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260423.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, April 23, 2026, Vol. 30, No. 113 Headlines 1778 PITKIN: Commences Chapter 7 Bankruptcy in New York 437 88 LLC: Hires LaMonica Herbst & Maniscalco as Special Counsel 72 S. THOMAS: Seeks to Sell Real Estate Business to Highest Bid 967 JNC LLC: L. Todd Budgen Named Subchapter V Trustee A2K FASHION: Seeks Approval to Hire GFS CPAs as Accountant AGA REAL ESTATE: Gets Interim OK to Use Cash Collateral Until May 8 ALLSTAR PROPERTIES: To Sell Georgia Properties to 1752 Black Buff AMERICAN STRUCTURAL: Seeks Interim Cash Collateral Access APEX PAVERS: Taps Kelley Kaplan & Eller PLLC as General Counsel API HOLDINGS: S&P Downgrades ICR to 'CCC' on Liquidity Stress APPLE TREE: Rigmora Loses Bid to Dismiss Bankruptcy Case ARTIFICIAL INTELLIGENCE: Sees 26% Revenue Growth to $7.75MM in FY26 ASN TRANSPORTATION: Seeks Chapter 7 Bankruptcy in California ASPIRING SOLUTIONS: Gets Interim OK to Use Cash Collateral AURORA FUEL: Case Summary & Five Unsecured Creditors AXIP ENERGY: Committee Taps Berkeley Research as Financial Advisor AXIP ENERGY: Committee Taps Pachulski Stang Ziehl as Counsel BIOMERICA INC: Reports Fiscal Q3 Net Loss of $1.31 Million BLACK BUFFALO: Seeks to Sell Construction Printing Biz at Auction BRD LAND: Committee Taps Fox Rothschild LLP as Legal Counsel BRVSB LLC: Files Emergency Bid to Use Cash Collateral BUTTERFLY BEACH: Seeks Chapter 11 Bankruptcy in New York C & C SECURITY: Seeks Chapter 11 Bankruptcy in California CARESTREAM HEALTH: S&P Withdraws 'SD' Issuer Credit Rating CASKATA INC: Hires Ascendant Law as Bankruptcy Counsel CASSOPOLIS, MI: S&P Cuts Water, Sewage Rev Bond LT Rating to 'BB+' CEDAR ARCH: Initiates Chapter 11 Bankruptcy to Reorganize Finances CHANNEL OP: Seeks to Use Cash Collateral Until June 2 CLEAR CHANNEL: Inks Supplemental Indentures Ahead of Pending Merger CROWN BOILER: Taps James S. Fellin of Nottingham Group as CRO DARE BIOSCIENCE: Completes Closing of Regulation A Unit Offering DEANWOOD REAL: Case Summary & Two Unsecured Creditors DEANWOOD REAL: Seeks to Hire Martin Law Group as Counsel DETROIT DUMPSTER: Case Summary & Six Unsecured Creditors DIOCESE OF BURLINGTON: Taps Blank Rome LLP as Insurance Counsel DISCOVER CHIROPRACTIC: Hires Barron & Newburger as Legal Counsel DIVERSIFIED WIRE: To Sell Electrical Equipment to IEWC Corp. DOCK ON COOLEY: Gets Interim OK to Use Cash Collateral DR INNOVATIONS: Massage Asset Sale to Recover Wellness Wichita OK'd DVM PROPERTIES: Gets Interim OK to Use Cash Collateral ECHOSTAR CORP: Moody's Raises CFR to B3 & Alters Outlook to Stable EDDIE BAUER: Committee Taps Brinkman Law as Efficiency Counsel EDGED COMPUTE: S&P Assigns 'BB-' ICR, Outlook Stable EDMUNDSON LAND: Broomfield House Sale to Jennifer Lee OK'd ELIAS & COMPANY: Gets Interim OK to Use Cash Collateral ESTHER SCHOOL: Seeks to Hire Aegis Law as Special Counsel ETHEMA HEALTH: Delays 10-K Filing to Ensure Financial Accuracy EVCON RENTALS: Seeks to Hire Michael A. Thompson PA as Accountant F-STAR SOCORRO: Taps Jones Lang Lasalle as Financial Advisor F4 PHANTOM: Hires Benjamin Legal Services as Bankruptcy Counsel FCR PARTNERS: Seeks to Hire Langley & Banack as Bankruptcy Counsel FREE SPEECH: The Onion Strikes Deal to Take Over Infowars Ops GB AIT BUYER: S&P Rates New $500MM Senior Unsecured Notes 'B-' GLOBAL ENTERPRISE: Case Summary & 10 Unsecured Creditors GLOBAL HOSPITALITY: Jennifer Lyday Named Subchapter V Trustee GREAT LAKES DREDGE: Moody's Withdraws 'B2' Corporate Family Rating GRUBHUB HOLDINGS: Moody's Cuts CFR to Caa1, Outlook stable HAMJ INVESTMENT: Seeks to Tap Levis Law Firm as Bankruptcy Counsel HANDLOS FINISHING: Audubon Property Sale to Natural Fertilizer OK'd HAWAII BREWERY: Commences Chapter 11 Bankruptcy HAWTHORNE RACE: Seeks to Sell Racecourse Assets at Auction HUDSON 1701/1706: Committee Balks at Proposal to Raise DIP by $10MM INSPIRED HEALTHCARE: Reid Collins Hiring Faces Creditors Pushback JANNEY FIVE: Christy Brandon Named Subchapter V Trustee JERK PIT: Trustee Taps McNamee Hosea PA as Special Counsel JETBLUE AIRWAYS: CEO Dismisses Possibility of 2026 Bankruptcy KAISA GROUP: Chapter 15 Case Summary KARBONX CORP: Delays 10-Q Filing for Period Ending February 2026 KARYOPHARM THERAPEUTICS: Integrated Core Holds 1.9% Stake KEHE DISTRIBUTORS: Moody's Rates New Senior Secured Notes 'B3' KEY PAINTING: Cash Collateral Hearing Set for May 5 KIPP JACKSONVILLE: S&P Lowers Issuer Credit Rating to 'B+' KUSTOM ENTERTAINMENT: Victor Mokuolu Raises Going Concern Doubt LAFAYETTE PHYSICAL: Case Summary & 14 Unsecured Creditors LAND GO: Gets Interim OK to Use Cash Collateral Until April 30 LAUNDROMAT OF NEVADA: Court OKs Bid Rules for Laundromat Biz Sale LEESTMA MANAGEMENT: Commences Chapter 11 Bankruptcy in Florida LEXARIA BIOSCIENCE: Reports $1.5 Million Net Loss in Fiscal Q2 LIFEPOINT HEALTH: Moody's Rates New $1.5BB Sr. Secured Notes 'B2' LITEWATER SCIENTIFIC: Taps Sonoran Capital as Financial Advisor LOCKTON INC: S&P Assigns 'BB' Rating to $600MM 1st-Lien Term Loan LUMEN TECHNOLOGIES: Moody's Rates New Secured 1st Lien Revolver B3 MADISON BROTHERS: Catherine Stone Curtis Named Subchapter V Trustee MAE'S INVESTMENT: U.S. Trustee Unable to Appoint Committee MATTHEW W. CERNIGLIA: Case Summary & Eight Unsecured Creditors MAYFLOWER CHOICE: Seeks to Use Cash Collateral MAZAIA HB: Court OKs Deal on Cash Collateral Access MIRROR LAKE: U.S. Trustee Unable to Appoint Committee MOUNT SAINT MARY'S: S&P Rates 2026 Rev Bonds 'BB+', Outlook Stable MTI BUILDERS: Commences Chapter 7 Bankruptcy in California MUTINY BBQ: Hires I. Mark Cohen Law Group as Bankruptcy Counsel NEW FORTRESS: Ernst & Young Raises Going Concern Doubt NEW YORK TAILORS: Hires McNamee Hosea PA as Bankruptcy Counsel NOISE ENTERTAINMENT: Taps Limbocker Law Firm as Bankruptcy Counsel OCEAN BLVD: Receiver Excused From Turnover Compliance ODYSSEY MARINE: Two Seas Capital Holds 9.99% Equity Stake OLD REDFORD ACADEMY: S&P Places 'B+' Rev. Bond Rating on Watch Neg ONYX PORFOLIO: Court OKs Missouri Property Sale to Ashley Warren ORIGINCLEAR INC: Net Loss Narrows to $13.56MM in FY2025 PALM GREENS: Court OKs Appointment of Chapter 11 Trustee PALM GREENS: Seeks to Hire Edelboim Lieberman PLLC as Counsel PARTNERSHIPS TO UPLIFT: S&P Affirms 'BB' Rating on 2023 Rev. Bond PAVMED INC: CMO Dr. Victoria Tou-ho Lee Discloses 1,666 Shares PAVMED INC: Scopia, Matthew Sirovich Disclose Stake PERFECT CHOICE: Case Summary & 16 Unsecured Creditors PERFECT CHOICE: Gets Interim OK to Use Cash Collateral Until July 2 PITTS FUNERAL: Trustee Taps Accessible Agency as Accountant PITTS FUNERAL: Trustee Taps Passport Realty as Real Estate Broker PMK CAPITAL: U.S. Trustee Unable to Appoint Committee POSH QUARTERS: Hires Bleakley Bavol Denman & Grace as Counsel PPF GIN: Court Extends Cash Collateral Access to May 12 PRETIUM PKG: Moody's Gives Caa1 CFR Following Bankruptcy Emergence PRINCE GLOBAL: Chapter 15 Case Summary PROFRAC HOLDING: Grants 2026 Performance-Based PSU Awards to Execs PURE SCIENCE: Seeks Cash Collateral Access RED RIVER: SC Won't Hear 3rd Circuit J&J Class Certification Appeal RENPRO LLC: U.S. Trustee Unable to Appoint Committee RESTORATION DOCTOR: Seeks to Extend Plan Exclusivity to Aug. 19 RTNY REALTY: Seeks Chapter 7 Bankruptcy in New York RXN TRANSPORTS: Commences Chapter 7 Bankruptcy in California SAN AGUSTIN: Chapter 15 Case Summary SANFORD CONTROLS: Unsecureds Will Get 25% of Claims over 3 Years SOUTH TEXAS MILITARY: S&P Places 'B+' Rev Bond Rating on Watch Neg SPIRIT AIRLINES: Floats Govt. Stake to Avoid Possible Liquidation STOKES & STOKES: Hires Edward Diehl of Remax Access as Realtor STOUT HEARTED: Hires Benjamin Legal Services as Bankruptcy Counsel SWING ZONE: Chris Quinn Named Subchapter V Trustee TECH READY MIX: Committee Taps Roetzel & Andress as Lead Counsel THERAPY BRANDS: S&P Downgrades ICR to 'CCC-' on Ongoing Cash Burn TONOPAH SOLAR: CMB Creditors Seek Chapter 11 Trustee Appointment TORRID LLC: Moody's Cuts CFR to 'Caa2', Outlook Stable TRANSGLOBAL MANAGEMENT: Fiscal Q3 Net Loss Widens to $1.69 Million TRILLION ENERGY: Eliminates $20MM in Debt Through Subsidiary Sale TRINSEO PLC: Extends Securitization Waiver, Secures $50M Facility TRJ WM LLC: Christy Brandon Named Subchapter V Trustee VALVES AND CONTROLS: Plan Exclusivity Period Extended to June 22 VANGUARD SURGICAL: Seeks Chapter 11 Bankruptcy in Kentucky WEABER INC: Unsecured Claims Over $5K Have 2 Options in Plan WELLENS BIZ: Richard Furtek Named Subchapter V Trustee WGM PARTNERS: Hires Douglas Jacobson LLC as Bankruptcy Counsel WOMACK ENTERPRISES: Seeks Chapter 7 Bankruptcy in New York ZOOMINFO TECHNOLOGIES: Moody's Affirms 'Ba3' CFR, Outlook Stable [] Subchapter V Filings Rose 67% in 1st Quarter of 2026 ********* 1778 PITKIN: Commences Chapter 7 Bankruptcy in New York ------------------------------------------------------- On April 16, 2026, 1778 Pitkin Ave LLC filed for Chapter 7 protection in the Eastern District of New York Bankruptcy Court. According to court filing, the Debtor reports between $1MM and $10MM in debt owed to between 1 and 49 creditors. Case No. #26-41835 was assigned as a voluntary filing. About 1778 Pitkin Ave LLC 1778 Pitkin Ave LLC is a real estate holding entity associated with property ownership and management activities. 1778 Pitkin Ave LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41835) on April 16, 2026. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities in the range of $1MM to $10MM. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 437 88 LLC: Hires LaMonica Herbst & Maniscalco as Special Counsel ----------------------------------------------------------------- 437 88, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ LaMonica Herbst & Maniscalco, LLP as its special counsel. The firm will represent the Debtor as special counsel in this case to pursue the Debtor's intended objections to the claims of BD 43788 LLC and Exotic Design & Wire LLC and any litigation related thereto. The firm's professionals will be paid at these hourly rates: Senior Partners $725 Associates $575 Paraprofessionals $225 The firm received an advance retainer in the amount of $15,000. Gary F. Herbst, Esq., a member of LaMonica Herbst & Maniscalco, LLP, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Gary F. Herbst, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Tel: (516) 826-6500 x223 Email: gfh@lhmlawfirm.com About 437 88 LLC 437 88, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40269) on January 17, 2025, listing under $1 million in both asset and liabilities. Judge Elizabeth S. Stong oversees the case. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP serves as the Debtor's counsel. 72 S. THOMAS: Seeks to Sell Real Estate Business to Highest Bid --------------------------------------------------------------- 72 S. Thomas Place, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor has incurred and continues to incur significant losses and is unable to generate sufficient positive cash flow to sustain its ongoing operations. In light of these circumstances, the Debtor is unable to refinance its outstanding secured debt and has determined that its only viable option is to sell its assets as a going concern pursuant to section 363 of the Bankruptcy Code. Founded in 2016, the Debtor is a real estate holding Company. Debtor is located in Tallmadge, Ohio. The Debtor operates an apartment complex and currently employs approximately one individual. For the period ending December 30, 2025, the Debtor had on an unaudited basis, combined revenue approximately $120,000.00. As of the Petition Date, the Debtor was obligated on secured debt in an amount of approximately $1,200,000.00. The Debtor's current unsecured debt is approximately $178,000.00. The Debtor has been in the process of attempting to restructure and refinance its operations to restore the business to profitability for the past 12 months. The measures taken by the Debtor to address its financial and operational problems have not been sufficient to restore the company to profitability. The Debtor continues to incur significant losses and is unable to generate sufficient positive cash flow to sustain its ongoing operations. The Debtor believes that such a sale is in the best interests of the estate and all affected constituents, including tax secured creditors, unsecured creditors, and the Debtor. Absent a prompt sale of its assets as a going concern, the Debtor will be forced to cease operations and liquidate its assets. The Debtor believes that a sale of its assets as a going concern is in the best interests of its estate. Pursuant to this Motion, authority is sought for the sale of substantially all of the assets of Debtor to the Proposed Purchaser, subject to the receipt of higher or better offers. The Debtor and proposed buyer, Medici NY RE, LLC, signed an Asset Purchase Agreement, subject to higher and better offer. In consideration for the transfer of the Assets to the Proposed Purchaser, the Proposed Purchaser will pay to the Debtor approximately $900,000.00. The agreement provides that the sale is subject to Bankruptcy Court approval and may be terminated if a higher or better offer is received pursuant to the Sale Procedures. A Qualified Bidder who desires to make a bid shall deliver a written copy of its bid to Debtor’s counsel, Glenn E. Forbes. Esq., 166 Main Street, Painesville, OH 44077 – (440) 357-6211 (tel), (440) 357-1634 (fax) not later than 12:00 p.m. (prevailing Eastern time) on the day that is three Business Days prior to the Auction. If one or more Qualified Bids (other than that of the Proposed Purchaser) are received, the Debtor shall conduct an auction with respect to the Transferred Assets. If a Successful Bidder fails to consummate an approved sale because of a breach or failure to perform on the part of such Successful Bidder, the Debtor shall be entitled to retain the Good Faith Deposit as part of its damages resulting from the breach or failure to perform by the Successful Bidder. Any creditors or parties in interest objecting to the Sale of the Transferred Assets or the Sale Order shall file their objection and serve it on counsel to Debtor, the Prospective Purchaser, any Official Committee of Unsecured Creditors and to other parties entitled to notice on the fifth business day before the Sale Hearing. About 72 S Thomas Place, LLC 72 S Thomas Place, LLC is a limited liability company. 72 S Thomas Place, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50069) on January 16, 2026. In its petition, the debtor reports estimated assets of $100,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Alan M. Koschik handles the case. The debtor is represented by Glenn E. Forbes, Esq., of Forbes Law LLC. 967 JNC LLC: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for 967 JNC, LLC. Mr. Budgen 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. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About 967 JNC LLC 967 JNC LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-02219) on March 30, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $500,001 to $1 million. Latham, Luna, Eden & Beaudine, LLP is Debtor's legal counsel. A2K FASHION: Seeks Approval to Hire GFS CPAs as Accountant ---------------------------------------------------------- A2K Fashion Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Frank Gutta, CPA of GFS CPAs as accountant. The accountant shall provide these services: a. monthly bookkeeping services; b. preparation and maintenance of general ledger; c. bank and credit card reconciliations; d. payroll processing; e. preparation, processing and payment of federal payroll taxes and state payroll taxes; f. preparation and filing of monthly sales tax returns and related payments; g. preparation of standard monthly financial statements; and h. ongoing accounting support for business continuity. The accountant will receive a fixed monthly service fee of $514.10. Mr. Gutta assured the court that he and his firm are "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Frank Gutta, CPA GFS CPAs 1920 N Commerce Pkwy, Suite 1920-3 Weston, FL 33326 Tel: (954) 482-9681 WhatsApp: (754) 261-3495 E-mail: vip@gfscpas.com About A2K Fashion Corp. Based in Miami, Florida, A2K Fashion Corp., doing business as Dress Hall Miami, is a retailer and wholesaler of contemporary women's clothing, offering a range of dresses, tops, bottoms, outerwear, jumpsuits, and sets, including a plus-size selection, through its online platform and wholesale channels, serving fashion-conscious customers and boutique clients since 2013. A2K Fashion Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12400) on February 26, 2026. In the petition signed by Tae Hwan Kim, chief financial officer (CFO), the Debtor disclosed $68,190 of total assets and $1,953,338 of total liabilities. Judge Laurel M. Isicoff oversees the case. Chad Van Horn, Esq., at Van Horn Law Group, PA serves as the Debtor's counsel. AGA REAL ESTATE: Gets Interim OK to Use Cash Collateral Until May 8 ------------------------------------------------------------------- AGA Real Estate Security, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral from April 20 to May 8 in accordance with the budget. The interim period may be extended by further order of the court. The Debtor relies entirely on collecting rent, which has historically been managed informally by an affiliated entity, AGA Group, under common ownership. Prior to bankruptcy, rental income was collected and used by the affiliate to pay operating expenses but the Debtor has now established a debtor-in-possession bank account to centralize and control post-petition revenues. The Debtor filed bankruptcy primarily to halt imminent foreclosure and tax sale actions scheduled against its properties after it fell behind on mortgage payments in mid-2025. Financial distress arose from challenges in executing its business plan, including failed financing for property rehabilitation and difficulty securing conventional funding. Complicating matters, secured lender BRBRSHY, Inc., through its agent Mallory Realty, had begun collecting rents directly from tenants prior to the bankruptcy filing, diverting over $100,000 in income. The Debtor has demanded cessation of these collections and reserved its rights to recover pre- and post-petition transfers through bankruptcy remedies. AGA's capital structure includes significant secured debt. Dominion holds first-priority mortgage liens on 63 properties with approximately $5.5 million owed, secured by both the properties and rental income. BRBRSHY holds liens on the remaining 115 properties with a debt of roughly $8.7 million, also potentially secured by rents. Additional creditors may assert claims on personal property, though their status as creditors of the Debtor is uncertain. Because rental income constitutes cash collateral subject to these lenders' liens, the Debtor cannot use it without consent or court authorization. As protection, lenders -- Dominion, BRBRSHY and CAFL 2026-R1 Issuer, LLC -- and any other secured creditor with valid liens on the cash collateral will be granted valid and properly perfected liens on all property acquired by the Debtor after its bankruptcy that is similar to their pre-petition collateral. The order is available at https://is.gd/DzKcFb from PacerMonitor.com. A court hearing is set for May 6. About Aga Real Estate Security, LLC Aga Real Estate Security, LLC is a real estate-focused entity engaged in property investment, asset management, and related financial services. Aga Real Estate Security, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10552) on April 5, 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 Paul Baisier handles the case. The Debtor is represented by Brad Fallon, Esq. of Fallon Law PC. ALLSTAR PROPERTIES: To Sell Georgia Properties to 1752 Black Buff ----------------------------------------------------------------- Allstar Properties, LLC (ASP) and its affiliate, ACH Rental Properties, LLC (ACH), seek permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. ASP is a Georgia limited liability company. ASP is a real estate holding company that owns and/or manages several large pieces of real property throughout the northwest corner of the State of Georgia, in Floyd, Haralson and Polk Counties. The Investment Properties do not generate revenue unless and until they are sold, other than occasional timber and tangential sales. ACH is a Georgia limited liability company. ACH owns certain residential properties that it rents to individual tenants throughout the northwest corner of the State of Georgia, in Floyd, Haralson and/or Polk Counties. Where applicable, ACH collects rent on the Residential Properties. The Debtors retain CBRE Inc. as exclusive marketer of the residential properties. The lienholders of the Property are Bank of America, State Mutual Insurance Co., and AgSouth Farm Credit. On April 15, 2026, the Debtors, CBRE, and 1752 Black Buff LLC, or its assignee as the purchaser, entered into the Real Estate Purchase Agreement wherein the Buyer to purchase Runnin' Wild Property, but excluding 36 acres of Floyd J19 001 (Excluded Property), for $4,250,000.00. The Purchase Price was the result of a months-long marketing campaign by CBRE. CBRE, ASP and ACH assert that the Purchase Price is the fair market value of the Runnin' Wild Property, less the Excluded Property. ASP and CBRE believe that significant value remains in the Excluded Property and will be sale-able on its own. The Purchase Price will be allocated among the parcels and secured creditors as follows: BOA Properties - $3,543,423 State Mutual Properties - $277,885 AgSouth Properties - $378,790 Unencumbered Properties - $49,902 Pursuant to the Sale Agreement, and as set forth in the Application and subsequent order, CBRE is to receive a 5% commission on the gross sale amount of the Runnin' Wild Property, to be paid at closing. The Debtors believe that the Purchase Price constitutes fair market value for the Runnin' Wild Property, less the Excluded Property, and will maximize value to their estates. Debtors submit that the sale to Buyer, which is an arms-length transaction between unrelated parties, is reasonable and appropriate, and designed to ensure fairness. About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. AMERICAN STRUCTURAL: Seeks Interim Cash Collateral Access --------------------------------------------------------- American Structural Systems, Inc. asks the U.S. Bankruptcy Court for the District of Kansas for authority to use cash collateral and provide adequate protection. As of the petition date, the Debtor's assets are valued at $50,762, with about $16,762 considered cash collateral while its debts significantly exceed that amount, including $73,636 owed to the Internal Revenue Service and $56,849 owed to Orange Funding, LLC. The IRS holds a senior lien on all assets while Orange Funding's interest is junior. To continue operating, the Debtor proposes to use cash collateral in accordance with a detailed budget to cover payroll and essential expenses, asserting that such use is critical to maintaining business operations and maximizing creditor recovery. As adequate protection, the Debtor proposes monthly interest-only payments to the IRS and the granting of replacement liens on post-petition assets to both the IRS and Orange Funding, though no payments are proposed for Orange Funding due to the IRS's superior claim exceeding available collateral. The Debtor, which manufactures specialized aircraft parts for the U.S. Department of Defense, filed for bankruptcy on April 13 due to severe financial strain caused by operational disruptions, delayed contract payments, tax delinquencies, and personal setbacks, including the illness and death of one of its principal owners. A key issue arose when a government inspection halt delayed payments for completed work, forcing the company to continue operating without revenue, which led to mounting debts, including tax liabilities and loans from Orange Funding. The IRS eventually levied payments owed to the company, further worsening its liquidity crisis. A copy of the motion is available at https://urlcurt.com/u?l=Xw5TTV from PacerMonitor.com. About American Structural Systems Inc. American Structural Systems, Inc. manufactures specialized aircraft parts for the U.S. Department of Defense. