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260421.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, April 21, 2026, Vol. 30, No. 111 Headlines 28-30 RIVERDALE: Gets Interim OK to Use Cash Collateral 74 OXFORD: To Sell Condominium Units to Collin & Christine Rhea 805 MAIN: Court OKs Cambridge Property Sale to R. Rayasam 911 RESTORATION: Hearing Today on Bid to Use Cash Collateral AETNA ORANGE: Commences Chapter 7 Bankruptcy in New York AI ERA CORP: Appoints Dzmitry Kastahorau as New CFO AJN FINANCIAL: Seeks Chapter 7 Bankruptcy in California ALL SOD NURSERY: Gets Extension to Access Cash Collateral ALL TEX LAND: Employs Attorney Donald Wyatt PC as Legal Counsel ALLIED TELECOM: Seeks to Extend Plan Exclusivity to July 21 ALVARADO INVESTMENT: Gets OK to Use Cash Collateral AMERICA'S LISTING: Gets Extension to Access Cash Collateral AMERICAN HEALTH: Case Summary & 14 Unsecured Creditors APPLE TREE LIFE: Will Remain in Ch. 11 Amid Cayman Case Revival APRIL MANAGEMENT: Patricia Fugee Named Subchapter V Trustee AQUABOUNTY TECHNOLOGIES: Swaps $4.3MM Debt into Series A Preferred AQUASERV POOL: Gets Final OK to Use Cash Collateral ARCHDIOCESE OF BALTIMORE: Insurer, Claimants Strike $100MM Deal ASCEND ELEMENTS: Court OKs Bid Rules for Recycling Biz Sale ASCEND ELEMENTS: Files Emergency Bid to Use Cash Collateral ASHFORD HOSPITALITY: Closes Sale of Four Hotels for $252.5 Million AURORA FUEL: Seeks to Employ McLaughlinQuinn LLC as Counsel BB RESTAURANT: Files Emergency Bid to Use Cash Collateral BEACH ACQUISITION: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable BEASLEY BROADCAST: Crowe LLP Raises Going Concern Doubt BEYOND MEAT: Posts $219MM Profit, Believes Cash Adequate Thru 2026 BLACK SHEEP: Court Extends Cash Collateral Access to June 5 BLACKBEARD'S TRIPLE: Gets Extension to Access Cash Collateral BLEND COFFEE 1: Gets Extension to Access Cash Collateral BOSTIC ENTERPRISE: Court Extends Cash Collateral Access to June 30 BRC GROUP: Director Robert D'Agostino Not Seeking Re-Election BREAKFAST BITCH AZ: Dawn Maguire Named Subchapter V Trustee BREAKFAST BITCH L: Dawn Maguire Named Subchapter V Trustee BREAKTHROUGH VENTURES: Wins Interim Cash Collateral Access BURGESS BIOPOWER: SSG Served as Investment Banker in Debt Sale CA BROKERING: Starts Chapter 11 Bankruptcy in California CALITRE LLC: Seeks to Retain Vestcorp as Accountant CANPACK GROUP: Fitch Rates New Sr. Unsecured Notes 'BB' CAPSTONE COPPER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable CARIOLA GROUP: Files Emergency Bid to Use Cash Collateral CASKATA INCORPORATED: Gets Interim OK to Use Cash Collateral CASPIAN INDUSTRIAL: Case Summary & One Unsecured Creditor CCH JOHN EAGAN I: Court Extends Cash Collateral Access to May 7 CDB DEVELOPMENT: Commences Chapter 7 Bankruptcy in California CEDAR ARCH: Gets Interim OK to Use Cash Collateral CHRISTMAN CABLE: Case Summary & 20 Largest Unsecured Creditors CLEARSIDE BIOMEDICAL: Plan Exclusivity Period Extended to June 22 COMFORT ALL-STARS: Gets Extension to Use Cash Collateral COMPONENT FABRICATORS: Taps Tarpy Cox Fleishman as Counsel CONSTANT CARE: Gets Court Nod to Use Cash Collateral COPPERLEAF SERVICES: Gets Interim OK to Use Cash Collateral CRAFT PUTT: Case Summary & 20 Largest Unsecured Creditors CUMULUS MEDIA: Court Okays $592MM Debt-Swap Ch. 11 Plan CURIS INC: Nantahala Capital Holds 9.99% Equity Stake D.A.R. CARRIER: Voluntary Chapter 11 Case Summary DAVID SHANE: Seeks to Hire Silver Voit as Bankruptcy Counsel DEL RAY II: Cash Collateral Hearing Set for April 22 DESTINY DANCE: Cameron McCord Named Subchapter V Trustee DUBLINS 815: Commences Chapter 11 Bankruptcy in California EKSO BIONICS: Mink Brook Partners Hold 5.4% Equity Stake ELIAS & COMPANY: Starts Chapter 11 Bankruptcy in California ELK RUN: Seeks to Sell Condominium Property at Auction ESCALON MEDICAL: LPL Financial Holds 7.9% Equity Stake EVALINA LLC: Gets Final OK to Use Cash Collateral FINANCE OF AMERICA: Beach Point Holds 10.8% Equity Stake FIRST BRANDS: Emerges from Bankruptcy with Lawsuits as Core Assets FLOURISH RESTAURANTS: Case Summary & 11 Unsecured Creditors FREEDOM FOREVER: Seeks Chapter 11 Bankruptcy with Over $500MM Debt GAAT HOLDINGS: Gets Extension to Use Cash Collateral GEDDO CORPORATION: Gets Interim OK to Use Cash Collateral GENERIC MANUFACTURING: Files Emergency Bid to Use Cash Collateral GENESIS HEALTHCARE: Investors Oppose Lawsuit to Void Secured Debt GO FREEDOM: Hires Law Office of Bonnie Bell Bond as Counsel GOLDEN SPIRIT: Seeks Chapter 7 Bankruptcy in California GREENWOOD LEFLORE: Seeks Chapter 11 Bankruptcy After Staff Cuts GRIT PRODUCTIONS: Plan Exclusivity Period Extended to July 10 HAWTHORNE RACE: Seeks to Sell RaceTrack Assets at Auction HEALTHY EXTRACTS: Posts $881K Net Loss in FY25, Going Concern Stays HEAVEN ROOF: Seeks Chapter 7 Bankruptcy in California HERBALIFE LTD: Raises $800MM Via Bonds Sale to Repay Debt HERMS LUMBER: Updates Restructuring Plan Disclosures HUNTLEY AVENUE: Gets Court Nod to Use Cash Collateral IBODY INC: Seeks to Use Cash Collateral INGENOVIS HEALTH: S&P Lowers ICR to 'CC', Outlook Negative INSPIRED HEALTH:US Trustee Appoints Patient Care Ombudsman in Ch.11 INTERCEMENT: Cleary Represented Creditors in Restructuring J. PATRICK: To Sell Hattiesburg Property to Lakeview Fabrication JAGUAR HEALTH: Believes to Have Regained Nasdaq Compliance JOSHUA CABINETRY: Lender Seeks to Prohibit Cash Collateral Access JOSHUA TOURS: Case Summary & 19 Unsecured Creditors K & L TRUCKING: Seeks Chapter 7 Bankruptcy in Maryland KBS REIT III: Inks Deal With Lenders on Fifth Loan Modification KBX BUSINESSES: Seeks Chapter 7 Bankruptcy in Florida KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral KOOL AIR: Gets Interim OK to Use Cash Collateral LANGUAGE KIDS: Seeks Approval to Hire H&R Block as Accountant LEFKO LLC: Tarek Kiem of Kiem Law Named Subchapter V Trustee LEGACY WORLDWIDE: Gets Final OK to Use Cash Collateral LEXORA INC: Seeks Cash Collateral Access, Factoring Arrangement LIBERTY CARRIERS: Files Emergency Bid to Use Cash Collateral LISA PARK: Cash Collateral Hearing Set for April 23 LIVECONNECTIONS.ORG: Gets Extension to Access Cash Collateral LONG BEACH PROPERTY: Commences Chapter 11 Bankruptcy in California LOW COST TREE: Gets Extension to Access Cash Collateral LOWELL MARTIN: Files Emergency Bid to Use Cash Collateral LURIN EQUITY: Initiates Chapter 11 Bankruptcy in Texas LURIN EQUITY: Voluntary Chapter 11 Case Summary LURIN REAL: Seeks to Sell Real Estate Business at Auction MARK NAUSBAUM: Commences Chapter 11 Bankruptcy in New York MASTERS PLACE: Seeks to Sell Pagosa Springs Condominium at Auction MAWSON INFRASTRUCTURE: Endeavor Blockchain Holds 27.3% Equity Stake MAWSON INFRASTRUCTURE: Reconstitutes Board and Appoints New Execs. MAYFIELD REAL: Steven Nosek Named Subchapter V Trustee MERIDIAN ARC: S&P Assigns Prelim 'BB-' Rating on Sr. Secured Notes MIGHTY HAND WIRELESS: Seeks Chapter 7 Bankruptcy in California MOBIQUITY TECHNOLOGIES: Revenue Drops Sharply to $112,316 in FY2025 MU HOLDINGS: Gets Interim OK to Use Cash Collateral MVP GROUP: Gets Final OK to Use Cash Collateral NATIONAL CONTRACTORS: Paul Levine Named Subchapter V Trustee NEAUXLA SUITES: Seeks Chapter 7 Bankruptcy in Louisiana NEIGHBORHOOD RESTAURANT: Files Suit Against Lender Over Lease Liens NETCAPITAL INC: Rivetz Corp Holds 12.1% Equity Stake NORTH FLORIDA: Seeks to Tap Professional Management as Accountant O NSMOUTH: Seeks Chapter 7 Bankruptcy in California ODYSSEY MARINE: Signs Merger Agreement with American Ocean Minerals OI BRASIL: Noteholders' Bid to Block Brazil Sale Denied in Chap. 15 OLIVE BRANCH: Cameron McCord Named Subchapter V Trustee ONE GATEWAY: Unsecured Creditors to Split $10K in Plan OSO PROPERTIES: Commences Chapter 7 Bankruptcy in New York OUTPATIENT SERVICE: Gets Extension to Access Cash Collateral PACIFIC RIM: Seeks to Use Cash Collateral PALM BEACH: Trustee Taps Meland Budwick as Legal Counsel PARADOX ENTERPRISES: Non-Retained Properties Sale to Legalist OK'd PAVMED INC: David S. Nagelberg Holds 8.6% Equity Stake PAVMED INC: Lishan Aklog, M.D. Holds 5.1% Equity Stake PAVMED INC: Scott V. Dols Holds 5.4% Equity Stake PELICAN PROS: Seeks Approval to Tap Graham Law as Counsel PENN HIGHLANDS: S&P Affirms 'BB+' Rating on Hospital Revenue Bonds PERATON CORP: S&P Lowers ICR to 'CCC+' on Weaker Earnings PERATON HOLDING: Fitch Affirms 'CCC+' LongTerm IDR PORTLAND HUNT: Gets Final OK to Use Cash Collateral PREMIER MEAT: Case Summary & 20 Largest Unsecured Creditors PROSTHODONTICS AND DENTAL: Case Summary & 20 Unsecured Creditors PURE SCIENCE: Aleida Martinez Molina Named Subchapter V Trustee QVC GROUP: Aims for Late May 2026 Chapter 11 Plan Confirmation QVC GROUP: Case Summary & 30 Largest Unsecured Creditors QVC GROUP: Reaches RSA with Majority of Lenders QVC GROUP: S&P Lowers ICR to 'D' on Chapter 11 Bankruptcy Filing RANPAK HOLDINGS: S&P Affirms 'B' ICR, Alters Outlook to Stable RELIABLE ROADSIDE: Court Affirms Confirmation of Subchapter V Plan ROYAL CARD: Files Emergency Bid to Use Cash Collateral S&J DATA TECHNOLOGIES: Gets Final OK to Use Cash Collateral SANDERS & ASSOCIATES: Gets Final OK to Use Cash Collateral SANDY PINES: Gets Final OK to Use Cash Collateral SARV INVESTMENTS: Seeks Chapter 11 Bankruptcy in California SCREAMING GOAT: Leon Jones Named Subchapter V Trustee SEAGOVILLE FARMS: Frances Smith Named Subchapter V Trustee SECURE WASTE: Fitch Puts 'BB-' LongTerm IDR on Watch Positive SILICON VALLEY: Investors Warn KPMG on Wider Claims in Chapter 11 SKYBOUND PROPERTIES: Seeks Chapter 11 Bankruptcy in North Carolina SLOAN SCHOOL: Case Summary & 20 Largest Unsecured Creditors SONOMA PHARMACEUTICALS: Inks Supply Deal With Kenvue SOUND VISION: Enters Stipulation with Murray Hill Landlord SOUTHERN CHICKEN: Georgia Properties Sale to Tristan Burgess OK'd SOUTHWEST FT. WORTH: Court Affirms Findings in Confirmation Order SPIRIT AIRLINES: Faces Liquidation Risk as Fuel Costs Surge STAR ONE: Linda Leali Named Subchapter V Trustee SUNATION ENERGY: Board Initiates Review of Strategic Alternatives SUNATION ENERGY: Signs $3.6MM ATM Sales Agreement With Maxim Group SUPERNOVAFURNITURE.COM-FRY RD: Voluntary Chapter 11 Case Summary T-4 FARM: Amends Motion on T4 Property Sale to Multiple Buyers TALEN ENERGY: S&P Raises Senior Secured Debt Rating to 'BB+' TEKNIA NETWORKS: Gets Final OK to Use Cash Collateral THAI EXPRESS: Gets Final OK to Use Cash Collateral TOMPCO REAL: Commences Chapter 11 Bankruptcy in Pennsylvania TPI COMPOSITES: Seeks to Extend Plan Exclusivity to July 17 UNIVERSAL TRADE: Todd Hennings Named Subchapter V Trustee VALINA RELAX: Gets Extension to Use Cash Collateral VILLAGE POINTE: Seeks to Sell Condominium Property at Auction VOYAGER PARENT: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable WATERFRONT RESORT: Trustee Seeks to Hire CohnReznick as Advisor WE WEST: Employs Brock Guerra as Special Litigation Counsel WESTCHESTER 3148: Seeks Chapter 11 Bankruptcy in New York WITH PURPOSE: Winston & Strawn Hit With $1.7-Bil. Malpractice Case WOODTOWN SPORTS: Section 341(a) Meeting of Creditors on May 18 ZAHAV 3310: Seeks to Extend Plan Exclusivity to August 7 ZMETRA LAND: To Sell Webster Property to Kinvarra Capital for $3MM [] Amalia Sax-Bolder Joins Reed Smith's Financial Industry Group [] Mark Kronfeld Joins Nardello & Co.'s Bankruptcy Practice [] Morgan Patterson Joins FBT Gibbons' Bankruptcy Practice [] Timothy Karcher Joins Baker McKenzie's Transactional Practice [] Womble Adds Three Attorneys to Bankruptcy Practice Group ********* 28-30 RIVERDALE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts granted 28-30 Riverdale Avenue, LLC interim approval to use cash collateral to fund operations. Under the order, the Debtor is authorized to collect and use pre-petition cash collateral, including rents and cash on hand in accordance with an approved budget. The Debtor must operate within an overall 10% variance from the budget and is limited to using only what is necessary pending a final hearing. As adequate protection, Coastal Heritage Bank and other secured creditors retain continuing liens on rents and collateral, preserving the same validity and priority as of the petition date. The Debtor is also required to maintain, insure, and pay taxes on the property, which the court considers part of protecting creditor interests. The court scheduled a further hearing for April 27 to consider final approval of cash collateral use. Objections must be filed by April 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0Zxw8 from PacerMonitor.com. The Debtor's cash collateral consists primarily of rental income from its commercial property in Newton, Massachusetts. The property, acquired in 2014 and later expanded through a financed construction project, encountered delays and cost overruns due to unforeseen subsurface conditions. Although construction was completed in 2024 and the property now generates over $34,000 in monthly revenue, the Debtor fell behind on loan payments during development. Despite curing earlier defaults, Coastal Heritage Bank refused to modify or convert the loan and instead pursued foreclosure, prompting the Debtor to file for bankruptcy on March 16 to halt the sale and restructure its debts. The Debtor reported assets of over $5 million and liabilities of approximately $5.1 million, most of which is owed to Coastal Heritage Bank. Coastal Heritage Bank is represented by: Jonathan M. Hixon, Esq. Jacqueline M. Doyle, Esq. Hackett Feinberg P.C. 155 Federal Street, 9th Floor Boston, MA 02110 (617) 422-0200 jmh@bostonbusinesslaw.com jmd@bostonbusinesslaw.com About 28-30 Riverdale Avenue 28-30 Riverdale Avenue, LLC is a single-asset real estate company that owns and manages an industrial property at 28-30 Riverdale Avenue. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10558) on March 16, 2026. In the petition signed by Teresa Coppola-Jones, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Kate E Nicholson, Esq., at Nicholson Devine, LLC, represents the Debtor as legal counsel. 74 OXFORD: To Sell Condominium Units to Collin & Christine Rhea --------------------------------------------------------------- 74 Oxford Street LLC seeks permission from the U.S. Bankruptcy Court for the District of Massachusetts, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of certain parcel of land with any and all buildings and improvements existing thereon, located in Cambridge, Massachusetts, commonly known as unit 74 in the Oxford & Wendell Condominium located at 72-74 Oxford Street, Cambridge, Massachusetts 02138, together with all privileges, rights, covenants, easements and other appurtenances belonging to the Land, and all right, title and interest (if any) of Seller in and to any streets, curbing, sidewalks, walkways, alleys, passages, parking, and other rights-of-way or appurtenances included in, adjacent to or used in connection with the Land. The Debtor receives an offer from Collin Rhea and Christine Rhea to purchase the Property for $2,575,000.00 in cash. The proposed buyers and the Debtor have no relationship. The Property will be sold free and clear of all liens, claims and encumbrances. Any perfected, enforceable valid liens shall attach to the proceeds of the sale according to priorities established under applicable law. Through the Notice, higher offers for the Property are hereby solicited. Any higher offer must be accompanied by a cash deposit of $128,750 in the form of a certified or bank check made payable to the undersigned. Higher offers must be on the same terms and conditions provided in the Purchase and Sale Agreement, other than the purchase price. A hearing on the Motion to Approve Sale, objections or higher offers is scheduled to take place on May 12, 2026 at 1:30 PM before the Honorable Christopher J. Panos, United States Bankruptcy Judge, at J.W. McCormack Post Office & Court House, 5 Post Office Square, Boston, Massachusetts. About 74 Oxford Street LLC 74 Oxford Street LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. 74 Oxford Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12442) on November 12, 2025. In its petition, the Debtor reports total assets of $7,750,000 and total liabilities of $6,464,475. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of THE TAMPOSI LAW GROUP, P.A. 805 MAIN: Court OKs Cambridge Property Sale to R. Rayasam --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, has granted 805 Main Street LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Massachusetts limited liability company formed on February 18, 2019. The Debtor conducts business in Cambridge, Massachusetts where it owns real property. The Debtor seeks to sell its right, title, and interest in and to that certain parcel of land, with any and all buildings and improvements located in Cambridge, Massachusetts, commonly known and numbered as 781-783 Main Street, Cambridge, MA 02139. The Court has authorized the Debtor to sell the Property to Ramakumar V. Rayasam in the purchase price of $1,900,000.00. The Purchaser is a good faith purchaser and is entitled to the protections. The Debtor is authorized to execute and deliver all documents and instruments and take all actions necessary to consummate the sale contemplated by the Purchase Agreement. The Debtor is authorized to pay all customary and ordinary closing costs at closing or from the proceeds of sale without further order of the Court. About 805 Main Street LLC 805 Main Street LLC is a limited liability company. 805 Main Street LLC filed for Chapter 11 relief on November 19, 2025, under Case No. 25-12511 in the District of Massachusetts. The filing shows estimated assets of $1 million to $10 million and estimated liabilities within the same range. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of The Tamposi Law Group. 911 RESTORATION: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Minnesota is set to hold a hearing today to consider extending 911 Restoration Services of Minneapolis, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the court's April 8 second interim order expires today. The second interim order approved the payment of expenses from the cash collateral subject to liens held by the U.S. Small Business Administration in accordance with the Debtor's financial projections. The order granted the SBA and any other secured creditors protection through replacement liens on post-petition property except Chapter 5 bankruptcy avoidance claims, with the same extent, priority, and effect as their pre-petition liens. It also approved the monthly payment of $4,430 to the SBA. About 911 Restoration Services of Minneapolis 911 Restoration Services of Minneapolis, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-40768) with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. The Debtor is represented by: Cameron A. Lallier, Esq. Bassford Remele PA Tel: 612-333-3000 Email: clallier@bassford.com AETNA ORANGE: Commences Chapter 7 Bankruptcy in New York -------------------------------------------------------- On April 13, 2026, Aetna Orange LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 20, 2026 at 09:30 AM at Zoom.us - O'Toole: Meeting ID 342 794 1295, Passcode 3320364768, Phone 1 (914) 810-4914. About Aetna Orange LLC Aetna Orange LLC is a limited liability company that appears to be involved in real estate or investment-related activities. Aetna Orange LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22369) on April 13, 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 Sean H. Lane handles the case. AI ERA CORP: Appoints Dzmitry Kastahorau as New CFO --------------------------------------------------- AI Era Corp. disclosed in a regulatory filing that the Board of Directors accepted the resignation of Chiyuan Deng as Chief Financial Officer of the Company, effective as of the close of business on April 7, 2026. Mr. Deng's resignation was not due to any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. Mr. Deng will continue to serve as President and remains a director. Appointment of New Chief Financial Officer Following Mr. Deng's resignation, effective April 7, 2026, the Board appointed Dzmitry Kastahorau as Chief Financial Officer, Principal Accounting and Financial Officer of the Company, to serve until his successor is appointed or until his earlier resignation or removal. There are no family relationships between Mr. Kastahorau and any director or executive officer of the Company and, aside from his employment agreement, there are no transactions involving Mr. Kastahorau that would require disclosure under Item 404(a) of Regulation S-K. Mr. Kastahorau, age 35, brings over 10 years of international finance leadership experience across multiple industries, including fashion retail, software/robotics, funds, fragrances/cosmetics, and automotive. He has served in CFO and senior finance roles in the UAE, Spain, and Germany, with expertise in strategic finance, investor relations, budgeting, treasury management, financial reporting, compliance, and supporting capital-raising and public company readiness initiatives. Notable prior roles include: * CFO, TXT Trading (Lime Shop) – Dubai, UAE (2023–present) * CFO, Micropolis (Computer Software / Robotics / Autonomous Vehicles) – Dubai, UAE (2021–present) * Non-Executive Director & CFO, SOTA Capital (Fund) – DIFC, Dubai (2022–present) * Regional Finance & Logistics Director, Puig/Chalhoub Group – Dubai, UAE (2018–2021) * Regional Finance Manager – EMEA, Puig – Barcelona, Spain (2015–2018) Mr. Kastahorau holds a Master of International Finance from EADA Business School (Barcelona) and a Bachelor of Business Administration from La Salle and the International University of Monaco. In connection with his appointment, the Company entered into an Employment Agreement with Mr. Kastahorau, dated April 6, 2026 (the "Employment Agreement"). The material terms of the Employment Agreement include: * Term: Three (3) years initial term, with automatic one-year renewals. * Sign-On Bonus: $300,000 payable in restricted common stock (number of shares calculated using a fixed price between $0.80 and $1.00 per share, subject to clawback if terminated for Cause within the first 12 months). * Base Salary: $60,000 per year, payable quarterly in cash, plus $10,000 annual remote work stipend. * Stock Options: Grant of 1,500,000 options vesting over three years (25%/35%/40%), subject to continued service and performance milestones, with full acceleration upon Change of Control or termination without Cause. * Performance Incentives: Eligible for up to 1,000,000 additional shares tied to financial milestones, funding, and KPIs. * Benefits: Participation in Company benefit plans and reimbursement of pre-approved business expenses up to $12,000 annually. * Termination: Standard provisions for termination with or without Cause or for Good Reason, with severance equal to 120% of remaining Base Salary for the Term upon qualifying termination, plus accelerated vesting and benefits continuation. A full text copy of the Employment Agreement is available at https://tinyurl.com/3yb7skzy About AI Era Corp. AI Era Corp, formerly AB International Group Corp., is an intellectual property (IP) and movie investment and licensing firm, focused on the acquisitions and development of various intellectual property. It is engaged in the acquisition and distribution of movies and television (TV) shows. The Company's segments include Copyrights and license (IP) segment and Cinema segment. It is also engaged in providing technical services; running its physical movie theater in New York and providing marketing and consulting services in the media industry. It has the ownership and copyright of the Non-Fungible Token (NFT) MMM platform, including the APP NFT MMM, and the Website: starestnet.io. The Company is focused on artificial intelligence technologies in media production and distribution, through its wholly owned subsidiary, AI+ Hubs Corp. AI+ Hubs Corp is primarily engaged in the acquisition, distribution, and licensing of copyrights for movies, television series, and short-form drama series. As of November 30, 2025, the Company had $6.2 million in total assets, $2.7 million in total liabilities, and a total stockholders' equity of $3.5 million. As of November 30, 2025, the Company had limited cash, an accumulated deficit of approximately $10 million and a working capital deficit of approximately $2.6 million. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing and achieving operating profits. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. AJN FINANCIAL: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------- On April 10, 2026, AJN Financial Consulting Group, 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 6, 2026 at 02:30 PM via Zoom - Goldman: Meeting ID 630 029 1769, Passcode 3548121645, Phone 1 747 285 4196. About AJN Financial Consulting Group, Inc. AJN Financial Consulting Group, Inc. is a financial consulting firm that provides advisory and support services to individuals and businesses, including financial planning and business consulting. AJN Financial Consulting Group, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10754) 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 Victoria S. Kaufman handles the case. The Debtor is represented by Donald Iwuchukwu, Esq. of Law Offices Of Donald Iwuchukwu. ALL SOD NURSERY: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, issued a fifth interim order authorizing All Sod Nursery, Inc. to use cash collateral. The fifth interim order signed by Judge Luis Ernesto Rivera II authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including Subchapter V trustee interim compensation; the expenses set forth in its budget; and additional amounts subject to approval by secured creditors. This authorization will continue until further order of the court. The Debtor projects 13-Weeks total operational expenses of $257,256. As adequate protection, secured creditors will be granted replacement liens, with the same priority as their pre-bankruptcy liens. All Sod Nursery must also maintain insurance, perform all obligations required of a debtor-in-possession, and give secured creditors access to records and premises upon notice. The order is without prejudice to lien challenges or future modification requests and is immediately effective without the Rule 6004(h) 14-day stay. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/bFuUQ from PacerMonitor.com. The next hearing is scheduled for May 20. All Sod Nursery has identified these creditors that may assert perfected, pre-bankruptcy security interests in the cash collateral: CashFloIt LLC, DME Capital LLC/Apollo Funding, and the U.S. Small Business Administration. These creditors perfected their security interests via UCC-1 financing statements in the Florida Secured Transaction Registry. The SBA claims it is owed $994,314.97. About All Sod Nursery Inc. All Sod Nursery Inc., a company based in Naples, Florida, supplies premium sod and plants for pickup or delivery in the local market. Established in 2012, this family-owned and operated business operates within the retail nursery and garden-supply industry, serving homeowners and commercial landscapers alike. All Sod Nursery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02172) on October 31, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Miguel Cancio, president of All Sod Nursery, signed the petition. Judge Luis Ernesto Rivera II presides over the case. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. ALL TEX LAND: Employs Attorney Donald Wyatt PC as Legal Counsel --------------------------------------------------------------- All Tex Land Management, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Attorney Donald Wyatt PC to serve as its counsel. The firm will provide these services: (a) act as attorney for the Debtor in connection with the Chapter 11 bankruptcy case and related proceedings; (b) provide legal advice to the Debtor regarding its rights, powers, and duties as debtor in possession under the Bankruptcy Code and Bankruptcy Rules; (c) assist in the formulation and confirmation of a plan of reorganization; (d) represent the Debtor in adversary proceedings and other litigation matters arising in the case; (e) provide representation in all matters and proceedings related to the bankruptcy case; (f) prepare and file necessary legal documents, applications, and pleadings in connection with the case; (g) maintain confidentiality of all client information and represent the Debtor until the conclusion of the case unless withdrawn or discharged; and (h) perform all other legal services necessary for the administration of the bankruptcy case. ADWPC will be compensated on an hourly basis at standard rates ranging from $150 for paralegals and law clerks to $720 for senior attorneys. The engagement also provides for reimbursement of reasonable out-of-pocket expenses. A pre-petition retainer arrangement is disclosed, including prior payments of $17,043.81 for services rendered. ADWPC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and, according to court filings, has no connection with the Debtor, creditors, or other parties in interest, except as disclosed in the verified statement (including representation of an affiliated individual). The firm can be reached at: Donald L. Wyatt, Jr., Esq. ATTORNEY DONALD WYATT PC 26418 Oak Ridge Drive The Woodlands, TX 77380 Telephone: (281) 419-8733 Facsimile: (281) 419-8703 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. Tex. Case No. 26-32034) on March 27, 2026. In the petition signed by Justin Lackey, manager, the Debtor disclosed $1,509,309 in assets and $3,043,525 in liabilities. Judge Jeffrey P Norman oversees the case. Donald Wyatt, Esq., at Attorney Donald Wyatt, PC, represents the Debtor as legal counsel. ALLIED TELECOM: Seeks to Extend Plan Exclusivity to July 21 ----------------------------------------------------------- Allied Telecom Group, LLC asked the U.S. Bankruptcy Court for the District of Columbia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 21 and Sept. 19, 2026, respectively. The Debtor is an internet service provider based in Washington D.C. serving the greater "DMV" area. The Debtor delivers a comprehensive suite of business-oriented connectivity and communication solutions to its customers, including high-performance business internet, data transport, cloud connectivity, and private networking. The primary goal of the Case is to consummate a value-maximizing transaction for the benefit of the Debtor's estate and all stakeholders. Since filing this Case, with the assistance of its professionals, the Debtor has secured use of cash collateral (the "Final Cash Collateral Order") to continue operating in the ordinary course of business while pursuing a potential sale or other strategic transaction. The Debtor explains that the relevant factors weigh strongly in favor of an extension of the Exclusivity Periods: * First, the outcome of the sale process contemplated by the Sale Motion will largely dictate the terms of a chapter 11 plan. As such, the Debtor needs sufficient time to allow for the marketing and sale process to unfold, develop a plan in light of that result, and prepare adequate information to allow stakeholders to make an informed decision regarding such plan. * Second, securing consensual use of cash collateral with milestones agreed to by the Debtor's secured lender and the filing of the sale motion evinces the Debtor's good faith progress in prosecuting this Case for the benefit of all stakeholders and ultimately bringing this Case to a resolution. * Third, the Debtor is not seeking to extend the Exclusivity Period to pressure creditors to accede to its reorganization demands. The Debtor and its professionals are focusing substantially all of their time on running a robust marketing and sale process and have made no reorganization demands. Further, the Debtor and its primary secured creditor, Quaint Oak Bank, have proceeded in a largely consensual manner to date in this Case. * Fourth, because the outcome of the sale process will largely dictate the terms of a chapter 11 plan, a significant unresolved contingency exists which prevents the Debtor from filing and prosecuting a plan at this time. * Finally, this is the Debtor's first requested extension of the Exclusivity Period. The Debtor's Counsel: Jennifer E. Wuebker, Esq. Justin F. Paget, Esq. Nicholas S. Monico, Esq. HUNTON ANDREWS KURTH LLP 951 E. Byrd Street Richmond VA 23219 Tel: (804) 788-8200 Fax: (804) 788-8218 Email: jwuebker@hunton.com jpaget@hunton.com nmonico@hunton.com About Allied Telecom Group LLC Allied Telecom Group, LLC provides Internet access and data transport services to business, nonprofit, educational, and government customers, focusing on last-mile connectivity, wide area network transport, and cloud and data center interconnection. The Washington, D.C.-based company operates as a local exchange carrier serving the District of Columbia, Maryland, and Virginia, and also offers managed IT and network security services such as firewall protection, intrusion detection, network monitoring, and disaster recovery planning. Allied Telecom Group serves a customer base of about 1,200 organizations across the public and private sectors, including federal, state, and local government agencies and educational institutions. Allied Telecom Group sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-00599) on Dec. 23, 2025, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. Ken Williams, as designated officer, signed the petition. Judge Elizabeth L. Gunn oversees the case. Hunton Andrews Kurth, LLP serves as the Debtor's legal counsel. ALVARADO INVESTMENT: Gets OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, granted Alvarado Investment Properties, LLC's amended motion to use cash collateral to fund necessary post-petition operating expenses related to its real estate portfolio. Under the order, the Debtor is permitted to use cash collateral for essential costs, including property and liability insurance, real property taxes, and U.S. Trustee fees. However, the court imposed strict controls, requiring funds to be segregated and prohibiting the use of income from one property to cover expenses of another. The order allows limited flexibility, permitting up to a 10% variance both overall and per budget category, provided no unapproved expense categories are used. To protect creditor interests, lenders were granted replacement liens on post-petition assets (excluding avoidance recoveries), maintaining the same priority and validity as pre-petition liens to the extent of any decline in collateral value. A copy of the court's order is available at https://shorturl.at/AYz4W from PacerMonitor.com. Alvarado owns three real properties -- 12321 Alexander Lane in Santa Ana, California; 103 E 118th Place in Los Angeles; and 514 Pullman Street in Los Angeles -- each encumbered by first-priority liens held by Bench Equity, LLC. The Debtor asserts that the lender may have a perfected security interest in the cash collateral generated by rental income from these properties. About Alvarado Investment Properties, LLC Alvarado Investment Properties, LLC owns and manages residential and investment properties in Santa Ana and Los Angeles, California, with combined comparable sale value exceeding $3 million, operating in the Southern California real estate investment sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11030) on February 3, 2026. In the petition signed by Melissa Regina Alvarado, managing member, the Debtor disclosed $3,017,500 in total assets and $1,910,337 in total liabilities. Judge Sheri Bluebond oversees the case. Onyinye N. Anyama, Esq., at Anyama Law Firm, APC, represents the Debtor as bankruptcy counsel. AMERICA'S LISTING: Gets Extension to Access Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, issued a second interim order granting America's Listing Leaders, LLC approval to use cash collateral. Under the second interim order, the Debtor is permitted to use cash, accounts receivable, and other business proceeds through the continued hearing scheduled for May 5 in accordance with an approved budget. The Debtor must adhere to strict budget controls, with total expenditures not exceeding a 10% cumulative variance unless approved by the secured creditor, ICM Investment Partners III, LLC, or the Court. Notably, the Debtor is prohibited from making payments to its officers during this interim period without further Court approval. The Debtor projects total operational expenses of $166,300 for month 1; $173,800 for month 2; and $181,300 for month 3. As adequate protection, the secured creditor will be granted replacement liens on the Debtor's post-petition assets to the extent of any decline in value of its pre-petition collateral. These liens maintain the same validity and priority as pre-petition liens and extend to proceeds generated post-petition. The Debtor must also maintain insurance and continue ordinary business operations, including collecting receivables without interference. Events of default include failure to comply with the budget and reporting requirements, and unauthorized use of funds. Upon default and notice, the secured creditor may seek to terminate the Debtor's authority to use cash collateral. The order preserves all parties' rights to challenge claims or liens and will remain in effect until further court order following the continued hearing. The order is available at https://is.gd/AEG1xQ from PacerMonitor.com. About America's Listing Leaders LLC America's Listing Leaders, LLC operates a technology-driven real estate referral platform under the name IDEAL AGENT, which connects home sellers with local real estate agents offering full-service representation at competitive commission rates. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:26-bk-01576) on February 27, 2026. In the petition signed by Stephen Johnston, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, represents the Debtor as legal counsel. AMERICAN HEALTH: Case Summary & 14 Unsecured Creditors ------------------------------------------------------ Lead Debtor: American Health Associates Holdings, Inc. 15712 SW 41st St. Davie, FL 33331 Business Description: American Health Associates Holdings, Inc., headquartered in Davie, Florida, provides clinical laboratory services, mobile phlebotomy, mobile imaging and care-at-home diagnostic services for the long-term care market. Founded more than 30 years ago by Debbie Martin, a respiratory therapist, the company serves skilled nursing facilities, nursing homes, hospitals and physician offices, and operates 16 full-service reference laboratories nationwide. It serves more than 3,000 long-term care facilities across the United States. Chapter 11 Petition Date: April 17, 2026 Court: United States Bankruptcy Court Southern District of Florida Thirteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- American Health Associates Holdings, Inc. (Lead) 26-14825 American Health Imaging MW, LLC 26-14826 American Health S, LLC 26-14828 American Health Imaging S, LLC 26-14831 American Health W, LLC 26-14832 American Health Associates Parent, LLC 26-14833 American Health NE, LLC 26-14834 American Health Holdings, LLC 26-14836 Mobile XRay Diagnostics, LLC 26-14837 American Health Holdings II, LLC 26-14839 American Health MW, LLC 26-14840 American Health Holdings III, LLC 26-14841 American Health Holdings IV, LLC 26-14842 Judge: Hon. Scott M Grossman Debtors' Counsel: Bradley S. Shraiberg, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 Email: bss@slp.law Each Debtor's Estimated Assets: $10 million to $50 million Each Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Christopher Martin as president. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZVE2KMQ/American_Health_Associates_Holdings__flsbke-26-14825__0001.0.pdf?mcid=tGE4TAMA List of Lead Debtor's 14 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Daniel L. Baker $4,844,684 1200 Holiday Dr Unite 1101 Fort Lauderdale, FL 33316 2. Balboa Capital Corporation $49,625 575 Anton Blvd #1080 Costa Mesa, CA 92626 3. City National Bank of Florida Unknown c/o Alan M. Grunspan Carlton Fields, PA 700 NW 1st Ave, Ste 1200 Miami, FL 33136 4. CT Corporation System Unknown Attn: SPRS 330 N. Brand Blvd, Ste 700 Glendale, CA 91203 5. Florida Department of Revenue Unknown P.O. Box 6668 Tallahassee, FL 32314-6668 6. Internal Revenue Service Unknown Attn: Special Procedures P.O. Box 34045 Stop 572 Jacksonville, FL 32202 7. McKesson Corporation Unknown 6651 Gate Parkway Jacksonville, FL 32256 8. Miami- Dade Tax Unknown Collector 200 NW 2nd Ave Miami, FL 33128 9. National Biz Capital, LLC Unknown 80 Arkay Dr., Suite 215 Hauppauge, NY 11788 10. Office of Attorney General Unknown State of Florida The Capitol PL-01 Tallahassee, FL 32399-1050 11. SEC Headquarters Unknown 100 F Street, NE Washington, DC 20549 12. Securities and Exchange Commission Unknown 801 Brickell Ave., Suite 1800 Miami, FL 33131 13. United States Attorney Unknown General's Office US Department of Justice 950 Pennsylvania Avenue Washington, DC 20530-0001 14. US Attorney Unknown Southern District of Florida 500 South Australian Avenue Suite 400 West Palm Beach, FL 33401 APPLE TREE LIFE: Will Remain in Ch. 11 Amid Cayman Case Revival --------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a Delaware bankruptcy court has rejected a bid by a Russian billionaire to throw out the Chapter 11 case of Apple Tree Life Sciences Inc., concluding that the filing meets the legal standards required to proceed. The judge found insufficient grounds to dismiss the case at this stage, emphasizing the company’s ongoing restructuring needs. At the same time, the court signaled openness to revisiting the issue in light of developments in a related Cayman Islands proceeding. The judge noted that the foreign case could shed light on key disputes, including ownership and authority questions that may ultimately bear on the validity of the U.S. bankruptcy, the report sttes. With the dismissal effort denied for now, Apple Tree will remain in Chapter 11 as it works through its financial reorganization. The ruling ensures continuity in the proceedings while leaving the door open for further challenges depending on how the offshore litigation unfolds, according to Law360. About Apple Tree Life Sciences, Inc. Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre -intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, the Debtor reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors' General Bankruptcy Co-Counsel is L. Katherine Good, Esq., of POTTER ANDERSON & CORROON LLP. The Debtors' General Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP. The Debtors' Financial & Restructuring Advisor is B. RILEY. The Debtors' Cayman Law Counsel is WALKERS. APRIL MANAGEMENT: Patricia Fugee Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of FisherBroyles, LLP as Subchapter V trustee for April Management, Ltd. Ms. Fugee will be paid an hourly fee of $365 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fugee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patricia B. Fugee FisherBroyles, LLP 27100 Oakmead Drive #306 Perrysburg, OH 43551 Phone: (419) 874-6859 Email: Patricia.Fugee@FisherBroyles.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 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11535) on April 3, 2026, with between $500,001 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtor is represented by Susan M. Gray, Esq., at Susan M. Gray Attys & Counselors At Law. AQUABOUNTY TECHNOLOGIES: Swaps $4.3MM Debt into Series A Preferred ------------------------------------------------------------------ AquaBounty Technologies, Inc. disclosed in a regulatory filing that it entered into Securities Exchange Agreements with holders of the Company's outstanding senior notes, pursuant to which an aggregate of $4,000,000 of principal amount plus $315,616.44 of accrued and unpaid interest was exchanged for an aggregate of 236,367 shares of the Company's Series A Convertible Preferred Stock, par value $0.01 per share, which are convertible into up to 4,727,371 shares of the Company's common stock in a private placement. The Company also entered into a Preferred Stock Purchase Agreement with a purchaser, pursuant to which the Company issued and sold 27,386 shares of Series A Preferred Stock, which are convertible into up to 547,705 shares of Common Stock, for aggregate cash consideration of $500,000 in a private placement. In connection with the Offering, on April 7, 2026, the Company entered into a placement agency agreement with Univest Securities, LLC to serve as the placement agent for the Offering. Pursuant to the Placement Agency Agreement, the Company agreed to pay Univest a fee equal to 7.0% of the gross proceeds received from the sale of the Series A Preferred Stock for $500,000 in the Preferred Placement. The Exchange Agreements, the Purchase Agreement and the Placement Agency Agreement closed on April 7, 2026. In connection with the transactions, on April 7, 2026, the Company filed the Certificate of Designations with the Secretary of State of the State of Delaware, establishing the rights, preferences and privileges of the Series A Preferred Stock. Material terms of the Series A Preferred Stock: Ranking. The Series A Preferred Stock ranks senior to the Company's common stock and all other junior equity securities with respect to dividends and distributions upon liquidation, dissolution or winding up. Dividends. Dividends will accrue on each share of Series A Preferred Stock at the rate of 18.0% per annum on a quarterly basis in arrears, calculated solely on the Liquidation Value. Dividends are payable in cash when declared on a bi-annual schedule (the last day of October and April), and the Board may permit dividends to accumulate rather than be paid on a Dividend Payment Date, subject to applicable law and exchange rules. No dividends (including accrued or accumulated dividends) may be payable or settleable in shares of common stock unless such issuance is permitted under applicable exchange rules. Partial dividend payments. If the Company pays less than the full amount of accrued and accumulated dividends, the amount paid must be distributed pro rata among holders based on the accrued and accumulated, but unpaid dividends on the shares held by each holder. Liquidation preference / Change of Control. Upon any liquidation, dissolution or winding up, holders of Seres A Preferred Stock are entitled to receive, before any distribution to junior securities, at the holder's election, either (i) cash or (ii) non-cash consideration valued at fair market value as determined by the board in good faith, in each case equal to the aggregate Liquidation Value plus all unpaid accrued and accumulated dividends (whether or not declared). A change of control is treated as a liquidation and triggers the same preference. The Series A Preferred Stock is non-participating. Liquidation Value. The Liquidation Value per share is $18.2580, subject to adjustment for stock splits, stock dividends, recapitalizations and similar transactions affecting the Series A Preferred Stock. Voting. Each share of Series A Preferred Stock votes together with the Common Stock as a single class on all matters submitted to stockholders, with each share having a number of votes equal to the number of shares of common stock into which it is then convertible (as of the applicable record date). Protective provisions. Without the prior written consent of holders of at least two-thirds of the outstanding Series A Preferred Stock voting as a separate class, the Company may not, among other things, authorize any security senior to the Series A Preferred Stock, make certain charter/bylaw/Series A Preferred Stock amendments, or redeem/repurchase or pay dividends/distributions on capital stock, subject to the exceptions stated in the Certificate of Designations. Conversion. Shares of Series A Preferred Stock are convertible at any time at the holder's election into shares of common stock based on the applicable Liquidation Value. In addition, subject to compliance with applicable exchange rules, the Company's Board of Directors may elect to convert accrued and unpaid dividends into shares of Common Stock based on the applicable Liquidation Value. Redemption. After the closing of a debt or equity financing resulting in proceeds to the Company in excess of $20,000,000, holders representing at least a two-thirds "Supermajority Interest" may require the Company to redeem all (but not less than all) outstanding shares for a per-share price equal to the applicable Liquidation Value plus all unpaid accrued and accumulated dividends (whether or not declared), subject to legally available funds. The redemption must occur within 90 days after the Company receives the election notice, and each holder may instead elect to convert its shares before the conversion election deadline specified in the redemption notice. Insufficient funds / nonpayment. If the Company lacks legally available funds on the redemption date, it must redeem the maximum number of shares it can redeem pro rata among holders and use later-available funds to redeem the remainder. If the Company does not pay the full redemption price when due, the unpaid amount bears interest at 18.0% per annum, and the unredeemed shares remain outstanding with continuing rights as provided in the Certificate of Designations. Breach remedies. Specified events constitute a "Series A Preferred Stock Breach," including failure to pay dividends when due, failure to make redemption or liquidation payments when due, breach of the protective provisions, and certain bankruptcy/insolvency events. During a continuing breach, the dividend rate increases by 3.0% per annum until cured, and upon certain bankruptcy/insolvency events all outstanding shares become subject to automatic redemption for the Series A redemption price to the extent permitted by law. Full text of the form of Exchange Agreement, the form of Preferred Stock Purchase Agreement, the Placement Agency Agreement, and Certificate of Designations are available at https://tinyurl.com/2en9d5bs, https://tinyurl.com/449us7z8, https://tinyurl.com/2y2ysexv, and https://tinyurl.com/4c7vmcwn, respectively. Compliance with Nasdaq Listing Rule 5550(b)(1) As a result of the Offering, the Company believes that it is now in compliance with Nasdaq Listing Rule 5550 (Continued Listing Standards for Primary Equity Securities) because the Company meets the Equity Standard set forth in Nasdaq Listing Rule 5550(b)(1), which requires stockholders' equity of at least $2.5 million. About AquaBounty AquaBounty Technologies, Inc., headquartered in Harvard, Massachusetts, develops genetically engineered Atlantic salmon and previously operated farms in Indiana and Canada, which it has sold along with associated intellectual property, trademarks, and patents. Its primary remaining asset is the Ohio Farm Project in the U.S., consisting of land, construction in progress, and equipment. The Company is focused on realizing the potential of this asset through new investment, partnerships, or other strategic options. In its audit report dated March 31, 2026, Deloitte & Touche LLP issued a "going concern" qualification citing that the Company has limited operating assets and incurred cumulative net losses that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $10,343,593 in total assets, $12,234,518, and $1,890,925 in total stockholders' deficit. AQUASERV POOL: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a final order authorizing AquaServ Pool Service to use cash collateral. The court authorized the Debtor to use cash collateral to fund operations, including court-approved expenses such as Subchapter V trustee fees; necessary operating costs outlined in the approved budget, with a variance of up to 10% per budget line item; and additional amounts if approved in writing by secured creditors Ace Funding Source, LLC and Credibly of Arizona, LLC. The authorization remains effective until further court order. The court granted secured creditors perfected post-petition liens on cash collateral, maintaining the same validity and priority as their pre-petition liens. The Debtor must also comply with all obligations under bankruptcy law, maintain insurance coverage, and provide creditors access to business records and premises. The ruling preserves creditors' rights to seek additional protections or remedies and allows parties to request modifications to the cash collateral terms, while the Court retains jurisdiction to enforce the order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/54bsr from PacerMonitor.com. AquaServ's secured debt consists of a $36,296.66 loan from the U.S. Small Business Administration; short-term financing from several merchant cash advance lenders; and a purchase-money loan secured by one of the Debtor's vehicles. The MCA lenders are Ace Funding Source LLC, Credibly of Arizona LLC, and IOU Financial, Inc. The Debtor also has vehicle leases with GT Leasing and RBC Trailers 2, and does not believe these creditors have any interest in the cash collateral. As of the petition date, the Debtor's cash collateral consists of accounts receivable totaling $62,000. About AquaServ Pool Service Inc. AquaServ Pool Service, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08398) on November 8, 2025, listing between $500,001 and $1 million in assets and liabilities. Judge Catherine Peek Mcewen presides over the case. Roberto D. DeLeon, Esq., at Deleon Law, PLLC represents the Debtor as bankruptcy counsel. ARCHDIOCESE OF BALTIMORE: Insurer, Claimants Strike $100MM Deal --------------------------------------------------------------- Randi Love of Bloomberg Law reports that a creditors' committee representing clergy abuse survivors in the Archdiocese of Baltimore's bankruptcy has reached a $100 million deal with its largest insurer, the Hartford. The agreement is a key step toward resolving claims tied to alleged misconduct. While terms are still being worked out, the settlement signals forward momentum, according to Edwin Caldie of Stinson LLP, counsel to the committee. He spoke during a Thursday hearing in Maryland bankruptcy court, emphasizing that negotiations are continuing. The Hartford settlement, which requires court approval, is the first proposed insurer resolution in the case. Its outcome could influence negotiations with other insurers and shape how claims are ultimately handled in the restructuring, the report states. The committee submitted a Chapter 11 plan earlier this month and is seeking to build a compensation framework for survivors. The case reflects broader efforts to address abuse allegations while reorganizing the Archdiocese's finances, according to Bloomberg. About the Archdiocese of Baltimore The Archdiocese of Baltimore operates as a non-profit religious organization. The organization provides catholic charities, chancery, pastoral council, policies, presbyteral council, and child and youth protection. The Archdiocese of Baltimore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition filed by Archbishop William E. Lori, the Debtor estimated assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS Law, LLC. ASCEND ELEMENTS: Court OKs Bid Rules for Recycling Biz Sale ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Ascend Elements Inc. and its affiliates, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors commenced the chapter 11 cases against a backdrop of acute liquidity constraints caused by construction delays and cost overruns at the Apex 1 facility, operating limitations at Apex 0, and adverse commodity pricing. The primary goal of these chapter 11 cases is to preserve liquidity, stabilize operations, and provide the breathing room necessary for the Debtors to explore a value-maximizing transaction or other restructuring alternatives for the benefit of all stakeholders. Consistent with that objective, the Debtors seek approval of bid procedures to govern a marketing and sale process for substantially all of their assets and to preserve flexibility to designate one or more Stalking Horse Bidders later in the process if doing so would maximize value for the estates. The Court has authorized the Debtor to sell the Property at auction. The Debtors have articulated good and sufficient reasons for the Court to approve the Bid Procedures, which are fair, reasonable, and appropriate under the circumstances. The Sale and Auction Notice, substantially, is appropriate and reasonably calculated to provide interested parties with timely and proper notice of the sale of the Assets, including the sale of the Assets free and clear of all pledges, liens, security interests, encumbrances, claims, charges, options, and other interests, the Auction, the Sale Hearing, the Bid Procedures, and all relevant and important dates and deadlines with respect to the foregoing, and no other or further notice of the Auction, the sale of the Assets, or the Sale Hearing shall be required. All objections to the relief granted in this Order that have not been withdrawn with prejudice, waived, or settled, and all reservations of rights included therein, are overruled, and denied on the merits with prejudice. The Debtors are authorized to proceed with the proposed sale of their assets in accordance with the Bid Procedures and the timeline approved below and are authorized to take any and all actions reasonably necessary or appropriate to implement the Bid Procedures. Each bidder participating at the Auction, if held, shall be required to confirm that it has not engaged in any collusion with respect to the bidding or the sale of the Assets, as set forth in the Bid Procedures. The Auction, if held, shall be transcribed or recorded. The Debtors are authorized, but not directed, to designate, with the consent of the Senior Secured Holders, one or more Stalking Horse Bidders for some or all of the Assets in the exercise of their business judgment and in accordance with the Bid Procedures. The Debtors or any other party in interest may file a reply to any Sale Objection, if any, by no later than May 16, 2026 at 5 p.m. (prevailing Central Time). Consummation of the sale of the Assets pursuant to a Successful Bid shall be subject to the Court's approval. 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. ASCEND ELEMENTS: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- Ascend Elements, Inc. and affiliates ask the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral and provide adequate protection. The Debtors' financial structure prior to bankruptcy is heavily leveraged, consisting primarily of two tiers of secured convertible notes. The senior secured convertible notes, with approximately $20 million outstanding, are backed by first-priority liens on substantially all assets, including cash. The junior secured convertible notes, with about $83.1 million outstanding, are secured by second-priority liens on the same collateral. These creditor groups are bound by a subordination agreement that governs their respective priorities and limits the junior creditors' ability to object to cash collateral use if the senior lenders consent. In addition to these obligations, the Debtors face substantial statutory lien claims—primarily construction-related—exceeding $145 million, though these are disputed and not all are believed to attach to cash collateral. The Debtors propose to operate under a tightly controlled budget covering a short interim period, focusing only on essential expenditures such as payroll, vendor payments, safety measures, and facility maintenance. This budget is intended to maintain minimal operations while the Debtors conduct a rapid marketing and sale process under section 363 of the Bankruptcy Code, with defined milestones for bidding procedures and a potential sale within a matter of weeks. Without this access, the Debtors warn they would be forced to cease operations, terminate employees, and abandon facilities, creating safety risks and destroying creditor recoveries. To protect the secured creditors, the Debtors propose a comprehensive adequate protection package. Senior secured lenders would receive first-priority replacement liens on postpetition assets (subject to a carve-out for professional fees), superpriority administrative expense claims, reimbursement of professional fees, and enhanced reporting rights. Junior secured lenders would receive similar but subordinated protections, including second-priority replacement liens and junior superpriority claims. These protections are designed to ensure that any use of cash collateral does not erode the secured creditors' position. Additionally, there are provisions such as a carve-out for bankruptcy professionals, waivers limiting the ability to surcharge collateral under section 506(c), and restrictions on applying the “equities of the case” exception under section 552(b). The proposed interim order also imposes strict conditions and milestones on the Debtors, including deadlines for obtaining final approval, conducting a sale process, and maintaining compliance with the approved budget. Numerous termination events allow secured creditors to cut off access to cash collateral if the Debtors default, fail to meet milestones, or take actions adverse to creditor interests, such as challenging liens or seeking alternative financing without consent. A copy of the motion is available at https://urlcurt.com/u?l=DhlnSn from PacerMonitor.com. About Ascend Elements, Inc. Ascend Elements, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Tex. Case No. 26-90440) on April 9, 2026. In the petition signed by Linh Austin, president and chief executive officer, the Debtor disclosed up to $10 billion in assets and up to $1 billion in liabilities. Judge Christopher M. Lopez oversees the case. Ryan E. Manns, Esq., at Norton Rose Fulbright US LLP, represent the Debtor as legal counsel. ASHFORD HOSPITALITY: Closes Sale of Four Hotels for $252.5 Million ------------------------------------------------------------------ Ashford Hospitality Trust, Inc. announced that it has successfully closed on the sale of four hotels and has entered into definitive agreements to sell an additional two hotels. These six transactions are part of the Company's ongoing strategy to optimize its portfolio through strategic asset sales. The majority of proceeds will be used to pay down mortgage debt, and together, these sales are expected to result in more than $60 million in future capital expenditure savings. "We continue to aggressively refine our hotel portfolio through strategic divestitures," said Stephen Zsigray, President and Chief Executive Officer. "We remain focused on maximizing shareholder value, and these sales accomplish all three of our strategic objectives: improved cash flow after debt service, significantly reduced future capital expenditure obligations, and lower portfolio leverage." Closed Transactions The Company has successfully closed on the previously announced sales of Hilton St. Petersburg Bayfront and La Posada de Santa Fe, as well as Hilton Alexandria Old Town and Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard. These transactions generated $252.5 million in gross proceeds, or $280,000 per key. When adjusted for the Company's anticipated capital expenditures of $57.6 million, the sale price represents a 6.0% capitalization rate on net operating income or a multiple of 14.5 times Hotel EBITDA for the twelve months ended December 31, 2025. Excluding the anticipated capital spend, the combined sale price represents a 7.4% capitalization rate on net operating income or a multiple of 11.8 times Hotel EBITDA for the twelve months ended December 31, 2025. Pending Transactions The Company has entered into definitive agreements to sell the 168-room Lakeway Resort & Spa for $37.8 million or $225,000 per key, and the 150-room Embassy Suites by Hilton Dallas Near the Galleria for $17.0 million or $113,000 per key. These sales are expected to be completed by May 2026 and are subject to normal closing conditions. The Company provides no assurances that these sales will be completed on these terms or at all. When adjusted for the Company's anticipated combined capital expenditures of $2.5 million, the sale price represents a 4.8% capitalization rate on net operating income or a multiple of 16.2 times Hotel EBITDA for the twelve months ended December 31, 2025. Excluding the anticipated capital spend, the combined sale price represents a 5.0% capitalization rate on net operating income or a multiple of 15.5 times Hotel EBITDA for the twelve months ended December 31, 2025. About Ashford Hospitality Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels. Dallas, Texas-based BDO USA, P.C., the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 20, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has final debt maturities within one year from the date the financial statements are issued, which raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $2.8 billion in total assets and $3.2 billion in total liabilities, and total stockholders' deficit of $610.8 million. AURORA FUEL: Seeks to Employ McLaughlinQuinn LLC as Counsel ----------------------------------------------------------- Aurora Fuel Company, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Rhode Island to employ Thomas P. Quinn, Esq. of McLaughlinQuinn LLC to serve as counsel. Mr. Quinn will provide these services: (a) give the Debtor advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business, management of its property, and reorganization; (b) advise the Debtor with respect to any plan proposed by the Debtor and any other matters relevant to the formulation and negotiation of a plan of reorganization in this case; (c) represent the Debtor at all hearings and matters pertaining to its affairs as Debtor-in-Possession; (d) prepare on behalf of applicant as Debtor all necessary motions, applications, answers, orders, reports, and other legal papers; (e) review and analyze the nature and validity of any liens asserted against the Debtor's property and advise the Debtor concerning the enforceability of such liens; (f) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of the estate; (g) advise and assist the Debtor in connection with any potential property dispositions; (h) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections, and lease restructurings and characterizations; (i) review and analyze various claims of the Debtor's creditors and the treatment of such claims and the preparation, filing, or prosecution of any objections thereto; (j) commence and conduct any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's Chapter 11 estate, or otherwise further the goal of completing the Debtor's successful reorganization other than with respect to matters to which the Debtor retains special counsel; and (k) generally perform all other legal services required of the Debtor as Debtor-in-Possession which may be necessary in the furtherance of these proceedings. Mr. Quinn will receive hourly rates of $550 for partner services, $350 for associate services, and $150 for paralegal services. The firm received a retainer of $19,889.50 and $8,372.50 for pre-petition legal services. McLaughlinQuinn LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Thomas P. Quinn, Esq. MCLAUGHLINQUINN LLC 148 West River Street, Suite 1E Providence, RI 02904 Telephone: (401) 421-5115 Facsimile: (401) 421-5141 E-mail: tquinn@mclaughlinquinn.com About Aurora Fuel Company, Inc. Aurora Fuel Company, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. RI Case No. 26-10315) on April 7, 2026. At the time of the filing, Debtor had estimated assets of between $50,001 to $100,000 and liabilities of between $1,000,001 to $10 million. Judge John A Dorsey Jr. oversees the case. McLaughlinQuinn LLC is Debtor's legal counsel. BB RESTAURANT: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- BB Restaurant Group, LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and provide adequate protection, in accordance with the budget, with a 15% variance, through April 30, 2026. The Debtor, a holding company formed in Arizona, filed for bankruptcy on February 2, 2026, and primarily derives its income from rents and fees paid by affiliated entities operating at its Phoenix premises, including a breakfast restaurant and an oyster bar. At the time of filing, the Debtor had minimal liquidity—less than $50 in cash—along with a modest security deposit and accounts receivable, making access to cash collateral essential for paying obligations such as rent to its landlord. The Debtor identifies two purported secured creditors, CSC (believed to represent a merchant cash advance lender) and U.S. Foods, both of whom assert liens on substantially all of the Debtor's assets, though the Debtor disputes certain aspects of these claims. The Debtor argues that without immediate authorization to use cash collateral, it will be unable to continue operations, which would undermine the value of the estate and harm all stakeholders. To justify such use, the Debtor proposes providing adequate protection to secured creditors primarily through replacement liens that mirror the scope, validity, and priority of prepetition liens, limited to the value of the collateral as of the petition date. Additionally, the Debtor contends that maintaining the business as a going concern itself constitutes adequate protection, as it preserves the overall value available to creditors. A copy of the motion is available at https://urlcurt.com/u?l=3JO1l2 from PacerMonitor.com. About BB Restaurant Group LLC BB Restaurant Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01014) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge Brenda K. Martin presides over the case. Patrick F. Keery, Esq., at Keery Mccue, PLLC represents the Debtor as legal counsel. BEACH ACQUISITION: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Beach Acquisition Co Parent, LLC's (dba Skechers) and Beach Acquisition Bidco, LLC's Long-Term Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlook is Stable. Skechers' rating reflects its leading position in the footwear industry, with approximately $9.6 billion in revenue, good cash flow, and a strong growth history. The rating also considers the company's single-brand concentration and narrow product focus. Skechers' EBITDAR leverage rose to 5.2x at YE 2025 from about 1.2x YE 2024 after the 3G LBO. Fitch expects Skechers' EBITDAR leverage to moderate to the high-4x range during the next 12-18 months, driven by EBITDA expansion and debt repayment. Key Rating Drivers Leading Player; Strong Growth History: Skechers has grown rapidly since inception in 1992. Fitch expects the company to maintain or increase its market share, with revenue growth of about 3% from 2026. Skechers ranks third in the global footwear market, with $9.6 billion in revenue and $1.2 billion in EBITDA at YE 2025. This compares with Nike's footwear sales of $30 billion and Adidas' footwear sales of $15 billion. The company's 16% revenue CAGR since 2012 exceeds the footwear industry average, with growth every year except in 2020, during the pandemic. Over time, Skechers has expanded beyond its core sneaker category into sandals, streetwear, and no-hands slip-ins. Recent growth initiatives have focused on expanding Skechers' direct-to-consumer (DTC) and international footprint, with close to two-thirds of its sales outside the U.S. The company's branding emphasis on comfort and value helps it avoid direct comparisons to athletic footwear peers that focus more on style and sports performance. 