debtors, the EB-5 Lenders, and the City; (c) the EB-5 Lenders' remaining Claim, over and above the Allowed EB-5 Secured Claim, shall be deemed an Allowed General Unsecured Claim in the amount of $17,503,867.04; and (d) the EB-5 Lenders shall receive the EB-5 Beneficial Interests, which shall entitle the EB-5 Lenders to receive 55% of the first $3,820,258.60 in proceeds distributed by the Litigation Trust on account of its Allowed EB-5 Secured Claim. Upon the distribution of $2,101,142.23 to the EB-5 Lenders from Litigation Trust proceeds and repayment of the DIP Senior Claims and DIP Junior Claims, the EB-5 Lenders shall share pro rata with other Holders of Allowed General Unsecured Claims with respect to any further distributions from the Litigation Trust. The Plan will be implemented by, among other things, the appointment of the Litigation Trustee and the making of Distributions from the Litigation Trust Assets, including all Cash and the proceeds, if any, from the prosecution, settlement, or other disposition of any Retained Causes of Action, in accordance with the Plan and the Litigation Trust Agreement. Except as otherwise provided in the Plan, on and after the Effective Date, all assets of the Estates, including all claims, rights, Retained Causes of Action and any property acquired by the Debtors under or in connection with the Plan, shall vest in the Litigation Trust, free and clear of all Liens, Claims, and Interests, subject to the substantive consolidation provided for herein. Except as otherwise provided in the Plan or the Combined Order, on the Effective Date, the Debtors shall transfer the Litigation Trust Assets to the Litigation Trust, and all such assets shall vest in the Litigation Trust on such date, to be administered by the Litigation Trustee in accordance with the Plan and the Litigation Trust Agreement. The Litigation Trust Assets shall be transferred to the Litigation Trust free and clear of all Liens, other than the Liens securing the Claims of the DIP Lender which shall remain in full force and effect, subject to the terms of the Plan. The Combined Hearing has been scheduled for May 20 and 21, 2026 at 10:30 a.m. to consider (a) final approval of the Combined Disclosure Statement and Plan as providing adequate information pursuant to section 1125 of the Bankruptcy Code and (b) confirmation of the Plan pursuant to section 1129 of the Bankruptcy Code. Any objection to final approval of the Combined Disclosure Statement and Plan as providing adequate information pursuant to section 1125 of the Bankruptcy Code and/or confirmation of the Plan must be made in writing and filed with the Bankruptcy Court by no later than May 7, 2026 at 4:00 p.m. A full-text copy of the First Amended Combined Disclosure Statement and Plan dated April 8, 2026 is available at https://urlcurt.com/u?l=wxw93N from PacerMonitor.com at no charge. Co-Counsel to the Debtors: WILSON SONSINI GOODRICH & ROSATI, P.C. Erin R. Fay, Esq. Shane M. Reil, Esq. Catherine C. Lyons, Esq. 222 Delaware Avenue, Suite 800 Wilmington, Delaware 19801 Telephone: (302) 304-7600 E-mails: efay@wsgr.com sreil@wsgr.com clyons@wsgr.com Co-Counsel to the Debtors: LAW OFFICES OF BENJAMIN M. CARSON, P.C. Victor A. Vilaplana, Esq. 823 La Jolla Rancho Rd. La Jolla, CA 92037 Telephone: (619) 840-4130 Email: vavilaplana@g -and- Benjamin M. Carson, Esq. 5965 Village Way, STE E105 San Diego, CA 92130 Telephone: (858) 255-4529 Email: ben@benjamincarsonlaw.com About SilverRock Development Company SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SK GRAPHICS: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- On April 10, 2026, SK Graphics, Inc. filed for Chapter 7 protection in the Central District of California Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 12, 2026 at 01:30 PM via Zoom - Pringle: Meeting ID 340 853 2781, Passcode 3286389205, Phone 1 213 592 2163. About SK Graphics, Inc. SK Graphics, Inc. is a graphics and design company that provides printing, branding, and visual communication services to businesses and individual clients. SK Graphics, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13472) on April 10, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Young K. Chang, Esq. SKYBOUND PROPERTIES: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Skybound Properties, LLC 2779 South Church Street, #149 Burlington, NC 27215 Business Description: Skybound Properties, LLC, based in Burlington, North Carolina, is a real estate investment and asset holding company that manages a scattered-site portfolio of residential rental properties across North Carolina, including Wilmington, Fayetteville, Greenville, Whitakers, and High Point. Its holdings include single-family homes, duplexes, and small multifamily units. Chapter 11 Petition Date: April 14, 2026 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-01678 Judge: Hon. David M Warren Debtor's Counsel: Laurie B. Biggs, Esq. BIGGS LAW FIRM PLLC 9208 Falls of Neuse Road Suite 120 Raleigh, NC 27615 Tel: (919) 375-8040 Fax: (919) 341-9942 E-mail: lbiggs@biggslawnc.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ashley Sourial as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VIZOERA/Skybound_Properties_LLC__ncebke-26-01678__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. BD Capital $100,000 Attn: Bankruptcy-Officer, Mgr. or Agt. 1805 21st Avenue S, Ste. 211 Nashville, TN 37212 2. BSI Financial Services $51,000 Attn: Bankruptcy 4200 Regent Blvd., Ste. B200 Irving, TX 75063 3. Cornerstone $77,000 Attn: Bankruptcy Dept 10800 Geddes Ave., Suite 200 Englewood, CO 80112 4. Cornerstone $51,000 Attn: Bankruptcy Dept 10800 Geddes Ave., Suite 200 Englewood, CO 80112 5. Cornerstone $46,000 Attn: Bankruptcy Dept 10800 Geddes Ave., Suite 200 Englewood, CO 80112 6. Fay Servicing, LLC $54,000 3001 Woodland Center Blvd, Ste 150 Tampa, FL 33614 7. Fay Servicing, LLC $45,000 3001 Woodland Center Blvd, Ste 150 Tampa, FL 33614 8. Fay Servicing, LLC $20,000 3001 Woodland Center Blvd, Ste 150 Tampa, FL 33614 9. FCI Lender Services, Inc. $93,000 Attn: Bankruptcy-Officer, Mgr. or Agt. 8180 E. Kaiser Blvd. Anaheim, CA 92808 10. FCI Lender Services, Inc. $56,000 Attn: Bankruptcy-Officer, Mgr. or Agt. 8180 E. Kaiser Blvd. Anaheim, CA 92808 11. FCI Lender Services, Inc. $40,000 Attn: Bankruptcy-Officer, Mgr. or Agt. 8180 E. Kaiser Blvd. Anaheim, CA 92808 12. NewRez/Shellpoint $100,000 Attn: Bankruptcy-Officer, Mgr. or Agent P.O. Box 10826 Greenville, SC 29603 13. NewRez/Shellpoint $5,000 Attn: Bankruptcy-Officer, Mgr. or Agent P.O. Box 10826 Greenville, SC 29603 14. Rushmore Loan $77,000 Management Service Attn: Bankruptcy-Off., Mgr. or Agt 8950 Cypress Waters Blvd. Coppell, TX 75019 15. Rushmore Loan $48,000 Management Service Attn: Bankruptcy-Off., Mgr. or Agt 8950 Cypress Waters Blvd. Coppell, TX 75019 16. Rushmore Loan $24,000 Management Service Attn: Bankruptcy-Off., Mgr. or Agt 8950 Cypress Waters Blvd. Coppell, TX 75019 17. Rushmore Loan $20,000 Management Service Attn: Bankruptcy-Off., Mgr. or Agt 8950 Cypress Waters Blvd. Coppell, TX 75019 18. Rushmore Loan $50,000 Management Service Attn: Bankruptcy-Off., Mgr. or Agt 8950 Cypress Waters Blvd. Coppell, TX 75019 19. Rushmore Loan $123,000 Management Service Attn: Bankruptcy-Off., Mgr. or Agt 8950 Cypress Waters Blvd. Coppell, TX 75019 20. Selene Finance, LP $51,000 Attn: BKY-Officer, Mgr. or Agent P.O. Box 8619 Philadelphia, PA 19101-8619 SKYBOUND PROPERTIES: To Sell Wilmington Property to Gary London --------------------------------------------------------------- Skybound Properties, LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Fayetteville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a North Carolina limited liability company engaged in the residential real estate rental business. The Debtor owns apartments located on 2.34 acres of land known as 407 Maides Avenue, Wilmington, North Carolina. The Debtor has received an offer to purchase the Property from Gary London in the amount of $2,800,000.00. The Debtor has no interest in and has no insider relationship with the Purchaser. The lienholders of the Property are New Hanover County Tax Collector and BD Capital SE, LLC. The proceeds of sale of the Property shall be subject to the reasonable and necessary costs and expenses of preserving or disposing of such property, to the extent of any benefit to the holder of an allowed secured claim The Debtor asserts that the proposed sale was negotiated in good faith and represents a fair price for the Property. About Skybound Properties, LLC Skybound Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-11678-5-DMW) on April 14, 2026. Judge David M. Warren presides over the case. Laurie Biggs at Biggs Law Firm PLLC represents the Debtor as legal counsel. SLATEHILL EOM: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Slatehill EOM LLC 2865 Route 6 Slate Hilll NY 10973 Business Description: Slatehill EOM LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B), focused on owning and managing a single income-generating property. Chapter 11 Petition Date: April 10, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-35383 Debtor's Counsel: Craig Saunders, Esq. MUNZER & SAUNDERS LLP 2 Park Ave 20th Fl. New York NY 10016 Tel: 212-221-3978 E-mail: craig@munzersaunders.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chana Vashovsky as managing member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5CEGCEY/Slatehill_EOM_LLC__nysbke-26-35383__0001.0.pdf?mcid=tGE4TAMA SMART COMMUNICATIONS: Hires Gilbert Harrell as Special Counsel -------------------------------------------------------------- Smart Communications Holding, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Gilbert, Harrell, Sumerford & Martin, P.C. as special counsel. The firm's services include: a. serving as counsel to the Debtors in the Protest Appeal, including assisting with necessary briefs, and presenting oral argument and/or evidence at any hearings; and b. assisting with any remand or further proceedings as a result of the Protest Appeal. The firm's rates are: C. Ryan Germany, Esq. $750 per hour Mark Johnson, Esq. $750 per hour Associate $450 per hour Paralegal $250 per hour Gilbert Harrell required an initial retainer of $10,000. C. Ryan Germany, Esq., a partner for Gilbert Harrell, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. The firm can be reached through: Charles Ryan Germany, Esq. Gilbert, Harrell, Sumerford & Martin, P.C. 777 Gloucester Street, Suite 200 P.O. Box 190 Brunswick, GA 31521-0190 Phone: (912) 217-5946 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. SMITH MICRO: CFO Bethany Braund Reports 19,585 Shares Ownership --------------------------------------------------------------- Bethany M. Braund, VP, CFO and Treasurer in Smith Micro Software, Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, she beneficially owns 19,585 shares of common stock directly. This includes 5,683 shares of restricted stock subject to time and performance-based vesting. A full text copy of Ms. Braund's SEC Report is at https://tinyurl.com/wjaa3f4y About Smith Micro Smith Micro Software, Inc., headquartered in Pittsburgh, Pennsylvania, provides software solutions designed to enhance the mobile experience for wireless service providers globally. The Company's offerings include family safety software and visual voice messaging, targeting digital lifestyle services, online safety, automotive telematics, and consumer Internet of Things (IoT) applications. It focuses on leveraging technology and data analytics to meet customer needs and support connected lifestyles. In its audit report dated March 12, 2025, SingerLewak LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $21.13 million in total assets, $7.24 million in total liabilities, and $19.89 million in total stockholders' equity. SOMNIGROUP INT'L: Moody's Puts 'Ba2' CFR Under Review for Upgrade ----------------------------------------------------------------- Moody's Ratings placed Somnigroup International Inc.'s (Somnigroup) ratings under review for upgrade, including the company's Ba2 Corporate Family Rating, the Ba2-PD Probability of Default Rating, the Ba1 senior secured first lien term loan rating and Ba3 senior unsecured notes rating. The company's speculative grade liquidity rating remains SGL-1. Moody's changed the outlook to ratings under review from stable. On April 13, 2026, Somnigroup announced [1] that it has entered into an agreement to acquire Leggett & Platt, Incorporated (Leggett & Platt) in an all-stock transaction that values Leggett & Platt at approximately $2.5 billion including assumed debt. Leggett & Platt is a diversified components manufacturer and a key supplier to Somnigroup. Under the terms of the agreement, Leggett & Platt's shareholders will receive 0.1455 shares of Somnigroup common stock per Leggett & Platt common share, and upon closing will own approximately 9% of the combined company. The transaction is expected to close by end of fiscal year 2026 and is subject to customary closing conditions, including shareholder approval by Leggett & Platt's shareholders and receipt of applicable regulatory approvals. Moody's placed Somnigroup's ratings under review for upgrade because the proposed combination is complementary to its business profile, the combined company will have a meaningfully larger revenue base with additional diversification, there are operational benefits of combining with Leggett & Platt, and leverage will decline. Governance is a positive credit factor reflecting that the all-equity funding of the transaction will accelerate Somnigroup's plans to reduce financial leverage to its moderate 2.0x-3.0x net debt-to-EBITDA leverage target (as per company's calculation). Because Leggett & Platt's 3.8x debt-to-EBITDA leverage (incorporating Moody's adjustments) as of December 2025 is lower than Somnigroup's 4.3x debt-to-EBITDA leverage (pro forma for a full year ownership of Mattress Firm), Somnigroup's leverage will decline. Leggett & Platt also has a sizable $587 million of cash as of December 2025 that can be used to reduce debt or reinvest in growth initiatives. In addition, Somnigroup's operating performance is improving despite ongoing industry headwinds, benefitting from its bolstered industry position following the February 2025 Mattress Firm acquisition. The proposed acquisition will strengthen Somnigroup's industry position and will further vertically integrate the company's manufacturing operations and reduce supply chain risks. Somnigroup has indicated that it plans to leave Leggett & Platt's existing long-term bonds in place following the transaction. The review will focus on (1) the post-acquisition debt structure including the priority of claim of the Somnigroup and Leggett & Platt debt, (2) the operating and financial benefits to Somnigroup including the combined company's larger scale and diversity, market position, and growth prospects, and the combined company's leverage position and cash flow generation ability (3) the operating strategy and plans to manage the operational complexity of combining the businesses, and (4) the financial policy of the combined company. RATINGS RATIONALE Somnigroup's existing Ba2 CFR reflects the company's leading market position, brand strength, product innovation, and breadth of bedding products in varying pricing points. The company's diverse omni-channel distribution approach, including owning the biggest mattress retailer in the US, Mattress Firm, is a competitive advantage because it provides a varied and strong distribution network for its mattresses. Somnigroup's very good liquidity is supported by Moody's expectations of good free cash flow of over $600 million over the next 12 months and access to a partially drawn $1.19 billion revolver due 2028 (unrated). The good free cash flow generation provides flexibility to fund growth investments and debt repayment. The company's credit profile is constrained by demand volatility due to sensitivity to changes in macroeconomic conditions and consumer spending. The mattress industry is experiencing a multi-year downturn due to pressures on consumer discretionary spending and a sluggish housing market. Moody's estimates the company's debt/EBITDA leverage is high at around 4.3x as of fiscal 2025 and pro forma for the Mattress Firm acquisition that closed in February 2025. Moody's expects the company will continue to focus on deleveraging to its 2-3x target range (based on the company's calculation) with good progress thus far reducing to 3.2x as of December 2025 from 3.5x pro forma at close of the Mattress Firm acquisition. The high financial leverage and Somnigroup's focus on acquisitions and shareholder distributions weakens financial flexibility during a downturn. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Somnigroup's standalone ratings could be upgraded if there is stability and sustained growth visibility in the mattress industry, the company demonstrates good operating performance including a track record of organic revenue growth, and maintains a healthy EBITDA margin and strong free cash flow generation, and debt/EBITDA sustained below 3.0x. A ratings upgrade would also require the company maintaining financial policies that sustain low leverage and a conservative approach to balance sheet management and capital allocation that maintains good financial flexibility. The ratings could be downgraded if operating earnings decline due to factors such as lower mattress volumes, market share declines, pricing pressure or cost increases, or debt/EBITDA is sustained above 4.0x. The ratings could also be downgraded if liquidity meaningfully deteriorates such as modest free cash flow or growing reliance on revolver borrowings, the company distributes meaningful cash to shareholders or pursues large debt-financed acquisitions that reduces its financial flexibility. The principal methodology used in these ratings was Consumer Durables published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Somnigroup International Inc. (Somnigroup), headquartered in Dallas, Texas, develops, manufactures, markets, and sells bedding products, including mattresses, foundations and adjustable bases, and other products such as pillows and accessories. The company sells its products through its own retail stores, which include Mattress Firm (acquired February 2025), the biggest mattress retailer in the US, and Dreams, a leading mattress retailer in the UK. The company's products are also sold worldwide through third party retailers and online. The company's portfolio of bedding brands includes Tempur-Pedic, Tempur, Stearns & Foster, and Sealy. Somnigroup is publicly traded (NYSE: SGI), and reported revenue of approximately $7.5 billion in fiscal year ending December 31, 2025. SONIC AUTOMOTIVE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Sonic Automotive, Inc.'s Long-Term Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Stable. The 'BB' rating reflects Sonic's leading position in the U.S. auto dealership industry, with projected revenue of around $15 billion and EBITDA of around $560 million in 2026. The rating is supported by the company's balanced gross profit mix across segments, which limits sensitivity to the cyclical vehicle market, a good liquidity position underpinned by expected positive FCF, and Fitch's expectation that EBITDAR leverage will be around 4x, within Sonic's rating sensitivities. Key Rating Drivers Aftersales Business Cushions Tariff Uncertainty: Fitch expects tariff-related pressures to persist in 2026. Affected original equipment manufacturers (OEMs) could pass some price increases to customers, which may weaken consumer demand and reduce Sonic's new vehicle volumes. Fitch expects modest revenue growth in 2026, with flat to declining new vehicle sales, offset by growth in ancillary businesses, including parts and service (P&S). Used vehicle sales will likely remain soft in the near term but could return to growth by late 2026 or in 2027 as off-lease supply gradually improves. Sonic has adequate rating headroom to absorb short-term new vehicle sales challenges, supported by its exposure to more stable, higher-margin P&S and finance and insurance (F&I) segments. Fitch expects P&S sales to benefit from higher parts costs passed to consumers with limited volume impact due to necessity-driven demand, contributing to gross profit stability. F&I revenues could also increase as consumers seek more financing support given higher vehicle prices. Fitch expects low-single-digit EBITDA growth in 2026, with modest EBITDA margin expansion driven by the mix shift towards P&S and F&I. Leading Player in a Fragmented Industry: Sonic leverages its scale as one of the largest U.S. automotive dealership groups, operating 111 franchises and 18 EchoPark used-car stores. While concentrated in the southeastern U.S., including Texas and California, its relationships with OEMs, consumer finance partners and auto parts providers provide advantages over smaller peers and independent retailers. Sonic has broad vehicle brand exposure and healthy ancillary businesses, including P&S (45% of gross profit in 2025) and F&I (35%). Sonic's scale and cash flows allow it to navigate complex industry dynamics and invest in its core businesses, M&A, and its used vehicle retail platform, EchoPark. EchoPark a Long-Term Opportunity: Sonic identifies EchoPark as its primary long-term growth channel that focuses on no-haggle sales of competitively priced vehicles aged one to four years. EchoPark's segment income reached a peak of $28.1 million in 2025, up from $3.5 million in 2024, supported by improved gross profit per unit and disciplined cost management. Sonic plans to resume EchoPark store expansion in late 2026, with a long-term goal to reach 90% of the U.S. population and sell over 1 million vehicles annually from the current retail units of 68,000. Fitch expects EchoPark's EBITDA contribution to grow, but it remains modest relative to the franchised segment. High Barriers to Entry: Industry incumbents, such as Sonic, benefit from high barriers to entry due to protected franchise agreements that are regulated at both state and federal levels. Additionally, dealerships require significant upfront capital investments for initial construction and working capital. Success in the industry is also dependent on good relationships with financing partners, including automotive captive finance entities, to achieve favorable floorplan financing terms. Good Medium-Term FCF: Fitch expects Sonic to generate around $120 million in FCF annually beginning in 2026, assuming neutral working capital. Sonic's good cash flow generation provides financial flexibility through cycles, supporting strategic initiatives such as M&A. Excess FCF, along with incremental borrowings, will likely be allocated toward share buybacks. Reasonable Leverage: EBITDAR leverage could trend near 4x in 2026 and 2027, up from 3.5x in 2025. This assumes debt levels may increase modestly to support share repurchases. The company does not have a publicly stated leverage target, and its 'BB' rating assumes it operates with EBITDAR leverage below 4.3x. Peer Analysis Sonic's peers include AutoNation, Inc. (BBB-/Stable), Asbury Automotive Group, Inc. (BB/Stable), and AutoZone Inc. (BBB/Stable). AutoNation, Asbury, and Sonic are leading players in the U.S. auto dealership industry for new and used vehicles, offering parts, services, financing, and insurance. This diversification results in a more balanced gross profit mix, limiting operational sensitivity to the cyclical nature of the vehicle market. Auto dealers have low margins, with Fitch expecting AutoNation and Asbury to generate mid-single-digit EBITDA margins in 2026, surpassing Sonic's low-single digits, which reflect EchoPark's lower margins. In terms of financial policy, Fitch expects AutoNation to maintain lower EBITDAR leverage at or below 3.3x, while Asbury and Sonic's EBITDAR leverage is expected to range between 3.8x and 4.3x. Unlike the dealership groups, AutoZone competes in the retail auto parts and accessories aftermarket. Similar to Asbury, AutoZone has a leading position in its industry. However, AutoZone has relatively higher EBITDA margins in the low-20% range and maintains lower EBITDAR leverage, which Fitch expects to trend in the high-2x range. AutoZone's operating trajectory is supported by generally benign competition from direct peers and the industry's resilience to discount and e-commerce competition due to inventory investment requirements, a heavy service component, and purchase immediacy. Fitch’s Key Rating-Case Assumptions - Fitch expects modest revenue growth in 2026, with low- to mid-single digit growth in P&S, F&I and EchoPark offsetting weaker new vehicle volumes from tariff-driven price increases. Used vehicle sales could remain flat in 2026 but may return to growth toward end-2026 or 2027 as off-lease supply gradually improves; - Fitch expects medium-term revenue to grow in the low single digits, assuming normalized vehicle supply and a stable macro environment, coupled with modest growth at Sonic's existing dealerships, including EchoPark; - Fitch expects EBITDA to grow in the low-single digits toward $560 million in 2026. EBITDA margins are expected to expand modestly above the 3.6% level achieved in 2025, benefiting from a higher gross profit contribution from P&S and F&I. EchoPark's EBITDA is expected to continue the growth in 2026, though remaining modest relative to the franchised dealerships segment; - FCF could average around $120 million annually in 2026-2029, given Fitch's EBITDA forecast, $200 million of capex and assuming neutral working capital. Fitch expects FCF to be used for strategic initiatives, including M&A and share repurchases; - EBITDAR leverage could trend near 4x in 2026 and 2027, given Fitch's EBITDA projections and assuming debt levels increase to fund share repurchases; - Sonic's credit facilities have a floating interest rate structure, and Fitch assumes around 3.5% SOFR base rates over the forecast horizon. Sonic's unsecured notes have a fixed interest rate structure. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bb-, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 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 made to 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. The further up the speculative-grade continuum a rating moves, the more compressed the notching between the specific classes of issuances becomes. Fitch rates Sonic's secured ABL facility at 'BBB-' with a Recovery Rating of 'RR1', indicating outstanding recovery prospects. Sonic's unsecured notes are rated 'BB' with a Recovery Rating of 'RR4', indicating average recovery prospects. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Financial policy decisions, including debt-financed M&A or share repurchases, that result in EBITDAR leverage sustained above 4.3x; - Weaker operating results than expected due to market share loss and/or execution missteps, evident from EBITDA sustained materially below $500 million. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased confidence in Sonic maintaining EBITDAR leverage below 3.8x, either through a publicly articulated or demonstrated financial policy, alongside operating performance in line with Fitch's current expectations. Liquidity and Debt Structure As of Dec. 31, 2025, Sonic's liquidity totaled $402 million, including $6 million in cash and equivalents, $300 available (net of LOCs) under its $350 million ABL revolver due 2029 and $95 million available under its mortgage and Sidecar facilities due 2027. Separately, Sonic has $300 million in floorplan deposit balances; including these, total accessible liquidity would be $702 million. Fitch excludes floorplan deposits from its liquidity calculation as floorplan payables are similarly excluded from debt. Total debt was $1.6 billion, comprising $456 million in borrowings under the mortgage facility, $1.15 billion in unsecured notes due 2029-2031, and $29 million in mortgage notes. Issuer Profile Sonic Automotive, Inc. is a new and used automotive retailer that provides additional services, including parts and repair services, and finance and insurance through lending institutions. Summary of Financial Adjustments Financial statement adjustments that depart materially from those contained in the published financial statements are disclosed below: - EBITDA is adjusted for stock-based compensation; - Floorplan financing is excluded from total debt and the related floorplan interest expense is treated as an operating cost within cost of goods sold; - Balance sheet lease liabilities are used as lease-equivalent debt starting in fiscal 2023, and lease-related interest and depreciation and amortization are reclassified as operating costs in the income statement and as operating cash outflows in the cash flow statement, in accordance with Fitch's Corporate Rating Criteria. 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 Sonic Automotive, Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Sonic Automotive, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- SOTHEBY'S: Moody's Affirms 'B3' CFR & Alters Outlook to Positive ---------------------------------------------------------------- Moody's Ratings changed Sotheby's outlook to positive from stable. At the same time, Moody's assigned a B3 rating to Sotheby's proposed $825 million senior secured notes and affirmed Sotheby's B3 corporate family rating, B3-PD probability of default rating and the B3 ratings on the existing senior secured bank credit facilities and senior secured notes. Proceeds from the proposed bond issuance will be used to refinance Sotheby's $765 million senior secured notes due 2027, pay for fees and expenses and for general corporate purposes. Moody's will withdraw the ratings on the secured notes due 2027 upon their repayment. The outlook change to positive reflects Sotheby's significant improvement in operating performance coupled with debt paydown which has resulted in a material improvement in credit metrics. It also reflects that the proposed senior secured notes will address a significant near term debt maturity and extend Sotheby's debt maturity profile. Moody's adjusted debt/EBITDA fell to 4.7x and EBITA/interest reached 1.5x at year-end 2025 from 11.2x and 0.4x, respectively a year prior. The improved operating performance was a result of a rebound in the art market in 2025 coupled with the benefits of cost-saving realizations. Moody's expects consistent profitability going forward with the realization of further cost savings and lower rent expense in 2026. The company is also benefiting from a materially lower debt level following an approximately $1.0 billion equity raise in 4Q'24, a preponderance of which was used to paydown debt and from a reduction in dividend payments in 2025. The company has also bolstered its liquidity by reducing letter of credit (LC) needs on its revolver through securitization transactions at its SFS subsidiary which was previously utilizing Sotheby's revolver capacity. The company is also in the process of increasing its revolver size by $90 million which will offset, in part, a scheduled $130 million reduction in revolver size in August this year. Moody's expects the increase in the revolver size to close shortly. RATINGS RATIONALE Sotheby's B3 CFR is constrained by the high cyclicality of the art auction market, which can result in significant swings in operating performance and credit metrics. Sotheby's experienced a longer than usual weak market trough with a very strong 2021 being followed by three years of earnings weakness through 2024. However, the art market saw a significant rebound in 2025 with Sotheby's particularly benefiting through the successful auctions of certain marquee collections. Moody's projects consistent profitability and for debt/EBITDA and EBITA/interest coverage to remain solid at around 4.6x and 1.9x over the next 12-18 months. The credit metrics include the mortgage held by the unrestricted UK subsidiary, which Moody's treat as debt because the subsidiary is consolidated on Sotheby's balance sheet. In addition, the company's profile reflects the risk of private ownership and associated aggressive financial strategies as demonstrated by debt-financed and cashflow funded dividend distributions historically. Sotheby's credit profile is supported by the company's position as one of two major branded global auction houses and its expertise in a highly specialized industry with high barriers to entry. The company also benefited from a material equity investment by Abu Dhabi's wealth fund, ADQ in 4Q 2024, which was largely used to reduce debt. The company executed a number of cost savings in 2024 which it started benefiting from in 2025. The company has also expanded into new non-art product categories such as high-end cars, jewelry, accessories and real estate, as well as new geographies (for example in Asia and the Middle East). The digitization of auctions has supported expansion of its target demographic to include a younger, more affluent clientele and long-term demographics are in the company's favor as the collections of an older art collector demographic come up for sale. Following the close of the proposed senior secured notes offering, the company will also benefit from the lack of near-term maturities and is expected to maintain good liquidity over the next 12-18 months. The positive outlook reflects Moody's expectations that consistent profitability will allow for strengthening credit metrics over the next 12-18 months and at least good liquidity will be maintained. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded following a sustained improvement in earnings, maintenance of at least good liquidity and the execution of financial strategies that support stronger metrics. Quantitatively, ratings could be upgraded if debt/EBITDA is maintained below 5.75x and EBITA/interest is sustained above 1.75x. Ratings could be downgraded if another downturn in the art market causes earnings to weaken and liquidity were to deteriorate. Ratings could also be downgraded if the company pursues aggressive financial policies, including significant dividends, or suffers market share losses. Quantitatively, ratings could be downgraded if EBITA/Interest is sustained below 1.25x. Headquartered in New York, NY, Sotheby's is one of the two largest auction houses in the world. Total revenue was about $1.2 billion for the last twelve months ended December 31, 2025. Sotheby's has been controlled by Patrick Drahi since the October 2019 take-private transaction and Abu Dhabi Developmental Holding Company (ADQ), is a minority investor. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Sotheby's B3 CFR is two notches below its scorecard-indicated outcome of B1 which reflects risks around the sustainability of its 2025 rebound, historically aggressive financial strategy and inherent volatility in the business. STAT EMERGENCY: Court Affirms Dismissal of Cheatem Adversary Case ----------------------------------------------------------------- In the appeal styled CHARLES M. MOURANIE, LIQUIDATING TRUSTEE, Appellant, v. CONSTANCE CHEATEM, Appellee, Case No. 25-cv-12815 (E.D. Mich.), the Hon. Brandy R. McMillion of the U.S. District Court for the Eastern District of Michigan affirmed the U.S. Bankruptcy Court for the Eastern District of Michigan's order denying the motion for summary judgment filed by Charles M. Mouranie, the Liquidating Trustee of STAT EMERGENCY MEDICAL SERVICES, Inc., and dismissing the Complaint pursuant to Fed. R. Civ. P. 56. On September 22, 2022, Appellee Constance Cheatem signed the American Training Institute-STAT EMS EMT-B Scholarship Program Agreement (the "Program Agreement") with STAT EMS. Under the Program Agreement, Appellee elected to enroll in the ATI EMT-Basic Course through STAT EMS's partnership with ATI (the "ATI Program"), and STAT EMS agreed to loan $5,500 for tuition, equipment, supplies, insurance, and educational support services. The Program Agreement further provided that, upon completion of the ATI course and after obtaining a Michigan EMT-Basic license, Appellee agreed to work for STAT EMS for 18 months following successful completion of the employment probationary period. The Agreement also provided that Appellee would owe STAT EMS $5,500 if she dropped out of or self-terminated the course, was dropped or terminated from the course, failed to pass the National Registry written exam within the allotted attempts and timeframe, failed to complete required pre-employment checks, or had her employment terminated during the 120-day probationary period or the agreed upon employment period. The instant appeal arises from an adversary proceeding within the larger Chapter 11 bankruptcy proceedings of STAT EMS. During the course of the Chapter 11 proceedings, the Liquidating Trustee filed an adversary complaint (the "Complaint") against the Appellee, alleging two causes of action to recover expenses allegedly incurred by STAT EMS in training the Appellee to be a certified emergency medical technician. Count I, labeled "Open Account," alleged that the Debtor sold goods and services to Appellee, incurred costs and expenses at Appellee's request, and sought to recover $5,500 under 11 U.S.C. Sec. 542(b). Count II, labeled "Account Stated," alleged that the Debtor rendered a statement of account to Appellee and sought turnover of the alleged debt as property of the estate under 11 U.S.C. Sec. 542. Appellant moved for summary judgment under Federal Rule of Civil Procedure 56 and Federal Rule of Bankruptcy Procedure 7056. Appellant asserted that Appellee breached the Agreement when her employment terminated before she completed the required period of employment. The Bankruptcy Court issued a ruling on Plaintiff's motion without any prejudice to the Defendant because the court ruled in the Defendant's favor. On August 19, 2025, the Bankruptcy Court issued its Opinion and Order Denying Plaintiff's Motion for Summary Judgment and Dismissing Complaint on the grounds that the Program Agreement was unenforceable under MCL Sec. 408.478 and the Michigan Supreme Court's holding in Sands Appliance Services, Inc. v. Wilson, 615 N.W.2d 241, 248 (Mich. 2000). On appeal, the Trustee challenges the Bankruptcy Court's grounds for denial of its motion and dismissal of the Complaint. Appellant asks this Court to find that the Bankruptcy Court erred in: (1) holding that STAT EMS's education/reimbursement program was involuntary; and (2) holding that the Wage and Fringe Benefits Act ("WFBA") prohibited the collection of such educational costs from employees. The District Court finds the Appellant has failed to prove it is entitled to summary judgment as a matter of law. Additionally, the illegality of the Program Agreement's substance renders the contract unenforceable under MCL Sec. 408.478, warranting dismissal of the Trustee's Complaint. Consequently, the Bankruptcy Court was correct in its ruling, and the District Court affirms that decision. A copy of the Court's Opinion and Order is available at https://urlcurt.com/u?l=M3bd48 from PacerMonitor.com. About STAT Emergency STAT Emergency Medical Services, Inc. was a full service medical and non-medical specialty transportation logistic business with its headquarters is located at 520 W. Third St. in Flint, Michigan. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-31085) on July 5, 2023, with as much as $50,000 in assets and $1 million to $10 million in liabilities. Charles Mouranie of CMM & Associates has been appointed as Subchapter V trustee. Judge Joel D. Applebaum oversees the case. The Debtor tapped Kim K. Hillary, Esq., at Schafer and Weiner, PLLC as legal counsel and Wesler & Associates, CPA, PC as accountant. STILL BALLIN: Christopher Lee Named Subchapter V Trustee -------------------------------------------------------- Jerry Jensen, the Acting U.S. Trustee for Region 13, appointed Christopher Lee as Subchapter V trustee for Still Ballin, LLC. Mr. Lee 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. Lee declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Lee Sandberg Phoenix 120 S. Central Avenue, Suite 1600 Clayton, MO 63105 clee@sandbergphoenix.com (314) 725-9100 About Still Ballin LLC Still Ballin LLC, doing business as The Local House, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 26-41423) on April 2, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. Tim Huelskamp, company owner, Signed the petition. Judge Kathy A. Surratt-States oversees the case. Andrew R. Magdy, Esq., at Summers Compton Wells LLC, represents the Debtor as legal counsel. STOMATCARE DSO: Seeks to Hire RSM US LLP as Accountant ------------------------------------------------------ StomatCare DSO, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ RSM US LLP as accountant. The firm will prepare the Debtor's annual federal income tax and resident state income tax returns for the tax year ending December 31, 2025, and related accounting/bookkeeping services for the amount of $12,500, with $7,500 due in April 2026 and the remaining $5,000 due upon completion, plus reimbursement of expenses. Mr. Ricchezza 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 at: Joseph R. Ricchezza RSM US LLP 4 Times Square, 151 West 42nd Street, 19th Floor New York, NY 10036 Telephone: (212) 372-1000 About StomatCare DSO, LLC StomatCare DSO, LLC is a Florida-based dental service organization providing administrative, operational, and financial support to dental practices. The company helps streamline practice management, billing, staffing, and other business operations for its network of dental offices. StomatCare DSO, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11476) on February 5, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Corali Lopez-Castro handles the case. The debtor is represented by John E. Page, Esq. of Shraiberg Page, P.A. SUN GIR: Files Emergency Bid to Use Cash Collateral --------------------------------------------------- Sun Gir Incorporated and affiliates ask the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to use cash collateral and provide adequate protection. SGI operates as the lead debtor in a group of six affiliated entities that collectively run 59 Carl's Jr. restaurant locations across California and employ approximately 1,000 workers. The Debtors describe their business as highly cash-intensive, generating about $19.9 million in net sales during the first quarter of 2026 (roughly $6–7 million per month), but also suffering net losses exceeding $2 million over the same period, creating significant liquidity pressure. The Debtors acknowledge prepetition financing arrangements with The Northern Trust Company, which asserts security interests in substantially all assets, although the Debtors dispute the validity, priority, and perfection of those liens. The business relies on numerous lease and franchise agreements, many involving substantial rent and percentage-based payments, and has recently received default notices from Carl's Jr. relating to unpaid rent, royalties, and related obligations, raising the risk of franchise termination. As of early April 2026, the Debtors had about $900,000 in cash but faced over $3.5 million in near-term obligations, including vendor debts, rent, and operational expenses. Key liabilities include large payments to suppliers such as McLane Company and Freund Bakery, as well as ongoing payroll, insurance, and occupancy costs. Without access to cash collateral, the Debtors argue they would be unable to meet payroll for approximately 1,000 employees, purchase inventory, or maintain leases and insurance, leading to immediate operational collapse and substantial loss of estate value. The Debtors request authority to use cash collateral strictly for ordinary-course expenses in accordance with a proposed budget, subject to a 10% variance. They propose adequate protection for any secured creditors in the form of replacement liens on post-petition assets and proceeds, asserting that continued operations will preserve or enhance collateral value. A copy of the motion is available at https://urlcurt.com/u?l=l3x9yQ from PacerMonitor.com. About Sun Gir Incorporated Sun Gir Incorporated and affiliates operate 59 Carl's Jr. restaurant locations across California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:26-bk-11056-SC) on April 2, 2026. In the petition signed by Harshad Dharod, president, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Eric Bensamochan, Esq., at Eric Bensamochan Law Firm, Inc. represents the Debtor as legal counsel. SUPERIOR DISPOSAL: Hires Martin J. Peck, Esq. as Counsel -------------------------------------------------------- Superior Disposal, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the District of Kansas to employ Martin J. Peck, Esq., as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to their powers and duties as debtors in possession, and the continued operation of their business and the management of their property; b. assist in negotiation, formulation, and the drafting of a plan of arrangement and reorganization; c. examine claims asserted against these applicants; and d. take such action as may be necessary with reference to claims that may be asserted against the applicants, and prepare on behalf of the applicants such applications, motions, complaints, orders, reports, and other legal papers that may be necessary in connection with these proceedings, and to perform all the legal services for the applicants which may be required. The firm will be paid at these rates: Attorney $225 per hour Paralegal $80 per hour Support Services $35 per hour The Debtor paid Mr. Peck a retainer of $6,717. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Peck 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 at: Martin J. Peck, Esq. Security State Bank Building 107 E. Harvey, Second Floor P.O. Box 236 Wellington, KS 67152 Tel: (620) 326-5997 Email: peck@martinjpeck.com About Superior Disposal, LLC Superior Disposal, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Kan. Case No. 26-10345) on April 8, 2026. The firm hires Martin J. Peck, Esq., as counsel. T-4 FARM: To Sell T4 Property to Multiple Buyers ------------------------------------------------ T-4 Farm, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. T4 owns the fee simple interest in approximately 63.360 acres of real property located in Tarrant County, Texas (T4 Property). The Debtor has entered into two asset purchase agreements providing for the acquisition of the T4 Property in two incremental transactions as follows: (a) T4 and Hani Alwahban, Laura Munoz (Residence Purchase) have entered into a One to Four Family Residential Contract (Resale), providing for the sale of the Debtor's interest in approximately 4.15 acres of the T4 Property to the Residence Purchaser for a purchase price of $2,500,000.00 in cash, subject to higher or better offers and Bankruptcy Court approval; and (b) T4 and Lucky 8 Ranch LLC (Acreage Purchaser) have entered into a Farm and Ranch Contract, providing for the sale of the Debtor’s interest in approximately 58.58 acres of the T4 Property to the Acreage Purchaser for a purchase price of $3,000,000.00 in cash, subject to higher or better offers and Bankruptcy court approval. The T4 Property has been listed with Ebby Halliday Real Estate, LLC dba Williams Trew continuously since September 20, 2024. Recently, Williams Trew has been working with multiple potential purchasers; however, the terms for the acquisition of the T4 Property by the Purchasers are the highest and best received. The Debtor believes that a prompt sale of the T4 Property will move the Debtor’s case towards a more certain conclusion and reduce further expenses of the bankruptcy estate without affecting the remaining assets of the Debtor's business. T4 was formed April 15, 2016, during the marriage of Gregory Scott Thomas to Deciree Thomas. Originally, membership interests were allocated equally between Thomas and Deciree Thomas. T4 owns and manages real and personal property while Thomas owns and manages various oil and gas interests including, without limitation, T4. The T4 Property consists of approximately 63.360 acres of real property located approximately 3.75 miles to the west of Crowley and approximately 17 miles to the south of Downtown Fort Worth in southwestern Tarrant County, Texas, and is more particularly described on Exhibit 1 attached hereto. Access to the T4 Property is provided along the south side of FM 1187, also known as the Crowley Plover Road. The T4 Property is improved with a main house, a garage with an upstairs apartment, swimming pool, and a barndominium. On or about September 20, 2024, T4 and Williams Trew entered into a Farm and Ranch Real Estate Listing Agreement Exclusive Right to Sell pursuant to which T4 granted Williams Trew the exclusive right to market for sale the T4 Property. Through a series of extension agreements, the Williams Trew listing has been extended through May 31, 2026. As compensation for the real estate brokerage services, Williams Trew will receive a 6% commission of the final sales price, if a final sale is realized, payable at closing pursuant to the applicable Texas Real Estate commission agreement or by written agreement of the sale parties. T4 asserts the T4 Property has been marketed by Williams Trew continuously since September 20, 2024 and that the Combined Purchase Price for the T4 Property is fair and reasonable. The Proposed Sale and Combined Purchase Price will be tested by continued marketing of the T4 Property by Williams Trew and the proposed sale process that is the subject of the Sale Motion. T4 believes no further marketing of the T4 Property is warranted under the circumstances. The summary of the Residence and Acreage Purchase Agreement is provided. https://urlcurt.com/u?l=dIunyu The Proposed Sale is the result of extended arm's-length, good-faith negotiations between T4 and the Purchasers, each represented by their respective professionals. T4 submits that the Purchasers are "good-faith" purchasers within the meaning of section 363(m) of the Bankruptcy Code and should be entitled to its protection. 