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-10371) on April 13, 2026. In the petition signed by Mark A. Hunter, president, the Debtor disclosed up to $50,000 in assets and up to $100,000 in liabilities. Judge Mitchell L. Herren oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the Debtor as legal counsel. APEX PAVERS: Taps Kelley Kaplan & Eller PLLC as General Counsel --------------------------------------------------------------- Apex Pavers, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Kelley Kaplan & Eller, PLLC as general counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these hourly rates: Attorneys $650 Paralegals $155 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $37,500, which includes the filing fee of $1,738 from the Debtor. In addition to the retainer, the Debtor has agreed to pay the sum of $5,000 per month during the pendency of the case as a post-petition retainer toward future fees. Craig Kelley, Esq., an attorney at Kelley Kaplan & Eller, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Apex Pavers, Inc Apex Pavers, Inc is a Stuart, Florida-based company that installs and renovates pools and designs and installs paver driveways, patios and walkways. The company maintains a showroom and uses an in-house team for design, construction and project execution, serving residential and commercial clients across South Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13373) on March 19, 2026. In the petition signed by Ryan Paul Figman, president, the Debtor disclosed $5,182,607 in total assets and $4,665,033 in total liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, Esq., at KELLEY KAPLAN DELANEY & ELLER, PLLC, represents the Debtor as legal counsel. API HOLDINGS: S&P Downgrades ICR to 'CCC' on Liquidity Stress ------------------------------------------------------------- S&P Global Ratings has lowered its issuer-credit rating on API Holdings III Corp. to 'CCC' from 'CCC+', with a negative outlook. At the same time, S&P lowered its issue-level rating on the company's senior secured debt to 'B-' from 'B' with a recovery rating of '1' (rounded estimate: 95%), and on its subordinated debt to 'CCC' from 'CCC+' with a recovery rating of '4' (rounded estimate 35%). The negative outlook reflects S&P's view that there is greater potential for the company to be unable to meet its debt commitments and to engage in a selective default. API Holdings III Corp.'s near-term debt maturities may pressure its liquidity. Absent lenders agreeing to refinance existing debt facilities or support from the company's sponsor, S&P Global Ratings expects liquidity to remain stressed, increasing the risk of payment default or a distressed exchange within the next 12 months. As API's debt becomes current, risk of inability to refinance increases. S&P views API as vulnerable to a liquidity crunch, primarily due to near-term debt maturities. The company's tranche B-1 term loan ($24.9 million outstanding) became current in March and we expect tranche B-2 ($332.6 million outstanding) to become current in May. At such time, S&P expects near term cash needs to exceed cash sources, stressing the company's operating cash position. The company reported positive free operating cash flow (FOCF) in 2025, largely due to making use of the payment-in-kind (PIK) feature of a portion of its debt. S&P estimates PIK interest at $40 million-$50 million through year-end 2025, further increasing the overall debt burden. On a trailing-12-month basis, cash from operations ranged between $5 million and $20 million, which would be insufficient to service interest obligations on a fully cash-pay basis. Management has indicated they are engaged with their lending group to address its capital structure. S&P said, "We expect continued strength in end-market demand to support steady top-line growth. The favorable defense spending environment remains supportive of API's content. Defense platforms have broadened their capabilities that compliment the company's portfolio of highly engineered radio frequency (RF), microwave, and electromagnetic spectrum management components and subsystems. API has a growing order backlog across both its components and systems segments, with order intake continuing to trend positively on a year-over-year basis. This growth has persisted despite a smaller footprint and lower headcount. The company has been successful in implementing pricing actions that have been put in place to mitigate inflationary pressures, which, in our view, underscores the strength and durability of demand and the company's place in the market. In addition, recent product launches have gained meaningful traction with customers, while improving supply chain conditions are facilitating improvement in production volumes and execution. These factors are increasingly translating into measurable revenue growth. "In 2026 and 2027, we expect revenue to reach approximately $264 million in 2026, representing growth of about 11%, followed by a further 6% growth in 2027. This outlook is supported by continued demand recovery across both domestic and international markets. "We expect operational improvements to flow through to margins. The company's efforts to improve operational performance encompassing reduction in headcount, the consolidation of facilities, and the implementation of a formalized pricing policy has been materially accretive to profitability. S&P Global Ratings-adjusted EBITDA margins improved sequentially through each of the four quarters ended Sept. 30, 2025, reaching approximately 15.5% on a trailing twelve month basis, compared with 5.4% in the prior-year period. On the basis of this improvement, we now expect full-year 2025 and 2026 S&P adjusted EBITDA margin to measure upward to the mid-15% range (from mid-13% previously), reflecting the company's continued focus on cost optimization. "However, such improvement is being partly offset by the accumulation of PIK interest, which accrued at approximately $40 million-$50 million through year-end 2025 and is being added to the outstanding debt balance rather than paid in cash. As a result, S&P Global Ratings'-adjusted debt has risen from $370 million at year-end 2024 to approximately $391 million in 2025, and we expect it to reach $413 million by year-end 2026. This pace of debt accumulation has outrun EBITDA improvement and leaves leverage at approximately 9.6x on an adjusted basis through 2025 and 2026. "We forecast funds from operations (FFO) to debt of approximately 8.9% and FOCF to debt of approximately 8.4% in 2025 and 2026, improved from our prior estimates but reflecting a financial risk profile that remains highly leveraged. "The negative outlook reflects our view that liquidity has become constrained and that the company's upcoming debt maturities, coupled with its elevated leverage and constrained cash flow may lead to a payment default or distressed debt restructuring within the next 12 months. "We could take a negative rating action on API if we observe an increased risk of default in the next 12 months. This would most likely occur if API pursued a debt restructuring that we view as distressed or faced a liquidity shortfall. "We could revise the outlook to stable if we become more confident that the company will be able to refinance its capital structure at like terms. This could occur through free operating cash flow increasing meaningfully, or if the private equity sponsor injects capital into the company." APPLE TREE: Rigmora Loses Bid to Dismiss Bankruptcy Case -------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware denied the motion of Rigmora Biotech Investor One LP and Rigmora Biotech Investor Two LP to dismiss the bankruptcy cases of ATP Life Science Ventures L.P. and ATP III GP, Ltd. Apple Tree Life Sciences Venture, L.P. is a venture capital fund formed as a Cayman Islands exempted limited partnership. Since 2012, its mission has been to invest in pharmaceutical and medically-related start-up companies. It has investments in 15 portfolio companies whose research spans from developing treatments for tumors and cancers to obesity. Unless extended, the Fund's term expires on February 6, 2029. Apple Tree has obtained $2.525 billion in committed funding. Approximately $25 million of the amount remains subject to future capital calls. Between December 9, 2025 and January 15, 2026, ATP III GP, Ltd (the "General Partner"), which is charged with managing the Fund, filed voluntary chapter 11 petitions for itself, the Fund and seven of its portfolio companies. Since that time, certain limited partners -- Rigmora LPs -- akin to "silent investors," have objected to nearly all requests for relief. They have also filed the motions to dismiss and for relief from stay, to which Debtors have objected. Put in its most charitable light, the motions and associated objections reflect a difference of opinion on how to maximize the value of a "closed-end" venture capital fund nearing the end of its contractual and monetary lifespan. The General Partner believes the portfolio companies have promise such that continued funding over the next few years both brings value to the Fund and continues to promote the Fund's mission. The Rigmora LPs disagree, believing that their investment in the Fund is best served by more selective funding, particularly of the Debtor portfolio companies, which are in the pre-clinical stage. The Rigmora LPs also contend that bankruptcy is not an option, the Fund has no problem to solve through bankruptcy and the Fund should be wound up in the Cayman Islands courts. Judge Silverstein holds, "Having read the filings of the parties, received expert testimony on both venture capital funds generally and Cayman law and heard testimony from Debtors' representatives, the Rigmora LPs and certain of the Debtor portfolio companies, I am denying the motion to dismiss. I conclude that the Fund is eligible to be a debtor and that the Fund and the General Partner filed their cases in good faith." "But, I am granting limited relief from the stay to permit the partners to proceed with certain aspects of the winding up proceedings pending in in the Grand Court of the Cayman Islands. The winding up petition was filed by the Rigmora LPs on June 6, 2025 only one week after the General Partner sought relief in the Court of Chancery seeking, among other things, to enforce capital calls. While there was some jockeying among the partners for advantages in each court, ultimately, the Grand Court deferred trial on the winding up petition in order to provide the Court of Chancery the opportunity to rule on the matters before it. For its part, on December 5, 2025, the Court of Chancery ruled on matters it determined were ripe, reserved where they were not and deferred to the Grand Court on issues central to the winding up petition." "Under the unique circumstances of these cases, I will also defer to the Grand Court on two issues it is best positioned to resolve and grant limited relief from stay to permit the partners to proceed on the winding up petition so that the Grand Court can determine: (i) whether the Rigmora LPs can prove that they have justifiably and irretrievably lost all trust and confidence in the General Partner's ability to manage the Fund and (ii) whether the Fund has lost its substratum. "The Rigmora LPs may also seek to have Joint Official Liquidators appointed to act in the stead of the General Partner if they are successful on one of the two grounds above. But the automatic stay is otherwise in place. The Rigmora LPs may not seek other relief from the Grand Court, including to transfer (or deem transferred) the rights or property of the Fund to the Joint Official Liquidators or to permit the Joint Official Liquidators to wind up the Partnership in the Grand Court. Further, this Court will not recognize a monetary judgment against the General Partner or the Fund. To be clear, while Debtors remain in bankruptcy the automatic stay is in force and will continue to apply to the Rigmora LPs and to any Joint Official Liquidators that may be appointed." A copy of the Court's Memorandum Opinion dated April 14, 2026, is available at https://urlcurt.com/u?l=BaeZ80 from PacerMonitor.com. 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. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors' General Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP. The Debtors' General Bankruptcy Co-Counsel is L. Katherine Good, Esq., of POTTER ANDERSON & CORROON LLP. The Debtors' Financial & Restructuring Advisor is B. RILEY. The Debtors' Cayman Law Counsel is WALKERS. ARTIFICIAL INTELLIGENCE: Sees 26% Revenue Growth to $7.75MM in FY26 ------------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc., provided preliminary, unaudited financial results for its fiscal year ended February 28, 2026, reflecting continued revenue growth, expanding gross profit, and improving operating performance. * Revenue for the fiscal year increased by $1.61 million, or 26%, to $7.75 million, reflecting continued customer adoption and expanding recurring revenue programs. * Gross profit rose by $1.79 million, or 48%, to $5.53 million, significantly outpacing revenue growth and highlighting improved unit economics and cost discipline. * Total cost of goods sold declined year over year despite higher revenue, contributing to gross margin expansion, with gross margin improving to approximately 71% compared to approximately 61% in the prior year. Whereas revenue and gross margin grew, operating expenses remained essentially flat at $17.5 million, as increased investment in research and development was offset by reductions in general and administrative costs, resulting in an approximately $2.0 million improvement in loss from operations. "Certainly, heading into last fiscal year, we expected stronger revenue growth. That said we were able to navigate a particularly turbulent economy while maintaining overall improvements in various financial metrics and keep R&D fully funded. It was an important year in all aspects including how we're positioned for the current fiscal year," said Steve Reinharz, CEO/CTO and founder of AITX and all RAD subsidiaries. "I continue to see our future strongly rooted in delivery of services connected to SARA and steadily increasing ROAMEO deployments. Our stationary business, which includes fixed-position devices such as RIO, ROSA and AVA, is continuously growing, and we feel it is steady. We are focused on having the stationary business lead the Company toward positive operational cash flow as we continue to scale. We are not where we want to be yet, but the progress is real, and we remain focused on building a scalable, disciplined business." The Company remains focused on driving long-term recurring revenue, advancing its SARA™ platform across its device portfolio, and continuing to improve operating efficiency as it scales. Subsequent to year end, the Company announced a hardware pricing adjustment of approximately 14%, reflecting both cost normalization and enhanced capabilities across its solutions. Explore AITX's complete lineup of AI-powered solutions at www.aitx.ai/company-profile and learn how the Company is transforming security and facility management. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. As of November 30, 2025, the Company had $9.63 million in total assets, $58.33 million in total liabilities, and a total stockholders' deficit of $49.58 million. ASN TRANSPORTATION: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------ On April 13, 2026, ASN Transportation Inc. filed for Chapter 7 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 1 to 49 creditors. About ASN Transportation Inc. ASN Transportation Inc. is a transportation services provider specializing in freight logistics and cargo delivery. The company facilitates the movement of goods for businesses by offering trucking and distribution services across designated service areas. ASN Transportation Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40758) on April 13, 2026. In its petition, the debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Charles Novack handles the case. The debtor is represented by David C. Johnston, Esq. of Law Offices of David C. Johnston. ASPIRING SOLUTIONS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, San Jose Division, granted Aspiring Solutions, LLC interim authority to use cash collateral through May 31. Under the court order, the Debtor is permitted to use the cash collateral of its secured creditor, Zions Bancorporation, N.A. (California Bank & Trust), in accordance with an approved budget. This collateral includes proceeds from inventory and other assets subject to the lender’s blanket lien, allowing the Debtor to continue business operations during the interim period. As adequate protection, the Debtor must make payments to Zions, including two missed monthly payments of $1,437 each (for March and April) and continue making regular monthly payments thereafter. Additionally, Zions will be granted a continuing post-petition lien on the Debtor's assets, maintaining the same validity, priority, and extent as its pre-petition lien. The order also allows the Debtor and Zions to enter into a separate agreement for continued use of cash collateral without requiring further court approval. About Aspiring Solutions LLC Aspiring Solutions, LLC operates under the brand name GillyGro, a founder-led U.S.-based startup lifestyle brand focused on multifunctional travel and parenting products designed to support organized mobility. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-50328) on March 2, 2026, listing between $100,001 and $500,000 in both assets and liabilities. Judge Dennis Montali oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. AURORA FUEL: Case Summary & Five Unsecured Creditors ---------------------------------------------------- Debtor: Aurora Fuel Company, Inc. 92-94 Pond Street West Warwick, RI 02893 Business Description: Aurora Fuel Co. is a West Warwick, Rhode Island-based heating oil and HVAC services company that was started in 2007. It provides heating oil delivery, boiler and furnace servicing, installation and repair, as well as commercial heating fuel delivery and A/C system installation and repair. Chapter 11 Petition Date: April 7, 2026 Court: United States Bankruptcy Court District of Rhode Island Case No.: 26-10315 Judge: Hon. John A Dorsey Jr. Debtor's Counsel: Thomas P. Quinn, Esq. MCLAUGHLINQUINN LLC 148 West River Street, Suite 1E Providence, RI 02904 Tel: 401-421-5115 Fax: 401-421-5141 Email: tquinn@mclaughlinquinn.com Total Assets: $83,214 Total Liabilities: $1,019,574 The petition was signed by Wayne A. Johnson as president. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XVBKVGQ/Aurora_Fuel_Company_Inc__ribke-26-10315__0001.0.pdf?mcid=tGE4TAMA AXIP ENERGY: Committee Taps Berkeley Research as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors of Axip Energy Services, LP and affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Berkeley Research Group, LLC as its financial advisor. The firm will provide these services: a) develop strategies to maximize recoveries from the Debtors' assets and advise and assist the Committee with such strategies, including development of recovery models for use by the unsecured creditors; b) monitor liquidity and cash flows throughout the Cases and scrutinize cash disbursements and capital requirements, including, but not limited to, critical vendor payments, employee severance payments, and other payments permitted pursuant to first day motions; c) develop and issue periodic monitoring reports to enable the Committee to effectively evaluate the Debtors' performance relative to projections and any relevant operational issues, including liquidity, any 363-sale processes, any sales of equity or debt securities / capital raise and subsequent wind-down activities on an ongoing basis; d) advise and assist the Committee in its analysis and monitoring of the historical, current and projected financial affairs of the Debtors, including schedules of assets and liabilities, statement of financial affairs, and monthly operating reports; e) advise and assist the Committee with respect to any debtor-in-possession financing arrangements and/or use of cash collateral including evaluation of asserted liens thereon; f) analyze both historical and ongoing intercompany and/or related party transactions and/or material unusual transactions of the Debtors and non-debtor affiliates; g) advise and assist the Committee in its assessment of the Debtors' employee needs and related costs, including any recent (including prepetition) employee bonuses or retention payments and any proposed employee bonuses such as any proposed Key Employee Incentive Plan or Key Employee Retention Plan for the Debtors' insiders and employees, and providing expert testimony related thereto; h) evaluate the Debtors' and non-debtors' business plan/operational restructuring, including the impact of industry trends, customer programs, and their impact to actual and forecasted financial results as well as monitoring the implementation of related strategic initiatives; i) prepare valuations of the Debtors' assets, including the value of equity of any consolidated and/or publicly traded subsidiary; j) Identify and develop strategies related to the Debtors' intellectual property; k) advise and assist the Committee in reviewing and evaluating any court motions (including any assumption or rejection motions or objections thereto), applications, or other forms of relief filed or to be filed by the Debtors, or any other parties-in-interest; l) advise and assist the Committee and Counsel in their review of any potential prepetition liens of secured parties; m) advise the Committee with respect to any potential preference payments, fraudulent conveyances, and other potential causes of action that the Debtors' estates may hold against insiders and/or third parties and assist with any investigations related to such matters as required; n) identify and assess the value of unencumbered assets; o) analyze and monitor any sale processes and transactions and assess the reasonableness of the process and the consideration received; p) assist with the development and review of a cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; q) monitor the Debtors' claims management process, including analyzing guarantees and claims by entity, including preparing related summaries; r) review and provide analysis of any bankruptcy plan and disclosure statement relating to the Debtors including, if applicable, the development and analysis of any bankruptcy plans proposed by the Committee to assess their achievability; s) attend Committee meetings, court hearings, and auctions as may be required; t) work with the Debtors' tax advisors to ensure that any restructuring or sale transaction is structured to minimize tax liabilities to the estate as well as assist with the review of any tax issues associated with, for example, claims/stock trading, preservation of net operating losses, and refunds from any plan of reorganization and/or asset sales; u) work with the Debtors' bankruptcy professionals on matters outlined above, as necessary; and v) provide other services as may be requested from time to time by the Committee and its counsel, consistent with the role of a financial advisor including rendering expert testimony, issuing expert reports and/or preparing for litigation, valuation and/or forensic analyses that have not yet been identified but as may be requested from time to time by the Committee and its Counsel. The firm's current standard hourly rates are: Managing Directors $1,180 to $1,450 Associate Directors & Directors $950 to $1,150 Professional Staff $475 to $925 Support Staff $195 to $415 As disclosed in the court filings, Berkeley Research Group is a "disinterested person" as that term is defined in Bankruptcy Code section 101(14). The firm can be reached through: David E. Galfus Ron Zaidman Francesco Ciulla Berkeley Research Group, LLC 250 Pehle Avenue, Suite 301 Saddle Brook, NJ 07663 Tel: (201) 587-7100 About Axip Energy Services, LP Axip Energy Services, LP is a provider of natural gas contract compression services. Axip Energy Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90338) on February 22, 2026. In the petition signed by Ben Chesters, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Paul E. Heath, Esq., at Vinson & Elkins LLP represents the Debtor as counsel. Epiq Corporate Restructuring, LLC is the Debtors' claims, noticing, and solicitation agent. AXIP ENERGY: Committee Taps Pachulski Stang Ziehl as Counsel ------------------------------------------------------------ The official committee of unsecured creditors of Axip Energy Services, LP and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Pachulski Stang Ziehl & Jones LLP as its counsel. The firm will render these services: a. advise the Committee with respect to its rights, duties, and powers in these Chapter 11 Cases; b. assist and advise the Committee in its consultations with the Debtors relative to the administration of these Chapter 11 Cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims; d. assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' businesses; e. assist the Committee in its investigation of, inter alia, the liens and claims of the Debtors' lenders and the prosecution of any claims or causes of action revealed by such investigation; f. assist the Committee in its analysis of, and negotiations with, the Debtors or any third-party concerning matters related to, among other things, the assumption or rejection of leases of nonresidential real property and executory contracts, asset dispositions, financing or other transactions, and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; g. assist and advise the Committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 Cases; h. represent the Committee at hearings and other proceedings; i. review and analyze applications, orders, statements of operations, and schedules filed with the Court and advise the Committee as to their propriety; j. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; k. prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any of the foregoing; and l. perform such other legal services as may be required or requested or as may otherwise be deemed in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules or other applicable law. The firm's current rates are: Partners/Counsel $1,150 to $2,695 per hour Of Counsel $1,175 to $2,050 per hour Associates $725 to $1,350 per hour Paralegals $625 to $695 per hour The firm will seek reimbursement of out-of-pocket expenses. The firm provides the following responses to the questions set forth in Part D of the Appendix B Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under United States Code by Attorneys in Larger Chapter 11 Cases (the "Revised UST Guidelines"): Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and reasons for the difference. Response: PSZ&J did not represent the client in the 12 month period prepetition. Question: Has your client approved your respective budget and staffing plan, and, if so, for what budget period? Response: The firm anticipates that the Committee's professional fees will be initially governed by the Debtor in Possession Financing order and budget approved in these cases. Bradford Sandler, Esq., a partner at Pachulski Stang Ziehl & Jones LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bradford J. Sandler, Esq. Robert J. Feinstein, Esq. Pachulski Stang Ziehl & Jones LLP 1700 Broadway, 36th Floor New York, NY 10019 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: bsandler@pszjlaw.com rfeinstein@pszjlaw.com About Axip Energy Services, LP Axip Energy Services, LP is a provider of natural gas contract compression services. Axip Energy Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90338) on February 22, 2026. In the petition signed by Ben Chesters, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Paul E. Heath, Esq., at Vinson & Elkins LLP represents the Debtor as counsel. Epiq Corporate Restructuring, LLC is the Debtors' claims, noticing, and solicitation agent. BIOMERICA INC: Reports Fiscal Q3 Net Loss of $1.31 Million ---------------------------------------------------------- Biomerica Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $1,312,000 for the three months ended February 28, 2026, compared to a net loss of $1,163,000 for the same period in the prior year. For the nine-month period ended February 28, 2026, the Company reported a net loss of $2,630,000, compared to a net loss of $3,429,000 in the corresponding prior-year period. Net sales for the three months ended February 28, 2026 were $987,000, compared to $1,119,000 in the prior-year period. Net sales for the nine months ended February 28, 2026 decreased to $3,578,000 from $4,562,000 in the same period of the prior year. LIQUIDITY AND GOING CONCERN The Company has incurred net losses and negative cash flows from operations and has an accumulated deficit of approximately $55,798,000 as of February 28, 2026. As of February 28, 2026, the Company had cash and cash equivalents of approximately $1,336,000 and working capital of approximately $2,562,000. As of May 31, 2025, the Company had cash and cash equivalents of approximately $3,058,000 and working capital of approximately $3,135,000. The Company continues to experience recurring losses and negative cash flows from operations. Based on the Company's current operating plan, the Company believes that its existing cash and cash equivalents will be insufficient to fund its operations and meet its obligations for the next 12 months. -- On September 28, 2023, the Company filed a "shelf" registration statement on Form S-3 with the SEC, which was declared effective on September 29, 2023, to replace the expiring "shelf" registration statement on Form S-3 that was filed on July 21, 2020, as amended on September 20, 2020, allowing the Company to issue up to $20,000,000 in shares of its common stock. Under the Shelf Registration Statement, shares of the Company's common stock may be sold from time to time for up to three years from the filing date. -- On May 10, 2024, the Company filed a prospectus supplement to the Shelf Registration Statement with the SEC to facilitate the sale of up to $5,500,000 in common stock through at-the-market offerings, as defined in Rule 415 under the Securities Act. As part of this transaction, the Company incurred $81,000 in deferred offering costs during the year ended May 31, 2025. During the nine months ended February 28, 2026, the Company sold 414,633 shares of its common stock at prices ranging from $2.42 to $4.02 pursuant to the 2024 ATM Offering, which resulted in gross proceeds of approximately $1,495,000 and net proceeds to the Company of $1,455,000 after deducting commissions for each sale and legal, accounting, and other fees related to offering in the amount of $40,000. The Company intends to use the net proceeds from any funds raised through the 2024 ATM Offering for general corporate purposes, including, but not limited to, sales and marketing activities, clinical studies and product development, acquisitions of assets, businesses, companies, or securities, capital expenditures, and working capital needs. Management assesses whether the Company has sufficient liquidity to fund its costs for the next twelve months from each financial statement issuance date to determine if there is a substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern over the next 12 months is influenced by several factors, including: * The Company's need and ability to generate additional revenue from international opportunities and sales within the United States of existing products, and from its new product launches; * The Company's need and ability to access the capital and debt markets to meet current obligations and fund operations; * The Company's capacity to manage operating expenses and maintain or increase gross margins; * The Company's ability to retain key employees and maintain critical operations; and * Certain SEC regulations that limit the amount of capital the Company can raise through issuance of its equity. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company's future viability depends on the successful execution of its strategic plans, securing additional near-term financing, and achieving profitable operations. Management has analyzed the Company's cash flow requirements through April 2027 and beyond. Based on this analysis, the Company believes its current cash and cash equivalents are insufficient to meet its operating cash requirements and strategic growth objectives for the next 12 months. To address the Company's capital needs and sustaining operations through the next year and beyond, the Company is actively pursuing strategies to increase sales, reduce expenses, sell non-core assets, seek additional financing through debt or equity issuance, and seek other strategic alternatives. If the Company is unable to generate sufficient cash flows from operations or obtain additional financing, the Company may be required to delay or reduce certain operating activities and expenditures. While the Company is committed to these plans, there can be no assurance that these efforts will be successful or sufficient to meet its near-term capital requirements, or to enable the Company to continue as a going concern. The Company's condensed consolidated financial statements as of February 28, 2026, were prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company's continuance as a going concern is dependent upon its ability to obtain additional operating capital and achieve revenues and attain profitability. The Company intends to finance its future development activities and its working capital needs primarily from the sale of equity and debt securities, combined with additional funding from other sources. However, there can be no assurance that future funding will be available to the Company when needed on terms that are acceptable to the Company, or at all or that the Company will be successful in these endeavors. A full text copy of the Company's Quarterly Report is available at https://tinyurl.com/5cvsjc7w About Biomerica, Inc. Headquartered in Irvine, Calif., Biomerica, Inc. is a global biomedical technology Company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products. The Company's diagnostic test kits are utilized in the analysis of blood, urine, nasal, or fecal samples for the diagnosis of various diseases, food intolerances, and other medical conditions. These kits also measure levels of specific hormones, antibodies, antigens, and other substances, which may exist in the human body at extremely low concentrations. The Company's products are designed to enhance health and well-being while reducing overall healthcare costs. Irvine, Calif.-based Haskell & White LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May. 31, 2025, citing that the Company has experienced recurring losses and negative cash flows from operations and has an accumulated deficit and limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of February 28, 2026, the Company had $4,878,000 in total assets, $1,561,000 in total liabilities, $3,317,000 in total shareholders' equity. BLACK BUFFALO: Seeks to Sell Construction Printing Biz at Auction ----------------------------------------------------------------- Black Buffalo 3D Corporation seeks approval from the U.S. Bankruptcy Court for the District of Delaware to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor has developed a propriety 3D construction printing process known as NEXCON and a proprietary structural construction ink formulation. The Debtor's products are intended to be used to 3D print structures up to three stories high and can print buildings, stand-up walls, or modular components faster and more cost effectively than framed lumber, precast, or block methods, at a fraction of the time and with a stronger, more resilient result. The Debtor is headquartered in Union, New Jersey. To obtain funds necessary to maintain its operations during this chapter 11 case and to conduct the sale of its assets, the Debtor has obtained debtor-in-possession financing from Black Buffalo JVCo LLC, a joint venture between AJA and Bridge Lender. The Debtor and Stalking Horse Bidder,Black Buffalo JVCo LLC, have also negotiated the Stalking Horse APA, attached as Exhibit B, pursuant to which the Stalking Horse Bidder has agreed to purchase substantially all of the Debtor’s assets through a credit bid, assumption of certain liabilities, and cash payment of any amounts necessary to pay cure costs associated with any executory contracts or unexpired leases proposed to be assumed and assigned to the Stalking Horse Bidder in connection with the Sale. A list of the assets is available at https://urlcurt.com/u?l=jR0CmO It also provides details of the proposed bidding procedures, dates and deadlines, subject to extension and other modifications by the Debtor. The Debtor has structured the Bidding Procedures to promote active bidding by interested parties and to confirm the highest or otherwise best offer reasonably available for the Assets through an orderly, uniform, and appropriately competitive process. Moreover, if the Debtor is authorized to enter into the Stalking Horse APA, the Debtor will ensure that they obtain fair market value for the Assets by setting a minimum purchase price for interested parties to submit competing bids. The Debtor further submits that the proposed notice procedures are designed to maximize the chance of obtaining the broadest possible participation in the Debtor's marketing process, while minimizing costs to the estate. The Debtor has engaged, and will continue to engage, in a targeted marketing and sale process directed at generating interest in the Debtor’s Assets to maximize the value to the Debtor's estate. Any Successful Bidder will be an entity making an arms-length, good faith bid following a competitive marketing process, and will be selected by the Debtor in accordance with the Bidding Procedures. About Black Buffalo 3D Black Buffalo 3D Corporation develops and supplies large-scale 3D construction printing systems, proprietary cement-based printing materials, and related training and consulting services. The Union, New Jersey-based company offers the NEXCON line of 3D construction printers used to produce code-compliant structural walls and building components for onsite and offsite construction. It operates globally in the construction technology and additive manufacturing industry, serving developers, contractors, governments, and non-governmental organizations. Black Buffalo 3D filed Chapter 11 petition (Bankr. D. Del. Case No. 25-12270) on December 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Thomas M. Horan oversees the case. Laurel D. Roglen, Esq., at Ballard Spahr, LLP is the Debtor's counsel. BRD LAND: Committee Taps Fox Rothschild LLP as Legal Counsel ------------------------------------------------------------ The official committee of unsecured creditors of BRD Land & Investment and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Fox Rothschild LLP as its counsel. The firm's services include: (a) advising the Committee with respect to its rights, duties, and powers in these Chapter 11 Cases; (b) assisting and advising the Committee in its consultations with the Debtors relative to the administration of these Chapter 11 Cases; (c) assisting the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; (d) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' business; (e) assisting the Committee in analyzing (i) the Debtors' pre-petition financing, and (ii) proposed use of cash collateral, the terms and conditions of the proposed use of cash collateral and the adequacy of the budget; (f) assisting the Committee in its investigation of the liens and claims of the holders of the Debtors' pre-petition debt and the prosecution of any claims or causes of action revealed by such investigation; (g) assisting the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, sale of assets, financing of other transactions and the terms of one or more plans of reorganization or liquidation for the Debtors and accompanying disclosure statements and related plan documents; (h) assisting and advising the Committee as to its communications to unsecured creditors regarding significant matters in these Chapter 11 Cases; (i) representing the Committee at hearings and other proceedings; (j) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee as to their propriety; (k) assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives in these Chapter 11 Cases, including without limitation, the preparation of retention papers and fee applications for the Committee's professionals, including Fox Rothschild; (l) preparing, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and (m) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Fox Rothschild’s current hourly rates are: Brian R. Anderson, Partner $685 Michael A. Sweet $1,200 Gordon E. Gouveia $930 Stephanie Slater Ward $720 Marcia Steen $550 Attorneys $520 to $1,390 Associates $520 to $720 Paraprofessionals $275 to $605 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Fox Rothschild is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Brian R. Anderson, Esq. Fox Rothschild LLP 230 N. Elm Street, Suite 1200 Greensboro, NC 27401 Telephone: (336) 378-5205 Email: BRAnderson@FoxRothschild.com About BRD Land & Investment BRD Land & Investment and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30215) on February 24, 2026, listing $10,000,001 to $50 million in assets and $50,000,001 to $100 million in liabilities. Judge Laura T. Beyer presides over the cases. Matthew L. Tomsic, Esq., at Rayburn Cooper & Durham PA serves as the Debtors' counsel. BRVSB LLC: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- BRVSB, LLC asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authorization to use cash collateral and provide adequate protection. The Debtor, operating as Xchange Kitchen & Sports Club, is a relatively new business established in 2023 that runs a sports bar offering food, drinks, and entertainment. As a debtor-in-possession, it continues to manage its affairs and relies entirely on revenue generated from daily operations. The Debtor emphasizes that immediate access to cash collateral is essential to cover critical expenses such as payroll, lease obligations, and general operating costs, without which it would be forced to cease operations and jeopardize its reorganization efforts. The Debtor identifies two secured creditors with blanket liens on its assets, including Hancock Whitney Bank as the primary secured lender and another unidentified lienholder. In order to obtain authorization to use the cash collateral, the Debtor proposes providing adequate protection to these creditors. For Hancock Whitney Bank, this includes monthly payments of approximately $4,572 beginning this month, the maintenance of the business as a going concern, and the granting of replacement liens on post-petition assets to compensate for any decline in collateral value. Similar replacement lien protections are offered to the second lienholder. The Debtor's financial position at filing included limited cash on hand (about $8,543), minimal receivables, and business assets valued at approximately $60,350, but it projects generating over $74,000 in revenue within the next month, which would help stabilize its cash flow. To support its request, the Debtor submitted a 14-day and 30-day budget outlining expected income and expenses, asserting that these figures are reasonable and necessary to continue operations. It also seeks flexibility to exceed individual budget line items by up to 10% to address unforeseen expenses. A copy of the motion is available at https://urlcurt.com/u?l=nb6PMR from PacerMonitor.com. About BRVSB, LLC BRVSB, LLC. operating as Xchange Kitchen & Sports Club, runs a sports bar offering food, drinks, and entertainment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31119) on March 17, 2026. In the petition signed by Brijesh Patel, managing partner, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Scott W. Everett oversees the case. Manolo Santiago, Esq., at Herrin Law, PLLC, represents the Debtor as legal counsel. BUTTERFLY BEACH: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On April 16, 2026, Butterfly Beach House, 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 $1,000,000 and $10,000,000 in debt owed to 1 to 49 creditors. Disclosure Statement Deadline Set for August 14, 2026. About Butterfly Beach House, LLC Butterfly Beach House, LLC is a real estate holding and hospitality-related entity associated with property development and asset management operations. The company is engaged in managing and operating real estate assets within the hospitality sector. Butterfly Beach House, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10862) on April 16, 2026. In its petition, the debtor reports estimated assets between $1,000,000 and $10,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The debtor is represented by Brian F. Moore, Esq. of Togut, Segal & Segal LLP. C & C SECURITY: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On April 14, 2026, C & C Security Patrol, Inc., 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 $1,000,000 and $10,000,000 in debt owed to 50 to 99 creditors. About C & C Security Patrol, Inc. C & C Security Patrol, Inc. is a private security services company providing patrol, surveillance, and protection services for commercial, residential, and industrial clients. The company specializes in on-site security personnel and mobile patrol operations. C & C Security Patrol, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40766) on April 14, 2026. In its petition, the debtor reports estimated assets between $1,000,000 and $10,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge William J. Lafferty handles the case. The debtor is represented by Robert L. Goldstein, Esq. of Law Offices of Robert L. Goldstein. CARESTREAM HEALTH: S&P Withdraws 'SD' Issuer Credit Rating ---------------------------------------------------------- S&P Global Ratings withdrew its 'SD' (selective default) issuer credit rating on Carestream Health Inc. and its 'D' (default) issue-level rating on its first-lien term at the company's request. Carestream completed a debt repurchase and exchange of its first-lien term loan due in 2027 in March 2026. S&P subsequently downgraded Carestream to 'SD' on March 27, 2026. CASKATA INC: Hires Ascendant Law as Bankruptcy Counsel ------------------------------------------------------ Caskata Incorporated seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Ascendant Law Group LLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its businesses and properties; (b) represent the Debtor at all hearings and matters pertaining to its affairs; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties-in-interest; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare on behalf of the Debtor all necessary and appropriate legal papers necessary to the administration of its estate; (f) review applications and motions filed in connection with the Debtor's bankruptcy case; (g) negotiate and prepare on the Debtor's behalf any plan of reorganization, disclosure statement, and all related agreements and/or documents, and take any necessary action on its behalf to obtain confirmation of such plan; (h) advise the Debtor in connection with any potential sale or sales of assets or its business, or in connection with any other strategic alternatives; (i) review and evaluate the Debtor's executory contracts and unexpired leases, and represent it in connection with the rejection, assumption or assignment of such leases and contracts; (j) represent the Debtor in connection with any adversary proceedings or automatic stay litigation which may be commenced by or against the Debtor; (k) review and analyze various claims of the Debtor's creditors and treatment of such claims, and prepare, file, or prosecute any objections thereto; and (l) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with its bankruptcy case. The firm will be paid at these hourly rates: Jesse Redlener, Member $450 Lee Harrington, Member $450 Matthew Ginsburg, Member $450 In addition, the firm will seek reimbursement for expenses incurred. The firm received a $24,500 retainer. Mr. Redlener disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jesse Redlener, Esq. Ascendant Law Group LLC 2 Dundee Park Dr., Ste. 102 Andover, MA 01810 Telephone: (978) 393-0850 About Caskata Incorporated Caskata Incorporated operates an e-commerce business selling high-end home goods through its website, Amazon, and wholesale channels. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10775) on April 7, 2026. In the petition signed by Shawn Laughlin, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Jesse Redlener, Esq., at Ascendant Law Group, LLC, represents the Debtor as legal counsel. CASSOPOLIS, MI: S&P Cuts Water, Sewage Rev Bond LT Rating to 'BB+' ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating on Cassopolis Village, Mich.'s water supply and sewage disposal system revenue bonds by two notches to 'BB+' from 'BBB'. The outlook is negative. The downgrade reflects S&P's view of expected weak coverage in the near term as the village completes a rate study and makes necessary rate increases to ensure effective cost recovery. Delayed rate increases or worsening inflationary cost pressures could further pressure the rating. S&P said, "Although the system does not maintain a formal drought management policy, we believe supply is adequate, thereby mitigating physical risk. We also note there have been no recent regulatory violations. We view positively the system's efforts to reduce water loss in recent years and its performance of a lead service line inventory to benefit community health. We do not view social or governmental risks as elevated credit risks, given the somewhat affordable rates, autonomy to make rate decisions, and cyber security protocols in place. We would note that social risks could be elevated through the lens of rate affordability if additional capital and debt needs lead to meaningfully large rate increases that strain customers' finances. "The negative outlook reflects our view that there is a one-in-three chance that we could lower the rating within the next two years if the system does not take timely action to improve its financial metrics. "We could lower the rating if the system fails to adopt sufficient and timely rate increases to improve coverage to above 1x on an on-going basis. In addition, should the system materially deplete its liquidity or experience capital cost overruns that negatively affect its financial profile, we could lower the rating. "We could revise the outlook to stable if the system adopts rate increases that sustainably maintain coverage above 1x while also rebuilding liquidity." CEDAR ARCH: Initiates Chapter 11 Bankruptcy to Reorganize Finances ------------------------------------------------------------------ Mateusz Perkowski of Capital Press reports that Cedar Arch Dairies of Firth, Idaho, has initiated Chapter 11 proceedings in an effort to reorganize its finances and protect its assets from creditor enforcement actions. The move is intended to provide the company with breathing room as it addresses mounting financial pressures. The operation manages roughly 1,400 dairy cows on 222 acres and plays a significant role in local milk production. However, bankruptcy filings reveal that several parties have placed liens on the company's core assets, including its herd, milk output, and financial accounts, the report sttaes. These claims create a risk that creditors could seize critical resources necessary for ongoing operations. Without court protection, the company indicated that its ability to continue functioning could be severely compromised, according to Capital Press. In its filing, Cedar Arch Dairies stressed the necessity of maintaining operational liquidity, stating it requires immediate access to revenue to care for livestock, sustain milk production, compensate employees, and avoid a shutdown of the business. About Cedar Arch Dairies, LLC Cedar Arch Dairies, LLC is a dairy farming operation headquartered in Firth, Idaho, focused on milk production and livestock management. The company oversees approximately 1,400 dairy cows on a 222-acre property. Cedar Arch Dairies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 26-40154) on March 23, 2026. In the petition signed by Jeremy Clayson, president, the Debtor disclosed up to $50 million in both assets and liabilities. Matthew Grimshaw, Esq., at Grimshaw Law Group, P.C., represents the Debtor as legal counsel. CHANNEL OP: Seeks to Use Cash Collateral Until June 2 ----------------------------------------------------- Channel Op, LLC asks the U.S. Bankruptcy Court for the District of Utah, Central Division, for authority to use cash collateral through June 2. The Debtor's business focuses on providing Amazon and eCommerce marketplace management services to brands, alongside ownership and operation of its own consumer brands, including Nicole and Brizee and Folliboost. Its growth since its 2015 founding has been impacted by financial strain stemming from underperforming acquisitions funded in part through COVID-era EIDL financing, as well as structural cash flow timing issues between operating expenses and revenue cycles. Despite these challenges, demand for its services remains strong and that it has viable prospects for reorganization and continued operation. The Debtor uses cash collateral subject to security interests held by First Home Bank (BayFirst Bank) and the U.S. Small Business Administration. It proposes to continue using such cash to fund essential operating expenses, including payroll, contractor payments, advertising, inventory, rent, utilities, insurance, and other ordinary business costs necessary to preserve going-concern value. Channel Op proposes a budget reflecting essential expenses required to maintain operations and requests flexibility to exceed individual budget line items by up to 10%, carry forward savings between periods, and incur additional expenses with creditor consent. To protect secured creditors from any potential diminution in the value of their collateral, the Debtor proposes granting replacement liens on post-petition assets, which would automatically attach and be fully perfected without additional action. A copy of the motion is available at https://urlcurt.com/u?l=eWMn3f from PacerMonitor.com. About Channel Op LLC Channel Op, LLC operates as a digital commerce and marketplace strategy firm headquartered in Heber City, Utah. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 26-22035) on April 13, 2026. In the petition signed by William Tyler Metcalf, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Michael F. Thomson oversees the case. George B. Hofmann, Esq., at Cohne Kinghorn, P.C., represents the Debtor as legal counsel. CLEAR CHANNEL: Inks Supplemental Indentures Ahead of Pending Merger ------------------------------------------------------------------- Clear Channel Outdoor Holdings, Inc. disclosed in a regulatory filing that the Company, subsidiary guarantors, and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent, entered into certain supplemental indentures, including: (i) a supplemental indenture to the Indenture, dated March 18, 2024 governing its 7.875% Senior Secured Notes due 2030 (ii) a supplemental indenture to the Indenture, dated August 4, 2025 governing its 7.125% Senior Secured Notes due 2031, and (iii) a supplemental indenture to the Indenture, dated March 18, 2024 governing its 7.500% Senior Secured Notes due 2033. The Company and the Subsidiary Guarantors entered into each of the Supplemental Indentures following receipt of the requisite consents from holders of the Notes pursuant to the Company's previously announced consent solicitation to amend certain provisions of the Indentures, which expired at 5:00 p.m., New York City time on April 10, 2026. The Consent Solicitation was conducted in connection with the Company's previously announced entry into an Agreement and Plan of Merger, dated February 9, 2026, with Madison Parent Inc. and Madison Merger Sub Inc., pursuant to which Merger Sub will be merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent. The Company solicited consents to amend the defined term "Change of Control" in each of the Indentures to provide that the Merger will not constitute a Change of Control under any of the Indentures and to add or amend certain other defined terms contained in each of the Indentures related to the foregoing. J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC served as solicitation agents in connection with the Consent Solicitation. The Supplemental Indentures became effective immediately upon execution, but each of the Proposed Indenture Amendments will not become operative, among certain other conditions, until immediately prior to the consummation of the Merger, and will cease to be effective if the Merger Agreement is terminated in accordance with its terms and the Merger is not consummated. Credit Agreement Amendment On April 10, 2026, in connection with the Credit Agreement dated as of August 23, 2019, among the Company, the several lenders from time to time party thereto, Deutsche Bank AG New York Branch, as Administrative Agent and as collateral agent, and the other parties thereto, the Company, the Administrative Agent and the lenders party thereto entered into the Seventh Amendment to Credit Agreement, dated as of April 10, 2026, following receipt of the requisite consents from lenders pursuant to the Existing Credit Agreement. The Company solicited consents to amend the defined term "Change of Control" in the Existing Credit Agreement to provide that the Merger will not constitute a Change of Control under the Amended Credit Agreement and to add or amend certain other defined terms contained in the Amended Credit Agreement related to the foregoing. The Seventh Amendment became effective immediately upon its execution, but the Proposed Credit Agreement Amendments will not become operative, among certain other conditions, until immediately prior to the consummation of the Merger, and will cease to be operative if the Merger Agreement is terminated in accordance with its terms and the Merger is not consummated. Full text copies of the Supplemental Indentures are available at Exhibits https://tinyurl.com/mmx63edd, https://tinyurl.com/n54n9z7z and https://tinyurl.com/yfp7ztct, respectively. A full text copy of the Seventh Amendment is available at https://tinyurl.com/4h3hzbs2 In connection with the Consent Solicitation, the Company issued a press release on April 13, 2026, announcing the receipt of the consents required to effect the Proposed Amendments and the entry into the Supplemental Indentures and Seventh Amendment in connection therewith. A copy of such press release is available at https://tinyurl.com/bkjcd5yb About Clear Channel Outdoor Holdings, Inc. Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Clear Channel's dynamic advertising platform is broadening the pool of advertisers using its medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of Clear Channel's diverse portfolio of assets, it connects advertisers with millions of consumers every month. * * * In Feb. 2026, S&P Global Ratings placed all its ratings on Clear Channel Outdoor Holdings Inc. (CCOH), including the 'CCC+' Company credit rating, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch at the close of the transaction. At that time, it will likely raise its rating by at least one notch based on its expectation of positive free operating cash flow (FOCF) going forward. CCOH's announced that it will be acquired by a group of investors through a take-private transaction. Moreover, Moody's Ratings has placed all of Clear Channel Outdoor Holdings, Inc.'s credit ratings on review for upgrade including the Caa1 corporate family rating, Caa1-PD probability of default rating, the B2 senior secured notes and senior secured bank credit facilities ratings (including the revolving credit facility (RCF) and Term Loan B (TLB)), and the Caa3 senior unsecured notes ratings. Previously, the outlook was stable. The company's SGL-2 Speculative Grade Liquidity Rating (SGL) remains unchanged. CROWN BOILER: Taps James S. Fellin of Nottingham Group as CRO ------------------------------------------------------------- Crown Boiler Co., LLC received approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ James S. Fellin of The Nottingham Group LP as chief restructuring officer. Mr. Fellin is the Managing Principal of The Nottingham Group LP. As CRO, he will provide the following services: a. General Authority: The CRO shall have all of the powers and authorities of a chief executive officer under applicable law. In addition, The Nottingham Group shall provide the services of other Nottingham Group personnel at the direction of the CRO, but with the consent of the Debtor. b. Duties and Powers: The CRO's duties and powers shall include the following: (1) coordinate all activities of the Debtor's businesses, including cash management and monitoring of Debtor's day to day operations in liquidation; (2) coordinate on behalf of the Debtor regarding the financial aspects of Debtor's business, including, but not limited to, a review and assessment of financial information that has been, and will be, provided by the Debtor to its creditors, including short and long-term projected budgets; (3) analyze the Debtor's operations and financial position and provide recommendations with respect to financial restructuring or dispositions of assets; (4) on behalf of the Debtor, evaluate strategic alternatives to maximize the value of Debtor's assets, enterprise or operations and, as necessary, to develop a plan of reorganization or liquidation; (5) serve as a principal contact for the Debtor with the Debtor's creditors with respect to the Debtor's financial and operational matters; (6) provide information and analyses for inclusion in Bankruptcy Court filings and testimony related thereto; (7) upon request and under the supervision of Debtor's legal counsel, to support negotiations with the various creditor and other constituents in the Bankruptcy Case; (8) prepare any and all monthly financial reports as required of a debtor-in-possession and other financial reporting required by the Office of the United States Trustee on behalf of the Debtor; (9) coordinate all activities on behalf of the Debtor in connection with any refinancing, capital raising and sale process for the Debtor; and (10) with the assistance of personnel of the Debtors, prepare or amend, as the case may be, the schedules and financial affairs on behalf of each of the Debtor. The firm will be paid at these hourly rates: James S. Fellin, CPA CFE CFF $395 Senior Consultants $185 to $225 Staff Consultants $125 to $175 Mr. Fellin declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. Fellin, CPA, CFE The Nottingham Group, LLC One Gateway Center, Suite 700 Pittsburgh, PA 15222 Phone: (412) 288-9948 Email: jfellin@nottinghamgroup.com About Crown Boiler Co., LLC Crown Boiler Co., incorporated in 1958 and based in Pennsylvania, manufactures and distributes residential and commercial hydronic heating products, including cast iron boilers, oil burners, and operating controls, serving customers across the United States through a network of regional wholesalers. Crown Boiler Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-20515) on February 25, 2026. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. The petition was signed by Nick Ribich as vice president and chief financial officer. The Debtor is represented by Salene Kraemer, Esq. at MAZURKRAEMER LAW GROUP. DARE BIOSCIENCE: Completes Closing of Regulation A Unit Offering ---------------------------------------------------------------- Dare Bioscience, Inc. disclosed in a regulatory filing that it completed a closing of its Regulation A offering of up to 4,854,000 units, each consisting of one share of Series A Convertible Preferred Stock and two warrants, each to purchase one share of the Company's common stock, with each Investor Unit being offered at an offering price of $5.00. In connection, Dare issued an aggregate of 3,470 Investor Units consisting of 3,470 shares of Series A Preferred Stock and Investor Warrants to purchase up to 6,940 shares of its common stock. The offering of the Investor Units is being conducted pursuant to the Company's offering statement on Form 1-A (File No. 024-12688), as amended, which was most recently qualified by the U.S. Securities and Exchange Commission on April 1, 2026, and the offering circular dated January 6, 2026, and the offering circular supplement dated March 26, 2026, which form a part thereof. Additional information regarding the Offering and the terms of conversion and exercise of the Series A Preferred Stock and Investor warrants was previously reported in the Current Report on Form 8-K filed with the SEC on January 29, 2026. About Dare Bioscience Dare Bioscience, Inc. is a biopharmaceutical company committed to advancing innovative products for women's health. The Company's mission is to identify, develop, and bring to market a diverse portfolio of differentiated therapies that prioritize women's health and well-being, expand treatment options, and improve outcomes, primarily in the areas of contraception, vaginal health, reproductive health, menopause, sexual health, and fertility. Irvine, California-based Haskell & White LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company's recurring losses from operations and its dependency on additional financing to fund operations, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $32.5 million in total assets and $29.6 million in total liabilities, and total stockholders' equity of $2.8 million. DEANWOOD REAL: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Deanwood Real Estate Investment Group, LLC 5614 Connecticut Ave NW #134 Washington, DC 20015 Business Description: Deanwood Real Estate Investment Group, LLC is a single-asset real estate entity that owns and leases a multifamily apartment property at 5816 Foote St in Washington, DC. Chapter 11 Petition Date: March 24, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00136 Judge: Hon. Elizabeth L. Gunn Debtor's Counsel: Jeffery T. Martin, Jr., Esq. MARTIN LAW GROUP PC 8065 Leesburg Pike, Suite 750 Vienna, VA 22182 Tel: (703) 223-1822 E-mail: jeff@martinlawgroup.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Richard Cunningham as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MZ6K3EY/Deanwood_Real_Estate_Investment__dcbke-26-00136__0001.0.pdf?mcid=tGE4TAMA DEANWOOD REAL: Seeks to Hire Martin Law Group as Counsel -------------------------------------------------------- Deanwood Real Estate Investment Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Martin Law Group, P.C. as its legal counsel. The firm's rates presently range from $365 to $595 per hour. The firm will receive an initial retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffery Martin, Jr., Esq., a partner at Martin Law Group, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffery T. Martin, Jr., Esq. Diana P. Dias, Esq. Martin Law Group, P.C. 8065 Leesburg Pike, Suite 750 Vienna, VA 22182 Telephone: (703) 834-5550 Email: Diana@martinlawgroup.com About Deanwood Real Estate Investment Group, LLC Deanwood Real Estate Investment Group, LLC is a real estate investment company focused on property ownership, management, and development activities. Deanwood Real Estate Investment Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00136) on March 24, 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 Elizabeth L. Gunn handles the case. The Debtor is represented by Diana Pereira Dias, Esq. of Martin Law Group, P.C. DETROIT DUMPSTER: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: Detroit Dumpster Depot, LLC 7120 Intervale Street Detroit, MI 48238 Business Description: Detroit Dumpster Depot, LLC is a Detroit, Michigan-based company founded in 2018 that provides dumpster rental and non-hazardous waste transportation and disposal services across Michigan. It serves residential, commercial, industrial and construction-related customers, and also offers dumpster delivery, pickup and debris removal for clean-outs, board-ups and site cleanup. The company owns and operates rubber wheel dumpster trailers and leases and rents equipment to other contractors. Chapter 11 Petition Date: April 21, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-44476 Judge: Hon. Thomas J Tucker Debtor's Counsel: C. Jason Cardasis, Esq. B.O.C. LAW GROUP, P.C. 24100 Woodward Avenue Pleasant Ridge, MI 48069 Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Raymond Canty as managing member. A copy of the Debtor's list of its six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NB4EC7Y/Detroit_Dumpster_Depot_LLC__miebke-26-44476__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M2LQNLI/Detroit_Dumpster_Depot_LLC__miebke-26-44476__0001.0.pdf?mcid=tGE4TAMA DIOCESE OF BURLINGTON: Taps Blank Rome LLP as Insurance Counsel --------------------------------------------------------------- The Roman Catholic Diocese of Burlington, Vermont, seeks approval from the U.S. Bankruptcy Court for the District of Vermont to employ Blank Rome LLP as special insurance counsel. The firm will render these services: (a) provide legal advice with respect to insurance coverage under policies covering the Diocese; (b) if necessary, prosecute or defend litigation arising under or with respect to the Diocese's insurance coverage and policies; (c) analyze the Diocese's insurance programs and risks; (d) assist the Diocese's bankruptcy counsel in developing and proposing a reorganization plan for payment to creditors, including sexual abuse claimants; and (e) perform all legal services for the Diocese as may be necessary to effect the above matters. The firm will be paid at these hourly rates: Partners $750 to $1,680 senior counsel $920 to $1,735 Counsel $700 To $1,450 Associates $620 To $1,055 Paralegals, Clerks and Librarians $290 To $675 Staff $190 To $465 However, Blank Rome has agreed to a 23% hourly rate reduction for its services to the Diocese. James Murray, Esq., a partner at Blank Rome, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James R. Murray, Esq. Blank Rome LLP 1825 Eye Street NW Washington, D.C. 20006 Tel: (202) 420-3409 Fax: (202) 420-2201 Email: jim.murray@blankrome.com About Roman Catholic Diocese of Burlington Vermont The Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, PA as bankruptcy counsel and Obuchowski Law Office as local counsel. DISCOVER CHIROPRACTIC: Hires Barron & Newburger as Legal Counsel ---------------------------------------------------------------- Discover Chiropractic and Wellness, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Barron & Newburger, P.C. as counsel. The firm's services include: (i) advising Debtor of its rights, powers, and duties as a debtor-in-possession continuing to manage its assets; (ii) reviewing the nature and validity of claims asserted against the property of Debtor and advising Debtor concerning the enforceability of such claims; (iii) preparing on behalf of Debtor, all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in the chapter 11 case; (iv) advising Debtor concerning and preparing responses to, applications, motions, complaints, pleadings, notices, and other papers which may be filed in the chapter 11 case; (v) counseling Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (vi) performing all other legal services for and on behalf of Debtor which may be necessary and appropriate in the administration of the chapter 11 case and Debtor's business; and (vii) working with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for Debtor. The firm will be paid at these rates: Stephen Sather $650 per hour Other Attorneys $250 to $450 per hour The firm received a retainer of $15,000 on February 9, 2026. Barron & Newburger, 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: Stephen W. Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expwy., Suite 400 Austin, TX 78731 Telephone: (512) 476-9103 Facsimile: (512) 476-9253 About Discover Chiropractic and Wellness, PLLC Discover Chiropractic and Wellness, PLLC operates a chiropractic clinic located in Georgetown, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10618-smr) on April 7, 2026. In the petition signed by Ralph Scott Shepard, owner/manager, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Shad M. Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, P.C., represents the Debtor as legal counsel. DIVERSIFIED WIRE: To Sell Electrical Equipment to IEWC Corp. ------------------------------------------------------------ Diversified Wire & Cable Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Deborah Fish has been appointed as the Subchapter V Trustee in the case. Dean Stanton is the responsible person for the Debtor. The Debtor has received an Asset Purchase Agreement from IEWC Corp., for the purchase of certain of Debtor's assets that are specific to Debtor's industry. The purchase price is $63,204.56. A list of the Debtor's Equipment Assets can be found at Exhibit A. https://urlcurt.com/u?l=e1Yapj The Debtor has reached out to potential buyers for the Assets and obtained a value for each item as noted to the Asset Purchase Agreement. The Debtor believes that it has obtained the highest and best offer for the purchase of the Assets as a bulk sale of a number of small valued items. The Debtor wishes to proceed with the sale of the Assets to Buyer. Bridge Business Credit LLC, Debtor's DIP Lender has reviewed the Motion and has no objection to the relief requested. The proposed Sale of the Assets to the Buyer satisfies the applicable requirements. The Debtor is relying on its business judgment in its decision to sell the Assets. The Debtor terminated its Georgia operations and, therefore, has concluded in its business judgment that the Assets are not necessary and to proceed with the Sale consistent with the Asset Purchase Agreement (APA). The APA is the result of extensive good faith, arms-length negotiations between the Debtor and Buyer. The Debtor seeks permission to sell the Assets free and clear of all liens, claims, interests, and encumbrances, with such liens attaching to proceeds. The Buyer is a good faith buyer within the meaning of the Bankruptcy Code. About Diversified Wire & Cable Inc. Diversified Wire & Cable, Inc. supplies wire and cable products and supports telecommunications and technology infrastructure projects with related engineering and integration services. The company provides cable assembly, cabinet build solutions, and systems design assistance while operating a service center that fulfills both custom and large-volume orders. It works with contractors and corporate clients to source and deliver the cabling components needed for network and technology installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-42632) on March 12, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Dean Stanton, CEO, signed the petition. Judge Maria L. Oxholm presides over the case. Lynn M. Brimer, Esq. at STROBL PLLC represents the Debtor as legal counsel. DOCK ON COOLEY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The Dock on Cooley, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use up to $44,386.54 in cash collateral through April 29 to pay operating expenses outlined in its budget. The Debtor may vary actual spending, with each budget line item allowed to exceed the budget by up to 10% without constituting a default or breach of the order. The Debtor's assets total $97,179, consisting of cash, inventory, equipment, and a liquor license, with most value derived from ongoing operations. Several creditors including the State of Michigan and Cooley Lake Bar & Grill, Inc. may assert secured claims. As protection, secured creditors will receive replacement liens on the Debtor's post-petition assets similar to their pre-petition collateral but only to the extent they held perfected pre-petition security interests and the assets being used qualify as cash collateral. Dock on Cooley is authorized to open a separate debtor-in-possession bank account to reserve funds for future professional fees, including fees for its legal counsel and the Subchapter V trustee. Monthly deposits into that account are limited to the amounts provided in the budget, and all such fees remain subject to later court approval through the fee application process. A further hearing is scheduled for April 29, with objections due by April 27. The order is available at https://is.gd/Ekx6Rn from PacerMonitor.com. About The Dock on Cooley LLC The Dock on Cooley, LLC is a limited liability company engaged in hospitality and waterfront-related business operations. The Dock on Cooley sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-30869) on April 8, 2026, with between $100,001 and $500,000 in both assets and liabilities. Judge Joel D. Applebaum oversees the case. Robert N. Bassel, Esq., represents the Debtor as legal counsel. DR INNOVATIONS: Massage Asset Sale to Recover Wellness Wichita OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas has permitted DR Innovations, LLC to sell Purchased Assets, free and clear of liens, claims, interests, and encumbrances. Debtor proposes to sell the Purchased Assets for a sale price of $55,000 to Recover Wellness Wichita LLC. The Purchased Assets are comprised of a. one Arctic Whole Body cryo machine b. two hyperbaric chambers c. one infrared sauna d. one red light system e. one normatec leg compression machine f. two local cryo machines g. one cryoskin machine h. one hyrdafacial machine i. one inbody/body composition machine j. three massage chairs. k. all other furniture, fixtures, equipment, machinery, tools, vehicles, office equipment, supplies, computers, telephones and other tangible personal property of the Business, other than such items that are subject to a lease and are owned by third parties and; l. all of Seller's rights under warranties, indemnities and all similar rights against third parties to the extent related to any Purchased Assets; The Court has authorized the Debtor to sell the Purchased Assets to Recover Wellness Wichita. The Debtor is authorized to sell, effectively, the entirety of its Assets to Buyer through a private sale directly to Buyer from Debtor. Proceeds from the sale will be distributed as follows: a. To pay attorney's fees, b. To pay United States Trustee fees, c. To creditor Emprise Bank. Buyer shall not be liable in any way (as successor entity or otherwise) for any claims that any of the Claimants or any other third party may have against Debtor or the business of Debtor prior to the sale. Debtor is hereby given a waiver of any otherwise applicable bulk sales laws in all necessary jurisdictions. The Debtor is authorized to execute all necessary documents and take all necessary and appropriate actions to consummate the sale authorized. About Dr Innovations LLC Dr Innovations, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Kan. Case No. 25-10864) on August 18, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Mitchell L. Herren oversees the case. The Debtor tapped Prelle Eron & Bailey, P.A., as legal counsel. DVM PROPERTIES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ DVM Properties, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral through the conclusion of the May 7 final hearing strictly in line with an approved budget, subject to a 10% variance per line item. This cash collateral consists primarily of proceeds from the Debtor's accounts receivable. DVM Properties is required to deposit all revenues into a debtor-in-possession account at BancFirst and is prohibited from commingling funds. The primary secured creditor, Live Oak Banking Company, asserts a claim of roughly $5.3 million secured by the Debtor's assets. As protection, Live Oak Banking Company will be granted replacement liens on cash, accounts receivable, and deposit accounts, maintaining the same priority as its pre-petition liens. In addition, the Debtor must provide regular financial reporting, allow lender access to records and collateral, and maintain insurance as required by the lender. Events of default include failure to comply with the terms of the interim order, modification of the order, and conversion of the Debtor's Chapter 11 case. Upon default, the Debtor's right to use cash collateral terminates. The order is available at https://is.gd/uilIrE from PacerMonitor.com. The Debtor runs a veterinary clinic and pet resort in Edmond, Oklahoma, employing about 22 people and projecting approximately $1.6 million in annual revenue. To maintain operations and pursue reorganization, the Debtor seeks