3G Ownership: After the close of the 3G transaction, Skechers' EBITDAR leverage elevated to the low-5x range, relative to 1.2x as of YE 2024. Fitch does not expect 3G to meaningfully change Skechers' existing strategy, including its focus on international growth and continued DTC expansion. Founder and CEO, Robert Greenberg, and other key executives, remain on the leadership team. Although this continuity is positive, there is key man risk. Fitch's forecast does not assume material margin expansion from new initiatives, despite some potential cost savings, given expectations for continued growth investments and ongoing cost inflation pressures. Limited Diversification: Skechers' credit profile is constrained by its brand concentration and narrow focus on footwear. Fitch expects the footwear sector to grow about 3%-5% annually over the long term, although near-term industry growth could weaken because of macroeconomic softness. Individual brands are exposed to changing fashion trends and brand popularity. These factors are mitigated by Skechers' diversified geographic exposure. Skechers also benefits from diversified sales channels, with wholesale accounting for 56% of 2025 revenue and DTC sales 44%. Revenue is split roughly 50% women, 10% kids, and 40% men. Stable to Growing Market Share: Fitch expects Skechers' revenue to grow at around 3% beginning in 2026. This compares to a low-double digit average from 2012-2025. The moderation reflects some brand maturation and potential cyclicality in the footwear market. While the footwear sector is expected to grow in the mid-single digits long term, individual brands are exposed to cyclicality from changing fashion trends and brand popularity due to fickle consumer behavior. Good Liquidity and FCF: Skechers' liquidity is supported by its strong cash position, projected strong FCF, and access to a $1.6 billion revolver, which was undrawn as of YE 2025. Fitch expects the company to generate FCF in the $100 million to $200 million range beginning in 2026. Fitch expects the company to deploy annual FCF to debt repayment given their commitment to debt reduction. Skechers is targeting a 3x net EBITDAR leverage using the balance sheet liability. High Leverage but with Deleveraging Capacity: Skechers historically operated with limited debt, with approximately $420 million of real estate loans outstanding at YE 2025. The 3G transaction increased EBITDAR leverage to about 5.2x at YE 2025 from 1.2x at YE 2024. Skechers has a prepayable $1.555 billion term loan B and a prepayable EUR1.25 billion term loan B and plans to use FCF proceeds to de-lever. Fitch expects EBITDAR leverage to decline to the high-4x range by 2027, driven by debt repayment and modest EBITDA expansion. Peer Analysis Skechers' rated peers within the non-food retail sector include Wayfair Inc. (B/Positive), Capri Holdings Limited (BB/Negative), Samsonite Group S.A. (BB+/Stable), and Levi Strauss & Co. (BBB-/Stable). Wayfair's rating reflects its position as a leading online retailer of furniture and home furnishings, and its recent efforts to structurally improve profitability following a long history of focusing primarily on growth. Wayfair's rating is one notch lower than Skechers', reflecting Fitch's expectations that EBITDAR leverage could trend relatively higher, in the mid-5x, beginning in 2026. The Positive Outlook reflects the company's recently strong operating performance, which could cause EBITDAR leverage to sustain below 5.5x. Capri's rating is two notches higher than Skechers, reflecting Capri's lower EBITDAR leverage, which is expected to remain below 3.0x, beginning in 2026. The Negative Outlooks reflect ongoing topline and EBITDA declines in its portfolio as it works to stabilize performance at the Michael Kors and Jimmy Choo brands, while facing challenging industry headwinds. Levi's rating considers the company's good execution from a topline and a margin standpoint, which supports Fitch's long-term expectations of low-single-digit revenue and EBITDA growth. The rating reflects Fitch's expectations that EBITDAR leverage will trend below 2.0x. Samsonite's rating considers the company's status as the world's largest travel luggage company, with strong brands and historically good organic growth. Samsonite's rating reflects Fitch's expectations that EBITDAR leverage will trend in the mid-to-high 2x range over the medium term. Fitch’s Key Rating-Case Assumptions - Fitch projects Skechers' 2026 revenue to grow around 3%, aided by Skechers' medium-term growth initiatives to expand its DTC and international footprint. This compares to a low-double digit average from 2012-2025 and contemplates some maturation of the brand and potential for cyclicality in the footwear industry; - EBITDA margins could trend in the 12% range in 2026, near 2025 levels, as topline growth is offset in-part by tariff cost pressures. Thereafter, Fitch expects EBITDA to expand modestly in-line with topline growth. The company expects to eliminate around $250 million in costs as identified by a third-party consulting firm, although Fitch expects these could be reinvested into topline initiatives; - Beginning in 2026, FCF could trend in the $100 million to $200 million range. Capex is expected to moderate towards $400 million in 2026 from $740 million in 2025 and could trend around $250 million thereafter. Fitch expects the company to use FCF for debt repayment, in line with the company's stated commitment toward deleveraging; - EBITDAR leverage could remain flat in the low-5x range in 2026, as the company's term loan repayment is offset in-part by the incurrence of PIK debt in 2026. EBITDAR leverage could moderate towards the high-4x range by 2027, driven by debt repayment and EBITDA expansion; - interest rate assumptions: The company's term loans and revolving credit facility have a variable rate structure, using SOFR as the floating rate component. Fitch's SOFR assumptions range from 3.0%-4.0% over the forecast period. For Skechers' PIK notes, Fitch assumes the company uses the PIK option for 2026 before reverting to cash pay beginning in 2027; 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 (bbb, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the actual year ended 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'B+'. Recovery Analysis For issuers with IDRs of 'B+' and below, Fitch performs a recovery analysis for each class of obligations of the issuer. The issue ratings are derived from the IDR and the relevant Recovery Rating (RR) and notching, based on Fitch's recovery analysis. Fitch's recovery analysis assumes that Skechers is maximized as a going concern in a post default scenario, given a going-concern valuation of $4.4 billion compared with around $2.9 billion in value from a liquidation of assets. Fitch's going concern value is derived from a projected EBITDA of $800 million. The scenario incorporates revenue of approximately $7.2 billion, around 25% below revenue for YE, 2025. EBITDA margins could trend around 11% in a recovery scenario, below Fitch's forecast in the 12% range given some fixed-cost deleverage. A going concern multiple of 5.5x was selected, in line with the 4x-6x range observed for North American retailers. Fitch deducted 10% for administrative claims and assumed full recovery for the approximate $420 million in real estate debt, which is secured by specific real estate assets, leaving approximately $3.5 billion in EV for the remaining debt structure. This yields good recovery prospects for the first lien debt, resulting in a 'BB-'/'RR3' rating on the secured instruments. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A downgrade to 'B' could result from a worse than expected top-line growth and declining EBITDA margins, such that EBITDAR leverage is sustained above 5.0x and EBITDAR fixed charge coverage is sustained below 1.5x; - A downgrade could also result from slower than anticipated debt repayment that results in EBITDAR leverage sustained above 5.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An upgrade of Skechers' ratings to 'BB-' could result from better than expected performance with annual organic top-line growth in the mid-single digits, reflecting stable to improving market share, and EBITDA growth in the mid-to-high single digit range, such that EBITDAR leverage is sustained under 4.5x and EBITDAR fixed charge coverage is sustained above 2.0x; - An upgrade could also result from higher than anticipated debt repayment that results in EBITDAR leverage sustained under 4.5x. Liquidity and Debt Structure Skechers has strong liquidity. As of YE 2025, Skechers has $1.795 billion in cash and $548 million in short-term investments. In addition, the company has access to a $1.6 billion senior secured revolving credit facility, which was undrawn as of this date with $1.59 billion in available borrowing capacity, net of letters of credit outstanding. As of YE 2025, Skechers had total debt outstanding of $6.8 billion consisting of approximately $3.0 billion in secured term loan debt, $1.17 billion in secured notes, $2.2 billion in unsecured PIK notes, and approximately $420 million in construction loans. The senior secured debt has a first-priority lien on essentially all assets of the company other than certain distribution facilities pledged to the construction loans. Fitch has affirmed Skechers' first-lien secured debt at 'BB-' with a 'RR3' Recovery Rating and the unsecured PIK notes at 'B-'/'RR6'. Issuer Profile Beach Acquisition Co Parent LLC (dba Skechers U.S.A. Inc.) is the third largest athletic footwear company in the world with 2025 revenue of $9.6 billion and EBITDA of $1.2 billion. Summary of Financial Adjustments Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and exclude non-recurring charges. Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate VS screener did not indicate an elevated risk for Beach Acquisition Co Parent, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Beach Acquisition Bidco, LLC LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- senior unsecured LT B- Affirmed RR6 B- Beach Acquisition Co Parent, LLC LT IDR B+ Affirmed B+ BEASLEY BROADCAST: Crowe LLP Raises Going Concern Doubt ------------------------------------------------------- Beasley Broadcast Group, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $5.9 million for the year ended December 31, 2025, compared to a net loss of $196.7 million for the year ended December 31, 2024. Net revenues for the year ended December 31, 2025, was $240.3 million compared to $205.9 million in the prior period. Los Angeles, California-based Crowe LLP, the Company's auditor since 2006, issued a "going concern" qualification in its report dated April 8, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a history of net losses and negative operating cash flows, expects to continue to incur additional losses in the near future and is currently in default on a portion of its debt that raise substantial doubt about its ability to continue as a going concern. Beasley said, "We have debt that is substantial in relation to our accumulated deficit. As of December 31, 2025, we had long-term debt, net of an unamortized premium, of $218.6 million and stockholders' deficit of $176.4 million." "In February 2026, we failed to make a scheduled interest payment on our long-term debt. While we are in discussions with various stakeholders with respect to a number of potential alternatives regarding a restructuring of the Company's outstanding indebtedness, as of the filing of this report, no agreement has been reached regarding the restructuring of Company's indebtedness, and no assurances can be given as to the timing or outcome of this process. "Our long-term debt is substantial in amount and could have an impact on you. For example, it could: * require us to dedicate a substantial portion of our cash flows from operations to debt service, thereby reducing the availability of cash flows for other purposes, including ongoing capital expenditures and future acquisitions; * impair our ability to obtain additional financing for working capital, capital expenditures, acquisitions and general corporate or other purposes; * limit our ability to compete, expand and make capital improvements; * increase our vulnerability to economic downturns, limit our ability to withstand competitive pressures and reduce our flexibility in responding to changing business and economic conditions; and * limit or prohibit our ability to pay dividends and make other distributions. "Any additional borrowings or note offerings would further increase the amount of our debt and the associated risks. In addition, there can be no assurances that additional financing will be available or on terms that will be acceptable to us, or at all. If we are unable to refinance or otherwise extend our indebtedness prior to the scheduled maturity date, we may not have sufficient cash on hand to repay our long-term debt upon maturity, which would have an adverse effect on our business, financial condition, and operating results in the event the lenders declare an event of default and exercise their rights and remedies. We may not be successful in improving our operations, securing additional liquidity or refinancing our outstanding indebtedness, and the feasibility of management's strategic plans is contingent upon factors outside of our control. As such, this uncertainty raises substantial doubt about our ability to continue as a going concern for at least one year from the date of issuance of the financial statements included in this annual report." Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said: "2025 was a year of meaningful transformation for Beasley. Against a persistently challenging advertising environment -- marked by continued secular pressure on traditional audio and the ongoing contraction of agency-driven revenue channels -- we made tangible progress reshaping this company for long-term value creation. Our digital business delivered record performance, with digital revenue representing approximately 24% of net revenue, up from roughly 19% of net revenue in 2024, and digital segment operating margins reached record levels as our continued shift toward owned-and-operated and programmatic products gained traction across our markets." "Operationally, we have fundamentally restructured the cost profile of this business. Over the past 18 months, we have executed approximately $30 million in annualized cost reductions -- permanent, structural changes that reflect a leaner and more focused organization built for today's revenue environment." "We also took deliberate steps to strengthen our balance sheet and sharpen our portfolio. The sale of WPBB in Tampa, which closed in the third quarter of 2025, and the subsequent sale of our Fort Myers market earlier this year, together generated approximately $26 million in proceeds and reflect our continued focus on concentrating capital behind our highest-performing, highest-potential assets." "Building on this progress, we recently announced a debt exchange transaction with our second lien bondholders, pursuant to which we expect to reduce our second lien debt by approximately 50% and repay roughly $15 million of our first lien debt. Upon completion of the transaction, which is subject to bondholder participation and expected to close by the end of April, we anticipate total outstanding debt will be reduced to approximately $110 million from $220 million today. We believe this transaction will meaningfully strengthen our balance sheet, enhance financial flexibility, and better position the Company to execute on its strategic priorities. Following its completion, our focus will shift toward further deleveraging through EBITDA growth and continued portfolio optimization." "We remain focused on what we can control -- our cost structure, our digital roadmap, our direct local revenue relationships, and the strength of our brands in every market we serve." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/mtyvwam4 About Beasley Beasley Broadcast Group -- http://www.bbgi.com-- is a multi-platform media company whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 49 AM and FM stations in the following large- and mid-size markets in the United States: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. As of December 31, 2025, the Company had $549.2 million in total assets, $402 million in total liabilities, and $147.2 million in total stockholders' equity. BEYOND MEAT: Posts $219MM Profit, Believes Cash Adequate Thru 2026 ------------------------------------------------------------------ Beyond Meat, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net income in 2025 of $219 million compared to net loss of $(160.3) million in the prior year. Net revenues decreased to $275.5 million in 2025 from $326.5 million in 2024 and $343.4 million in 2023. Liquidity and Capital Resources ATM Program On March 18, 2024, the Company filed a shelf registration statement on Form S-3 registering up to $250 million of its common stock, preferred stock, debt securities, warrants, purchase contracts and units. The 2024 Shelf Registration Statement was declared effective on April 12, 2024 and allows the Company to sell, from time to time and at its discretion, Company securities having an aggregate offering price of up to $250.0 million including shares of common stock that may be sold pursuant to its equity distribution agreement with B. Riley, as sales agent,under an "at the market" offering program. The Equity Distribution Agreement stipulates that the Company will pay B. Riley a commission equal to up to 3.0% of the gross offering proceeds of any shares of common stock sold through B. Riley pursuant to the Equity Distribution Agreement. The Company intends to use the net proceeds from sales of common stock issued under the ATM Program for general corporate and working capital purposes. The timing of any sales and the number of shares sold, if any, will depend on a variety of factors to be determined and considered by the Company, and the Company is not obligated to sell any shares under the Equity Distribution Agreement. In 2025, the Company sold 58,888,790 shares of common stock under the ATM Program for an aggregate offering price of $151.7 million, with total issuance costs of approximately $3.0 million, resulting in aggregate net proceeds of approximately $148.7 million. In 2024, the Company sold 9,750,312 shares of common stock under the ATM Program for an aggregate offering price of $48.3 million, with total issuance costs of approximately $3.3 million resulting in aggregate net proceeds of approximately $45.0 million. Of the total issuance costs related to the ATM Program, $0 and $0.3 million remained unpaid as of December 31, 2025 and 2024, respectively. In the years ended December 31, 2025 and 2024, approximately $3.0 million and $1.6 million, respectively, in total issuance costs were capitalized to reflect the costs associated with the issuance of new shares of common stock and offset against proceeds from the ATM Program. As of December 31, 2025, the Company had approximately $2,000 in capacity remaining for further sale of shares of common stock under the ATM Program. As the Company did not timely file this report on or before the available extension afforded by its Form 12b-25 filing, it has no ability to sell shares under the 2024 Shelf Registration Statement. Additionally, because it was unable to file this report on or before the applicable filing deadline, it no longer satisfies the eligibility requirements for use of a registration statement on Form S-3, which requires that it file in a timely manner all reports required to be filed during the prior twelve calendar months. As a result, the Company has suspended the use of the 2024 Shelf Registration Statement and is unable to access the ATM Program as of the date of this report. Convertible Notes and Exchange Offer In 2021, the Company issued a total of $1.15 billion aggregate principal amount of 2027 Notes in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. On September 29, 2025, the Company commenced the Exchange Offer to exchange any and all of the 2027 Notes issued pursuant to the 2027 Notes Indenture for a pro rata portion of: (i) up to $202.5 million in aggregate principal amount of the 2030 Notes and (ii) up to 326,190,370 shares of its common stock. Simultaneously with the Exchange Offer, the Company solicited consents from holders of the 2027 Notes to adopt certain proposed amendments to the 2027 Notes Indenture. The Exchange Offer was completed on October 30, 2025. In connection with the Exchange Offer, the Company issued a total of: (i) $209,721,000 in aggregate principal amount of 2030 Notes (inclusive of $12.5 million in aggregate principal amount of 2030 Notes as payment of the SteerCo Premium) and (ii) 317,834,446 New Shares. The tendered and accepted 2027 Notes together represented 97.44% of the aggregate principal amount of 2027 Notes outstanding prior to the Exchange Offer. As of December 31, 2025, $29,459,000 in aggregate principal amount of the 2027 Notes remained outstanding. In addition, in connection with the Exchange Offer, the Company completed the Consent Solicitation and entered into a supplemental indenture to the 2027 Notes Indenture with U.S. Bank, National Association, as trustee. The Supplemental Indenture eliminated substantially all of the restrictive covenants in the 2027 Notes Indenture as well as certain events of default and related provisions applicable to the 2027 Notes. The 2030 Notes were issued pursuant to the 2030 Notes Indenture dated as of October 15, 2025, by and between the Company and Wilmington Trust, National Association, as trustee and collateral agent. The 2030 Notes are secured, second lien obligations of the Company. The 2030 Notes will mature on October 15, 2030, unless earlier redeemed, converted, equitized or repurchased in accordance with the terms of the 2030 Notes. The 2030 Notes bear interest at a rate of 7.00% per annum from October 15, 2025, which interest may be paid in cash or, subject to certain limitations, in shares of common stock. At the option of the Company, interest on the 2030 Notes may be accrued and compounded in whole or in part for any interest period as "payment-in-kind" interest at a rate of 9.50% per annum from the Early Settlement Date. The Company has used the PIK option for the 2030 Notes and expects to elect the PIK option through the term of the 2030 Notes. The initial conversion rate for the 2030 Notes is 572.7784 shares of its common stock per $1,000 principal amount of the 2030 Notes, which represents a conversion price of approximately $1.7459 per share of its common stock. The conversion rate will be increased for conversions occurring prior to October 15, 2028 to reflect a "make-whole" premium, payable in the form of shares of common stock, to compensate holders for interest that would have been payable to such date. The Company is permitted to satisfy its obligations under the 2030 Notes with any settlement method it is otherwise permitted to elect, including by physical settlement of shares of common stock. The 2030 Notes are convertible at any time prior to the close of business on the second trading day immediately preceding the maturity date. Under certain circumstances and subject to conditions set forth in the 2030 Notes Indenture, the Company may elect to redeem, equitize or force a mandatory conversion of the 2030 Notes. Subsequent to the year ended December 31, 2025, on January 12, 2026, the Company and Beyond Meat BV entered into a First Supplemental Indenture with the Collateral Agent. The First Supplemental Indenture modified the 2030 Notes Indenture to provide for the guarantee of the 2030 Notes by Beyond Meat BV, which are secured on a second-priority basis by the Company's assets and the assets of Beyond Meat BV, subject to certain exceptions. The 2030 Notes Indenture includes incurrence based negative covenants, including but not limited to, limitations on debt, limitations on liens, limitations on investments, limitations on mergers, consolidations, and sales of all or substantially all assets, limitations on transactions with affiliates, limitations on restricted payments, limitations on asset sales, limitations on dividends and other payment restrictions affecting any direct or indirect subsidiaries, limitations on future guarantees by subsidiaries without such subsidiaries also guaranteeing the 2030 Notes, limitations on disposals of assets, limitations on impairment of security and restrictions on certain liability management priming transactions with respect to the 2030 Notes. The 2030 Notes Indenture also includes a covenant requiring minimum liquidity of $15.0 million, to be tested quarterly, a covenant that limits the Company's ability to repurchase, redeem, retire, exchange or otherwise acquire the 2027 Notes other than pursuant to the prices and other conditions to be set forth in the 2030 Notes Indenture and a cap of $60.0 million on the amount of cash that can be used to repay the 2027 Notes at the maturity of such notes, subject to increase to the extent of any equity raises by the Company. In the event of certain "fundamental changes," including without limitation, if the Company's common stock is delisted, under the terms of the applicable indenture, the Company is required to offer to repurchase all of the outstanding Notes for cash at a repurchase price equal to 100% of the aggregate principal amount of the Notes then outstanding plus accrued and unpaid interest and if such "fundamental change" constitutes a Make-Whole Fundamental Change (as defined in the applicable indenture), then the Company may be required to temporarily increase the conversion rate for such Notes. As of the date hereof, the Company has received a deficiency notice from Nasdaq, which, if not satisfied, could result in the delisting of its common stock. The carrying amount of the liability for the 2030 Notes as of December 31, 2025 was $308.4 million, net of debt discount, which represents the issuance date principal amount plus the undiscounted future cash flows using the PIK election, including any amounts contingently payable that the Company recognized on the completion of the Exchange Offer. The Exchange Offer was accounted for as a troubled debt restructuring, which requires the Company to recognize the entire amount of the future undiscounted cash flows as a liability at the closing of the Exchange Offer. As of December 31, 2025, issuance costs related to the 2030 Notes were approximately $38.2 million, of which $6.5 million were attributable to legal fees and other direct costs incurred in granting equity interest (issuing New Shares) and $31.7 million were attributable to legal fees and other direct costs incurred to effect the TDR under ASC 470-60, "Debt--Troubled Debt Restructurings by Debtors." The equity-related costs reduced the initial carrying amount of the equity interest issued and the non-equity costs incurred in the TDR were recorded as approximately $14.1 million included in selling, general and administrative expenses and approximately $17.6 million as a reduction to the gain on debt restructuring, net of exchange fees, included in the Company's consolidated statements of operations. In addition, in connection with the Exchange Offer, approximately $5.4 million of remaining unamortized debt costs from the 2027 Notes were written off and included as a reduction to the gain on debt restructuring, net of exchange fees, included in the Company's consolidated statements of operations. The 2030 Notes contain certain embedded derivatives that require bifurcation and separate accounting from the debt host pursuant to ASC 815, "Derivatives and Hedging", including separate valuations of fair value for those derivatives both at the issuance date and at the end of subsequent reporting periods thereafter until the derivatives expire, are canceled or the debt is no longer outstanding. The Company accounted for the bifurcated derivative instruments as a single, combined derivative instrument. Accordingly, the fair value of the 2030 Notes Embedded Derivative at the issuance date was $26.9 million, recorded as a debt discount to the 2030 Notes and is being amortized to interest expense over the term of the debt. For the year ended December 31, 2025, the Company recognized $1.1 million in interest expense related to the amortization of this discount. Furthermore, the change in fair value of the 2030 Notes Embedded Derivative from the issuance date to December 31, 2025 was $12.3 million and recognized in the Company's consolidated statements of operations. As of December 31, 2025, the embedded derivative liability was $39.2 million. Loan and Security Agreement; Warrant Agreement On May 7, 2025, the Company, as the borrower, entered into the Loan and Security Agreement with Unprocessed Foods, LLC, the other lenders party thereto and certain of its subsidiaries, as guarantors, pursuant to which the Lenders agreed to provide for the Delayed Draw Term Loan Facility in an aggregate principal amount of $100.0 million. Beyond Meat BV has guaranteed the Company's obligations under the Loan and Security Agreement. The Delayed Draw Term Loans are secured by a first-priority lien and security interest in substantially all of the Company's assets and the assets of Beyond Meat BV, subject to certain exceptions. The Delayed Draw Term Loans borrowed under the Loan and Security Agreement mature on February 7, 2030, which the Company may extend with the relevant Lenders' consent to no later than May 7, 2035. Borrowings under the Loan and Security Agreement accrue interest at a rate of 12.0% per annum, provided that if the maturity date of any Delayed Draw Term Loan has been extended after the Initial Maturity Date, then such rate per annum will be 17.5% after the Initial Maturity Date. Proceeds of the Delayed Draw Term Loans may not be used to repay, amortize or restructure any debt for borrowed money other than debt owed to the Lenders and debt incurred by a Loan Party to finance the purchase, construction or improvement of any asset or services. Accrued but unpaid interest on each Delayed Draw Term Loan is compounded on a quarterly basis and payable "in kind" by adding the amount of such accrued interest to the principal amount of the outstanding Delayed Draw Term Loans under the Loan and Security Agreement. Among other things, the Loan and Security Agreement includes covenants that: (i) require the Company to maintain liquidity of at least $15.0 million, (ii) do not permit its cash interest payments due under all of the Loan Parties' subordinated debt and unsecured debt for borrowed money for any fiscal year, in the aggregate, to exceed $20.0 million, and (iii) cap the amount of cash that can be used to repay the 2027 Notes at their maturity at $60.0 million, subject to increase to the extent of any equity raises. The Loan and Security Agreement also contains covenants that restrict the ability of the Loan Parties and certain of their subsidiaries to make dividends or distributions, incur additional debt (including subordinated debt), engage in certain asset sales, mergers, acquisitions or similar transactions, create liens on assets, engage in certain transactions with affiliates, change their businesses or make investments. The Loan and Security Agreement also contains change of control provisions that could have the effect of delaying or preventing an otherwise beneficial takeover of the Company. In connection with the Loan and Security Agreement, on May 7, 2025, the Company also entered into a warrant agreement with the Lenders setting forth the rights and obligations of the Company and the Lenders, as holders, in connection with Warrants representing the right to purchase up to, in the aggregate, 9,558,635 shares of its common stock at an initial exercise price of $3.26 per share calculated based on the terms of the Warrant Agreement. The Loan and Security Agreement provides that, at each funding date of any Delayed Draw Term Loan, the Company would execute and deliver to the applicable Lenders Warrants representing the pro rata portion of the Maximum Warrant Share Amount based on the amount of the Delayed Draw Term Loan provided by such Lender on the date thereof. The Company agreed to provide certain customary registration rights with respect to the resale of shares of common stock underlying Warrants held by or issuable to the holders from time to time and it subsequently registered for resale on Form S-3 the 9,558,635 shares of common stock underlying the Warrants outstanding. The Warrant Agreement also contains customary indemnity, exculpation and contribution obligations in connection with such registration. On June 26, 2025 and September 18, 2025, at the Company's request, Unprocessed Foods, as the sole Lender at such time, made Delayed Draw Term Loans to the Company in the principal amounts of $40.0 million and $60.0 million, respectively. The Company plans to use the proceeds from such Delayed Draw Term Loans for general corporate purposes. On June 26, 2025, in connection with the Initial Draw, the Company issued to Unprocessed Foods Warrants to purchase 3,823,454 shares of common stock with an initial exercise price of $3.26 per share, a fair value per share of $2.09 and an aggregate fair value of approximately $8.0 million. On September 18, 2025, in connection with the Second Draw, the Company issued to Unprocessed Foods Warrants to purchase 5,735,181 shares of common stock with an initial exercise price of $3.26 per share, that were previously held as contingently issuable Warrants. On October 15, 2025, in connection with the Exchange Offer, the Company entered into the First Amendment to LSA with Unprocessed Foods, and an Intercreditor Agreement, with Unprocessed Foods and the Collateral Agent under the 2030 Notes which, among other things, provides for the relative priorities of the security interests in the assets securing the 2030 Notes, the loans pursuant to the Loan and Security Agreement and certain of the Company's additional debt, and certain other matters relating to the administration of security interests. The terms of the Intercreditor Agreement expressly subordinate, in right of payment and in liens, the obligations under the 2030 Notes to the obligations under the Loan and Security Agreement. Pursuant to the terms of the Warrant Agreement, the exercise price of the Warrants is subject to a weighted average adjustment for certain below-market issuances of equity or equity-linked securities, subject to exceptions. On December 22, 2025, the Company adjusted the exercise price for the Warrants from $3.26 to $1.95 in order to fully account for any and all potential past or future adjustments relating to the Exchange Offer, the payment of interest on the 2030 Notes in the form of common stock or in the form of payment-in-kind interest, as well as certain mandatory conversions, equitizations and make-whole payments that could result in additional issuances of common stock thereunder, if any. As of December 31, 2025, the Company had drawn the entire $100.0 million and had no amount available under the Delayed Draw Term Loan Facility. The aggregate fair value of the Warrants was initially recorded as a discount to the debt under the Delayed Draw Term Loans and is being amortized to interest expense using the effective interest rate method. The unamortized portion of the fair value of the Warrants was $19.5 million as of December 31, 2025. As of December 31, 2025, issuance costs comprised of legal fees and other direct costs of $7.2 million in connection with the Loan and Security Agreement were recorded as a debt discount against the $100.0 million principal amount of the Delayed Draw Term Loans in the Company's consolidated balance sheet and is being amortized to interest expense using the effective interest rate method. As of December 31, 2025, the Company was in compliance with the covenants of the Loan and Security Agreement. However, because it failed to timely deliver to the lender by March 31, 2026 certain audited annual financial statements for its fiscal year ended December 31, 2025, as required by the terms of the Loan and Security Agreement, it was in default and provided notice thereof to the lender as required. Upon the filing of this report containing such audited annual financial statements and delivery to the lender of certain other documents required to be delivered concurrently, such default will be remedied and the Company will regain compliance with the covenants of the Loan and Security Agreement. Liquidity Outlook The Company's cash from operations has been and could continue to be, affected by various risks and uncertainties, including, but not limited to, the risks detailed in Part I, Item 1A, Risk Factors, and Note Regarding Forward-Looking Statements and Note 12 Commitments and Contingencies in the Notes to Consolidated Financial Statements included in the Company's Annual Report for the fiscal year ended December 31, 2025. In addition, inflation, tariffs, high interest rates in certain geographic regions, overall economic conditions and concerns about ongoing hostilities in Eastern Europe and the Middle East, among other factors, have led to increased disruption and volatility in capital markets and credit markets generally, which could adversely affect the Company's ability to access capital resources in the future and potentially harm its liquidity outlook. The Company has experienced net losses in almost every period since its inception. Although it recorded net income of $219.0 million in 2025, primarily driven by the gain on debt restructuring, net of exchange fees, of $548.7 million resulting from the Exchange Offer, it incurred loss from operations of $333.6 million in 2025 (compared to loss from operations of $156.1 million and $341.9 million in 2024 and 2023, respectively) and net losses of $160.3 million and $338.1 million in 2024 and 2023, respectively. In 2025, 2024 and 2023, the Company incurred negative cash flows from operating activities of $144.9 million, $98.8 million and $107.8 million, respectively. While the Company is implementing a business plan focused on achieving sustainable, profitable operations over time, including the strategic initiatives described elsewhere in this report, it expects that it will continue to operate at a loss for the foreseeable future. As part of its current business plan, the Company intends to continue to reduce operating expenses and utilize inventory management to reduce working capital, while investing in capital projects at its production facilities to reduce production costs. In 2023, the Company initiated its Global Operations Review, which involves narrowing its commercial focus to certain anticipated growth opportunities, and accelerating activities that prioritize gross margin expansion and cash generation. These efforts have to date included or resulted in, and may in the future include or result in, the exit or discontinuation of select product lines; changes to its pricing architecture within certain channels; cash-accretive inventory reduction initiatives; non-cash charges such as provision for excess and obsolete inventory and potential additional impairment charges, write-offs, disposals and accelerated depreciation of fixed assets, and losses on sale and write-down of fixed assets; further optimization of its manufacturing capacity and real estate footprint; workforce reductions; and the cessation of its operational activities in China in 2025. Based on the Company's current business plan, it believes that its existing cash balances, including its anticipated cash flows from operating activities, will be sufficient to fund its operations and meet its foreseeable cash requirements through the next 12 months. However, its ability to meet these requirements will depend on, among other things, its ability to achieve anticipated levels of revenue and cash flows from operating activities and its ability to manage costs and working capital successfully. Additionally, the Company may use its cash resources faster than it predicts due to unexpected expenditures or higher-than-expected expenses due to unfavorable macroeconomic events, including inflationary pressures or otherwise, competition or other factors that are beyond its control. Given that the Company continues to incur losses from operations and negative cash flows from operating activities, it may seek to raise additional capital in the future through the issuance of additional equity and/or debt securities, and/or incur other indebtedness, some or all of which may, subject to the covenants in the agreements governing its indebtedness, be secured, to continue to fund its operations and repay its indebtedness. Any such capital raises through the issuance of equity and/or debt securities, could result in additional dilution to its existing stockholders and may negatively impact the market price of its common stock. Any issuance of additional equity or debt securities may be for cash or in exchange for any of its outstanding convertible notes, which could have a highly dilutive effect on current stockholders and could negatively affect the trading price of its common stock. Similarly, if the Lenders exercise their Warrants pursuant to the Warrant Agreement, the resulting issuance of its common stock to such Lenders would have a dilutive effect on its current stockholders and could negatively affect the trading price of its common stock. In addition, any such potential financings may result in the imposition of debt covenants and repayment obligations, or other restrictions that may adversely affect its business. For example, the Loan and Security Agreement and the indenture governing the 2030 Notes contain covenants that restrict its ability to engage in certain transactions and could limit its ability to raise additional financing. Furthermore, any securities issued pursuant to potential financings may include rights that are senior to its shares of common stock. However, the Company cannot assure that it will be able to successfully raise additional funds for the amounts needed or when needed, or on terms commercially acceptable, if at all. Its inability to raise required capital in the future would have a material adverse effect on its business, financial condition and results of operations. The Company's future capital requirements may vary materially from those currently planned and will depend on many factors including, among others: * demand in the plant-based meat category and for its products, which has continued to decline; * its rate of revenue generation and the success of its planned gross margin expansion initiatives; the results of its Global Operations Review and the successful implementation of its ongoing cost-reduction initiatives; * the impact of economic and political conditions in the U.S. and international markets on its business; * timing to adjust its supply chain and cost structure in response to material fluctuations in product demand; * the number and characteristics of any additional products or manufacturing processes it develops or acquires to serve new or existing markets; * its investment in and build out of its Campus Headquarters, including the timing and success of surrendering, subleasing, assigning or otherwise transferring the remaining excess space or negotiating other partial lease terminations and/or subleases or other dispositions of its Campus Headquarters on terms advantageous to it or at all; * the success of, and expenses associated with, its marketing initiatives; its investment in manufacturing and facilities to optimize its manufacturing and production capacity, including underutilization fees, termination fees and exit costs; * its investments in real property; * the costs required to fund domestic and international operations and growth; * the scope, progress, results and costs of researching and developing future products or improvements to existing products or manufacturing processes; * any lawsuits related to its products or commenced against it; * the expenses needed to attract and retain skilled personnel; variations in product selling prices and costs, the timing and success of changes to its pricing architecture, and the mix of products sold; * the level of trade and promotional spending to support its products appropriately; * the expenses associated with its sales force; * its management of accounts receivable, inventory, accounts payable and other working capital accounts; * the impact of foreign currency exchange rate fluctuations on its cash balances; the costs associated with being a public Company; * the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing intellectual property claims, including litigation costs and the outcome of such litigation; and * the timing, receipt and amount of sales of, or royalties on, any future approved products, if any. The Company's operating environment continues to be affected by uncertainty related to macroeconomic issues, including economic and geopolitical uncertainty in domestic and international markets, ongoing, further weakened demand in the plant-based meat category and for its products, inflation, high interest rates, current and proposed future tariffs and related trade wars, increased uncertainty surrounding international trade policy and regulations, including through the implementation of retaliatory tariffs or related counter-measures and the negative effects of anti-American sentiment, and potential recessionary concerns, among other things, all of which have had and could continue to have unforeseen impacts on its actual realized results, including its liquidity outlook. Its ability to make progress toward reducing operating expenses and achieving its profitability, cash flow and financial performance objectives is dependent on a number of assumptions and uncertainties, including, without limitation, demand in the plant-based meat category and for its products, which has continued to decline; its ability to both raise capital and reduce costs and achieve positive gross margin; its ability to generate revenues and gross profit and meet operating expense reduction targets, which may be subject to factors beyond its control; timing of capital expenditures; and its ability to monetize inventory and manage working capital. The other risks described in this report may also hinder its ability to implement its strategic initiatives. As a result, the Company cannot guarantee that it will achieve its profitability and financial performance objectives in the future, whether on its expected timelines, or at all. Sources of Liquidity The Company's primary cash needs are for operating expenses, working capital and capital expenditures to support its business. It finances its operations primarily through sales of its products and existing cash. It may also generate incremental cash through ingredient sales and from sales of certain fixed assets. Its 2024 Shelf Registration Statement allows the Company to sell, from time to time and at its discretion, Company securities having an aggregate offering price of up to $250.0 million including shares of common stock that may be sold pursuant to the Equity Distribution Agreement with B. Riley under the ATM Program. As of December 31, 2025, the Company sold an aggregate of 68,639,102 shares of common stock under the ATM Program for aggregate net proceeds of approximately $193.7 million. As of December 31, 2025, it had approximately $2,000 in capacity remaining for further sale of shares of common stock under the ATM Program. As the Company did not timely file this report on or before the available extension afforded by its Form 12b-25 filing, it has no ability to sell shares under the 2024 Shelf Registration Statement. Additionally, because it was unable to file this report on or before the applicable filing deadline, it no longer satisfies the eligibility requirements for use of a registration statement on Form S-3, which requires that it file in a timely manner all reports required to be filed during the prior 23 calendar months. As a result, the Company has suspended the use of the 2024 Shelf Registration Statement and is unable to access the ATM Program as of the date of this report. On May 7, 2025, the Company entered into the Loan and Security Agreement, which provides for a new first-lien senior secured debt in an aggregate principal amount of up to $100.0 million. On June 26, 2025 and September 18, 2025, at its request, Unprocessed Foods, as the sole Lender at such time, made Delayed Draw Term Loans to the Company in the principal amounts of $40.0 million and $60.0 million, respectively. The Company plans to use the proceeds from such Delayed Draw Term Loans for general corporate purposes. As of December 31, 2025, it had drawn the entire $100.0 million and had no amount available under the Delayed Draw Term Loan Facility. As of December 31, 2025, the Company had $104.6 million in Delayed Draw Term Loans outstanding, including PIK interest, which is included in Delayed draw term loans, net, in its consolidated balance sheet. See Note 9, Debt, to the Notes to Consolidated Financial Statements included elsewhere in this report. As of December 31, 2025, the Company had $203.9 million in unrestricted cash and cash equivalents and $13.6 million in restricted cash, which was comprised of $12.6 million to secure the letter of credit delivered to its landlord as security for the performance of its obligations under its Campus Lease, and $1.0 million to secure the letter of credit associated with a third party contract manufacturer in Europe. As of December 31, 2025, Restricted cash, current of $4.4 million was associated with the Campus Lease. As of December 31, 2025 and 2024, $9.3 million and $12.6 million, respectively, of the restricted cash was included in Restricted cash, non-current. Subsequent to the year ended December 31, 2025, the Company entered into a new sales agreement with Roquette for the supply of pea protein which requires it to procure a $1.0 million standby letter of credit to secure its payment obligations thereunder. Management Commentary Beyond Meat President and CEO Ethan Brown commented, "Our results for the fourth quarter of 2025 reflect ongoing headwinds in the plant-based meat category as well as the financial impact of several restructuring charges that, while costly, we believe will support the Company's path to sustainable operations." Brown continued, "We enter 2026 with reduced leverage and extended debt maturity, and having added liquidity to our balance sheet. We intend to build on these improvements through the continued pursuit of top-line stabilization and margin expansion. Furthermore, we are strategically repositioning our brand to Beyond The Plant Protein CompanyTM, allowing us to enter into adjacent categories where we believe our brand, technology and commitment to clean plant-based nutrition can deliver significant value to consumers." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/72xymsv7 About Beyond Meat Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat Company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand promise, Eat What You Love(R), represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of December 31, 2025, the Company had $614.7 million in total assets, $74.9 million in total current liabilities, $540.8 million in total long-term liabilities, and $997,000 in total stockholders' deficit. BLACK SHEEP: Court Extends Cash Collateral Access to June 5 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, issued a second interim order allowing The Black Sheep, Inc. to continue using cash collateral. The court authorized the Debtor to keep using cash collateral on an interim basis through June 5. This approval remains subject to the terms outlined in the previously entered initial cash collateral order. A key modification in this second order relates to the definition of the "Budget." The court clarified that all references to the budget in the initial order now apply to an updated, extended budget, reflecting revised financial projections. The court also scheduled a continued interim hearing on the motion for May 27, at 10:45 a.m. The order is available at https://is.gd/GwXN3m from PacerMonitor.com. About The Black Sheep Inc. The Black Sheep, Inc., a marketing agency in Chicago, Illinois, specializes in connecting brands with college students across the United States through services including market research, field marketing, influencer campaigns, and paid advertising. Founded in 2008 by Atish Doshi as a satirical college newspaper at the University of Illinois, the company has expanded its network of student contributors and evolved its content to serve businesses and student housing properties nationwide. The Black Sheep filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01105) on January 22, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Atish Doshi, president and chief executive officer, signed the petition. Neema Varghese of NV Consulting Services serves as Subchapter V trustee. The Debtor is represented by: Adam P. Silverman, Esq. Adelman & Gettleman, Ltd. Tel: 312-435-1050 ext 229 Email: asilverman@ag-ltd.com BLACKBEARD'S TRIPLE: Gets Extension to Access Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, entered a fifth interim order allowing Blackbeard's Triple Play, LLC to continue using cash collateral. Under the fifth interim order, The Debtor is authorized to use cash collateral through May 12, strictly for ordinary and necessary operating expenses in line with an approved budget, with up to a 10% variance per line item. The funds must be segregated and not commingled, and the Debtor must provide financial reporting, access to records, and ongoing transparency to secured creditors. The Debtor projects total operational expenses of $156,106.45 for the period from April 9 to May 9. As adequate protection, secured parties—including Newtek Bank, Idea 247, Inc., and US Foods, Inc.—retain liens on post-petition collateral with the same priority as their prepetition interests. The Debtor must also make a specific adequate protection payment of $7,414.45 to Newtek by May 1 while all parties preserve rights to seek additional protections or challenge lien validity. Noncompliance with the budget and reporting requirements and conversion of the Debtor's Chapter 11 case to one under Chapter 7 constitutes a default that may immediately terminate the Debtor's authority to use cash collateral. A further hearing is scheduled for May 5. A copy of the court's order is available at https://shorturl.at/yucGt from PacerMonitor.com. About Blackbeard's Triple Play Inc. Blackbeard's Triple Play, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04908-5-DMW) on December 10, 2025. In the petition signed by Billy Dale Overbee, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge David M. Warren oversees the case. David J. Haidt, Esq., at Ayers & Haidt, PA, represents the Debtor as legal counsel. BLEND COFFEE 1: Gets Extension to Access Cash Collateral -------------------------------------------------------- The Blend Coffee 1, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued a fifth interim order extending the Debtors' authority to use cash collateral until June 11. The fifth interim order signed by Judge Roberta Colton authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditor. The interim order granted protections to secured lenders in the form of post-petition replacement liens, continued insurance coverage, and access to the Debtors' books, records, and premises upon reasonable notice. The lenders that may assert an interest in the cash collateral are Timberland Bank/ARF Financial LLC, First Southern Bank, BayFirst National Bank, Securities Settlement Solutions LLC, Sunshine State Economic Development Corporation, Flagship Bank and Paul Mullen and Jamie Mullen as trustees of the Human Fund Revocable Trust U/D/T. A continued hearing is scheduled for June 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/edjbd from PacerMonitor.com. About The Blend Coffee 1 LLC The Blend Coffee group comprises multiple affiliated limited liability companies under common ownership and control that operate coffeehouse and cocktail venues in St. Petersburg, Florida. The group provides espresso-based beverages, coffee flights, and mixed drinks across several locations. It functions as an integrated hospitality business with shared financial, administrative, and operational systems. The Blend Coffee 1 and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-08269) on November 4, 2025. At the time of the filing, Blend Coffee 1 listed up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Roberta A. Colton presides over the cases. Amy Denton Mayer, Esq., at Berger Singerman, LLP represents the Debtors as legal counsel. BOSTIC ENTERPRISE: Court Extends Cash Collateral Access to June 30 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, entered an agreed second interim order authorizing Bostic Enterprise Alliance, Inc. to use cash collateral. Under the order, the Debtor is authorized to use cash collateral in the ordinary course of business through June 30. Permitted uses include payment of post-petition trade obligations, insurance, taxes, utilities, administrative expenses, employee compensation, and other necessary operating costs to preserve the business and estate value. As adequate protection, secured creditor, Reliable Capital Advance LLC, will be granted replacement liens on post-petition assets to the same extent and priority as its prepetition interests, to the extent cash collateral is used. These liens are deemed valid, perfected, and enforceable without further filings, although they do not prime existing liens of other creditors. The order also establishes a carveout of up to $15,000 for professional fees, requiring monthly payments to debtor's counsel, Kaplan Johnson Abate & Bird, LLP, with a portion escrowed for the Subchapter V trustee. The Debtor must maintain insurance and comply with prior interim orders, while a final hearing on continued cash collateral use will be scheduled. The order is available at https://is.gd/4RET3u from PacerMonitor.com. About Bostic Enterprise Alliance Inc. Bostic Enterprise Alliance, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-30247) on February 4, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Joan A. Lloyd presides over the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP represents the Debtor as legal counsel. BRC GROUP: Director Robert D'Agostino Not Seeking Re-Election ------------------------------------------------------------- BRC Group Holdings, Inc. disclosed in a regulatory filing that Robert D'Agostino, a member of the Board of Directors, informed the Company of his decision not to stand for re-election at the Company's 2026 annual meeting of stockholders. Mr. D'Agostino intends to continue to serve as a member of the Board and on his current committees through the end of his current term, which ends on the date of the Annual Meeting. Mr. D'Agostino's decision to not stand for re-election was not the result of any disagreement with the Company or its management on any matters related to the Company's operations, policies or practices. About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of December 31, 2025, the Company had $1.7 billion in total assets, $1.8 billion in total liabilities, and total deficit of $120.3 million. BREAKFAST BITCH AZ: Dawn Maguire Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at Guttilla Murphy Anderson, as Subchapter V trustee for Breakfast Bitch AZ, LLC. Ms. Maguire will be paid an hourly fee of $395 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Maguire declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dawn Maguire, Esq. 10115 E. Bell Rd., Ste. 107 #498 Scottsdale, AZ 85260 Phone: (480) 304-8302 Fax: (480) 304-8301 Email: Trustee@MaguireLawAZ.com About Breakfast Bitch AZ LLC Breakfast Bitch, LLC, a restaurant operator based in Phoenix, Arizona, provides dine-in breakfast and brunch services featuring American-style comfort food, including chicken and waffles, pancakes, and egg-based dishes, while creating a high-energy, party-like dining atmosphere and branding centered on inclusivity and empowerment. It serves individual diners and social groups seeking experiential dining. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-03290) on April 3, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Derrell Hutsona, manager, signed the petition. Eddward P. Ballinger Jr. presides over the case. Lamar Hawkins, Esq., at Guidant Law, PLC represents the Debtor as bankruptcy counsel. BREAKFAST BITCH L: Dawn Maguire Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at Guttilla Murphy Anderson, as Subchapter V trustee for Breakfast Bitch L, LLC. Ms. Maguire will be paid an hourly fee of $395 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Maguire declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dawn Maguire, Esq. 10115 E. Bell Rd., Ste. 107 #498 Scottsdale, AZ 85260 Phone: (480) 304-8302 Fax: (480) 304-8301 Email: Trustee@MaguireLawAZ.com About Breakfast Bitch L LLC Breakfast Bitch L, LLC is a hospitality company engaged in restaurant and food service operations, with a focus on casual dining concepts. Breakfast Bitch L sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03289) on April 3, 2026. In its petition, the Debtor reported between $100,001 and $500,000 in both assets and liabilities. Honorable Bankruptcy Judge Madeleine C. Wanslee handles the case. The Debtor is represented by D. Lamar Hawkins, Esq., at Guidant Law, PLC. BREAKTHROUGH VENTURES: Wins Interim Cash Collateral Access ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division entered an interim order authorizing Breakthrough Ventures, LLC to use cash collateral to continue operations. Under the interim order, the Debtor is permitted to use cash collateral from the petition date forward for working capital, general business needs, and administrative expenses, subject to an approved budget and spending limits. As adequate protection for the U.S. Small Business Administration (SBA), the court granted the agency a replacement lien on the Debtor's cash collateral and a superpriority administrative expense claim under section 507(b), but only to the extent the SBA suffers any decline in the value of its collateral. The Debtor's authority to use cash collateral is conditioned on compliance with the approved budget, including a 15% permitted variance for operating expenses unless the SBA consents otherwise. The Debtor projects total operational expenses of $5,870 for April, $6,901 for May and $8,182 for June. Termination events include dismissal or conversion of the Debtor's Chapter 11 case, appointment of a Chapter 11 trustee, unauthorized spending, violation of the order, or any material adverse change affecting the estate. If such an event occurs and is not cured within five business days after notice, the Debtor's right to use cash collateral ends automatically, and the SBA may pursue its remedies, including stay relief. The court also modified the automatic stay as needed to allow the Debtor to grant liens and carry out the order. The protections granted to the SBA remain effective even if the case is later dismissed. A second interim hearing was scheduled for May 7, with objections due by May 1. About Breakthrough Ventures, LLC Breakthrough Ventures, LLC operates a home health care business in Prince George's County, Maryland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-10684) on January 21, 2026. In the petition signed by Melvin Sillah, manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Lori S. Simpson oversees the case. Augustus T. Curtis, Esq., at Offit Kurman, P.A., represents the Debtor as legal counsel. BURGESS BIOPOWER: SSG Served as Investment Banker in Debt Sale -------------------------------------------------------------- SSG Capital Advisors, LLC served as the investment banker to Burgess BioPower, LLC and Berlin Station, LLC (collectively, the Company) in the sale of its debt to Keyframe Capital Partners LP. Keyframe subsequently served as the plan sponsor in the Company's Chapter 11 Plan of Reorganization (the Plan) in the U.S. Bankruptcy Court for the District of Delaware. The debt sale closed in December 2024, and the Plan went into effect in April 2026. The Company operates a 75-megawatt biomass-fueled power plant located on a 62-acre site in Berlin, New Hampshire. The Company delivers more than 500,000 megawatt-hours of sustainable baseload power annually. The power plant is the fourth-largest power generator in New Hampshire and the largest biomass-fueled power plant in the Northeast. The Company realized meaningful financial and operational success throughout its history. Despite this success, the Company faced unfavorable legislation in 2023 that required the payment of a contingent liability pursuant to the Company's legacy power purchase agreement with Eversource Energy. To preserve cash flow and restructure its balance sheet, the Company elected to terminate the agreement and file for relief under Chapter 11 of the United States Bankruptcy Code in February 2024. SSG was retained prior to the filing to explore strategic alternatives, including a sale or restructuring of the business. SSG conducted a comprehensive sale process and targeted a broad universe of potential strategic and financial acquirers. Following several months of marketing the assets, Keyframe purchased the debt of certain senior lenders in December 2024 and emerged as the plan sponsor for the Company. The Plan was unanimously accepted by all voting classes, and the Company reached settlements with several counterparties, including Eversource Energy, the pre-petition lenders, the plant's owner/manager, and the city of Berlin, New Hampshire. The Company's restructuring plan became effective in April 2026, following confirmation in June 2025. SSG's extensive Chapter 11 transaction experience and ability to navigate complex situations allowed the Company to recapitalize its balance sheet and successfully emerge from bankruptcy with new ownership. Keyframe Capital Partners L.P. is a New York-based special situations firm. The fund targets investments in the energy and infrastructure sectors, with a specific focus on technology and regulatory changes in energy transition. Other professionals who worked on the transaction include: * Kenneth S. Leonetti, Alison D. Bauer, Carol J. Holahan, Jiun-Wen Bob Teoh, and Sarah Moore of Foley Hoag LLP, counsel to the Company; * Dean R. Vomero of Applied Business Strategy LLC, chief restructuring officer of the Company; * Drew McManigle of MACCO Restructuring Group, LLC, independent director to the Company; * Robert K. Malone, Katharina Earle, and Kyle P. McEvilly of Connell Foley LLP (formerly with Gibbons P.C., now FBT Gibbons) counsel to the Company; * Julia Frost-Davies, Oscar N. Pinkas, and Leo Muchnik of Greenberg Traurig, LLP, counsel to the secured lenders; * Christopher Post and RJ Arsenault of FTI Consulting, Inc., financial advisor to the secured lenders; and * James H. Millar and Kyle R. Kistinger of Faegre Drinker Biddle & Reath, LLP, counsel to Keyframe Capital Partners LP. About Burgess BioPower Burgess BioPower, LLC and its affiliates are renewable energy power companies that own and operate a 75-megawatt biomass-fueled power plant located on a 62-acre site in Berlin, New Hampshire. Berlin Station owns the facility and the facility site, and Burgess BioPower leases the facility pursuant to a long-term lease. Burgess BioPower also holds the necessary regulatory licenses for the operation of the facility. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10235) on Feb. 9, 2024, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. Dean Vomero, chief restructuring officer, signed the petitions. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Foley Hoag, LLP as general bankruptcy counsel; Gibbons P.C. as Delaware counsel; and SSG Capital Advisors, L.P., as investment banker. CA BROKERING: Starts Chapter 11 Bankruptcy in California -------------------------------------------------------- On April 14, 2026, CA Brokering & Consulting LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 12, 2026 at 09:30 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. Last day to oppose discharge or dischargeability is 7/13/2026. About CA Brokering & Consulting LLC CA Brokering & Consulting LLC is a business services firm engaged in brokerage and consulting activities, providing advisory and intermediary services to commercial clients. CA Brokering & Consulting LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13556) on April 14, 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 Julia W. Brand handles the case. The debtor is represented by Bahram Madaen, Esq. of Madaen Law Inc. CALITRE LLC: Seeks to Retain Vestcorp as Accountant --------------------------------------------------- Calitre, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Vestcorp, LLC to serve as accountant. Vestcorp, LLC will provide these services: (a) prepare monthly operating reports; (b) preparation of financial aspects of a Ch. 11 plan and disclosure statement; (c) assist the Debtor and their Counsel with the above; and (d) provide related accounting services required for the administration of the cases. Vestcorp, LLC will receive compensation at these hourly rates: Managing Director $400 Principal $350 Accountant $250 Associate $195 Vestcorp, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Irv Schwarzbaum VESTCORP, LLC 623 Eagle Rock Ave, Ste 364 West Orange, NJ 07052 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. Calitre, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-13857) on April 7, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. CANPACK GROUP: Fitch Rates New Sr. Unsecured Notes 'BB' ------------------------------------------------------- Fitch Ratings has assigned CANPACK Group, Inc.'s new USD500 million and EUR400 million notes a senior unsecured rating of 'BB'. The rating is aligned with CANPACK's Long-Term Issuer Default Rating (IDR; BB/Negative) and existing senior unsecured notes' rating. The Negative Outlook is driven by negative free cash flow (FCF) and lower EBITDA from the deconsolidation of Russian operations, which were placed under external administration in January 2026, the potential impact of the conflict in Middle East on Dubai and Indian operations and higher committed greenfield capex and dividends. Lower EBITDA and increased debt requirements to fund negative FCF will also result in EBITDA leverage peaking at 4.0x at end-2026, before it returns below the negative rating sensitivity from 2027. A strong business profile supports the rating, benefitting from a good market position, geographical diversification, strong customer relationships and cost pass-through mechanisms. Key Rating Drivers Proposed Structure: The proposed notes will constitute direct, general and unconditional obligations of CANPACK, and rank at least pari passu with all its present or future senior unsecured obligations. The net proceeds from the new notes will be used for general corporate purposes. Negative FCF: Fitch now forecasts CANPACK's FCF to turn negative in 2026 and 2027, with a return to positive expected only in 2028. Negative FCF is primarily driven by lower EBITDA, resulting from the deconsolidation of Russian operations and potentially weaker operations in Dubai and India due to the ongoing conflict in the Middle East. In addition, higher committed greenfield capex amounting to USD459 million in 2026 and USD101 million in 2027 will further weigh on cash flow. Fitch expects the ramp-up of greenfield capex to improve EBITDA generation in 2027, although this will cause temporary working capital outflows. This, combined with higher dividend distributions (especially from 2027), will keep FCF negative in 2027. Fitch expects CANPACK to fund the negative FCF using existing cash balances and additional debt. EBITDA Generation Constrained: Dubai and India contribute 15%-20% of EBITDA, with conflict-related disruptions expected to have a USD35 million impact in 2026. Russian operations, now under external administration by the Russian Federation, will reduce annual EBITDA by USD40 million-45 million versus earlier forecasts. Fitch forecasts EBITDA margin at 10% in 2026, rising to 10.7%-11% in 2027-2028 as revenue from greenfield capex, particularly in the Americas, increases and Dubai/India businesses normalise. However, margins will remain below its earlier estimate of around 12% due to the loss of the high-margin Russian business. Leverage to Peak in 2026: Fitch forecasts CANPACK's EBITDA gross leverage will peak at 4.0x by end-2026, just reaching the negative rating sensitivity threshold, before gradually declining to 3.7x and 3.4x at end-2027 and end-2028, respectively. CANPACK also plans to refinance its existing capital structure with new issuances in 2026, increasing overall gross debt by USD90 million but offering extended repayment comfort. Robust Pass-Through Mechanism: CANPACK incorporates pass-through mechanisms in most customer contracts, particularly for aluminium, where prices remain volatile. The company can pass through about 90% of its procurement prices (LME) and premium to its customers and hedges the remaining 10%, supporting operational stability and margin resilience. In addition, CANPACK has broadened its European supplier base, which will raise aluminium conversion costs but reduce transit times and support more efficient inventory management. Focused Expansion Strategy: CANPACK's growth has primarily been driven by new greenfield investments across geographies over the past two decades, expanding alongside existing customers, primarily beverage producers, with a substantial portion of pre-contracted volumes for new facilities. This has reduced execution risk for new plant construction. Fitch expects a similar risk-mitigating, demand-driven approach with its upcoming large capex, resulting in a capacity increase of about five billion cans in 2026-2028. Solid Business Profile: The company has a strong business profile with a diversified operational footprint and resilient market positioning. Its focus on core markets, long-term customer relationships, and ability to maintain its competitive advantage provide revenue visibility and mitigate operational risks. Peer Analysis CANPACK is one of the largest metal can manufacturers in Europe and ranks fourth globally behind major beverage can leaders, such as Ball Corporation, Crown Holdings Inc and Ardagh Group S.A. However, these companies are 3.0x-5.0x larger than CANPACK, while Ardagh Metal Packaging S.A. (B/Stable) is of a similar size. CANPACK's EBITDA and free cash flow (FCF) margin volatility is typically higher than those of other packaging companies, due to its higher greenfield capex and exposure to volatile aluminium prices. The company lacks the scale of its peers, like Berry Global Group, Inc. (BBB+/Stable), Ball and Crown, and has lower margins. CANPACK's gross leverage is better than that of lower-rated Ardagh Metal Packaging estimates of 7.2x at end-2025 and 6.7x at end2026. Fitch’s Key Rating-Case Assumptions - Revenue to grow at 8.4% in 2026, 7.8% in 2027 and 5.4% in 2028; primarily driven by the ramp-up of fully contracted new capex, especially in American geographies - EBITDA margins to remain subdued at 10% in 2026 due to potentially weaker operations in Dubai and India, before rising to 10.7%-11% in 2027-2028, driven by normalisation in Dubai and Indian operations and the ramp-up of new capex - Working capital inflow in 2026 due to increase in factoring use followed by working capital outflows due to the ramp-up of green field expansions and higher sales in 2027 and 2028 - Capex to peak at 13.3% of revenue in 2026, primarily due to higher expansionary and greenfield capex; capex to decline to 6% and 2.8% of revenue in 2027 and 2028, respectively - Annual net dividend outflows of USD15 million in 2026 and USD50 million a year in 2027 and 2028 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (b, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the historical year 2025, 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. Recovery Analysis Fitch uses a generic approach to evaluate the Recovery Rating of CANPACK's senior unsecured debt. Under its Corporates Recovery Ratings and Instrument Ratings Criteria, unsecured instruments are capped at 'RR4', resulting in a senior unsecured debt rating of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Delays to, and cost-overruns of, investments, leading to weaker operating performance - Neutral FCF margins on a sustained basis - EBITDA gross leverage consistently above 4.0x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage below 3.0x on a sustained basis - FCF margins consistently above 2% - Successful integration and ramp-up of new capex, leading to improved operational efficiencies Liquidity and Debt Structure CANPACK had readily available cash of USD268 million at end-2025 (after Fitch's adjustment for working capital seasonality). It also has access to USD309.9 million out of a USD400 million asset-based lending facility, maturing in March 2028, and an additional USD87.2 million of EUR100 million asset-based loan maturing in June 2028. Further, the company has non-recourse factoring arrangements, which it plans to use in 2026. CANPACK's debt structure at end-2025 included USD175 million of a senior unsecured term loan maturing in October 2026 with two optional six-month extensions, EUR600 million of senior unsecured notes due in November 2027 and USD800 million senior unsecured notes due in November 2029. The company plans to raise additional USD500 million and EUR400 million new senior unsecured notes to refinance a portion of its existing debt, along with other general corporate purposes. Issuer Profile CANPACK is a leading global manufacturer of aluminum cans, glass containers, and metal closures for beverages, and steel cans for food and chemicals. Date of Relevant Committee 30 March 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 Climate V.S. did not indicate any elevated risk for CANPACK Group 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 ----------- ------ -------- CANPACK Group, Inc. senior unsecured LT BB New Rating RR4 CAPSTONE COPPER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Capstone Copper Corp.'s Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the senior secured RCF at 'BB+' with a Recovery Rating of 'RR2', and senior unsecured notes at 'BB-'/'RR4'. The Rating Outlook is Stable. The ratings and Outlook reflect Capstone's mid-tier size, concentration in four mines, improving but relatively high-cost position, and Fitch's expectation that EBITDA leverage will be sustained below 3.5x. Key Rating Drivers High, But Improving Cost Position: Fitch expects cost position to be a key driver of through-the-cycle profitability and cash flow, but expects copper prices to remain above marginal cost. Cozamin in Mexico (10% of 2025 consolidated production [CP]) is in the first quartile of Wood Mackenzie's 2026 Copper C1 + Sustaining Capex cost curve. Mantos Blancos in Chile (23% of 2025 CP) is in the second quartile, while Mantoverde in Chile (44% of 2025 CP) is in the third quartile, and Pinto Valley U.S. (23% of 2025 CP) is in the fourth quartile. Capstone's unit cash costs net of by-product credits dropped to $2.44/pound (lb) in 2025 from 2.77/lb in 2024. This improvement primarily results from the continued ramp-up at Chilean mines. Fitch expects Mantoverde's cost position to improve after the completion of its optimized brownfield expansion project, which will increase throughput of the sulphide concentrator to 45,000 tonnes of ore per day from 32,000 tonnes of ore per day. The project is expected to cost roughly $176 million and ramp-up in 4Q26. Copper Exposure: Fitch views the copper market as volatile but supported by near-term tight balances and long-term deficits. Roughly 93% of 2025 gross revenues was from the sale of copper. Fitch estimates that a 10% change in copper prices from its 2026 rating case assumption of $11,500/tonne (t), adjusted for currently hedged production, would change 2026 EBITDA by $233 million, all else being equal. Capstone's average realized copper price was $4.66/lb in 2025, compared with $4.16/lb in 2024 and $3.84/lb in 2023. Spot prices are approximately $5.75/lb compared with Fitch's rating case assumptions of $11,500/t (about $5.22/lb) in 2026, $11,000/t (about $4.99/lb) in 2027, and $10,000/t (about $4.54/lb) thereafter. Conservative Financial Policies: Fitch views Capstone's financial policy, which targets a maximum net leverage of 2.0x at conservative copper price assumptions, as favorable to its credit profile. Fitch expects leverage to be significantly below that target prior to advancing the Santo Domingo project, although the company's policy allows deviations during the construction of major development projects. Capstone prioritizes operational improvements and low-risk, low-capital brownfield expansions before pursuing large-scale greenfield projects. Deleveraging After 2026: Without Santo Domingo development spending, Fitch expects substantial deleveraging after 2026 as Mantoverde is fully ramped-up, the company's cost position improves, and capex declines. Sustained higher-than-expected copper prices would enable Capstone to repay revolver balances earlier, which would result in more rapid deleveraging. Santo Domingo Project: Fitch views the $2.3 billion, fully permitted project favorably given its production, cost and mine-life outlined in the technical report effective July 31, 2024. Its rating case excludes Santo Domingo production and capital spending, except for minimal capex (project expected to reach final investment decision by YE 2026). Capstone completed the 25% minority interest sale to Orion Resource Partners in October 2025. Fitch expects ongoing support from Orion. Additional funding should come from gold stream deposits totaling $260 million, non-recourse project debt, cash on hand, and FCF. Capstone has a remaining funding requirement of $500 million, of which Capstone's pro rata share is 75%. Peer Analysis Capstone has larger production and more mines than its peer Hudbay Minerals Inc. (BB-/Stable). Capstone's 2025 copper production was 224,764t and the company guides to 2026 production of 200,000-230,000t of copper from its four mines as Mantoverde continues to ramp up. This compares with Hudbay's 2025 copper production of 118,188t at the low end of guidance of 117,000-149,000t of contained copper from its three mines. Hudbay's 2026 copper production guidance of 110,000-138,000t. Hudbay's lower cost profile and significant gold production results in higher EBITDA. Capstone's 2025 EBITDA was about $940 million compared with about $1,075 million for Hudbay. Fitch expects EBITDA after distributions to noncontrolling interest for the two companies to be similar to the level in 2026 as Mantoverde ramps up. Capstone's EBITDA leverage was 1.2x at Dec. 31, 2025, compared with Hudbay's EBITDA leverage at about 1.0x. Fitch views Capstone's exposure to Chile and Hudbay's exposure to Peru as relatively low jurisdictional risk exposure. Fitch’s Key Rating-Case Assumptions - Average consolidated copper sold increases from about 217,500t in 2025 to about 250,000t in 2028 and 2029; - Copper prices of $11,500/t in 2026, $11,000/t in 2027, and USD10,000/t thereafter; - Consolidated capex declines from nearly $790 million in 2026 to roughly $600 million by 2029; - Significant Santo Domingo capital spending is not included. 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, Lower), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb-, Higher), Profitability (bb+, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 30% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 3.5x; - Sustained negative FCF before major development capital; - Failure to improve average cost position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved size and scale; future development projects funded in a balanced manner; - EBITDA leverage sustained below 2.5x. Liquidity and Debt Structure As of Dec. 31, 2025, cash on hand was $304.2 million and $711 million was available under the company's $1,000 million RCF due May 10, 2029. Debt maturities are modest before the revolver balances are due May 2029 and the notes are due in 2033. Fitch expects debt reduction to continue given the elevated copper prices are expected to remain, which is supported by positive FCF over the forecast along with capex declining over the forecast. Issuer Profile Capstone Copper Corp. is a mid-sized, Canadian-domiciled, copper mining company. It owns and operates one mine in Arizona, U.S., one mine in Mexico, and two mines and one project in Chile. 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 Capstone Copper Corp. 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 ----------- ------ -------- ----- Capstone Copper Corp. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR2 BB+ CARIOLA GROUP: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Cariola Group, LLC and Corporate American Solutions, LLC ask the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, for emergency authorization to use cash collateral and provide adequate protection. The Debtors operate an advertising business based in Miami, Florida, and continue to manage their affairs as debtors-in-possession. Their secured debt structure includes significant obligations to the United States Small Business Administration, with an outstanding balance of approximately $407,000 secured by a blanket lien on substantially all assets, and City National Bank, which is owed roughly $2.19 million under a similarly secured loan that is also guaranteed by individual principals. Additional UCC filings by other entities exist, though the Debtors dispute owing any obligations to those parties and question whether their assets secure such claims. Given that substantially all of the Debtors' cash and revenues may constitute cash collateral, court authorization is required for its use absent creditor consent. The Debtor needs to use cash collateral to maintain ongoing operations, including payroll, vendor payments, and other necessary business expenses. Without such access, the Debtors warn that operations would cease, leading to loss of employees, revenue, and enterprise value, and potentially forcing liquidation under Chapter 7. To mitigate this risk, the Debtors propose to strictly adhere to the interim budget, limit expenditures to approved line items (subject to limited variance flexibility), and refrain from paying any prepetition debts unless specifically authorized by the court. As adequate protection, the Debtors propose granting replacement liens on all postpetition assets, maintaining the same validity, priority, and scope as the prepetition liens, thereby ensuring that creditors' secured positions are preserved despite the use of their collateral. Additionally, the Debtors offer administrative expense claims to the extent that the replacement liens prove insufficient to protect against any diminution in value. These protections are designed to ensure that secured creditors retain the economic equivalent of their prepetition interests. A copy of the motion is available at https://urlcurt.com/u?l=vlQy0t from PacerMonitor.com. About Cariola Group, LLC Cariola Group, LLC operates an advertising business based in Miami, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14418-CLC) on April 9, 2026. In the petition signed by Mariano J. Cariola-Sanz, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Jacqueline Calderin, Esq., at Agentis PLLC, represents the Debtor's legal counsel. CASKATA INCORPORATED: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division granted Caskata Incorporated interim approval to use cash collateral to maintain ongoing operations. Under the order, the Debtor is authorized to use cash collateral in accordance with an approved budget, limited to what is necessary during the interim period before a final hearing. Secured creditors retain their existing liens, and as adequate protection, they are granted replacement liens on post-petition assets with the same priority as their prepetition interests, but only to the extent of any decline in collateral value. The order also sets procedural requirements, including monthly financial reporting to secured creditors and preservation of all parties' rights to challenge lien validity. A final hearing on continued use of cash collateral is scheduled for April 27. The order is available at https://is.gd/NRoROK from PacerMonitor.com. About Caskata Incorporated Caskata Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10775) on April 9, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in laibilities. The petition was signed by Shawn Laughlin as president. The Debtor is represented by: Jesse I. Redlener Ascendant Law Group LLC Tel: 978-409-2038 Email: jredlener@ascendantlawgroup.com CASPIAN INDUSTRIAL: Case Summary & One Unsecured Creditor --------------------------------------------------------- Debtor: Caspian Industrial Investments Inc. 1710 Western Ave Las Vegas, NV 89102 Business Description: Caspian Industrial Investments Inc. owns in fee simple an industrial property located at 1710 Western Ave, Las Vegas, Nevada 89102. Chapter 11 Petition Date: April 16, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-12372 Debtor's Counsel: David J. Winterton, Esq. DAVID WINTERTON & ASSOCIATES LTD. 7881 W. Charleston Blvd. Suite 220 Las Vegas, NV 89117 Tel: 702-363-0317 Fax: 702-363-1630 E-mail: autumn@davidwinterton.com Total Assets: $0 Total Liabilities: $1,270,008 The petition was signed by David Habibian as authorized representative of the Debtor. The Debtor identified Michael Smith, represented by MASSI & MASSI, Attorneys at Law, located at 2510 Wigwam Pkwy., Suite 206, Henderson, NV 89074, as its only unsecured creditor, holding a $1.27 million claim arising from a district court judgment. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QVS55XQ/CASPIAN_INDUSTRIAL_INVESTMENTS__nvbke-26-12372__0001.0.pdf?mcid=tGE4TAMA CCH JOHN EAGAN I: Court Extends Cash Collateral Access to May 7 --------------------------------------------------------------- CCH John Eagan I Homes, L.P. and CCH John Eagan II Homes, L.P. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court issued a fourth interim order extending the Debtors' authority to use cash collateral through May 7 to pay operating expenses in accordance with their budget. With the receiver's consent, the Debtors may exceed individual budget line items by up to 10% or exceed individual items by more than 10% so long as total overages do not exceed 10% in the aggregate. As adequate protection, Lending Group US, LLC, Bridgeview Funding, LLC and the Housing Authority of the City of Atlanta, Georgia, will be granted post-petition replacement liens on some of the Debtors' assets, to the same extent and priority as their pre-bankruptcy liens. These replacement liens do not apply to avoidance actions or assets not subject to pre-bankruptcy liens. The next hearing is scheduled for May 7. The fourth interim order is available at https://shorturl.at/JKjrq from PacerMonitor.com. CCH John Eagan I Homes and CCH John Eagan II Homes own and operate the Magnolia Park Apartments in Atlanta, Georgia, a large, integrated residential complex consisting of two phases that share common amenities and infrastructure. Phase I, owned by CCH I, contains 220 units, while Phase II, owned by CCH II, contains 180 units, with the combined property valued at more than $49 million. The Debtors identify Lending Group US and Bridgeview Funding as first-priority mortgage lenders on Phases I and II, respectively, and the Housing Authority of the City of Atlanta as a second-priority mortgage holder on both phases. The Debtors commenced their Chapter 11 cases to regain control of the property, restructure their finances, complete deferred repairs and maintenance, and pursue long-term redevelopment of the apartment complex. The bankruptcy filings were triggered by a dispute with the Housing Authority over an alleged breach of a settlement agreement, which led to the appointment of a state-court receives a move opposed by the senior lenders. About CCH John Eagan I Homes L.P. CCH John Eagan I Homes, L.P. is a limited partnership specializing in real estate holdings, focused on property ownership and development activities. CCH John Eagan I Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24569) on December 10, 2025. with between $10 million to $50 million in both assets and liabilities. Honorable Bankruptcy Judge Mindy A. Mora oversees the case. The Debtor is represented by Philip J. Landau, Esq. of Landau Law, PLLC. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. CDB DEVELOPMENT: Commences Chapter 7 Bankruptcy in California ------------------------------------------------------------- On April 16, 2026, CDB Development Limited Liability Company filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on May 18, 2026 at 11:00 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About CDB Development Limited Liability Company CDB Development Limited Liability Company is a real estate and development-related entity. The company sought liquidation relief under Chapter 7 to address outstanding financial obligations. CDB Development Limited Liability Company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01587) on April 16, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Michael R. Totaro, Esq. of Totaro & Shanahan, LLP. CEDAR ARCH: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the District of Idaho granted Cedar Arch Dairies, LLC interim authority to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral retroactive to the petition date, in accordance with its stipulated agreement with key secured creditor, Rabo AgriFinance LLC. Use of funds must follow an interim budget, with a permitted variance of up to 10% per line item. Rabo and other secured creditors will be granted protection through replacement liens on post-petition cash collateral, with the same priority and extent as their pre-petition liens. These replacement liens do not apply to proceeds from avoidance actions. The Debtor must comply with U.S. Trustee guidelines and maintain proper operations. The interim authorization remains in effect until a final order is entered, with a final hearing scheduled for April 27. The order is available at https://is.gd/neAKLW from PacerMonitor.com. About Cedar Arch Dairies, LLC Cedar Arch Dairies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ida. Case No. 26-40154) on March 23, 2026, with $10 million to $50 million in both assets and liabilities. Jeremy Clayson, president, signed the petition. The Debtor is represented by Matthew W. Grimshaw, Esq., at Grimshaw Law Group, P.C. CHRISTMAN CABLE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Christman Cable, Inc. 4383 FM 439 Belton, TX 76513 Business Description: Christman Cable, Inc., based in Belton, Texas, is a construction contractor specializing in communications cabling and underground utility services, including fiber optic and network infrastructure installation. Founded in 2013, the company serves projects in Central Texas. Chapter 11 Petition Date: April 17, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-60352 Judge: Hon. Michael M Parker Debtor's Counsel: David Alford, Esq. PAKIS GIOTES BURLESON & DEACONSON, P.C. P.O. Box 58 Waco, TX 76703-0058 E-mail: alford@pakislaw.com Total Assets: $1,086,137 Total Liabilities: $1,882,381 The petition was signed by James Christman as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V4GPX6I/Christman_Cable_Inc__txwbke-26-60352__0001.0.pdf?mcid=tGE4TAMA CLEARSIDE BIOMEDICAL: Plan Exclusivity Period Extended to June 22 ----------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Clearside Biomedical, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 22 and August 20, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that relevant factors demonstrate that there is more than sufficient cause to approve the extension of the Exclusive Periods: * This Chapter 11 Case has involved complex legal and factual issues. As described in more detail in the First Day Declaration, the Debtor's business involved novel ocular drug therapies, and its portfolio of products included, among other complex assets, a number of clinical programs in varying stages of development. As a result, during its sales and marketing process, the Debtor engaged in extensive diligence and negotiations with various interested parties, including 41 prospective buyers. * Since the commencement of the Chapter 11 Case, the Debtor has, among other things: (i) minimized the adverse effects caused by the commencement of this Chapter 11 Case on its business by securing various (a) first-day relief on both interim and final basis and (b) second-day relief; (ii) retained estate professionals in this Chapter 11 Case; (iii) obtained entry of the Bidding Procedures Order and undertook the various tasks necessary to advance the Sale Process, including the preparation of marketing materials and responding to diligence requests from potential purchasers; (iv) filed its schedules and statements and the initial report pursuant to Bankruptcy Rule 2015.3; (v) obtained entry of a bar date order; (vi) prepared and filed an initial form of the Combined Disclosure Statement and Plan; (vii) continued its post-petition marketing and sale process to consummate a value-maximizing sale or sales of its Assets for the benefit of its estate and its stakeholders, including the commencement of an Auction; (viii) responded to numerous inquiries and demands by parties in interest; (ix) reached a settlement with HCR on complex factual and legal issues that will allow the Debtor to recommence the Auction for the sale or sales of its Assets; (x) worked with the U.S. Trustee, the Ad Hoc Group, and other interested parties to resolve comments and questions with respect to various filings in this Chapter 11 Case, including most recently the proposed order approving the Settlement Agreement; and (xi) handled various other tasks related to the administration of the Debtor's estate and this Chapter 11 Case. * Since the filing of this Chapter 11 Case, the Debtor has continued to pay substantially all of its undisputed, postpetition expenses and invoices. The Debtor claims that having resolved its dispute with HCR and with the Auction to recommence promptly, the Debtor is positioned to move this Chapter 11 Case forward expeditiously, and the results of the sale process will directly inform the Debtor's determination of the most viable path to plan confirmation. Consistent with its fiduciary duties, the Debtor will use the extended Exclusive Periods to continue to evaluate the Plan Sponsor Bid and other transaction proposals as the Debtor determines a path forward that will maximize value for the estate and all stakeholders. In addition, termination of the Exclusive Periods at this critical juncture would adversely impact the Debtor's efforts to preserve and maximize the value of its estate and the progress of this Chapter 11 Case. The Debtor has invested substantial time and resources in evaluating its various options and advancing its sale process, and termination of the Exclusive Periods and permitting competing plans to be filed would undermine that progress, introduce uncertainty into a process that is finally moving forward following the resolution of the HCR dispute, and jeopardize the Debtor's ability to confirm a plan that serves the best interests of its stakeholders and successfully concludes this Chapter 11 Case. Co-Counsel to the Debtor: RICHARDS, LAYTON & FINGER, P.A. Daniel J. DeFranceschi, Esq. Michael J. Merchant, Esq. Alexander R. Steiger, Esq. One Rodney Square 920 N. King Street Wilmington, Delaware 19801 Telephone: (302) 651-7700 Emails: defranceschi@rlf.com merchant@rlf.com steiger@rlf.com Co-Counsel to the Debtor: COOLEY LLP Daniel Shamah, Esq. Lauren A. Reichardt, Esq. Olya Antle, Esq. Miriam Peguero Medrano, Esq. 55 Hudson Yards New York, NY 10001-2157 Telephone: (212) 479-6000 Emails: dshamah@cooley.com lreichardt@cooley.com oantle@cooley.com mpegueromedrano@cooley.com About Clearside Biomedical Inc. Clearside Biomedical, Inc., is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on Nov. 23, 2025. In its petition, the Debtor estimated assets of up to $10 million and estimated liabilities of up to $100 million. The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as counsel; Epiq Corporate Restructuring, LLC as administrative advisor; and Berkeley Research Group, LLC as financial advisor. COMFORT ALL-STARS: Gets Extension to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, issued a fourth interim order authorizing Comfort All-Stars, Inc. to use the cash collateral of the U.S. Small Business Administration and other secured creditors. Under the order, the Debtor is authorized to use cash collateral to pay court-approved expenses and necessary operational costs listed in the approved budget. The Debtor may exceed individual budget line items by up to 10%, and any additional spending must be approved in writing by the secured creditors. The Debtor is prohibited from paying compensation to insiders or professionals without court approval as well as expenses related to the "Contributions" line item in the budget. The Debtor is required to pay $1,000 per month to the Subchapter V trustee. As protection, the court granted the secured creditors replacement liens on post-petition cash collateral with the same priority and validity as their pre-petition liens. The Debtor must also maintain proper insurance coverage on its property according to loan agreements. The court scheduled a continued hearing on June 10. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/IVg5K from PacerMonitor.com. About Comfort All-Stars Inc. Comfort All-Stars Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09642) on December 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Caryl E. Delano presides over the case. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. COMPONENT FABRICATORS: Taps Tarpy Cox Fleishman as Counsel ---------------------------------------------------------- Component Fabricators, Inc., d/b/a Legend Fitness seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Lynn Tarpy and Kelli Holmes of Tarpy, Cox, Fleishman & Leveille, PLLC as its general counsel. The firm will provide these services: (a) all matters dealing with the Chapter 11 bankruptcy; (b) litigation in the bankruptcy, federal, and state courts; and (c) other matters associated with the Debtor's debts and financial affairs. Lynn Tarpy, Esq. and Kelli Holmes, Esq., partners of the firm, will be reimbursed at the rate of $425 and $335 per hour, respectively. Staff will be reimbursed at the rate of $75 to $95 per hour for any paralegal or law clerk, $275 for any associate lawyer, $385 for Ed Shultz, Esq. and $425 per hour for Thomas Leveille, Esq. The firm received an initial retainer of $11,692.50 plus $1,738 used for the filing fee, with $5,070 remaining in the trust account. According to court filings, the firm does not hold or represent an interest adverse to the estate and is a "disinterested person" within the meaning of Section 327 of the Bankruptcy Code. The firm can be reached at: Lynn Tarpy, Esq. Tarpy, Cox, Fleishman & Leveille, PLLC 1111 N. Northshore, Suite N-290 Knoxville, TN 37919 Telephone: (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., d/b/a Legend Fitness sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 3:26-BK-30565-SHB) on March 27, 2026. At the time of the filing, Debtor had estimated assets of between Not provided and liabilities of between Not provided. Judge Suzanne H Bauknight oversees the case. Tarpy, Cox, Fleishman & Leveille, PLLC is Debtor's legal counsel. CONSTANT CARE: Gets Court Nod to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado granted Constant Care of Colorado Springs, Inc.'s motion to use cash collateral to fund operations. Under the court order, the Debtor is permitted to use cash collateral in accordance with an approved budget, with flexibility to vary spending by up to 10% per expense line item per month. Several creditors including the U.S. Small Business Administration, BayFirst National Bank, and Celtic Bank claim pre-petition liens on the Debtor's assets, potentially including cash collateral. As protection, the court granted secured creditors replacement liens on post-petition account proceeds to the extent of any decline in collateral value. The Debtor is also required to maintain insurance on its assets; provide regular financial reports; remain current on all post-petition tax obligations; and comply with all debtor-in-possession reporting obligations. Additionally, the Debtor must remain current on all post-petition tax obligations. The order is available at https://is.gd/DtSWfp from PacerMonitor.com. Constant Care of Colorado Springs operates three senior care homes in Colorado Springs, offering 24/7 personal and memory care in a home-like environment, emphasizing dignity, compassion, and affordability. It suffered significant financial setbacks during the COVID-19 pandemic due to reduced occupancy, increased operating costs from infection-control measures, and staffing challenges, leading it to obtain SBA Economic Injury Disaster Loans and accrue rent arrears. About Constant Care of Colorado Springs Inc. Constant Care of Colorado Springs Inc. operates in the health care industry. Constant Care of Colorado Springs sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case 25-17336) on November 7, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Jonathan Dickey serves as Subchapter V trustee. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. COPPERLEAF SERVICES: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered an interim order authorizing Copperleaf Services, Inc. to use the cash collateral of First Internet Bank of Indiana. Under the order, the Debtor is authorized to use cash collateral to pay court-authorized amounts, necessary operating expenses listed in the approved budget, and additional amounts approved in writing by the secured creditor. The Debtor may exceed individual budget line items by up to 10%, but compensation to insiders or professionals requires separate court approval. Any unauthorized or excessive spending may still result in remedies for the secured creditor. To protect the lender, the Court granted the secured creditor perfected post-petition replacement liens with the same validity and priority as its prepetition liens. Copperleaf must also maintain insurance, comply with all debtor-in-possession duties, provide updated budgets, compare actual results to projections, and give the lender access to records, premises, and financial reports upon request. The order preserves the rights of other parties, including the U.S. Trustee and any future creditors' committee, to challenge liens or seek modified protections. A continued hearing is scheduled for May 6. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/PK0TY from PacerMonitor.com. About Copperleaf Services, Inc. Copperleaf Services, Inc., doing business as Copperleaf Cabinets, a family-owned company based in Sarasota, Florida, provides custom kitchen cabinetry and remodeling services, including Amish-crafted solid-wood cabinets, cabinet refacing, and countertop replacement, to homeowners in Sun City Center, Lakewood Ranch, Tampa, Bradenton, Largo, Clearwater, Riverview, and St. Petersburg. Founded on a focus on personalized service and craftsmanship, the company provides design consultations, materials, and installation services for kitchens that balance functionality and design. Copperleaf Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Fla. Case No. 8:26-bk-02723-LER) on April 2, 2026. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Judge Luis Ernesto Rivera II oversees the case. FORD & SEMACH, P.A. is Debtor's legal counsel. CRAFT PUTT: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Craft Putt, LLC 14801 W 91st Pl Lenexa, KS 66215 Business Description: Craft Putt, LLC, based in Overland Park, operates an indoor venue combining a custom-designed mini-golf course with a bar and restaurant serving craft beer, cocktails, and food. The business integrates experiential leisure with food and beverage service and hosts private events and group bookings. It serves individual consumers, social groups, and corporate clients across the Kansas City metropolitan area. Chapter 11 Petition Date: April 17, 2026 Court: United States Bankruptcy Court District of Kansas Case No.: 26-20586 Judge: Hon. Dale L Somers Debtor's Counsel: Nicholas R. Grillot, Esq. HINKLE LAW FIRM LLC 1617 N. Waterfront Parkway, Suite 400 Wichita, KS 67206 Tel: 316-267-2000 Fax: 316-264-1518 E-mail: ngrillot@hinklaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony J. Chinn as sole member. 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/QNNHUGI/Craft_Putt_LLC__ksbke-26-20586__0001.0.pdf?mcid=tGE4TAMA CUMULUS MEDIA: Court Okays $592MM Debt-Swap Ch. 11 Plan ------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a bankruptcy judge has approved a $592 million debt-for-equity swap, allowing the debtor to significantly reduce its outstanding obligations and move forward with its restructuring. The ruling clears a key hurdle in the company's effort to stabilize its finances. Under the confirmed Chapter 11 plan, a substantial portion of the company’s debt will be converted into equity, giving lenders an ownership stake in the reorganized business. The transaction is expected to deleverage the balance sheet and improve liquidity going forward. The company said the plan has strong creditor support and positions it for long-term sustainability after emerging from bankruptcy. With court approval secured, the debtor is now preparing to implement the restructuring and exit Chapter 11. About Cumulus Media Inc. Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month -- wherever and whenever they want it. Cumulus Media engages listeners with high quality local programming through 394 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, US Soccer, AP News, and the Academy of Country Music Awards, across more than 7,800 affiliated stations through Westwood One, a leading national audio network; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining, and thought provoking. Cumulus Media provides advertisers with personal connections, local impact, and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry leading research and insights, and live event experiences. Cumulus Media Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-90346) on March 5, 2026. In the petition signed by Richard Denning, Executive Vice President, Secretary & General Counsel, the Debtor disclosed up to $10 billion in both assets and liabilities. As of Sept. 30, 2025, the Company had $1,078,217,000 in total assets, $1,135,135,000 in total liabilities. Judge Alfredo R. Perez oversees the case. Lawyers at Paul, Weiss, Rifkind, Wharton & Garrison LLP serve as counsel. Porter Hedges LLP, represents the Debtor as local counsel. The Debtors hired as Alvarez & Marsal North America, LLC as restructuring advisor; Moelis & Company as financial advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global as claims, noticing, solicitation & certification agent. CURIS INC: Nantahala Capital Holds 9.99% Equity Stake ----------------------------------------------------- Nantahala Capital Management, LLC, together with Wilmot B. Harkey and Daniel Mack), disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, they beneficially own 4,215,165 shares of Curis, Inc.'s common stock, par value $0.01 per share, representing 9.99% of the shares outstanding, based on 2,215,165 shares outstanding received from the Company on Form 10-K filed on March 27, 2026. Nantahala Capital Management, LLC may be reached through: Taki Vasilakis, Chief Compliance Officer 130 Main St., 2nd Floor New Canaan, CT 06840 Tel: 203-404-1172 A full-text copy of Nantahala Capital Management, LLC's SEC report is available at: https://tinyurl.com/25mhnrh About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 24, 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 recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $20 million in total assets, $14.5 million in total liabilities, and $5.5 million in total stockholders' equity. D.A.R. CARRIER: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: D.A.R. Carrier, Inc. 10323 Mayfield Ave., #2D Oak Lawn, IL 60453 Business Description: D.A.R. Carrier, Inc., based in Oak Lawn, Illinois, operates as an interstate for-hire freight carrier providing trucking services for general freight under USDOT authority. Founded in 2018, the company operates from 10323 Mayfield Ave, Apt 2D, and runs a small fleet of tractor units serving regional and interstate routes across the United States. Chapter 11 Petition Date: April 14, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-06495 Judge: Hon. Nancy A. Peterman Debtor's Counsel: Saulius Modestas, Esq. MODESTAS LAW OFFICES, P.C. 401 S. Frontage Rd., Suite C Burr Ridge, IL 60527-7115 Tel: 312-251-4460 Fax: 312-277-2586 E-mail: smodestas@modestaslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Artur Rak as president. 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/UQ4PSWI/DAR_Carrier_Inc__ilnbke-26-06495__0001.0.pdf?mcid=tGE4TAMA DAVID SHANE: Seeks to Hire Silver Voit as Bankruptcy Counsel ------------------------------------------------------------ David Shane Welch, DMD, PC dba Coastal Dental Arts seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to hire Silver Voit Garrett & Watkins, Attorneys at Law, P.C. to serve as bankruptcy counsel. The firm will provide these services: (a) representation of Debtor as bankruptcy counsel in its Chapter 11 bankruptcy case; and (b) representation in any adversary proceedings that may be filed by or against them in connection with this case. Silver Voit Garrett & Watkins will receive hourly rates of $425 for Irving Silver and Lawrence B. Voit, $405 for Alexandra K. Garrett and Jason R. Watkins, and $175 for paralegals. The firm will also seek reimbursement of disbursements and expenses consistent with its regular practices. The Debtor paid a pre-petition retainer of $25,000 plus a filing fee of $1,738, with $19,741.65 remaining as of the Petition Date. Silver Voit Garrett & Watkins is a "disinterested person" within the meaning of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached at: Alexandra K. Garrett, Esq. Jason R. Watkins, Esq. SILVER VOIT GARRETT & WATKINS, ATTORNEYS AT LAW, P.C. Stonebrook Office Park 23210 US Hwy 98, Suite B2 Fairhope, AL 36532 Telephone: (251) 338-1081 E-mail: agarrett@silvervoit.com jwatkins@silvervoit.com About David Shane Welch, DMD, PC David Shane Welch DMD PC operates a dental practice in Mobile, Alabama, providing preventive, restorative, and cosmetic dentistry services to individual patients. Led by Dr. David Shane Welch, the practice delivers routine oral health care and treatment services and operates at its Airport Boulevard location. David Shane Welch, DMD, PC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. AL Case No. 26-11003) on April 7, 2026. At the time of the filing, Debtor had estimated assets of between not disclosed and liabilities of between not disclosed. Judge Jerry C Oldshue oversees the case. Silver Voit Garrett & Watkins, Attorneys at Law, P.C. is Debtor's legal counsel. DEL RAY II: Cash Collateral Hearing Set for April 22 ---------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington, Tacoma Division, is set to hold a hearing on April 22 to consider extending Del Ray II, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the court's April 8 interim order expires on April 24. The interim order approved the payment of expenses from cash collateral in accordance with the Debtor's budget and granted KeyBank replacement liens and security interests on estate property that is similar to its pre-petition collateral. Events of default under the interim order include unauthorized spending, failure to comply with the order, appointment of a Chapter 11 trustee, conversion to Chapter 7, or dismissal of the case. KeyBank, the primary secured creditor, acts as servicer/trustee representative for a commercial mortgage trust. It asserts liens on a 15.77-acre property in Longview, Washington, including rents and related proceeds, securing debt of approximately $13 million plus interest, fees, and costs. About Del Ray II LLC Debtor Del Ray II LLC owns and operates a manufactured housing community in Longview, Washington. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-40834) on March 25, 2026. In the petition signed by Brooke Torres, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mary Jo Heston oversees the case. Timothy J. Conway, Esq., at Tonkon Torp LLP, represents the Debtor as legal counsel. DESTINY DANCE: Cameron McCord Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Destiny Dance Studio, LLC. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About Destiny Dance Studio LLC Destiny Dance Studio, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54467) on April 3, 2026. DUBLINS 815: Commences Chapter 11 Bankruptcy in California ---------------------------------------------------------- On April 16, 2026, Dublins 815, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on May 18, 2026 at 11:00 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About Dublins 815, LLC Dublins 815, LLC is a limited liability company whose specific business operations were not detailed in the bankruptcy petition. The company sought court protection to reorganize its financial obligations under Chapter 11. Dublins 815, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13705) on April 16, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Michael R. Totaro, Esq. of Totaro & Shanahan, LLP. EKSO BIONICS: Mink Brook Partners Hold 5.4% Equity Stake -------------------------------------------------------- Mink Brook Partners LP, together with Mink Brook Capital GP LLC, Mink Brook Asset Management LLC, and William Mueller, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of April 8, 2026, they beneficially own 190,596 shares of Ekso Bionics Holdings, Inc.'s Common Stock, representing 5.4% of the 3,563,381 shares outstanding as of February 23, 2026, as disclosed in the Company's Form 10-K. The shares are held directly by Mink Brook Partners LP. Mink Brook Capital GP LLC is the general partner of Mink Brook Partners LP, Mink Brook Asset Management LLC is the managing member of Mink Brook Capital GP LLC, and William Mueller is the managing member of Mink Brook Capital GP LLC and Mink Brook Asset Management LLC. As a result, these entities and Mr. Mueller may be deemed to share voting and dispositive power over the shares. Each disclaims beneficial ownership except to the extent of their pecuniary interest therein. Mink Brook Partners LP may be reached through: William Mueller 201 Summa Street, West Palm Beach, FL 33405 Tel: 314-323-0752 A full-text copy of Mink Brook Partners LP's SEC report is available at: https://tinyurl.com/3ask7ahk About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated February 23, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has an accumulated deficit at December 31, 2025 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $20.1 million in total assets, $11.1 million in total liabilities, and $9 million in total stockholders' equity. ELIAS & COMPANY: Starts Chapter 11 Bankruptcy in California ----------------------------------------------------------- On April 13, 2026, Elias & Company Management, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 20, 2026 at 08:00 AM via Zoom - Miller: Meeting ID 527 194 1367, Passcode 5568077908, Phone 1 213 592 1813. About Elias & Company Management, Inc. Elias & Company Management, Inc. is a business management and administrative services provider based in California. The company specializes in supporting corporate clients with operational oversight and organizational management functions. Elias & Company Management, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12850) on April 13, 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 Sheri Bluebond handles the case. The debtor is represented by James Lee Tenner, Esq. of the Law Offices of James Tenner. ELK RUN: Seeks to Sell Condominium Property at Auction ------------------------------------------------------ Elk Run Property Owners Association, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell Property at Auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a nonprofit corporation organized under the laws of the State of Colorado pursuant to Articles of Incorporation filed with the Colorado Secretary of State on May 22, 1986. The condominium complex governed by the Association is located at 457 Talisman Drive (Units 7101 – 7108) and 537 Talisman Drive (Units 7109 – 7118), Pagosa Springs, Colorado 81147. The Property is commonly known as Elk Run Townhouses and consists of 5 buildings containing 18 units and their concomitant Common Areas. The Property is operated as a timeshare community. All Units are fully furnished, and each contains a full kitchen. Article IV of the Articles of Incorporation provides that membership in the Association shall consist of 2 classes, including each Owner of an "Interval Ownership interest" (Class A Members) and the developer, Fairfield Pagosa, Inc. (Class B Member). The buildings were constructed and added to the timeshare plan in two phases. Phase one consisted of Building 1 containing four Units subject to Interval Ownership, Building 2 containing four Units subject to Interval Ownership, Building 3 containing four Units subject to Interval Ownership and Building 4 containing four Units subject to Interval Ownership. Phase two consisted of Building 5 containing two Units subject to Interval Ownership. There are 936 Unit Weeks at the Property. The Association owns 18 Unit Weeks at the Property and a concomitant share of the Common Elements, which comprises approximately 1.92% of the total Unit Weeks at the Property. The Association owns the Association Interest as a tenant-in-common with all other owners of interests in the Property. The Unit Weeks owned by the Association are sometimes referred to as maintenance weeks. First American Trust, FSB, as Trustee, Duly Appointed Under the Declaration of Trust for the Club Wyndham Access Vacation Ownership Plan, owns 179 Unit Weeks at the Property, which is approximately 19.12% of the total Unit Weeks. WorldMark, the Club owns 340 Unit Weeks at the Property, which is approximately 36.32% of the total Unit Weeks. Wyndham Vacation Resorts, Inc. owns 73 Unit Weeks, which is approximately 7.80% of the total Unit Weeks at the Property. The remaining 326 Unit Weeks (approximately 34.83% of the total) are owned by third party Owners of an Interval Ownership interest with each Unit Week having its own separate corresponding contract. The Debtor intends to file one or more adversary proceedings seeking judgments authorizing the sale of the Property, including the Association Interest in the Property, together with the interests of all Association Members. The Debtor retains Hilco Real Estate LLC as its real estate broker to market the Property for sale. The terms of the bidding procedures are provided. https://urlcurt.com/u?l=81J1f6 Debtor seeks approval of the Bidding Procedures to establish an open process for the solicitation, receipt, and evaluation of Bids in a fair, accessible, and expeditious manner. The Debtor seeks to sell the Property to the highest and best bidder to maximize value for the bankruptcy estate. The Bidding Procedures are designed to generate the highest or otherwise best available recoveries to Debtor's stakeholders by encouraging prospective bidders to submit competitive, value-maximizing Bids. The Debtor believes that the Bidding Procedures and the timeline set forth therein are in the best interests of Debtor's bankruptcy estate, will establish the extent of the market for the Property. The Auction for the Property, if needed, will be conducted virtually via Zoom on July 17, 2026, at 3:00 p.m. prevailing Mountain Time. About Elk Run Property Owners Association, Inc. Elk Run Property Owners Association, Inc., Village Pointe Property Owners Association, Inc., and Masters Place Condominiums Property Owners Association, Inc. are not-for-profit property owners associations incorporated in Colorado in 1986, 1988, and 1989, respectively, and operate timeshare condominium properties in Pagosa Springs, Colorado. Elk Run Property Owners Association, Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No. 26-10311) on January 20, 2026. At the time of filing, Elk Run Property Owners estimated $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petitions for Elk Run Property Owners, Masters Place Condominiums, and Village Pointe Property were signed by their respective presidents, LuAnn Blea, Rusty Nabors, and Amy Bornmann. Kevin S. Neiman, Esq., at LAW OFFICES OF KEVIN S. NEIMAN, PC represents the Debtor as counsel. ESCALON MEDICAL: LPL Financial Holds 7.9% Equity Stake ------------------------------------------------------ LPL Financial LLC, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 586,749 shares of Escalon Medical Corp.'s Common Stock, $0.001 par value, representing 7.9% based on 7,415,329 shares of Common Stock outstanding as of February 13, 2026, as reported in the Company's Form 10-Q for the period ended December 31, 2025, filed on February 17, 2026. LPL Financial LLC may be reached through: Jim McHale - EVP, Chief Compliance Officer LPL Financial LLC 4707 Executive Drive San Diego, CA 92121 Tel: 704-733-3300 A full-text copy of LPL Financial LLC's SEC report is available at: https://tinyurl.com/5fepvk7p About Escalon Headquartered in Wayne, Pennsylvania, Escalon Medical Corp. operates in the healthcare market, specializing in the development, manufacture, marketing and distribution of medical devices for ophthalmic applications. Marlton, New Jersey-based CBIZ, CPAs P.C., the Company's auditor since 2010, issued a "going concern" qualification in its report dated September 29, 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 historically incurred recurring losses from operations and incurred negative cash flows from operating activities, and currently the Company has adverse ratios of cash to current liabilities and days payable outstanding. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $4,980,001 in total assets, $3,207,069 in total liabilities, and $1,772,932 in total stockholders' equity. EVALINA LLC: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a final order authorizing Evalina, LLC and Xelero Medical Research, LLC to use cash collateral for. Under the final order, the Debtors are authorized to use cash collateral for court-approved expenses, including Subchapter V trustee payments, and necessary operating costs under an approved budget with a 10% variance per line item. The authorization remains in effect until further court order, with excess or non-budgeted expenses potentially subject to creditor remedies. The Debtors project total monthly operational expenses of $50,354. To protect secured creditors including Port 51 Lending, LLC and merchant cash advance funders, the order granted them replacement liens on post-petition cash collateral, with the same validity and priority as their pre-petition liens. As further protection, the Debtors must comply with all bankruptcy obligations, maintain transparency by providing access to records and premises, and continue proper business operations. Additionally, the court directed turnover of funds held by Block, Inc. (Square) to the Debtors and authorized continued collection of accounts receivable without interference. The order preserves all parties' rights to challenge liens or seek further relief, while the Court retains jurisdiction to enforce its terms. The final order is available at https://is.gd/hrftT8 from PacerMonitor.com. About Evalina LLC Evalina LLC, doing business as Ixchel Skin and Body Medical Spa, provides cosmetic and aesthetic services across facial, body, and hair treatments. Based in Lutz, Florida, the company offers laser procedures, microneedling, injectables, IV therapy, body contouring, hair restoration, and skincare treatments. Evalina filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05306) on July 30, 2025, with $1 million to $10 million in assets and liabilities. On September 26, 2025, Xelero Medical Research, LLC, an affiliate of Evalina, filed a Subchapter V case (Bankr. M.D. Fla. Case No. 25-07101), listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. The cases are jointly administered under Case No. 25-05306. Judge Catherine Peek McEwen presides over the cases. Harley E. Riedel, Esq., at Stichter, Riedel, Blain, & Postler P.A. represents the Debtors as legal counsel. FINANCE OF AMERICA: Beach Point Holds 10.8% Equity Stake -------------------------------------------------------- Beach Point Capital Management LP, together with Beach Point GP LLC, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, they beneficially own 927,837 shares of Finance of America Companies Inc.'s Class A Common Stock, par value $0.0001 per share, representing 10.8%, based on 8,551,931 shares of Class A Common Stock outstanding as of March 11, 2026, as reported in the Company's Form 10-K filed on March 13, 2026. The Class A Common Stock reported as beneficially owned by Beach Point in this Schedule 13G includes 927,837 shares of Class A Common Stock held by certain clients of Beach Point. Beach Point Capital, an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, furnishes investment advice to the Clients. In its role as investment adviser, Beach Point Capital possesses voting and investment power over the shares of Class A Common Stock of the Company described in this schedule that are owned by the Clients, and may be deemed to be the beneficial owner of the shares of Class A Common Stock of the Company held by the Clients. However, all securities reported in this schedule are owned by the Clients. Beach Point Capital disclaims beneficial ownership of such securities. Beach Point GP is the sole general partner of Beach Point Capital. As a result, Beach Point GP may be deemed to share beneficial ownership of the shares of Class A Common Stock of the Company held by the Clients. Beach Point GP disclaims beneficial ownership of such securities. Beach Point Capital Management LP may be reached through: David Rosenblum Beach Point Capital Management LP 1620 26th Street, Suite 6000N Santa Monica, CA 90404 Tel: 877-202-2666 A full-text copy of Beach Point Capital Management LP's SEC report is available at: https://tinyurl.com/4srd3wmm About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. As of December 31, 2025, the Company had $30.7 billion in total assets, $30.3 billion in total liabilities, and a total stockholders' equity of $395.6 million. * * * In December 2025, Fitch Ratings affirmed the Long-Term Company Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (collectively, FOA) at 'CCC'. A Positive Rating Outlook has been assigned. Fitch has also affirmed Finance of America Funding's senior secured rating at 'CCC-' with a Recovery Rating of 'RR5'. This rating action has been taken as part of a periodic peer review of non-bank mortgage companies, which is comprised of seven publicly rated firms. FIRST BRANDS: Emerges from Bankruptcy with Lawsuits as Core Assets ------------------------------------------------------------------ Steven Church of Bloomberg News reports that bankrupt auto-parts company First Brands Group told a court Thursday that after disposing of its remaining operations and liquidating idle plants, its chief assets will be legal claims pursued on behalf of creditors. The company is shifting focus to litigation as its main recovery tool. Attorney Sunny Singh said First Brands plans to place at least $25 million into a trust dedicated to pursuing these claims. The trust will seek to recover funds through lawsuits tied to the company’s financial distress. The company has alleged that widespread fraud played a significant role in its collapse, and those allegations are expected to form the basis of key litigation efforts. Creditors are looking to these claims as a primary means of recouping losses, the report states. First Brands earlier shut down 17 facilities and laid off roughly 4,000 workers after failing to secure sufficient lender support for a restructuring. With its operations largely dismantled, the company is relying on litigation to generate value, according to report. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FLOURISH RESTAURANTS: Case Summary & 11 Unsecured Creditors ----------------------------------------------------------- Debtor: Flourish Restaurants, LLC d/b/a Foundation Social Eatery 55 Roswell St., Ste. 100 Alpharetta, GA 30009 Business Description: Flourish Restaurants, LLC, doing business as Foundation Social Eatery, is a restaurant in Alpharetta, Georgia that serves dishes rooted in classic French technique and seasonal ingredients. Founded by Chef Mel Toledo and his wife Sandy, it offers handmade pastas, cocktails and mocktails, and includes an open kitchen and chef's table. Chapter 11 Petition Date: April 17, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-55162 Judge: Hon. Jonathan W Jordan Debtor's Counsel: Thomas T. McClendon, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 E-mail: tmcclendon@joneswalden.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Sandra Toledo 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/7HJ4EQA/Flourish_Restaurants_LLC__ganbke-26-55162__0001.0.pdf?mcid=tGE4TAMA FREEDOM FOREVER: Seeks Chapter 11 Bankruptcy with Over $500MM Debt ------------------------------------------------------------------ Rick Archer of Law360 reports that Freedom Forever, a California-based installer of residential solar panels, has filed for Chapter 11 bankruptcy in Delaware, listing more than $500 million in debt. The company disclosed that it owes about $114 million to solar financing firm Mosaic, one of its key creditors. In its petition, the company cited industry headwinds that have weighed on the residential solar market, including tighter financing conditions and increased competition. The Chapter 11 filing is intended to provide breathing room as the company works to restructure its obligations. Freedom Forever said it expects to continue operating during the bankruptcy process while negotiating with creditors. The company aims to emerge from Chapter 11 with a more sustainable capital structure and improved financial footing. About Freedom Forever Freedom Forever is a California-based home solar panel installer. Freedom Forever sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10522) on April 15, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Curtis S. Miller, Esq. of Morris Nichols Arsht & Tunnell. GAAT HOLDINGS: Gets Extension to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted GAAT Holdings, LLC interim approval to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses including those outlined in the budget, with a 10% variance per line item. Additional expenditures may be made with lender consent. The authorization remains in effect pending a further hearing scheduled for May 21. As of the petition date, GAAT Holdings had about $15,000 in cash and $190,000 in accounts receivable. The Debtor's secured debt includes approximately $2.9M loan from First Bank of the Lake secured by all assets including receivables, and approximately $91,000 seller note to Hodgson Construction of Polk County, Inc. secured by certain equipment, vehicles and tools. The Debtor also received funding from several merchant cash advance lenders, which may assert claims against its accounts receivable. As adequate protection, secured creditors will be granted replacement liens on post-petition cash collateral, with the same validity, extent, and priority as their pre-petition liens. The Debtor must also maintain insurance, comply with all obligations as a debtor-in-possession, and provide access to business records and premises for inspection. The order preserves all parties' rights, stating it does not determine the validity or amount of any creditor's lien or claim. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/en4y0 from PacerMonitor.com. About GAAT Holdings LLC GAAT Holdings LLC is a Florida-based holding company engaged in managing and operating a portfolio of businesses across multiple sectors. The company oversees strategic investments and operational management for its subsidiaries. GAAT Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00963) on February 6, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The debtor is represented by Matthew B. Hale, Esq. of Stichter, Riedel, Blain & Postler. GEDDO CORPORATION: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, issued an interim order authorizing Geddo Corporation and its affiliated debtors to use cash collateral. Under the interim order, the Debtors are permitted to use cash collateral in accordance with approved budgets. The order allows expenditures up to 115% of the budgeted amounts during each four-week period over a three-month timeframe. Any excess spending requires approval from secured creditors or further court authorization while unused budget amounts may be carried forward. To safeguard creditors, the court granted replacement them liens on post-petition assets, including cash, inventory, accounts receivable and their proceeds, maintaining the same validity and priority as their pre-petition liens to the extent collateral is used. The Debtors also retain the right to seek different terms for cash collateral use at the final hearing. A final hearing is scheduled for May 12. The order is available at https://is.gd/UbCJpQ from PacerMonitor.com. The Debtors' financial crisis was primarily precipitated by a series of merchant cash advance loans totaling over $5.2 million from approximately forty different lenders. These loans, used to fund the buildout of new franchises, carried exorbitant average interest rates of 197%. The Debtors allege that these MCA lenders utilized a "deceitful playbook," draining cash directly from the companies' bank accounts and refusing to negotiate prepetition, which led to defaults with the franchisor and trade vendors. Despite these challenges, the Debtors reported total sales of over $24 million in 2025, though they suffered a consolidated net loss of approximately $920,000. About Geddo Corporation Geddo Corporation is a business entity operating in the United States, though specific operational details were not disclosed in initial filings. Geddo Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11022) on March 31, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Garrick A. Hollander, Esq., of Garrick A. Hollander, LLP. GENERIC MANUFACTURING: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------------- Generic Manufacturing Corporation, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Riverside Division, for authority to use cash collateral and provide adequate protection, on an interim basis from April 8 to July 7, 2026. The Debtor argues that access to cash collateral—primarily subject to the lien of the U.S. Small Business Administration—is essential to cover ordinary and necessary business expenses such as payroll, rent, utilities, insurance, and materials. Without such access, the company contends it would face immediate operational disruption, jeopardizing its ability to continue as a going concern and undermining its prospects for a successful reorganization. The Debtor has operated since 1995 as a manufacturer of packaging and bottling machinery serving multiple industries globally. It reports a decline in business due to the COVID-19 pandemic, reduced customer demand, and challenges related to evolving online marketing dynamics influenced by artificial intelligence. Financial distress was exacerbated when approximately $65,000 was seized from its bank account pursuant to a prepetition levy by a judgment creditor, prompting the bankruptcy filing. Despite these setbacks, the Debtor indicates it has pending orders expected to generate approximately $200,000 in near-term revenue and believes it can successfully reorganize through continued operations. With respect to its financial condition, the Debtor lists approximately $274,354 in personal property assets, including cash, receivables, and inventory, and identifies the SBA as its primary secured creditor with a claim of about $64,325, secured by a blanket lien. Other creditors include judgment lienholders, though the Debtor disputes whether those liens attach to cash collateral and indicates it may seek to avoid at least one as a preferential transfer. To adequately protect the SBA's interest, the Debtor proposes to continue making monthly payments of $731 (consistent with its loan obligations) and to grant a replacement lien on post-petition assets to the extent the collateral value diminishes due to use. The Debtor asserts that this protection is sufficient given the substantial equity cushion between the asset value and the SBA's claim. The Debtor further requests flexibility in operating under the proposed budget, including permission to deviate up to 15% overall or by category to accommodate fluctuations inherent in manufacturing operations, such as large orders requiring increased spending on materials or labor. A copy of the motion is available at https://urlcurt.com/u?l=khO7LS from PacerMonitor.com. About Generic Manufacturing Corporation, Inc. Generic Manufacturing Corporation, Inc. manufactures packaging and bottling machinery serving multiple industries globally. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:26-bk-12720-SY) on April 8, 2026. In the petition signed by Lonnie Belts, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Scott H. Yun oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. GENESIS HEALTHCARE: Investors Oppose Lawsuit to Void Secured Debt ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that entities owned by Genesis Healthcare insiders have urged a Texas bankruptcy judge to throw out a lawsuit challenging $96 million in secured loans, disputing accusations that their claims should be reduced or invalidated. The defendants argue the complaint fails to establish misconduct. Investors Joel Landau and David Gefner told the Northern District of Texas bankruptcy court that their involvement provided meaningful financial support to the nursing home operator. They contend that the debtor and creditors’ committee are wrongly attempting to undermine their claims. According to the filing, the investors believe Genesis benefited from their contributions, which they say helped the company weather financial difficulties. They argue that the secured loans were appropriate and should not be subject to subordination. The dispute is part of broader litigation within the bankruptcy case as parties seek to maximize recoveries. The outcome of the motion could determine whether the challenged secured debt remains intact, the report states. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GO FREEDOM: Hires Law Office of Bonnie Bell Bond as Counsel ----------------------------------------------------------- Go Freedom Nation Investment Group LTD, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Law Office of Bonnie Bell Bond, LLC to serve as its legal counsel. The firm will provide these services: (a) providing the Debtor with legal advice with respect to his rights and duties under Chapter 11; (b) assisting the Debtor in the development of a plan of reorganization; (c) preparing and filing on behalf of the Debtor-in-Possession all necessary petitions, pleadings, reports and actions which may become necessary herein; (d) representing the Debtor in any litigation which the Debtor determine is in the best interest of the estate; and (e) performing all legal services for the Debtor as Debtor in Possession which may become necessary herein. Law Office of Bonnie Bell Bond, LLC will be compensated at an hourly rate of $375 for attorney services and $195 for paralegal services. A prepetition retainer in the amount of $7,221.50 will be transferred from prior counsel and will not be utilized without prior Court approval. Law Office of Bonnie Bell Bond, LLC is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code and is qualified for employment under Fed. R. Bankr. P. 2014(a), with no connection or conflict of interest with the Debtor, creditors, or other parties in interest, according to court filings. The firm can be reached at: Bonnie Bell Bond, Esq. LAW OFFICE OF BONNIE BELL BOND, LLC 8400 E. Prentice Avenue, Suite 1040 Greenwood Village, CO 80111 Telephone: (303) 770-0926 Facsimile: (303) 770-0965 E-mail: bonnie@bellbondlaw.com About Go Freedom Nation Investment Group LTD Go Freedom Nation Investment Group LTD, LLC is a real estate investment company based in Colorado Springs, Colorado. It owns and manages a portfolio of properties in the 80904 ZIP code zoned for residential development, including parcels along Race Street, S. 25th Street, Ehrich Street, Hayes Street, and S. 26th Street, with a combined estimated value of roughly $380,884. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-11442) on March 10, 2026, with $380,884 in assets and $1,300,105 in liabilities. Bridger Kucinski, managing member, signed the petition. Judge Kimberley H. Tyson presides over the case. Keri L. Riley, Esq. represents the Debtor as legal counsel. GOLDEN SPIRIT: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------- On April 4, 2026, Golden Spirit Freight LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 7, 2026 at 04:00 PM via Zoom - Bui: Meeting ID 226 500 5961, Passcode 3308934760, Phone 1 909 498 9229. About Golden Spirit Freight LLC Golden Spirit Freight LLC is a logistics and freight services company engaged in transportation and delivery operations. Golden Spirit Freight LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12612) on April 4, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Jaime A. Cuevas, Jr., Esq. of Law Offices of Jaime A. Cuevas, Jr. GREENWOOD LEFLORE: Seeks Chapter 11 Bankruptcy After Staff Cuts --------------------------------------------------------------- Nic Querolo of Bloomberg News reports that Greenwood Leflore Hospital in Mississippi has filed for Chapter 9 bankruptcy following workforce reductions and the planned closure of certain services, highlighting ongoing financial distress at the rural facility. The filing comes amid efforts to manage shrinking resources. Court documents show the hospital has between 200 and 999 creditors and liabilities estimated between $10 million and $50 million. The figures illustrate the scope of its financial obligations as it seeks relief under municipal bankruptcy provisions. Leaders of the hospital have cited increasing operational costs and declining patient volumes as contributing to the financial crisis. Recent layoffs affecting about one-fifth of staff were implemented as part of broader restructuring efforts, the report states. As a key provider of healthcare in a rural Mississippi community, Greenwood Leflore Hospital plays a vital role in delivering medical services. The bankruptcy filing aims to provide a pathway to reorganize finances while continuing essential care operations, according to Bloomberg. About Greenwood Leflore Hospital Greenwood Leflore Hospital is a Mississippi-based rural hospital. Greenwood Leflore Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 26-11337) on April 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Douglas C. Noble, Esq. of Mccraney Montagnet,quin & Noble, PLLC. GRIT PRODUCTIONS: Plan Exclusivity Period Extended to July 10 ------------------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas extended Grit Productions, LLC, and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 10 and Sept. 9, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that this is their first request for an extension of the Exclusivity Periods. Because of the complexity of these Chapter 11 Cases, an extension of the Exclusivity Periods will give the Debtors sufficient and much needed time to negotiate terms of a Chapter 11 plan of reorganization with their stakeholders and memorialize the terms of both a plan and disclosure statement. Further, the Debtors' purpose in seeking extension of the Exclusivity Periods is a good-faith effort to continue the reorganization efforts they have initiated without the distraction and costs of a competing plan process, which would be a distraction and waste of the Debtors' limited time and resources. The relief requested in the Motion is not intended for the purpose of coercing or strong-arming any creditor, but rather to benefit all of the Estates' stakeholders as a whole. Moreover, an extension of the Exclusivity Periods will not result in prejudice to any creditor or party in interest, and instead, will enable the Debtors to continue focusing on preserving and enhancing their going-concern value and proposing a viable, fair, and comprehensive plan that is (ideally) supported by all major constituents. Such a result is clearly in the best interest of the Estates. Counsel to the Debtors: Bryan C. Assink, Esq. Bryan N. Prentice, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: bryan.assink@bondsellis.com Email: brayn.prentice@bondellis.com About Grit Productions Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation Services, LLC, and Grit Holding Company, LLC operate as an integrated group providing event-industry services that include general services contracting, event production, video production, content development, studio services, logistics support, and event freight transportation. The companies offer single-source solutions for live events, meetings, and expositions across their production, planning, and transportation segments. They also engage in community-focused initiatives related to industry development, sustainability, and local outreach. Grit Productions and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-44447) on Nov. 13, 2025. At the time of the filig, Grit Productions listed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin oversees the case. Bryan C. Assink, at Bonds Ellis Eppich Schafer Jones, LLP, is the Debtor's legal counsel. HAWTHORNE RACE: Seeks to Sell RaceTrack Assets at Auction --------------------------------------------------------- Hawthorne Race Course, Inc., and its affiliates, seek permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Property in an auction, free and clear of liens, claims, interests, and encumbrances. The Debtors, located less than 10 miles from downtown Chicago, own and operate one of the longest running horse racing courses in the United States, and the oldest gaming institution in the State of Illinois. The Debtors filed the Chapter 11 Cases in part to sell their assets through a robust marketing and sale process, ideally as a going concern, and ultimately for the highest and best value. The Debtors seek entry of a Bid Procedures Order authorizing and approving procedures for the Debtors to sell substantially all of their assets through a value maximizing marketing and sale process, approving the form and manner of related notices, authorizing the Debtors to enter into a stalking horse purchase agreement subject to higher and better bids, and setting the time, date, and place of an Auction, if necessary, and a Sale Hearing. The proposed Bid Procedures are designed to promote a transparent, competitive, and expedient sale process that will allow the Debtors to solicit, receive, and evaluate bids in a fair and accessible manner, and to encourage all interested parties to submit their highest and best bids for the Assets so as to maximize the value of the Sale for the benefit of all parties in interest. The Debtors' proposed material dates and deadlines, bid and sale procedures are provided. https://urlcurt.com/u?l=FUkZ5o Any party interested in submitting a bid must first execute a confidentiality agreement in form and substance satisfactory to the Debtors, upon which the Debtors will afford such “Potential Bidder” reasonable due diligence access and additional information as the Debtors, in their business judgment, determine appropriate. The Debtors are not required to provide confidential, business-sensitive, or proprietary information to any Potential Bidder if the Debtors reasonably believe, after consultation with their advisors and the Committee, that (i) such disclosure would be detrimental to the estates, or (ii) such Potential Bidder does not intend in good faith, or lacks the capacity, to consummate its bid. As part of any Stalking Horse APA, the Debtors may provide a break-up fee, which shall be calculated as a percentage of the cash purchase price plus reimbursement of actual expenses, and a minimum bid increment for competing bidders, along with other buyer protections, the amount of which is in the Debtors' sole discretion and subject to Bankruptcy Court approval. The Bid Deadline is June 26, 2026, at 5:00 p.m. (prevailing Central Time). All bids must be received on or before the Bid Deadline by the Notice Parties. Potential Bidders who satisfy the Participation Requirements will be deemed "Qualified Bidders," and their bids deemed “Qualified Bids.” The Debtors will advise each Potential Bidder of their status before the Auction and provide copies of all Qualified Bids to the Consultation Parties. If more than one Qualified Bid is received, the Debtors will conduct an Auction for the sale of substantially all the Assets. Each Qualified Bidder participating must confirm on the record that it has not engaged in any collusion. The Auction, if required, will take place at July 7, 2026, at a time and location and/or via a virtual platform (such as Zoom or GoToMeeting) as designated by the Debtors, with notice of location or virtual credentials provided no later than 48 hours in advance. The Earnest Money Deposit of the Back-Up Bidder will be retained by the Debtors until the Back-Up Bid Expiration Date and returned within five business days thereafter (or applied to the purchase price if the Back-Up Bid becomes the Successful Bid). The Debtors submit that the proposed Bid Procedures will encourage competitive bidding, are appropriate under the relevant standards governing auction proceedings and bidding incentives in bankruptcy proceedings. To maximize the value received for the Assets, the Debtors seek to close the Sale as soon as possible after the Sale Hearing. About Hawthorne Race Course, Inc. Hawthorne Race Course Inc. operates a historic racetrack that provides Thoroughbred and Standardbred racing events along with off-track betting throughout Chicago. Hawthorne Race Course Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03505) on February 27, 2026. In its petition, the Debtor reports assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Barry A. Chatz, Esq. of Saul Ewing Arnstein & Lehr LLP. Getzler Henrich & Associates serves as Financial Advisor, Omni Agent Solutions as Claims Agent. HEALTHY EXTRACTS: Posts $881K Net Loss in FY25, Going Concern Stays ------------------------------------------------------------------- Healthy Extracts Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $881,119 for the year ended December 31, 2025, compared to $840,671 for the year ended December 31, 2024. The Company had revenues of $4,511,997 for the year ended December 31, 2025, compared to $3,113,279 for the year ended December 31, 2024, an increase of $1,398,719, or 45%. During the year ended December 31, 2025, the Company had significant positive operating cash flows. The Company's cash on hand as of December 31, 2024 was $146,935. While the Company had positive net cash from operations for the years ended December 31, 2025 and 2024, it has both short- and medium-term cash needs. The Company anticipates that these needs will be satisfied through increased revenues and the issuance of debt or the sale of its securities until such time as its cash flows from operations will consistently satisfy its cash flow needs. The Company's total current assets decreased slightly during the year ended December 31, 2025 primarily as a result of its decrease in inventory of $517,859, offset in part by an increase in accounts receivable of $176,747 and cash of $34,916. Its total assets increased significantly as a result of its increase in fixed assets of $4,229,638, goodwill of $20,930,662, and right of use asset, net of $513,929. Its accumulated deficit increased during the year ended December 31, 2025, by $881,119 to $20,121,462. In order to repay its obligations in full or in part when due, the Company will be required to raise significant capital from other sources. There is no assurance, however, that it will be successful in these efforts. Cash Requirements The Company's cash on hand as of December 31, 2025 was $146,935. While it had positive net cash from operations for the years ended December 31, 2025 and 2024, it has both short- and medium-term cash needs, and it will need to continue to fund operations by raising capital from the sale of its stock and debt financings. Sources and Uses of Cash: Operating Activities The Company had net cash from operating activities of $165,520 for the year ended December 31, 2025, compared to $281,968 for the year ended December 31, 2024. It uses its cash for normal business operations. Its net cash from operating activities for the year ended December 31, 2025 consisted of its net loss of $881,119, offset by increase in inventory of $546,161, and common stock issued for services of $384,150 and warrants issued for services of $309,500, offset in part by its change in fair value on derivative liability of $273,010. Its net cash from operating activities for the year ended December 31, 2024 consisted of its net loss of $840,671, offset in part by its change in fair value on derivative liability of $471,270, warrants issued for services of $301,858, and its decrease in inventory of $265,067. Investing Activities Its net cash provided by investing activities was $56,301 for the year ended December 31, 2025, compared to zero for the year ended December 31, 2024. Its net cash provided by investing activities for the year ended December 31, 2025 consisted of the Gummy USA merger of $75,603 and fixed asset purchases of $19,302. Financing Activities Its net cash used in financing activities for the year ended December 31, 2025 was $186,906, compared to $189,389 for the year ended December 31, 2024. Its net cash used in financing activities for the year ended December 31, 2025 consisted primarily of proceeds from the issuance of notes payable related party of $400,000 and proceeds from the issuance of notes payable of $160,000, offset by payments for repayment of convertible debt of $212,780, payments for repayment of notes payable of $456,670, and payments for repayment of notes payable related party of $77,455. Going Concern Las Vegas, Nevada-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 8, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has a accumulated deficit that raise substantial doubt about its ability to continue as a going concern. The Company has generated revenues from operations which has stabilized its cash flow from be negative to neutral over the past year. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and expenses. As a result, the Company incurred accumulated net losses from Inception (December 19, 2014) through the year ended December 31, 2025 of $20,121,462. Due to its neutral cash flow, the Company has doubt about its ability to continue as a going concern within the next 12 months. In addition, most of the Company's development activities since inception have been financially sustained through equity financing but it is using all additional cash flow to help support the Company's growth and research and development of new products. Management Plans Management plans to keep seeking funding through debt and equity financing which are intended to mitigate the conditions that have raise substantial doubt about the entity's ability to continue as a going concern. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/mru5k999 About Healthy Extracts Headquartered in Henderson, Nev., Healthy Extracts Inc. -- www.healthyextractsinc.com -- is a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals. The Company's proprietary and patented products target select high-growth categories within the multibillion-dollar nutraceuticals market, such as heart, brain, and immune health. As of December 31, 2025, the Company had $27,824,664 in total assets, $3,795,099 in total current and total liabilities, and $24,029,564 in total stockholders' equity. HEAVEN ROOF: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- On April 13, 2026, Heaven Roof & Gutters, Inc., filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 20, 2026 at 08:00 AM via Zoom - Miller: Meeting ID 527 194 1367, Passcode 5568077908, Phone 1 213 592 1813. About Heaven Roof & Gutters, Inc. Heaven Roof & Gutters, Inc. is a construction services company specializing in roofing installation, repair, and gutter system maintenance for residential and commercial properties. Heaven Roof & Gutters, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13548) on April 13, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The debtor is represented by James Lee Tenner, Esq. of the Law Offices of James Tenner. HERBALIFE LTD: Raises $800MM Via Bonds Sale to Repay Debt --------------------------------------------------------- Gowri Gurumurthy of Bloomberg News reports that Herbalife Ltd. has raised $800 million through a junk-bond sale, taking advantage of a recovery in demand for high-yield debt shortly after abandoning a loan deal during a bout of market volatility. The transaction highlights a shift in investor sentiment. The seven-year senior secured notes were priced at a 7.75% yield, according to a source familiar with the matter. The proceeds will be used to refinance outstanding bonds due in 2029 that bear a 12.25% interest rate, reducing financing costs. Bank of America Corp. led the offering, the source said, as investors returned to riskier assets. The deal demonstrates that issuers are once again able to access capital markets on more favorable terms following recent disruptions. Herbalife Ltd. is a global nutrition company that markets dietary and wellness products through a network of independent distributors. The refinancing is expected to enhance liquidity and lower interest expenses over time, the report states. About Herbalife International of America, Inc. Herbalife International of America, Inc., is a Nevada corporation with its principal place of business in Los Angeles. Herbalife International of America, Inc., was a wholly-owned subsidiary of Herbalife International, Inc. and an indirect, wholly-owned subsidiary of Herbalife, Ltd. The Individual Defendants are among Herbalife's top earning distributors. HERMS LUMBER: Updates Restructuring Plan Disclosures ---------------------------------------------------- Herms Lumber Sales, Inc., submitted a Disclosure Statement describing First Amended Plan of Reorganization dated April 8, 2026. The Plan is a plan of reorganization with the intent to pay all allowed unsecured creditors 100.0% on account of any allowed claims. Generally, the Debtor intends to do this through the continued operation of the Debtor's business. The Plan provides for payment of allowed claims over a period of 5 years through the continued operation of the Debtor's business. As required by Section 1123 of the Bankruptcy Code, the Plan classifies claims and interests in various classes according to their right to priority. The Plan provides the treatment each class will receive. Limitation of Liability Effective upon the entry of the Confirmation Order, neither the Debtor, Mark Herms, the Debtor's professionals employed in this case, nor the Disbursing Agent (collectively, "Exculpated Parties" and each an "Exculpated Party"), shall have or incur any liability to any person, including any creditor of the Debtor, for any act or omission in connection with, relating to or arising out of any action occurring from the Petition Date to the Effective Date, relating to the formulation, negotiation, implementation, confirmation or consummation of the Plan, or any contract, instrument, release or other agreement or document entered into during the chapter 11 case or otherwise created in connection with the Plan; provided, however, that nothing in this Section shall be construed to release or exculpate any Exculpated Party from willful misconduct or gross negligence, fraud or malpractice as construed under CA PRC 1.8.8. Like in the prior iteration of the Plan, Class 2(a) claimants shall receive payment of their Allowed General Unsecured Claims in full, including interest at the federal judgment rate as of the Petition Date (4.20%), from the Petition Date until paid in full. The foregoing treatment shall be in full settlement and satisfaction of all Class 2(a) claims. Class 2(b) consists of All Insider General Unsecured Claims of Mark Herms. The allowed unsecured claims total $871,107.39. Allowed Class 2(b) General Unsecured Claims shall receive payment in full of their Allowed General Unsecured Claim, without interest, until paid in full. The foregoing treatment shall be in full settlement and satisfaction of all Class 2(b) claims. Class 2(c) consists of General Unsecured Claims Convenience Class. All unsecured creditors whose claims are less than $5,000, or who agree to reduce their claims to $5,000, shall be paid in full up to $5,000 within three months of the Effective Date. The holder of the Class 3 interests shall retain its interests. Distributions to creditors under the Plan will be funded from the following sources: (a) cash on hand on the Effective Date (less reserves for operations and payroll); and (b) payments from operations of the Reorganized Debtor. The Reorganized Debtor will make quarterly payments to creditors under the Plan. Plan Payments shall be made over a period of 5 years as set forth in the projections. The hearing where the Court will determine whether to confirm the Plan will take place on June 17, 2026, at 1:30 p.m., in Courtroom 5C, 411 W. Fourth St., Santa Ana, CA 92701. Ballots must be received by May 13, 2026 or it will not be counted. Objections to confirmation of the Plan must be filed with the Bankruptcy Court and served upon counsel for Debtor by May 27, 2026. A full-text copy of the Disclosure Statement dated April 8, 2026 is available at https://urlcurt.com/u?l=eurLmR from PacerMonitor.com at no charge. Herms Lumber Sales, Inc. is represented by: Aaron E. De Leest, Esq. Laila Rais, Esq. Sarah R. Hasselberger, Esq. Marshack Hays Wood LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 Email: adeleest@marshackhays.com About Herms Lumber Sales Inc. Herms Lumber Sales, Inc., specializes in the wholesale distribution of lumber and related construction materials. The Company offers a variety of products, including dense mixed hardwoods, softwoods, and plywood/OSB, catering to industries such as pallet manufacturing and construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10403) on Feb. 19, 2025. In the petition signed by Mark C. Herms, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Theodor Albert oversees the case. Aaron E. De Leest, Esq., at Marshack Hays Wood, LLP, is the Debtor's legal counsel. HUNTLEY AVENUE: Gets Court Nod to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved Huntley Avenue, LLC's interim use of cash collateral to continue operations. The approval is based on a negotiated stipulation between the Debtor and CLI Fund 2, LLC, which outlines agreed terms for the use of cash collateral and provides protections to the secured creditor. The Debtor owns and operates a residential rental property in Culver City, California that generates approximately $14,595 per month in rent. CLI Fund 2, the secured creditor, holds a first-priority deed of trust on the property in the amount of $1.98 million, including an assignment of rents, making the rental income cash collateral under the Bankruptcy Code. After the Debtor filed a motion seeking authority to use this cash collateral, the parties negotiated and reached this stipulation to avoid litigation. Under the agreement, the Debtor is granted limited, interim authority (April 1 through May 31, 2026) to use cash collateral strictly for essential property-related expenses specifically insurance premiums and property taxes. Any excess rental income must be segregated and preserved in a designated debtor-in-possession account. The stipulation preserves CLI's rights in its collateral and does not alter prepetition lien priorities. As adequate protection for the creditor, CLI receives a replacement lien on post-petition assets to the extent cash collateral is used, which is deemed valid and enforceable without further action. A copy of the stipulation is available at https://shorturl.at/dP57v from PacerMonitor.com. About Huntley Avenue LLC Huntley Avenue, LLC is a privately held limited liability company primarily engaged in real estate ownership or investment activities. Huntley Avenue, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21645) on Dec. 29, 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 assigned to Honorable Bankruptcy Judge Barry Russell. The Debtor is represented by Matthew D. Resnik, Esq., of RHM Law LLP. CLI FUND 2, LLC, as secured creditor, is represented by Lance Jurich, Esq. and Vadim J. Rubenstein, Esq., at LOEB & LOEB LLP. IBODY INC: Seeks to Use Cash Collateral --------------------------------------- iBody, Inc. 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. The Debtor has been operating since approximately 2011 under its principal, Dr. Roberto Tostado, and currently employs four staff members in addition to the physician, while maintaining standard medical insurance coverage including workers' compensation, general liability, and malpractice insurance. The Debtor reports that its financial difficulties stem from a combination of failed medical equipment purchases—allegedly sold with misleading performance claims—rapid business growth that increased operating costs, and the use of high-cost merchant cash advance financing that severely strained cash flow due to aggressive daily or weekly withdrawals from its accounts. The Debtor explains that its industry-specific equipment purchases resulted in significant debt obligations, including approximately $14,750 per month in payments for three underperforming machines that allegedly do not deliver promised therapeutic results. Although revenue has grown from approximately $800,000 in 2023 to over $1.1 million in 2025, and about $225,000 in the first quarter of 2026, rising costs for staffing, consumables, and debt service have created ongoing liquidity pressures. The Debtor characterizes MCA lenders as a major cause of financial distress due to extremely high effective interest rates and daily withdrawals that impair working capital, noting that these loans are secured against future receivables even though the Debtor has limited true receivables because most patients pay at the time of service. The Chapter 11 filing is presented as a necessary step to halt MCA collections, reduce debt burdens, stabilize operations, and allow time to evaluate whether recent expense reductions—exceeding 40%—can support a viable reorganization plan. The Debtor's assets consist primarily of cash, medical supplies, inventory, and patient relationships, with minimal insurance receivables under $5,000. It identifies multiple secured creditors claiming interests in cash collateral, with the Small Business Administration asserted as the senior secured lender, holding a first-priority lien in substantially all assets and being partially undersecured based on a debt of approximately $500,050. Other lenders, including Legence Bank (as successor to Bankers Healthcare Group), Opportunity Fund, and other UCC filers, are treated as junior or unsecured claimants. The proposed budget projects operations from April 18, 2026 through August 1, 2026, with total expected receipts of approximately $483,000, costs of goods sold of $192,720, expenses of $241,477, and net income of $3,803, resulting in a modest increase in cash from $6,200 to about $10,003. The Debtor contends that these projections demonstrate that secured creditors will not suffer diminution in value because operations are expected to remain stable or slightly profitable. To account for operational uncertainty, the Debtor requests flexibility to vary expenditures by up to 20% for smaller budget categories and 15% for larger ones, along with a “rollover” mechanism allowing unused funds to be carried forward between weeks and a provision allowing up to 75% of excess revenues to be allocated toward cost of goods sold and remaining expenses. The Debtor also proposes that, in exchange for the use of cash collateral, secured creditors—particularly the SBA—receive adequate protection in the form of replacement liens, while emphasizing that no insider compensation will be paid absent court or U.S. Trustee approval. Finally, iBody argues that secured creditors are adequately protected because the business will continue operating as a going concern, generating revenue that preserves collateral value, maintaining insurance coverage, and providing replacement liens where appropriate. The Debtor further proposes to make a limited interim payment of $750 per month to the SBA while seeking court approval for broader use of cash collateral. A hearing on the matter is set for April 15, 2026 at 1 p.m. A copy of the motion is available at https://urlcurt.com/u?l=T8eCGT from PacerMonitor.com. About iBody, Inc. iBody, Inc. operates a San Marino-based medical clinic focused on weight reduction, nutritional counseling, chronic illness support, regenerative aesthetics, hormone therapy, and detoxification-oriented services, offering individualized, integrated patient care designed to improve health outcomes and encourage patient engagement in managing their own wellness. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-13464-BB) on April 10, 2026. In the petition signed by Roberto Tostado, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Sheri Bluebond oversees the case. Steven R. Fox, Esq., at The Fox Law Corporation Inc., represents the Debtor as legal counsel. INGENOVIS HEALTH: S&P Lowers ICR to 'CC', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Ingenovis Health Inc. to 'CC' from 'CCC+'. S&P also lowered its issue-level ratings on its term loans to 'CC' from 'CCC+'. The negative outlook reflects S&P's expectation for a restructuring transaction which would lead it to lower its issuer credit rating on the company. Once any potential restructuring is complete, S&P would expect to update the rating to reflect future creditworthiness. That rating will depend on our assessment of the company's capital structure, business prospects, liquidity, leverage levels, and free cash flow generation. Ingenovis' financial performance has sharply eroded in recent years given a decline in demand for temporary nurse staffing. S&P said, "The company has been generating free cash flow deficits and we expect that to persist in 2026. We therefore view the current capital structure as unsustainable and a distressed exchange or conventional default as largely inevitable." The company's revolving credit facility was scheduled to mature earlier this year, but was extended three times, in each case for just a few weeks. It's now scheduled to mature on April 24, 2026. This suggests the potential for a near-term transaction to address the capital structure despite liquidity S&P views as adequate. S&P said, "We view a distressed transaction or default as largely inevitable. Given the steep erosion in profitability, we view the company's debt capital structure as unsustainable. Although Ingenovis' liquidity is adequate, we don't believe its performance is likely to improve enough to support a refinancing of the $725 million term loan maturing 2028, especially given sustained pressures affecting the temporary healthcare staffing markets. "Moreover, considering the multiple short-term extension of the revolver in recent weeks, and the near-term maturity of April 24, 2026, we believe pursuit of a near-term restructuring of the capital structure is likely." The negative outlook reflects elevated risk of a debt restructuring transaction. S&P said, "We will lower our issuer credit and issue-level ratings if the company restructures its debt such that lenders receive less than the amount implied by the initial terms of those loan agreements. We view this as largely inevitable given the unsustainable level of debt in the capital structure. "If Ingenovis' financial performance improves significantly such that we believe that a near-term restructuring transaction is less likely, we could raise our rating, likely to the 'CCC' category. Under this scenario, our rating would reflect the potential for other restructuring initiatives in the future and the company's ability to refinance its upcoming debt maturities while its capital structure is highly leveraged." INSPIRED HEALTH:US Trustee Appoints Patient Care Ombudsman in Ch.11 ------------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that in the Chapter 11 case of Inspired Healthcare Capital, the U.S. Trustee's Office has designated an ombudsman to oversee care at retirement communities housing thousands of residents. The decision reflects concerns about maintaining adequate standards during the bankruptcy process. The appointed ombudsman will evaluate conditions across the facilities and report on the quality of resident care. The role is designed to provide independent oversight and ensure that operations continue to meet regulatory and ethical standards, the report states. Officials emphasized that the oversight aims to safeguard vulnerable residents while the company restructures. The ombudsman's reports will inform the court and stakeholders as the case progresses, according to Law360. About Inspired Health Capital Fund Services, LLC Inspired Healthcare Capital operates as a private equity firm specializing in senior housing. Its portfolio includes 35 operating senior living communities in 14 states, providing housing and care services to roughly 2,620 residents across independent living, assisted living, and memory care settings. Inspired Health Capital Fund Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-90004) on February 2, 2026. In its petition, the Debtor reports $1 billion to $10 billion in both assets and liabilities. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Marcus Alan Helt, Esq. of Mcdermott Will & Schulte LLP. M. Benjamin Jones of Ankura Consulting Group, LLC serves as Financial Advisor/CRO. Raymond James & Associates, Inc. serves as Investment Banker.Epiq Corporate Restructuring, LLC serves as Claims Agent. Realty Cap Advisors, LLC serves as Equity Security Holders with 100% equity interest. INTERCEMENT: Cleary Represented Creditors in Restructuring ---------------------------------------------------------- Cleary Gottlieb represented the ad hoc group of creditors of InterCement Participacoes S.A. and its subsidiaries (InterCement), one of Brazil's largest cement producers, in InterCement's multijurisdictional restructuring of approximately $2 billion of liabilities that closed on April 6, 2026. The ad hoc group was comprised of leading U.S. and international investors that held a substantial majority of the financial claims against InterCement, including U.S. law governed 2024 senior notes and certain Brazilian law governed secured debentures. Cleary developed an innovative legal strategy to overhaul InterCement's capital structure, overcoming the debtor's initial efforts to consummate a transaction around the ad hoc group. The successful strategy ultimately resulted in a restructuring that dramatically reduced the company's leverage and positioned it for long-term competitiveness under the ad hoc group's ownership. Highlights of the restructuring included: -- Comprehensive Recapitalization and Deleveraging: InterCement has reduced its debt by over $700 million through the exchange of its existing 2024 senior notes and debentures into equity and new instruments, including the 2031 senior secured notes. -- New Money Financing: Certain investors, including the ad hoc group members, have injected $93.5 million in new money financing for the company to invest in its business and adequately address payments resulting from its restructured obligations. -- New Ownership: Financial creditors that elected to receive equity, including the ad hoc group members, now own 100% of InterCement Participacoes S.A.'s share capital. -- Loma Negra Sale: The restructuring plan contemplates a structured sale of InterCement's controlling stake in leading Argentine cement producer Loma Negra Compañía Industrial Argentina S.A. -- Corporate Governance: The new shareholders have revamped the company's board of directors to implement leading international standards for corporate governance. This result reflects Cleary's longstanding, multidisciplinary experience in cross-border restructurings in Brazil and throughout Latin America. Cleary has played a leading role in many of the most significant recent Latin American restructurings, including the restructurings of Azul, GOL, Aeroméxico, LATAM Airlines, and Odebrecht, among others. The Cleary restructuring team included partners Richard Cooper, Francisco Cestero, and Ignacio Lagos; associate Theodore Leonhardt; and law clerk Micaela Mingramm. The bankruptcy litigation team included partners Luke Barefoot and Thomas Kessler, senior attorney David Schwartz, and associates Jack Massey, Thomas Lynch, Andrew Khanarian, Richard Minott, Timothy Wolfe, Madeline Finnegan, and Taylor Lee. Partner Samuel Levander advised on certain litigation matters. Partner Matthew Brigham and associate Banu Dzhafarova advised on tax matters. About Intercement Brasil Intercement Brasil is a producer of cement and concrete based in Brazil. Overall, the Company has 34 production units, with an active capacity of more than 33 million tons of cement per year, employing more than 6,000 professionals. Intercement Brasil and affiliates sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-11226) on July 15, 2024. The firm's foreign representative: Antonio Reinaldo Rabelo Filho Rua Barao da Torre, 550, Apt. 201, Ipanema Rio de Janeiro, RJ Brazil The Foreign Representative's counsel: John K. Cunningham, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York NY 10020 Tel: (212) 819-8200 Email: jcunningham@whitecase.com J. PATRICK: To Sell Hattiesburg Property to Lakeview Fabrication ---------------------------------------------------------------- J. Patrick Lee Construction LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of 32.44 acres located at 2800 Lakeview Road, Hattiesburg, Mississippi. The Debtor's decision to liquidate the Property is in the best interest of all creditors and parties-in-interest. The purchaser of the Property is Lakeview Fabrications LLC. The purchase price of the Property is $163,000. The Purchaser is a good faith purchaser and the sale transaction is an arms-length transaction. The Debtor had no prior connections with the Purchaser before the proposed sale described. The Debtor seeks authority of the Court to consummate the sale and to execute such deed, transfer or other related documents which are reasonably necessary to consummate and close the sale of the Property. The Debtor seeks to sell the Property free and clear of liens, claims and security interests with the exception of ad valorem tax claims which shall be prorated based upon possession, and paid at closing, and with the exception of customary seller's costs of closing, with all valid liens and claims to attach to the sale proceeds. First National Bank of Picayune is the first lienholder. About J. Patrick Lee Construction J. Patrick Lee Construction, LLC, based in Picayune, Mississippi, engages in heavy and civil engineering construction projects, including local infrastructure, municipal improvements, and residential site development. The Company participates in public and private construction contracts within Pearl River County and surrounding areas. J. Patrick Lee Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51858) on December 10, 2025. In the petition signed by Patrick Lee, owner/managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. The Debtor is represented by the Law Offices of Geno and Steiskal, PLLC. JAGUAR HEALTH: Believes to Have Regained Nasdaq Compliance ---------------------------------------------------------- Jaguar Health Inc. disclosed in its Annual Report on Form 10-K filed with the Securities and Exchange Commission that it had a total stockholders' deficit of approximately $18.7 million as of December 31, 2025, resulting in non-compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on the Nasdaq Capital Market to maintain stockholders' equity of at least $2.5 million. The Company stated that, since December 31, 2025, its stockholders' equity position has improved based on several capital inflows and accounting adjustments, including: (i) $16.0 million of non-dilutive capital received by the Company pursuant to the terms of the license agreement by and among the Company, Napo Pharmaceuticals, Inc., a wholly-owned subsidiary of the Company, Woodward Specialty LLC, an affiliate of Future Pak, LLC , and Future Pak, dated as of January 12, 2026, (ii) $3.0 million received by Napo following the termination of the buy-back provision under the License Agreement, (iii) approximately $1.0 million received by Napo from the purchase of existing product inventory by Woodward pursuant to the terms of the manufacturing and supply agreement by and between Napo, Woodward and Future Pak dated January 12, 2026, (iv) $2.0 million to be received by Napo upon satisfaction of the Third Party Replacement MSA Conditions (as defined in the License Agreement), (v) approximately $1.2 million to be received by Napo from the sale of the Mytesi Product pursuant to the Firm Order (as defined in the Supply Agreement), (vi) approximately $0.2 million received by Napo prior to the effective date of the License Agreement from the net sales of Mytesi between January 1, 2026 and January 11, 2026, (vii) approximately $0.2 million from the grant revenue awarded to the Company, and (viii) a gain of approximately $3.4 million of the Company on extinguishment of part of the debts owed to certain affiliates of Chicago Venture Partners, L.P. As a result, the Company reported that its stockholders' equity as of April 7, 2026 exceeded the $2.5 million minimum required for continued listing on the Nasdaq Capital Market. 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. 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. 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. JOSHUA CABINETRY: Lender Seeks to Prohibit Cash Collateral Access ----------------------------------------------------------------- Newtek Small Business Finance, LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to prohibit Joshua Cabinetry LLC from using cash collateral based on an alleged default under an existing court-approved arrangement. The court had previously entered a Final Cash Collateral Order on December 19, 2025, which allowed the Debtor limited use of cash collateral subject to strict conditions, including compliance with payment obligations and default procedures. Under that order, if a default occurs, the secured creditor may file an affidavit of default, triggering a ten-business-day period during which the Debtor must either cure the default or formally dispute it by filing a contravening affidavit. If the Debtor fails to do either, its right to use cash collateral automatically terminates, and the court may prohibit further use and consider granting relief from the automatic stay in favor of the creditor. NSBF asserts that the Debtor breached the terms of the Final Cash Collateral Order by failing to make required adequate protection payments. As a result, NSBF filed an affidavit of default on March 23, 2026, in accordance with the prescribed procedures, properly serving the debtor and its counsel. The Debtor neither cured the default within the ten-business-day cure period nor filed any objection or contravening affidavit disputing the existence of the default. Consequently, under the terms of the existing order, the Debtor's right to use cash collateral automatically terminated on April 6, 2026. Based on these undisputed procedural and substantive failures, NSBF now requests that the court formally enter an order enforcing the consequences already outlined in the Final Cash Collateral Order—specifically, prohibiting any further use of cash collateral by the debtor. A copy of the motion is available at https://urlcurt.com/u?l=qVESc0 from PacerMonitor.com. About Joshua Cabinetry LLC Joshua Cabinetry LLC, headquartered in Georgia, provides expert cabinetry and woodworking services with a focus on customization and craftsmanship. The firm designs and installs superior-quality cabinets for residential and commercial projects, offering solutions such as kitchen and bathroom cabinetry, built-in furnishings, and other tailored wood creations. Joshua Cabinetry LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62270) on October 23, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Paul Reece Marr, Esq. of Paul Reece Marr, PC. Newtek Small Business Finance, LLC, as lender, is represented by: Beth E. Rogers, Esq. ROGERS LAW OFFICES 9040 Roswell Road, Ste. 205 Atlanta, GA 30350 Tel: 770-685-6320 Email: distribution@berlawoffice.com JOSHUA TOURS: Case Summary & 19 Unsecured Creditors --------------------------------------------------- Debtor: Joshua Tours Limited Liability Company 183 Autumn Street Passaic, NJ 07055-3213 Business Description: Joshua Tours Limited Liability Company is a Passaic, New Jersey-based passenger transportation company that provides school contracting services in the Northeast New Jersey area. It also offers charter transportation services for groups, and previously provided private transportation hired directly by parents. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-14194 Judge: Hon. Mark Edward Hall Debtor's Counsel: Brett S. Moore, Esq. PORZIO, BROMBERG & NEWMAN, P.C. 5 Sylvan Way, Suite 110 Parsippany, NJ 07054 Tel: 212-265-6888 Fax: 212-957-3983 Email: Bsmoore@pbnlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steven A. San Filippo as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WWP3N7A/Joshua_Tours_Limited_Liability__njbke-26-14194__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 19 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Advanced Auto Parts Vendor $2,345 261 Clifton Avenue, Suite 10 Clifton, NJ 07011 2. Ali Newaj Litigation $0 ATTN: Ihan A. Ibrahim, Esq. Inbrahim Law Firm LLC 910 Bergen Avenue, Suite 203 Jersey City, NJ 07306 3. Ameris Bank Judgment $543,789 Attn: Neal S. Salisian, Esq. Salisian Lee LLP 550 South Hope St, Suite 750 Los Angeles, CA 90071 4. Atlantic Coast Surety LLC Vendor $54,370 1200 MacArthur Blvd., St 302A Mahwah, NJ 07430 5. Borrowers Heaven.com LLC Judgment $45,000 349 Applegarth Road, St 4 Monroe Township, NJ 08831 6. Felix Colon Litigation $0 ATTN: Steve D. Byoun, Esq. The Law Offices of Fusco & Macaluso, P.C 150 Passaic Avenue Passaic, NJ 07055 7. First Student, Inc. Vendor $103,173 191 Rosa Parks Street, 8th Floor Cincinnati, OH 45202 8. Fuel 5 Vendor $6,733 1045 Main Avenue Clifton, NJ 07011 9. Intuit Financing Inc. PPP Loan $103,173 QuickBooks Loan Customer Service PO Box 84210 Sioux Falls, SD 57118 10. Lissette Medina Litigation $0 ATTN: James Vasquez, Esq. The Law Offices of James Vasquez, P.C. 970 Clifton Avenue Clifton, NJ 07013 11. LM Insurance Corporation Judgment $45,644 175 Berkeley Street Boston, MA 02116 12. Maurice Wilson Judgment $45,000 200 8th Avenue Paterson, NJ 07514 13. Model 1 Commercial Vehicles Vendor $14,622 2 Gowin Street Sayreville, NJ 08872 14. NJ Division of Taxation Judgment $2,331 Bankruptcy Unit 3 John Fitch Way, 5th Floor PO Box 245 Trenton, NJ 08695-0245 15. Petrucelli, Piotrowski & Legal Fees $2,575 Co., Inc. 263 Main Street Woodbridge, NJ 07095 16. Plumeria Accord Litigation $0 Holdings, LLC 2711 N. Sepulveda Blvd., #248 Manhattan Beach, CA 90266 17. Progressive Garden Judgment $4,669 State Insurance ATTN: Stacy F. Plotz Maza, Esq. Law Offices of Jan Meyer & Associates 1029 Teaneck Road, 2nd Fl Teaneck, NJ 07666 18. Rosemeli Arroyo Almonte Litigation $0 ATTN: Amy L. Peterson, Esq. Amy L. Peterson, P.C. Law Offices 128 Passaic Avenue Passaic, NJ 07055 19. Wells Fargo Bank, N.A. PPP Loan $75,055 600 South 4th Street MAC N9300-100 Minneapolis, MN 55415 K & L TRUCKING: Seeks Chapter 7 Bankruptcy in Maryland ------------------------------------------------------ On April 9, 2026, K & L Trucking, LLC, filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. Proofs of claims must be filed by June 18, 2026. About K & L Trucking, LLC K & L Trucking, LLC is a transportation company engaged in freight hauling and logistics services. K & L Trucking, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13813) on April 9, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Lori S. Simpson handles the case. The Debtor is represented by Frank Morris, II, Esq. of Law Office of Frank Morris II. KBS REIT III: Inks Deal With Lenders on Fifth Loan Modification --------------------------------------------------------------- KBS Real Estate Investment Trust III, Inc. disclosed in a regulatory filing that on October 17, 2018, certain of KBS REIT III's indirect wholly owned subsidiaries entered into a loan facility (as subsequently modified and amended, the "Modified Portfolio Revolving Loan Facility") with U.S. Bank National Association, as administrative agent. The current lenders under the Modified Portfolio Revolving Loan Facility are U.S. Bank National Association, Regions Bank, Citizens Bank, City National Bank and Associated Bank, National Association. On March 31, 2026, KBS REIT III, through an indirect wholly owned subsidiary, sold Gateway Tech Center to a purchaser unaffiliated with KBS REIT III or the Advisor for $50.0 million, or $48.1 million of net sales proceeds, after credits for outstanding tenant improvements and lease incentives, prorations, security deposits, third-party closing costs and before $0.3 million of disposition fees payable to the Advisor. Pursuant to an amendment to the Modified Portfolio Revolving Loan Facility, KBS REIT III used the proceeds of $48.1 million from the sale of Gateway Tech Center to: (i) paydown the outstanding principal of the Modified Portfolio Revolving Loan Facility by $47.5 million and (ii) fund $0.6 million into the cash management account established for the Modified Portfolio Revolving Loan Facility. After the pay down of the loan from the sale of Gateway Tech Center on March 31, 2026, the aggregate outstanding principal balance of the Modified Portfolio Revolving Loan Facility was approximately $157.6 million, and $2.8 million of the holdbacks on the Modified Portfolio Revolving Loan Facility were available for future disbursement, subject to certain terms and conditions contained in the loan documents. Following the release of Gateway Tech Center, the Modified Portfolio Revolving Loan Facility is secured by 515 Congress and 201 17th Street. On April 2, 2026, KBS REIT III, through the Borrowers, entered into a Fifth Modification Agreement with the Agent and the Lenders. Upon closing of the Fifth Modification Agreement and after giving effect to the disbursement of the holdbacks, the outstanding principal balance of the Modified Portfolio Revolving Loan Facility was $160.4 million, with no additional holdbacks available for future funding. The Fifth Modification Agreement extended the maturity date of the Modified Portfolio Revolving Loan Facility to December 15, 2026. The Fifth Modification Agreement provides for an additional extension of the maturity date to March 31, 2027, subject to the satisfaction of certain terms and conditions contained in the Fifth Modification Agreement, some of which conditions are not in the sole control of KBS REIT III, including KBS REIT III's taking identified actions relating to its portfolio. The Fifth Modification Agreement eliminated the requirement of the Borrowers to make principal amortization payments during the term of loan. Pursuant to the Fifth Modification Agreement, the Borrowers agreed to defer payment to KBS REIT III of all REIT-level expenses allocable to the Properties and to defer payment to the Advisor of asset management fees allocable to the Properties. The Deferred Expenses may only be paid as follows: (i) If 515 Congress is sold before 201 17th Street, and if no defaults or events of default exist under the Modified Portfolio Revolving Loan Facility, an amount equal to the aggregate unpaid Deferred Expenses that have accrued as of the date of the closing of the sale of 515 Congress shall be released and disbursed to the Borrowers to the extent that the net sale proceeds from the sale of 515 Congress exceed the minimum release price for 515 Congress and such released funds shall be used by the Borrowers solely to pay outstanding Deferred Expenses, with any shortfall being further deferred until all outstanding obligations under the Modified Portfolio Revolving Loan Facility are paid in full. (ii) If 201 17th Street is sold before 515 Congress, and if no defaults or events of default exist under the Modified Portfolio Revolving Loan Facility, an amount equal to the aggregate unpaid Deferred Expenses that have accrued as of the date of the closing of the sale of 201 17th Street shall be released and disbursed to the Borrowers to the extent that the net sale proceeds from the sale of 201 17th Street exceed the minimum release price for 201 17th Street and such released funds shall be used by the Borrowers solely to pay outstanding Deferred Expenses, with any shortfall being further deferred until all outstanding obligations under the Modified Portfolio Revolving Loan Facility are paid in full. Pursuant to the Fifth Modification Agreement, the Borrowers drew down $1.8 million of the available holdbacks under the Modified Portfolio Revolving Loan Facility and the proceeds of the TI Draw were deposited into the cash management account established for the Modified Portfolio Revolving Loan Facility. The proceeds from the TI Draw are accessible to the Borrowers solely for tenant improvements, leasing commissions and capital expenditures at the Properties in accordance with the terms and conditions of the loan documents. The Fifth Modification Agreement also modified the provisions of the cash management account such that all monthly excess cash flow from the Properties after principal, interest and tax escrow payments will be applied to the cash management account and funding shall be available from the cash management account only for tenant improvements, leasing commissions and capital expenditures at the Properties in accordance with the terms and conditions of the loan documents. For more information on the cash management account, see the 2024 10-K. Additionally, the Fifth Modification Agreement establishes a real estate tax escrow account to provide funding for future real estate taxes related to the Properties. Pursuant to Fifth Modification Agreement, the Borrowers initially funded the Tax Escrow Account by drawing down $1.0 million of the available holdbacks under the Modified Portfolio Revolving Loan Facility. The Borrowers will also make monthly deposits into the Tax Escrow Account. The Borrowers granted the Agent, for the benefit of the Agent and the Lenders, a first lien security interest in the Tax Escrow Account. Upon the occurrence and during the continuance of an event of default under the Modified Portfolio Revolving Loan Facility, the Agent may apply funds in the Tax Escrow Account toward amounts due by the Borrowers under the Modified Portfolio Revolving Loan Facility. The Fifth Modification Agreement also amended the debt service coverage ratio the Borrowers are required to maintain and requires the Borrowers to comply with a one-time loan-to-value requirement. In connection with the Fifth Modification Agreement, KBS REIT Properties III, LLC, KBS REIT III's indirect wholly owned subsidiary, as guarantor under the Modified Portfolio Revolving Loan Facility, also agreed to amendments to its financial covenants under the guaranty (eliminating the net worth and leverage ratio covenants and imposing less restrictive earnings to fixed charges ratio). The Borrowers also agreed to pay certain costs, fees and expenses of the Agent and Lenders in connection with the Fifth Modification Agreement. About KBS Real Estate Investment Trust KBS Real Estate Investment Trust III, Inc., headquartered in Newport Beach, California, is a Maryland corporation taxed as a REIT. Formed in 2009, it conducts operations primarily through KBS Limited Partnership III. As of Dec. 31, 2025, the company owned 12 U.S. office properties and held an investment in a Singapore real estate investment trust. Its focus remains on core office assets, and it has no paid employees. The Newport Beach, California-based REIT disclosed that as of Dec. 31, 2025, it held $1.56 billion in total assets, $1.39 billion in total liabilities, and $177.80 million in stockholders' equity. In its audit report dated March 27, 2026, Ernst & Young LLP issued a going concern opinion, citing $1.3 billion of loan maturities and required principal paydowns within one year of the financial statements' issuance. KBX BUSINESSES: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------------- On April 10, 2026, KBX Businesses & Investments LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About KBX Businesses & Investments LLC KBX Businesses & Investments LLC is a limited liability company. KBX Businesses & Investments LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02541) on April 10, 2026. In its petition, the Debtor reports estimated assets and liabilities both ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Grace E. Robson handles the case. KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Kennedy Construction Groups, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued a fifth interim order granting the Debtor approval to use funds in which Midwest Regional Bank and other secured creditors assert an interest and to use such funds for necessary expenses listed in its budget, subject to a 10% variance per line item. As adequate protection, secured creditors will be granted replacement liens, maintaining the same priority as their pre-bankruptcy liens. In addition, the order requires the Debtor to maintain insurance on its assets and preserves all parties' rights to later request modified protection or restrictions on cash use. It also keeps open the rights of a creditors' committee, should one be appointed, to challenge any liens. The next hearing is scheduled for April 16. The fifth interim order is available at https://shorturl.at/HOb43 from PacerMonitor.com. Kennedy estimates that the collective claims of secured creditors are secured by $304,646.08 in assets consisting of $19,657.20 in cash and $284,988.88 in accounts receivables. Midwest asserts $1.19 million in secured claim. Midwest is represented by: Zina Gabsi, Esq. McGlinchey Stafford 201 East Kennedy Blvd. Suite 1200 Tampa, FL 33602 Phone: (656) 228-0300 Fax: (656) 206-3002 zgabsi@mcglinchey.com dbeauchamp@mcglinchey.com About Kennedy Construction Groups LLC Kennedy Construction Groups, LLC, operating as Kennedy Roofing, provides residential and commercial roofing, gutter, window, and carpentry services in Florida. Kennedy Construction Groups sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07452) on October 9, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. KOOL AIR: Gets Interim OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division issued a third interim order authorizing Kool Air, LLC to use cash collateral. Under the third interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, U.S. Trustee quarterly fees, and necessary operating expenses outlined in the budget, with flexibility of up to 10% per line item. Any additional spending requires written approval from the secured creditor, Olympus Lending, LLC. This authorization remains in effect until further order of the court. Kool Air must fulfill all obligations of a debtor-in-possession, including compliance with bankruptcy rules, maintaining insurance coverage, and providing the secured creditor with reasonable access to business records and premises. In exchange, secured creditors will receive a replacement lien on post-petition cash collateral with the same priority and validity as their pre-petition liens, automatically perfected without further action. The order is entered without prejudice, preserving the rights of all parties, including any future creditors' committee. The court retains jurisdiction to enforce the order. Notably, no cash collateral payments are required to the secured lender at this time, due to interest rate considerations, subject to later determination of the creditors secured status. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/d7BeJ from PacerMonitor.com. A continued hearing is scheduled for May 19. Kool Air executed a loan agreement with Olympus in which its post-petition account receivables, cash and other assets were pledged as collateral. The Debtor estimates the value of the cash and accounts receivable to be approximately $51,000 based on a current aging report of receivables less than 90 days old. The Debtor believes the assets that were pledged to the lender were secured by a loan, which exceeds the allowable interest rate under state or federal law. About Kool Air LLC Kool Air, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00175) on January 16, 2026, with $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. LANGUAGE KIDS: Seeks Approval to Hire H&R Block as Accountant ------------------------------------------------------------- Language Kids Houston, LLC dba Language Kids World seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Robert Norris of H&R Block to serve as its accountants. Robert Norris and H&R Block will provide these services: (a) prepare Debtor's 2024 and 2025 tax returns, as well as, amended 2023 tax return; (b) review and reconcile Debtor's books and financial statements for 2025; (c) provide general accounting and tax preparation services; and (d) provide assistance with projections and plan-related issues, if necessary. H&R Block will receive $600 per tax return. Robert Norris will also receive $50 per hour for reconciliation of Debtor's books and general bookkeeping and $250 per hour for plan projections and other professional bankruptcy-related services. H&R Block 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 Norris, CPA H&R BLOCK 1614 Holland Avenue Houston, TX 77029 Telephone: (713) 212-9215 E-mail: Robert.Norris@HRBlock.com About Language Kids Houston, LLC Language Kids Houston, LLC, a Texas-based limited liability company, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-30176) on January 7, 2026. In its petition, the Debtor reports assets ranging from $0 to $100,000 and liabilities ranging from $1 million to $10 million. Judge Eduardo V. Rodriguez presides over the case. The Debtor is represented by Reese W. Baker, Esq., at Baker & Associates. LEFKO LLC: Tarek Kiem of Kiem Law Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for LEFKO LLC. Mr. Kiem 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. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About LEFKO LLC LEFKO LLC, doing business as Salute Market, operates a high-end restaurant in Palm Beach Gardens with indoor/outdoor seating, live entertainment, a premium wine and spirits selection, and a catering business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14231) on April 3, 2026. In the petition signed by Michelle Lefkowitz, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Ivan J. Reich, Esq., at Nason Yeager Gerson Harris & Fumero, P.A., represents the Debtor as legal counsel. LEGACY WORLDWIDE: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Legacy Worldwide, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with a final budget covering April through August to fund ongoing business operations. The Debtor's cash collateral consists of operating revenue in which the U.S. Small Business Administration, Libertas Funding, LLC and Itria Ventures, LLC may claim an interest, with the SBA holding a first-priority lien. As protection, the lenders will be granted a valid and properly perfected replacement lien on all property acquired by the Debtor after the petition date similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. The Debtor must also make monthly adequate protection payments of $1,000 to the SBA beginning this month. The order is available at https://shorturl.at/NwCCg from PacerMonitor.com. Legacy Worldwide operates an advertising firm providing traditional and digital marketing services, including media buying, script-to-screen production, and creative services, and is solely owned by Damon Davis. Its bankruptcy filing was precipitated primarily by financial distress caused by multiple merchant cash advance obligations, which became unsustainable and impaired its ability to meet operational expenses and debt service requirements. The order is available at https://is.gd/v2KzTE from PacerMonitor.com. About Legacy Worldwide LLC Legacy Worldwide, LLC operates an advertising firm providing traditional and digital marketing services, including media buying, script-to-screen production, and creative services, and is solely owned by Damon Davis. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-52753-lrc) on March 1, 2026. In the petition signed by Damon Davis, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. LEXORA INC: Seeks Cash Collateral Access, Factoring Arrangement --------------------------------------------------------------- Lexora Inc. asks the U.S. Bankruptcy Court for the Southern District of New York for approval to to implement a comprehensive financing strategy centered on two interrelated components: (1) entering into a post-petition factoring arrangement with SouthStar Financial, LLC, and (2) obtaining authority to use cash collateral held by its secured creditors. The Debtor emphasizes that these measures are essential to maintaining liquidity, sustaining operations, and preserving the value of the estate during the reorganization process. The proposed post-petition factoring arrangement with SouthStar represents a continuation of a pre-existing financing relationship. Under the proposed arrangement, the Debtor would be authorized to sell up to $250,000 in post-petition accounts receivable to SouthStar. In exchange, SouthStar would advance funds of up to approximately 88% of the face value of eligible receivables, with the remaining balance (minus fees and potential chargebacks) remitted upon collection. These receivables would become the sole property of SouthStar, transferred free and clear of all liens, claims, and encumbrances—including disputed interests such as those asserted by Libertas Funding LLC. To secure the Debtor's obligations, SouthStar would be granted a first-priority, perfected lien on substantially all of the Debtor's assets, as well as a superpriority administrative expense claim under the Bankruptcy Code. This claim would take precedence over nearly all other administrative expenses, subject only to limited carve-outs such as U.S. Trustee fees and capped Chapter 7 trustee expenses. The Debtor asserts that these enhanced protections are necessary to induce SouthStar to continue providing financing in the high-risk post-petition context. As of the bankruptcy filing, approximately $364,541 in receivables remained outstanding under this agreement. Although the Debtor maintains that these receivables were sold outright to SouthStar prior to the petition date, it seeks court authorization—out of an abundance of caution—for SouthStar to continue collecting on those receivables and applying the proceeds in accordance with the prepetition agreement. In addition to the factoring arrangement, the Debtor seeks authority to use cash collateral belonging to its secured creditors—SouthStar, Dime Community Bank (acting on behalf of the Small Business Administration), and Libertas—in the ordinary course of business pursuant to a proposed budget. The Debtor acknowledges the existence of these secured claims but disputes the validity, extent, and priority of certain interests, particularly those of Libertas and potentially Dime, which it believes may be undersecured. Nevertheless, to maintain the status quo and ensure continued access to necessary funds, the Debtor proposes to provide adequate protection to all secured creditors. This protection would take the form of replacement liens on post-petition assets and superpriority claims to compensate for any diminution in the value of their collateral resulting from the Debtor's use of cash collateral. The Debtor further explains that it lacks access to unencumbered funds or alternative financing sources, making the continuation of the SouthStar relationship critical. Without the ability to factor receivables and use cash collateral, the Debtor would be unable to purchase inventory, fulfill customer orders, pay employees, or meet other operational expenses. Such an outcome would likely force an immediate cessation of business operations, significantly diminishing the value of the estate and harming creditors. A copy of the motion is available at https://urlcurt.com/u?l=RTvKfF from PacerMonitor.com. About Lexora Inc. Lexora Inc. , founded in 2009 and headquartered in New York, sells bathroom and kitchen products through online and showroom channels. The company offers vanities, bathtubs, faucets, mirrors, lighting, and related accessories, and it also works with factories in Asia to develop and source its product lines. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-10751) on April 6, 2026. In the petition signed by Andrey Bogan, president, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Robert L. Rattet, Esq., at DAVIDOFF HUTCHER & CITRON LLP, represents the Debtor as legal counsel. LIBERTY CARRIERS: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------ Liberty Carriers, Inc. asks the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, for authority to use cash collateral and provide adequate protection. The Debtor, a small dump truck service business based in Livermore, California, encountered significant financial distress after purchasing approximately eleven Peterbilt trucks intended for conversion into dump trucks; however, delays in completing these conversions prevented the trucks from generating revenue, ultimately leading to their repossession in late 2025 and early 2026 and leaving the Debtor unable to service its loan obligations. As a result, the bankruptcy filing aims to stabilize operations and reorganize the business for the benefit of creditors. The Debtor currently holds about $32,000 in cash and asserts that its cash collateral—comprising cash on hand and ongoing business revenues—is subject to security interests held by two primary creditors: JPMorgan Chase Bank, N.A., with a claim of approximately $333,410, and the U.S. Small Business Administration, with a claim of about $93,000, both secured by broad UCC-1 filings covering the Debtor's assets and revenues. To continue operating, the Debtor requests permission to use this cash collateral to pay essential expenses such as employee wages, vendor payments, insurance, leases, and other ordinary business costs, arguing that failure to do so would result in immediate and irreparable harm, including business shutdown and loss of estate value. As adequate protection for the secured creditors, the Debtor proposes granting replacement liens on its cash and other assets to the same extent, validity, and priority as existed prepetition, along with a monthly payment of $1,350 to Chase beginning in May 2026, while asserting that the SBA's claim may be undersecured due to insufficient collateral value. A copy of the motion is available at https://urlcurt.com/u?l=sbkYhd from PacerMonitor.com. About Liberty Carriers, Inc. Liberty Carriers, Inc. is a dump truck service business based in Livermore, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40730) on April 8, 2026. In the petition signed by Gurmit Singh, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Charles Novak oversees the case. Ryan C. Wood, Esq., at Law Offices of Ryan C. Wood, Inc., represents the Debtor as legal counsel. LISA PARK: Cash Collateral Hearing Set for April 23 --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas is set to hold a hearing on April 23 to consider extending Lisa Park OD, PLLC's authority to use cash collateral. The Debtor was initially allowed to access cash collateral under the court's April 8 interim order to pay its expenses in accordance with an approved budget. . The interim order granted Bank of America, N.A. and other secured creditors replacement liens on post-petition assets and a potential Section 507(b) superpriority administrative claim, subject to a fee carve-out. Bank of America, the senior secured creditor, holds a lien on substantially all assets of the Debtor. Potential secured creditors include Newtek Bank, N.A. The interim use of cash collateral continues until termination events occur such as default, case dismissal, or appointment of a trustee. About Lisa Park OD PLLC Lisa Park OD, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tax. Case No. 26-41152) On April 3, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in laibilities. Judge Hon. Brenda T Rhoades oversees the case. The Debtor is represented by: Melissa S. Hayward Hayward PLLC Tel: 972-755-7100 Email: mhayward@haywardfirm.com LIVECONNECTIONS.ORG: Gets Extension to Access Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania issued an third interim order authorizing LiveConnections.org and Real Entertainment-Philadelphia, LLC to use cash collateral. Under the third interim order, the Debtors are authorized to use cash collateral through May 22, strictly in accordance with a court-approved budget. Variances are limited to 5% per budget category, and the Debtors must provide financial reporting, including monthly comparisons of actual versus projected revenues and expenses. Payment of certain pre-petition employee wages and benefits is permitted, subject to statutory caps. The Debtor projects total operational expenses of $51,022 for March. As adequate protection, lenders and taxing authorities will be granted replacement liens on post-petition assets and, if necessary, superpriority administrative claims under Section 507(b) of the Bankruptcy Code. The order provides for a carveout for certain administrative expenses such as U.S. Trustee fees and preserves creditors' rights to inspect records and audit the Debtors' financial affairs. A further hearing is scheduled for May 21, with objections due by May 15. The order is available at https://shorturl.at/Za4jP from PacerMonitor.com. The Debtors' filings indicate financial encumbrances including liens held by PIDC Community Capital ($581,140 remaining on a $1.5 million loan), the Delaware Valley Regional Economic Development Fund ($563,152 judgment), and unpaid taxes owed to the Pennsylvania Department of Revenue ($205,496) and the City of Philadelphia ($268,754). Additional disputes exist with the University of Pennsylvania over licensing fees and lease arrangements for the Hajoca Building, culminating in ongoing litigation in both federal and local courts. LiveConnections.org (doing business as World Cafe Live) and Real Entertainment-Philadelphia operate as Pennsylvania non-profits, with World Cafe Live functioning as a prominent independent music venue, educational hub, and community space in Philadelphia, and Real Entertainment-Philadelphia serving as its operational subsidiary. The Debtors, managed and funded by Joseph Callahan and the Bean Foundation since March 2025, have received over $2.15 million in grants and $185,000 in loans to stabilize operations and improve cash flow. As of the petition date, World Cafe Live employed 86 staff with biweekly gross payroll of approximately $45,000. About LiveConnections.org LiveConnections.org, doing business as World Cafe Live, operates as Pennsylvania non-profits and functions as a prominent independent music venue, educational hub, and community space in Philadelphia. Real Entertainment-Philadelphia, LLC serves as the operational subsidiary. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 26-10973) on March 10, 2026. At the time of the filing, LiveConnections.org disclosed up to $10 million in both assets and liabilities. Judge Ashley M. Chan oversees the cases. Albert A. Ciardi, Esq., at Ciardi Ciardi and Astin, represents the Debtors as legal counsel. LONG BEACH PROPERTY: Commences Chapter 11 Bankruptcy in California ------------------------------------------------------------------ On April 15, 2026, Long Beach Property, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 11, 2026 at 09:30 AM at UST-LA1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:4892201. About Long Beach Property, LLC Long Beach Property, LLC is a real estate holding company engaged in the ownership, management, and leasing of residential or commercial properties, primarily in the Long Beach area. Long Beach Property, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13636) on April 15, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The debtor is represented by Louis J. Esbin, Esq. of the Law Offices of Louis J. Esbin. LOW COST TREE: Gets Extension to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania issued a third interim order authorizing Low Cost Tree Service & Systems, LLC's continued access to cash collateral. Under the third interim order, the Debtor is authorized to use cash collateral strictly for ordinary business expenses and to operate within the limits of an approved budget, subject to a 10% variance. As adequate protection, the Debtor must make monthly interest-only payments to Mid Penn Bank and grant replacement liens on post-petition assets, maintaining the same priority as its pre-petition liens (excluding Chapter 5 claims). The order also requires proper handling of customer deposits, which must be kept in a separate account until earned. A final hearing is scheduled for May 12 to determine continued use of cash collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/9RPjj from PacerMonitor.com. Mid Penn Bank, as secured creditor, is represented by: Robert W. Pontz, Esq. Barry A. Solodky, Esq. Louis G. Fiorilla, Esq. Saxton & Stump, LLC 280 Granite Run Drive, Suite 300 Lancaster, PA 17601 Telephone: (717) 556-1000 Telecopier: (717) 441-3810 bpontz@saxtonstump.com bso@saxtonstump.com lgf@saxtonstump.com 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. LOWELL MARTIN: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Lowell Martin, Jr., LLC d/b/a Synergy Crude, LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division, for emergency authorization to use cash collateral and provide adequate protection. The Debtor asserts that its operating cash is derived primarily from accounts receivable and other proceeds subject to multiple asserted security interests, making substantially all of its liquidity “cash collateral” that cannot be used without court approval or creditor consent. The Debtor argues that immediate access to cash is essential to prevent disruption of payroll, vendor payments, equipment leases, and other ordinary operating expenses necessary to preserve going-concern value and avoid irreparable harm to the estate. The Debtor describes a complex lien structure involving multiple secured parties asserting interests in substantially all assets, particularly accounts receivable and related proceeds. These include a senior lien held by Texas Dow Employees Credit Union securing real property-related collateral and broader interests, as well as several UCC-1 filings by entities such as CT Corporation System (on behalf of various undisclosed creditors and Wynwood Capital Group LLC), G and G Funding Group LLP, and Timeless Funding LLC, all purporting to encumber accounts receivable, inventory, equipment, general intangibles, deposit accounts, and related proceeds. The Debtor contends that these overlapping liens mean its operating cash is encumbered and subject to cash collateral restrictions under section 363(a). It emphasizes that it has no practical ability to operate without immediate authorization to use such funds, as revenue is generated solely through ongoing operations. To support its request, the Debtor proposes a package of adequate protection measures designed to preserve secured creditors' interests during the use of cash collateral. These protections include maintaining the business as a going concern, granting replacement liens on post-petition assets (including accounts receivable and cash generated after the petition date) to the extent prepetition collateral value diminishes, and providing superpriority administrative claims if necessary. The Debtor also proposes use of a 30-day operating budget projecting approximately $1.25 million in revenue, with authority to exceed individual budget line items by up to 110% and total monthly spending by up to 10%, reflecting operational variability typical of its business. Additionally, it requests authority to modify the automatic stay solely to the extent necessary to implement these adequate protection arrangements, particularly the replacement lien structure. A copy of the motion is available at https://urlcurt.com/u?l=JRIOgk from PacerMonitor.com. About Lowell Martin, Jr., LLC Lowell Martin, Jr., LLC provides integrated crude hauling and logistics services through its operations and affiliated trucking activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-60034) on April 9, 2026. In the petition signed by Lowell J. Martin, Jr, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. LURIN EQUITY: Initiates Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On April 14, 2026, Lurin Equity Partners XXXIV, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Lurin Equity Partners XXXIV, LLC Lurin Equity Partners XXXIV, LLC, is a real estate investment entity typically engaged in property acquisition, ownership, and asset management activities through structured investment vehicles. Lurin Equity Partners XXXIV, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90442) on April 14, 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 Joshua W. Wolfshohl, Esq., of Porter Hedges LLP. LURIN EQUITY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Five affiliates that have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Petition Debtor Case No. Date ------ -------- -------- Lurin Real Estate Holdings LXIV, LLC 26-90441 4/10/2026 Lurin Equity Partners XXXIV, LLC 26-90442 4/14/2026 Lurin Equity Partners XLIII, LLC 26-90443 4/14/2026 Lurin Equity Partners XLI, LLC 26-90444 4/14/2026 Lurin Equity Partners XL, LLC 26-90445 4/14/2026 Business Description: Lurin Real Estate Holdings LXIV, LLC, doing business as The Morgan, is a Dallas, Texas-based single-asset real estate entity formed in 2022 that owns an apartment property in St. Petersburg, Florida. The company operates within the Lurin platform, a vertically integrated real estate investment and operating group engaged in the acquisition, redevelopment, and management of multifamily housing assets. Lurin Equity Partners XXXIV, LLC, Lurin Equity Partners XLIII, LLC, Lurin Equity Partners XLI, LLC, and Lurin Equity Partners XL, LLC function as affiliated investment and ownership entities within the same platform structure, supporting capital formation and asset-level investment across the portfolio. The Chapter 11 cases have been consolidated solely for procedural purposes and will be jointly administered by the Court under the case number designated for Lurin Real Estate Holdings XXI, LLC, Case No. 26-90344 (ARP). Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Judge Perez Debtors' Bankruptcy Counsel: Joshua W. Wolfshohl, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Email: jwolfshohl@porterhedges.com Lurin Real Estate Holdings LXIV's Estimated Assets: $50 million to $100 million Lurin Real Estate Holdings LXIV's Estimated Liabilities: $10 million to $50 million Lurin Equity Partners XXXIV's Estimated Assets: $0 to $50,000 Lurin Equity Partners XXXIV's Estimated Liabilities: $1 million to $10 million Lurin Equity Partners XLIII's Estimated Assets: $0 to $50,000 Lurin Equity Partners XLIII's Estimated Liabilities: $1 million to $10 million Lurin Equity Partners XLI's Estimated Assets: $0 to $50,000 Lurin Equity Partners XLI's Estimated Liabilities: $1 million to $10 million Lurin Equity Partners XL's Estimated Assets: $0 to $50,000 Lurin Equity Partners XL's Estimated Liabilities: $1 million to $10 million The petitions for Lurin Real Estate Holdings LXIV, Lurin Equity Partners XLIII, Lurin Equity Partners XLI, and Lurin Equity Partners XL were signed by Mark Shapiro in his capacity as chief restructuring officer. Jon Venetos signed the petition for Lurin Equity Partners XXXIV, LLC, in his capacity as an authorized person. The petitions were filed without the Debtors' list of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/DIGHJQY/Lurin_Real_Estate_Holdings_LXIV__txsbke-26-90441__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IOGZJ6A/Lurin_Equity_Partners_XXXIV_LLC__txsbke-26-90442__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IJ7Q7TI/Lurin_Equity_Partners_XLIII_LLC__txsbke-26-90443__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ZHXABCY/Lurin_Equity_Partners_XLI_LLC__txsbke-26-90444__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ZBQZRNY/Lurin_Equity_Partners_XL_LLC__txsbke-26-90445__0001.0.pdf?mcid=tGE4TAMA LURIN REAL: Seeks to Sell Real Estate Business at Auction --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Lurin Real Estate Holdings XXI LLC and its affiliates, Lurin Real Estate Holdings XXI, LLC, Lurin Real Estate Holdings XXVIII, LLC, and Lurin Real Estate Holdings XXXIII, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors engage Southwest Residential Partners Inc. d/b/a Newmark and Cushman & Wakefield U.S., Inc. as their brokers for the respective Assets. The Assets consist of three separate and distinct multifamily residential properties, and the Bidding Procedures contemplate holding three separate and distinct Sales for the properties with their own respective timelines. The first property is located at 201 Wilcrest Drive, Houston, Texas 77042, and it is known as the Latitude 2976 (Latitude). The second property is located at 1861 Stella Lane, Fort Walton Beach, Florida 32548 (Aria). The third property is located at 3205 E. Olive Road, Pensacola, Florida 32514 (Emory). The Court has authorized the Debtors to sell the Assets to the highest bidder. The LAE Debtors have articulated good and sufficient reasons for authorizing and approving the Bidding Procedures, which are fair, reasonable, and appropriate under the circumstances and designed to maximize value for the benefit of the LAE Debtors' estates, their creditors, and other parties in interest. The Bidding Procedures are approved, and the LAE Debtors are authorized to solicit bids and conduct he Auctions, if necessary, on the terms set forth in the Bidding Procedures. Each bidder participating at the Auctions shall be required to confirm that it has not engaged in any collusion with respect to the bidding or the applicable Sale. All proceeds of any Sale shall be paid at the closing of such Sale to the applicable Secured Creditor to satisfy the secured obligations of the applicable Debtor in accordance with the relative priority of valid, perfected, and unavoidable liens, unless otherwise agreed in writing by the applicable Secured Creditor. The LAE Debtors shall consult in good faith with the applicable Secured Creditor of each Property regarding all material aspects of the Sale process, including bidder qualification, bid evaluation, and selection of the Successful Bidder. About Lurin Real Estate Holdings XXI LLC Lurin Real Estate Holdings XXI, LLC is a real estate investment and development company focused on commercial and residential property holdings across multiple U.S. markets. Lurin Real Estate Holdings XXI LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90344) on March 2, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $50 million to $100 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Joshua W. Wolfshohl, Esq., at Porter Hedges, LLP. MARK NAUSBAUM: Commences Chapter 11 Bankruptcy in New York ---------------------------------------------------------- Rieka Rahadiana of Bloomberg News reports that Mark J. Nussbaum & Associates has commenced Chapter 11 proceedings in the Southern District of New York bankruptcy court, seeking relief as it works to address its financial obligations. The filing was made in federal court in New York. According to the petition, the firm holds assets estimated between $1 million and $10 million, while liabilities total between $100 million and $500 million. The disparity underscores the scale of its financial challenges. Nussbaum Lowinger LLP, an affiliated company, has also filed for Chapter 11 in New York, signaling that financial distress extends beyond a single entity. The filings may be part of a coordinated restructuring strategy, the report states. Mark J. Nussbaum & Associates operates in the professional services sector. Through Chapter 11, the firm aims to restructure its debts and stabilize operations while navigating claims from creditors, according to Bloomberg. About Mark J. Nussbaum & Associates Mark J. Nussbaum & Associates is a New York-based advisory firm specializing in restructuring and insolvency services. The firm has provided guidance to businesses and stakeholders dealing with financial distress and complex debt situations. Mark J. Nussbaum & Associates and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22384) on April 16, 2026. In its petition, the Debtor reports assets estimated between $1 million and $10 million, while liabilities total between $100 million and $500 million. The Debtor is represented by Jonathan L. Flaxer, Esq. of Spencer Fane LLP. MASTERS PLACE: Seeks to Sell Pagosa Springs Condominium at Auction ------------------------------------------------------------------ Masters Place Condominiums Property Owners Association, Inc. seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. Debtor is a nonprofit corporation organized under the laws of the State of Colorado pursuant to Articles of Incorporation filed with the Colorado Secretary of State on March 14, 1989 The condominium complex governed by the Association is located at 1093 Northlake Ave., Pagosa Springs, Colorado. The Property is commonly known as Masters Place Condominiums and consists of 2 buildings containing 20 Condominium Units, each containing 2 bedrooms and their concomitant Common Areas. The Property is operated as a timeshare community. All Units are fully furnished, and each contains a full kitchen. The buildings were constructed and added to the timeshare plan in two phases. Building One contains eight units subject to Interval Ownership. Building two contains 12 Units subject to Interval Ownership. Each Unit Committed to Interval Ownership contains 52 Annual Interval Ownership interests. These Unit Weeks may be subdivided into two "Biennial Interval Ownership Interests." There are 1,040 Unit Weeks at the Property. The Association owns 20 Unit Weeks at the Property and a concomitant share of the Common Elements, which comprises approximately 1.92% of the total Unit Weeks at the Property. The Association owns the Association Interest as a tenant-in-common with all other owners of interests in the Property. The Unit Weeks owned by the Association are sometimes referred to as maintenance weeks. First American Trust, FSB, as Trustee, Duly Appointed Under the Declaration of Trust for the Club Wyndham Access Vacation Ownership Plan, owns 267 Unit Weeks at the Property, which is approximately 25.67% of the total Unit Weeks. WorldMark, the Club owns 301 Unit Weeks at the Property, which is approximately 28.94% of the total Unit Weeks. Wyndham Vacation Resorts, Inc. owns 52 Unit Weeks, which is approximately 5.00% of the total Unit Weeks at the Property. The remaining 400 Unit Weeks (approximately 38.46% of the total) are owned by third party Owners of an Interval Ownership interest with each Unit Week having its own separate corresponding contract. The Debtor intends to file one or more adversary proceedings of the Bankruptcy Code seeking judgments authorizing the sale of the Property, including the Association Interest in the Property, together with the interests of all Association Members. The Debtor retains Hilco Real Estate as its real estate broker. The material provisions of the proposed Bidding Procedures are also provided. https://urlcurt.com/u?l=RbAuVq Debtor seeks approval of the Bidding Procedures to establish an open process for the solicitation, receipt, and evaluation of Bids in a fair, accessible, and expeditious manner. The Debtor seeks to sell the Property to the highest and best bidder to maximize value for the bankruptcy estate. The timeline set forth in the Bidding Procedures was calculated to balance the need to provide adequate notice to parties-in-interest and any person or entity interested in purchasing the Property with the need to run an expeditious and efficient sale process. The Debtor believes that the Bidding Procedures and the timeline set forth therein are in the best interests of Debtor’s bankruptcy estate, will establish the extent of the market for the Property, and will provide interested parties with sufficient opportunity to participate. The Auction for the Property, if needed, will be conducted virtually via Zoom on July 17, 2026, at 3:00 p.m. prevailing Mountain Time. The Debtor submits that the Auction Notice constitutes good and adequate notice of the Auction and the proceedings with respect thereto in compliance with, and satisfaction of, the applicable requirements of Bankruptcy Rule 2002. About Masters Place Condominiums Property Owners Association Masters Place Condominiums Property Owners Association is a condominium homeowners association responsible for the governance, maintenance, and management of the Masters Place Condominiums community. The association oversees common areas and shared amenities, enforces community rules and covenants, and manages assessments and budgets on behalf of unit owners. Its responsibilities typically include property maintenance, insurance coordination, and the administration of services intended to preserve property values within the community. Masters Place Condominiums Property Owners Association sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10313) on January 20, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $100,001 and $1,000,000. The Debtor is represented by Kevin S. Neiman, Esq., of Law Offices of Kevin S. Neiman, PC. MAWSON INFRASTRUCTURE: Endeavor Blockchain Holds 27.3% Equity Stake ------------------------------------------------------------------- Endeavor Blockchain, LLC, together with Joshua Kilgore, Cody Smith, PM Squared, LLC, and Phillip Stanley, disclosed in a Schedule 13D (Amendment No. 8) filed with the U.S. Securities and Exchange Commission that as of April 4, 2026, the Reporting Persons beneficially own an aggregate of 1,587,397 shares of Mawson Infrastructure Group Inc.'s Common Stock, par value $0.001 per share -- with Endeavor Blockchain, LLC holding 1,500,000 shares with shared voting and shared dispositive power; Joshua Kilgore holding 8,000 shares with sole voting and sole dispositive power plus shared power over the 1,500,000 shares; Cody Smith holding 75,000 shares with sole voting and sole dispositive power; and PM Squared, LLC and Phillip Stanley holding 4,397 shares with shared voting and shared dispositive power -- representing approximately 29.0% of the Common Stock, based on 5,486,730 shares outstanding as of March 31, 2026, as reported in the Company's Form 10-K filed on March 31, 2026. Endeavor Blockchain's 1,500,000 shares represent 27.3% of the shares outstanding. This amendment reflects the entry into a Cooperation Agreement on April 4, 2026, between the Reporting Persons and the Company. Pursuant to the agreement: * The Company accepted the resignations of Ryan Costello, Steven Soles, and Kathryn Yingling Schellenger from the Board, effective April 6, 2026. * The Company appointed Kyle B. Danges, K. Rodger Davis, Lisa Hough, Cody Smith, and Phillip Stanley to the Board, effective contemporaneously. * On April 6, 2026, the Board was further reconstituted with the appointment of Joshua Kilgore and Daniel J. Morrison. * Joshua Kilgore was appointed Executive Chairman, Phillip Stanley was appointed Chief Executive Officer, and Cody Smith was appointed Chief Operating Officer. The Cooperation Agreement also includes mutual releases, non-disparagement provisions, and litigation-related covenants that remain in effect for three years (the "Cooperation Period"). Endeavor Blockchain, LLC may be reached through: Joshua Kilgore Endeavor Blockchain, LLC 5701 Euper Lane, Ste A, Fort Smith, AR 72903 Tel: (479) 420-8957 A full-text copy of Endeavor Blockchain, LLC's SEC report is available at: https://tinyurl.com/bdhf8sdt 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. MAWSON INFRASTRUCTURE: Reconstitutes Board and Appoints New Execs. ------------------------------------------------------------------ Mawson Infrastructure Group Inc. reconstituted its Board of Directors following its previously announced cooperation agreement with the Endeavor Investor Group and its affiliates. The reconstituted Board consists of seven new directors: Joshua Kilgore, Phil Stanley, Cody Smith, Lisa R. Hough, Daniel J. Morrison, K. Rodger Davis, and Kyle B. Danges. In connection with the Board reconstitution, the Company also announced the following executive leadership appointments: Joshua Kilgore as Executive Chairman, Phil Stanley as Chief Executive Officer, and Cody Smith as Chief Operating Officer. Additionally, Kaliste Saloom, Mawson's current Interim Chief Executive Officer, will remain with the Company as General Counsel to ensure continuity. All new Board and executive leadership appointments are effective immediately. Joshua Kilgore, Executive Chairman of Mawson, commented, "The Board and new management team are excited to lead Mawson forward at this pivotal moment. We believe the Company's infrastructure footprint and strategic positioning create a compelling opportunity to build a highly valuable digital infrastructure platform. We are fully committed to building the Company into a leading digital infrastructure company and unlocking substantial value for all shareholders." Kilgore continued, "Our immediate priorities are clear: stabilizing Mawson's capital structure, conducting a comprehensive evaluation of operations, and identifying both existing and new assets that can drive long-term value creation. We will move with urgency and discipline to position Mawson as a preeminent infrastructure company serving the rapidly expanding AI and high-performance compute markets." BOARD OF DIRECTORS BIOGRAPHIES * Joshua Kilgore Mr. Kilgore is the Founder and Managing Member of Endeavor Blockchain, LLC, and majority owner of Big Digital Energy, LLC. Over the past five years, he has led significant investments across Bitcoin mining, AI, and HPC infrastructure. He has executed hundreds of millions of dollars in real estate and infrastructure transactions and has extensive experience in financial oversight, operations, and large-scale asset development. * Phil Stanley Mr. Stanley has served as Chief Executive Officer and Managing Member of PM Squared LLC since 2019, where he oversees financial strategy, investment activities, and operations. He holds Series 7 and Series 66 securities licenses and a degree in Corporate Communications from Texas A&M University. * Cody Smith Mr. Smith has served as Partner at Big Digital Energy, LLC since August 2025. He previously founded Arrowhead Technologies, a cybersecurity firm, and served as its CEO until its acquisition in July 2025, advising numerous companies on internal controls, compliance, and security. * Lisa R. Hough Ms. Hough is the Founder of Eberly Energy Ventures LLC, through which she advises on large-scale power development for Bitcoin and AI/HPC infrastructure. She also serves as an Advisor to Trammell Venture Partners, as a Supervisory Board Member of Melanion Digital, on the Board of Directors of the Bitcoin Today Coalition, and as a Founding Board Member of Proof of Workforce. * Daniel J. Morrison Mr. Morrison is a strategic advisor and investor with deep expertise in energy infrastructure, corporate development, and capital markets. He has sourced and structured large-scale energy deployment opportunities and previously served as Vice President of Corporate Development at Energy & Exploration Partners, as well as CEO of its successor company, Pardus Oil & Gas. * K. Rodger Davis Mr. Davis currently serves as Managing Director at Ikaria Capital Group, a specialty finance company focused on the healthcare sector. He previously served as Director at White Oak Healthcare Finance, LLC and is Co-Founder and Head of Finance for Green Minting Technologies Corp, a developer of renewable energy generation and digital infrastructure. * Kyle B. Danges Mr. Danges is the Founder and Principal of KBD Strategy & Execution, LLC, a management consultancy he established in July 2023. Previously, he served as Chief Strategy Officer and Head of Innovative Solutions Businesses at illumifin, and as a Strategy Director at KPMG. He holds a B.S. in Finance from the Smeal College of Business at The Pennsylvania State 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. MAYFIELD REAL: Steven Nosek Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for Mayfield Real Estate Holdings, LLC. Mr. Nosek will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About Mayfield Real Estate Holdings LLC Mayfield Real Estate Holdings, LLC is a real estate-focused company engaged in property ownership, management, and investment activities. Mayfield Real Estate Holdings sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-41108) 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. Honorable Bankruptcy Judge William J. Fisher handles the case. The Debtor is represented by Ronald J. Walsh, Esq. of Walsh Law. MERIDIAN ARC: S&P Assigns Prelim 'BB-' Rating on Sr. Secured Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary 'BB-' rating to Meridian Arc HoldCo LLC's proposed senior secured notes. The recovery rating is '2', which indicates the likelihood of a substantial recovery in an event of default. The project's operating risk profile reflects its highly stable and resilient cash flows underpinned by a 15-year triple net lease with Fluidstack USA V Inc. (Fluidstack USA, not rated). Google LLC (Google), a subsidiary of Alphabet Inc., is guaranteeing Fluidstack USA's rent obligations under the lease, which S&P views as positive from a credit perspective. S&P said, "Under our base case scenario, which assumes the contractual lease rate payable by Google if it steps into the lease due to an uncured default by Fluidstack USA, we estimate a minimum debt service coverage ratio (DSCR) of about 1x through the end of the lease term. "The stable outlook reflects our expectation that the data centers and complementary infrastructure will be built on time and budget. We also expect the buildings to be delivered and leases to commence during late 2027 and early 2028 and the project to generate sufficient cash flows to meet its debt service obligations through the 15-year lease." Meridian Arc HoldCo LLC (Meridian or the project) is raising $5.7 billion in senior secured notes. Proceeds will be used to partially fund the purchase of land and the development of two new data centers with a combined critical IT load of 430 megawatts (MW) and a substation in Indiana. There will be a $500 million equity injection to complement the acquisition and works. Meridian is a holding company that is developing a 430 MW (critical IT load) data campus in Indiana. The project will include two data center buildings with individual critical IT loads of 245 MW and 185 MW. The company is owned by Fluidstack Indiana Inc., a subsidiary of Fluidstack Ltd. (Fluidstack), and Frontier Holdings Indiana LLC, which is a platform incubated by Coatue Management LLC. The project is a highly contracted asset with strong cash flow visibility over the long term. Meridian's asset base will largely represent two data center buildings that will be leased to Fluidstack USA for 15 years. There are also three five-year extension options that can be exercised at the discretion of the tenant. In conjunction with the target in-service dates for both buildings, the leases will fully commence (commencement dates vary by data halls, starting in August 2027 for the first building) between late 2027 to early 2028. The base rent under the lease is fixed, albeit it is also based on a yield-to-cost formula, which increases the base rent (at a diminishing rate and capped at $18 million per MW) based on the construction cost of the project, including financing cost. This mechanism is designed to ensure that any potential and unmitigated cost overruns are rentalized and recovered via revenues in the future, preserving the project's debt service capability over the term of the lease. The base rate under the lease also has escalation provisions that inflate revenues by 3% annually. In addition, because the leases are triple net, meaning the tenant is responsible for all operating expenses (including power costs) and insurance and property taxes, an escalating revenue profile expands the project's cash flow generation capacity over time. S&P considers these factors as highly credit supportive. S&P said, "We assume Google steps into the leases at their commencement. Fluidstack USA is the primary tenant under the leases, but given its privately held nature, there is limited financial visibility on the entity. Therefore, our base case assumes Fluidstack USA defaults at lease commencement and Google steps into the lease as the tenant, per the terms of the guaranty." Under such a scenario, however, the base rent is contractually designed to step down materially (by 25%) relative to what Fluidstack USA would have been obligated to pay, although it also provides a certain floor and a revenue counterparty default mitigant to the project. S&P also notes that under such a scenario with reduced cash flows, the base rate will still be sufficient for the project to cover its debt service obligations at a 1x DSCR and be able to likely fully repay its debt within the 15-year lease term. If Fluidstack USA continues to honor its obligations through the term of the lease, rent payments will be higher such that the DSCR is about 1.25x. This reflects meaningful headroom in credit metrics to absorb any unforeseen risks during operations. Google is providing a critical financial backstop. Its guaranty for the full and prompt payment of all unpaid amount of rent under the leases is a key credit strength. Under the terms of the guaranty, which commences with the leases, if Fluidstack USA defaults on rent payments under the lease, Google has multiple options to remedy the default. It can either 1) cure the default, 2) assume the lease as the tenant, or, 3) pay a termination fee equal to the present value of the remaining rent payments for the balance of the lease term, discounted at 3% per annum. If the default occurs within the first six years of the lease, Google will have the option to either cure the lease or assume the lease as the tenant. The termination fee is not available during the first six years of the lease. Based on the projected rent profile, the peak value of the guaranty is at about $7.8 billion, and it will progressively decline over time as rent payments are made under the lease. S&P said, "We view the guaranty structure as highly robust and credit supportive. We also understand the termination of the guaranty is only possible upon the full payment of the guaranteed amounts, Google's assumption of the lease, or the tenant achieving an investment-grade credit rating." In addition, the guaranty will also remain in full force if the lease is transferred to another party. The project's ability to raise debt during operations remains a risk. There are provisions under the indenture that allow the project to raise incremental debt once the data centers are operational and leases have commenced. While some incremental debt conditions are customary in nature and represent routine business activities, the project can raise additional debt up to 100% of its net operating income for the past four quarters, but this amount is capped to the amount of principal repayments it has made since the issuance of the notes. The cap ensures the amount of debt, pro forma for the incremental debt, does not exceed $5.7 billion. In addition, Meridian also can raise incremental debt (only after the leases have commenced) equal to the difference between the total budgeted project cost ($6.2 billion) and the amount of issued notes ($5.7 billion). If exercised fully at the currently anticipated construction cost levels, this could result in a 100% debt-funded project. S&P said, "While we generally expect sponsors to prudently utilize these baskets, their presence nonetheless reflects risk of future leveraging. We also consider this factor in conjunction with the step down in lease rates if Google assumes the lease, as per our base case. Because the rent payments are sized to a 1x DSCR if Google is the tenant, having incremental debt (likely prior to Google assuming the lease) without a corresponding increase to underlying cash flows would significantly weaken debt service capacity and, in the extreme, might make the capital structure unsustainable. "We believe the GMP structure mostly transfers cost escalation risk to ARCO; however, the GMP has not yet been established. ARCO is leading the construction of the data center buildings under an EPC contract. The lender technical advisor noted ARCO has the capabilities and expertise to deliver under this project and we do not see significant differences with other rated transactions in this sector that could pose additional risks." Under the GMP structure, ARCO bears the cost escalation risk, except in some contractually permitted scenarios, such as approved change orders and events, force majeure (FM), unforeseen site conditions, owner-caused delay, etc. Of note, the definition of FM does not include labor shortages (including subcontractors), failure or delay in obtaining permits, shortage or price fluctuation of materials and supplies (unless directly caused by an independent FM event), disruptions in global supply chain, etc. That said, the GMP has not yet been established because the design development is ongoing and is driving multiple components of the project, including GMP pricing. At this stage, 60% of the design is complete for both buildings and 90% of the issue for permit is expected in June 2026. In addition, Fluidstack indicated that all long-lead equipment orders will be issued by end of April 2026 and it does not anticipate delays to equipment procurement or delivery. S&P will monitor the project's EPC activities through the construction period. Based on the shared project budget and financing plan, S&P understands there is a reasonable amount of contingency (about 8%) to absorb cost escalations between now and when the GMP is set, as well as beyond. In an event where ARCO is unable to achieve the target floor access dates as defined in the leases, the project is owed liquidated damages (LD), which are capped at 3.5% and 3.9% for buildings 1 and 2, respectively. Depending on the number of days of delay, the project would also owe rent credits to Fluidstack USA, which can be partially offset by the LDs. The sponsors are also collectively providing $200 million in completion guarantees for both buildings, which provide a potential avenue of funding in case of delays and unmitigated cost overruns. Finally, warrants pledged during construction for the benefit of the noteholders are an additional buffer, although their amount is subject to valuation changes for Fluidstack. There is refinancing risk. Given the term of the proposed senior notes is five years, the project is exposed to refinancing risk at the time of debt maturity. Refinancing prospects and credit spreads can be affected by factors that are outside of project control, such as the general macroeconomic situation, industry conditions, market appetite for the asset class, etc. This risk is especially relevant in the scenario where Google takes over the lease (if Fluidstack USA defaults), lowering the revenues for the project because of the contractual step down in lease rates. S&P said, "That said, based on our scenario analysis, we believe Meridian will be able to sustain 1x DSCR (assuming Google step down lease rates) and fully repay the debt through the end of the lease term, even if the interest rate on its refinanced debt increases to 8.75% per annum. We believe this represents a reasonable downside cushion; however, this factor remains a risk." S&P said, "The stable outlook reflects our expectation that the data centers and complementary infrastructure will be built on time and budget. We also expect the buildings to be delivered and leases to commence during the late 2027 and early 2028 period and the project to generate sufficient cash flow to meet its debt service obligations through the 15-year lease. "We would consider a negative rating action if we believed the project faces material execution and/or cost overrun risks. We could also consider lowering the rating if we envisioned the project's DSCRs would decline below 1x the term of the lease, under Google step-in rates. Given the project's high cash flow visibility from its triple-net structure, we believe such a scenario is unlikely. "We could also consider lowering the rating if the project took incremental debt without mitigating factors, such as an increase in its cash flow over the life of the lease. "While unlikely, we could consider raising the rating if we believed the project could achieve DSCRs of above 1.05x on a sustained basis under the Google step-in scenario. Given the fixed nature of project cash flows, we expect this scenario to be remote." MIGHTY HAND WIRELESS: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------------- On April 10, 2026, Mighty Hand Wireless, Inc., filed for Chapter 7 protection in the Central District of California Bankruptcy Court. According to court filings, the Debtor reports between $0 and $100,000 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 Mighty Hand Wireless, Inc. Mighty Hand Wireless, Inc. is a telecommunications-related company that provides wireless products and services, including mobile solutions and related support to consumers and businesses. Mighty Hand Wireless, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13469) on April 10, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Young K. Chang, Esq. MOBIQUITY TECHNOLOGIES: Revenue Drops Sharply to $112,316 in FY2025 ------------------------------------------------------------------- Mobiquity Technologies, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $10,434,289 for the year ended December 31, 2025, compared to a net loss of $8,593,182 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $112,316 compared to $2,085,471 in the prior period. The Company manages liquidity risk by reviewing, on an ongoing basis, its sources of liquidity and capital requirements. The Company had cash on hand of $642,515 at December 31, 2025. The Company has incurred significant losses since its inception in 1998 and has not demonstrated an ability to generate sufficient revenues from the sales of its products and services to achieve profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be sustained on a continuing basis. In making this assessment the Company performed a comprehensive analysis of its current circumstances including: its financial position, cash flows and cash usage forecasts for the year ended December 31, 2025, and current capital structure including equity-based instruments and obligations and debts. Wayne, Pennsylvania-based Stephano Slack LLC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 8, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that at December 31, 2025, the Company had a working capital deficit of $3,122,131, an accumulated deficit of $236,067,810 and a net loss of $10,434,289 for the year then ended. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. Without sufficient revenues from operations, if the Company does not obtain additional capital, the Company will be required to reduce the scope of its business development activities or cease operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. Management expects that future revenue growth, if any, will be increasingly influenced by the expansion of the Company's casino and gaming advertising network, increased adoption of AI-enabled capabilities within CMOne, and growth in programmatic advertising spend processed through ATOS. However, the timing and extent of such growth remain uncertain. Management expects that future revenue growth will depend on the Company's ability to increase adoption of its software platforms, expand recurring SaaS and managed services revenue, and convert strategic deployments and partnerships into revenue-producing activity. However, there can be no assurance that these initiatives will generate revenue on the timing or scale expected by management, or that they will offset the decline from non-recurring political advertising revenue. Management's strategic plans include the following: * Execution of business plan focused on technology development and improvement, * Seek out equity and/or debt financing to obtain the capital required to meet the Company's financial obligations. There is no assurance, however, that lenders and investors will continue to advance capital to the Company or that the new business operations will be profitable. * Seeking to increase recurring revenue through commercialization of the Company's platform offerings and strategic partnerships. * Identifying unique market opportunities that represent potential positive short-term cash flow; and * Continuing to manage operating expenses, including the use of contractors and variable cost structures, while preserving core operational capabilities. There can be no assurance that these plans will be successful or that additional financing will be available on acceptable terms, or at all. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/443fp5vn About Mobiquity Technologies Mobiquity Technologies, Inc., headquartered in Shoreham, NY, is an advertising technology, data compliance, and intelligence company that operates through several proprietary software platforms. Its product solutions include the Advertising Technology Operating System (ATOS Platform), Data Intelligence Platform, and Publisher Platform for Monetization and Compliance. As of December 31, 2025, the Company had $5,759,490 in total assets, $4,562,080 in total liabilities, and $1,197,410 in total stockholders' equity. MU HOLDINGS: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division entered an interim order authorizing MU Holdings, LLC to use cash collateral. Under the order, the Debtor may use cash collateral to pay amounts specifically authorized by the court, including interim compensation for the Subchapter V trustee; current and necessary operating expenses listed in the approved budget; and any additional amounts approved in writing by secured creditors. The Debtor may exceed individual budget line items by up to 10% or exceed multiple items so long as the total overages do not exceed 10% of the aggregate budget. The authorization continues until further order of the court. As adequate protection, secured creditors will receive a perfected post-petition lien on the pre-petition collateral with the same validity and priority as their alleged pre-petition lien, without needing additional filings. If the Debtor defaults, secured creditors must give written notice and a five-business-day cure period before seeking court intervention. The order preserves all parties' rights to later challenge liens, request additional protections, or seek restrictions on further use of cash collateral. The order is available at https://is.gd/TEe5LM from PacerMonitor.com. A continued hearing is scheduled for May 20. MU Holdings identifies two entities with potential perfected prepetition security interests in its cash collateral: the U.S. Small Business Administration (UCC-1 filed in 2020, continued in 2025) and Renasant Bank (UCC-1 filed in 2025 covering all assets). The Debtor reserves the right to challenge the validity, extent, priority, and enforceability of these liens. About MU Holdings LLC MU Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00637) on March 23, 2026, with up to $50,000 in assets and up to $1 million in liabilities. Michael Ulizio, president of MU Holdings, signed the petition. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as bankruptcy counsel. MVP GROUP: Gets Final OK to Use Cash Collateral ----------------------------------------------- MVP Group, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral to fund operations. The court order authorized the Debtor to use its lenders' cash collateral pursuant to an agreed operating budget, subject to court approval or written lender consent for deviations. As adequate protection, lenders including Austin Financial Services, Inc., Investissement Quebec, and Libertas Funding LLC will receive continuing liens on all property of the Debtor that is similar to their pre-bankruptcy collateral, including all proceeds. To the extent the continuing liens do not fully protect against any diminution in the value of their pre-bankruptcy collateral, lenders will be granted replacement liens on the Debtor's current or future assets. These replacement liens do not extend to avoidance actions and are automatically perfected, with no further action required by the lenders. The Debtor's authority to use cash collateral remains effective until April 30; or earlier if terminated by an event of default, which includes noncompliance with the order, unauthorized liens; appointment of a trustee or examiner; conversion or dismissal of the Debtor's Chapter 11 case; or reversal of the interim order. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/2xh4eh3y from PacerMonitor.com. About MVP Group LLC MVP Group, LLC is a Fort Lauderdale-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.????S.D. Fla. Case No. 25-20199) on August 29, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. Michael D. Seese, Esq., is the Debtor's legal counsel. Austin Financial Services, Inc., as lender, is represented by: Donald R. Kirk, Esq. Carlton Fields, P.A. P.O. Box 3239 Tampa, FL 33601-3239 (813) 223-7000 dkirk@carltonfields.com NATIONAL CONTRACTORS: Paul Levine Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at Lemery Greisler, LLC as Subchapter V trustee for National Contractors, LLC. Mr. Levine will be paid an hourly fee of $480 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Levine declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paul A. Levine, Esq. Lemery Greisler, LLC 677 Broadway, 8th Floor Albany, New York 12207 Tel: (518) 433-8800 x313 | Email: plevine@lemerygreisler.com About National Contractors LLC National Contractors, LLC provides project management and construction consulting services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-30260) on April 3, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Peter Teller, president and secretary, signed the petition. Judge Wendy A. Kinsella presides over the case. Jeffrey A. Dove, Esq., at Barclay Damon, LLP represents the Debtor as legal counsel. NEAUXLA SUITES: Seeks Chapter 7 Bankruptcy in Louisiana ------------------------------------------------------- On April 15, 2026, Neauxla Suites LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Neauxla Suites LLC Neauxla Suites LLC is a hospitality-focused company engaged in the ownership and operation of short-term rental accommodations or suite-style lodging properties. Neauxla Suites LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10886) on April 15, 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 handles the case. NEIGHBORHOOD RESTAURANT: Files Suit Against Lender Over Lease Liens ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that an Atlanta-based Applebee's franchise operator in Chapter 11 has filed suit against Equity Bank, seeking to invalidate liens on its personal property and arguing the lender perfected its interests while the company was already insolvent. The complaint challenges the validity of the bank's secured position. The debtor, Neighborhood Restaurant Partners Florida LLC, alleges that Equity Bank filed UCC-1 financing statements only 35 days before the bankruptcy filing. In its Wednesday, April 15, 2026, complaint in Georgia bankruptcy court, the company says this timing places the liens within the avoidable preference window. While Equity Bank acted as administrative agent and lender, the company claims the perfection of the liens so close to the filing disadvantaged other creditors. It is asking the court to unwind the transaction and reclassify the assets as unencumbered estate property, according to Bloomberg Law. Neighborhood Restaurant Partners Florida LLC runs 53 Applebee’s franchise locations and is restructuring its operations under Chapter 11 protection. The lawsuit represents a key effort to recover value and rebalance creditor priorities, the report states. About Neighborhood Restaurant Partners Florida LLC Neighborhood Restaurant Partners Florida LLC is a restaurant operating entity focused on managing and operating dining establishments in Florida. Neighborhood Restaurant Partners Florida LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-53946) on March 24, 2026. In its petition, the Debtor reports estimated assets of $10MM to $50MM and estimated liabilities of $10MM to $50MM. The Honorable Bankruptcy Judge is overseeing the case. The Debtor is represented by J. Robert Williamson, Esq., of Scroggins, Williamson & Ray, P.C. NETCAPITAL INC: Rivetz Corp Holds 12.1% Equity Stake ---------------------------------------------------- Rivetz Corp., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 3, 2025, it beneficially owns 950,000 shares of Netcapital Inc.'s common stock, representing 12.1% of the shares outstanding. Rivetz Corp. may be reached through: Steven Sprague Rivetz Corp P.O. Box 93 Richmond, MA 01254 Tel: (614) 395-7778 A full-text copy of Rivetz Corp.'s SEC report is available at: https://tinyurl.com/33vkanjb About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities' association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of January 31, 2026, the Company had $26,059,855 in total assets, $4,457,207 in total liabilities, and $21,602,648 in total stockholders' equity. NORTH FLORIDA: Seeks to Tap Professional Management as Accountant ----------------------------------------------------------------- North Florida Adult Training Center, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Georgia Evans of Professional Management Systems, Inc. as accountant, effective as of the petition date. The firm will provide these services: (a) provide tax advice; and (b) perform accounting and bookkeeping services. Ms. Evans will receive an hourly rate of $65 for bookkeeping staff, $85 for her hourly time, and $125 for communications with Debtor's counsel. Georgia Evans and Professional Management Systems, Inc. have no connection with any creditors or parties in interest. Additionally, neither Ms. Evans nor her firm has had any business or other connections with the Debtor, its attorneys, creditors, parties in interest, or the U.S. Trustee that would be adverse to the Debtor or its estate, and neither holds any prepetition claims against the Debtor. The firm can be reached at: Georgia Evans PROFESSIONAL MANAGEMENT SYSTEMS, INC. 4590 Coach Lane Chipley, FL 32428 About North Florida Adult Training Center North Florida Adult Training Center, LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 26-40118) on March 2, 2026, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Karen K. Specie oversees the case. Bruner Wright, P.A. is the Debtor's legal counsel. O NSMOUTH: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------- On April 10, 2026, O Nsmouth LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 13, 2026 at 10:30 AM via Zoom - Faith: Meeting ID 973 812 7924, Passcode 8746194099, Phone 1 747 281 2473. About O Nsmouth LLC O Nsmouth LLC is a limited liability company. O Nsmouth LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10748) on April 10, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Joseph Gerard McCarty, Esq. of Law Office of Joseph G. McCarty. ODYSSEY MARINE: Signs Merger Agreement with American Ocean Minerals ------------------------------------------------------------------- Odyssey Marine Exploration, Inc. disclosed in a regulatory filing that the Company, together with Oceanus Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company, and American Ocean Minerals Corporation, a Delaware corporation, entered into an Agreement and Plan of Merger pursuant to which Merger Sub will merge with and into AOM, with AOM surviving the merger and becoming a direct, wholly owned subsidiary of Odyssey. The Merger is expected to be completed in the late second to early third quarter of 2026. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each then-outstanding share of AOM common stock, par value $0.0001 per share (other than any shares held in treasury and dissenting shares) will be converted into 4.5017 shares of Odyssey common stock, par value $0.0001 per share; provided, that certain AOM stockholders will receive, in lieu of shares of Odyssey Common Stock that would cause them to beneficially own more than 4.99% of the outstanding shares of Odyssey Common Stock immediately following the closing of the Merger, shares of Odyssey preferred stock that are convertible (subject to a beneficial ownership limitation) into the number of shares of Odyssey Common Stock that would otherwise exceed such 4.99% threshold. In addition, at the Effective Time, each warrant to purchase shares of AOM Common Stock that was outstanding immediately prior to the Effective Time will cease to represent a right to acquire shares of AOM Common Stock and will be assumed by Odyssey and converted into a warrant to purchase shares of Odyssey Common Stock as of the Effective Time. The Odyssey Assumed Warrants will be on substantially the same terms and conditions as the corresponding AOM PIPE Warrants immediately prior to the Effective Time, other than with respect to the number of shares of Odyssey Common Stock issuable upon exercise and the exercise price, which will be adjusted in accordance with the Exchange Ratio set forth in the Merger Agreement and for certain equity issuances occurring after the date of signing. Shares of Odyssey Common Stock issuable upon exercise of the Odyssey Assumed Warrants are referred to as the "Odyssey Assumed Warrant Shares." In addition, the Merger Agreement provides that, at the Closing, the corporate name of Odyssey will be changed to "American Ocean Minerals Corporation." Immediately after the Merger, on a pro forma basis, after giving effect to: (a) the issuance of shares of AOM Common Stock upon the automatic conversion of the AOM Bridge Debentures immediately prior to the Effective Time, (b) the issuance of (x) shares of AOM Common Stock and (y) AOM PIPE Warrants, in each case, pursuant to the AOM PIPE Subscription Agreement immediately prior to the Effective Time, and (c) the issuance of shares of Odyssey Common Stock as a result of the Merger, but excluding the effect of any outstanding options and warrants of Odyssey that will remain outstanding after the Merger: * the pre-Merger stockholders of Odyssey will own approximately 6.7% of the combined company; * the pre-Merger stockholders of AOM who were AOM Bridge Investors will own approximately 10.7% of the combined company; * the pre-Merger stockholders of AOM who were AOM PIPE Investors will own approximately 15.4% of the combined company; and * the other pre-Merger stockholders of AOM will own approximately 52.9% of the combined company. In connection with the Merger, Odyssey will hold a special meeting of its stockholders to seek their approval of, among other things: (a) the adoption of the Merger Agreement and the approval of the transactions contemplated thereby (b) the issuance pursuant to the Merger Agreement of the shares of Odyssey Common Stock, Odyssey Preferred Shares, Odyssey Assumed Warrants, and Odyssey Assumed Warrant Shares (c) a reverse stock split of Odyssey Common Stock, if not previously approved by stockholders at Odyssey's regular annual stockholder meeting (d) an amendment to Odyssey's articles of incorporation to increase the number of authorized shares of Odyssey Common Stock from 75 million shares to 750 million shares, and (e) any other proposals deemed necessary or desirable by the Parties to consummate the transactions contemplated by the Merger Agreement. Each of Odyssey and AOM has agreed to customary representations, warranties, and covenants in the Merger Agreement, including, among others, covenants relating to: (a) obtaining the requisite approval of its respective stockholders, (b) Odyssey's non-solicitation of alternative acquisition proposals (c) the conduct of its respective business during the period between the signing of the Merger Agreement and the Closing, and (d) Odyssey filing with the U.S. Securities and Exchange Commission and causing to become effective a registration statement to register the shares of Odyssey Common Stock, Odyssey Preferred Shares, Odyssey Assumed Warrants, and Odyssey Assumed Warrant Shares to be issued in connection with the Merger. Consummation of the Merger is subject to certain closing conditions, including, among other things: (a) approval by the requisite Odyssey stockholders of the proposals to be presented at the Odyssey Meeting (b) the effectiveness of the Registration Statement (c) the AOM PIPE Investment having been consummated with gross proceeds of not less than $25.0 million (d) after giving effect to the AOM PIPE Investment, AOM having a minimum cash balance of not less than $100.0 million, and (e) the AOM Bridge Debentures having been converted into shares of AOM Common Stock. The Merger Agreement contains certain termination rights for both Odyssey and AOM, including the right to terminate the Merger Agreement in the event of a triggering event tied to an adverse recommendation change or an acquisition proposal. In addition, either Odyssey or AOM may terminate the Merger Agreement if the Merger is not consummated on or before October 7, 2026, provided that either Odyssey or AOM may unilaterally extend the Outside Date--first by up to two months, and then by an additional 30 days--so long as the extending party determines in good faith that the remaining closing conditions are still capable of being satisfied, and provided, further that neither party may terminate the Merger Agreement if the failure to consummate the Merger by the Outside Date is primarily attributable to such party's failure to perform any covenant or other obligation required to be performed by it under the Merger Agreement. Upon termination of the Merger Agreement under specified circumstances, Odyssey may be required to pay AOM a termination fee of $2.2 million. At the Effective Time, certain persons identified in the Merger Agreement are expected to become directors and officers of Odyssey. Certain Agreements Related to the Merger I. Odyssey Note Purchase Agreement On April 8, 2026, in connection with the Merger Agreement, Odyssey and AOM entered into a note purchase agreement pursuant to which Odyssey issued and sold to AOM a secured promissory note (the "Initial Odyssey Note") in an amount of up to $5.0 million. At an initial closing, AOM will pay to Odyssey a portion of the Initial Odyssey Note Purchase Price in the amount of $1.5 million within five business days of the date of the Odyssey Note Purchase Agreement. The remaining $3.5 million of the Initial Odyssey Note Purchase Price will be paid in specified amounts on the first business day of each of the four months after the date of the Odyssey Note Purchase Agreement. The Odyssey Note Purchase Agreement also provides that, at AOM's option, AOM may purchase from Odyssey one or more additional secured promissory notes in an aggregate amount of up to $5.0 million. Odyssey's obligations under the Odyssey Notes will be secured by a security interest in substantially all of Odyssey's assets. The principal amount of the Odyssey Notes will equal the aggregate amount paid to Odyssey by AOM. The principal amount of the Odyssey Note will bear interest at the rate of 8.0% per annum. Odyssey will pay accrued interest on a quarterly basis by capitalizing each quarterly interest payment as additional principal. All outstanding principal and accrued interest will be due and payable in full on the earlier of the date that is one year after the date of the Odyssey Note Purchase Agreement or upon the consummation of the Merger. Upon an event of a default on the interest payments, the principal and any accrued interest will thereafter accrue interest at the rate of 11.0% per annum until paid in full. II. AOM Bridge Subscription Agreements Prior to the execution and delivery of the Merger Agreement, AOM entered into subscription agreements, with certain third-party investors pursuant to which the Bridge Investors provided aggregate financing to AOM in the amount of approximately $75.6 million through the purchase of convertible debentures of AOM. The AOM Bridge Debentures will automatically convert into shares of AOM Common Stock immediately prior to the effective time of the Merger, such that the AOM Bridge Investors will become stockholders of AOM immediately prior to the consummation of the Merger. III. AOM PIPE Subscription Agreement Concurrently with the execution and delivery of the Merger Agreement, AOM and Odyssey entered into a securities purchase agreement with certain third-party investors pursuant to which the AOM PIPE Investors committed to provide aggregate financing in the amount of $156.0 million, on the terms and subject to the conditions set forth in the AOM PIPE Subscription Agreement and the related warrants to be entered into at the closing of the AOM PIPE Investment, through the subscription for and purchase of: (a) shares of AOM Common Stock, which shares will, pursuant to the AOM PIPE Subscription Agreement, be issued immediately prior to the effective time of the Merger, such that the AOM PIPE Investors will become stockholders of AOM immediately prior to the consummation of the Merger anD (b) AOM PIPE Warrants, which AOM PIPE Warrants will, pursuant to the AOM PIPE Subscription Agreement, be assumed by Odyssey and converted into Odyssey Assumed Warrants as of the Effective Time. IV. CIC Equity Exchange Agreement On April 8, 2026, in connection with the Merger Agreement, Odyssey, and certain of the stockholders of CIC Limited entered into an equity exchange agreement pursuant to which the CIC Stockholders agreed to exchange their shares of CIC Ltd Class A common stock for shares of Odyssey Common Stock as soon as practicable after effective date of the Merger. In exchange for the CIC Shares, Odyssey will deliver to each of the CIC Stockholders a number of shares of Odyssey Common Stock equal to the number of shares of CIC Ltd the CIC Stockholder wishes to exchange multiplied by a fraction, the numerator of which is the value per CIC Share and the denominator of which is the price per share of Odyssey Common Stock paid by the PIPE Investors. Notwithstanding anything in the CIC Equity Exchange Agreement to the contrary, the aggregate maximum number of shares of Odyssey Common Stock that may be issued under the CIC Equity Exchange Agreement will not (a) exceed 19.9% of the number of outstanding shares of Odyssey Common Stock immediately prior to the date of the CIC Equity Exchange Agreement, (b) exceed 19.9% of the combined voting power of the outstanding voting securities of Odyssey immediately prior to the date of the CIC Equity Exchange Agreement, in each of clauses (a) and (b), unless Odyssey has obtained the requisite stockholder approval under applicable law and the listing rules of the Nasdaq Capital Market, or (c) otherwise exceed such number of shares of Odyssey Common Stock that would violate applicable listing rules of the Nasdaq Capital Market. V. CIC Ltd Option Agreement On April 8, 2026, in connection with the Merger Agreement, Odyssey and certain stockholders of CIC Ltd entered into an option agreement pursuant to which, at any time and from time to time following the six-month period following the completion of the Merger, Odyssey has the right, but not the obligation, to purchase from each CIC Option Stockholder all or a portion of the CIC Shares held by such CIC Option Stockholder at a purchase price per share equal to the valuation of CIC Ltd divided by the total number of issued outstanding shares of CIC Ltd, assuming full conversion or exercise of all outstanding options, warrants, convertible securities, or similar rights. The valuation of CIC Ltd on any date on which Odyssey exercises the CIC Ltd Option will be: (a) $200.0 million, if the applicable exercise date is prior to the approval, by the Cook Islands Seabed Mineral Authority, of a pre-feasibility study, (b) $225.0 million, if the applicable exercise date is after the approval of such pre-feasibility study and before the issuance, by the SBMA, of a trial harvesting license, or (c) $300.0 million, if the applicable exercise date is after the issuance of such trial harvesting license. The purchase price payable in connection with the exercise of the CIC Ltd Option granted to Odyssey will be payable by Odyssey in a combination of: (a) cash and (b) shares of Odyssey Common Stock, in such amounts and proportions as determined by Odyssey in its sole and absolute discretion. VI. CIC LLC Option Agreement On April 8, 2026, in connection with the Merger Agreement, Odyssey and CIC LLC entered into an option agreement pursuant to which at any time and from time to time following the six-month period following the completion of the Merger, Odyssey, has the right, but not the obligation, to purchase CIC Shares from CIC LLC at a purchase price per share equal to the valuation of CIC Ltd divided by the total number of issued and outstanding shares of CIC Ltd, assuming full conversion or exercise of all outstanding options, warrants, convertible securities, or similar rights. The valuation of CIC Ltd on any date on which Odyssey exercises the CIC LLC Option will be: (a) $200.0 million, if the applicable exercise date is prior to the approval, by the SBMA, of a pre-feasibility study (b) $225.0 million, if the applicable exercise date is after the approval of such pre-feasibility study and before the issuance, by the SBMA, of a trial harvesting license, or (c) $300.0 million, if the applicable exercise date is after the issuance of such trial harvesting license. The purchase price payable in connection with the exercise of the CIC LLC Option granted to Odyssey will be payable by Odyssey in a combination of: (a) cash and (b) Odyssey Common Stock, in such amounts and proportions as determined by Odyssey in its sole and absolute discretion; provided that the cash portion of the purchase price of the option will be not less than $20.0 million; and provided, further, that the minimum cash portion will be reduced, on a dollar-for-dollar basis, by the aggregate amount of payments received by CIC LLC under the CIC LLC Note Purchase Agreement. VII. OML Unit Purchase Agreement On March 20, 2026, Ocean Minerals, LLC and AOM entered into a unit purchase agreement pursuant to which AOM agreed to purchase from OML an aggregate of 997,995 membership interest units of OML for the purchase price of $20.0 million. Additionally, at any time and from time to time, AOM has the right, but not the obligation, to purchase from OML such number of additional OML Units as is necessary for AOM to hold, in the aggregate, at least sixty-seven percent (67.0%) of the outstanding OML Units. The purchase price for each additional OML Unit will be: (a) equal to $20.45 per OML Unit prior to September 30, 2025, or (b) equal the fair market valuation of OML divided by the number of fully diluted OML Units where: (i) the fair market valuation means the pre-money equity valuation of OML as determined by an independent valuation firm mutually agreed upon by AOM and OML, provided that the fair market valuation shall not result in a price per OML Unit of less than $20.45 unless otherwise agreed in writing by OML, and (ii) the fully diluted membership interest means the total number of issued and outstanding OML Units, assuming full conversion or exercise of all outstanding options, warrants, convertible securities or similar rights. On March 20, 2026, AOM paid to OML an advance of $7,500,000, and OML issued and sold 366,748 membership units to AOM. VIII. OML Equity Exchange Agreement On April 8, 2026, in connection with the Merger Agreement, Odyssey, OML, and certain of the members of OML, entered into an equity exchange agreement pursuant to which the OML Members agreed to exchange their OML Units for shares of Odyssey Common Stock as soon as practicable after the effective date of the Merger. In exchange for the OML Units, Odyssey will deliver to each of the OML Members a number of shares of Odyssey Common Stock equal to the number of OML Units held by such OML Member multiplied by a fraction, the numerator of which is the value per unit of OML Units and the denominator of which is the value per share of Odyssey Common Stock. IX. CIC LLC Note Purchase Agreement On April 8, 2026, in connection with the Merger Agreement, CIC LLC and AOM entered into a note purchase agreement pursuant to which CIC LLC issued and sold to AOM a convertible promissory note in an amount of $5.0 million. At an initial closing, AOM will pay to CIC LLC the CIC LLC Note Purchase Price. The CIC LLC Note Purchase Price will reduce, on a dollar-for dollar basis, the minimum cash portion of the purchase price payable by Odyssey under the CIC LLC Option Agreement, as described in the section entitled "--CIC LLC Option Agreement." The principal amount of the note will bear interest at the rate of 8.0% per annum. CIC LLC will pay accrued interest on a quarterly basis by capitalizing each quarterly interest payment as additional principal. All outstanding principal and accrued interest will be due and payable in full on April 7, 2030. Upon an event of a default on the interest payments, the principal and any accrued interest will thereafter accrue interest at the rate of 11% per annum until paid in full. AOM will have the right, at any time and from time to time prior to the CIC LLC Maturity Date, to convert all, but not less than all, of the outstanding principal and accrued and unpaid interest on the CIC LLC Note into the CIC Shares simultaneously with the consummation of the CIC LLC Option. If AOM elects to exercise its conversion right, AOM will be entitled to the number of CIC Shares (rounded to the nearest whole number) equal to the quotient determined by dividing (a) the amount of the outstanding principal and accrued interest to be converted, by (b) 1.22. In lieu of any fractional shares to which AOM would otherwise be entitled, CIC LLC will pay AOM cash equal to such fraction multiplied by the CIC LLC Conversion Rate. To the extent not previously paid or converted, CIC LLC will pay to AOM the entire outstanding amount of principal and accrued interest in cash on the CIC LLC Maturity Date. The obligations of CIC LLC under the CIC LLC Note are non-recourse to CIC LLC except as to CIC LLC's interest in the CIC Shares. X. CIC Ltd Note Purchase Agreement On April 8, 2026, in connection with the Merger Agreement, CIC Ltd and AOM entered into a note purchase agreement pursuant to which CIC Ltd issued and sold to AOM a convertible promissory note in an amount of up to $20.0 million. Within five business days of the date of the CIC Ltd Note Purchase Agreement, at an initial closing, AOM will pay to CIC Ltd a portion of that CIC Ltd Note Purchase Price in an amount to be determined by the parties. CIC Ltd can issue additional requests to AOM for up to $5.0 million of the CIC Ltd Note Purchase Price following the initial closing, provided, however, that: (a) the first additional advance request cannot be made until the fiscal quarter following the initial closing date, and (b) no more than two advance request may be made per fiscal quarter. AOM will advance additional funds to CIC Ltd within 10 business days of each subsequent request if the applicable conditions are met. The principal amount of the CIC Ltd Note will equal the aggregate amount paid to CIC Ltd by AOM. The principal amount of the CIC Ltd Note will bear interest at the rate of 8.0% per annum. CIC Ltd will pay accrued interest on a quarterly basis by capitalizing each quarterly interest payment as additional principal. All outstanding principal and accrued interest will be due and payable in full on April 7, 2030. Upon an event of a default on the interest payments, the principal and any accrued interest will thereafter accrue interest at the rate of 11.0% per annum until paid in full. AOM will have the right, at any time and from time to time prior to the CIC Ltd Maturity Date, to convert all or any portion of the outstanding principal and accrued interest of the note into CIC Shares. If AOM elects to exercise its conversion right, AOM will be entitled to the number of CIC Shares (rounded to the nearest whole number) equal to the quotient determined by dividing (a) the amount of the outstanding principal and accrued interest to be converted, by (b) the rate, computed immediately before the initial closing on a fully-diluted as-converted basis taking into account all equity securities of CIC Ltd, that ascribed to CIC Ltd a valuation of $200.0 million. In lieu of any fractional shares to which AOM would otherwise be entitled, CIC Ltd will pay AOM cash equal to such fraction multiplied by the CIC Ltd Conversion Rate. To the extent not previously paid or converted, CIC Ltd will pay to AOM the entire outstanding amount of principal and accrued interest in cash on the CIC Ltd Maturity Date. Support Agreements Odyssey Support Agreement On April 8, 2026, in accordance with the Merger Agreement, Odyssey, AOM, and certain Odyssey stockholders entered into a support agreement pursuant to which each Odyssey Support Stockholder agreed that at any meeting of the stockholders of Odyssey, each Odyssey Support Stockholder will: (a) cause its voting shares of Odyssey to be counted as present thereat for the purpose of establishing a quorum, and (b) vote, or cause to be voted, all of its voting shares of Odyssey: (i) in favor of the Odyssey Share Issuance, the Odyssey Articles Amendment, and any other proposal, action, or matter necessary or advisable to consummate the other transactions contemplated by the Merger Agreement, (ii) in favor of any proposal to adjourn or postpone any meeting of the stockholders of Odyssey, if there are insufficient votes to approve such matters at the time any such meeting is held, (iii) against any transaction, reorganization, or action that would reasonably be expected to impede or interfere with the transactions contemplated by the Merger Agreement or the Odyssey Support Agreement, or any change in Odyssey's corporate structure or business, except as expressly permitted by the Merger Agreement. Certain of the Odyssey Support Stockholders also agreed to a customary restrictions on any transfers of voting shares of Odyssey, subject to customary exceptions. Any transfers in violation of these restrictions will be null and void. Lock-Up Agreements Odyssey and holders of AOM Common Stock, and the Bridge Investors (the "Lock-Up Holders"), entered into lock-up agreements pursuant to which, during the applicable lock-up periods commencing on the date of the Closing, the Lock-Up Holders will not, directly or indirectly, sell or otherwise transfer any shares of Odyssey Common Stock, or make any public announcement or filing under applicable securities laws regarding any of the foregoing; provided that: (i) the Bridge Investors are subject to a full lock-up for a period of sixty (60) days following the closing of the Merger Agreement, with all such shares released thereafter, and (ii) holders of AOM Common Stock are subject to a full lock-up through ninety (90) days following the closing of the Merger Agreement, followed by staged releases thereafter. Notwithstanding the foregoing, the restrictions will not apply to transfers: (a) by gift or for estate-planning purposes, (b) by will or intestacy upon death, (c) to any affiliate, trust, partnership, or other entity for the benefit of the Lock-Up Holder or its immediate family, or (d) in the case of an entity, to its members, partners or stockholders, provided that the transferee agrees in writing to be bound by the applicable restrictions. Any purported transfer by the Lock-Up Holders of Odyssey Common Stock in violation of the foregoing restrictions will be null and void and will not be recognized by Odyssey or its transfer agent. ORM Disposition Odyssey, through an indirect wholly owned subsidiary, Odyssey Marine Enterprises Ltd., a company organized in the Bahamas, currently owns approximately 78.3% of the equity interests in Oceanica Resources Mexico, S. de R.L. de C.V., a company organized in Mexico. ORM owns a 50.0% interest in Phosagmex, S.A.P.I. de C.V., a joint venture company organized in Mexico. The remaining 50.0% interest in Phosagmex is owned by Capital Latinoamericano, S.A. de C.V., a company organized in Mexico. Pursuant to the terms of the Merger Agreement, Odyssey agreed to organize a new corporation and to contribute its interests in ORM to ORM HoldCo. Odyssey will then transfer its interests in ORM Holdco to a newly formed liquidating trust, the beneficiaries of which will be the holders of Odyssey Common Stock as of a record date prior to the consummation of the Merger. The purpose of ORM HoldCo and the ORM Trust is to hold and preserve the value of ORM and ORM's assets until Phosagmex receives certain project approvals from the government of Mexico. If the project approvals are received, ORM HoldCo will then either: (a) sell ORM and/or ORM's assets and distribute the net proceeds therefrom to the ORM Trust (for further distribution to the Trust Beneficiaries) and any other equity holders of ORM HoldCo or (b) conduct an initial public offering and distribute the shares of ORM Holdco to the ORM Trust (for further distribution to the Trust Beneficiaries) and any other equity holders of ORM HoldCo. In connection with these transactions, Odyssey and AOM have agreed that ORM HoldCo will enter into a support agreement pursuant to which Odyssey will, for the term of the ORM Trust, provide ORM HoldCo and its subsidiaries with administrative services, access to records and personnel in connection with the enforcement of the arbitral award issued by the International Centre for Settlement of Investment Disputes on the claims brought by Odyssey against Mexico under the North American Free Trade Agreement, and other specified support services. Completion of the ORM disposition in all material respects, including obtaining a commitment for the financing necessary to fund the activities of ORM HoldCo and its subsidiaries for at least 18 months after the Merger, is a condition to AOM's obligation to close under the Merger Agreement. Transaction-related compensations In connection with the execution and delivery of the Merger Agreement, Odyssey's compensation committee approved the payment of certain transaction-related compensation to Mark D. Gordon and John D. Longley, Odyssey's Chief Executive Officer and Chairman and Chief Executive Officer and Chairman, respectively, based upon the recommendation of an independent compensation consultant engaged by the compensation committee. Pursuant to these arrangements, Odyssey will pay to Mr. Gordon and Mr. Longley $400,000 and $265,000, respectively, upon consummation of the Merger, and an additional $400,000 and $265,000 six months thereafter. The purpose of the payments is to provide Mr. Gordon and Mr. Longley with appropriate incentives to maintain their employment with Odyssey through consummation of the Merger and thereafter to ensure a smooth transition of the combined company. Full text copies of the Agreement and Plan of Merger, Form of AOM PIPE Subscription Agreement, Form of AOM PIPE Warrant, Form of Odyssey Note Purchase Agreement, and Joint Press Release issued April 8, 2026, are available at https://tinyurl.com/2s3745h9, https://tinyurl.com/4zjvw7ju, https://tinyurl.com/yftxbucd, https://tinyurl.com/j8pjk5ae, https://tinyurl.com/ydnsafvy, respectively. About Odyssey Marine Odyssey Marine Exploration, Inc. and its subsidiaries are engaged in deep-ocean exploration. Their innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. The corporate headquarters are in Tampa, Florida. Tampa, Florida-based Grant Thornton LLP, 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 incurred a net loss of $48.5 million during the year ended December 31, 2025, and as of that date, the Company's current liabilities exceeded its current assets by $7.3 million, and its total liabilities exceeded its total assets by $75.5 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $15.8 million in total assets, $91.4 million in total liabilities, and $75.5 million in total stockholders' deficit. OI BRASIL: Noteholders' Bid to Block Brazil Sale Denied in Chap. 15 ------------------------------------------------------------------- Ben Zigerman of Law360 Bankruptcy Authority reports that a federal bankruptcy judge in New York on Wednesday denied noteholders' attempt to stop Oi's sale of its equity interest in a Latin American fiber internet provider, concluding that such intervention falls outside the purpose of Chapter 15. The court found that the dispute should be resolved within the foreign proceeding. The judge stressed that Chapter 15 is intended to support, not override, foreign insolvency cases. He determined that interfering with the Brazilian court's approval of the sale would conflict with principles of comity and the statutory framework governing cross-border restructurings, Law360 reports. Following the ruling, Oi may proceed with the sale under Brazilian supervision. The decision leaves creditors to pursue any remaining objections in the foreign forum rather than U.S. bankruptcy court, the report states. About Oi SA Headquartered in Rio de Janeiro, and operating almost exclusively within Brazil, the Oi Group provides services like fixed-line data transmission and network usage for phones, internet, and cable, Wi-Fi hot-spots in public areas, and mobile phone and data services, and employs approximately 142,000 direct and indirect employees. As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2017, Gram Slattery and Leonardo Goy at Reuters report that the head of Brazil's telecommunications watchdog, Anatel, demanded that debt-laden carrier Oi SA submit its latest restructuring proposal to the regulator before officially filing it with a bankruptcy court. Anatel head Juarez Quadros told reporters in Brasilia that the regulator, an Oi creditor due to billions of dollars in unpaid regulatory fines, would wait for the country's solicitor-general to give an opinion on the company's proposal before deciding whether or not to vote for it, according to Reuters. On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the 'Brazilian Bankruptcy Law'), Oi S.A. and certain of its subsidiaries filed for recuperao judicial (judicial reorganization) in Brazil. Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr. S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No. 16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr. S.D.N.Y. Case No. 16-11794) on June 21, 2016. The case is assigned to Judge Sean H. Lane. Coop and PTIF are also subject to proceedings in the Netherlands. The Chapter 15 Petitioner is represented by John K. Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida. On July 22, 2016, the New York Court recognized the Brazilian Proceedings as foreign main proceedings with respect to the Chapter 15 Debtors, and granted certain additional related relief. OLIVE BRANCH: Cameron McCord Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Olive Branch Hospice, LLC. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About Olive Branch Hospice LLC Olive Branch Hospice, LLC is 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. ONE GATEWAY: Unsecured Creditors to Split $10K in Plan ------------------------------------------------------ One Gateway Blvd., LLC filed with the U.S. Bankruptcy Court for the Southern District of Georgia an Amended Disclosure Statement describing Plan of Reorganization dated April 8, 2026. The Debtor is Georgia for-profit domestic limited liability company organized on July 8, 2019, by Maek Edwards and is in good standing with the Georgia Secretary of State as of 2026. Edwards is an owner and the Managing Member of the Debtor. In July 2019, the Debtor purchase a commercial tract and improvements located at 1 Gateway Blvd., E., Savannah, Georgia, Chatham County Tax Parcel No. 1-1028-01-07 which consisted of a one hundred and twenty room hotel and restaurant ("Hotel") off of Interstate 95. The Hotel was operated under a Ramada flag. The restaurant located at the Hotel was operated by a third-party tenant. Operation of the Hotel ceases in third quarter of 2025. Due to the unforeseen circumstances, including, but not limited to, COVID-19 and the related shut down, the Hotel was unable to become profitable. As a result, the first lienholder on the Hotel moved to foreclose on the Hotel. Debtor had multiple offers on the Hotel sufficient to pay the first lienholder in full and a letter of intent from one buyer while the foreclosure was pending. As such, the Debtor filed this bankruptcy to effectuate a sale of the assets of the Debtor and maximize the return for all creditors of the Debtor. Class 4 shall consist of General Unsecured Claims, including deficiency claims pursuant to Sections 506 and 522(f) of the Bankruptcy Code, claims arising out of the rejection of a lease or executory contract pursuant to Sections 365 and 502(b)(6) of the Bankruptcy Code and allowed unsecured portion of a Claim in Class 1 through Class 3 of this Plan, if any. A claim which is disallowed by operation of law for failure a to file a required proof of claim pursuant to Bankruptcy Rule 3003(b)(1) shall receive no distribution pursuant to Class 4. The Holders of Allowed General Unsecured Claims shall be paid, $10,000.00 ("Unsecured Creditors Payment"), in one annual installment payment due on the first anniversary of the Effective Date of the plan. The allowed unsecured claims total $1,077,706.16. Notwithstanding any provision to the contrary, in the event the Holder of an Allowed General Unsecured Claim shall receive an aggregate distribution of Fifteen Dollars or less under the terms of the Plan, the Debtor shall be authorized to make a single distribution to the Holder of the Allowed General Unsecured Claim of the total amount to be received under the terms of the Plan on the first annual installment payment date established in Class 3 as payment in full of the obligations of the Debtor to the Holder of such an Allowed General Unsecured Claim; provided, however, that if the Debtor does not make a distribution to a Holder of an Allowed General Unsecured Claim who shall receive an aggregate distribution of Fifteen Dollars or less under the terms of the Plan as permitted under this Paragraph of Class 3, the Debtor shall make the distribution in accordance with Bankruptcy Rule 3010(b). The Claims of the Creditors of Class 4 are Impaired by the Plan. Class 5 shall consist of all common equity holders in the Debtor. On the Effective Date of the Plan, all Equity Security Holders shall retain their interest in the Debtor in the same percentage and amount as of the Filing Date. This Class shall be presumed to accept the Plan pursuant to section 1126(f). The breathing spell afforded by the Chapter 11 filing has enabled the Debtor to concentrate on means of generating income. The Debtor through complete of the construction project will be able to monetize the Property for the repayment of creditors. A full-text copy of the Amended Disclosure Statement dated April 8, 2026 is available at https://urlcurt.com/u?l=ElgBO0 from PacerMonitor.com at no charge. Counsel to the Debtor: Jon A. Levis, Esq. LEVIS LAW FIRM, LLC Post Office Box 129 Swainsboro, GA 30401 Telephone: (478) 237-7029 Email: levis@merrillstone.com About One Gateway Blvd., LLC One Gateway Blvd., LLC is a single-asset real estate company that owns and operates a hospitality property located at 1 East Gateway Boulevard in Savannah, Georgia, with operations focused on the ownership and management of a hotel property serving the local traveler accommodation market. One Gateway Blvd., LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-40010) on January 6, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Mark Edwards as managing member. Jon Levis, Esq. at LEVIS LAW FIRM, LLC represents the Debtor as counsel. OSO PROPERTIES: Commences Chapter 7 Bankruptcy in New York ---------------------------------------------------------- On April 10, 2026, OSO Properties Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 13, 2026 at 10:30 AM at Zoom.us - Togut: Meeting ID 315 965 5995, Passcode 1378420609, Phone 1 (929) 547-4715. About OSO Properties Inc. OSO Properties Inc. is a real estate company engaged in property ownership, management, and related investment activities. OSO Properties Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10820) on April 10, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Philip Bentley handles the case. OUTPATIENT SERVICE: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division issued a fourth interim order authorizing Outpatient Service Providers, LLC to use cash collateral. The fourth interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget and those amounts expressly authorized by the court, including payments to the SubChapter V trustee. This authorization will continue until the next hearing scheduled for May 19. The Debtor projects total monthly operational expenses of $220,064.40. To protect the interests of lenders, the interim order granted the lenders replacement liens on post-petition cash collateral, maintaining the same validity, extent, and priority as their pre-bankruptcy liens. The order also preserves the rights of the U.S. trustee or any appointed creditors' committee to challenge the validity or extent of such liens and allows for future motions seeking additional protections or restrictions. The order is available at https://is.gd/iCYYJl from PacerMonitor.com. Outpatient Service Providers has two pre-bankruptcy lenders -- Que Capital, LLC and Gain Servicing, LLC -- that have UCC-1 liens; and four pre-bankruptcy lenders -- the U.S. Small Business Administration ($150,000), TMSL, LLC ($1.6 million), Vystar Credit Union ($100,000) and EPS Financial ($100,000) -- that may have liens on its cash and receivables. Apart from these lenders, the Debtor also has several service providers which it struggles to remain current with, and other unsecured debt which it unable to pay. About Outpatient Service Providers Outpatient Service Providers, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03588) on October 6, 2025, listing between $1 million and $10 million in liabilities. Andrew Layden serves as Subchapter V trustee. Judge Jacob A. Brown presides over the case. PACIFIC RIM: Seeks to Use Cash Collateral ----------------------------------------- Pacific Rim Winemakers, Inc. asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor operates wine production facilities in Washington and Oregon, including leased winery operations in West Richland, Washington and Oregon, and is owned by G-4 Family Holdings, Inc., with G-4 Oregon Properties, LLC owning certain winery assets leased to Pacific Rim. The company's primary customer, Banfi Wines, historically accounted for over 90% of its business but has ceased purchasing wine due to a broader decline in wine consumption driven by shifting consumer preferences, macroeconomic pressures, and industry oversupply. As a result, the Debtors state they have no viable path forward other than liquidation, though they intend to pursue either an orderly liquidation or a going-concern sale to maximize creditor recoveries. The Debtor currently operates with approximately five employees and expects further workforce reductions during the case. The Debtor explains that it purchased grapes from multiple 2025 grape producers, some of whom remain unpaid and therefore assert statutory liens over approximately 85,051 gallons of unsold wine inventory and related receivables, which represent only a portion of the Debtor's total 425,113 gallons of inventory. The Debtors also acknowledge a prepetition secured lender, BMO Bank, N.A., whose lien is limited to certain equipment and intangibles and does not extend to inventory or receivables, making the grape producer liens the primary asserted claims against cash collateral. The Debtors propose that proceeds from the sale of wine inventory and receivables derived from the 2025 grape harvest constitute “cash collateral” subject to Bankruptcy Code Section 363, requiring either creditor consent or court authorization with adequate protection. As adequate protection for the 2025 grape producers, the Debtor proposes granting them replacement liens on a five-acre unencumbered parcel of real property adjacent to its Washington winery in Benton County, Washington, which is currently listed for sale at approximately $1.4 million. The Debtors contend this replacement lien will protect against any diminution in value caused by the use of cash collateral. A hearing on the matter is set for April 30, 2026 at 1 p.m. A copy of the motion is available at https://urlcurt.com/u?l=ZuYUkR from PacerMonitor.com. About Pacific Rim Winemakers, Inc. Pacific Rim Winemakers, Inc. doing business as Pacific Rim & Company, is a West Richland, Washington-based wine producer that makes Riesling-focused wines ranging from dry to dessert styles. A member of Banfi Vintners' U.S. portfolio, the company produces labels including Pacific Rim Dry Riesling, Rainstorm, Silver Raven, and Thick Skinned from grapes sourced in the Columbia and Yakima valleys. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-71230) on March 30, 2026. In the petition signed by Cristina Mariani-May, vice president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheryl P. Giugliano oversees the case. Alex Spizz, Esq.,at TARTER KRINSKY & DROGIN LLP, represents the Debtor as legal counsel. PALM BEACH: Trustee Taps Meland Budwick as Legal Counsel -------------------------------------------------------- Barry E. Mukamal, in his capacity as liquidating trustee of Palm Beach Finance Partners, L.P. and Palm Beach Finance Partners II, L.P., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to continue the employment of Meland Budwick, P.A. as legal counsel. MB will provide these services: (a) investigate matters relating to potential claims, including issues surrounding Judgment Preservation Insurance (JPI); (b) if appropriate, prosecute litigation on behalf of the BMO Harris Bank, N.A. Litigation Trust relating to the JPI; (c) assist in the analysis and pursuit of potential litigation claims involving Interlachen and affiliated parties; and (d) provide legal advice and representation to the Trustee in connection with ongoing bankruptcy-related litigation and contested matters. Meland Budwick, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, and its continued employment is stated to be in the best interests of the estates and creditors. The firm can be reached at: Michael S. Budwick, Esq. Solomon B. Genet, Esq. MELAND BUDWICK, P.A. 3200 Southeast Financial Center 200 South Biscayne Boulevard Miami, FL 33131 Telephone: (305) 358-6363 E-mail: mbudwick@melandbudwick.com sgenet@melandbudwick.com About Palm Beach Finance Partners Palm Beach Gardens, Florida-based hedge fund Palm Beach Finance Partners, L.P., solicited capital contributions from third-party limited partners, and proceeded to invest substantial amounts of the capital with the Petters Company, Inc. PBFP filed for Chapter 11 protection (Bankr. S.D. Fla. Case No. 09-36379) on Nov. 30, 2009. Its affiliate, Palm Beach Finance II, L.P., also filed for bankruptcy (Bankr. S.D. Fla. Case No. 09-36396). PBF II estimated $500 million to $1 billion in assets and liabilities in its petition. Judge Erik P Kimball oversees the case. Paul A. Avron, Esq., and Paul Steven Singerman, Esq., at Berger Singerman LLP, assisted the Debtors in their restructuring efforts. On January 29, 2010, the Office of the U.S. Trustee appointed Barry Mukamal as Chapter 11 trustee in both of the Debtors' estates. On October 19, 2010, the court confirmed the joint Chapter 11 plan of liquidation proposed by Mr. Mukamal and Geoffrey Varga, official liquidator for Palm Beach Offshore, Ltd., and Palm Beach Offshore II, Ltd. Mr. Mukamal is the liquidating trustee by virtue of the court's order confirming the liquidating plan. He is represented by Michael S. Budwick, Esq., at Meland Russin & Budwick, P.A. The trustee employed Koyzak Tropin & Throckmorton, LLP as special co-counsel and Jerome M. Hesch as expert consultant. PARADOX ENTERPRISES: Non-Retained Properties Sale to Legalist OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Tennessee, Winchester Division, has permitted Paradox Enterprises, LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to sell certain real property, defined as Non-Retained Properties, to Legalist DIP Fund I LP and Legalist DIP SPV II LP. Details of the Non-Retained Properties can be found at https://urlcurt.com/u?l=cgG5KB Legalist is the Debtor's senior-secured creditor. The Court determined that Legalist holds an allowed secured claim in the amount of $10,315,000 and identified 35 numerically referenced properties for purposes of that valuation order. As reflected in the Settlement Agreement and Mutual Release previously filed and approved in the case, the Debtor and Legalist resolved their disputes concerning the disposition of the Debtor's real property assets through a two-path structure. Under the Settlement the Debtor retained certain specified properties (Retained Properties), and the remaining properties (Non-Retained Properties), were to be disposed of through one of two agreed mechanisms: (a) If Legalist timely made a $9,200,000 credit bid, the Debtor would file a motion seeking approval of a sale of the Non-Retained Properties to Legalist; or (b) If Legalist did not timely make such election, or if the sale were not approved, the Non-Retained Properties would be conveyed post dismissal pursuant to the surrender provisions of the Settlement. The Court has approved the sale by the Debtor to Legalist DIP Fund I, LP and Legalist DIP SPV II, LP, or their permitted designee, of all of the Debtor's right, title, and interest in and to the Non-Retained Properties. Legalist shall not be deemed, as a result of any action taken in connection with, or as a result of the sale of the Non-Retained Properties, to the maximum extent permitted by law by reason of any theory of law or equity with respect to any claims or liens against Debtor or the purchased Non-Retained Properties. The Debtor is authorized and directed to consummate the sale of the Non-Retained Properties to Legalist for a credit bid in the amount of $9,200,000 against Legalist’s allowed secured claim. The Debtor is authorized and directed to execute and deliver all deeds, assignments, notices, affidavits, tenant communications, and other documents reasonably necessary to implement and consummate the sale approved. The sale of the Non-Retained Properties is approved on an "as is, where is, with all faults" basis, except as otherwise expressly agreed by the Debtor and Legalist in writing. Legalist is a good-faith purchaser and is entitled to all protections. The Order and the sale authorized are implemented in conjunction with the Settlement Order. About Paradox Enterprises Paradox Enterprises, LLC owns various properties valued at $6.1 million. Paradox Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-10826) on April 5, 2024, with $6,174,373 in assets and $13,012,125 in liabilities. Eric Shelley, managing member, signed the petition. Judge Nicholas W. Whittenburg oversees the case. Denis Graham Waldron, Esq., at Dunham Hildebrand, PLLC is the Debtor's legal counsel. Secured creditors Legalist DIP Fund and Legalist DIP SPV are represented by Gregory C. Logue, Esq., at Woolf, McClane, Bright, Allen & Carpenter, PLLC, in Knoxville, Tennessee. PAVMED INC: David S. Nagelberg Holds 8.6% Equity Stake ------------------------------------------------------ David S. Nagelberg and the David S. Nagelberg 2003 Revocable Trust Dtd. 07/02/03, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 27, 2026, they beneficially own the following of PAVmed Inc.'s Common Stock, par value $0.001 per share: * David S. Nagelberg: 546,964 shares, representing 8.6% of the class, which includes shares held directly by him and those held by the Trust (of which he is trustee and may be deemed to beneficially own). * David S. Nagelberg 2003 Revocable Trust: 461,539 shares representing 7.2% of the class. The percentages are calculated based on 6,383,089 shares of Common Stock outstanding as of March 27, 2026, as reported in the Company's annual report on Form 10-K filed on March 27, 2026. David S. Nagelberg may be reached through: Graubard Miller The David S. Nagelberg 2003 Revocable Trust 405 Lexington Avenue 44th Floor New York, New York 10174 A full-text copy of David S. Nagelberg's SEC report is available at: https://tinyurl.com/5n7d7kbw 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. PAVMED INC: Lishan Aklog, M.D. Holds 5.1% Equity Stake ------------------------------------------------------ Lishan Aklog, M.D., disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of April 2, 2026, he beneficially owns 369,068 shares of PAVmed Inc.'s Common Stock, par value $0.001 per share, representing 5.1% of the Common Stock, based on 7,272,739 shares outstanding as of April 2, 2026. The shares consist of: * 357,614 shares held directly by Dr. Aklog * 45 shares held by HCFP/AG LLC (Dr. Aklog is a co-manager and may be deemed to beneficially own them) * 9,904 shares held by Pavilion Venture Partners LLC (Dr. Aklog is manager) * 10 shares held by Dr. Aklog's children * 1,495 shares issuable upon exercise of options held by Dr. Aklog On April 2, 2026, the Company granted Dr. Aklog 350,000 shares of restricted Common Stock under its Seventh Amended and Restated Long-Term Incentive Equity Plan in consideration of services as Chairman and Chief Executive Officer. Dr. Aklog is Chairman and Chief Executive Officer of PAVmed Inc. and its subsidiary Lucid Diagnostics Inc. He holds additional options and restricted stock under agreements with the Company. Lishan Aklog, M.D. may be reached through: Lishan Aklog, M.D. 360 Madison Avenue 25th Floor New York, NY 10017 Tel: (917) 813-1828 A full-text copy of Lishan Aklog, M.D.'s SEC report is available at: https://tinyurl.com/yc7mkrxk 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. PAVMED INC: Scott V. Dols Holds 5.4% Equity Stake ------------------------------------------------- Scott V. Dols, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 27, 2026, he beneficially owns 346,155 shares of PAVmed Inc.'s Common Stock, representing 5.4% based on 6,383,089 shares of Common Stock outstanding as of March 27, 2026, as reported in the Company's annual report on Form 10-K filed on March 27, 2026. This includes 230,770 shares held by a trust of which Mr. Dols serves as trustee (he may be deemed to beneficially own those shares). Scott V. Dols may be reached at: 19822 Wetherby Lane Lutz, Florida 33549 A full-text copy of Scott V. Dols's SEC report is available at: https://tinyurl.com/bdz2khc9 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. PELICAN PROS: Seeks Approval to Tap Graham Law as Counsel --------------------------------------------------------- Pelican Pros, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire James A. Graham of Graham Law & Associates, LLC to serve as legal counsel. Mr. Graham will provide these services: (a) represent the Debtor in this Chapter 11 Subchapter V proceeding; (b) provide legal advice with respect to bankruptcy matters; (c) assist with preparation of bankruptcy schedules and financial documentation; and (d) perform consultations and related legal services necessary for the case. Mr. Graham will receive an hourly rate of $450, and an hourly rate of $150 is for paralegals. Graham Law & Associates, LLC is a "disinterested party," as defined by the Bankruptcy Code, according to court filings. The firm can be reached at: James A. Graham, Jr., Esq. GRAHAM LAW & ASSOCIATES, LLC 1615 Poydras Street, Suite 1320 New Orleans, LA 70112 Telephone: (504) 777-3625 Facsimile: (504) 324-0507 E-mail: jgraham@jamesgrahamlaw.com About Pelican Pros LLC Pelican Pros, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10262) on February 5, 2026, with $1 million to $10 million in assets and liabilities. Keith McGuire, authorized representative of the Debtor, signed the petition. Judge Meredith S. Grabill presides over the case. Edwin M. Shorty Jr., Esq., at Edwin M. Shorty Jr. & Associates represents the Debtor as legal counsel. PENN HIGHLANDS: S&P Affirms 'BB+' Rating on Hospital Revenue Bonds ------------------------------------------------------------------ S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BB+' long-term rating and underlying rating (SPUR) on the DuBois Hospital Authority, Pa.'s series 2021, 2020, and 2018 hospital revenue bonds, issued for Penn Highlands Healthcare (PHH). The outlook revision reflects stabilization in balance sheet metrics following several years of rapid decline, as well as improving operating performance throughout fiscal 2025 and the six-month interim period, a trend S&P expects to continue over the outlook period. S&P said, "PHH's elevated social capital risk, driven by a limited population base and negative population and employment growth projections in its traditional PSA, is incorporated into our credit view. "We have also analyzed PHH's environmental and governance factors and determined that they are neutral within our credit rating analysis. Although in the past we had seen governance risk as elevated due to material delays in producing audited financial statements, we believe these issues have been largely resolved, as evidenced by the timely release of fiscal 2025 audited results in line with standard industry practice. "The stable outlook reflects our expectation that the current trend of operating improvement and balance sheet stability will be sustained over the outlook period, with fiscal 2026 operating margin approaching or exceeding breakeven, and DCOH and unrestricted reserves to long-term debt remaining broadly consistent with current levels. The outlook is further supported by our expectation of stability in the debt profile, with no material new debt issuances, as well as by the continuation of key enterprise profile strengths, particularly market share. "We could consider a negative outlook or lower rating if operating performance deteriorates, reversing recent gains and returning to material operating losses, or if DCOH or unrestricted reserves to long-term debt decline further. In addition, given that the system's enterprise profile is anchored by its leading position in its traditional PSA, a sustained erosion of market share could also pressure the rating. "We could consider a positive outlook if PHH demonstrates a sustained trend of breakeven or positive operating performance in all three regional markets, accompanied by incremental strengthening of balance sheet metrics. We would also expect continued stability in the enterprise profile, particularly market share." PERATON CORP: S&P Lowers ICR to 'CCC+' on Weaker Earnings --------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating to 'CCC+' from 'B-' on Peraton COrp. The outlook is negative. At the same time, S&P lowered its issue-level rating on its first-lien debt to 'CCC+' from 'B-'. The '3' recovery rating is unchanged. The negative outlook reflects S&P's expectation that credit ratios in 2026 will be weaker than previously anticipated and that the term loan turns current in February 2027. Peraton's earnings will likely be lower than expected. EBITDA weakness stems from slower revenue growth combined with potentially lower margins on new business. While the recently awarded U.S. Federal Aviation Administration (FAA) air traffic control management contract is ramping up more slowly than anticipated, the bigger issue is the lack of other new business wins. With a book-to-bill ratio well below 1x over the last 12 months, Peraton has a limited path to near-term organic revenue improvement. S&P said, "We expect a 1%-3% revenue increase in 2026 and 2.5%-4.5% in 2027. Margin expansion is also more gradual than expected as the FAA ramp-up reduces profitability early in the contract, without much additional revenue to offset costs. We expect EBITDA margins in the low-13% area compared with our previous expectation of about 13.5% in 2026." Fluctuating working capital continues to constrain free cash flow. Managing growth associated with the FAA contract along with regular shifts to days sales outstanding figures has created challenges for Peraton. The lower earnings forecast is the most significant factor in weakening cash flow, and working capital outflow could add to the problem. While the company has time and options to bring working capital closer to break-even in 2026, generating positive free cash flow will be a challenge. Liquidity is not a near-term concern, but significant debt comes due in 2028. Peraton bolstered liquidity by extending the maturity on its $500 million revolver to November 2027. S&P said, "Even without revolver availability, we believe the company could likely continue operations without pressing cash needs. It would need to refinance the first-lien term loan due in February 2028 because it likely cannot repay the $5.7 billion outstanding. We anticipate that slower than anticipated earnings improvement may make refinancing more challenging if progress does not accelerate this year. The negative outlook reflects S&P's expectation of a free cash flow deficit in 2026 and that Peraton faces large debt maturities within the next two years. S&P said, "We could lower our ratings on Peraton if its first-lien term loan due in February 2028 turns current without a refinancing plan and debt to EBITDA remains high enough that we believe its capital structure is unsustainable. We also could lower our rating in a material free cash flow deficit that we don't expect to improve, which would constrain liquidity, or if we believe a distressed exchange is imminent." These scenarios could occur if: -- Revenue is weaker than expected because Peraton loses recompetes or fails to win material new awards; -- EBITDA margins are impaired by operational inefficiencies that lead to increased costs or delayed deliveries; -- Working capital outflow is higher than expected as it attempts to organically expand its business; or -- It cannot gain traction to refinance its term loan due 2028 or extend the maturity on its revolving credit facility due in 2027. S&P could raise its ratings on Peraton if it refinances debt and lowers leverage such that S&P believes the capital structure is sustainable and free cash flow will remain positive throughout our forecast. This could occur if it: -- Extends upcoming debt maturities; -- Continues to win new contracts beyond our expectations; -- Manages working capital while expanding the business; and -- Uses excess cash to repay debt beyond mandatory amortization. PERATON HOLDING: Fitch Affirms 'CCC+' LongTerm IDR -------------------------------------------------- Fitch Ratings has affirmed the ratings of Peraton Holding Corp., Peraton Corp. and Peraton Inc. (collectively, Peraton), including the Long-Term Issuer Default Ratings (IDRs) at 'CCC+'. Fitch has also affirmed the company's first lien RCF and term loan at 'B' with a Recovery Rating of 'RR2', and second lien loans at 'CCC-'/'RR6'. Fitch has also affirmed Perspecta Enterprise Solutions LLC's senior unsecured notes at 'BBB+', which continue to benefit from an irrevocable guarantee for any principal and interest from HP Inc. (BBB+/Stable). The Negative Rating Outlook has been removed. The Outlook removal reflects alleviated near-term liquidity risk following the company's extension of its RCF, which pushed the maturity to November 2027. The Outlook removal also reflects Peraton's recent contract win as the prime integrator for the Brand New Air Traffic Control System (BNATCS), which should support revenue visibility and profit stability, but increases execution risk. Key Rating Drivers Revolver Extension Alleviates Liquidity Risk: Peraton's recent extension of the majority of commitments under its RCF to November 2027 materially alleviates near-term liquidity risk. Pro forma for the associated downsize, Peraton's total liquidity was approximately $893 million at YE 2025, which Fitch views as ample to fund operations and meet principal amortization obligations. However, Fitch expects FCF to remain negative through 2028, and operational underperformance relative to Fitch's forecast could heighten refinancing risk as term loan maturities approach. BNATCS Adds Visibility, Execution Risk: Peraton's selection as the prime integrator for the BNATCS program bolsters long-term revenue visibility and should support profit stability. However, the contract introduces substantial execution risk given its scale and complexity. Successful performance will be critical to sustaining Peraton's competitive positioning and supporting credit improvement over the rating horizon. Constrained Deleveraging Capacity: Fitch-calculated EBITDA leverage was 10.7x in 2025. Fitch projects this metric to remain commensurate with 'CCC+' thresholds over the medium term, as constrained profitability and negative FCF hinder the company's ability to substantially reduce leverage. Fitch expects EBITDA leverage to decline below 10.0x in 2027, driven by modest EBITDA growth rather than debt reduction. Fitch also expects EBITDA interest coverage to remain weak at 1.1x-1.2x, leaving limited headroom for underperformance. Revenue Decline and Margin Pressure: Peraton's revenue declined over 8% in 2025, reflecting more limited contract awards and the absence of certain nonrecurring revenue recognized in 2024. Fitch projects revenue growth of approximately 2% in 2026 and in the mid-single digits in 2027. Peraton's profitability has been below Fitch's prior expectations. The Fitch-adjusted EBITDA margin is expected to be flat in 2026 before expanding modestly in 2027, contingent on improved contract mix and disciplined cost management. Asset-Light Model Limits FCF Drag: Fitch projects FCF to remain negative in 2026 and 2027 before approaching breakeven in 2028. Peraton's elevated interest burden is the primary drag on FCF. However, the company's asset-light operating model, characterized by minimal capex and modest working capital requirements, provides a degree of operational flexibility. Stronger-than-expected operational execution could drive EBITDA growth above Fitch's base case, which would improve financial flexibility and enable accelerated gross debt reduction. Technology Focus Supports Demand: Peraton's technology-focused service offerings across IT services, cybersecurity, intelligence, space systems, hypersonics, and homeland security position the company well within areas of sustained government spending priority. The breadth and criticality of its portfolio provide a measure of revenue resilience. However, the company remains reliant on its ability to win and execute on new contracts to sustain growth. Backlog Visibility Warrants Monitoring: Peraton's YE 2025 backlog provides over two years of revenue coverage. However, the company's book-to-bill ratio was below 1.0x in 2025, and a sustained ratio at this level could erode forward visibility and pressure profitability. Credit improvement will likely depend on Peraton's ability to replenish its backlog with profitable new contract wins while executing effectively on its existing portfolio. Mission-Critical Offerings Mitigate Risk: Fitch considers many of Peraton's offerings to be mission-critical and less susceptible to budgetary pressures than those of peers, owing to the company's higher-end, specialized capabilities. Peraton does not face a material concentration of contracts up for recompete over the next year, which mitigates near-term risks related to increased competition or contract loss. Overall contract renewal rates above 85% and significant exposure to classified programs further reduce the likelihood of material cancellations. Peer Analysis Peraton's credit metrics are substantially weaker than those of similarly rated companies, as well as similarly sized and larger peers such as Amentum Holdings, Inc. (BB+/Stable), Leidos Holdings, Inc. (not rated) and Science Applications International Corp (not rated). Fitch expects these companies to be rated multiple notches higher than Peraton. Peraton has weaker FCF margins, higher EBITDA leverage and lower EBITDA interest coverage than these peers, but has comparable or higher EBITDA margins. Fitch’s Key Rating-Case Assumptions - Revenue grows around 2% in 2026 and mid-single digits in 2027; - EBITDA margin is flat in 2026 and expands modestly in 2027; - Modest annual working capital outflows; - Capex increases modestly in 2026 and 2027; - Peraton refinances its capital structure ahead of the February 2028 maturities and the company does not make any prepayments beyond amortization. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (b+, Higher), Profitability (b+, Moderate), Financial Structure (ccc-, Higher), and Financial Flexibility (ccc+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'ccc+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC+'. Recovery Analysis The recovery analysis assumes that Peraton would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated. A 10% administrative claim is assumed in the recovery analysis. Fitch assumes Peraton will receive a going concern recovery multiple of 7.0x EBITDA under this scenario. Fitch considers this multiple to be in the middle-to-high range of recovery multiples assigned to companies in the aerospace and defense sector. Fitch considered the company's flexible operating structure, stable margins, revenue visibility and strong product offerings. Fitch also weighted the company's contract diversification and key focus areas, which align well with long-term U.S. Department of Defense and broader U.S. government initiatives. Each of these factors supports a medium to high recovery multiple. Fitch assumes $900 million as the going-concern EBITDA, which is supported by strong backlog and high contract renewal rates following acquisitions. Fitch's EBITDA assumption is derived from a hypothetical bankruptcy that could result from either reputational damage due to poor execution, or a significant shift in industry dynamics or competition. Each of these scenarios would result in a material loss of revenue and deterioration of underlying operations. This decline would be similar to a scenario in which the company loses a significant portion of its recompete contracts over the next couple of years. Most of the bankruptcies in the aerospace and defense sector observed by Fitch in recent bankruptcy case studies were small in scale, had less diversified product lines or customer bases than average, or were operating with highly leveraged capital structures. Fitch generally assumes a fully drawn first-lien revolver in its recovery analyses. Fitch also assumes that second-lien term loan holders would receive a concession payment from the first-lien debt holders under a bankruptcy scenario. This assumption is supported by the significant portion of second-lien debt, which exceeds 25% of total debt. The Recovery Rating (RR) analysis results in a 'B'/'RR2' recovery for the first-lien debt and 'CCC-'/'RR6' recovery for the second-lien term loans. The Perspecta Enterprise Solutions notes are excluded from the recovery waterfall due to the irrevocable guarantee for any principal and interest from HP Inc., which is rated 'BBB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to successfully refinance upcoming maturities in a timely manner, or completion of a refinancing transaction that meets Fitch's criteria for a DDE; - EBITDA interest coverage declining below 1.0x; - Utilization of an RCF exceeding 30%, signaling limited liquidity and/or higher likelihood of triggering the first-lien net leverage covenant under the credit agreement; - Increasingly negative FCF; - Backlog deterioration due to inability to secure new contracts, or material losses of contracts or recompetes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 7.0x; - (CFO-capex)/debt ratio sustained above 2.0%; - EBITDA interest coverage approaching 1.5x; - Demonstrated ability to maintain or grow backlog by winning upcoming new and recompete contracts. Liquidity and Debt Structure Peraton has sufficient near-term liquidity, with approximately $430 million of cash and full availability under its RCF at YE 2025. The RCF was downsized to $462.5 million effective Feb. 1, 2026. Fitch considers the company's liquidity profile to be adequate to support operations and meet principal and interest payments. However, Fitch projects negative FCF through 2028, which will gradually erode the company's liquidity cushion in the absence of operational improvement. Peraton's first lien RCF matures in November 2027 and its first lien term loan matures in February 2028. Given Peraton's substantial debt burden and limited deleveraging ability, even moderate underperformance could heighten refinancing risk as these maturities approach. Peraton's second lien term loan matures in February 2029. Peraton also has $66 million of 7.45% notes due in 2029 outstanding from legacy Perspecta Enterprise Solutions LLC. The notes bear a guarantee of any principal and interest by HP Inc. (BBB+/Stable) as successor to Hewlett Packard Enterprise Company (BBB+/Stable), which provided an irrevocable guarantee in 2008 upon its acquisition of Electronic Data Systems, LLC. Issuer Profile Peraton and its subsidiaries provide highly differentiated space, intelligence, cyber, defense, homeland security, and communications solutions. The company is a partner on missions that are critical to the security priorities of the U.S. 