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. TEAM SYSTEMS: Court Affirms Approval of Consultant Settlement ------------------------------------------------------------- In the appeal styled STEVEN M. ACOSTA; JOHN S. MACIOROWSKI; CHRISTOPHER MOTT; DEBORAH EVANS MOTT, Appellants v. GEORGE L. MILLER, in his capacity as Chapter 7 Trustee for the bankruptcy estate of Team Systems International, LLC, No. 24-3365 (3rd Cir.), Judges Peter J. Phipps, Cheryl Ann Krause and Jane R. Roth of the U.S. Court of Appeals for the Third Circuit upheld the judgment of the the U.S. District Court for the District of Delaware that affirmed the Bankruptcy Court's approval of the bankruptcy trustee's proposed settlement with consultants. In June 2017, the Federal Emergency Management Agency published a request for proposals for the provision of bottled water. In response to that full and open competition, Team Systems International, a Delaware limited liability company with four members, submitted a proposal and was awarded a five-year contract. To meet the demands of the contract, TSI entered into a consulting agreement with two other entities, GPDEV, LLC, and Simons Exploration, Inc., d/b/a Archangel International, referred to herein as "the consultants," to find suppliers of bottled water. The consultants identified one supplier, Niagara Bottling, LLC, and TSI promised the consultants 25% of the net income realized from the bottled water supplied by Niagara. Shortly after TSI was awarded the FEMA contract, Hurricane Maria hit Puerto Rico, and the needed bottled water exceeded Niagara Bottling's capacity. The consultants then found another supplier, Nestle Waters, for about half of the needed bottled water. In calculating the compensation due the consultants, however, TSI included only the net income from the water supplied by Niagara Bottling -- not the net income from the water provided by Nestle. The consultants sued TSI in federal court in Florida for the shortfall in their compensation from the net income for the Nestle-supplied bottled water. The jury awarded around $6.2 million inclusive of nearly $1 million in prejudgment interest to the consultants. TSI appealed those judgments to the Eleventh Circuit. In response to a request by one of TSI's creditors, the bankruptcy was converted to a Chapter 7 liquidation. In exercising his duties, the trustee preliminarily objected to the consultants' claims. But after reviewing TSI's pending but stayed Eleventh Circuit appeal, the trustee was able to negotiate a settlement with the consultants. Under that proposed agreement, the consultants would reduce their claims by about $600,000, to a total of $5.6 million. In return, TSI would allow a general unsecured claim for the consultants in that amount and the parties would work to dismiss the appeal. The trustee filed a motion to approve that settlement. TSI's members objected because they believed that TSI was likely to succeed on its Eleventh Circuit appeal, and if it did, then they further believed that the consultants would not win their breach-of-contract case and the value of the estate would increase by the full value of the judgments against it, not merely $600,000. After holding a hearing on this issue, the Bankruptcy Court approved the settlement as a reasonable exercise of the trustee's judgment. TSI's members appealed that ruling to the District Court, which affirmed the Bankruptcy Court's order on two grounds. First, it held that TSI's members -- though parties in interest under the applicable statute, and thus able to object to the settlement in the Bankruptcy Court -- nonetheless lacked a form of prudential standing, which may be referred to as "bankruptcy appellate standing," to appeal the Bankruptcy Court's approval of the settlement. Second, the District Court determined that the Bankruptcy Court's approval of the settlement was reasonable. TSI's members attack the District Court's threshold basis for denying their appeal: its conclusion that they lacked bankruptcy appellate standing. In appealing the Bankruptcy Court's approval of that settlement to the District Court, TSI's members had to establish their Article III standing. So while a decrease in valuation of their equity interests suffices for an injury-in-fact for purposes of TSI's members' Article III standing, to have bankruptcy appellate standing, they must demonstrate that they will leave the bankruptcy proceeding with less money as a result of the Bankruptcy Court's order approving the settlement agreement. The District Court concluded that TSI's members had not made that showing. On clear-error review of any factual findings regarding the determination that TSI's members lacked bankruptcy appellate standing, there is no definite and firm conviction that the District Court erred in finding a lack of bankruptcy appellate standing. According to the Circuit Judges, "Even putting aside the foundational uncertainty of whether any money will be left for equity holders, TSI's members have not shown that any ultimate pecuniary recovery will be greater without the settlement. That may be the case. But if the Eleventh Circuit were to affirm the judgments against TSI, then the members' potential recovery would be reduced by the $600,000 discount secured through the settlement. With that uncertainty as to whether the approval or rejection of the settlement will yield a greater recovery for TSI's members, their interest is 'too contingent' for bankruptcy appellate standing." A copy of the Court's Opinion is available at https://urlcurt.com/u?l=KArCnf About Team Systems International Formed in 2001, Team Systems International LLC is a small business serving the United States government as a contractor with offices in Lewes, Del. and Ponte Vedra Beach, Fla. TSI has performed government projects as a prime contractor and subcontractor in the areas of program management, financial and contracts management, tactical and specialized military training development, naval ordinance engineering, information systems design and integration, military firearms training, Department of State overseas foreign officer training, vehicle or weapons platform simulation, training center or classroom A/V system integration, force protection services, maritime security, and administrative staffing for government projects. Team Systems International sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10066) on Jan. 18, 2022, listing up to $50 million in assets and up to $10 million in liabilities. Deborah Devans Mott, member, signed the petition. Jamie L. Edmonson, Esq., at Robinson & Cole LLP, was the Debtor's legal counsel. The case was converted to Chapter 7 on March 31, 2022. George L. Miller is the Chapter 7 trustee. THERAPEUTICS MD: Baselake Entities Hold 5.2% Equity Stake --------------------------------------------------------- Baselake Partners, LP, together with Baselake Management, LLC and David Paolella, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 30, 2026, they beneficially own 607,181 shares of TherapeuticsMD, Inc.'s Common Stock, par value $0.001 per share, representing 5.2% of the 11,574,362 shares of Common Stock issued and outstanding as of March 30, 2026, as indicated in the Issuer's Form 10-K. The shares are held directly by Baselake Partners, LP (the "Fund"). Baselake Management, LLC serves as the investment manager to the Fund, and David Paolella serves as the managing member of the investment manager. By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power over the shares. Each Reporting Person disclaims beneficial ownership of the shares except to the extent of their pecuniary interest therein. Baselake Partners, LP may be reached through: David Paolella (Managing Member) Baselake Management, LLC 3155 W. Big Beaver Road Suite 207 Troy, Michigan 48084 Tel: (734) 649-4634 A full-text copy of Baselake Partners, LP' SEC Report is available at https://tinyurl.com/4hs5jmzh 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. TherapeuticsMD's liquidity position raises substantial doubt about its ability to continue as a going concern, and Carr, Riggs & Ingram, L.L.C, the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating that the recent change in operations and negative cash flow position along with other conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $37.7 million in total assets and $10.8 million in total liabilities, and total stockholders' equity of $26.9 million. THIRD COAST: New Term Loan Add-on No Impact on Moody's 'Ba3' CFR ---------------------------------------------------------------- Moody's Ratings commented that Third Coast Infrastructure, LLC 's (Third Coast) proposed add-on to its senior secured term loan maturing in 2030 does not affect its ratings and stable outlook, including the Ba3 Corporate Family Rating and the Ba3 ratings on the senior secured term loan. The add-on notes will be part of the same credit agreement as the existing term loan due 2030 and the proceeds will be used as delayed acquisition financing for the Salamanca acquisition. The transaction will increase Third Coast's leverage by around 0.5x, while remaining within the company's target of increasing net leverage up to a maximum of 3.5x for short periods of time, with a visible plan to reducing it back below 3.0x. RATINGS RATIONALE Third Coast's senior secured term loan and add-on are rated Ba3, in line with the CFR, reflecting the pari passu ranking of the term loan with the company's $100 million senior secured revolving credit facility maturing in 2029. Third Coast's Ba3 CFR is supported by its stable operating performance and good cash flow visibility from its offshore oil and gas gathering, processing and pipeline assets in the US Gulf of Mexico, with limited direct exposure to commodity prices thanks to fixed-fee contracts, and life-of-lease dedications with a diverse and creditworthy customer base. The company benefits from resilient throughput volumes thanks to relatively low production decline rates and attractive tie-back opportunities for oil and gas producers. Its extensive asset base in deep and shallow water provides strong barriers to entry and protects margins. Third Coast has formulated prudent financial policies that target moderate leverage and good liquidity. While Third Coast seeks to distribute most of its excess cash flow to shareholders, the mandatory partial cash flow sweep while net leverage remains above 1.5x allows for a gradual reduction in debt outstanding. Third Coast's CFR is constrained by its relatively modest scale and concentrated asset base in the US Gulf of Mexico, where challenging operating conditions involve risks that could lead to operational disruptions. Third Coast is exposed to a degree of volume risk, with throughput volumes being a function of the rate of new well tie-backs and the declining production of existing wells. The company is indirectly exposed to the highly cyclical nature of oil and gas production, as the volatility of oil prices and competition from basins with shorter payback profiles dictate the pace of new offshore drilling. Third Coast's concentrated ownership also creates potential for event risk and decisions that favor shareholders over creditors, including the potential for debt-funded acquisitions. The company is willing to increase leverage to up to 3.5x debt / EBITDA for a period of time and bring it back down below 3.0x over time. Moody's expects Third Coast to continue building its track record of operating the business within these financial parameters. The stable outlook reflects Moody's expectations of sustained throughput volumes, and prudent management of acquisitions and distributions while maintaining moderate leverage and good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Third Coast's Ba3 CFR could be upgraded if the company increases its scale materially, and builds a track record of actively managing its balance sheet and financial risks to sustain its solid leverage profile, with debt/EBITDA sustained comfortably below 3.0x. A downgrade could occur if the company's operating performance weakens, or if the company fails to reduce debt / EBITDA below 3.0x, including as a result of a leveraging acquisition, or if liquidity deteriorates. Third Coast Infrastructure, LLC is a private company operating offshore midstream natural gas and crude oil gathering and processing facilities in US Gulf of Mexico. The company has interests in around 580 million cubic feet per day (MMcf/d) of gas processing capacity, 340 thousand barrels of oil equivalent per day (Mboe/d) of oil processing capacity, around 1,900 miles of gas and crude oil gathering pipelines. It generated $298 million of consolidated EBITDA in 2025. Third Coast is owned by the Infrastructure Investments Fund advised by J.P. Morgan Asset Management (74.9%) and by affiliates of ArcLight Capital Partners. TM36 LLC: Hires Pablo Bonjour of Veritas Restructuring as CRO ------------------------------------------------------------- TM36 LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Pablo Bonjour as chief restructuring officer and Veritas Restructuring Group as financial advisor. Mr. Bonjour's services include: a) providing advisory services to assist the Debtors with evaluation of restructuring alternatives, including asset and enterprise sales; b) providing advisory services to support implementation of decisions by the Debtors with regard to the selected restructuring approach; c) investigating and preparing the Debtors' go-forward business and restructuring strategies; d) directing and conferring with all retained estate professionals, including VRG as financial advisor and Porter Hedges LLP as bankruptcy counsel; e) retaining additional estate professionals as the CRO deems advisable in furtherance of the Debtors' objectives in the Chapter 11 Cases, subject to the requirements of the Bankruptcy Code and Bankruptcy Rules; f) preparing the statement of financial affairs, schedules, monthly operating reports and other regular motions and reports required by the Court or which the Debtors are otherwise obligated to prepare and provide; g) negotiating the terms of any debtor-in-possession financing or agreement regarding the use of cash collateral on behalf of the Debtors; h) communicating with parties in interest or creditors of the Debtors and meeting with representatives of such constituencies; i) reviewing payments or transfers by or for the benefit of the Debtors to ensure compliance with the Bankruptcy Code and applicable orders of the Court; j) formulating and prosecuting of any plan of reorganization or liquidation for the Debtors or, if necessary, negotiating bidding procedures and advising the Debtors on the terms of any proposed sale of the Debtors' assets; k) providing expert advice and testimony regarding financial matters related to, including, among other things, the feasibility of any proposed plan of reorganization; and, l) taking any and all other actions that are necessary or appropriate to manage and operate the Debtors pursuant to the Engagement Agreements, the Bankruptcy Code, and applicable orders of the Court. Additionally, Veritas' services include: a) assisting the Debtors and CRO in the preparation and review of reports or filings as required by the Court or the U.S. Trustee, including, but not limited to, schedules of assets and liabilities, statement of financial affairs, and monthly operating reports; b) reviewing the Debtors' financial information, including, but not limited to, analyses of cash receipts and disbursements, financial statement items, and proposed transactions for which Court approval is sought; c) reviewing and analyzing the Debtors' proposed business plans and the business and financial condition of the Debtors generally; d) assisting the Debtors and CRO in the preparation and review of necessary budgets and reports regarding cash collateral and any debtor-in-possession financing arrangements; e) reviewing and consulting with the Debtors and CRO regarding the development of cost-containment procedures; f) reviewing and analyzing assumption and rejection issues regarding executory contracts and leases; g) assisting in evaluating reorganization strategy and alternatives available, including any asset sale transaction; h) assisting the Debtors and CRO in the preparation and review of enterprise, asset, and liquidation valuations; i) assisting the Debtors and CRO in the preparation and review of documents necessary for confirmation of any plan, proposed asset sales, and proposed use of cash and/or financing; j) assisting and advising the Debtors in negotiations and meetings with creditors and other parties-in-interest; k) assisting with the claims resolution procedures including, but not limited to, analyses of creditors' claims by type and entity; l) providing expert witness testimony regarding confirmation and/or transactional issues, avoidance actions or other matters; and m) other such functions as requested by the Debtors to assist in the Chapter 11 Cases. The firm's hourly rates are: Managing Director $550 to $750 Director $400 to $550 Associate $350 to $475 Senior Financial Analysts $350 to $475 Senior Financial Analysts $225 to $350 The hourly rate for Mr. Bonjour shall be $750. The firm received an initial retainer from the Debtors on Feb. 19, 2026, in the amount of $25,000. Mr. Bonjour, managing director of Veritas, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Pablo Bonjour Southcoast Management Group, LLC d/b/a VERITAS Restructuring Group 925 S Mason Rd Ste 130 Katy, TX 77450-3874 Phone: (713) 255-2099 About TM36 LLC TM36, LLC StopLoss, LLC, StopLoss Logistics, LLC, StopLoss Specialists, LLC, and StopLoss Response Services, LLC provide emergency response and property restoration services focused primarily on large commercial buildings that have sustained significant disaster or weather-related damage. StopLoss LLC functions as the holding company for StopLoss Response Services, LLC, StopLoss Logistics, LLC, and TM36 LLC, while StopLoss Specialists, LLC holds contractor licenses and enters into project contracts. The subsidiaries support project execution through subcontracted restoration work, equipment logistics and transportation, and ownership of operational equipment. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90386) on March 5, 2026. In the petition signed by Pablo Bonjour, chief restructuring officer, TM36 disclosed up to $10 million in both assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Aaron J. Power, Esq., at Porter Hedges, LLP, as bankruptcy counsel and Veritas Restructuring Group as financial advisor. TM36 LLC: Hires Susman Godfrey LLP as Special Litigation Counsel ---------------------------------------------------------------- TM36 LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Susman Godfrey LLP as special litigation counsel. Susman represented StopLoss Specialists in the case of StopLoss Specialists, LLC v. Insured Advocacy Group, LLC, et al., Case No. 1:25-cv-06339-DEH (S.D.N.Y.), which StopLoss Specialists voluntarily dismissed on March 12, 2026, and which Susman re-filed on behalf of StopLoss Specialists and StopLoss, LLC, as Adversary Proceeding No. 26-3072 before this Court. Susman has considerable knowledge concerning the IAG Claims as well as other matters and is already familiar with the Debtors' business affairs to the extent necessary for the scope of services related to prosecuting the IAG Claims. Susman is entitled to: (a) a monthly payment of $100,000; (b) 10 percent of the gross sum recovered by a resolution of the IAG Claims (including settlement) for all amounts up to $15 million; and (c) 20 percent of the gross sum recovered by a resolution of the IAG Claims (including settlement) for all amounts over $15 million. As of the Petition Date, StopLoss Specialists and 431 KW had provided Susman a $25,000 cost deposit to cover certain necessary expenses of litigation, such as travel, photocopying, and other costs that Susman may advance on StopLoss Specialists' behalf. Susman does not represent or hold any interest adverse to the Debtors or their respective estates with respect to matters on which the firm is to be retained, according to court filings. The firm can be reached through: Krisina Zuñiga, Esq. Susman Godfrey L.L.P. 1000 Louisiana, Suite 5100 Houston, TX 77002-5096 Tel: (713) 651-9366 Tel: (713) 654-6666 About TM36 LLC TM36, LLC StopLoss, LLC, StopLoss Logistics, LLC, StopLoss Specialists, LLC, and StopLoss Response Services, LLC provide emergency response and property restoration services focused primarily on large commercial buildings that have sustained significant disaster or weather-related damage. StopLoss LLC functions as the holding company for StopLoss Response Services, LLC, StopLoss Logistics, LLC, and TM36 LLC, while StopLoss Specialists, LLC holds contractor licenses and enters into project contracts. The subsidiaries support project execution through subcontracted restoration work, equipment logistics and transportation, and ownership of operational equipment. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90386) on March 5, 2026. In the petition signed by Pablo Bonjour, chief restructuring officer, TM36 disclosed up to $10 million in both assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Aaron J. Power, Esq., at Porter Hedges, LLP, as bankruptcy counsel and Veritas Restructuring Group as financial advisor. TM36 LLC: Seeks to Hire Porter Hedges LLP as Bankruptcy Counsel --------------------------------------------------------------- TM36 LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Porter Hedges LLP as counsel. The firm will render these services: a. provide legal advice with respect to the Debtors' rights and duties as debtors in possession and continued business operations; b. attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of these chapter 11 cases, including the legal and administrative requirements of operating in chapter 11; c. take necessary action to protect and preserve the Debtors' estates; d. prepare and prosecute on behalf of the Debtors all motions, applications, answers, orders, reports, and other legal papers necessary to the administration of these estates; e. assist, advise and represent the Debtors in analyzing the Debtors' capital structure, investigating the extent and validity of liens, cash collateral and/or debtor in possession financing stipulations or contested matters; f. assist, advise, and represent the Debtors in any cash collateral and/or post petition financing transactions; g. assist, advise, and represent the Debtors in any manner relevant to preserving and protecting the Debtors' estates; h. appear in Court and protect the Debtors' interests before the Court and at any meeting with the U.S. Trustee and any meeting of creditors at any given time on behalf of the Debtors as its bankruptcy counsel; i. perform all other necessary or requested litigation services, except for those on which special counsel is or will be engaged; and j. provide other legal advice and services, as requested by the Debtors, from time to time. The current 2026 standard hourly rates range from $725 to $1,450 for partners, $625 to $1,300 for counsel, $475 to $880 for associates and staff attorneys, and $370 to $620 for paraprofessionals. Aaron J. Power's, a partner at PH, standard hourly rate for matters of this type is $995. His discounted rate in this matter will be $895. On Feb. 19, 2026, PH received a retainer in the amount of $50,000 for its prepetition and postpetition services rendered and expenses incurred on behalf of the Debtors. On March 5, 2026, prior to filing the petitions, PH received an additional retainer of $60,000 for its prepetition and postpetition services rendered and expenses incurred on behalf of the Debtors. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the Fee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: Yes. The Debtors have negotiated a discount to PH's customary rates for matters of this type. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments or discounts offered during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: The Debtors have negotiated a discount to PH's customary rates for matters of this type. This discount existed from the inception of the prepetition representation and the rates have not changed post-petition. Mr. Power 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 at: Aaron J. Power, Esq. Porter Hedges LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 About TM36 LLC TM36, LLC StopLoss, LLC, StopLoss Logistics, LLC, StopLoss Specialists, LLC, and StopLoss Response Services, LLC provide emergency response and property restoration services focused primarily on large commercial buildings that have sustained significant disaster or weather-related damage. StopLoss LLC functions as the holding company for StopLoss Response Services, LLC, StopLoss Logistics, LLC, and TM36 LLC, while StopLoss Specialists, LLC holds contractor licenses and enters into project contracts. The subsidiaries support project execution through subcontracted restoration work, equipment logistics and transportation, and ownership of operational equipment. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90386) on March 5, 2026. In the petition signed by Pablo Bonjour, chief restructuring officer, TM36 disclosed up to $10 million in both assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Aaron J. Power, Esq., at Porter Hedges, LLP, as bankruptcy counsel and Veritas Restructuring Group as financial advisor. TOBIN'S TOWING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Tobin's Towing & Recovery, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral in the ordinary course of business strictly in accordance with a court-approved budget. Spending is subject to a 10% variance per category, and overall cash flow must remain at least 90% of projected levels. Financial institutions are directed to release to the Debtor funds constituting cash collateral. Tobin's relied on revenue from operations and financing from lenders, with German American Bank identified as a primary secured creditor holding a lien on substantially all of its assets, securing a debt of approximately $1.73 million. The Debtor believes the value of its assets is less than the secured debt, meaning junior creditors likely have no interest in the cash collateral. As protection, the court granted German American Bank replacement liens on post-petition assets to the same extent and priority as its pre-petition liens. However, the court did not make a final determination on the validity or priority of those liens, preserving all parties' rights to challenge them later. Any default such as failure to follow the budget or court terms may terminate the Debtor's authority to use cash collateral after a short cure period. The order is available at https://is.gd/dMjk0w from PacerMonitor.com. A final hearing is scheduled for April 23. Tobin's' financial distress arose primarily from issues with trucking insurance in 2025, which disrupted client contracts and reduced cash flow, making it difficult to service existing debt obligations tied to its fleet financing. Despite these challenges, the Debtor's core operations remain profitable and capable of supporting a successful reorganization. About Tobin's Towing & Recovery Inc. Tobin's Towing & Recovery, Inc. based in Waldron, Indiana, provides towing, recovery, and transport services across the region, specializing in both standard and heavy-duty vehicle recovery. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-02057) on April 3, 2026. In the petition signed by Shawn Tobin, owner, the Debtor disclosed $1,168,375 in assets and $2,447,238 in liabilities. Judge James M. Carr oversees the case. Jacob Troxell, Esq., at Allen Wellman Harvey Keyes Cooley, LLP, represents the Debtor as legal counsel. TOCO HOLDINGS: Berger's $1.5M State Court Judgment Claim Allowed ---------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas sustains the objection of Toco Holdings, LLC to Noteh Berger's proof of claim, disallowing the claim in part, and allowing in part the $1,518,799.00 unsecured state court judgment component. Toco Warranty Corp. began operations in 2012 in the vehicle service contract industry. On or around November 14, 2018, Toco Holdings, L.L.C. acquired Toco Warranty (together with Toco Holdings, the "Debtors") from AmTrust Warranty Holdings, LLC, an affiliate of AmTrust North America, Inc. Toco Holdings is a holding company and has no employees or direct operations. The vehicle services contract industry is a business fundamentally built on three distinct pillars: (i) marketing, (ii) administration, and (iii) the obligor, which is the risk-bearing entity. Toco Warranty's core business is to act as the marketer and administrator for these service contracts. Prior to the 2018 acquisition, Noteh Berger, a former employee of AmTrust, was allegedly slated to purchase Toco Warranty from AmTrust. As part of the sale of Toco Warranty to Toco Holdings, Mr. Berger allegedly assigned his right to purchase Toco Warranty to Toco Holdings in exchange for post-acquisition employment as CEO of Toco Warranty, with an annual salary of $350,000, and post-acquisition employment as manager of Toco Holdings with a right to share in the profits of Toco Holdings. On March 25, 2020, the Debtors filed a lawsuit against Mr. Berger in the 11th Judicial District Court of Harris County, Texas, asserting claims for breach of contract, breach of fiduciary duty, and fraud (the "Texas Litigation"). On June 16, 2020, Mr. Berger filed a lawsuit against the Debtors in the Superior Court of California, Los Angeles County, asserting nine causes of action for (i) indemnification, (ii) breach of employment contract, (iii) breach of profit-sharing contract, (iv) constructive fraudulent transfer, (v) interference with contract, (iv) interference with prospective economic advantage, (vii) accounting, (viii) promissory fraud, and (ix) breach of fiduciary duty (the "California Litigation"). The Texas and California Litigations proceeded on dual tracks over the course of the next four years. On June 10, 2025, Mr. Berger voluntarily dismissed without prejudice his causes of action for breach of profit-sharing contract, constructive fraudulent transfer, interference with contract, interference with prospective economic advantage, accounting, and breach of fiduciary duty from the California Litigation (the "Dismissed Causes of Action"). His causes of action for indemnification, breach of employment contract, and promissory fraud remained pending. On August 22, 2025, the jury in the California Litigation returned a verdict for Mr. Berger against the Debtors in the amount of $1,518,799.00. The verdict states that the court found for Mr. Berger on his cause of action for breach of contract (breach of covenant of good faith and fair dealing), and against him for promissory fraud. On September 12, 2025, Toco Holdings filed a voluntary petition under Subchapter V of Chapter 11 of the Bankruptcy Code. On September 18, 2025, the Superior Court of Los Angeles County entered a judgment against Toco Warranty in the amount of $1,518,799.00 and expressly reserved that attorney's fees, if allowed under law, would be decided by post-judgment motion. The Los Angeles court could not enter judgment against Toco Holdings because the automatic stay under Sec. 362 of the Bankruptcy Code had been imposed at that time. On September 25, 2025, Toco Warranty filed its own voluntary petition under Subchapter V of Chapter 11. On November 20, 2025, Mr. Berger filed a proof of claim in the Debtors' jointly administered bankruptcy cases, asserting a putative claim of $36,309,309.46 against the Debtors. On December 22, 2025, the Debtors filed the Objection to Claim Number 2 by Claimant Noteh Berger (the "Objection"). The Debtors objected to Mr. Berger's proof of claim on grounds that certain portions of the $36 million figure were not supported by evidence, that certain portions were otherwise barred under principles of res judicata and collateral estoppel with respect to the prior California Litigation, and that certain portions were simply not recoverable from the Debtors. According to the Debtors, Mr. Berger attempted to assert amounts in his proof of claim based on the Dismissed Causes of Action in the California Litigation. The Debtors argue res judicata should bar relitigating those claims because: (i) the same three parties (Mr. Berger, Toco Warranty, and Toco Holdings) were involved in the California Litigation, (ii) there is a final judgment entered in the California Litigation that has been fully litigated, and (iii) Mr. Berger's proof of claim is merely a continuation of the same facts and claims already litigated (or that should have been litigated) in the California Litigation. The Debtors argue Mr. Berger should be collaterally estopped from relitigating issues pertaining to the Dismissed Causes of Action, particularly because Mr. Berger represented to the Texas state court in his Motion for Continuance that an adjudication of the California Litigation would resolve all claims between the Parties. According to the Debtors, Mr. Berger's claim should be reduced to $1,518,799.00 to reflect only the state court judgment, and the remaining approximately $34.8 million should be disallowed. The Court finds Mr. Berger failed to demonstrate liability exists for the profit-sharing amounts within the proof of claim, both on a pre-judgment and post-judgment basis. He further failed to demonstrate the means of calculating any pre-judgment or post-judgment amounts, leaving the Court incapable of accurately determining the amount of any purported claim he may have, as is required by Sec. 502(b). In the Court's view, Mr. Berger failed to meet his burden with