emergency court approval to use cash collateral—primarily proceeds from its accounts receivable—which may be subject to a secured lender's interest. About DVM Properties LLC DVM Properties, LLC, doing business as Pampered Pets Veterinary Clinic, operates a veterinary clinic and pet resort in Edmonton, Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-11154) on April 10, 2026. In the petition signed by J. Brian Ledger, member/owner, the Debtor disclosed up to $10 million in both assets and liabilities. Stephen J. Moriarty, Esq., at Fellers Snider, et al, represents the Debtor as legal counsel. ECHOSTAR CORP: Moody's Raises CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded EchoStar Corporation's (EchoStar) corporate family rating to B3 from Caa2 and probability of default rating to B3-PD from Caa2-PD. EchoStar's senior spectrum secured notes ratings were upgraded to B1 from Caa1. DISH Network Corporation's (DISH) backed senior spectrum secured notes rating was upgraded to B1 from Caa1, and its senior unsecured convertible notes rating was upgraded to Caa2 from Caa3. DISH DBS Corporation's (DBS, a wholly-owned subsidiary of DISH) backed senior secured notes ratings were upgraded to B3 from Caa1, and its senior unsecured notes ratings were upgraded to Caa2 from Caa3. Hughes Satellite Systems Corporation's (Hughes) senior secured notes rating was confirmed at Caa1, and its senior unsecured notes rating was confirmed at Caa3. The outlook for EchoStar, Hughes, DISH and DBS is stable. Previously, the ratings were on review for upgrade. The rating actions conclude the review for upgrade initiated on August 27, 2025. EchoStar's speculative grade liquidity rating (SGL) was upgraded to SGL-2 from SGL-4, reflecting good liquidity due to the very high likelihood of a $22.7 billion cash sale of spectrum to AT&T Inc. (AT&T, Baa2 stable) closing during the first half of 2026 which will materially augment internal cash generation. EchoStar's ratings upgrade reflects the very high likelihood of substantial debt reduction as a result of its resolution of an FCC compliance review which forced the company to sell a material amount of its spectrum licenses or face license revocation. Moody's currently estimate EchoStar will have pro forma consolidated balance sheet cash at year-end 2026 of approximately $14 billion versus funded debt of approximately $16 billion, with further balance sheet improvements and lower debt levels by year-end 2027. The outlook change to stable from rating under review for upgrade reflects a transformational change in financial flexibility from significant spectrum sales that affords the company the ability and opportunity to diversify and enhance existing business operations through unspecified investments. Governance risk considerations are a key driver of this rating action and reflect the company's debt repayment plans, developing approach to managing strategic investments with anticipated and sizable discretionary cash and financial policy objectives for its subsidiaries' capital structures going forward. RATINGS RATIONALE EchoStar's B3 CFR reflects very high consolidated debt leverage (Moody's adjusted) of around 24.9x for the fiscal year ended December 31, 2025, but Moody's expects the company's debt leverage to improve to 9.4x and 4.4x at year-end 2026 and 2027, respectively. While the company continues to face growth difficulties at its legacy operating businesses, capital intensity will now be lower and the company's impending sales of spectrum will transform its liquidity position and contribute to significant debt reduction over the next 12-18 months. EchoStar will soon be partly a passive investment vehicle, with a sizable equity stake in Space Exploration Technologies Corp. (SpaceX, unrated) as consideration for a portion of its sold spectrum, and partly a portfolio of siloed operating businesses housed at various subsidiaries. EchoStar's equity stake in SpaceX was valued at $11.1 billion under the spectrum sale terms in 2025, or at $212 per share and a reported $400 billion SpaceX enterprise value at the time. Assuming completion of a planned SpaceX IPO in the near future, EchoStar would gain increased financial flexibility with a potentially higher SpaceX enterprise valuation as a result of its recent combination with X.AI Corp., another Elon Musk controlled company working in the area of artificial intelligence, social media and technology. The company will continue to face steady and continued subscriber losses at DBS due to persistent secular pressures on linear TV caused by consumers' changing video consumption behavior. When put into effect, a restructuring support agreement (RSA) initially signed on March 19, 2026 with an ad hoc group representing 82% of DBS bondholders will serve to strengthen the credit profile of DBS's legacy pay-TV business and position it well for a potential merger with DIRECTV Financing, LLC (B1 negative), in Moody's views. DBS is currently seeking support from at least 98% of bondholders of each debt issue outstanding to formally put into effect the RSA's significant credit enhancing measures in an out-of-court settlement by no later than June 30, 2026. The RSA has already ended all current bondholder litigation and strengthens DBS's credit profile by collapsing DBS SubscriberCO, DBS's unrestricted subsidiary which held certain DISH TV subscribers and their related subscription and equipment agreements, back into DBS on March 19, 2026. The Sling TV streaming business was also collapsed back into DBS as a restricted subsidiary guarantor of DBS debt on March 19, 2026. When put into full effect, the RSA will also facilitate par debt retirements for all outstanding debt maturing through 2029 via a cash flow sweep mechanism that greatly limits cash upstreaming to DBS's parent, DISH, or EchoStar or its other subsidiaries. Without 98% voluntary participation, DBS has disclosed it will need to pursue an in-court prepackaged Chapter 11 filing to effect the RSA's terms to existing indentures already agreed to by 82% of bondholders. Under a Chapter 11 filing Moody's would withdraw all of DBS's ratings, and ratings would only be reassigned to DBS's debt at the request of EchoStar after DBS exits Chapter 11 bankruptcy. The hybrid mobile network operator (MNO) wireless operation at DISH still operates with negative free cash flow and high subscriber churn, highlighting difficult operating fundamentals in a competitively intense end market. However, Moody's believes the wireless operations are likely to begin generating positive free cash flow during 2026. While subscriber growth at the wireless operation turned slightly positive in 2025, DISH's reseller business model is highly vulnerable to its need to contract with facilities-based wireless competitors for wholesale capacity. The company's current services agreement with AT&T does extend through 2035 with two 2-year extensions after the original contract term ends in 2031, and this provides a reasonable level of certainty for developing the business model under a non-facilities-based strategy. The company will still retain some spectrum licenses post its upcoming spectrum sales to AT&T and SpaceX, and it could potentially choose to deploy its CBRS spectrum in certain areas within its nationwide service footprint where wireless subscriber penetration is higher to help offset the negative impact of wholesale capacity costs on margins. EchoStar, which stated that the FCC's compliance review actions constitute one or more force majeure events under certain of DISH's 5G network contracts, ceased making lease payments under all of its tower contracts in December 2025. Resulting litigation from American Tower Corporation (Baa3 positive) and other tower companies will likely be prolonged and could result in a potential sizable liability claim in the future. Declining subscribers, revenue and EBITDA at Hughes resulted in a $1.4 billion non-cash impairment charge in the fiscal year ended December 31, 2025. Following its agreements to sell spectrum and gain a sizable equity stake in SpaceX (a competitor of Hughes), EchoStar's residential internet service via satellite offerings under the Hughesnet brand create conflict with SpaceX's Starlink residential broadband service offerings. Hughes also competes with Starlink as a provider of inflight broadband connectivity to commercial airlines, and was recently selected by Air India to provide inflight connectivity solutions across the airline's mixed widebody fleet. Upon the spectrum sale close with SpaceX, EchoStar will also enter into a fee-based referral program that lets the company refer existing Hughes customers and new customers to Starlink. EchoStar still believes Hughes' business operations, which also include a satellite gateway equipment and hardware operation, remain viable, but apparently only under a potentially different capital structure than exists currently given ongoing discussions with bondholders concerning upcoming August 2026 debt maturities. Even before the FCC began its compliance review in May 2025, EchoStar faced meaningful capital access difficulties for adequately funding and executing its strategy to grow its facilities-based wireless business. Based on EchoStar's agreements with the FCC in the prior administration, the current FCC's compliance scrutiny in 2025 was an unforeseen development and led to a forced sale of spectrum assets and a strategy shift that will result in a balance sheet transformation. This will inject substantial liquidity into the company with consolidated balance sheet cash soon to exceed consolidated funded debt. Moody's ongoing appraisal of EchoStar's credit profile will now be dependent on both future strategic investment choices and evolving clarity around the company's financial policy objectives. The FCC began its review of EchoStar's compliance with its build-out milestones and obligations to provide 5G broadband services with its federal spectrum licenses on May 09, 2025. The FCC viewed the company's spectrum as being underutilized and deemed the company's continued ownership of its spectrum licenses as inconsistent with the public interest. The FCC's actions forced EchoStar to fully abandon its prior strategy of operating as the fourth facilities-based wireless carrier in the US. During the months of August, September and November 2025, the company entered into agreements to sell approximately 58% of the carrying value amount of its spectrum held at subsidiaries of EchoStar and DISH to AT&T and SpaceX. The aggregate sales proceeds will total approximately $42.3 billion and will be comprised of around $31.2 billion of cash and $11.1 billion of SpaceX stock valued at $212 per share per spectrum sale terms. Moody's views the likelihood of these spectrum sale transactions closing following favorable regulatory review as very high. Moody's expects $22.7 billion of cash proceeds from the sale of 30 MHz of nationwide 3.45 GHz mid-band spectrum and approximately 20 MHz of nationwide 600 MHz low-band spectrum to AT&T during the first half of 2026. Under a complicated two-step process, Moody's expects the remaining $8.5 billion of cash proceeds and $11.1 billion of SpaceX stock from the sale of spectrum to SpaceX to be realized no later than November 30, 2027. This two-step process temporarily houses the spectrum sold to SpaceX in Spectrum Business Trust 2025-1 (Trust), a Nevada Business Trust. The Trust will be funded by SpaceX to pay all coupon interest totaling around $2 billion on EchoStar's outstanding debt (comprised of senior spectrum secured notes) until November 30, 2027 when lower call prices make full debt retirement more economically attractive. SpaceX will not take ownership of the spectrum licenses backing these notes until these senior spectrum secured notes are paid off in full. The spectrum sold to SpaceX includes an aggregate of 50 MHz of AWS-4 and H-Block in frequency ranges 2000–2020, 2180–2200, 1915–1920 and 1995– 2000, as well as an aggregate of 15 MHz of AWS-3 in the frequency range 1695-1710. EchoStar's rating also considers that the company's controlling shareholder, Charles Ergen, has a demonstrated willingness to be highly acquisitive and to generally avoid equity dilution to the detriment of creditors, as supported by efforts in recent years to incent debtholders to forfeit portions of their debt principal through coercive debt exchanges. The rating is additionally constrained by the company's extremely limited transparency regarding fiscal policy and financial guidance. As of December 31, 2025, EchoStar had $3.2 billion of restricted and unrestricted cash and cash equivalents and marketable investment securities combined; about $1.6 billion of this was used to fully pay off term loan debt and preferred stock at DBS SubscriberCo, an unrestricted subsidiary of DBS, through repayment of a $2.19 billion intercompany loan DBS made to DISH. The company has no revolving credit facility. EchoStar's Credit Impact Score of CIS-5 reflects the company's historic financial strategy and risk management policies and willingness to operate with very elevated debt leverage and limited financial flexibility. EchoStar's weak governance is also driven by the company's poor transparency with investors, including regarding its financial policies or credit metric targets. In addition, the company faces negative exposure to secular societal trends in its pay-TV business at DBS, which generates a still significant portion of the company's consolidated revenue and profits. This declining linear pay-TV distribution business will continue to face substantial risk from social and demographical trends as consumers move to direct-to-consumer video-on-demand services and continue to cancel their traditional linear bundled pay-TV services. DISH, now operating under a hybrid MNO business model given its abandonment of a facilities-based model following the sale of spectrum assets, still faces significant operating and competitive challenges growing its subscribers and delivering stable and positive free cash flow. The company's board of directors lacks independence. The stable outlook reflects Moody's expectations that EchoStar will maintain good liquidity over the next 12 to 18 months. Moody's expects the company will invest residual cash from spectrum sale proceeds in a prudent and diversified manner into new businesses that deliver growth to help offset declines in its pay-TV operations or enhance its hybrid MNO wireless operations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS EchoStar's ratings could be upgraded with steady and consistent operating performance which includes: 1) solid growth in wireless subscribers and wireless churn mitigation at DISH, 2) slowing subscriber losses, solid free cash flow generation and meaningful debt paydowns at DBS, 3) stabilization of operating trends at Hughes, including a sustainable resolution to current capital structure discussions with bondholders, and 4) evidence that future strategic investments are credit accretive. EchoStar's ratings could be downgraded if the company's liquidity position and operating performance or ability to service its debt deteriorates. Headquartered in Englewood, Colorado, EchoStar Corporation is a provider of technology, networking services and television entertainment and connectivity. The company offers consumer, enterprise and government solutions through its various subsidiaries, including Hughes Satellite Systems Corporation, DISH Network Corporation and DISH DBS Corporation. LIST OF AFFECTED RATINGS Issuer: EchoStar Corporation Upgrades: LT Corporate Family Rating, Upgraded to B3 from Caa2 Probability of Default Rating, Upgraded to B3-PD from Caa2-PD Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-4 Senior Secured, Upgraded to B1 from Caa1 Outlook Actions: Outlook, Changed To Stable From Rating Under Review Issuer: DISH Network Corporation Upgrades: Backed Senior Secured, Upgraded to B1 from Caa1 Senior Unsecured, Upgraded to Caa2 from Caa3 Outlook Actions: Outlook, Changed To Stable From Rating Under Review Issuer: Hughes Satellite Systems Corporation Confirmations: Senior Secured, Confirmed at Caa1 Senior Unsecured, Confirmed at Caa3 Outlook Actions: Outlook, Changed To Stable From Rating Under Review Issuer: Dish DBS Corporation Upgrades: Backed Senior Secured, Upgraded to B3 from Caa1 Senior Unsecured, Upgraded to Caa2 from Caa3 Outlook Actions: Outlook, Changed To Stable From Rating Under Review The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. EDDIE BAUER: Committee Taps Brinkman Law as Efficiency Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Eddie Bauer LLC and affiliates seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Brinkman Law Group, PC as its administrative/efficiency counsel. The firm's services include: a. handling smaller stay-relief motions, smaller motions to compel, and routine review of executory contract assumptions/rejections; b. reviewing professional retention applications and fee applications; c. handling smaller asset sales; d. reviewing and analyzing correspondence, critical vendor reports, operating reports, and financial reports; e. reviewing and analyzing portions of the Debtors' Schedules and Statements of Financial Affairs as necessary; f. managing reviews of omnibus claims objections, claims review, subordination, and re-characterization objections (allocated on a case-by-case basis by claim size and complexity, with coordination to the Committee's financial advisor). g. providing general legal advice on Court rules and practices applicable to the Committee's powers and duties; h. preparing and reviewing pleadings for compliance with Court rules; i. appearing in Court on routine matters and performing such other legal services as the Committee may direct. The firm's current standard hourly rates are: Paralegals $475 to $550 Law Clerks $660 Associates $725 to $900 Shareholders and Of Counsel $920 to $1,290 The following is provided in response to the request for additional information contained in paragraph D.1. of the U.S. Trustee Guidelines: a. BLG did not agreed to any variation from its customary billing arrangements. b. BLG professionals included in this engagement have not varied their rate based on the geographic location of these Chapter 11 Cases. c. BLG did not represent the Committee prior to the Petition Date. d. BLG anticipates that the budget will initially depend primarily on the DIP financing order and budget approved by Court. Daren Brinkman, a shareholder at Brinkman Law Group, PC, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Daren Brinkman, Esq. Brinkman Law Group, PC 543 Country Club Drive, Suite B Wood Ranch, CA 93065 Tel: (818) 597-2992 Fax: (818) 597-2998 Email: dbrinkman@brinkmanlaw.com About Eddie Bauer LLC Eddie Bauer is an outdoor apparel brand was founded in Seattle in 1920 and has built a reputation around clothing and gear for hiking, travel, and outdoor recreation. It sells outdoor apparel, footwear, and equipment designed for travel and adventure. The company currently reports operating over 250 locations throughout North America. Eddie Bauer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11422) on February 9, 2026. In its petition, the Debtor reports $100,000,001 to $500 million in assets and $1,000,000,001 to $10 billion in liabilities. Honorable Bankruptcy Judge Stacey L. Meisel handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. GBH SOLIC Holdco, LLC d/b/a SOLIC Capital Advisors as investment banker. Stretto, Inc. as administrative advisor. EDGED COMPUTE: S&P Assigns 'BB-' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings assigned a 'BB-' issuer credit rating (ICR) to Edged Compute LLC, reflecting lower construction risk compared with certain peers, long-term contracts, and positioning in top-tier data center markets, offset by concentration with a speculative-grade rated tenant in Chicago (CoreWeave) and geopolitical risks with the tenant in Atlanta (Alibaba). S&P assigned a 'BB-' ICR to EDC Venture, which reflects its growing presence in several top data center markets in the U.S. and mostly investment-grade tenant base, which is partly offset by execution risk associated with its significant development pipeline and uncertainties with respect to financial policy and credit ratios in the coming years. S&P assigned a 'BB+' issue-level rating to the secured notes with a '1' recovery rating, which compares favorably with peers due to lower valuation stress as properties are more likely to retain value in Chicago and Atlanta, there are no tenant termination rights during construction in Atlanta, and it has a unique lien on tenant property (including chips and IT hardware) in Atlanta. The stable outlook reflects S&P's expectation that the construction works will advance as planned and according to budget, although credit ratios are unlikely to approach levels that could support an upgrade over the next year. EDC Venture LLC's subsidiary Edged Compute LLC plans to issue $1.3 billion in secured amortizing notes due 2031 to fund construction of two pre-leased data centers, including a 72 megawatt (MW) data center in Chicago and 42 MW data center in Atlanta. Edged Compute benefits from long-term contracts. It consists of two leases in two markets that provide stable and predictable revenue, earnings, and cash flow. The company has a 16-year, noncancelable lease with CoreWeave (B+/Positive) for 72 MW of critical IT capacity in Chicago with triple-net lease structure with all operating expenses as a direct tenant expense. There is an added structural enhancement that protects the borrower from low-probability service level agreement (SLA) breaches that would allow for termination rights. In this case, the operating agreement, which contains the SLA requirements, is separate from the lease agreement, which resides in the credit group. Therefore, if there was an SLA breach, CoreWeave could replace the operator (which receives a management fee on top of base rent) but the lease agreement with the landlord (owned by Edged Compute ORD) would remain intact. Edged Compute also has a 15-year, noncancelable lease for 42 MW of critical IT load with the U.S. subsidiary of Alibaba (A+/Stable) with annual escalators and a modified gross-lease structure with power costs as a direct tenant expense. There are risks with both contracts. Exposure to a speculative-grade tenant presents the biggest risk in Chicago. S&P said, "CoreWeave is rated 'B+', which we view as a proxy for lease performance. Although we see this level of concentration as a key risk, our base case assumes CoreWeave is supported by its growing role in the ecosystem serving leading AI players such as Microsoft (currently its largest customer), OpenAI, and Meta, as well as by the symbiotic relationship CoreWeave enjoys with NVIDIA, its sole chip supplier." S&P expects CoreWeave will meet its lease obligations for the next several years. Still, given that its customer contracts are shorter than its lease commitments to Edged Compute, it could be challenging for CoreWeave to honor these lease obligations in an environment where demand for AI services does not materialize as expected. In Atlanta, there could be regulatory risks with housing a Chinese-owned company, stemming from U.S. technology competition with China and potential national security concerns. The U.S. government has scrutinized Alibaba's cloud unit regarding how it stores American data and whether the Chinese government could access it, which could result in future restrictions. This risk is partly mitigated by Alibaba Group Services Ltd.