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 Peraton Holding Corp. 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 ----------- ------ -------- ----- Perspecta Enterprise Solutions LLC senior unsecured LT BBB+ Affirmed BBB+ Peraton Inc. LT IDR CCC+ Affirmed CCC+ Peraton Corporation LT IDR CCC+ Affirmed CCC+ senior secured LT B Affirmed RR2 B sr sec. 2nd Lien LT CCC- Affirmed RR6 CCC- Peraton Holding Corp. LT IDR CCC+ Affirmed CCC+ PORTLAND HUNT: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine entered a final order authorizing Portland Hunt & Alpine Club, LLC to use cash collateral and draw on its existing Bangor Savings Bank line of credit. Under the final order, the Debtor is authorized to use these funds in accordance with the approved budget through July 11. If the Debtor needs continued access beyond that date, it must file a revised cash plan by June 26, and if no agreement is reached with Bangor, the court will hold another hearing on July 9. As part of Bangor's consent, the court recognized that Bangor's liens continue in post-petition cash collateral under Bankruptcy Code section 552(b). Bangor will also receive replacement liens on all assets (except avoidance actions) to the extent of any decline in collateral value. In addition, the Debtor may continue borrowing under the existing line of credit up to $50,000, secured by liens of equal priority to Bangor's pre-petition liens. The Debtor must also keep its four deposit accounts at Bangor and convert them into debtor-in-possession accounts. The order requires the Debtor to make adequate protection payments to Bangor. Beginning this month, the Debtor must pay monthly interest-only payments on the Bangor loans, along with scheduled principal payments on the line of credit: $5,000 in August, $2,500 in October, $2,500 in November, and $2,500 in December. Additional quarterly principal payments of $250 begin in June and are intended to be incorporated into a confirmed Chapter 11 plan. Events of default include breach of terms, dismissal or conversion of the Chapter 11 case, or failure to file a reorganization plan within 90 days. Upon default, the Debtor loses access to cash collateral and the credit line unless otherwise approved by the court. The court also affirmed Bangor as a good-faith lender entitled to statutory protections, while the Debtor waived certain rights to challenge Bangor's claims and liens. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5GFRd from PacerMonitor.com. About Portland Hunt & Alpine Club LLC Portland Hunt & Alpine Club LLC is a Maine-based hospitality company operating a cocktail bar and restaurant known for craft beverages and curated dining experiences in Portland. Portland Hunt & Alpine Club LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 26-20076) on March 30, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by Tanya Sambatakos, Esq. of Molleur Law Office. PREMIER MEAT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Premier Meat Pies, LLC 919 S 3rd St Renton, WA 98057 Business Description: Premier Meat Pies, LLC is a Greater Seattle food business with locations in Seattle and Renton, Washington, that sells British-style savory pies and sausage rolls. It also ships frozen pies and has served Seattle guests and residents since 2015. Chapter 11 Petition Date: April 14, 2026 Court: United States Bankruptcy Court Western District of Washington Case No.: 26-11203 Judge: Hon. Timothy W Dore Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 E-mail: courtmail@expresslaw.com Total Assets: $184,027 Total Liabilities: $1,067,818 The petition was signed by Nathan Bainbridge as CEO. 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/JTFGFLQ/Premier_Meat_Pies_LLC__wawbke-26-11203__0001.0.pdf?mcid=tGE4TAMA PROSTHODONTICS AND DENTAL: Case Summary & 20 Unsecured Creditors ---------------------------------------------------------------- Debtor: Prosthodontics and Dental Implant Solutions PSC Ave. Santa Juanita BB-25 Bayamon, PR 00959 Business Description: Prosthodontics and Dental Implant Solutions PSC, a Bayamon, Puerto Rico-based provider of oral healthcare services, offers preventive, diagnostic and restorative treatments, including prosthodontic care and implant procedures, to patients requiring general and specialized dental care. Chapter 11 Petition Date: April 13, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-01632 Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq. LOZADA LAW 1641 Calle Loira El Cerezal San Juan PR 00926 Tel: 787-533-1400 E-mail: msl@lozadalaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kamyr Martinez Ramirez as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XDGN22Y/PROTHODONTICS_AND_DENTAL_IMPLANT__prbke-26-01632__0001.0.pdf?mcid=tGE4TAMA PURE SCIENCE: Aleida Martinez Molina Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Pure Science Lab Inc. Ms. Molina 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. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14210) on April 3, 2026, with $66,485 in assets and $1,296,462 in liabilities. Steven Pomerantz, president, signed the petition. Judge Peter D. Russin presides over the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A. represents the Debtor as bankruptcy counsel. QVC GROUP: Aims for Late May 2026 Chapter 11 Plan Confirmation -------------------------------------------------------------- Vince Sullivan of Law360 reports that QVC Group, Inc. informed a Texas bankruptcy court that it aims to secure approval of its Chapter 11 restructuring plan by late May and complete its bankruptcy case within roughly 90 days. The company described the timeline as achievable given ongoing negotiations with stakeholders. Central to the plan is a debt swap that would reduce about $5 billion in outstanding obligations. The restructuring is expected to materially improve the company’s capital structure and lower its debt burden, the report relays. According to QVC, discussions with creditors have progressed constructively, supporting its push for a streamlined confirmation process. The company said a prompt emergence from Chapter 11 will help preserve value and support continued operations. 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. QVC GROUP: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------- Lead Debtor: QVC Group, Inc. 1200 Wilson Drive West Chester, PA 19380 Business Description: QVC Group, Inc., based in West Chester, Pennsylvania, is a video retailing, e-commerce, and social commerce company that sells a broad range of consumer products, including apparel, home goods, beauty, and electronics, through television, streaming platforms, social media, mobile apps, catalogs, and retail and outlet stores. Founded in 1986, the company operates through the QxH and QVC International segments, along with Cornerstone, and conducts business through subsidiaries across the U.S., Japan, Germany, the U.K., Poland, China and Italy. Chapter 11 Petition Date: April 16, 2026 Court: United States Bankruptcy Court Southern District of Texas Seventy-four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- QVC Group, Inc. (Lead Case) 26-90447 QVC San Antonio, LLC 26-90446 Affiliate Distribution & Mktg., Inc. 26-90448 Affiliate Investment, Inc. 26-90449 Affiliate Relations Holdings, Inc. 26-90450 AMI 2, Inc. 26-90451 Ballard Designs, Inc. 26-90452 Cinmar, LLC 26-90453 Contract Decor, Inc. 26-90454 Cornerstone Brands, Inc. 26-90455 Cornerstone Shared Services, LLC 26-90456 Diamonique Canada Holdings, Inc. 26-90457 DMS DE, Inc. 26-90458 ER Development International, Inc. 26-90459 ER Marks, Inc. 26-90460 FrontGate Marketing, Inc. 26-90461 Garnet Hill, Inc. 26-90462 GC Marks, Inc. 26-90463 Home Shopping Network En Espanol, L.L.C. 26-90464 Home Shopping Network En Espanol, L.P. 26-90465 HSN Catalog Services, Inc. 26-90466 HSN Holding LLC 26-90467 HSN Improvements, LLC 26-90468 HSN, Inc. 26-90469 HSNI, LLC 26-90470 IC Marks, Inc. 26-90471 Ingenious Designs LLC 26-90472 Innovative Retailing, Inc. 26-90473 Liberty Acorns, LLC 26-90474 Liberty Quid, LLC 26-90475 Liberty QVC Holding, LLC 26-90476 Liberty Solar Energy LLC 26-90477 Liberty USA Holdings, LLC 26-90478 LIC Britco, LLC 26-90479 LIC Israel Investment, LLC 26-90480 Live Shop Ventures, LLC 26-90481 NLG Merger Corp. 26-90482 NSTBC, Inc. 26-90483 QC Marks, Inc. 26-90484 QHealth, Inc. 26-90485 QLocal, Inc. 26-90486 Qurate Digital Ventures, LLC 26-90487 Qurate Retail Group, Inc. 26-90488 Ventana Television, Inc. 26-90489 QVC Chesapeake, LLC 26-90490 Ventana Television Holdings, Inc. 26-90491 QVC China, Inc 26-90492 The Cornerstone Holdings Group, Inc. 26-90493 The Cornerstone Brands Group, Inc. 26-90494 Liberty Interactive LLC 26-90495 Streaming Commerce Ventures, LLC 26-90496 QRI Cornerstone, Inc. 26-90497 QVC Delaware Holdings, Inc. 26-90498 Shopping Holdings, LLC 26-90499 QVC Delaware LLC 26-90500 QVC, Inc. 26-90501 QVC GCH Company, LLC 26-90502 QVC Global Corporate Holdings, LLC 26-90503 QVC Vendor Development, Inc. 26-90504 QVC Global DDGS, Inc. 26-90505 QVC Suffolk, LLC 26-90506 QVC Global Holdings I, Inc. 26-90507 QVC St. Lucie, Inc. 26-90508 QVC Global Markets SARL 26-90509 QVC Shop International, Inc. 26-90510 QVC HK Holdings, LLC 26-90511 QVC Rocky Mount, Inc. 26-90512 QVC India, Ltd. 26-90513 QVC Realty LLC 26-90514 QVC Italy Holdings, LLC 26-90515 QVC Ontario, LLC 26-90516 QVC Japan Services, LLC 26-90517 QVC Northeast, LLC 26-90518 QVC Ontario Holdings, LLC 26-90519 Judge: Hon. Alfredo R Perez Debtors' Bankruptcy Co-Counsel: Jason S. Brookner, Esq. Lydia R. Webb, Esq. Emily F. Shanks, Esq. GRAY REED 1300 Post Oak Blvd. Suite 2000 Houston, Texas 77056 Tel: (713) 986-7000 Fax: (713) 986-7100 Email: jbrookner@grayreed.com lwebb@grayreed.com eshanks@grayreed.com AND Joshua A. Sussberg, P.C. Aparna Yenamandra, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: joshua.sussberg@kirkland.com aparna.yenamandra@kirkland.com AND Chad J. Husnick, P.C. Gabriela Zamfir Hensley, Esq. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: chad.husnick@kirkland.com gabriela.hensley@kirkland.com Debtors' Financial Advisor: ALIXPARTNERS, LLP Debtors' Investment Banker: EVERCORE GROUP L.L.C. Debtors' Claims & Noticing Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Debtors' Tax Advisor: PRICEWATERHOUSECOOPERS LLP Legal Counsel to QVC Group, Inc. Under the Direction of Special Committee: KOBRE KIM LLP Legal Counsel to QRI Cornerstone Under the Direction of the Special Committee: SEWARD & KISSELL LLP Legal Counsel to Liberty Interactive, LLC under the Direction of Disinterested Directors & Legal Counsel to Qurate Retail Group under the Direction of the Special Committee: MILBANK LLP Legal Counsel to QVC, Inc. Under the Direction of Disinterested Directors: KATTEN MUCHIN ROSENMAN LLP Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Bill Wafford as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JIS2UDQ/QVC_Group_Inc__txsbke-26-90447__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Procaps Laboratories, Inc Trade Supplier $10,359,081 430 Parkson Road Henderson, NV 89011 Andrew Lessman Email: aml@amlhome.com 2. Microsoft Corporation Operational $6,649,299 One Microsoft Way Vendor Redmond, WA 98052-6399 Aira Gajelomo Email: v-agajelomo@microsoft.com 3. Accenture International Limited Operational $6,407,956 500 W. Madison St. Vendor Chicago, IL 60661 Julie Sweet Email: julie.sweet@accenture.com 4. C&J Clark America Inc Trade $6,272,640 140 Kendrick St. Supplier Needham, Ma 2494 Gary Champion Email: gary.champion@clarks.com 5. John Hardy USA Inc. Trade $5,035,062 330 Hudson Street Supplier New York, NY 10013 Jan-Patrick Schmitz Phone: 215-738-1511 Email: jan-patrickschmitz@johnhardy.com 6. New Age Electronics, A Div Of Trade $4,143,192 Synnex Corporation Supplier 44201 Nobel Drive Fremont, CA 94538 Jason Michaels Phone: 813-205-3576 Email: jason.michaels@tdsynnex.com 7. United Parcel Service Freight $3,257,997 55 Glenlake Parkway NE Vendor Atlanta, GA 30328 Email: achdetail@ups.com 8. Beekman 1802, Inc Trade $3,151,099 8075 Beacon Lake Drive Vendor Suite 100 Orlando, FL 32809 Jill Scalamandre Email: jill@beekman1802.com 9. Desert Rose Trading Ltd Co Trade $2,953,336 4610 Mcleod NE Supplier Albuquerque, NM 87109 Jay King Email: jkingdrose@gmail.com 10. Ecoflow Technology Inc. Trade $2,939,185 1687 114th Ave SE Supplier Suite 101 Bellevue, WA 98004 Johnson He Email: johnson.he@ecoflow.com 11. Waco Shoe Co, LLC Trade $2,909,502 6301 Imperial Drive Supplier Waco, TX 76712 Jeff Antonioli Email: jeffa@wacoshoecompany.com 12. First Commemorative Mint, Inc Trade $2,686,179 101B Carolyn Boulevard Supplier Farmingdale, NY 11735 Daniel King Email: daniel@fcmint.com 13. Wen By Chaz Dean, Inc. Trade $2,661,459 6444 Fountain Ave. Supplier Los Angeles, CA 90028 Chaz Dean Email: chazdean@me.com 14. Roberta's, Inc. Trade $2,613,906 4246 E 500 S Supplier Waldron, IN 46182 Eric Wallien Phone: 484-880-7275 Email: eric@robertasinc.com 15. Rastelli Brothers Inc Trade $2,401,566 300 Heron Drive Supplier Swedesboro, NJ 08085 Ray Rastelli III Email: rrastelli3@rastellis.com 16. Meta Platform, Inc. Operational $2,392,996 1601 Willow Road Vendor Menlo Park, Ca 94025 Flavia Cuervo Email: fcuervo@meta.com 17. JCL Design LLC Trade $2,272,932 389 5th Avenue Supplier Suite 1100 New York, NY 10016 Chad Liang Phone: 510-282-4493 Email: chad@jcldesign.com 18. Impact Tech Inc Operational $2,259,612 223 East De La Guerra Vendor Santa Barbara, CA 93101 Email: clearinghouse@impact.com 19. Diane Gilman Jeans LLC Trade $2,214,400 1740 Broadway Supplier 3rd Floor New York, NY 10019 Gerard Guez Phone: 310-666-1195 Email: gerard@guez.co 20. NYDJ Trade $2,148,580 5401 S Soto St Supplier Vernon, CA 90058 Hubert Guez Email: hubert.guez@nydj.com 21. Agoura Health Products Trade $2,073,130 23251 Mulholland Dr Supplier Woodland Hills, CA 91364 Kip Bjelland Email: kip.bjelland@goldenhippo.com 22. IHKWIP LLC Trade $1,980,256 987 Old Eagle School Rd Supplier Suite 706 Wayne, PA 19087 Baylen Edwards Email: hello@ihkwip.com 23. Easy Way Leisure Corp Trade $1,838,312 8950 Rossash Road Supplier Cincinnati, OH 45236 David (Dave) Lueder Email: dlueder@easywayproducts.com 24. Orient International Trade $1,814,608 210 Siping Road Supplier Rm 2108 Shanghai 200086 Andrew Gu Phone: 86 133 3868 6788 Email: andrewgugu@163.com 25. Hesung Innovation Corp. Trade $1,699,741 1519 W 8th St Supplier Brooklyn, NY 11204 Josh Nason Email: josh.nason@dreo.com 26. Skechers USA Inc Trade $1,651,281 228 Manhattan Beach Blvd Supplier Manhattan Beach, CA 90266 John Vandemore Email: johnv@skechers.com 27. Ebates Performance Operational $1,600,000 Marketing, Inc. Dba Rakuten Rewards Vendor 800 Concar Dr San Mateo, CA 94402 Greg Kaplan Email: greg.a.kaplan@rakuten.com 28. Blackstone International, Ltd. Trade $1,568,968 2018 Lord Baltimore Drive Supplier Baltimore, MD 21244 John F Black Phone: 202-262-8852 Email: jblack@blackstoneltd.com 29. Cleanboss Inc. Trade $1,567,515 115 Broadway Supplier Floor 5 New York, NY 10006 Christie Miranne Email: christie@cleanboss.co 30. Corky's Ribs and BBQ Trade $1,511,110 5255 Poplar Ave Supplier Memphis, TN 38119 Jimmy Stovall Email: jstovall@corkysbbq.com QVC GROUP: Reaches RSA with Majority of Lenders ----------------------------------------------- Michael Sin of Bloomberg News reports that QVC Group has entered into a Restructuring Support Agreement (RSA) with a majority of its lenders and commenced a prepackaged court-supervised restructuring process in the United States, while excluding its international operations from the filing. The transaction contemplates a major reduction in leverage, with total debt expected to decline from approximately $6.6 billion to around $1.3 billion upon completion of the plan, the report states. The company said it does not plan any layoffs or furloughs as part of the restructuring. All employees are expected to continue receiving wages and benefits without interruption, while vendors, suppliers, and general unsecured creditors of the filing entities are expected to be paid in full for all goods and services provided. All QVC Group brands remain fully operational, and the company expects to emerge as Reorganized QVC Group within approximately 90 days under the RSA timeline, 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. QVC GROUP: S&P Lowers ICR to 'D' on Chapter 11 Bankruptcy Filing ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on QVC Group Inc. to 'D' from 'CCC'. At the same time, S&P lowered its issue-level rating on the secured notes to 'D' from 'CCC' and the senior unsecured notes to 'D' from 'CC'. On April 16, 2026, QVC Group Inc. filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code. The downgrade follows QVC's Chapter 11 bankruptcy filing. QVC has entered into a restructuring support agreement with its lenders to restructure the balance sheet and expects to emerge from Chapter 11 within approximately 90 days. At the time of the filing, QVC had approximately $7 billion of total debt. The filing follows sustained deterioration in operating performance, including declining revenues and EBITDA, driven by structural pressures in its core TV-based retail model, ongoing cord-cutting trends, and softer consumer demand. RANPAK HOLDINGS: S&P Affirms 'B' ICR, Alters Outlook to Stable -------------------------------------------------------------- S&P Global Ratings revised its outlook on Ranpak Holdings Corp. to negative from stable and affirmed its 'B' issuer credit rating. S&P said, "The negative outlook reflects our expectation that further pressure in its major markets could keep leverage above the 6.5x we expect for the rating. "Ranpak Holdings Corp. reported earnings for 2025 below our expectations, which resulted in elevated S&P Global Ratings-adjusted leverage of about 7.1x and a free operating cash flow (FOCF) deficit of $7.2 million. "Though we expect margin and leverage improvement in 2026 driven by revenue growth and cost actions, heightened risks to volumes in its void-fill segment from turbulence in Europe, as well as a continued FOCF deficit from increased capital expenditure (capex), are significant risks to our forecast. "The negative outlook reflects the risk that S&P Global Ratings-adjusted leverage remains above 6.5x over the next 12 months. In 2025, adjusted leverage was 7.1x, well above our forecast of 5.8x, driven by lower-than-expected EBITDA margins because tariff and trade policy uncertainty reduced demand and created a higher-cost environment in Europe. The underperformance was also due to Ranpak's lower-margin e-commerce accounts (specifically Amazon and Walmart) representing a larger proportion of overall sales, a decline in net sales in Asia-Pacific year-over-year due to customer destocking, and weak net sales from higher margin industrial products. Over the next 12 months, we believe there is an increased risk that Ranpak continues to underperform expectations. We expect the ongoing conflict in the Middle East could increase costs and reduce volumes in its void-fill segment, which would constrain the company's ability to improve earnings year over year. In addition, in 2026 we expect its higher-margin industrial segment will continue to be impaired by slower construction activity, which could hinder recovery in volume year over year. "Strategic alignments with Amazon and Walmart have positioned Ranpak for solid volume growth in its void-fill segment. However, this is Ranpak's lowest-margin business, and we expect continued growth alongside limited recovery in industrial sales will pressure its ability to improve margins in 2026. Overall, the pressure in Ranpak's major markets and on EBITDA margins could keep S&P Global Ratings-adjusted leverage above 6.5x in the next 12 months. "We continue to forecast revenue growth and margin expansion over the next 12 months as a result of a continued shift toward fiber-based products from plastic, the company's automation segment beginning to contribute to earnings from strong revenue growth and increased scale, higher growth-related capex improving profitability, and investment in its technological infrastructure enhancing efficiency. In addition, the strategic alignment with Amazon and Walmart have positioned Ranpak for growth. While most of the business generated from these large e-commerce accounts is void-fill, which has a less favorable cost/price spread, we expect revenue growth will contribute meaningfully to earnings over the next few years. Furthermore, Walmart's multiyear agreement includes the installment of a significant number of Ranpak's automation systems within Walmart's new facilities. We expect the partnership will support strong near-term growth in the company's automation segment. "To support the relationship with Amazon and Walmart and solid automation segment expansion, we expect capex as a percentage of revenue will increase to about 8.5%. We believe the higher growth-related capex and a modest outflow from working capital will result in an FOCF deficit of about $5 million in the next 12 months. In 2027, we forecast modest FOCF, supported by higher earnings growth that more than offsets working capital requirements, and capex as a percentage of revenue remaining in the 8.5% area. "Ranpak's limited scale of operations introduces volatility in credit metrics. With revenues of about $395 million in 2025, Ranpak is one of the smaller packaging companies that we rate. Although we anticipate earnings growth, the limited revenue base means that even moderate underperformance can significantly affect credit metrics. Our forecast aligns with the lower end of company guidance, including S&P Global Ratings-adjusted leverage between 6x and 6.5x and an FOCF to debt deficit in 2026. Its limited scale increases the risk that continued underperformance to our base-case forecast will push leverage well above 6.5x, resulting in a larger-than-expected FOCF deficit, significantly reducing liquidity. "The negative outlook on Ranpak reflects the risk we could downgrade our rating if the company is unable to meet its revenue and cost reduction targets, which could cause debt leverage to remain above 6.5x. This could also result in a larger FOCF deficit in 2026, which will already be impacted by higher growth-related capex and a modest working capital outflow to support revenue expansion." S&P could lower its rating on Ranpak if S&P believes operating performance weakens such that: -- S&P Global Ratings-adjusted leverage will remain above 6.5x; and/or -- FOCF will be negative on a sustained basis. S&P could revise its outlook to stable if it expects: -- S&P Global Ratings-adjusted leverage will improve below 6.5x; and -- S&P expect the company will generate positive FOCF, supported by previous investments. RELIABLE ROADSIDE: Court Affirms Confirmation of Subchapter V Plan ------------------------------------------------------------------ In the appeal styled GURPREET SINGH, Appellant, v. RELIABLE ROADSIDE SERVICES, INC.. Appellee, Case No. 25-cv-01858-ELH (D. Md.), Judge Ellen Lipton Hollander of the U.S. District Court for the District of Maryland will affirm the judgment of the U.S. Bankruptcy Court for the District of Maryland that denied the motion of Gurpreet Singh to dismiss the Chapter 11 bankruptcy case of Reliable Roadside Services, Inc. and confirmed the Debtor's Subchapter V Plan. This matter concerns a Chapter 11 bankruptcy proceeding filed by Reliable Roadside Services, Inc, a towing company. In connection with the bankruptcy proceeding, Gurpreet Singh, a general, unsecured creditor of Reliable, filed two motions to dismiss. In both motions, he urged dismissal of Reliable's Chapter 11 proceeding because of alleged inaccuracies in the Debtor's schedules, the untimely filing of monthly operating reports ("MORs"), and an unfair and inequitable Subchapter V Plan. The Bankruptcy Court (Rice, C. J.) conducted hearings on both of Singh's motions and denied them. During the second hearing, the Bankruptcy Court also confirmed Reliable's Chapter 11, Subchapter V Plan (the "Plan"). It provided that GUCs, like Singh, would be paid a pro-rata share of all actual disposable income of the Debtor. Thereafter, Singh noted an appeal to the District Court. In his Appeal, Singh challenges the Bankruptcy Court's denial of his second motion to dismiss and confirmation of Reliable's Plan. Singh contends that the Bankruptcy Court abused its discretion when it refused to dismiss or convert Reliable's case. He disagrees with the Bankruptcy Court's finding that cause did not exist. To bolster his position, Singh cites several cases in which courts concluded that the untimely filing of MORs was sufficient to constitute cause. According to the District Court, although Singh alleges that Reliable's MORs contained inaccurate disposable income calculations, he does not contend that the MORs were incomplete. Nor is there any indication in the record that Reliable received written notifications from the U.S. Trustee or the Subchapter V Trustee that it repeatedly ignored. Singh contends that the Bankruptcy Court abused its discretion by issuing the Confirmation Order. Singh maintains that the Plan is neither fair nor equitable because Section 1191(c) requires the debtor to devote all projected disposable income to plan payments for three to five years and those projections must be credible. Singh argued that the Bankruptcy Court should not confirm the Plan because the Debtor's projected disposable income was inaccurate. He believed that Reliable sought to reduce its income so as to reduce the amount that it would have to pay to GUCs, per the terms of the Plan. Reliable opposes the Appeal. As Reliable, the U.S. Trustee, the Subchapter V Trustee, and Judge Rice emphasized during the hearing of May 19, 2025, the Plan is not based on Reliable's projections. Singh's distributions are based on a pro-rata share of all actual disposable income of the Debtor. In other words, the amount Singh actually receives under the Plan turns entirely on Reliable's actual disposable income -- not the projections he attacks in his Appeal. According to the District Court, indeed, the Plan, as confirmed, actually favors Singh by committing not just Reliable's projected disposable income (which, as discussed, Singh contends is inaccurate), but instead Reliable's actual disposable income. Judge Hollander holds, "The Bankruptcy Court did not base its rulings on erroneous legal principles. Nor did its rulings rest upon incorrect factual findings. And, the court confirmed the Plan using sound reasoning. Its rulings do not constitute an abuse of its discretion. For the foregoing reasons, I shall affirm the judgment of the Bankruptcy Court." A copy of the Court's Memorandum Opinion dated April 13, 2026, is available at http://urlcurt.com/u?l=Iz1xEPfrom PacerMonitor.com. About Reliable Roadside Services Reliable Roadside Services Inc. is a towing service provider in Maryland. Reliable Roadside Services Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-15728) on July 9, 2024. In the petition filed by Jasvir Singh, as president, the Debtor reports total assets of $358,038 and total liabilities of $1,188,351. The Honorable Bankruptcy Judge David E. Rice oversees the case. The Debtor is represented by: Michael P. Coyle, Esq. THE COYLE LAW GROUP 7061 Deepage Drive Columbia, MD 21045 Tel: (443) 545-1215 Email: mcoyle@thecoylelawgroup.com ROYAL CARD: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ The Royal Card House, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, for emergency authorization to use cash collateral and provide adequate protection. The Debtor operates a membership-based card house generating approximately $770,000 annually and employing 24 workers, with weekly revenues of around $15,000. However, the business encountered severe financial distress following audits by the Texas Comptroller of Public Accounts, which determined that the Debtor owed significant unpaid sales taxes—first approximately $200,000, which the Debtor began repaying under an installment plan, and later an additional $250,000. After borrowing $40,000 through a high-interest merchant cash advance to attempt to negotiate a second payment plan, the Comptroller ultimately refused and declared the full tax liability of about $400,000 immediately due, subsequently freezing the Debtor's bank account and precipitating the bankruptcy filing. In response, the Debtor emphasizes that access to its cash collateral—consisting of prepetition cash and ongoing business receipts—is critical to maintaining operations, including paying employees, rent, food, insurance, and other ordinary expenses. As of the petition date, the Debtor had approximately $27,000 in combined cash and bank funds but requires court approval to use these funds because they are subject to a lien held by the U.S. Small Business Administration, the sole secured creditor. The Debtor proposes to provide adequate protection to the SBA by preserving its lien position, extending that lien to postpetition receivables, and making monthly payments (stated as $474,000 in the motion, likely reflecting a typographical or contextual inconsistency given the scale of operations). The Debtor also submits a budget and requests flexibility to deviate modestly from it to address operational needs. It argues that without immediate access to cash collateral, it will be unable to meet payroll or other obligations, leading to business collapse and loss of customers, thereby causing irreparable harm to the estate. A copy of the motion is available at https://urlcurt.com/u?l=S51lkV from PacerMonitor.com. About The Royal Card House, LLC The Royal Card House, LLC operates its private social card club business in San Antonio, Texas . The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50915-alt) on April 6, 2026. In the petition signed by Elias Luna III, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Aubrey L. Thomas oversees the case. Dean Greer, Esq., at West and West Attorneys at Law, PC, represents the Debtor as legal counsel. S&J DATA TECHNOLOGIES: Gets Final OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered a final order allowing S&J Data Technologies, Inc., as debtor-in-possession, to use the cash collateral of M&T Bank. Under the order, the Debtor is authorized to use cash collateral to pay approved post-petition operating expenses listed in the budget attached to the order. These include supplies, payroll, rent, insurance, and utility payments. The Debtor may continue using cash collateral through the earlier of May 31 or confirmation of a Chapter 11 plan, unless the period is extended by agreement and court approval. Spending more than 15% above any approved budget line item requires M&T Bank's written consent. The Debtor projects total operational expenses of $175,172.64 for April. As adequate protection, M&T Bank received rollover and replacement liens on the debtor's post-petition assets, with the same priority and collateral types it held before bankruptcy. The liens became effective as of the petition date without requiring further filings. In addition, the debtor must make monthly interest-only adequate protection payments of about $1,200 beginning April 2, 2026, and M&T Bank may deduct those payments directly from the debtor's accounts. The order also preserves the rights of creditors and parties in interest to investigate or challenge M&T Bank's claims and liens within specified deadlines. The automatic stay was modified only as needed to implement the order, M&T Bank was granted inspection and audit rights upon notice, events of default from the motion were incorporated, and the order became effective immediately. The final order is available at https://shorturl.at/zc5x1 from PacerMonitor.com. S&J is a New York based data technology installation company employing fourteen people and operating from its Bohemia, New York facility. Its principal assets include approximately $125,000 in cash, $450,000 in accounts receivable, and inventory and equipment. M&T Bank, the primary secured creditor, is owed about $167,000 under a drawn line of credit secured by assets valued at roughly $600,000. About S&J Data Technologies Inc. S&J Data Technologies, Inc. is a New York based data technology installation company employing fourteen people and operating from its Bohemia, New York facility. S&J sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 8-26-70046-spg) on January 5, 2026, listing up to $1 million in both assets and liabilities. Joseph Morgan, president of S&J, signed the petition. Judge Sheryl P. Giugliano oversees the case. Fred S. Kantrow, Esq., The Kantrow Law Group, PLLC, represents the Debtor as bankruptcy counsel. SANDERS & ASSOCIATES: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, entered a final order authorizing Sanders & Associates Tax & Accounting Solutions Corp. to use cash collateral. Under the final order, the Debtor is authorized to use the funds for ordinary business expenses in accordance with an approved budget until a Chapter 11 plan is confirmed or the bankruptcy case is dismissed. The Debtor is allowed flexibility to reallocate unused budget amounts across categories, provided total expenses do not exceed the overall budget. The Debtor projects total monthly operational expenses of $33,175. As adequate protection, CFG Merchant Solutions, LLC retains continuing liens on all post-petition cash collateral and related proceeds, maintaining the same validity and priority as prepetition interests. This ensures the lender's secured position is preserved despite the Debtor's use of cash collateral during the bankruptcy process. The Debtor is also required to maintain full insurance coverage on the lender's collateral and provide copies of insurance policies if requested. Finally, the lender's liens are subject to a standard "carveout" that allows payment of administrative expenses, including court fees, U.S. Trustee fees, trustee expenses (capped at $15,000), and approved professional fees. However, this carve-out does not create a claim against the lender's property. The order preserves all rights of the lender under loan documents, bankruptcy law, and applicable non-bankruptcy law. The final order is available at https://is.gd/CtKMIs from PacerMonitor.com. About Sanders & Associates Sanders & Associates Tax & Accounting Solutions Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-31611) on March 10, 2026. In the petition signed by Tracye Dobbs-Sanders, sole owner and director, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. SANDY PINES: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine entered a final order authorizing Sandy Pines, LLC to use cash collateral to maintain operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with an approved budget, subject to a 110% cap on expenditures and a requirement that revenue not fall more than 10% below projections. In addition, the court granted adequate protection liens and continuing liens to pre-petition lenders, preserving their priority and rights in post-petition assets and proceeds. The order also provides significant operational flexibility. The Debtor is permitted to pay prepetition merchant processing fees and continue honoring its customer refund policy in the ordinary course, subject to a $3,800 cap per individual for prepetition deposits. A professional fee carveout of up to $200,000 is approved for Debtor's counsel, with such funds insulated from creditor liens once disbursed. Further, the order outlines default provisions, creditor protections, and a structured reserve arrangement with merchant processor First Data, including holdbacks on deposits to secure obligations. The court scheduled a potential follow-up hearing for June 25 if continued use of cash collateral is sought beyond July 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/g5oTd from PacerMonitor.com. About Sandy Pines Sandy Pines, LLC, operates Sandy Pines Campground, a seasonal resort-style campground in Kennebunkport, Maine, offering cottage rentals, glamping accommodations and RV sites. Sandy Pines sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-100xx) on Feb. 24, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by D. Sam Anderson, Esq., and Adam R. Prescott, Esq., of Bernstein Shur Sawyer & Nelson. SARV INVESTMENTS: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------------- On April 13, 2026, Sarv Investments LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Sarv Investments LLC Sarv Investments LLC is a single asset real estate company. Sarv Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11640) on April 13, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Jennifer E. Niemann handles the case. SCREAMING GOAT: Leon Jones Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for The Screaming Goat Group, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About The Screaming Goat Group LLC The Screaming Goat Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54540) on April 6, 2026, with between $1 million and $10 million in both assets and liabilities. SEAGOVILLE FARMS: Frances Smith Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Seagoville Farms Homeowners Association Inc. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Seagoville Farms Homeowners Association Seagoville Farms Homeowners Association Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-31336) on March 30, 2026, with $50,001 to $100,000 in assets and liabilities. Judge Michelle V. Larson presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC represents the Debtor as legal counsel. SECURE WASTE: Fitch Puts 'BB-' LongTerm IDR on Watch Positive ------------------------------------------------------------- Fitch Ratings has placed SECURE Waste Infrastructure Corp's 'BB-' Long-Term Issuer Default Rating (IDR) on Rating Watch Positive (RWP) following its announced acquisition by GFL Environmental Inc. (Not Rated). Additionally, Fitch has affirmed SECURE's senior unsecured debt rating at 'BB-' with a Recovery Rating of 'RR4'. GFL has entered into a definitive agreement with SECURE to acquire all its shares in an 80% stock and 20% cash deal. The transaction is expected to close in 2H26, subject to the satisfaction of customary closing conditions, including court approval, regulatory approvals and approval by SECURE shareholders. The transaction is not subject to financing conditions. GFL noted that at closing SECURE's senior unsecured notes will likely be exchanged for GFL notes or repaid in full. Fitch would likely resolve the RWP once the transaction closes, which could take longer than six months. Key Rating Drivers Acquisition Enhances Size and Scale: SECURE will become part of a larger, more diversified waste management company after the transaction closes. GFL said the transaction is expected to expand and increase density in its Western Canadian footprint, improve margins and support index inclusion. Fitch does not rate GFL. However, Fitch considers GFL's credit profile stronger than SECURE's, given its larger, more diversified operations and the fact that a majority of its business is in solid waste management, which is typically less cyclical than SECURE's industrial waste management and midstream services, which are largely exposed to oil and gas. GFL will mostly fund the transaction with stock and expects it to be leverage neutral. This grows GFL's exposure to more cyclical industrial waste management business. However, it remains a smaller portion of its business. Although SECURE is exposed to higher cyclicity, it is somewhat tempered by its strong asset base in the conventional oil producing region of the Western Canadian Sedimentary Basin (WCSB). The combined entity is likely to have a stronger credit profile than SECURE's current ratings. Strong Asset Base: SECURE has a modest but not insignificant portion of its business from customers outside the oil and gas sector. Its high-quality assets benefit from structural exclusivity, reducing risks of volume losses to competitors. The trend toward outsourcing services SECURE provides, along with high barriers to entry due to capital intensity, high regulations and complex technical requirements, particularly in waste management infrastructure, partly mitigates the risks from high cyclicity, regional concentration, and volumetric risks. Robust Financial Profile: SECURE is expected to generate healthy cash flow from operations. Its ability to maintain leverage within its target range depends on capital allocation policies related to organic and inorganic growth capital spend, common distributions, and share buybacks. Fitch forecasts leverage slightly differently from management, expecting around 1.5x in the near term, then for it to rise modestly over the medium term, while remaining within the company's stated target range of 2.0x-2.5x. Relatively Higher Business Risk: SECURE's business is largely driven by the oil and gas sector, with about 65% from production and 20% from drilling and completions. Waste management comprises roughly 70% of the business, while midstream gathering and processing business, account for about 30%, featuring some revenue assurance contracts. Waste management, linked to the cyclical oil and gas sector, carries higher risks than typical waste management businesses with diversified end-customer sectors or long-term municipal contracts. Volumetric Risks Tempered by Industry Trends: SECURE expects to derive most of its cash flow from fixed-fee contracts, primarily short-term and volume-exposed, with only a modest amount from take-or-pay or minimum volume commitment contracts. This structure poses volumetric and re-contracting risks. However, SECURE's strong asset base, outsourcing trends, robust relationship with top customers, and the WCSB's critical role in Canada's oil and gas sector, partially mitigates these risks. Additionally, the expanded Trans Mountain Pipeline, Coastal gas Link pipeline and LNG Canada are expected to boost oil and gas activity in the WCSB. Peer Analysis SECURE stands out in Fitch's midstream coverage due to its focus on waste management business. SECURE's energy infrastructure segment offers gathering & processing (G&P) solutions for E&P companies in the WCSB. It resembles M6 ETX Holdings II MidCo LLC (B+/Stable), a small, regionally concentrated G&P business. SECURE is larger and more diversified, with a waste management segment and some non-oil and gas customers. While M6 benefits from a higher portion of cash flows under MVC contracts, SECURE's leverage is lower. SECURE's greater size, diversification, and lower leverage outweigh M6's stable cash flow profile, resulting in the difference in their IDRs. Howard Midstream Energy Partners, LLC (BB-/Stable) owns G&P and pipeline assets offering services mostly to oil, gas, and some utility customers. Operating across five U.S. regions and a modest presence in Mexico, Howard has greater regional diversity. Its EBITDA size is similar but smaller than SECURE's. The company derives over 40% of cash flows from long-term revenue assurance contracts. However, Howard's leverage is higher. SECURE's lower leverage offsets Howard's greater diversity and cash flow stability, leading to the same IDR. Precision Drilling Corporation (BB-/Stable) is a peer due to its exposure to the Canadian oil and gas sector, though it has minimal direct business line overlap with SECURE . Reworld Holding Corporation (B+/Stable) operates a sizeable waste collection business along with electricity generation, but its drivers and segments are distinct from SECURE's. Fitch’s Key Rating-Case Assumptions - Fitch's oil and gas price deck; - Oil and gas activity levels in the WCSB consistent with Fitch's base case price deck; - Base interest rate for the credit facility, and any future debt issuances reflects Fitch's "Global Economic Outlook," the current forward treasury curve, and credit spreads on similarly rated debt instruments; - Successful execution of modest growth projects and growth capital spend somewhat consistent with the recent past; - Modest tuck-in M&A and A&D to continue over the forecast period; - Common distributions consistent with the recent past; - Share buybacks to continue over the forecast period while balancing the stated leverage target; - CAD/USD conversion rate of CAD 1.35 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 Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bb-, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (a, Lower). - 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-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be at or above 2.3x; - A large growth project and or M&A which meaningfully increases the business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon completion of the contemplated transaction under proposed terms; - A meaningful increase in cash flows derived from long-term take-or-pay or minimum volume commitment contracts with credit-worthy counterparties; - Diversification either geographically and/or with the end customer sector which meaningfully reduces exposure to high business cycles; - EBITDA leverage expected to be sustained below 1.5x. Liquidity and Debt Structure SECURE had adequate liquidity as of Dec. 31, 2025. The company had a total liquidity of about $597 million including $525 million available under its $900 million revolving credit facility (net of $104 million in LOCs), $22 million of cash on balance sheet, and a $50 million unsecured LOC facility guaranteed by Export Development Canada. The credit facility matures on May 31, 2028. As defined in the credit facility, the financial covenants permit a maximum total debt/EBITDA of 4.5x, senior debt/EBITDA of 2.75x, and minimum interest coverage of 2.5x. The revolving credit facility also requires than the aggregate principal amount of debt under all unsecured notes and the revolver will not exceed at any time, $1.5 billion. As of Dec. 31, 2025, SECURE was compliant with all of the covenants on its credit facility. Issuer Profile SECURE Waste Infrastructure Corp., previously Secure Energy Services (SECURE) is a publicly traded energy infrastructure and environmental services business listed on the Toronto Stock Exchange (TSX: SES). 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 SECURE. 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 ----------- ------ -------- ----- SECURE Waste Infrastructure Corp. LT IDR BB- Rating Watch On BB- senior unsecured LT BB- Affirmed RR4 BB- SILICON VALLEY: Investors Warn KPMG on Wider Claims in Chapter 11 ----------------------------------------------------------------- Amanda Iacone and Martina Barash of Bloomberg Law reports that KPMG LLP is bracing for an expanded legal challenge as investors move to add securities fraud allegations to an existing lawsuit over its audit work for Silicon Valley Bank. In a court filing Thursday, April 16, 2026, KPMG said plaintiffs intend to amend their proposed class action to include a fraud claim and bring an additional audit year into focus. The litigation, pending in the Northern District of California, also names the bank's underwriters and former executives and directors. Investors first filed suit in 2023, accusing KPMG of deficiencies in its audit reviews of the regional lender's financial reporting. The claims focus on whether the firm adequately assessed risks associated with the bank's exposure to interest rate fluctuations and its overall financial stability, according to Bloomberg. KPMG has maintained that its audits met professional standards and has indicated it will contest the proposed expansion of claims. The dispute remains part of broader litigation tied to Silicon Valley Bank's sudden collapse, the report states. About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. On June 13, 2023, a collective of depositors of the Silicon Valley Bank (Cayman Islands Branch) filed a petition with the Court seeking an order that SVB Cayman be wound up and liquidators be appointed under the provisions of the Companies Act (2023 Revision) on the grounds that the Company is insolvent. On June 29, 2023, the Grand Court of the Cayman Islands appointed Andrew Childe and Michael Pearson of FFP limited in the Cayman Islands and Niall Ledwidge from Stout in New York, United States as Joint Official Liquidators of SVB Cayman. Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan. 18, 2024. The Liquidators' counsel in the U.S. case is Warren E. Gluck, Esq. at Holland & Knight LLP. SKYBOUND PROPERTIES: Seeks Chapter 11 Bankruptcy in North Carolina ------------------------------------------------------------------ On April 14, 2026, Skybound Properties, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of North Carolina. According to court filings, the debtor reports between $10 million and $50 million in debt owed to between 50 and 99 creditors. A meeting of creditors under Section 341(a) to be held on May 19, 2026 at 10:00 AM at Raleigh 341 Meeting Room. About Skybound Properties, LLC Skybound Properties, LLC is a real estate investment and development company engaged in the acquisition, ownership, and management of commercial and residential properties. Skybound Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01678) on April 14, 2026. In its petition, the debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge David M. Warren handles the case. The debtor is represented by Laurie Biggs, Esq., of Biggs Law Firm PLLC. SLOAN SCHOOL: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Sloan School of Music, LLC 263 Eastern Blvd N Hagerstown MD 21740 Business Description: Sloan School of Music, LLC is a Maryland-based music store and lesson provider with locations in Hagerstown and Frederick. Founded in 2019, it offers private lessons, group classes, master classes and bands, while also retailing instruments and accessories from brands including Fender, Yamaha and PRS Guitars. The company also operates an online store. Chapter 11 Petition Date: April 17, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-14152 Debtor's Counsel: Matthew Abbott, Esq. WOLFF & ORENSTEIN LLC 15245 Shady Grove Road Suite 465 - North Rockville MD 20850-4231 Tel: 301-250-7232 E-mail: mabbott@wolawgroup.com Total Assets: $215,479 Total Liabilities: $1,253,609 The petition was signed by David Sloan as co-founder and chairman. 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/Z5EKW4A/_Sloan_School_of_Music_LLC__mdbke-26-14152__0001.0.pdf?mcid=tGE4TAMA SONOMA PHARMACEUTICALS: Inks Supply Deal With Kenvue ---------------------------------------------------- Sonoma Pharmaceuticals, Inc. disclosed in a regulatory filing that on April 8, 2026, it entered into a Manufacturing and Supply Agreement with Kenvue Brands LLC for the sale of Microcyn(R) technology-based products in the United States. The agreement is effective as of October 24, 2025 through March 2027, subject to up to two additional one-year terms upon mutual written agreement. A full text copy of the agreement is available at https://tinyurl.com/4e2fxkhk About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCL, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in 55 countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $13,623,000 in total assets, $10,191,000 in total liabilities, and $3,432,000 in total stockholders' equity. SOUND VISION: Enters Stipulation with Murray Hill Landlord ---------------------------------------------------------- Sound Vision Care, Inc., and its debtor affiliates submitted a Second Amended Disclosure Statement for Second Amended Chapter 11 Plan dated April 8, 2026. The Plan provides for recoveries to Allowed Claim holders in the amounts set forth in the Plan, including: * Payment in full in Cash to Holders of Administrative Claims, Priority Tax Claims, and Priority Non-Tax Claims (Class 1); * Reinstatement of the: (a) U.S. Eagle Secured Claims (Class 2), (b) SBA Secured Claims (Class 3), (c) Flushing Bank Secured Claims (Class 4), and (d) BOA Secured Claims (Class 5), on the terms set forth herein; and * Payment to Holders of Allowed General Unsecured Claims (Class 6) of 20% of the pro rata amount of their Claim, with payment of $.05 per dollar of Allowed Claims within 30 days after the Effective Date, and thereafter, semi-annual distributions of $.05 per dollar of Allowed Claims for eighteen months, beginning six months from the Effective Date, in full and final satisfaction of such Holder's General Unsecured Claim. The Plan is to be funded by the Debtors' future earnings and the Plan Contribution. Closing of Murray Hill Location SVC of Murray Hill LLC operated a location at 458 Third Avenue, New York, New York 10016 (the "Murray Hill Premises"). The Murray Hill Premises was subject to a lease (the "Murray Hill Lease") with Mastic Associates of New York LLC (the "Murray Hill Landlord"). Prior to the Petition Date, the Murray Hill Premises was the subject of an eviction proceeding, and the Debtors commenced the SVC of Murray Hill LLC Chapter 11 bankruptcy case to stay such eviction proceeding. On April 2, 2026, the Murray Hill Landlord filed an objection (the “MH Objection”) to Debtors' First Amended Disclosure Statement. On April 7, 2026, following negotiations, the Murray Hill Landlord and Debtors entered into a Stipulation and Order rejecting the Murray Hill Lease, pursuant to which, inter alia, Debtors' rejected the Murray Hill Lease, stipulated to the Murray Hill Landlord's pre-petition rent and lease rejection claims, and agreed to pay to the Murray Hill Landlord the post-petition rent currently outstanding. Also on April 7, 2026, in consideration for the Stipulation and Order, the Murray Hill Landlord withdrew its MH Objection. Like in the prior iteration of the Plan, each Holder of General Unsecured Claims shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, 20% of the pro rata amount of their Claim, with payment of $.05 per dollar of Allowed Claims within 30 days after the Effective Date, and thereafter, semi-annual distributions of $.05 per dollar of Allowed Claims for eighteen months, beginning six months from the Effective Date, in full and final satisfaction of such Holder's General Unsecured Claim. Pursuant to sections 363 and 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distribution, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of all Claims and controversies relating to the contractual, legal, and subordination rights that a creditor or an Interest Holder may have with respect to any Allowed Claim or any distribution to be made on account of such Allowed Claim. A full-text copy of the Second Amended Disclosure Statement dated April 8, 2026 is available at https://urlcurt.com/u?l=HthCbF from PacerMonitor.com at no charge. The Debtors' Counsel: Robert L. Rattet, Esq. Craig M. Price, Esq. John D. Molino, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 E-mail: rlr@dhclegal.com About Sound Vision Care Sound Vision Care, Inc. provides comprehensive eye care services, including eye exams, treatment for various eye conditions, and personalized fittings for eyeglasses and contact lenses. Operating in Riverhead, Southold, and Southampton, New York, the practice serves patients of all ages and needs. The clinic is staffed by trained professionals and led by Dr. Jeffrey Williams, who offers referrals to ophthalmologists for surgical care. Sound Vision Care and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 25-72421) on June 23, 2025. In its petition, Sound Vision Care reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Robert L. Rattet, at Davidoff Hutcher & Citron, LLP. SOUTHERN CHICKEN: Georgia Properties Sale to Tristan Burgess OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, has permitted Southern Chicken-Woodstock LLC and its affiliate, and Southern Chicken Peachtree City, LLC (SCPC), to sell Property, free and clear of liens, claims, interests, and encumbrances. Debtor SCPC's Property is located at 2021 Commerce Drive North, Peachtree City, Georgia 30269 (Peachtree City Property) and SCW's Property is located at 2004 Eagle Drive, Woodstock, Georgia 30189 (Woodstock Property). The Court has authorized the Debtors to sell Peachtree City Property and Woodstock Property to Tristan Burgess. The purchase price of the Peachtree City Property is $2,000,000 and the Woodstock Property is $2,250,000. The transactions contemplated by the Agreement and this Order are undertaken by Buyer in good faith. The Buyer is a purchaser in good faith of the Properties and is entitled to all of the protections. Debtors are authorized to use and distribute the Sales Proceeds referenced in the Motion in the amount of $4,250,000.00 at the closing of the sale. Axis Construction, LLC asserts a lien against the SCW Property pursuant to a Claim of Lien recorded on September 30, 2024, at Lien Book 863, Page 999, Cherokee County Records. Debtor disputes the validity of the Axis Lien. Debtor and Axis reserve and do not waive their claims and defenses regarding the Axis Lien. However, the SCW Property shall be sold free and clear of the Axis Lien, provided that, to the extent the Axis Lien is allowed as a secured claim it shall attach to any remaining SCW Sale Proceeds in the IOLTA account of Jones & Walden, LLC after the closing disbursements to the same validity, extent and priority as existed on the Petition Date. Debtors are authorized to take such action as necessary to effectuate the terms of the Agreement. The consideration provided by Buyer for the Properties pursuant to the Agreement and this Order shall be deemed to constitute reasonably equivalent value and fair consideration under the Bankruptcy Code and under the laws of the United States, any state, territory, possession, or the District of Columbia and is fair and reasonable. About Southern Chicken-Woodstock LLC Southern Chicken-Woodstock LLC is identified as a single-asset real estate entity under 11 U.S.C. Section 101(51B), indicating its primary business centers on owning and operating a single income-generating property. Southern Chicken-Woodstock sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62780) on November 3, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Paul W. Bonapfel handles the case. The Debtor is represented by Leslie Pineyro, Esq., at Jones & Walden, LLC. SOUTHWEST FT. WORTH: Court Affirms Findings in Confirmation Order ----------------------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas denied the motions filed by lender PSF II Dutch Branch, LLC requesting the Court to reconsider (i) the Order Confirming Debtors' Second Amended Joint Plan of Reorganization, and (ii) the Order Denying Relief from Stay in the bankruptcy case of Southwest Ft Worth Memory Care, LLC. Lender contends that the Court's Oral Ruling highlights "material flaws in the Court's reasoning" when arriving at its findings of fact and conclusions of law. Specifically, Lender contends that the Court erred when it "changed three assumptions: payroll costs, insurance costs, and cap rate" when analyzing Brian A. Burk's Income Capitalization Approach. According to the Court, Lender's contentions lack merit for at least two reasons: (i) the Lender misconstrues and mischaracterizes the Court's Oral Ruling; and (ii) the Motions are based on a false premise -- that the Burk Appraisal and Mr. Burk's valuation opinion are credible and reliable. In the Oral Ruling, the Court specifically referenced the payroll and insurance expenses used by Mr. Burk in his hypothetical income statement for illustrative purposes only -- to demonstrate how easy it was for Mr. Burk to arrive at an inflated value for Debtor's facility. To be clear, the Court finds and concludes that each and every alleged "market expense" Mr. Burk inserted into his hypothetical financial statement was based on unsupported and unreliable "data" which lead to an improbable value for the Debtor's facility that is not credible. The Court reaffirms its original findings and concludes that the Burk Appraisal (and correspondingly, Mr. Burk's valuation opinion) are materially flawed and unreliable. Therefore, Lender's reliance on the credibility of the Burk Appraisal to support its contentions in the Motions is materially flawed, unpersuasive, and without merit. The Court finds and concludes that (i) no good cause has been shown to grant the relief requested in the Motions, and (ii) the Motions lack merit. It is therefore ordered that the Motions are denied. A copy of the Court's Order dated April 8, 2026, is available at http://urlcurt.com/u?l=bZjuq1from PacerMonitor.com. About Southwest Ft Worth Memory Care Southwest Ft Worth Memory Care, LLC, doing business as Autumn Leaves of Cityview, is a U.S. senior-living operator that specializes exclusively in assisted-living and stand-alone communities for residents with Alzheimer's disease and other forms of dementia. Headquartered in Grapevine, Texas, Southwest designs, owns or manages purpose-built "Autumn Leaves" communities in Texas and Illinois, offering 24-hour nursing, dementia-trained staff, "Inspired Connections" life-engagement programs and on-site dining, salon and rehab services. Southwest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41419) on April 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. PSF II Dutch Branch, LLC, as secured lender, is represented by: Kevin M. Lippman, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7565 Facsimile: (214) 978-5335 klippman@munsch.com SPIRIT AIRLINES: Faces Liquidation Risk as Fuel Costs Surge ----------------------------------------------------------- Allyson Versprille, Sri Taylor, Siddharth Philip, and Soma Biswas of Bloomberg News report that Spirit Aviation Holdings Inc. faces a growing risk of liquidation as higher jet fuel prices linked to the US-Iran conflict further weaken the bankrupt airline’s financial position, according to people with knowledge of the situation. The cost pressures have complicated efforts to stabilize the company. The carrier could decide as soon as this week whether to move toward liquidation, the sources said, while cautioning that negotiations with creditors are ongoing and outcomes remain uncertain. The company continues to explore alternatives, but time is becoming a critical factor, according to report. A spokesperson for Spirit declined to comment on the matter, and creditor representatives did not respond to inquiries. The silence comes as discussions intensify behind closed doors over the airline’s future. Spirit Aviation Holdings Inc. operates as a budget airline focused on low-cost travel options, relying heavily on ancillary fees. The current financial strain, driven in part by fuel price volatility, has put its restructuring efforts at risk and may force a shift toward liquidation, according to Bloomberg. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. STAR ONE: Linda Leali Named Subchapter V Trustee ------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Star One Transport, LLC. Ms. Leali 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. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Star One Transport LLC Star One Transport LLC, based in Miami, Florida, provides interstate freight transportation services, including the hauling of general freight and hazardous materials, and operates as a small carrier with a limited fleet. The company, founded in 2014, serves commercial shipping customers across state lines under U.S. Department of Transportation authority. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14202) on April 3, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Jose Luis Fernandez, manager, signed the petition. Judge Robert A. Mark presides over the case. Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A. represents the Debtor as legal counsel. SUNATION ENERGY: Board Initiates Review of Strategic Alternatives ----------------------------------------------------------------- SUNation Energy, Inc. announced that its Board of Directors has authorized the review of a full range of strategic alternatives aimed at increasing shareholder value and best positioning the Company for long-term success. The review will consider a broad spectrum of possible actions, including, but not limited to, a potential sale of the Company, strategic business combinations, acquisitions, divestitures of assets, further optimization of the corporate structure, or other strategic or financial transactions that could enhance shareholder value. The strategic review process is at a preliminary stage. SUNation has not set a timetable for its completion, and there can be no assurance that the exploration will result in any specific transaction or outcome. The Company does not intend to provide additional updates regarding this process unless the Board approves a particular course of action or determines additional disclosure is appropriate. Advisors Maxim Group LLC is serving as SUNation's M&A and financial advisor. Rimon PC is serving as legal counsel, and Alliance Advisors is providing investor relations and proxy solicitation services. As discussed on SUNation's earnings call on March 18th, 2026, the company has undergone a comprehensive transformation to strengthen its financial foundation and position the Company for sustainable growth. Under the direction of its Board of Directors and current leadership team, management has successfully streamlined operations, reduced expenses, improved the balance sheet, and modernized the Company's corporate structure. Key initiatives included the elimination of legacy financing instruments, repayment of high-cost debt, enhance corporate governance, and targeted workforce and vendor optimization efforts. "The completion of our transformation strategy has created a solid foundation for SUNation's future", Scott Maskin, Chief Executive Officer of SUNation. "With a healthier balance sheet, stronger operations, and a renewed strategic focus, we are ready to explore new pathways to drive growth and deliver enduring value for our shareholders, customers, and employees." About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. As of December 31, 2025, the Company had $48.2 million in total assets, $15.4 million in total current liabilities, $8.5 million in total long-term liabilities, and $24.3 million in total shareholders' deficit. Melville, N.Y.