respect to the profit-sharing components of his proof of claim. The Court therefore must disallow certain portions of Mr. Berger's claim, including all portions corresponding to his profit-sharing and fraudulent transfer claims, his claim for attorney's fees from the California Litigation, and his claim for attorney's fees in the Debtors' current bankruptcy case. A copy of the Court's Memorandum Opinion dated April 8, 2026, is available at http://urlcurt.com/u?l=etPcST About Toco Holdings LLC Toco Holdings, LLC, a company based in Houston, Texas, operates in the investment management sector, focusing on stock holdings. Toco Holdings and its affiliate, Toco Warranty Corp., filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code on September 12 and 25, 2025, respectively ((Bankr. S.D. Texas Lead Case No. 25-35378). In their petitions, Toco Holdings listed between $1 million and $10 million in assets and liabilities while Toco Warranty listed between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. The Debtors are represented by T. Josh Judd, Esq., at Andrews Myers, P.C. TORY BURCH: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings changed the outlook for Tory Burch LLC (Tory Burch) to negative from stable. Concurrently, Moody's affirmed the company's Ba3 corporate family rating and Ba3-PD probability of default rating. Moody's assigned a Ba3 rating to the company's proposed new senior secured first lien revolving credit facility and term loan. The existing Ba2 senior secured first lien term loan and revolving credit facility ratings were affirmed and will be withdrawn following the close of the transaction. Proceeds from the proposed $700 million senior secured first lien term loan due 2033 and $230 million of cash on hand will be used to refinance the company's existing $573 million term loan (outstanding amount) due 2028 and fund a share repurchase from a minority shareholder. The change in outlook to negative from stable reflects the debt increase and cash balance reduction following the transaction amid a difficult consumer discretionary spending environment in the key US and China markets. Pro forma for the transaction, Moody's-adjusted debt/EBITDA increases to 3.4x from 3.1x (based on preliminary 2025 reporting) and EBIT/interest expense declines to 2.3x from 2.7x. Further, in Moody's views, the increasingly competitive industry backdrop has raised investment needs and limited growth prospects. Over the past several years, Tory Burch has made continued investments in store expansion, marketing, technology and staff, which have supported solid gross margins and brand equity. However, management adjusted EBITDA is slightly down compared to 2019, which Moody's believes has been driven by both cyclical and structural factors. Moody's projects low single digit revenue and EBITDA growth over the next 12-18 months, driven by stabilization in the global luxury market, as well as pricing and cost initiatives. The CFR and PDR affirmation reflects Moody's expectations for continued balanced financial strategies and good liquidity. The company is focused on reducing net leverage (based on its management adjusted EBITDA) to high 1x in 2026 from 2.4x pro-forma for the transaction. The Ba3 ratings assigned to the new senior secured credit facilities reflect the increase in the term loan and revolver size following the transaction. The existing senior secured credit facilities are weakly positioned in the Ba2 rating. RATINGS RATIONALE Tory Burch's Ba3 CFR benefits from its recognized brand with a premium position in the handbag, footwear and apparel categories, as well as its diversified sales channels and global presence. The credit profile is also supported by the company's balanced financial strategies, including maintenance of moderate leverage. Moody's projects good liquidity over the next 12-18 months, including positive free cash flow, lack of near term maturities and good revolver availability. At the same time, the credit profile is constrained by Tory Burch's relatively small scale and lower operating margin than some larger peers. Tory Burch also has high fashion risk as a single-brand company operating in highly competitive categories exposed to discretionary spending. The company has a limited history at its current scale, and the brand remains somewhat tied to its founder, creating material key person risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Tory Burch increases its scale, enabling better leveraging of fixed costs that would improve operating margins. An upgrade would also require consistent revenue and earnings performance, very good liquidity and a balanced financial strategy. Quantitatively, the ratings could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 3.25 times and EBIT/interest expense above 3.5 times. The ratings could be downgraded if revenue and earnings do not improve as projected, if liquidity declines, or if financial strategies become more aggressive. Quantitatively, the ratings could be downgraded if Moody's-adjusted debt/EBITDA is sustained above 4.25 times or EBIT/interest expense is below 2.5 times. As proposed, the new credit facilities are expected to provide covenant flexibility that if utilized could negatively impact creditors. Notable terms include the following: Incremental Facilities: Incremental pari passu debt capacity up to the greater of $250 million and 100% of EBITDA, plus amounts available under the general debt basket and reallocation basket, plus unlimited amounts subject to a pro forma net first lien leverage ratio not exceeding the greater of 2.75x. Amounts up to the greater of $125 million and 50% of EBITDA of incremental first lien term loans may be incurred with an earlier maturity date than the initial term loans. Unrestricted Subsidiary Asset Transfers: Same as Existing Credit Agreement. The credit agreement permits the transfer of assets to unrestricted subsidiaries, up to the carve-out capacities, but includes "blocker" provisions, which restrict the transfer of material intellectual property to unrestricted subsidiaries and prohibit the designation of subsidiaries holding material intellectual property as unrestricted subsidiaries. Guarantee Releases: Same as Existing Credit Agreement. Non-wholly-owned subsidiaries are not required to provide guarantees; dividends or transfers resulting in partial ownership of subsidiary guarantors could jeopardize guarantees, with no explicit protective provisions limiting such guarantee releases. Subordination: Same as Existing Credit Agreement. The credit agreement provides some limitations on up-tiering transactions, including amendments that would subordinate the payment priority of the Obligations, subordinate liens, release all or substantially all collateral or guarantees, or alter pro rata payment/waterfall provisions require the consent of each Lender directly adversely. Voting mechanics are protected such that consent thresholds (e.g., Required Lenders) cannot be modified to facilitate priority shifting transactions without the consent of adversely affected Lenders. Financial covenants: The revolving credit facility includes a springing maximum net first lien leverage ratio of 5.5x if borrowings and letters of credit exceed 40% of the revolving commitment. Headquartered in New York, New York, Tory Burch LLC is a designer and retailer of luxury women's handbags, small leather goods, footwear, apparel and accessories. The company's products are sold through its e-commerce operations, retail stores and wholesale partners. Revenue for the year ended January 2026 was about $1.7 billion. The principal methodology used in these ratings was Retail and Apparel published in September 2025. TRAVERSE MIDSTREAM: Moody's Rates New Sr. Secured Term Loan 'B2' ---------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Traverse Midstream Partners LLC (NEW)'s (New Traverse) proposed senior secured term loan and a Ba2 rating to its proposed senior secured revolving credit facility. Concurrently, Moody's affirmed Traverse Midstream Partners LLC's (Traverse Midstream) B2 Corporate Family Rating, B2 senior secured bank credit facility rating, and B2-PD Probability of Default Rating. Traverse Midstream's and New Traverse's rating outlooks are stable. New Traverse represents a special purpose vehicle formed by E Point Zero Holdings RSC Ltd (ePointZero). ePointZero has reached an agreement to purchase a 100% stake in Traverse Midstream from The Energy and Minerals Group (EMG, unrated) for $2.25 billion. The proceeds from New Traverse's proposed term loan will be used to fund a portion of the total consideration for ePointZero's acquisition of Traverse Midstream, including the repayment of Traverse Midstream's existing term loan. Moody's expects New Traverse to merge with and into Traverse Midstream at the time that the acquisition closes, with Traverse Midstream surviving as the borrower under the proposed term loan. RATINGS RATIONALE Traverse Midstream's B2 CFR is supported by the stable cash flow generated by its 35% non-operating ownership interest in Rover Pipeline LLC (Rover), and secondarily by its 25% non-operating interest in the Ohio River System LLC (ORS) natural gas trunk pipeline. Rover and ORS service the transportation-constrained Appalachian basin and benefit from long-term contracts that cover a meaningful portion of capacity. Rover's contribution to Traverse Midstream's consolidated EBITDA is significantly larger than that of ORS and is the principal source of cash flow influencing its ratings. The rating is constrained by the company's elevated debt leverage and counterparty credit quality. Traverse Midstream's leverage will improve somewhat following the completion of the acquisition by ePointZero due to the lower amount of debt it will carry, but will remain elevated at around 5.5x. Rover and ORS are unlevered and Rover's joint venture agreement requires the distribution of all free cash flow to its partners. Rover has contracted firm transportation volumes covering in excess of 85% of its 3.425 billion cubic feet per day (Bcfd) of authorized capacity backed by take-or-pay shipper contracts with an average remaining tenor of around 9 years. Traverse Midstream's ratings are implicitly constrained by the mid to high Ba weighted average rating of Rover's contracted shippers, with several customers having improved their credit profiles in recent years. The credit profile of ORS is also considered in Traverse's ratings, to a lesser extent since it provides roughly 25% of Traverse's cash flow. Moody's expects Traverse Midstream to maintain adequate liquidity through at least 2027. Moody's expects that the company will continue to have a $50 million super priority secured revolving credit facility for additional short-term liquidity following the acquisition closing, which Moody's currently do not expect the company to draw upon. Moody's expects the company to continue carrying an elevated cash balance to mitigate the potential financial impact of Rover's ongoing property tax dispute with the state of Ohio. Traverse Midstream's low maintenance capital spending requirements and stable cash flow generation are expected to continue to provide sufficient liquidity for it to meet its ongoing needs. The proposed term loan and revolver contain covenants requiring the maintenance of a Debt Service Coverage ratio of at least 1.1x and a Super Senior Net Leverage Ratio of no more than 1.0x. Moody's expects Traverse Midstream to remain in comfortable compliance with its covenants. New Traverse's proposed term loan is rated B2, the same as Traverse Midstream's existing secured term loan and the CFR. New Traverse's proposed $50 million senior secured Revolver expiring in 2031 has a super priority preference over the Term Loan, and there fore is rated Ba2 given its priority position in the capital structure. New Traverse's Term Loan is rated the same as the CFR because of the small size of the Revolver compared to the Term Loan. Similarly, Traverse Midstream's existing $50 million revolver expiring in 2028 (unrated) has a super priority preference over the existing Term Loan, but that Term Loan is rated the same as the CFR because of the small size of the Revolver compared to the Term Loan. Marketing terms for the new credit facilities (final terms may differ materially) include the following: incremental pari passu debt capacity up to an amount equal to 50% of Adjusted EBITDA, plus any incurrence-based incremental amount (to be defined in the credit documentation). There is no inside maturity sublimit. There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate the debt and liens unless such lenders can ratably participate in such priming debt. The new term loan facility includes a financial maintenance covenant of 1.10x Debt Service Coverage Ratio (to be defined in the credit documentation), tested quarterly. The capital structure is portable to a Permitted Investors (including the sponsor and Qualified Investors) subject to ratings reaffirmation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Traverse Midstream's ratings could be upgraded if its expected new owners develop a track record of adhering to consistent financial policies and greater clarity is reached around Rover's ongoing property tax dispute. Maintenance of debt/EBITDA below 5.5x, FFO/debt above 10%, and an improvement in the credit quality of Rover's contracted shippers could also contribute to an upgrade. The ratings could be downgraded if the outcome of Rover's ongoing property tax dispute is worse than expected, the credit quality of Rover's contracted shippers significantly deteriorates, or if debt/EBITDA is sustained above 7.0x. Traverse Midstream Partners LLC is wholly-owned by The Energy and Minerals Group (EMG). Founded in 2006, EMG is a private equity firm based in Houston, Texas which invests in companies operating in the natural resources, energy, infrastructure, mining and minerals sectors. Traverse owns a 35% joint venture interest in Rover through Traverse Rover LLC, and a 25% joint venture interest in ORS. The two pipeline systems were developed and are operated by Energy Transfer LP (ET, Baa2 stable), one of the largest participants in US's midstream energy sector. BCP Renaissance Parent L.L.C., (B2 stable, owned by The Blackstone Group) has a 49.9% interest in ET's 65% stake in Rover. Traverse Midstream Partners LLC (NEW) is an entity established by Moody's to be the same entity as EPZ T1 FinanceCo LLC. EPZ T1 FinanceCo LLC is a special purpose vehicle wholly owned by E Point Zero Holdings RSC LTD and/or its controlled affiliates (ePointZero). Following the closing of the acquisition, Traverse Midstream Partners LLC (NEW) will be the ongoing rated entity. Founded in Abu Dhabi, ePointZero is a global investment platform focused on energy and specialized infrastructure, investing across the full value chain to build diversified portfolios of high-quality, essential assets. The principal methodology used in these ratings was Natural Gas Pipelines published in April 2024. The assigned B2 rating is four notches below the scorecard-indicated rating. The assigned rating reflects the company's non-operated minority ownership position, limited liquidity, and a higher priority on the company's financial strength and Rover's counterparty credit quality. ULTINON MOTION: Hires Ultinon Motion as Restructuring Advisor ------------------------------------------------------------- Ultinon Motion Holding B.V. and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Teneo Capital LLC as restructuring advisor and as communications and corporate strategy advisor. The firm will render these services: (a) assist with the collection of diligence materials and preparation of necessary filings for any bankruptcy or insolvency proceedings, including, without limitation, reports, and schedules; (b) assist the Debtor and counsel in developing, evaluating, structuring, negotiating, and implementing the terms and conditions of a litigation/liquidating trust, plan of liquidation (including a liquidation analysis), or any other restructuring proceeding or transaction; (c) attend meetings with the Debtor, counsel, and other stakeholders as required and participate in court hearings, including, if necessary, by giving testimony or preparing other evidentiary materials in connection therewith; (d) assist the Debtor with its cash management, financial reporting, and treasury activities, including the management of the Debtor's 13-week cash forecast and related variance analysis; (e) assist with customer and vendor management as requested; (f) assist in negotiations with various stakeholders, including creditors and other parties as requested; (g)assist in negotiations with various stakeholders, including creditors and other parties as necessary; (h) provide the Debtor with other general restructuring advice as the Debtor and Counsel deem appropriate and fall within Teneo's expertise; and; (i) develop a cogent, consistent, and coordinated global communications plan aligned to the legal strategy and with messaging that appropriately positions the restructuring as a means to an end. The firm will be paid at these hourly rates: Managing Directors and Senior Advisors $975 to $1,350 Directors, Vice Presidents, and Consultants $575 to $975 Associates and Analysts $375 to $575 Administrative Staff $200 to $375 The firm will seek reimbursement of all reasonable out-of-pocket expenses. Teneo received $500,000 as retainers. Gary Polkowitz, a senior managing director of Teneo Capital, assured the court that his firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code. The firm can be reached through: Gary Polkowitz Teneo Capital 280 Park Avenue, 4th Floor New York, NY 10017 Tel: (212) 886 1600 Email: gary.polkowitz@teneo.com About Ultinon Motion Holding B.V. Ultinon Motion Holding B.V. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90428) on March 26, 2026. At the time of the filing, Debtor had estimated assets of between $50,000,001 and $100 million and liabilities of between $50,000,001 and $100 million. Judge Christopher M. Lopez oversees the case. Clifford Chance US LLP is Debtor's legal counsel. UNIFIED PROTECTIVE: Case Summary & 16 Unsecured Creditors --------------------------------------------------------- Debtor: Unified Protective Services 4431 West Rosecrans, Ste 200 Hawthorne, CA 90250 Business Description: Unified Protective Services, Inc., based in Hawthorne, California, provides armed and unarmed guard services, mobile patrol, access control, and site monitoring for commercial, residential, construction, and event clients. The company serves property managers, private businesses, and event organizers across Los Angeles County and other parts of Southern California. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-13660 Judge: Hon. Neil W Bason Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 E-mail: michael.berger@bankruptcypower.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Sherif Antoon as president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BTRQJUI/Unified_Protective_Services__cacbke-26-13660__0001.0.pdf?mcid=tGE4TAMA URBAN WELLNESS: Seeks Cash Collateral Access -------------------------------------------- Urban Wellness, LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral -- primarily rental income -- to fund essential business operations during its bankruptcy case. The Debtor outlines a detailed breakdown of its anticipated monthly operating expenses, which total approximately $7,000 to $8,000 depending on utility fluctuations. These expenses include utilities such as electricity ($1,200–$1,500) and water/trash ($1,000), telecommunications ($250), payroll for a manager ($2,200) and cleaner ($400, partially offset by rent reduction), as well as costs for supplies, landscaping, accounting, insurance, maintenance, and trustee fees. In addition to routine expenses, the Debtor notes a required utility bond payment of $4,144 imposed post-petition, of which a portion has already been paid, further increasing its immediate financial obligations. The Debtor supports its request with financial data demonstrating that its rental income and expenses are closely aligned, indicating a tight but sustainable operating margin. Specifically, rental income for March and April was approximately $8,167 and $7,991, respectively, while expenses for those months were roughly $8,152 and $7,846. These figures, along with submitted budgets, rent rolls, and bank statements, illustrate that the Debtor is maintaining operations at near break-even levels. The Debtor also highlights adjustments made to reduce costs, such as rent offsets for contract labor, and provides documentation of account activity to demonstrate transparency and responsible financial management. Urban Wellness argues that continued access to cash collateral is critical to preserving the value of its primary asset—the rental property—and ensuring ongoing income generation. It asserts that without the ability to pay operating expenses, the property could deteriorate or lose tenants, thereby harming both the estate and its creditors. Additionally, the Debtor contends that there is sufficient equity in the property to adequately protect the interests of secured creditors during this period. A copy of the motion is available at https://urlcurt.com/u?l=Xhlhgg from PacerMonitor.com. 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., at Bert L. Roos, PLLC. VANDERBILT MINERALS: Committee Taps Caplin & Drysdale as Co-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 Caplin & Drysdale, Chartered as its co-counsel. The firm's services include: a. preparing on behalf of the Committee all necessary motions, applications, pleadings, memoranda, proposed orders, reports, and other legal documents; b. assisting and advising the Committee with respect to its powers and duties as a creditors' committee under the Bankruptcy Code; c. attending meetings and negotiating with representatives of the Debtor, any of its insurance carriers, and other parties in interest in this Case; d. representing the Committee before this Court and any appellate courts, and communicating with the Committee regarding the matters heard and issues raised, as well as the decisions and directives of this Court and any appellate courts; e. representing the Committee in actions to protect, preserve, and/or maximize the value of the Debtor's estate, including the prosecution of actions on behalf of the estate and negotiations concerning all litigation in which the Committee may be involved; f. assisting and advising the Committee in its examination and analysis of the Debtor's conduct and financial affairs; g. representing the Committee in connection with any negotiation or preparation of a chapter 11 plan and all related documents; h. assisting the Committee in the filing with the Court, and the solicitation of acceptances or rejections, of any chapter 11 plan of which the Committee is a proponent; i. reviewing and analyzing all applications, motions, orders, operating reports, schedules, and statements of financial affairs filed and to be filed with this Court by the Debtor or any interested party in this Case; advising the Committee as to the necessity and propriety of the foregoing and their impact on the rights of creditors represented by the Committee and on the Case generally; and after consultation with and approval of the Committee or its designee(s), consenting to appropriate orders on its behalf or otherwise objecting thereto; j. coordinating the receipt and dissemination of information prepared by and received from the Debtor's accountants or other professionals retained by the Debtor, as well as such information as may be received from professionals engaged by the Committee or other parties, as applicable; k. assisting and advising the Committee with regard to communications to creditors represented by the Committee regarding the Committee's efforts, progress, and recommendations with respect to matters arising in this Case as well as any proposed chapter 11 plan; and l. performing all other necessary legal services and providing all other necessary legal advice to the Committee in connection with this Case. Caplin & Drysdale's hourly rates are: Members and Senior Counsel $790 to $2,175 Of Counsel $775 to $1,725 Associates $480 to $810 Paralegals $400 to $675 The following is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Caplin & Drysdale has not represented the Committee in the 12 months preceding the Petition Date. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Caplin is developing a prospective budget and staffing plan, which it will share with the Committee. Caplin & Drysdale is a "disinterested person" under Secs. 101(14) and 328(c) of the Bankruptcy Code, according to court filings. The firm can be reached through: Kevin C. Maclay, Esq. Caplin & Drysdale, Chartered 1200 New Hampshire Avenue NW, 8th Floor Washington, DC 20036 Phone: (202) 862-7841 Email: kmaclay@capdale.com 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. VANDERBILT MINERALS: Jones Day DQ'd Over Pre-Chapter 11 Work ------------------------------------------------------------ Vince Sullivan of Law360 reports that a New York bankruptcy judge has removed Jones Day as counsel for Vanderbilt Minerals in its Chapter 11 case, finding that the firm's prior work for related Vanderbilt entities undermines its eligibility to serve as debtor’s counsel. The court emphasized the importance of maintaining disinterestedness in bankruptcy proceedings. Creditors and other parties had challenged the firm's retention, arguing that its historical ties to the Vanderbilt corporate family presented conflicts that could affect its representation. The objections highlighted concerns about overlapping interests and the firm’s ability to remain impartial. The judge ultimately sided with the objectors, concluding that the firm’s prior engagements created sufficient concern to justify disqualification. Vanderbilt Minerals must now secure substitute counsel to continue its bankruptcy case, the report states. About Vanderbilt Minerals LLC Vanderbilt Minerals, LLC supplies mineral and chemical products. The Company offers ceramics, clay binders, mineral fillers, floor finishes, paints, concrete, and lubricants. Vanderbilt Minerals serves rubber, plastics, petroleum, paper, pharmaceutical, agricultural, ceramics, adhesives, wire and cable, and cosmetics industries worldwide. Vanderbilt Minerals sought sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60110 (WAK)) on February 16, 2026) Charles J. Sullivan at Bond, Schoeneck & King, PLLC represents the Debtor as legal counsel. Kurtzman Carson Consultants, LLC (operating as Verita Global, LLC) serves as claims agent. R.T. Vanderbilt Holding Company, Inc. is the sole equity holder, owning 100% of the company. VERITAS FARMS: Delays 2025 10-K, Prior Filings Remain Unfiled ------------------------------------------------------------- Veritas Farms, Inc. disclosed in a regulatory filing that it is unable to file its Annual Report on Form 10-K for the period ended December 31, 2025 within the prescribed time period without unreasonable effort or expense as the Company needs additional time to provide information to its independent registered public accounting firm necessary to complete the review of the financial statements for the year ended December 31, 2025. Despite working diligently to timely file its 2025 Annual Report, the Company will be unable to complete all work necessary to timely file its 2025 Annual Report. Veritas Farms also acknowledged that it has not filed several prior periodic reports, including its Form 10-K for the years ended December 31, 2023 and December 31, 2024 and Form 10-Q for the periods ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025, June 30, 2025 and September 30, 2025. The company indicated that it does not anticipate any significant changes in its results of operations compared to the prior fiscal year. About Veritas Fort Lauderdale, Florida-based Veritas Farms, Inc. -- https://www.TheVeritasFarms.com/ -- is a vertically-integrated agribusiness focused on growing, producing, marketing, and distributing whole plant, full spectrum hemp oils and extracts containing naturally occurring phytocannabinoids. Veritas Farms owns and operates a 140-acre farm in Pueblo, Colorado, capable of producing over 200,000 proprietary full spectrum hemp plants which can potentially yield a minimum annual harvest of 250,000 to 300,000 pounds of outdoor-grown industrial hemp. Hackensack, NJ-based Prager Metis CPAs LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company has sustained substantial losses from operations since its inception. As of and for the year ended Dec. 31, 2022, the Company had an accumulated deficit of $39,474,622, and a net loss of $5,543,908. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern within a year from the date the financial statements are issued. Continuation as a going concern is dependent on the ability to raise additional capital and financing, though there is no assurance of success. VILLAGE ROADSHOW: Court OKs Disclosure Statement, Liquidation Plan ------------------------------------------------------------------ Hilary Russ of Law360 reports that Film production company Village Roadshow, known for hits like The Matrix and Ocean's Eleven, won approval Thursday, April 16, 2026, for its disclosure statement and liquidation plan after reaching a settlement with Warner Bros. Entertainment and addressing remaining objections. The ruling marks a major step toward exiting Chapter 11. The settlement with Warner Bros. resolved a central dispute that had threatened to delay confirmation, while negotiations with other stakeholders helped streamline the process. By clearing these hurdles, the company was able to move forward without significant opposition, the report states. The confirmed plan sets the stage for an orderly wind-down of the business, including asset monetization and creditor distributions. Village Roadshow will now proceed with implementing the plan as it works to close out its bankruptcy case, according to Law360. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VISIONARY PLANNING: Seeks to Hire DASA Law as Bankruptcy Counsel ---------------------------------------------------------------- Visionary Planning Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ DASA Law as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and the continued management of its business operations; (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 legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm received a retainer of $15,000 from the Debtor. Jesus Santiago, Esq., an attorney at DASA Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jesus Santiago, Esq. DASA Law 14100 Palmetto Frontage Road, Suite 370 Miami Lakes, FL 33016 Telephone: (888) 343-3272 Facsimile: (659) 901-1780 About Visionary Planning Inc. Visionary Planning, Inc. owns a residential property located at 3303 Halissee Street in Coconut Grove, Florida, with an estimated value of $1.6 million. Visionary Planning sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14272) on April 6, 2026, with $1,869,865 in total assets and $2,460,400 in total liabilities. Sallie Rodriguez, president, signed the petition. Jesus Santiago, Esq., at DASA Law represents the Debtor as counsel. VITAL PHARMACEUTICALS: Ex-CEO Blamed for Ch. 11 Bankruptcy ---------------------------------------------------------- David Minsky of Law360 reports that a liquidating trust has urged a Florida federal bankruptcy judge to find the former CEO of Bang Energy's parent company liable for breach of fiduciary duty, saying his actions materially contributed to the company's financial collapse. The request was made in court Wednesday. The trust argues that the executive's violation of a trademark settlement agreement resulted in a multimillion-dollar judgment against the business. That liability, it says, compounded existing financial pressures and accelerated the company's path toward Chapter 11 protection, the report states. Seeking to maximize recoveries for creditors, the trust is asking the court to hold the former CEO accountable for the losses tied to the judgment. The dispute highlights the role of executive decision-making in the company's downfall and subsequent restructuring, according to Law360. About Vital Pharmaceuticals Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing business as Bang Energy and as VPX Sports, has developed performance beverages, supplements, and workout products to fuel high-energy lifestyles. VPX Sports is the maker of Bang energy drinks, among other consumer products. Vital Pharmaceuticals, Inc., along with certain of its domestic subsidiaries and affiliates, filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-17842) on Oct. 10, 2022. VPX estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Hon. Scott M. Grossman is the case judge. VIVOSIM LABS: Esousa Group Holds 9.9% Equity Stake -------------------------------------------------- Esousa Group Holdings LLC and Michael Wachs, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of April 1, 2026, they beneficially own 286,557 shares of VivoSim Labs, Inc.'s Common Stock, representing 9.9% of the 2,607,962 shares of common stock outstanding as of December 31, 2025, as reported in the Issuer's prospectus filed on April 2, 2026, and gives effect to the 9.99% Beneficial Ownership Limitation. The beneficial owndership consists solely of 286,557 shares of common stock currently held. Not included in the reported beneficial ownership are 2,345,022 shares issuable upon exercise of pre-funded warrants and 3,947,369 shares issuable upon exercise of common warrants. These warrants are subject to a 9.99% Beneficial Ownership Limitation, which prevents the Reporting Persons from exercising them to the extent that such exercise would cause them to beneficially own more than 9.9% of the then-outstanding common stock. Due to this limitation, no additional shares from the warrants are currently included in the beneficial ownership calculation. Esousa Group Holdings LLC may be reached through: Michael Wachs 211 East 43rd Street Suite 402 New York, NY 10017 Tel: 646-278-6785 A full-text copy of Esousa Group Holdings LLC and Michael Wachs's SEC report is available at: https://tinyurl.com/2rmhb8x3 About VivoSim Labs Inc. San Diego, Calif.