--which has roughly $10 billion of net worth- providing a guarantee to the lease that ultimately resides at Alibaba Cloud LLC, which is a U.S. entity that houses all U.S. cloud operations. This guaranty applies upon any failure by Alibaba Cloud LLC to pay or perform any monetary or non-monetary obligation under the lease, at which point Alibaba Group Services Ltd. becomes liable for full payment and performance under the lease. Furthermore, the lease grants Edged Compute a lien and security interest on all property within the premises, allowing it to reclaim the premises and claim control of Alibaba's IT equipment in the event of a U.S. sanction. S&P said, "There is likely substantial value in the servers and chips that will reside in the facility. Still, we recognize that the lease guarantee is provided by a treasury arm of the parent and not the parent itself. We also recognize that the useful life of AI hardware is typically limited to two to five years as rapid innovation and high utilization result in a chip refresh cycle that is shorter than the useful life of a data center." Therefore, the ability for Edged to monetize this property in an exit scenario carries uncertainty. S&P believes the markets have good long-term prospects. Chicago is a top data center market that benefits from a variety of features that make it popular with a broad base of tenants. The power costs are below the national average, and it offers reliable energy delivery through an almost entirely underground power infrastructure, offering protection from weather events. It also has a low propensity for natural disasters and the colder climate helps reduce cooling costs, as well as robust fiber connectivity and one of the largest peering exchanges in country. Atlanta in one of the fastest-growing data center markets in the U.S. with a depth and breadth of tenants across a variety of industry verticals. It is a popular market for several reasons including competitive power costs, a tax-friendly business environment, low risk of natural disasters, a reliable power grid, proximity to a population center where skilled labor is available, and robust fiber connectivity with low latency into internet exchange points. The data centers are designed to be high-quality to support AI requirements. These buildings are designed with N+1 systems redundancy, in line with industry standards and approximating a Tier III design, or minimum 99.99% guaranteed uptime. This ensures concurrent maintainability while maintaining full operational capacity during single-failure conditions, which would include onsite backup diesel power generators. This design typically provides no more than 1.6 hours of annual downtime, according to the Uptime Institute. S&P expects the average annual power-usage efficiency ratio to be 1.15, which allows for efficient operations, mostly allocated to run IT equipment. This is at the stronger end of the industry averages. The buildings can support hybrid data halls with air-based and liquid cooling with scalable modular design to adapt to changing rack densities that can handle 120 kilowatts (kW) per rack with air-based cooling and 400 kW per rack with liquid cooling for power-hungry AI workloads. The risk of SLA breaches that trigger termination rights is low, but rent credits are possible. In Chicago, Edged has mitigated the SLA risk by placing the conditions in a separate operating agreement (outside of the credit group) whereby CoreWeave can replace the operator (which receives a fee) for breaches but cannot terminate the lease. In Atlanta, termination rights can be triggered if there are three incidents of downtime over a 12-month period and each disruption impacts more than 30% of Alibaba's operational IT power for the data center. Separately, monthly rent credits are possible under different scenarios of temperature, humidity and power availability breaches. The post-construction financial profile is highly leveraged. S&P said, "When operations commence, we expect S&P Global Ratings-adjusted debt to EBITDA will be about 7.2x in 2028 with a full year of earnings. The pace of deleveraging will be limited because required debt amortization does not begin for two years post-lease commencement. However, free operating cash flow (FOCF) will be about $80 million in 2028, allowing debt to EBITDA to approach 6.5x by the end of 2030, following about a year of required debt paydown. We place greater weight on the out-year cash flows, starting in 2028, to recognize the heavy upfront investments that depress credit metrics that is then followed by periods of high revenue visibility." S&P said, "We also consider other ratios that include interest as important measures of credit quality for digital infrastructure companies given the significant debt-service costs stemming from higher debt loads enabled by stable cash flows. More specifically, we project funds from operations (FFO) to debt will about 6% in 2028, rising to about 7.5% by 2030, and EBITDA interest coverage will be 1.7x in 2028, rising to 1.9x by 2030. "We believe construction risk is sufficiently mitigated, due to simple complexity, a reasonable cushion in schedule, and fair pricing, with costs of construction delay fully transferred to the parent. We believe the construction budget is reasonable, the schedule is achievable, and there is a completion guarantee from the parent company." In Chicago, CoreWeave has termination rights if construction is delayed by more than 270 days, which represents a longer cushion compared with several rated peers that have ranged from 150-180 days, but weaker than the Alibaba lease, which has no termination. Power agreements are near-final with ComEd. Moreover, a power substation needs to be constructed by ComEd, which adds complexity to the project. Transmission upgrades for large-scale projects like this require ComEd to complete a multi-phase engineering and construction process that typically takes 30 to 34 months to complete. ComEd is well advanced through the detailed engineering process that commenced in June 2024. However, ComEd has indicated that certain design changes may be necessary to meet regulatory and transmission requirements. While these design changes may delay completion of the transmission upgrades, there is a further extension available for lease penalties related to ComEd late delivery, which provides some protection against this risk. Nonetheless, ComEd has agreed to commence construction, with initial work expected to begin prior to May 2026 and currently expects completion of the transmission upgrades and energization of the Chicao substation by the Phase 1 Ready For Service (RFS) date. The late delivery cushion compares favorably with other transactions that had only few days of buffer built into the construction schedule for energization of a new power substation and the first data center RFS date. The schedule duration is 22.5 months from site mobilization to target turnover date of the final phase of the project, which is suitable for the scope and magnitude of the project. An average of two to three months of headroom is designed from expected completion to RFS date for each phase, which is a sufficient time buffer, in S&P's view, against potential delay. In Atlanta, there are no tenant termination rights during construction, with late delivery penalties capped at $5 million, which compares favorably to other rated peers. The schedule duration is 21 months from site mobilization to target turnover date of the final phase of the project, which is suitable for the scope and magnitude of the transaction. An average of two to three months of headroom is designed from expected completion to RFS date for each phase, which S&P views as a sufficient time buffer against potential delays. Power agreements have been fully executed with Georgia Power, and the local utility is constructing a power substation, which is expected to be energized in May 2026 (seven months of float before lease commencement). The risk of delays is partly mitigated by the recent experience of the general contractors Brasfield and Gorie (B&G) and FCL Builders (FCL), which have delivered similar projects on-time and on-budget in Chicago and Atlanta. Furthermore, Edged Compute has delivered seven greenfield projects on time and on budget, totaling 261 MW, over the past 24 months. Edged Compute uses a standard basis of design that is replicated with minimal customization. There are fully executed guaranteed maximum price (GMP) contracts with general B&G and FCL responsible for cost overruns under scope of the GMP contracts, while Edged Compute is responsible for procuring owner-furnished contractor-installed (OFCI) equipment (mostly related to mechanical, engineering, and plumbing). The company has already locked in purchase orders for all long-lead equipment, with 90% of all equipment purchased. The construction funds are fungible as the project can reallocate funds between the two data center projects if needed. Therefore, we assess our financial assessment under the construction-phase stand alone credit profile (SACP) on a consolidated basis. Under a simulated stressed delay scenario of four months, S&P believes the project would be reliant on support from the parent to cover cost overruns or incremental interest during construction including: -- Cost over-runs of $100 million, or 10% of OFCI; -- Interest during construction of $35 million, and -- Rent credits of about $34 million. S&P said, "We consider Edged Compute to be a core subsidiary to EDC Venture. This is due to the strategic importance to the group's overall identity. Furthermore, there are reputational incentives to support given ambitions to grow in the future which will require additional partnerships and access to affordable capital. Finally, there is a contractual obligation to support during construction by providing necessary shortfall in funds required for project completion. We therefore equalize the ratings to reflect the likelihood and reliance on support during construction, if necessary. "Our 'BB-' rating on EDC Venture reflects its participation in Tier 1 data center markets, with the significant majority of revenue derived from investment-grade tenants and a 15-year weighted-average remaining lease term. These factors are tempered by its highly leveraged financial profile--we estimate pro forma debt to EBITDA will be 7.5x-8.0x when currently signed leases commence and construction for these pre-leased facilities is complete." Edged Compute is partially insulated from the parent. There are structural protections that limit the parents' ability to extract resources from the subsidiaries to some degree. Edged Compute holds itself out as a separate entity, its financial performance and funding are highly independent from the group, there is no significant operational dependence on other group entities, and it maintains its own records and funding arrangements and does not commingle funds, assets, or cash flow. Lease payments flow into a lockbox account controlled by the collateral agent and are distributed through a waterfall that includes operating expenses, mandatory debt amortization, interest expense, and excess cash flow offers, in that order. Therefore, S&P could rate Edged Compute a notch higher than the parent, if the SACP were stronger than the parent (which is not currently the case). S&P said, "We view Applied Digital Corp. (B+/Positive) as a peer, with Edged comparing favorably. We generally consider construction risk to be lower at Edged Compute given that Alibaba does not have termination rights during construction and there is a more significant buffer built into the timeline that would trigger CoreWeave's termination rights. We also believe the post-construction credit risk profiles is modestly stronger at Edged Compute. This is because both companies have long-term leases of about 15 years and have significant exposure to CoreWeave but Applied is progressing on improving diversity. In addition, Edged Compute is in Tier 1 markets, whereas Applied is in rural markets that carry more long-term uncertainty, and Edged Compute's credit metrics are moderately better than Applied's, which is hurt by debt-like preferred stock at the parent level. "We also consider Wulf Compute to be a peer, with Wulf stronger post-construction. The post-construction credit ratios are stronger at Wulf Compute, allowing for a cleaner path to a 'BB' ICR rating post-construction. We generally view the business risk profiles as on-par with each other because Wulf has a Google backstop that mirrors debt amounts (but not full net present value of the lease) whereas Edged has more exposure to speculative-grade tenant. This is largely offset by Edged Compute having longer leases and Edged Compute being in Tier 1 markets. "The rating incorporates our sector-specific corporate methodology and project finance criteria. Our "Ratings To Principles" approach reflects the presence of characteristics from both frameworks. The companies are undergoing material construction activities and benefit from certain typical project finance features, including a first-lien security on assets, contracts, and cash flows, as well as a waterfall to ensure prioritization of debt service on the proposed financings. However, eligibility requirements and covenants around new developments are not sufficiently restrictive, based on our assessment, to constrain credit risk to the level contemplated under our project finance methodology, particularly post-construction. "We therefore assess the construction-phase SACP using project finance methodology and then apply our digital infrastructure corporate methodology to establish the post-construction SACP. The weaker of these two SACPs is ultimately selected as our final SACP during construction. In this case, the post-construction SACP is 'bb-'. We then apply our group rating methodology (GRM) to incorporate the impact that the parent, EDC Venture, has on the issuer credit rating of the subsidiaries. We recognize that the parent's incentive to support may override any potential shortcomings in the contractual obligation to provide support in a timely manner." The stable outlook reflects good earnings and cash flow visibility upon lease commencement combined with a significant late delivery termination cushion built into the lease during construction in Chicago and no tenant termination rights during construction in Atlanta. It also reflects our expectation that the construction works will advance as planned and according to budget. Although unlikely over the next year, S&P could lower the rating over the year if metrics deteriorate from current levels due to a recapitalization, or unexpected increase in operating expenses such that: -- FFO/Debt is sustained below 7%; and -- EBITDA interest coverage is below 1.5x S&P is not likely to raise the rating over the next year as the project is in construction. Longer term, S&P could raise the SACP if: -- The company sustains FFO to debt above 9%; and -- EBITDA interest coverage is above 1.75x. S&P could also raise the rating on Edged Compute if it upgrades the parent, EDC Venture, to 'BB', which is unlikely over the next year but is possible as the portfolio matures and more assets become operational. S&P would require credit metrics to remain supportive, including: -- FFO to debt of at least 8%; and -- EBITDA interest coverage of about 1.6x or better. These ratios at EDC Venture could be loosened over time as diversity and scale increases. EDMUNDSON LAND: Broomfield House Sale to Jennifer Lee OK'd ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado has granted Edmundson Land LLC d/b/a Arbor Valley Nursery to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 15325 King Court, Broomfield, Colorado (Broomfield House). The Broomfield House is the personal residence of Mattew Edmundson. The Court has authorized the Debtor to sell the Property to Jennifer Lee or assigns in the purchase price of $2,450,000.00. The Debtor authorized the Debtor to to execute any documents necessary to effectuate the sale of the Broomfield House and to distribute the proceeds from the sale of the Property to pay: i. the amounts owed on the first deed of trust held by Northpointe Bank; and ii. the Closing Costs (as defined in the Motion, including the seller and broker commissions). To address the Committee's Limited Objection so that the closing of the sale may timely occur as per the Contract, Debtor shall hold the remaining sale proceeds in a separate DIP bank account with distribution of such sale proceeds subject to further order of the Court. About Edmundson Land LLC Edmundson Land LLC is a real estate holding company engaged in the ownership and management of land and property assets. The company focuses on land acquisition, development, and long-term investment activities. Edmundson Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10021) on January 2, 2026. In its petition, the debtor reports estimated assets between $1 million and $10 million and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The debtor is represented by J. Brian Fletcher, Esq. of Onsager Fletcher Johnson Palmer LLC. ELIAS & COMPANY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Elias & Company Management, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for May 7. The Debtor intends to use its cash collateral to cover essential operating expenses totaling $356,825, primarily for payroll, payroll taxes, workers' compensation insurance, and related staffing costs. The Debtor depends heavily on a factoring arrangement with Gulf Coast Bank, under which it sells accounts receivable and receives immediate advances (approximately 92% of invoice value) to fund payroll and operations. Because client payments typically take 30 to 45 days, this factoring arrangement is vital for liquidity. Gulf Coast Bank, the primary secured creditor, holds a lien on substantially all of the Debtor's assets, including receivables, under the factoring agreement. The Debtor intends to continue honoring this agreement and believes that the lender is adequately protected by the continued operation of its business, the maintenance of cash flow, and the granting of replacement liens on post-petition assets. The Debtor's financial and operational challenges leading up to bankruptcy include declining revenues since 2023, increased labor and legal costs, loss of clients to competitors, and the burden of multiple lawsuits, including PAGA claims and wrongful termination litigation. These issues forced the closure of several branch locations and operational downsizing, though the Debtor has attempted to stabilize by improving efficiency and shifting focus to smaller clients. Despite these difficulties, the Debtor maintains that it has a strong reputation and viable business model, with approximately $183,000 in assets and ongoing operations supported by a workforce of internal staff and about 200 temporary employees. About Elias & Company Management Inc. Elias & Company Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-12850) on April 13, 2026. In the petition signed by Elias Enciso, majority shareholder, the Debtor disclosed up to $500,000 in assets and liabilities. Judge Scott H. Yun oversees the case. Matthew D. Resnik, Esq., at RHM Law LLP, represents the Debtor as bankruptcy counsel. ESTHER SCHOOL: Seeks to Hire Aegis Law as Special Counsel --------------------------------------------------------- Esther School, Inc. d/b/a Esther School New Port Richey seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Aegis Law as special counsel. AEGIS Law has been engaged to provide limited special counsel services to the Debtor, including corporate governance advice, coordination of non-bankruptcy litigation, and assistance with organizational and operational matters. The firm's hourly rates are: Attorney $250 to $750 Paralegal $175 to $185 Legal Assistant $75 to $100 As disclosed in the court filings, Aegis Law does not represent or hold any interest adverse to the Debtor or to the estate with respect to the matters upon which it is to be engaged which would preclude its employment. The firm can be reached through: Rochelle Friedman Walk, Esq. Aegis Law 615 Channelside Drive, Suite 207 Tampa, FL 33602 Phone: (813) 999-0199 Email: rwalk@aegislaw.com About Esther School Inc. Esther School, Inc. operates a faith-based primary school in New Port Richey, Pasco County, Florida. Esther School sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02746) on April 3, 2026, listing up to $10 million in both assets and liabilities. Natasha Griffin, president, signed the petition. Judge Roberta A. Colton oversees the case. John A. Anthony, Esq., at Anthony and Partners, LLC, represent the Debtor as legal counsel. ETHEMA HEALTH: Delays 10-K Filing to Ensure Financial Accuracy -------------------------------------------------------------- Ethema Health Corp. was unable to file its Annual Report on Form 10-K for its fiscal year ended December 31, 2025 by the prescribed date without unreasonable effort or expense because the Company was unable to compile and review certain information required in order to permit the Company to file a timely and accurate report on the Company's financial condition. The Company believes that the Annual Report will be completed and filed within the fifteen day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Ethema Health Ethema Health Corp. is a Colorado-based Company headquartered in West Palm Beach, Florida, focused on addiction treatment services in the United States. Originally established as an oil and gas exploration firm, the Company transitioned through various sectors, including electronics -- before shifting to healthcare. It now operates primarily through Evernia, maintaining in-network relationships with healthcare providers to source most of its clients. As of September 30, 2025, the Company had $30,267,418 in total assets, $38,840,475 in total liabilities, and $8,573,057 in total stockholders' deficit. In an audit report dated May 23, 2025, RBSM LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has working capital deficiency and accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. EVCON RENTALS: Seeks to Hire Michael A. Thompson PA as Accountant ----------------------------------------------------------------- Evcon Rentals Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Michael A. Thompson, PA as accountant. The accountant will be preparing its tax returns. The firm will bill $160 per hour for its services. As disclosed in the court filings, Michael A Thompson, PA is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Michael A Thompson, CPA Michael A Thompson, PA 620 North Main Street Harrison, AR 72601 Telephone: (870) 414-4000 E-mail: ContactNARMC@narmc.com About Evcon Rentals Corporation Evcon Rentals Corporation is an equipment rental company based in Hot Springs, Arkansas. It provides a range of industrial, construction, and landscaping equipment for rent to contractors and individual consumers. The Company operates multiple locations in the region and offers delivery and pick-up services. Evcon Rentals Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70643) on April 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Richard D. Taylor handles the case. The Debtor is represented by Marc Honey, Esq. at HONEY LAW FIRM, P.A. F-STAR SOCORRO: Taps Jones Lang Lasalle as Financial Advisor ------------------------------------------------------------ F-Star Socorro, L.P. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Jones Lang Lasalle Americas, Inc. as real estate financial advisor. The firm's services include: (a) preparing offering materials to present to potential capital providers; (b) conducting a thorough marketing process to prospective capital providers; (c) assisting the Debtors with investor due diligence including the coordination of investor meetings, information requests, and property tours; (d) compiling, evaluating, qualifying, and analyzing the various proposals from prospective capital providers and, to the extent desired by the Debtors, recommending an appropriate course of action to the Debtors consistent with their capital objectives; and (e) assisting in discussions, negotiations, and all other matters to facilitate the execution of relevant agreements and the closing of a transaction. The firm will be paid at these rates: (a) Monthly Retainer Fee. During the term of the Engagement Letter (provided it is approved by the Bankruptcy Court), JLL will earn and be paid a retainer fee of $150,000 per month ("Monthly Retainer Fee"), payable by the Debtors as follows: i. $50,000 of each Monthly Retainer Fee shall be paid payable to JLL on the 5th day of each full calendar month during the term of the Engagement Letter, and the remaining $100,000 of each Monthly Retainer Fee shall be held by the Debtors and paid payable to JLL within ten (10) days following the expiration or earlier termination of the Engagement Letter. ii. With respect to any partial month, the Monthly Retainer Fee shall be prorated. The Monthly Retainer Fees will cease upon the earlier of (a) the Debtors' payment to JLL of the Success Fee(s) due for any Transaction(s), (b) or the earlier effective date of a chapter 11 plan, or (c) termination of the Engagement Letter in accordance with its terms. iii. The Monthly Retainer Fees are non-refundable, but in the event a Success Fee is payable by the Debtors to JLL under the Engagement Letter, such Success Fee shall be reduced by an amount equal to the aggregate Monthly Retainer Fees accrued and payable to JLL. (b) Equity Success Fees. In connection with the closing of (a) any equity capital provided to the Transaction by any Capital Provider, (b) any mezzanine financing provided by any Capital Provider, and (c) any sale or other transfer of all or any portion of the property that is the subject of the Transaction to a Capital Provider, JLL shall be entitled to Equity Success Fees equal to the product of 200 basis points (2.0%) and the applicable Equity Requirement. Such Equity Success Fees shall be paid by wire transfer on the date on which such capital is funded in full, subject to Bankruptcy Court approval of the proposed Transaction. (c) Debt Success Fees. In connection with any first mortgage debt or other similar financing provided by any Capital Provider for the Transaction, upon the closing of financing provided by a Capital Provider during the term of the Engagement Letter and JLL shall be entitled to debt success fees, calculated as the product of one hundred basis points (1.0%) and the gross financing procured. (d) Minimum and Maximum Fees. In the event that an Eligible Transaction is consummated, JLL shall be entitled to receive a minimum fee of $2,500,000 (the "Minimum Fee"). Payment of the Minimum Fee shall be payable only to the extent the Debtors have the ability to pay in compliance with the Bankruptcy Code and any applicable Bankruptcy Court orders. Notwithstanding the foregoing, the Minimum Fee shall not be payable if the Engagement Letter is terminated by the Debtors for Cause prior to the consummation of the Eligible Transaction. Notwithstanding any other provision of the Engagement Letter, the total fees payable by the Debtors to JLL for all services rendered, including without limitation any success fees and any other fees and expenses under the Engagement Letter, shall not exceed $5,000,000 (the "Fee Cap") unless otherwise agreed to in writing by both parties and approved by this Court. JLL shall promptly notify the Debtors when the total fees incurred are approaching the Fee Cap. Any services performed, or expenses incurred, in excess of the Fee Cap shall not be chargeable to the Debtors unless authorized in advance in writing and approved by the Court. (e) Expense Reimbursement. JLL shall be reimbursed for reasonable out-of-pocket expenses incurred in the provision of services under the Engagement Letter, provided JLL submits an invoice, no more frequently than monthly, including all supporting materials in connection with such expenditures. The Debtors' prior written approval shall be required for all material expenses. As disclosed in the court filings, Jones Lang Lasalle Americas, Inc. is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code. The firm can be reached through: Bryan Clark Jones Lang Lasalle Americas, Inc. 4727 Executive Dr 11th Floor San Diego, CA 92121 Tel: (858) 812-2342 Email: bryan.clark@jll.com About F-Star Socorro L.P. F-Star Socorro, L.P. and affiliates are commercial real estate companies that develop and invest in residential, hospitality, retail, office, and industrial properties. Their portfolio includes commercial and industrial properties in El Paso, Texas, and a 122-acre mixed-use development at the border of Paradise Valley and Scottsdale, Arizona, anchored by a newly constructed Ritz-Carlton resort and surrounding residential units. The Debtors sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90607) on November 4, 2025. At the time of the filing, F-Star listing up to $50,000 in both assets and liabilities. Judge Alfredo R Perez