-based CBIZ CPAs P.C., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 20, 2026, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SUNATION ENERGY: Signs $3.6MM ATM Sales Agreement With Maxim Group ------------------------------------------------------------------ SUNation Energy, Inc. disclosed in a regulatory filing that it entered into a Sales Agreement with Maxim Group, LLC. Pursuant to the Sales Agreement, the Sales Agent will act as the Company's agent with respect to an offering and sale, at any time and from time to time, of the Company's common stock, par value per share $0.05. The Company has authorized the sale, at its discretion, of Shares in an aggregate offering amount up to $3,599,586 under the Sales Agreement, subject to adjustment and limitations pursuant to instruction I.B.6 of Form S-3. Sales of the Shares, if any, will solely be made in "at the market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended. The Sales Agent will use commercially reasonable efforts consistent with normal trading and sales practices. The offer and sale of the Shares will be made pursuant to the Company's shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission and declared effective on April 29, 2025 (File No. 333-286663), and a related prospectus, as supplemented by a prospectus supplement pursuant to Rule 424(b) under the Securities Act. The Company will not make any offers or sales of Shares or any other securities registered thereunder unless and until the Registration Statement is declared and maintained as effective by the SEC. The Company is not obligated to make any sales of Shares under the Sales Agreement and no assurance can be given that it will sell any Shares under the Sales Agreement, or, if it does, as to the price or amount of Shares that it will sell, or the dates on which any such sales will take place. The Company or the Sales Agent, under certain circumstances and upon notice to the other, may suspend the offering of the Shares under the Sales Agreement. The Company will pay the Sales Agent a cash commission in an amount up to 3.0% of the gross proceeds from each sale of Shares sold pursuant to the Sales Agreement, and will reimburse the Sales Agent for the documented fees and costs of its legal counsel reasonably incurred in connection with entering into the transactions contemplated by the Sales Agreement in an amount not to exceed $50,000 in the aggregate. The Company made certain customary representations, warranties and covenants in the Sales Agreement concerning the Company and its subsidiaries and the Registration Statement, prospectus, prospectus supplement and other documents and filings relating to the offering of the Shares. In addition, the Company has agreed to indemnify the Sales Agent against certain liabilities, including liabilities under the Securities Act. A full text copy of the Sales Agreement is available at https://tinyurl.com/2zzya8pk. The Shares to be sold under the Sales Agreement, if any, will be issued and sold pursuant to the Company's Registration Statement, and a Prospectus Supplement related thereto. The legal opinion of Rimon P.C., Company counsel, relating to the legality of the issuance and sale of the Shares, is available at https://tinyurl.com/3dhvmfub About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. As of December 31, 2025, the Company had $48.2 million in total assets, $15.4 million in total current liabilities, $8.5 million in total long-term liabilities, and $24.3 million in total shareholders' deficit. Melville, N.Y.-based CBIZ CPAs P.C., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 20, 2026, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SUPERNOVAFURNITURE.COM-FRY RD: Voluntary Chapter 11 Case Summary ---------------------------------------------------------------- Debtor: Supernovafurniture.com-FRY RD, LLC 1250 Fry Road Houston, TX 77084 Business Description: Supernovafurniture.com-FRY RD, LLC, based in Houston, Texas, operates a furniture showroom at 1250 Fry Road and sells home furnishings, including bedroom, living room, and dining room products. The company serves customers in the greater Houston area through its retail location. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-32618 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Reese Baker, Esq. BAKER & ASSOCIATES 950 Echo Ln Ste 300 Houston TX 77024-2824 Email: 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 member. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/24JNX2Q/Supernovafurniturecom-FRY_RD_LLC__txsbke-26-32618__0001.0.pdf?mcid=tGE4TAMA T-4 FARM: Amends Motion on T4 Property Sale 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. A hearing is set for May 12, 2026, at 9:30 a.m., which is at least 21 days from the date of service. No objection to such sale will be considered unless a written response is filed with the clerk of the U.S. Bankruptcy Court at Eldon B. Mahon, 501 W 10th Street, Fort Worth, Texas 76102-3643 at least four days in advance of such hearing date. Any response shall be in writing and filed with the clerk, and a copy shall be served upon counsel for the moving party prior to the date and time set forth. If a response is filed a hearing may be held with notice only to the objecting party. If no hearing on such notice or motion is timely requested, the relief requested shall be deemed to be unopposed, and the court may enter an order granting the relief sought or the noticed action may be taken. 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. TALEN ENERGY: S&P Raises Senior Secured Debt Rating to 'BB+' ------------------------------------------------------------ S&P Global Ratings raised its issue-level ratings on Talen Energy Supply LLC, upgrading the senior secured debt to 'BB+' from 'BB' and senior unsecured debt to 'B+' from 'B', following the company's announcement that it will raise incremental unsecured debt to fund its proposed acquisition of assets from Energy Capital Partners and refinance existing secured debt. S&P said, "The '1' recovery rating on the secured debt indicates our expectation for very high recovery (90%-100%; rounded estimate: 95%) recovery. The '5' recovery rating on the unsecured debt indicates our expectation for modest recovery (10%-30%; rounded estimate: 20%) for the bond lenders. We raised the debt ratings to reflect increased recovery prospects for both secured and unsecured lenders. The incremental collateral value from the new assets and unsecured debt will benefit secured debtholders, and the reduced secured claims will benefit unsecured lenders. "We also assigned our 'B+' issue-level rating and '5' recovery rating to Talen's new $1.5 billion, 6.125% notes due in 2031 and $2.5 billion, 6.375% senior unsecured notes due in 2033." The new senior unsecured notes will be pari passu with its other senior unsecured debt. In addition, Talen will use proceeds to redeem its $1.2 billion 8.625% senior secured notes due in June 2030. Talen will acquire an approximate 1.1-gigawatt (GW) combined cycle gas turbine (CCGT) facility in Lawrenceburg, Ind.; 875-megawatt (MW) CCGT in Waterford, Ohio; and Darby, a 456-MW simple cycle peaking facility in Mount Sterling, Ohio. In the unlikely event the transaction fails to close, S&P expects Talen to pursue a special mandatory redemption of the facilities such that $1.05 billion of the 2031 notes and $1.75 billion of the 2033 notes are redeemed in full. The CCGTs are highly efficient, given low heat rates and favorable positioning within PJM Interconnection from data center tailwinds, and support competitive dispatch and margins. The acquisition could improve our view of Talen's competitive position given better scale and diversification of earnings from its Susquehanna nuclear power asset in Pennsylvania. While Talen's aggressive growth strategy of acquisitions could elevate leverage in the interim, the company reemphasized its commitment to maintaining 3.5x net leverage (per company's calculations) by the end of 2026. S&P said, "We expect long-term S&P Global Ratings-adjusted debt to EBITDA to settle in the 4x area. We expect to review our ratings following regulatory approvals to close the acquisition." Issue Ratings--Recovery Analysis Key analytical factors -- Talen's capital structure comprises senior secured and senior unsecured debt. -- Its senior secured debt includes a $900 million revolver due in December 2029, $1.1 billion letter of credit facility due in December 2027, $857 million term loan B due in May 2030 ($848 million outstanding as of Dec. 31, 2025), $850 million term loan B-1 due in December 2031 ($842 million outstanding as of Dec. 31), and $1.2 billion term loan B-2 due in 2032 ($1.2 billion outstanding as of Dec. 31). -- Talen's senior unsecured debt includes $1.5 billion, 6.125% notes due in June 2031 (pro forma for the transaction); $2.5 billion, 6.375% notes due in June 2033 (pro forma); $1.4 billion, 6.25% notes due in March 2034; $1.29 billion, 6.5% notes due in March 2036; and $131 million of Pennsylvania Economic Development Financing Authority (PEDFA) bonds. -- S&P said, "We rate the senior secured debt 'BB+', two notches above the issuer credit rating, with a '1' recovery rating. We rate the senior unsecured debt and unsecured PEDFA bonds 'B+', one notch below the issuer rating, with a '5' recovery rating." -- S&P said, "Our simulated default scenario assumes a default in 2030 due to low natural gas prices and weaker market heat rate assumptions amid lower-than-expected demand growth. We also assume aggressive renewable penetration due to technological advancements and government support that decreases in power prices over the remaining life of Talen's assets. Prolonged and unforeseen operational outages at Susquehanna would materially impair earnings and cash flow." -- S&P assumes the letter of credit facility and revolver are 85% drawn at default. -- S&P calculates Talen's distressed enterprise valuation using a price per kilowatt (kW) multiple. -- S&P values Susquehanna at $1,275/kW. -- For the gas-fired fleet, we assume a valuation of $125-$600/kW depending on efficiency and age. -- S&P ascribes no value to Talen's coal-based fleet, largely due to the uncertainty around its economic viability at default. Simulated default assumptions -- Simulated year of default: 2030 Simplified waterfall -- Gross enterprise value: $6.4 billion -- Net enterprise value: $6.1 billion -- Senior secured debt outstanding at default: $4.6 billion. --Recovery expectations: 90%-100% (rounded estimate: 95%); capped at '1' recovery rating -- Total value available to unsecured claims: $1.45 billion -- Total unsecured claims (senior unsecured notes and PEDFA bonds): $7 billion --Recovery expectations: 10%-30% (rounded estimate: 20%) All debt includes six months of prepetition interest. TEKNIA NETWORKS: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, issued a final order authorizing Teknia Networks & Logistics, Inc. to use cash collateral. Under the final order, the Debtor is permitted to use funds for court-approved expenses; necessary operating costs outlined in the budget, with up to a 10% variance per line item; and additional amounts, subject to approval by secured creditors. The order remains in effect until further court action. Amur Equipment Finance, Inc. and several other creditors may claim blanket liens on the Debtor's assets. The Debtor estimates that the collective claims of these creditors are secured by various vehicles, cash, and accounts receivable. These assets include $1,903,822.69 in cash and accounts receivables (both less than and over 90 days. As protection, secured creditors will receive replacement liens, with the same validity and priority as their pre-petition liens. Creditors retain the ability to seek additional protections or challenge liens. The Debtor must also maintain insurance coverage, comply with all obligations under bankruptcy law, and provide creditors access to business records and premises as additional protection. The order is available at https://is.gd/drTV8M from PacerMonitor.com. About Teknia Networks & Logistics Teknia Networks & Logistics, Inc., is a Pinellas Park, Fla.-based distributor of warehouse and office printing-related items. Teknia Networks & Logistics sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-06479) on Aug. 27, 2020. Jorge L. Monsalve, president, signed the petition. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $1 million and $10 million. Buddy D. Ford, P.A., is the Debtor's legal counsel. THAI EXPRESS: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Missouri entered a final agreed order authorizing Thai Express, Inc. to use cash collateral. Under the order, the Debtor is authorized to use $16,228.80 in cash collateral for employee wages, purchase of ingredients and payroll taxes. As protection for the use of its cash collateral, the U.S. Small Business Administration will receive a monthly payment of $1,796, starting this month. The order is available at https://shorturl.at/42LS1 from PacerMonitor.com. Thai Express operates a Thai restaurant in Springfield, Missouri, with 30% to 40% of its business derived from online delivery orders processed through DoorDash via Stripe. After an emergency turnover motion was filed, the court partially granted interim relief on March 3, directing Stripe to release future payments while deferring final disposition of pre-petition funds. Subsequently, Cromwell released its lien, and DoorDash released the withheld funds to the Debtor. The Debtor said the released funds constitute property of the estate under Section 541(a) and that their use is authorized under Section 363, as the Debtor has a sound business justification: paying current wages to retain employees and purchasing ingredients to sustain revenue generation. About Thai Express Inc. Thai Express, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-60130) on Feb. 25, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Brian T. Fenimore presides over the case. Robert Baran, Esq. represents the Debtor as legal counsel. TOMPCO REAL: Commences Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------ On April 15, 2026, Tompco Real Estate 1820, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. Deadline to file the Chapter 11 plan is August 13, 2026. About Tompco Real Estate 1820, LLC Tompco Real Estate 1820, LLC is a real estate holding company engaged in property ownership, leasing, and asset management activities. Tompco Real Estate 1820, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11577) on April 15, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. TPI COMPOSITES: Seeks to Extend Plan Exclusivity to July 17 ----------------------------------------------------------- TPI Composites, Inc., and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 17 and Sept. 17, 2026, respectively. The Debtors explain that ample cause exists to grant their requested extension of the Exclusive Periods. * First, the scale and complexity of the Debtors' business and industry, which require the Debtors to navigate complex issues during these chapter 11 cases, support the need for the extension of the Exclusive Periods. Likewise, the scale and complexity of the Vestas and ECP sale transactions, which required the Debtors to negotiate three separate sale transactions on a parallel timeline after multiple extensions of certain sale-related deadlines to provide parties in interest with more time to diligence the Debtors' assets and business, support the need for a further extension of the Exclusive Periods. * Second, the Debtors require additional time to confirm and implement the TPI MX V & VI Plan and negotiate, file, confirm, and implement the RemainCo Plan. The Debtors have spent the last several months negotiating with Oaktree, Vestas, ECP, GE Vernova, and the Creditors' Committee regarding the sale transactions and preparing the necessary documentation to consummate the sale transactions, including the sale to be effectuated through the TPI MX V & VI Plan. * Third, the Debtors have demonstrated good-faith progress in these chapter 11 cases. In the fewer than eight months since the Petition Date, the Debtors have expended significant efforts and have made progress to (i) continue operating their business while administering these chapter 11 cases, (ii) negotiate with key constituencies, including Oaktree, Vestas, GE Vernova, and the Creditors' Committee regarding these cases, (iii) enhance their liquidity through various arrangements with GE Vernova and Vestas, and (iv) implement a value-maximizing transaction through sales of substantially all of the Debtors' assets for the benefit of all stakeholders. * Fourth, the Debtors remain engaged and are in regular contact with key parties in interest, including Oaktree, Vestas, GE Vernova, and the Creditors' Committee. The Debtors have engaged with these stakeholder groups regarding a variety of issues in these chapter 11 cases, including (i) developments in the Debtors' operations, (ii) the Debtors' chapter 11 goals, (iii) the Debtors' marketing and sale process, (iv) the sale transactions, and (v) the Consent Term Sheet. The Debtors are not seeking an extension of the Exclusive Periods as a tactic. * Fifth, the Debtors are making administrative expense payments and intend to continue doing so. To this end, the Debtors have received funding from postpetition arrangements with Vestas and GE Vernova. The Debtors continue to monitor their liquidity position closely and will continue to work with Vestas and GE Vernova to ensure that the Debtors will maintain sufficient liquidity to support ongoing production requirements during the requested extension of the Exclusive Periods. * Finally, relatively little time has elapsed since the entry of the Extension Order. All stakeholders benefit from the continued stability and predictability that comes with the Debtors being the sole potential plan proponents. An extension of the Exclusive Periods will enable the Debtors to continue progressing the transaction negotiated with their key constituents without the distraction of a third-party chapter 11 plan. The Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com Clifford.Carlson@weil.com - and - Matthew S. Barr, Esq. Lauren Tauro, Esq. Ryan C. Rolston, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com Lauren.Tauro@weil.com Ryan.Rolston@weil.com About TPI Composites TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. On Aug. 11, 2025, TPI Composites, Inc. and several subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-34655). TPI disclosed $591,709,000 in total assets against $1,077,146,000 in total debt as of June 30, 2025. Bankruptcy Judge Christopher M. Lopez handles the case. Weil, Gotshal & Manges LLP is serving as legal counsel, Jefferies LLC. is serving as financial advisor, and Alvarez & Marsal North America, LLC is serving as restructuring advisor to TPI. Kroll is the claims agent. Sullivan & Cromwell LLP and Moelis & Company are serving as advisors to senior secured lenders. Bracewell, LLP, is advising Oaktree Capital Management L.P., as DIP agent. The official committee of unsecured creditors retained Lowenstein Sandler LLP as counsel, Munsch Hardt Kopf & Harr, P.C. as co-counsel, and Berkeley Research Group, LLC as its financial advisor. UNIVERSAL TRADE: Todd Hennings Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Universal Trade Resources, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Universal Trade Resources LLC Universal Trade Resources, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54465) on April 3, 2026, with between $1 million and $10 million in both assets and liabilities. VALINA RELAX: Gets Extension to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division entered a third interim order granting Valina Relax, Inc. authority to use cash collateral. Under the ruling, the debtor may use cash collateral to pay amounts specifically authorized by the court; current and necessary operating expenses listed in the approved budget, with up to a 10% variance per line item; and additional expenditures agreed to by secured creditors. The authority remains in place until further court order. The Debtor projects total monthly operational expenses of $27,874.81. The Debtor listed First National Bank of Pennsylvania and JPMorgan Chase Bank, N.A. as the creditors that may have blanket liens on its assets. First National Bank and JPMorgan Chase assert claims of $750,364.98 and $54,700, respectively, against the Debtor. As adequate protection, each creditor holding a security interest in cash collateral will receive a perfected post-petition replacement lien on cash collateral, with the same validity and priority as its pre-petition lien without the need for additional filings. In addition, the Debtor must allow secured creditors access to its business records and premises for inspection so long as the inspections do not unreasonably interfere with business operations. The order preserves the rights of parties in interest, including secured creditors, the U.S. Trustee, and any future creditors' committee, to seek further relief or challenge lien validity later. A continued preliminary hearing is scheduled for June 2. The order is available at https://is.gd/BDhTE9 from PacerMonitor.com. About Valina Relax Inc. Valina Relax, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00187) on January 17, 2026, listing assets of between $50,001 and $100,000 and liabilities of between $500,001 and $1 million. Judge Jacob A. Brown presides over the case. Rehan N. Khawaja, Esq., at the Law Offices of Rehan N. Khawaja represents the Debtor as bankruptcy counsel. VILLAGE POINTE: Seeks to Sell Condominium Property at Auction ------------------------------------------------------------- Village Pointe Property Owners Association, Inc., seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a nonprofit corporation organized under the laws of the State of Colorado pursuant to Articles of Incorporation filed with the Colorado Secretary of State on December 2, 1988. The condominium complex governed by the Association is located at 604 Eagle's Loft Cir., Pagosa Springs, Colorado. The Property is commonly known as Village Pointe Condominium and consists of 6 buildings containing 32 units and their concomitant Common Areas. The Property is operated as a timeshare community. All Units are fully furnished, and each contains a full kitchen. The buildings were constructed and added to the timeshare plan in three phases. Phase one consisted of Building 1 containing four Units subject to Interval Ownership and Building 2 containing four Units subject to Interval Ownership. Phase two consisted of Building 3 containing four Units subject to Interval Ownership and Building 4 containing four Units subject to Interval Ownership. Phase three consisted of Building 5 containing eight Units subject to Interval Ownership and Building 6 containing eight Units subject to Interval Ownership. Each Unit contains 52 Annual Interval Ownership interests, called Unit Weeks. These Unit Weeks may be subdivided into two Biennial Interval Ownership Interests. There are 1,664 Unit Weeks at the Property. The Association owns 32 Unit Weeks at the Property and a concomitant share of the Common Elements, which comprises approximately 1.92% of the total Unit Weeks at the Property. The Association owns the Association Interest as a tenant-in-common with all other owners of interests in the Property. The Unit Weeks owned by the Association are sometimes referred to as maintenance weeks. First American Trust, FSB, as Trustee, Duly Appointed Under the Declaration of Trust for the Club Wyndham Access Vacation Ownership Plan, owns 408 Unit Weeks at the Property, which is approximately 24.52% of the total Unit Weeks. WorldMark, the Club owns 632 Unit Weeks at the Property, which is approximately 37.98% of the total Unit Weeks. Wyndham Vacation Resorts, Inc. owns 95 Unit Weeks, which is approximately 5.71% of the total Unit Weeks at the Property. The remaining 497 Unit Weeks (approximately 29.87% of the total) are owned by third party Owners of an Interval Ownership interest with each Unit Week having its own separate corresponding contract. The Debtor intends to file one or more adversary proceedings seeking judgments authorizing the sale of the Property, including the Association Interest in the Property, together with the interests of all Association Members. The Debtor seeks authority to market the Property according to the Bidding Procedures at the same time that it pursues the Section 363(h) Proceeding. The Debtor retains Hilco Real Estate as its real estate broker. The material provisions of the proposed Bidding Procedures are also provided. https://urlcurt.com/u?l=Gf9nvw Debtor seeks approval of the Bidding Procedures to establish an open process for the solicitation, receipt, and evaluation of Bids in a fair, accessible, and expeditious manner. The Debtor seeks to sell the Property to the highest and best bidder to maximize value for the bankruptcy estate. The Debtor believes that the Bidding Procedures and the timeline set forth therein are in the best interests of Debtor’s bankruptcy estate, will establish the extent of the market for the Property, and will provide interested parties with sufficient opportunity to participate. The Auction for the Property, if needed, will be conducted virtually via Zoom on July 17, 2026, at 3:00 p.m. prevailing Mountain Time. The Debtor submits that the Auction Notice constitutes good and adequate notice of the Auction and the proceedings with respect thereto in compliance with, and satisfaction of, the applicable requirements of Bankruptcy Rule 2002. About Village Pointe Property Owners Association, Inc. Village Pointe Property Owners Association, Inc. oversees the operation and maintenance of common property within the Village Pointe community, administering assessments, budgets, and community standards for its members. On January 20, 2026, Village Pointe Property Owners Association, Inc. filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10314). The filing reflects estimated assets of $1 million to $10 million, with liabilities estimated between $100,001 and $1,000,000. The Debtor is represented by Kevin S. Neiman, Esq., of Law Offices of Kevin S. Neiman, PC. VOYAGER PARENT: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Voyager Parent, LLC and IGT Canada Amalco (collectively, Voyager) at 'BB'. Fitch has also affirmed Voyager's senior secured debt at 'BBB-' with a Recovery Rating (RR) of 'RR1'. The Rating Outlook is Stable. Voyager's rating reflects its top three status in each of its three lines of business, supported by broad diversification across business lines, product types and jurisdictions. Last year's combination of International Gaming Technology plc's (IGT) Gaming & Digital business with Everi Holdings Inc., which operated in both the gaming and fintech segments is expected to drive greater scale, synergies, and cross-selling opportunities as Voyager moves through the current integration process. The rating also incorporates strong FCF generation excluding shareholder distributions and a moderate leverage profile. The Stable Outlook reflects Fitch's expectation that Voyager will maintain a disciplined capital allocation strategy and its leverage will taper within its negative sensitivity of 4.0x. Key Rating Drivers Industry Leading Market Position: Voyager's top-three slot supplier status in North America is supported by IGT's and Everi's combined platforms. IGT had a sizeable Class III presence, and Everi specialized in Class II slot machines. This should strengthen Voyager's position against Aristocrat Leisure Limited's (ALL) significant advantage in the tribal gaming segment. Voyager could slowly bridge the gap with other suppliers by continuing to focus on premium cabinets, producing a steady stream of high-quality games, and maintaining its dominance in adjacencies such as video lottery and poker terminals. Voyager's focus on investment in R&D and content development across its studios can ultimately increase yield from its leased base, add ship share scale, and improve average sales price (ASP). Synergistic and opportunistic cost savings from right sizing the organization and enforcing best practices should elevate its EBITDA margins. Fitch expects the industry to be relatively stable over the near term, despite some macroeconomic weakness. The large suppliers that dominate about three-quarters of the market benefit from broad geographic diversification and a large installed base, which mitigate risk. Fintech Diversification: Voyager's fintech business (15% of sales), which provides cash access services to casino operators, should benefit over the medium term from revenue synergies as the company bundles complementary fintech and gaming products and expands cross-selling opportunities. This could lengthen contracts and improve customer retention. Fintech provides strong support to Voyager's revenue base, about 80% of which is recurring. Voyager could increase its transaction and dollar volumes processed over the medium term, supported by continued stability in the gaming industry. However, growth is likely to moderate slightly, and technology risk remains uncertain over the longer term. Fitch anticipates that Voyager will continue to grow this segment through customer wins, acquisitions, and new product lines, as opportunities arise, along with incentivized renewal packages. Moderate Leverage: Fitch-defined EBITDA leverage is projected to be 4.2x in 2026, in part due to cost synergies and the $100 million pay down under its term loan B (TLB) as part of the debt repricing earlier this year. Subsequently, Fitch expects leverage to sequentially moderate to 3.8x over the forecast period due to EBITDA growth and required amortization under the TLB. Voyager does not have a formal financial policy, which could result in increased leverage in the future. Fitch believes that management will focus on reinvestment in the business and tuck-in M&A, which can expand the range of adjacencies or strengthen other platform segments. Fitch has not modeled a dividend pay-out in its assessment. Growing Digital Business: Voyager's digital business, which holds a top position in market share in North America, is still nascent (10% of sales), with iGaming currently legal in only eight U.S. states and one Canadian province. Additional legalization, particularly in large demographic regions, is likely to be gradual over the near term. Fitch anticipates progress to pick up as more jurisdictions look to maximize tax revenue, though its base case does not assume any legalization. Voyager has significant runway to invest and grow its in-house content. Strong FCF Generation: Fitch expects the company's FCF margin to be stable in the high single digits over the rating horizon, relatively in line with the broader gaming supplier peers. This is sustained by EBITDA improvement from nominal growth across all segments, cost-saving initiatives, and stable capex as a percentage of revenue. The company's FCF also benefits from management's current preference for reinvestment in the business and tuck-in M&A. Experienced Management and Sponsor: Voyager has an experienced senior leadership team with solid business expertise. Apollo Global Management, Inc. also has a history in gaming supplier investments, thanks to its prior ownership of PlayAGS, and Lottomatica, an Italian B2C gaming franchise it bought from IGT. However, Voyager does not have a formally defined financial policy, and the capital allocation program could have a negative impact on its credit profile. Peer Analysis Voyager is a top three gaming supplier, along with Aristocrat Leisure Limited (BBB/Stable) and Light & Wonder, Inc. (BB/Stable) as the other dominant players holding approximately three-quarters revenue market share. The remaining market is fragmented with smaller players such as Bingo Holdings I, LLC (also known as PlayAGS, Inc.; B+/Negative). Aristocrat Leisure Limited is rated three notches higher than Voyager at 'BBB' due to having the largest installed base share in the gaming supplier industry and solid digital participation in mobile gaming, iLottery and real-money gaming (RMG). It has sustained low EBITDA leverage of less than 1.0x, robust FCF margin generation in the low teens, and an unsecured capital structure. Light & Wonder, Inc. is rated on par with Voyager at 'BB' and incorporates its strong market position in the industry, conservative EBITDA leverage profile of about 3.6x, and robust FCF margin (expected to be about 20% over the forecast horizon). LNW is a somewhat diversified gaming supplier with exposure to traditional gaming, iGaming, social casino and casual mobile gaming. PlayAGS's 'B+' rating incorporates its weaker market position in the segment, larger North American market focus, higher product concentration, FCF margins in the low single digits, and private equity ownership (Brightstar Capital Partners). PlayAGS's Negative Outlook captures EBITDA leverage of 5.0x after the incremental $100 million fungible TLB raised late last year to fund share redemption, deviating from management's financial policy and weakening AGS's credit profile within the context of the current rating. Fitch’s Key Rating-Case Assumptions - Total revenue grows in the low single digits CAGR over the forecast horizon; - Voyager's Gaming business segment remains relatively flat in 2026 as legacy Everi and IGT's businesses continue to stabilize from the centralization of their functions. Subsequently, sales climb at about 2.5% yoy, supported by market growth, along with elevated pricing (ASP and yield) and an increase in premium game mix; - Fintech sales rise in the low single digits, helped by improved market share and new customer wins as land-based gaming and fintech products are bundled to drive improved value proposition; - Digital growth remains stable in low single digits, driven by an increased focus on in-house content. - Fitch-defined EBITDA margin grows by about 150 bps in 2026 to around 39% due to the unification of the overlapping infrastructure and other opportunistic cost savings. Thereafter, margins expand and approach 40.5% over the forecast period due to continued operational efficiencies; - Run-rate capex intensity remains in the range of 13%-14% of revenue from 2026 and is primarily attributable to refreshing and growing the installed base; - Gross debt declines marginally through the rating period due to a modest 1% per annum amortization under the term loan B (TLB). Fitch does not currently assume any additional voluntary debt repayment, with Voyager having repaid $100 million under its $2.475 billion TLB earlier this year as part of its debt repricing due to a high interest burden; - Base interest rates assumptions reflect the current SOFR curve. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bbb-, Lower), Financial Structure (bb+, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb'. - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. Recovery Analysis Fitch applies a generic approach to issuers in the 'BB' rating category and equalizes the IDR and unsecured debt instrument ratings when average recovery prospects are present, as per Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria. Issuers rated 'BB-' and above are too far from default for a credible default scenario analysis to be generated, and they would likely generate Recovery Ratings (RRs) that are too high across all instruments. Where an RR is assigned, the generic approach reflects the relative instrument rankings and their recoveries, as well as the higher enterprise value of 'BB' ratings in a generic sense for the most senior instruments. Considering the IDR of 'BB', Fitch notches the Category 1 first-lien senior secured debt two notches to 'BBB-'/'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.0x; - An aggressive financial policy and/or growth strategy pursuing debt-funded acquisitions without a reasonable de-levering path; - The slot machine business suffering from market share loss or weakened operating fundamentals. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.0x; - Steady growth in slot machine market share, along with continued growth and profitability in its digital and fintech segments, as evidenced by an increasing proportion of the consolidated EBITDA; - FCF margin sustained above 7.5%. Liquidity and Debt Structure At Sept. 30, 2025, Voyager had $468 million in unrestricted cash and $750 million in additional borrowing capacity under its undrawn revolving facility, maturing in 2030. In comparison, scheduled annual debt repayment is 1% per annum (or about $24 million) under the TLB. As part of the debt repricing in January 2026, Voyager voluntarily repaid $100 million under the term loan to reduce its interest expense. Voyager's capital structure is fully secured, with the term loan and notes maturing concurrently in 2032. Cash flow from operations as a percentage of revenue is estimated to be between 20%-25% over the forecast period, with FCF margin in the solid low double digits. Issuer Profile Voyager Parent, LLC is a global industry leader and diversified gaming technology provider. It offers an integrated omnichannel solution across land-based gaming, fintech, and iGaming. 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 Voyager Parent, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Voyager Parent, LLC LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- IGT Canada Amalco LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- WATERFRONT RESORT: Trustee Seeks to Hire CohnReznick as Advisor --------------------------------------------------------------- Albert Togut, Trustee of the estate of Waterfront Resort Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire CohnReznick Advisory LLC to serve as financial advisor. The firm's services include: (a) providing identification, development and implementation of strategies to maximize the value of the Debtor's assets; (b) providing forensic accounting/litigation support analytics work to support the development of potential causes of action; (c) providing development of financial analysis and projections regarding Debtor's cash flow, operations and balance sheet to preserve or maximize value for the estate including creating a weekly cash flow and a monthly budget and preparing variances thereto, overseeing cash management; (d) assisting and providing advice and analysis with respect to all other related matters to support the Trustee in his administration of the Debtor; (e) rendering such other general services consulting or other such assistance as may be requested by the Trustee; (f) reviewing and analyzing the Debtor's historical and current financial information, including bank accounts, cash flows, and general ledger activity; (g) assisting in reconstructing cash receipts and disbursements from the petition date forward; (h) identifying inconsistencies, deficiencies, or irregularities in financial reporting and cash usage; (i) assisting in preparing and analyzing operating budgets, short-term cash-flow forecasts, and liquidity analyses; (j) supporting the Trustee in implementing appropriate cash-management controls and reporting procedures; (k) providing financial analysis related to the marketing and sale of estate assets, including valuation considerations, pricing analysis, and projected recoveries; and (l) providing such other financial advisory services customarily provided in Chapter 11 cases as may be reasonably requested by the Trustee. CohnReznick will be compensated on an hourly basis, plus reimbursement of actual and necessary expenses. Hourly rates are: Partners/Principals $920 to $1,785 Managing Directors/Directors $685 to $1,735 Senior Managers/Managers $575 to $995 Seniors/Associate Staff $405 to $735 Paraprofessionals $260 to $395 The firm agreed to cap its highest hourly rate at $1,100. CohnReznick Advisory LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: COHNREZNICK ADVISORY LLC 1301 Avenue of the Americas, 10th Floor New York, NY 10019 Telephone: (212) 297-0400 About Waterfront Resort Holdings, LLC Waterfront Resort Holdings, LLC is the fee owner of 105 unsold units at the Allura Waterfront Condominium, as well as a parking unit, located at 109-09 15th Avenue, College Point, New York. The current estimated value of the Debtor's interest in the property is approximately $80 million. Waterfront Resort Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40041) on January 6, 2025. In its petition, the Debtor reported total assets of $80,006,241 and total liabilities of $70,500,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Heath S. Berger, Esq., at Berger, Fischott, Shumer, Wexler & Goodman, LLP represents the Debtor as legal counsel. WE WEST: Employs Brock Guerra as Special Litigation Counsel ----------------------------------------------------------- WE West Texas Towco LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Brock Guerra Strandmo Dimaline Jones, P.C. to serve as special litigation counsel. The firm will provide these services: (a) represent the Debtors in relation to pre-suit insurance claims; (b) provide legal representation in insurance defense litigation matters; and (c) assist in matters related to state court lawsuits involving insurance claims. The firm will be paid at hourly rates of $285-$320. As of January 2, 2026, the firm has been paid $74,728 in legal fees and has a remaining post-petition outstanding invoice of $10,270. Brock Guerra Strandmo Dimaline Jones, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Mark R. Strandmo, Esq. BROCK GUERRA STRANDMO DIMALINE JONES, P.C. 17339 Redland Road San Antonio, TX 78247 Telephone: (210) 979-0100 E-mail: mstrandmo@brock.law About WE West Texas Towco LLC WE West Texas Towco, LLC provides towing, roadside assistance, and vehicle recovery services across West Texas, including light, medium, and heavy-duty towing for motorcycles, cars, semi-trucks, and construction equipment. Towco and its subsidiary, Sheffield Towing Service, LLC, filed Chapter 11 petitions (Bankr. W.D. Texas Lead Case No. 26-70003) on January 2, 2026. At the time of the filing, Towco reported $6,550,489 in total assets and $2,255,739 in total liabilities while Sheffield reported between $1 million and $10 million in assets and liabilities. Judge Shad M Robinson oversees the case. Charlie Shelton, Esq., at Hayward, PLLC represents the Debtors as legal counsel. WESTCHESTER 3148: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------------- On April 13, 2026, Westchester 3148 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 between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 12, 2026 at 02:30 PM. About Westchester 3148 LLC Westchester 3148 LLC is a single asset real estate company. Westchester 3148 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22368) on April 13, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Sean H. Lane is handling the case. WITH PURPOSE: Winston & Strawn Hit With $1.7-Bil. Malpractice Case ------------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that a bankruptcy court has allowed most of a Chapter 7 trustee's malpractice claims against Winston & Strawn over GloriFi's failed IPO to proceed, rejecting a broad motion to dismiss. The lawsuit, which seeks $1.7 billion in damages, centers on allegations that the firm's legal guidance fell short during critical stages of the company's attempt to go public. According to the trustee, the firm's actions and omissions played a substantial role in derailing the transaction and worsening the fintech company’s financial position. The complaint contends that missteps in structuring and advising on the offering ultimately contributed to GloriFi’s downfall and subsequent bankruptcy. Although the court dismissed certain aspects of the case, it determined that the primary claims were sufficiently supported to continue. The ruling ensures that the litigation will advance into the next phase, where evidence will be developed to assess liability and damages, the report states. About With Purpose Inc. With Purpose, Inc., doing business as GloriFi, operates as a bank. The Bank offers credit cards, mortgages, insurance, and banking services. GloriFi serves clients in the United States. With Purpose sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-30246) on February 8, 2023. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Clay Marshall Taylor, Esq. of Dentons Us LLP, Bryan C. Assink, Esq. and Christopher Joshua Osborne, Esq. of Bonds Ellis Eppich Schafer Jones LLP, and Frank Jennings Wright, Esq., of Law Offices Of Frank J. Wright, PLLC. WOODTOWN SPORTS: Section 341(a) Meeting of Creditors on May 18 -------------------------------------------------------------- On April 13, 2026, Woodtown Sports, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to approximately 100 to 199 creditors. A meeting of creditors under Section 341(a) to be held on May 18, 2026 at 01:00 PM via UST Teleconference San Francisco, Call in number: 1-888-330-1716 Passcode: 8324431. About Woodtown Sports, LLC Woodtown Sports, LLC is a sports and recreation-focused business entity involved in operating athletic facilities, sporting programs, and related recreational services. Woodtown Sports, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30316) on April 13, 2026. In its petition, the debtor reports total assets of $138,727 and total liabilities of $1,685,299. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The debtor is represented by Brent D. Meyer, Esq. of Meyer Law Group, LLP. ZAHAV 3310: Seeks to Extend Plan Exclusivity to August 7 -------------------------------------------------------- Zahav 3310 W Beaumont Street LLC asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance hereof to Aug. 7 and Oct. 6, 2026, respectively. The Debtor is the fee title owner of the real property and improvements located at 5212 62nd Avenue South, St. Petersburg, Florida (the "Property"). The Property is encumbered by a first mortgage formerly held by TVC Funding II, LLC, which was subsequently assigned to DLJ Mortgage Capital, Inc., and then to Wilmington Savings Fund Society, FSB ("Lender"). The Lender's claim totals approximately $4,500,000 as of the petition date. The Lender's claim is in dispute. David Sitt is the guarantor of the Lender's note and mortgage ("Note"). Sitt is the sole member of the Debtor. The Debtor has substantially finished construction and continues to market the Property for sale through a new broker which will be the cornerstone of a plan of reorganization and exit from chapter 11. The Debtor explains that it is awaiting entry of an order retaining the new broker so that a new marketing effort can begin. The Debtor needs more time to enable the new broker to implement a new marketing scheme that will result in a sale. The Debtor asserts that because the Property has significant equity, the company will be able to file a viable plan that provides a full distribution on allowed claims as well as a distribution to its equity holder. On this factor alone, and extension of exclusivity is warranted. The Debtor further asserts that its creditors will not be prejudiced by extending the Exclusive Periods, nor will an extension impede its creditors from negotiating with the Debtor to achieve a consensual disposition of this case. The Debtor's Counsel: Gary Kushner, Esq. GOETZ PLATZER LLP 1 Penn Plaza Suite 3100 New York NY 10119 Tel: 212-695-8100 Email: gkushner@goetzfitz.com About Zahav 3310 W Beaumont Street LLC Zahav 3310 W Beaumont Street LLC is a single-asset real estate entity that provides property management, real estate appraisal, and related support services. Zahav 3310 W Beaumont Street LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. 26-45902) on December 9, 2025, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Davit Sitt as member. Judge Jil Mazer-Marino presides over the case. Gary Kushner, Esq. at GOETZ PLATZER LLP presides over the case. ZMETRA LAND: To Sell Webster Property to Kinvarra Capital for $3MM ------------------------------------------------------------------ Zmetra Land Holdings, LLC, seeks permission from the U.S. Bankruptcy Court for the District of Massachusetts, Central District, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 2 Old Worcester Road, Webster, Massachusetts. The Debtor wants to sell the Property to Kinvarra Capital, LLC, or nominee pursuant to the Purchase and Sale Agreement in the purchase price of $3,000,000. The Property is the Debtor's principal asset and proceeds of the sale will be used to make distributions to creditors. The Debtor filed the case to stop a scheduled foreclosure sale of the Property by Newtek Small Business Finance, LLC. The Debtor is engaged in the business of owning, selling, leasing, and managing real estate. The Debtor is the record holder of a 35,000 square foot industrial facility located at 2 Old Worcester Road, Webster, MA (2 Old Worcester Road). According to an appraisal dated November 5, 2018, the real estate had a market value of $2,500,000. The closing date will be on or before July 22, 2026. Upon closing of the sale of the Property, Buyer and Zmetra Clearspan Structures, LLC shall enter into a five-year triple net lease at the Property. Upon the sale, Debtor shall deposit $240,000 into an escrow account as security for the lease. Zmetra Clearspan Structures, LLC, or its nominee, shall have an option to purchase the Property for $3,800,000. About Zmetra Land Holdings Zmetra Land Holdings, LLC specializes in property management, overseeing the operations, maintenance, and leasing of real estate assets. It owns a 35,000-square-foot industrial facility located at 2 Old Worcester Road, Webster, Mass. The property is valued at $2.5 million. Zmetra filed Chapter 11 petition (Bankr. D. Mass. Case No. 25-40127) on February 4. In its petition, Zmetra reported total assets of $2,962,284 and total debts of $3,085,001. James L. O'Connor, Esq., at Nickless, Phillips and O'Connor, represents the Debtor as legal counsel. Newtek Small Business Finance, LLC, as lender, is represented by Jonathan M. Hixon, Esq., at Hackett Feinberg P.C., in Boston, Massachusetts. [] Amalia Sax-Bolder Joins Reed Smith's Financial Industry Group ---------------------------------------------------------------- Global law firm Reed Smith announced that Amalia Sax-Bolder has joined as a partner in the firm's Financial Industry Group in Denver. Ms. Sax-Bolder's restructuring and bankruptcy practice bolsters the firm's debtor-side capabilities and broadens its Denver market presence. "Amalia can argue a contested motion in bankruptcy court and turn around and negotiate a structured finance deal. Those dual capabilities enhance our firm's already robust platform," said Keith M. Aurzada, global co-chair of Reed Smith's Financial Industry Group. "When a company is in distress, the litigation and the transactional work often happen at the same time, and Amalia's experience will lead to more comprehensive service and outcomes." Ms. Sax-Bolder represents debtors, lenders, purchasers, secured creditors, equity holders and strategic investors in Chapter 11 bankruptcies, receiverships, foreclosures, out-of-court restructurings, and dissolutions. She provides strategic counsel to across all stages of financial distress, including advising boards of directors and other stakeholders. She litigates adversary proceedings, arbitrations, relief from stay matters, and property turnover disputes, and advises on bankruptcy risk in mergers and acquisitions, real estate, and structured finance transactions. "Amalia is highly regarded and ingrained in the Denver legal and business communities," said Jay Spader, managing partner of Reed Smith's Denver office. "Our office has established itself as a premium offering in the region since launching in 2025, and adding Amalia as a dedicated restructuring partner will greatly benefit our clients." "Reed Smith has built a restructuring practice that handles the kind of large, complex matters where having a deep bench really matters," said Ms. Sax-Bolder. "I wanted to be part of that team, and I am eager to help grow the Denver office while utilizing the firm's platform to deliver integrated solutions for clients." Prior to joining Reed Smith, Ms. Sax-Bolder was a partner at Brownstein Hyatt Farber Schreck and counsel at O'Melveny & Myers. She earned her J.D. from the University of Denver Sturm College of Law, her LL.M. from New York University School of Law, and her B.A. from Vassar College. About Reed Smith Reed Smith is an international law firm specializing in complex disputes, transactions, and regulatory matters. [] Mark Kronfeld Joins Nardello & Co.'s Bankruptcy Practice ----------------------------------------------------------- Global investigations and advisory firm Nardello & Co. announced that Mark Kronfeld has joined the firm's New York office as Managing Director and Head of the firm's expanding Bankruptcy, Restructuring, and Special Situations Practice. Mr. Kronfeld brings three decades of experience as a bankruptcy lawyer, restructuring advisor, independent fiduciary, prosecutor, and professor, with significant expertise in high-stakes litigation, investor activism, and corporate governance investigations. Mr. Kronfeld will focus on bankruptcy and restructuring related investigations, distressed and special situations matters, trustee and independent fiduciary assignments, and expert services. Nardello & Co. has led investigations in some of the most high-profile bankruptcy matters of the past decade. Notably, the team was appointed by FTX CEO John Ray to conduct investigations that contributed to the recovery of $9 billion in assets stolen from creditors. Further, Nardello & Co. is instructed by the unsecured creditors in the First Brands Group bankruptcy to develop claims and trace assets; has acted for the families of children killed in the Sandy Hook massacre to uncover the assets of Alex Jones as they sought damages; and worked on behalf of the creditors of Purdue Pharma in successfully tracing the assets of the Sackler family. "Clients addressing bankruptcy and restructuring issues increasingly need advisors who understand not just the legal landscape but the global financial, investigative, and strategic dimensions of these situations," said Sabina Menschel, CEO of Nardello & Co. "Mark's background allows us to provide our clients with a broad range of solutions in periods of distress." Most recently, Mr. Kronfeld was a Managing Director at a top financial advisory firm. He currently serves as a Litigation Trustee for the Steward Health Care Creditor Litigation Trust -- arising from the failure and Chapter 11 filing of the nation's largest privately owned, for-profit hospital system -- where he leads investigations, strategy, and recovery efforts on behalf of the trust beneficiaries. He also serves as a Litigation Trustee for the Heritage Power Litigation Trust, and as a director on multiple corporate boards. Mr. Kronfeld was formerly Global Head of Restructuring at BlackRock and sat on the firm's Global Credit Oversight Committee, where he was responsible for overseeing workouts and restructurings and helped manage BlackRock's various special situations funds and credit sleeves. Mr. Kronfeld began his career as an Assistant District Attorney in the Bronx and then a bankruptcy lawyer where he represented debtors, creditors, trustees, and boards in complex Chapter 11 cases and handled commercial litigation in state and federal court. "Mark's expertise is exceptionally well aligned with the needs of our clients," said Dan Nardello, founder and executive chairman of Nardello & Co. "He has a 360-degree understanding of major bankruptcy and restructuring matters; a rare perspective that will benefit our clients tremendously." "Nardello & Co. built its preeminent reputation by helping clients in matters with a high cost of failure," said Mr. Kronfeld. "I am thrilled to join a firm with unparalleled investigative strength and global reach. I look forward to advising clients in high-stakes situations from the world's foremost investigative platform, staffed by professionals whose pedigrees and experience are unmatched in the industry." Mr. Kronfeld is an adjunct Assistant Professor of Finance at NYU Stern School of Business, where he teaches Corporate Bankruptcy and Reorganization, and a lecturer at Columbia University, where he teaches Distressed Value Investing. He has also taught at the Boston University School of Law and has guest lectured at Wharton, Yale, Duke, the University of Virginia, and Oxford University. A published author, frequent speaker, and thought leader in his field, he served on the advisory committee of the American Bankruptcy Institute's Commission to Study the Reform of Chapter 11. He is a graduate of the NYU Stern School of Business, where he obtained his MBA, Boston University School of Law, and State University of New York at Albany. About Nardello & Co. Ranked as the pre-eminent US investigative firm by Chambers and Partners for the past six years and called the "gold standard", Nardello & Co.'s. experienced professionals around the globe handle a broad range of matters, in addition to bankruptcy, including civil and white collar criminal litigation and arbitration support, due diligence, anti-corruption and fraud investigations, asset tracing, activist defense, political risk and strategic intelligence, digital investigations and cyber defense, monitorships and independent investigations, and compliance consulting. [] Morgan Patterson Joins FBT Gibbons' Bankruptcy Practice ---------------------------------------------------------- Morgan L. Patterson has joined FBT Gibbons as a partner in the firm's Bankruptcy & Restructuring practice group in Wilmington, Delaware, strengthening the firm's position in one of the nation's most important restructuring jurisdictions. Joining FBT Gibbons from Womble Bond Dickinson, Ms. Patterson brings nearly two decades of experience representing debtors, creditors' committees, lenders, foreign representatives, bondholders, landlords, liquidation trustees, and other stakeholders in complex Chapter 11 proceedings. She has broad experience representing debtors, creditors' committees, lenders, bondholders, secured and unsecured creditors, liquidation trustees, landlords, asset-purchasers, and other interested entities in various bankruptcy reorganization and liquidation proceedings. She has served as counsel in several high‑profile cases handled in the Delaware Bankruptcy Court and frequently appears in restructuring matters across jurisdictions, including the Southern District of New York. "Delaware isn't just another bankruptcy venue -- it's where the law is being shaped in real time, and where the stakes are consistently the highest," Ms. Patterson said. "FBT Gibbons understands that, and it's building a restructuring team that is deeply embedded in the Delaware courts while operating on a national scale. That combination -- sophisticated local insight with a broad platform -- is exactly what complex Chapter 11 and cross‑border clients need. I'm excited to contribute to a team that is expanding its presence in a market that plays such a pivotal role in corporate restructuring." Ms. Patterson handles a wide range of bankruptcy matters, both in court and in transactional settings. Her work includes filing and defending against bankruptcy petitions, handling lawsuits to recover transfers, negotiating financing for companies operating in bankruptcy, managing sales of assets through the court, addressing requests to lift the bankruptcy stay, and resolving issues involving contracts and leases. She also guides clients through the plan approval process and helps wind down companies after a plan is confirmed. She has represented foreign representatives in major Chapter 15 cases involving cross‑border asset sales; trustees responsible for overseeing the wind‑down of large manufacturing and retail companies; and debtors across industries including technology, sports media, energy, and e‑commerce. "We are thrilled to welcome Morgan to the firm," said A.J. Webb, co-leader of FBT Gibbons' Bankruptcy & Restructuring practice group. "She is widely respected in the Delaware bankruptcy community for her leadership across complex in-court and transactional matters, as well as her ability to navigate competing stakeholder interests with precision. Her addition strengthens our ability to advise clients through every phase of the restructuring process, in Delaware and across the United States." In addition to her extensive restructuring practice, Ms. Patterson is a recognized leader in the insolvency community. She previously served as an at‑Large Director with the International Women's Insolvency & Restructuring Confederation (IWIRC) and has previously served as Chair of the Delaware State Bar Association's Bankruptcy Section, Membership Chair of the ABI Commercial and Regulatory Subcommittee, and an international board member of IWIRC. She also frequently speaks at major industry conferences. "Morgan brings a deep understanding of the Delaware market with the practical experience that comes from years of being trusted with major responsibilities in high-profile cases," said John Mairo, co‑leader of the Bankruptcy & Restructuring practice group. "She understands the nuances of the court, the expectations of judges, and the pressures clients face in restructurings. Her decision to join the firm underscores the strength of our platform and our long-term commitment to Delaware." Widely recognized as a thought leader, Patterson has been recognized as a Chambers USA Ranked Lawyer in Bankruptcy/Restructuring (Delaware) since 2022 and is a past ABI "40 Under 40" honoree. She also previously served as a Wolcott Fellow to Justice Jack Jacobs of the Delaware Supreme Court, a distinction awarded to only five students annually. About FBT Gibbons FBT Gibbons LLP is a national law firm focused on serving companies operating and investing in the middle market. With nearly 800 lawyers across 25 offices, the firm is positioned to support clients ranging from large multinationals to mid-sized businesses and growth-oriented startups across the United States. FBT Gibbons provides legal counsel enriched with valuable business and market context, particularly in corporate, litigation, and regulatory matters within the energy, finance, life sciences, and manufacturing sectors. The firm is committed to delivering excellent service to its clients, colleagues, and the communities in which it operates. [] Timothy Karcher Joins Baker McKenzie's Transactional Practice ---------------------------------------------------------------- Baker McKenzie announced that Timothy "Tim" Karcher has joined the Firm as a partner in its Transactional Practice Group in New York, strengthening its globally recognized Restructuring & Insolvency group. Mr. Karcher is a recognized restructuring and insolvency lawyer with extensive experience advising companies, creditors, lenders, investors and financial institutions in complex domestic and cross-border restructurings. His practice spans financial restructurings, special situations, distressed M&A, creditor advisory matters, crisis management and restructuring-related litigation. He has advised clients across a range of industries, including healthcare, pharmaceuticals, life sciences, energy, retail, technology, hospitality, financial services and aviation. Over the course of his career, Mr. Karcher has represented debtors, secured and unsecured creditors, official committees and other stakeholders in some of the most significant restructuring matters around the globe, both in and out of court. He brings deep experience navigating high-stakes restructurings involving US and international elements, as well as regulatory and governance considerations. Mr. Karcher also has extensive experience advising clients on the intersection of insolvency, digital assets and cybersecurity. He has provided counsel on the legal complexities of cryptocurrency custody and data privacy issues in connection with corporate restructurings. "Tim is a highly respected restructuring lawyer with the gravitas, judgment and technical depth our clients expect when facing their most challenging situations," said Alan Zoccolillo, Americas Chair of Baker McKenzie's Transactional Practice. "His arrival significantly strengthens our New York bench and enhances our ability to advise clients on complex restructurings, special situations and distressed transactions in the US and globally." Paul Keenan, Head of Baker McKenzie's North America Restructuring & Insolvency Practice, added: "Tim's experience across the full restructuring lifecycle -- from pre-distress planning through in-court proceedings and cross-border solutions -- makes him a natural fit for our integrated platform. He will play an important role in supporting our clients and continuing the growth of our Restructuring & Insolvency Practice." Mr. Karcher's arrival further bolsters Baker McKenzie's Restructuring & Insolvency team, one of the largest and most globally integrated practices of its kind. Ranked among the top 15 leading law firms by Global Restructuring Review, the Firm has a dedicated restructuring and insolvency practice comprising nearly 100 partners and counsel worldwide, with lawyers based across the Americas, Europe, Asia Pacific and the Middle East. "Throughout my career, I have advised clients on their most complex restructuring challenges, and Baker McKenzie's truly global platform appealed to me," said Mr. Karcher. "The Firm's ability to combine deep local market knowledge with seamless cross‑border coordination is unmatched, and its integrated, multidisciplinary approach mirrors the way I practice. Baker McKenzie is uniquely positioned to help clients navigate financial distress across jurisdictions and industries, and I'm excited to join the New York team and contribute to that work." In recent years, Baker McKenzie provided counsel to Mercon Coffee in its complex cross-border Chapter 11 filing in New York and has guided the company through going concern and asset sales in the US, Latin America, Africa and Southeast Asia. The Firm was the first to obtain recognition of a US Chapter 11 case in Brazil and the first to prosecute a Chapter 11 under a new restructuring law in the Netherlands. These ground-breaking achievements are a testament to Baker McKenzie's leadership in the cross-border restructuring arena. The Baker McKenzie team also represented Acorda Therapeutics, formerly a public company listed on NASDAQ, in the sale of substantially all its assets to Merz Therapeutics. In addition, the group advised Credivalores-Crediservicios, S.A., a Colombian issuer of bonds governed by New York law, during negotiations of an exchange offer incorporated in a prepackaged Chapter 11 reorganization plan, which was judicially confirmed despite opposition from dissenting bondholders and after a bench trial that included expert witness testimony. The Firm is currently representing a third-party factor in its acquisition of about USD 117 million of receivables in the First Brands Chapter 11 cases. Baker McKenzie continues to attract top talent in key financial centers across the globe. In New York over the past three years, the Firm welcomed Banking & Finance Partners Miju Damodar and Kevin Whittam; Capital Markets Partners Per Chilstrom, Michael Pilo, Michael Fitzgerald, Arturo Carrillo, Joy Gallup, Pedro Reyes and Steven Sandretto; and Private Equity / M&A Partners Jenny Liu and Tobias Knapp. [] Womble Adds Three Attorneys to Bankruptcy Practice Group ----------------------------------------------------------- Womble Bond Dickinson (US) LLP announced that partners Michael Waskiewicz and Armando Nozzolillo and of counsel Robert Neilson have joined its Finance, Bankruptcy & Restructuring practice group. Their arrival significantly expands the firm's financial services capabilities, adding a seasoned team with a national practice representing lenders, financial institutions, and other creditors across a wide range of consumer and commercial matters. Their practice spans the full lifecycle of troubled asset situations, from early-stage loan workouts and litigation strategy through judgment enforcement and recovery. Replevin and bankruptcy are central to that work, encompassing asset recovery strategies, detinue actions, forfeiture defense, and deficiency proceedings on a nationwide basis, as well as creditor representation across Chapters 7, 11, 12, and 13, including plan objections, motions for relief from stay, and valuation disputes before courts throughout the country. "Adding attorneys of this caliber, with this breadth of experience serving financial institution clients, is exactly how we continue to grow the value we bring to the market," said Taber Cathcart, Co-Leader of the firm's Finance, Bankruptcy & Restructuring practice group. "Mike, Armando, and Rob are a tremendous addition to an already strong team, and we are very pleased to welcome them to the firm." Collectively, the group brings experience across commercial loan disputes, lender liability defense, contract matters, and commercial and residential foreclosures, as well as the enforcement of security interests and domestic and foreign judgments. The practice extends to advising financial services and title insurance companies in real property matters, including deed and mortgage reformation and priority disputes, and to representing clients facing claims under federal consumer protection statutes, including FCRA, FDCPA, RESPA, TCPA, and TILA. This addition reflects continued growth across the Finance, Bankruptcy & Restructuring practice group. Earlier this year, the firm welcomed a 36-person Consumer Financial Services team focused on regulatory, compliance, and licensing matters for banks, fintech companies, and other consumer-facing financial institutions. Messrs. Waskiewicz, Nozzolillo, and Neilson join Womble from the Jacksonville, Fla., office of Burr & Forman. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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