-based VivoSim Labs, Inc., formerly known as Organovo Holdings, Inc., is a pharmaceutical and biotechnology services company that is focused on providing testing of drugs and drug candidates in three-dimensional human tissue models of liver and intestine. As of December 31, 2025, the Company had $6.96 million in total assets, $2.52 million in total liabilities, and $4.44 million in total stockholders' equity. Somerset, New Jersey-based Rosenberg Rich Baker Berman, P.A., the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 5, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations and is dependent on additional financing to fund operations. These conditions raise substantial doubt about its ability to continue as a going concern. WELLENS BIZ: Seeks to Tap Demetrius J. Parrish Jr. as Counsel ------------------------------------------------------------- Wellens Biz, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Demetrius Parrish, Jr., Esq., an attorney practicing in Philadelphia, Pa., as counsel. The attorney will provide these services: (a) provide legal advice with respect to the Debtor's power and duties in the continued operation of its business; (b) prepare of and pursuit of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; (c) prepare on behalf of the Debtor necessary legal papers; (d) appear in court and otherwise protect the interests of the Debtor before the court; and (e) perform all legal services for the Debtor which may be necessary and proper in these proceedings. The attorney will be paid at his hourly rate of $475. Mr. Parrish disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Demetrius J. Parrish, Jr., Esq. 7715 Crittenden St., Ste. 360 Philadelphia, PA 19118 Telephone: (215) 735-3377 About Wellens Biz LLC Wellens Biz, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11452) on April 7, 2026, listing up to $1 million in assets and up to $500,000 in liabilities. Judge Ashely M. Chan oversees the case. Demetrius J. Parrish, Jr., Esq., represents the Debtor as counsel. WINDHILL CLO 1: S&P Assigns Prelim BB-(sf) Rating on Cl. E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the replacement class A-R, B-R, C-R, D-R, and E-R debt from Windhill CLO 1 Ltd./Windhill CLO 1 LLC, a CLO managed by PGIM Inc. that was originally issued in December 2023. The preliminary ratings are based on information as of April 16, 2026. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the April 22, 2026, refinancing date, the proceeds from the replacement debt will be used to redeem the existing debt. S&P said, "At that time, we expect to withdraw our ratings on the existing class A-N, A-F, B, C, D, and E debt and assign ratings to the replacement class A-R, B-R, C-R, D-R, and E-R debt. However, if the refinancing doesn't occur, we may affirm our ratings on the existing debt and withdraw our preliminary ratings on the replacement debt." The replacement debt will be issued via a proposed supplemental indenture, which outlines the terms of the replacement debt. According to the proposed supplemental indenture: -- The replacement class A-R, B-R, C-R, D-R, and E-R debt is expected to be issued at a lower spread than the existing debt. -- The class A-R debt is expected to replace the existing pro rata class A-N and A-F debt. -- The non-call period will be extended to April 22, 2028. -- The reinvestment period will be extended to April 22, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes will be extended to Apri 22, 2038. -- An additional $100 million of assets will be purchased on the April 22, 2026, refinancing date, and the target initial par amount will increase to $500 million. There will be no additional effective date, and the first payment date following the refinancing is October 22, 2026. -- An additional $17.02 million of subordinate notes will be issued on the April 22, 2026, refinancing date. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and the recoveries upon default under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each rated tranche. "In some cases, our credit and cash flow analysis suggest that the available credit enhancement for the CLO debt could withstand stresses commensurate with higher rating levels than those we have assigned. However, given the various factors and assumptions incorporated in our quantitative analysis and the fact that most CLOs are permitted to modify their portfolios, we may assign lower ratings to the debt than what our model results suggest. "We will continue to review whether, in our view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and take rating actions as we deem necessary." Preliminary Ratings Assigned Windhill CLO 1 Ltd./Windhill CLO 1 LLC Class A-R, $290.00 million: AAA (sf) Class B-R, $50.00 million: AA (sf) Class C-R (deferrable), $40.00 million: A (sf) Class D-R (deferrable), $30.00 million: BBB (sf) Class E-R (deferrable), $35.00 million: BB- (sf) Other Debt Windhill CLO 1 Ltd./Windhill CLO 1 LLC Subordinated notes, $61.37 million: NR NR--Not rated. WINE COUNTRY: Case Summary & 11 Unsecured Creditors --------------------------------------------------- Debtor: Wine Country Store LLC 7 E Rose Street Walla Walla, WA 99362-1927 Business Description: Wine Country Store, based in Walla Walla, Washington, operates a convenience retail store offering fuel, packaged goods, and prepared food items, including sandwiches and beverages. The business serves local residents and travelers through its physical location and online ordering for pickup. Chapter 11 Petition Date: April 14, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-00697 Judge: Hon. Whitman L Holt Debtor's Counsel: Richard B. Keeton, Esq. BUSH KORNFELD LLP 601 Union St., Suite 5000 Seattle, WA 98101-2373 Tel: 206-292-2110 Fax: 206-292-2104 E-mail: rkeeton@bskd.com Total Assets as of March 31, 2026: $2,199,522 Total Liabilities as of March 31, 2026: $7,845,516 The petition was signed by Benjamin Kleban as manager. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OR2BXMI/Wine_Country_Store_LLC__waebke-26-00697__0001.0.pdf?mcid=tGE4TAMA WIRECO WORLDGROUP: S&P Alters Outlook to Stable, Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on WireCo WorldGroup Inc. to stable from negative. S&P also affirmed its 'B' issuer credit rating and its 'B' issue-level rating on the company's $540 million first-lien term loan due in November 2028. The recovery rating remains '3'. The stable outlook reflects S&P's expectation that WireCo will maintain S&P Global Ratings-adjusted leverage in the high 5x to low 6x area over the next 12 months as demand strengthens in its key end markets. Demand for WireCo WorldGroup Inc.'s products grew in the second half of 2025, driven by growth in its industrial, energy, and mining end markets. Consequently, the company's credit metrics strengthened, with S&P Global Ratings-adjusted leverage decreasing to 6.5x at year-end 2025. S&P said, "We expect further deleveraging over the next 12 months, with S&P Global Ratings-adjusted debt to EBITDA improving to low-6x, supported by sustained demand momentum in the energy and mining sectors, as well as a recovering industrial end market. Furthermore, we anticipate free operating cash flow (FOCF) to turn positive in 2026, supported by working capital improvement following heavier investment in 2025 to support growth." S&P Global Ratings-adjusted debt to EBITDA will improve to approximately 6.3x by year-end 2026 and 5.9x in 2027. This stems from growth in the energy sector (26% of 2025 revenue) and mining sector (9%), alongside a recovery in industrials (43%). In 2024, weakness in end markets (particularly within steel), intensifying global competition, and product quality concerns pressured revenue and EBITDA, resulting in leverage of 7.3x. WireCo rebounded in the second half of 2025, growing healthy revenue and EBITDA as its end markets recovered, and product quality issues were resolved within its steel business, dropping leverage to 6.5x at year-end. Continued industrial buildout, positive pricing, and growing energy prices will grow revenue 3%-6% through 2027. S&P expects top-line recovery in industrials with support from U.S. legislation and anticipated Federal Reserve interest rate cuts. An increased emphasis on domestic supply chains will further support growth due to the impact of steel tariffs on the competitiveness of foreign goods. Industrials will also benefit from the ongoing easing of destocking pressures and higher capital expenditure (capex) for data center and related infrastructure projects. S&P said, "We expect higher oil prices from geopolitical tensions will grow energy revenue despite stable rig counts, as will the full-year impact of the resolution of certain quality control issues in 2025. At the same time, we expect offshore wind to remain subdued due to the ample availability of traditional energy sources and the continued growth of onshore renewables." Mining will likely benefit from ongoing expansions at existing mines and sustained demand for minerals--particularly copper--to supply the build out of infrastructure and data centers in the U.S. The fishing and maritime end markets (22% of revenue) will likely grow a low-single-digit percent, underpinned by a healthy backlog. Overall, given the short cycle and low-share-of-wallet nature of WireCo's products, S&P expects the company to quickly pass on raw material price increases, sustaining revenue and EBITDA growth. S&P said, "We expect modest EBITDA growth in 2026, accelerating in 2027 from operational restructuring efforts. We anticipate higher operating leverage from improving sales volumes and mix as the company continues to shift its focus from the commodity wire business and realizes cost savings from repositioning its manufacturing footprint." These benefits offset restructuring expenses and increased freight and distribution costs arising from geopolitical uncertainties. S&P Global Ratings-adjusted EBITDA margins will likely remain 13%-14% in 2026 and 2027. Higher earnings and lower working capital investment will support FOCF over the next two years. Improving S&P Global Ratings-adjusted earnings, reducing receivable and inventory days, and broadly stabilizing capex should generate positive S&P Global Ratings-adjusted FOCF of $5 million-$30 million. The stable outlook reflects S&P's expectation that WireCo will improve its S&P Global Ratings-adjusted leverage to approximately 6.3x by year-end 2026 and 5.9x in 2027 as demand strengthens in its key end markets. S&P could lower its rating on the company if: -- S&P expects S&P Global Ratings-adjusted leverage to sustain above 6.5x likely due to weakness in key end markets or large, debt-funded acquisitions or dividends; or -- It sustains negative FOCF likely due to deteriorating operating performance or persistently higher than-expected working capital needs, interest costs, or capex. Although unlikely, over the next 12 months S&P could raise its rating on the company if: -- S&P expects leverage to sustain below 5x, even during unfavorable business conditions and considering debt-funded acquisitions and dividends; -- FOCF to debt will likely sustain above 5% across an economic cycle; and -- S&P expects the financial sponsor owner to commit to a financial policy consistent with such leverage and cash generation across an economic cycle. WISCONSIN LLC: Hires Swanson Sweet as Bankruptcy Counsel -------------------------------------------------------- Wisconsin, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Swanson Sweet LLP as general bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as Debtor in possession and the continued management and operation of its business and property; b. assisting the Debtor with the commencement of DIP operations, including the initial debtor interview, section 341 meeting of creditors and monthly reporting requirements; c. advising the Debtor and taking all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on behalf of the Debtor, defending any action commenced against the Debtor, and representing the Debtor's interests in negotiations concerning litigation in which the Debtor is involved; d. preparing bankruptcy schedules, statements of financial affairs, and all related documents; e. assisting with the preparation of a plan of reorganization and the related negotiations and hearings; f. preparing pleadings in connection with the Chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; g. analyzing executory contracts and unexpired leases, and the potential assumptions, assignments, or rejections of such contracts and leases; h. advising the Debtor in connection with any potential sale of assets; i. appearing at and being involved in various proceedings before this Court; and j. analyzing claims and prosecuting any meritorious claim objections. The firm will be paid at these hourly rates: Paul G. Swanson, Partner $675 Craig E. Stevenson, Partner $525 Peter T. Nowak, Associate $365 Michael C. Jurkash, Associate $340 Heather Saladin, Paralegal $195 MRCA, the parent company of the Debtor, has paid the total sum of $35,000 which has been consumed, leaving a balance on hand of approximately $3,000 as of the date of the Application. Paul G. Swanson, a partner at Swanson Sweet LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul G. Swanson, Esq. Swanson Sweet LLP 107 Church Avenue Oshkosh, WI 54901 Telephone: (920) 385-1905 Facsimile: (920) 426-5530 About Wisconsin, LLC Wisconsin LLC in Elroy WI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Wis. Case No. 26-10109) on Jan. 22, 2026. The Debtor hires Swanson Sweet LLP as general bankruptcy counsel. YAJIKA RESTAURANTS: Case Summary & Nine Unsecured Creditors ----------------------------------------------------------- Debtor: Yajika Restaurants, Inc. Bo Jauca Carr 153 KM 10 HM 7 Santa Isabel, PR 00757 Business Description: Yajika Restaurants, Inc., based in Bo. Jauca, Santa Isabel, Puerto Rico, operates a full-service restaurant providing dine-in food service. The company is located along the Carr. 153 corridor in southern Puerto Rico and serves local customers through a standard restaurant service model. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-01661 Judge: Hon. Maria De Los Angeles Gonzalez Debtor's Counsel: Modesto Bigas-Mendez, Esq. MODESTO BIGAS LAW OFFICE PO Box 7462 Ponce, PR 00732 Tel: (787) 844-1444 Fax: (787) 842-4090 E-mail: mbigasmendez@gmail.com Total Assets: $192,864 Total Liabilities: $1,262,169 The petition was signed by David Reyes Viera as president. A full-text copy of the petition, which includes a list of the Debtor's nine largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JXGU4FI/YAJIKA_RESTAURANTS_INC__prbke-26-01661__0001.0.pdf?mcid=tGE4TAMA [] Delaware Bankruptcy Judge John T. Dorsey Dies of Cancer ---------------------------------------------------------- James Nani of Bloomberg Law reports that John T. Dorsey, the Delaware bankruptcy judge who oversaw the Chapter 11 case of FTX Trading Ltd., has died of cancer, the U.S. Bankruptcy Court for the District of Delaware confirmed Wednesday. His death marks the loss of a prominent jurist in the restructuring community. Appointed to the court in 2019, Dorsey handled a range of major corporate bankruptcies, including the widely followed FTX proceedings stemming from the cryptocurrency exchange's dramatic collapse. The case placed him at the center of one of the largest insolvencies in recent history. Dorsey also served as chief judge from 2024 to 2025, during which time he helped manage the court’s heavy caseload and maintain its reputation as a leading venue for complex Chapter 11 cases. According to biographical information, Dorsey served in the U.S. Army after completing high school before pursuing a legal career. His tenure on the bench was marked by involvement in high-stakes restructurings and a reputation for thoughtful judicial oversight. ********* 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. 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