presides over the cases. The Debtors tapped Nicholas J. Hendrix, Esq., at O'Melveny & Myers, LLP as bankruptcy counsel; Lance Miller of Pivot Management Group, LLC as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 case. The committee is represented by Stinson, LLP. F4 PHANTOM: Hires Benjamin Legal Services as Bankruptcy Counsel --------------------------------------------------------------- F4 Phantom Investments LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Benjamin Legal Services as its general bankruptcy counsel. The firm's services include: a) assisting and advising the debtor concerning the debtor's legal status as a debtor and the powers, duties, rights, and obligations as debtor in possession in the continued management and operation business and of its property and affairs relative to the administration of this proceeding; b) representing the debtor before the bankruptcy court and advising the debtor on all pending litigations, hearings, motions, and of the decisions of the bankruptcy court; c) reviewing and analyzing all applications, orders, and motions filed with the bankruptcy court by third parties in this proceeding and advising the Debtor thereon; d) attending all meetings conducted according to section 341(a) of the bankruptcy code and representing the debtor at all examinations and Debtor interviews; e) communicating and negotiating with representatives of creditors and other parties in interest; f) preparing all necessary applications, reports, complaints, motions, orders, and other legal papers and documents as may be necessary to appear before the court regarding such legal matters and to seek relief in accordance with said court documents, together with the preparation of the necessary orders thereto; g) defending the Estate against actions that may be instituted against the debtor's estate in these proceedings and to litigate matters relating to said proceedings in accordance with the attorney-client retainer agreement executed between the Parties; h) examining and taking all actions necessary to protect and preserve the estate, including prosecution of such claims or actions and litigation as may be necessary or appropriate on behalf of the estate and to support positions taken by the debtor, and preparing witnesses and reviewing documents in this regard, when applicable; i) examine and resolve claims filed against the estate and to advise and consult with the debtor regarding claims that may be inappropriately or in error filed and to prepare and litigate objections thereto when appropriate; j) conferring with all other professionals, including any accountants and consultants retained by the debtor and by any other party in interest; k) assist the debtor in its negotiations with creditors (and any creditor committees) or third parties concerning the terms of any proposed plan of reorganization; l) assist the debtor in the formulation, preparation, implementation, and consummation of a plan of reorganization and disclosure statement, if necessary or appropriate, and all related agreements and documents, and to take any actions necessary to achieve confirmation of such plan and disclosure statement; m) perform all other legal services required of the debtor, be in the interest of the debtor and the estate, or incident to these proceedings and to provide such legal advice to the debtor as is necessary and in connection with this chapter 11 Case; and n) advise the debtor about any potential sale of assets or representation of the debtor in connection with obtaining post-petition financing if required or needed. The firm will be paid at these rates: J. Kevin Benjamin, Esq. $550 per hour Theresa S. Benjamin, Esq. $425 per hour Paraprofessional $195 per hour The firm received an advance retainer of $14,214 from the Debtor. Mr. Benjamin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: J. Kevin Benjamin, Esq. Benjamin Legal Services PLC 1016 West Jackson Blvd. Chicago, IL 60607 Telephone: (312) 853-3100 Email: attorneys@benjaminlaw.com About F4 Phantom Investments LLC F4 Phantom Investments LLC - F13 Lighting Investments LLC, doing business as Joe Donut Mt Prospect, is a private specialty donut and breakfast cafe in Mount Prospect, Illinois, offering handcrafted donuts, coffee, and breakfast and lunch items. The business operates as a designated series of F4 Phantom Investments LLC. It maintains a local presence with a dedicated website. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04109) on March 8, 2026, with $1 million to $10 million in assets and liabilities. Sheila C. Coffey, manager and designated representative, signed the petition. Judge David H. Decelles presides over the case. J. Kevin Benjamin, Esq., at Benjamin Legal Services, PLC represents the Debtor as bankruptcy counsel. FCR PARTNERS: Seeks to Hire Langley & Banack as Bankruptcy Counsel ------------------------------------------------------------------ FCR Partners, LP seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Langley & Banack, Inc. as its attorneys. The firm will give the Debtor legal advice with respect to its duties and powers in this case and handle all matters which come before the Court in this case. The firm will be compensated according to its customary hourly rates. The current rate for William R. Davis, Jr., attorney, is $425 per hour. The firm received a retainer in the amount of $11,000, plus filing fees in the amount of $1,738. According to court filings, Langley & Banack, Inc. does not hold or represent any interest adverse to the Debtor and is a disinterested person within the meaning of the Bankruptcy Code. The firm can be reached at: William R. Davis, Jr., Esq. LANGLEY & BANACK, INC. 745 E. Mulberry, Suite 700 San Antonio, TX 78212 Telephone: (210) 736-6600 Facsimile: (210) 735-6889 E-mail: wrdavis@langleybanack.com About FCR Partners, LP FCR Partners, LP is a limited partnership engaged in investment and asset management activities, with a focus on real estate and commercial ventures. The firm typically operates as an investment vehicle managing a portfolio of income-generating assets and development projects. FCR Partners, LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50909) on April 6, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Aubrey L. Thomas handles the case. The Debtor is represented by William R. Davis, Jr., Esq. of Langley & Banack, Inc. FREE SPEECH: The Onion Strikes Deal to Take Over Infowars Ops ------------------------------------------------------------- Ben Zigterman of Law360 reports that a court-appointed receiver managing Alex Jones’ Infowars media empire has struck a deal to license the outlet’s trademark and domain name to The Onion. The satirical publication is now positioned for a potential return to operating the controversial website. The agreement would transfer usage rights for key Infowars intellectual property, including its name and web domain, to The Onion under a licensing structure designed to maximize asset value during the receivership. Any transfer remains subject to approval by the supervising court, the report states. The deal reflects ongoing efforts to wind down and monetize Infowars' assets after Jones faced significant legal judgments. The Onion's involvement signals a continued interest in reviving the platform under new management, according to Law360. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. GB AIT BUYER: S&P Rates New $500MM Senior Unsecured Notes 'B-' -------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '5' recovery rating to U.S.-based GB AIT Buyer Inc.'s (parent company of global freight forwarding solutions provider and dba AIT Worldwide) $500 million senior unsecured notes. The company intends to use the proceeds from this offering to fund its acquisition by Greenbriar Equity Group. S&P recently assigned its 'B' issuer credit rating to newly formed GB AIT Buyer Inc. on Apr. 16, 2026. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a default occurring in 2029 amid a global recession that leads to a significant decline in freight pricing and volumes. -- S&P said, "We value the company as a going concern using a 5.5x EBITDA multiple, in line with our standard assumption for the logistics industry. We believe that if the company were to default, it would continue to have a viable business model, in part due to its customer and vendor relationships." -- S&P split its valuation between the company's foreign and domestic subsidiaries based on expected EBITDA contribution. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $221 million -- Multiple: 5.5x -- Valuation split (nonobligor/obligor): 57%/43% Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.2 billion -- Value available to secured debt: $1.1 billion -- Total first-lien debt: $1.9 billion --Recovery expectations: 50%-70% (rounded estimate: 55%). -- Value available to unsecured debt: $182 million -- Total unsecured debt: $520 million -- Pari passu secured claims: $849 million -- Total unsecured claims: $1.37 billion --Recovery expectations: 10%-30% (rounded estimate: 10%). Note: All debt amounts include six months of accrued interest that S&P assumes will be owed at default. Collateral value includes pledges from obligors (after priority claims) plus equity pledges in nonobligors. GLOBAL ENTERPRISE: Case Summary & 10 Unsecured Creditors -------------------------------------------------------- Debtor: Global Enterprise of South Florida, Inc. d/b/a Global Enterprise Disaster Restoration 1043 NW 31st Ave Pompano Beach, FL 33069 Business Description: Global Enterprise of South Florida, Inc., doing business as Global Enterprise Disaster Restoration, based in Pompano Beach, Florida, provides disaster restoration services for commercial and residential properties affected by fire, smoke, water, storm and mold damage. The company also offers emergency response, safety and cleaning, personal effects removal, and property reconstruction and restoration services. It has more than 10 years of construction-industry experience and works with insurance representatives during the restoration process. Chapter 11 Petition Date: April 17, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-14885 Judge: Hon. Scott M Grossman Debtor's Counsel: Andrew Kamensky, Esq. TAX WORKOUT GROUP, P.A. 150 East Palmetto Park Road, Suite 800 Boca Raton, FL 33432 Tel: (561) 786-0002 Email: AKamensky@TWG.Law Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tivadar Bodorlo as president. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3K2PNQY/Global_Enterprise_of_South_Florida__flsbke-26-14885__0001.0.pdf?mcid=tGE4TAMA GLOBAL HOSPITALITY: Jennifer Lyday Named Subchapter V Trustee ------------------------------------------------------------- John Paul H. Cournoyer, the U.S. Bankruptcy Administrator for the Middle District of North Carolina, appointed Jennifer Lyday as Subchapter V trustee for Global Hospitality Management Group, Inc. Ms. Lyday will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lyday declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jennifer B. Lyday 370 Knollwood Street, Suite 600 Winston-Salem, NC 27103 About Global Hospitality Management Group Inc. Global Hospitality Management Group, Inc. is a U.S.-based hotel management and consulting company providing operational, financial, and strategic services to the hospitality sector. Global Hospitality Management Group, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10255) on April 2, 2026. In its petition, the Debtor reports estimated assets of $1MM - $10MM and estimated liabilities of $1MM - $10MM. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Dirk W. Siegmund, Esq. of Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP. GREAT LAKES DREDGE: Moody's Withdraws 'B2' Corporate Family Rating ------------------------------------------------------------------ Moody's Ratings has withdrawn all ratings for Great Lakes Dredge & Dock Corporation ("Great Lakes"), including the B2 corporate family rating, B2-PD probability of default rating, SGL-2 speculative grade liquidity rating and the Caa1 rating on its 5.25% senior unsecured notes due 2029 ("5.25% Notes"). At the time of the withdrawal the outlook was stable. Great Lakes requested a withdrawal of its ratings following the expiration of the March 31, 2026 early tender deadline, whereby the company redeemed approximately $258 million (or approximately 79.4%) of its $325 million 5.25% Notes. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Great Lakes Dredge & Dock Corporation, headquartered in Houston, TX, is the largest provider of dredging services in the United States, with a small portion of its revenues generated overseas. GRUBHUB HOLDINGS: Moody's Cuts CFR to Caa1, Outlook stable ---------------------------------------------------------- Moody's Ratings downgraded Grubhub Holdings Inc.'s (Grubhub) Corporate Family Rating to Caa1 from B3, Probability of Default Rating to Caa1-PD from B3-PD and the company's backed senior secured global 13% PIK notes due 2030 to Caa1 from B3. The outlook remains stable. The downgrades reflect Grubhub's extended growth investment phase and uncertainty around the success of the strategy. Previously, Moody's expected positive EBITDA and double-digit order growth by year-end 2026, with positive free cash flow next year. Moody's no longer expect positive EBITDA or free cash flow until 2027, given high marketing costs, strong competition and weak operating results in 2025. The company's growth strategy will weaken credit metrics further in 2026 and it will take time to evaluate the return on these investments. Moody's views liquidity as adequate due to parent support and because Grubhub can pull back on the investments if the company decides to pivot to other operational and/or investment strategies. Though Moody's expects sequential improvements in order and revenue growth this year, the sustainable profitability of the business and the effect of a potential dial down of these growth investments remains unclear given tough competition and low switching costs in food delivery. Governance factors, including an aggressive growth strategy, limited liquidity and prolonged cash burn, are key considerations in the downgrade. RATINGS RATIONALE Grubhub's Caa1 CFR reflects uncertainty around the success of the company's growth strategy, material regulatory scrutiny of the online food delivery industry and high funding needs to support its growth initiatives over the coming 12-18 months. Grubhub operates in the intensely competitive online food ordering and delivery industry, which has low switching costs for diners and restaurants alike. Grubhub's credit quality benefits from its solid operating scale and strong market positions in certain large urban markets, including Manhattan. The company's 2025 EBITDA and free cash flow turned negative because of significant rise in investments and marketing costs to drive future growth. If Grubhub's investment strategy is successful, Moody's expects the declining revenue trajectory to turn to break-even by the end of 2026 with improving but still negative free cash this year. Assuming Grubhub's strategy is successful, revenue will likely show low-single digit percent growth in 2027. While Moody's expects investments to moderate in late 2026 and 2027, competitive pressure could make capital spending meaningfully higher than Moody's current forecast. Grubhub will continue to rely on external funding and support from its parent, Wonder Group, Inc., (Wonder) to pursue its growth plans. Integral to Moody's credit thesis is Moody's views that due to the strategic value of Grubhub to Wonder, Wonder will continue to provide implicit and contractual support over the next 12-18 months as Grubhub continues to invest. Moody's views Grubhub's liquidity as adequate over the next 12-18 months given the company's current cash balance and availability of external sources of funding to support its investment strategy and basic liquidity needs. Grubhub had $95 million of cash at quarter ended December 2025. Moody's expects the company's free cash flow (defined as CFO less capex) to be negative in 2026, turning closer to break-even by the end of next year. For external financing, Grubhub relies on a recently upsized $100 million intercompany revolver with Wonder, maturing in October 2030, with interest payable in PIK only. The outstanding balance was $52.8 million at the end of Q4 2025. Grubhub may draw the facility by the end of this year if spending remains elevated. In addition to the intercompany revolver, Grubhub relies on a sales and marketing facility in partnership with General Catalyst, an affiliate of Wonder. This financing agreement, which expires in November 2027, can cover up to 80% of Grubhub's monthly sales and marketing spend, financing customer acquisition costs. The facility is targeted: Grubhub can only use it on working spend that will generate returns in the form of new diners. The facility is repayable from future revenue generated by acquired customers. As of December 31, 2025, Grubhub had $23.9 million of outstanding borrowings under the facility. The Caa1 senior secured notes rating reflects the probability of default of Grubhub (Caa1-PD probability of default rating), an average expected family recovery rate of 50% in a default scenario and preponderance of secured debt in the company's capital structure. The intercompany $100 million revolver is unsecured and expressly subordinated in right of payment to the PIK notes; therefore, Moody's rank it below the notes in Moody's liability waterfall. The stable outlook reflects Moody's expectations that Wonder will continue to provide implicit and explicit support to and that Grubhub can pull back its investments if it decides to pivot to a different operating strategy. Moody's expects that Grubhub's earnings will start normalizing in 2027 and free cash flow will turn break-even as heavy discretionary investments are dialed down. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given execution risks associated with Grubhub's investment strategy over the coming year, an upgrade is unlikely over the next 12 to 18 months. Moody's could upgrade Grubhub's ratings over time if the company shows sustained organic revenue growth, generates positive free cash flow, maintains good liquidity and reduces leverage to under 6x on Moody's-adjusted basis. The ratings could be downgraded if the financial strength of Wonder declines, Moody's assessments of implied or contractual support provided by Wonder declines, or Grubhub's liquidity deteriorates. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Chicago, IL, Grubhub is a provider of online and mobile platform for restaurant pick-up and delivery orders and offers delivery services to restaurants. Grubhub reported 2025 revenue of $1.44 billion. Grubhub is a wholly owned subsidiary of Wonder Group, Inc. (Wonder), a vertically-integrated food-tech company that delivers meals through a platform combining restaurant partnerships and proprietary kitchens. HAMJ INVESTMENT: Seeks to Tap Levis Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ HamJ Investment, Inc seeks approval from the U.S. Bankruptcy Court for the Southern District of Georgia to hire Levis Law Firm, LLC as its counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) prepare legal papers; (c) prepare pleadings and applications and conduct examinations incidental to the estate's administration; (d) take any and all necessary action to the proper preservation and administration of the estate; (e) assist the Debtor with the preparation and filing of a statement of affairs and schedules as appropriate; and (f) perform all other legal services for the Debtor. The hourly rates of the firm's counsel and staff are: Attorneys $350 Paralegals $90 The firm received a retainer in the amount of $16,800. Jon Levis, Esq., a member at Levis Law Firm, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jon A. Levis, Esq. LEVIS LAW FIRM, LLC Post Office Box 129 Swainsboro, GA 30401 Telephone: (478) 237-7029 Email: levis@merrillstone.com About HamJ Investment, Inc HamJ Investment, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 26-20105-MJK) on April 6, 2026. In the petition signed by Abraham Joseph, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $500,000 in liabilities. Judge Michele J. Kim oversees the case. Jon Levis, Esq., at Levis Law Firm, LLC, represents the Debtor as legal counsel. HANDLOS FINISHING: Audubon Property Sale to Natural Fertilizer OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Iowa has granted Handlos Finishing LLC and its affiliates Multi-Pig Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors own a hog farrowing site and a parcel of adjacent land in Audubon County, Iowa. Prior to filing for bankruptcy, the Debtors entered into two purchase agreements -- one for each of the two parcels -- to sell the Real Estate to Natural Fertilizer Products, Inc. in the purchase price of $350,000. The Debtors have worked with their financial advisors to evaluate alternative strategies across the Debtor entities. The proposed sale is part of an overall plan to improve the Debtors' financial well‑being by, among other things, reducing debt and increasing the fixed charge coverage ratio. Proceeds from the sale of the Real Estate will be used in conjunction with the Debtors' Plan for Reorganization. The Court has authorized the Debtor to sell the Property to Natural Fertilizer Products, having determined that it complies with applicable federal statues and rules. The motion is granted and the sale shall proceed according to the terms set forth in the motion. About Handlos Finishing Handlos Finishing, LLC is part of a family-owned pork producer in Audubon, Iowa, that raises hogs from farrowing through finishing and provides custom manure-handling services. The vertically integrated operation also farms grain and feed crops that support its swine units. Handlos Finishing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00669) on April 23, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. The Debtor is represented by Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen, P.C. HAWAII BREWERY: Commences Chapter 11 Bankruptcy ----------------------------------------------- On April 16, 2026, Hawaii Brewery Development Co., Inc.. filed for Chapter 11 protection in the District of Hawaii Bankruptcy Court. According to court filing, the Debtor reports between $1MM and $10MM in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 21, 2026 at 10:00 AM via teleconference (Ch 11). To access the meeting, call 1-888-330-1716; access code 6597501#. About Hawaii Brewery Development Co., Inc. Hawaii Brewery Development Co., Inc. is a beverage industry development company engaged in brewery-related real estate, infrastructure, and commercial operations. Hawaii Brewery Development Co., Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Haw. Case No. 26-00311) on April 16, 2026. In its petition, the Debtor reports estimated assets in the range of $10MM to $50MM and estimated liabilities in the range of $1MM to $10MM. Honorable Bankruptcy Judge Robert J. Faris handles the case. The Debtor is represented by Lars Peterson, Esq. HAWTHORNE RACE: Seeks to Sell Racecourse Assets at Auction ---------------------------------------------------------- Hawthorne Race Course, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell substantially all Assets at 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. It provides details of the proposed material dates and deadlines in the sale. https://urlcurt.com/u?l=PdhzRF 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. As part of any Stalking Horse Asset Purchase Agreement (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. 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). 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. HUDSON 1701/1706: Committee Balks at Proposal to Raise DIP by $10MM ------------------------------------------------------------------- Vince Sullivan of Law360 reports that the official committee of unsecured creditors in the Chapter 11 proceedings of Hudson Hotel-related entities has pushed back against the debtors' request to increase their postpetition financing. The committee filed its objection Saturday in bankruptcy court. In its filing, the committee said the proposed increase in DIP financing lacked sufficient justification and could negatively affect the estate. It also questioned whether the additional borrowing was necessary given existing liquidity arrangements. The objection highlights ongoing friction between the debtors and creditors over financing strategy in the case. The court will now consider whether the requested increase should proceed despite the committee's opposition, the report states. About HUDSON 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. INSPIRED HEALTHCARE: Reid Collins Hiring Faces Creditors Pushback ----------------------------------------------------------------- Alex Wittenberg of Law360 reports that the unsecured creditors of Inspired Healthcare have objected to the company's effort to hire Reid Collins & Tsai LLP, telling a Texas bankruptcy court that the proposed firm should not be tasked with reviewing the debtor's prepetition conduct. Instead, they argue that the responsibility belongs with the creditors. According to the objection, permitting the debtor to direct an investigation into its own past activities risks undermining the integrity of the process. The creditors assert that any meaningful inquiry into potential wrongdoing, including claims against management or affiliates, must be handled independently. The creditors are asking the court to either deny the retention request or ensure that investigative authority is transferred to the unsecured creditors' committee. The outcome could shape how potential claims are pursued and who ultimately controls litigation strategy in the Chapter 11 case, the report states. About Inspired Health Capital Fund Services 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. JANNEY FIVE: Christy Brandon Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 18 appointed Christy Brandon as Subchapter V trustee for Janney Five, LLC. Ms. Brandon will be paid an hourly fee of $325 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Brandon declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christy L. Brandon PO Box 1544 Bigfork, MT 59911 (406) 837-5445 Email: christy@brandonlawfirm.com About Janney Five LLC Janney Five, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00641) on April 6, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Frederick P. Corbit presides over the case. JERK PIT: Trustee Taps McNamee Hosea PA as Special Counsel ---------------------------------------------------------- Jolene Wee, plan trustee of the bankruptcy estate of The Jerk Pit LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire McNamee Hosea, P.A. as his special counsel. The firm will represent the Trustee and the bankruptcy estate in pursuing the Trustee Avoidance Actions. The special counsel shall be paid at these fees: a. 35% of recoveries up to $100,000 b. 30% of recoveries from $100,000 to $500,000 c. 25% of recoveries above $500,000 Justin Fasano, Esq., a member of McNamee Hosea, P.A, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Justin P. Fasano, Esq. Janet M. Nesse, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Email: jfasano@mhlawyers.com jnesse@mhlawyers.com About The Jerk Pit The Jerk Pit, LLC is a Caribbean restaurant business operating in College Park, Maryland. The Jerk Pit sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00201) on May 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Elizabeth L. Gunn handles the case. The Debtor is represented by: John Gordon Colan, Jr., Esq. Sinoberg Raft Telephone: (804) 513-1566 Email: john.colan@sinobergraft.com JETBLUE AIRWAYS: CEO Dismisses Possibility of 2026 Bankruptcy ------------------------------------------------------------- Sri Taylor of Law360 reports that JetBlue Airways Corp. is not weighing a bankruptcy filing this year, according to Chief Executive Officer Joanna Geraghty, who addressed employee concerns in an internal communication reviewed by Bloomberg. The message was intended to dispel market rumors and reinforce confidence in the airline’s outlook. The reassurance comes as the carrier faces pressure from elevated fuel prices and ongoing speculation about its financial health, including remarks by its founder that raised the possibility of a collapse, the report relays. Geraghty highlighted the company's liquidity position, noting that JetBlue has access to meaningful capital resources. These include a recently finalized $500 million aircraft-backed loan, as well as the option to secure an additional $250 million in financing. Despite external pressures, the airline's leadership signaled confidence in its ability to navigate current challenges. A company spokesperson declined to provide further comment, according to Bloomberg. About JetBlue Airways Corp. Headquartered in Long Island City, Queens, NY, JetBlue Airways offers flights and vacation packages to domestic and international network destinations. [BN] KAISA GROUP: Chapter 15 Case Summary ------------------------------------ Two affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Kaisa Group Holdings Ltd (Lead Case) 26-10818 Cricket Square, Hutchins Drive 2681 Grand Cayman KY1-1111 Cayman Islands Rui Jing Investment Company Limited 26-10819 Business Description: Kaisa Group Holdings Ltd., founded in 1999 and headquartered in Shenzhen, China, is an investment holding company engaged in property development, investment and management. Its businesses include residential and commercial property development, urban renewal and integrated urban complexes, along with hotel operations, tourism projects, commercial asset management and property services. The group also has activities in maritime transport, education, healthcare-related services, and cultural and sports operations across more than 50 cities in China. Chapter 15 Petition Date: April 10, 2026 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. John P Mastando III Foreign Representative: Mr. Tam Lai Ling 30/F, The Center, 99 Queen's Rd Central Hong Kong Foreign Proceeding: Scheme under sections 670, 673, and 674 of the HK Companies Ordinance Foreign Representative's Counsel: Anthony Grossi, Esq. SIDLEY AUSTIN LLP 787 Seventh Avenue New York NY 10019 Tel: (212) 839-5599 Email: agrossi@sidley.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FNU2XQY/Kaisa_Group_Holdings_Ltd_and_Kaisa__nysbke-26-10818__0001.0.pdf?mcid=tGE4TAMA KARBONX CORP: Delays 10-Q Filing for Period Ending February 2026 ---------------------------------------------------------------- Karbon-X Corp. disclosed in a regulatory filing that it is unable to file its Quarterly Report for the period February 28, 2026, by the prescribed date without unreasonable effort or expense. The Company stated that it has experienced delays in completing its financial statements for the fiscal quarter ended February 28, 2026. As a result, the Company is delayed in filing its Form 10-Q for the fiscal quarter then ended. About Karbon-X Calgary, Canada-based Karbon-X Corp. provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that Company has generated minimal revenues from its business operations and has incurred operating losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $7.44 million in total assets, $8.79 million in total liabilities, and a total stockholders' deficit of $1.35 million. KARYOPHARM THERAPEUTICS: Integrated Core Holds 1.9% Stake --------------------------------------------------------- Integrated Core Strategies (US) LLC, together with Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, the Reporting Persons beneficially own the following of Karyopharm Therapeutics Inc.'s Common Stock, par value $0.0001 per share: * Integrated Core Strategies (US) LLC: 423,982 shares, representing 1.9% of the shares outstanding. * Millennium Management LLC / Millennium Group Management LLC / Israel A. Englander: 511,571 shares representing 2.3% of the shares outstanding. Integrated Core Strategies (US) LLC may be reached through: Gil Raviv (Global General Counsel) Millennium Management LLC 399 Park Avenue New York, New York 10022 A full-text copy of Integrated Core's SEC Report is available at: https://tinyurl.com/2s4e5z4r About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 12, 2026, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $108.4 million in total assets and $401.3 million in total liabilities, and total stockholders' deficit of $292.9 million. KEHE DISTRIBUTORS: Moody's Rates New Senior Secured Notes 'B3' -------------------------------------------------------------- Moody's Ratings assigned a B3 rating to KeHE Distributors, LLC's ("KeHE") proposed senior secured notes due 2033. The company's B2 corporate family rating, B2-PD probability of default rating and B3 rating on its existing senior secured notes due 2029 remain unchanged. The rating outlook remains unchanged at stable. The proposed senior secured notes will rank pari passu in right of payment with KeHE's existing 9% senior secured notes due February 2029. Net proceeds from the issuance will be used to repay borrowings under the asset based lending ("ABL") revolver and to cover related fees and expenses. In connection with the transaction, KeHE upsized its ABL by $250 million to $1.4 billion. Pro-forma for the transaction, Moody's expects debt to EBITDA to remain unchanged at 5.5x and for EBITA to interest, currently at 1.6x, to improve as earnings grow. The B3 rating on the senior secured notes reflects their subordinated position to the ABL facility, which benefits from a first priority lien on accounts receivable and inventory. This transaction is credit positive because it improves liquidity and lengthens the company's maturity profile. RATINGS RATIONALE KeHE's B2 CFR reflects its small scale as compared to other larger and better capitalized companies in the food distribution market. This makes the company vulnerable to larger broadline food distributors expanding into KeHE's niche natural and organic focus. The rating also reflects the company's customer concentration with its top 3 customers accounting for over 50% of total revenue, including its largest customer that accounts for about 30% of sales. The company generates thin margins given its fixed cost structure and has limited pricing power in a highly competitive market. The B2 rating reflects Moody's expectations that credit metrics will improve over time largely through EBITDA growth. Over the next 12 months Moody's expects KeHE's organic sales and earnings to grow in the low-mid single digit range driven by good demand for specialty food products as consumers continue to increasingly eat healthy food and new product introductions. KeHE's earnings will benefit from continued cost reduction initiatives, as well as operating leverage and improved productivity gains from continued optimization of its distribution centers. Moody's expects debt to EBITDA to improve to about 5.25x and for EBITA to interest to reach 2.0x over the next 12 months. The ratings are supported by KeHE's focus on the natural and organic specialty food industry, which is the highest growth category in overall grocery sales. Positive factors also include the company's good geographic diversification. KeHE's liquidity is adequate and will be supported by its $1.4 billion ABL expiring 2031. KeHE maintains little balance sheet cash and Moody's expects the company to generate negative free cash flow over the next 12 months. The stable outlook reflects Moody's expectations that KeHE will improve profitability and continue to reduce leverage through EBITDA growth while maintaining adequate liquidity and balanced financial policies including but not limited to acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Ratings could be upgraded if KeHE demonstrates sustained growth in sales, EBITDA and credit metrics with consistently positive free cash flow while maintaining good liquidity. Quantitatively, rating could be upgraded if debt/EBITDA is sustained below 5.0x and EBITA/interest expense is sustained above 1.75x. Rating could be downgraded if KeHE fails to demonstrate steady progress towards improved operating performance that leads to stronger credit metrics and sustained positive free cash flow. Ratings could also be downgraded should liquidity weaken or should financial policies become more aggressive. Quantitatively rating could be downgraded if debt/EBITDA is sustained above 6.25x or EBITA/interest is sustained below 1.25x. The principal methodology used in this rating was Distribution and Supply Chain Services published in November 2025. KeHE Distributors, LLC is a majority employee owned specialty and natural and organic (N&O) and fresh food distributor in the US and Canada. KeHE's US distribution customers include chain grocery, chain natural, independent grocery and independent natural retailers. In Canada, KeHE services grocery supermarket chain retailers, independent grocery retailers, club stores and foodservice retailers. The company generates about $10.1 billion in revenue. KEY PAINTING: Cash Collateral Hearing Set for May 5 --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Pennsylvania is set to hold a further hearing on May 5 to consider Key Painting & Decorating, LLC's bid to use cash collateral. The Debtor intends to use its cash collateral to fund ongoing operations, including paying payroll, lease obligations, utilities, and purchasing materials for its services. Its projected cash flow and budget covering the period from April 9 through July 20, demonstrates its anticipated financial needs and operational viability if given access to funds. At the time of the Debtor's bankruptcy filing, two creditors -- Orrstown Bank and Leaf Capital Funding, LLC -- held secured interests in the Debtor's cash, accounts receivable and related proceeds although the Debtor believes that Orrstown Bank's lien may have lapsed based on counsel’s preliminary research. As adequate protection for the secured creditors'' interests, the Debtor offers granting replacement liens on post-petition cash and accounts receivable to the extent that pre-petition collateral is used. Additionally, if these replacement liens prove insufficient, the Debtor offers to provide the creditors with a superpriority administrative claim under 11 U.S.C. Section 507(b), giving them priority over most other claims. About Key Painting & Decorating LLC Key Painting & Decorating, LLC, founded in 1975 and based in Hummelstown, Pennsylvania, provides residential, commercial, and industrial painting services, along with wallpaper installation, cabinet refinishing, and related interior and exterior work. The company serves customers across Central Pennsylvania, including the Harrisburg, Hershey, Lancaster, Mechanicsburg, and York areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00959) on April 9, 2026. In the petition signed by Bryan Daniels, member, the Debtor disclosed $461,532 in assets and $1,506,586 in liabilities. Judge Henry W. Van Eck oversees the case. Craig A. Diehl, Esq., at the Law Offices of Craig A. Diehl, represents the Debtor as bankruptcy counsel. KIPP JACKSONVILLE: S&P Lowers Issuer Credit Rating to 'B+' ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating (ICR) on KIPP Jacksonville Inc., Florida, three notches to 'B+' from 'BB+'. The outlook is negative. S&P said, "The downgrade reflects our view of the recent rapid and material decline in the school's operating performance and liquidity position, stemming from recent mismanagement including an inability to control expenditures, while relying on materially overestimated revenues. This rapid deterioration in the school's financial profile was not anticipated in our previous discussions with management. "The negative outlook reflects our view of KIPP Jacksonville's plan to improve financial performance and liquidity, working with potential external parties to resolve the financial challenges, which will require material shifts in the organization and occur incrementally. Should these corrective actions fail to stabilize operations, further weakening liquidity and resulting in continued covenant violations, we could lower the rating again. "The downgrade and negative outlook reflect our view of the weaknesses surrounding the school's risk management, culture, and oversight, as reflected in its multiple years of covenant violations and the school's significant deterioration in financial resources. While the new management team is trying to remedy previous operational gaps, we will monitor whether these actions will result in the maintenance of improved financial performance over the outlook period. "Data from S&P Global Sustainable1 indicates that entities in Duval County face elevated exposure to hurricane, severe rainfall, and flooding risks relative to other locations nationally due to their proximity to the Atlantic coastline. In our view, KIPP Jacksonville's location in Duval County could lead to future challenges to the school's existing buildings and operations. We believe the school's various insurance policies, covering potential damage from such weather events as well as its location in a more inland part of the city, partially mitigate these exposures." Environmental, social, and governance (ESG) credit factors for this change in credit rating: -- Risk management, culture, and oversight S&P said, "The negative outlook reflects at least a one-in-three chance that we could further lower the rating within the one-year outlook period if liquidity drawdowns continue beyond the expected fiscal 2026 decreases or if the school is unable to stabilize financial operations despite ongoing cost-cutting strategies. We could also consider a negative rating action if lending partners choose to pursue remedies because of noncompliance with loan covenants (including accelerating debt), although this is not anticipated at this time. "We could further lower the rating, potentially by multiple notches, if the school continues to produce operating deficits beyond fiscal 2026, such that lease-adjusted MADS coverage does not improve from current levels, DCOH does not significantly trend upwards from projected fiscal 2026 levels, or if the school has difficulty making timely debt service payments or meeting payroll. "We could revise the outlook to stable if the school achieves sustainable positive financial operations and improves liquidity levels, while maintaining demand metrics and improving academic performance relative to recent years." KUSTOM ENTERTAINMENT: Victor Mokuolu Raises Going Concern Doubt --------------------------------------------------------------- Kustom Entertainment, Inc. (formerly Digital Ally, Inc) filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $7,359,024 for the year ended December 31, 2025, compared to a net loss of $21,715,725 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $13,754,155 compared to $13,519,152 in the prior period. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 10, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company incurred substantial operating losses in the years ended December 31, 2025. The Company incurred operating losses of approximately $10,882,421 for the year ended December 31, 2025, and had an accumulated deficit of $144,184,436 as of December 31, 2025. The Company incurred substantial operating losses in the year ended December 31, 2025, primarily due to reduced gross margins caused by a combination of competitors' introduction of newer products with more advanced features together with significant price cutting of their products and recent acquisitions with much smaller margins than the video solutions segment, historically. The Company incurred an operating loss of $10,882,421 for the year ended December 31, 2025, and had an accumulated deficit of $144,184,436 as of December 31, 2025. These matters raise substantial doubt about the Company's ability to continue as a going concern. In fiscal year 2025, the Company accessed the public and private capital markets to raise funding through the issuance of debt and equity, raising $15,740,800 through private placement transactions and an underwritten public offering. In February 2025, the Company completed an underwritten public offering, including the underwriter's exercise of its overallotment option, for aggregate net proceeds of $14,308,300, and issued an unsecured promissory note generating additional net cash proceeds of $600,000. In September and December 2025, the Company issued senior secured convertible notes with detachable warrants in two closings, resulting in aggregate net cash proceeds of $832,500. These financing activities provided additional liquidity to execute the Company's business plans and were used to repay debt obligations, settle accounts payable, and fund operations. Management expects to continue accessing the capital markets until the Company achieves consistent positive cash flow from operations; however, there can be no assurance as to the timing or availability of such financing. The Company will have to restore positive operating cash flows and profitability over the next year and/or raise additional capital to fund its operational plans, meet its customary payment obligations, and otherwise execute its business plan. There can be no assurance that it will be successful in restoring positive cash flows and profitability, or that it can raise additional financing when needed and obtain it on terms acceptable or favorable to the Company. During fiscal year 2025, the Company implemented a cost-reduction program and enhanced its short- and long-term liquidity through: (i) the February 2025 public equity offering, (ii) the issuance of senior secured convertible notes, and (iii) entry into a committed equity facility. Within the entertainment segment, the Company exited several large partnerships and sponsorships that did not meet expected returns; management does not expect discontinuing these arrangements to materially hinder total revenues in 2026 or thereafter. In the video segment, the Company reduced headcount and relocated to smaller, lower-cost facilities following the sale of its warehouse/office building. The Company has successfully recorded $8,518,323 in deferred revenue as of December 31, 2025, which results in recurring revenue during the period of 2026 to 2030. The Company believes that its quality control and cost-cutting initiatives, expansion to non-law enforcement sales channels, and new product introduction will eventually restore positive operating cash flows and profitability, although it can offer no assurances in this regard. As a result of the Company's implementation of cost-cutting measures and liquidity generated by its recent public and private financing activities, the Company significantly improved its financial position during fiscal year 2025. As of December 31, 2025, the Company had a working capital deficit of $1,496,587 and total stockholders' equity of $2,369,956. Notwithstanding these improvements, the Company recorded a net loss attributable to common stockholders of $6,671,508 for the year ended December 31, 2025. As described, the Company has incurred operating losses and negative cash flows from operations, which raise substantial doubt about the Company's ability to continue as a going concern within one year from the date of issuance of these consolidated financial statements. In response, management has implemented and continues to implement plans intended to mitigate these conditions, including: (i) the February 2025 public equity offering generating net proceeds of $14,308,300, (ii) the issuance of senior secured convertible notes generating aggregate net proceeds of $832,500, (iii) entry into a committed equity financing facility providing access to up to $25,000,000 over a 36-month term, (iv) the issuance of an unsecured promissory note generating net proceeds of $600,000, (v) ongoing cost-reduction initiatives including headcount reductions and facility consolidations, and (vi) the divestiture of the Revenue Cycle Management segment. Notwithstanding these measures, substantial doubt about the Company's ability to continue as a going concern has not been alleviated as of April 10, 2025, the date of issuance of these consolidated financial statements. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/yzzdvjef About Kustom Entertainment, Inc. Kustom Entertainment, Inc. is a leader in live event production and ticketing technology, specializing in large-scale music festivals and end-to-end event management. Its flagship event, Country Stampede, is held annually during June at the Azura Amphitheater in Bonner Springs, Kansas. The Company also maintains a legacy segment engaged in video solution technology (in-car and body-worn cameras) for law enforcement and security, currently integrating artificial intelligence to enhance its specialized product lines. As of December 31, 2025, the Company had $19,328,527 in total assets, $16,958,571 million in total liabilities, and $2,369,956 in total stockholders' equity. LAFAYETTE PHYSICAL: Case Summary & 14 Unsecured Creditors --------------------------------------------------------- Debtor: Lafayette Physical Therapy, Inc. 380 Civic Drive, Suite 100 Pleasant Hill, CA 94523 Business Description: Lafayette Physical Therapy, Inc., which operates Lafayette Physical Therapy & Diagnostics in Lafayette, Calif., and Bay Area Physical Therapy & Diagnostics in Pleasant Hill, Calif., provides physical therapy, therapeutic massage, wellness services, and diagnostic testing, including musculoskeletal ultrasound, nerve conduction studies, and electromyography. The company has operated in the Lamorinda area for more than 50 years. Bay Area Physical Therapy joined Lafayette Physical Therapy in January 2016. Chapter 11 Petition Date: April 20, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-40819 Judge: Hon. Hannah L. Blumenstiel Debtor's Counsel: Matthew D. Metzger, Esq. BELVEDERE LEGAL, P.C. 1777 Borel Place, Suite 314 San Mateo, CA 94402 Tel: 415-513-5980 Fax: 415-513-5985 E-mail: info@belvederelegal.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Lauren Danielle Masi as chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HLEMZLA/Lafayette_Physical_Therapy_Inc__canbke-26-40819__0001.0.pdf?mcid=tGE4TAMA LAND GO: Gets Interim OK to Use Cash Collateral Until April 30 -------------------------------------------------------------- Land Go Properties, L.L.C. received interim approval from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to fund operations in accordance with an approved 30-day budget. The budget shows projected gross income of $12,550 against expenses of $10,007, yielding a net monthly surplus of $2,543, supporting the feasibility of continued operations during the bankruptcy process. The Debtor operates a radio station and owns multiple properties valued at about $1.405 million, plus roughly $200,000 in equipment. Its cash collateral consists mainly of advertising revenue from radio operations and approximately $550 in rental income, along with accounts receivable, all of which are subject to Security Bank and Trust's security interest. Security Bank and Trust, the Debtor's primary secured creditor, holds a first-priority perfected security interest in substantially all assets, including cash collateral, and is owed approximately $653,000, leaving an asserted equity cushion of about $952,000. As adequate protection, Security Bank and Trust will be granted replacement liens on post-petition cash collateral, including cash, accounts receivable and their proceeds, to the same extent as its pre-petition liens. The order neither waives nor makes final determination of any party's claims or lien priorities. The interim order remains in effect until the April 30 final hearing, with objections due by April 29. The order is available at https://is.gd/AwN0w4 from PacerMonitor.com. Security Bank and Trust is represented by: Brian K. Asberry, Esq. Neale & Newman, L.L.P. Farmers Park 2144 E. Republic Road, Suite F-402 Springfield, MO 65804 Phone: 417-882-9090 Fax: 417-882-2529 bAsberry@nnlaw.com About Land Go Properties L.L.C. Land Go Properties, L.L.C. is a Missouri limited liability company operating as a real property holding and management business in the Joplin, Missouri area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-30117-btf11) on April 10, 2026. In the petition signed by Bobby Landis, president and chief executive officer, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. Judge Brian T. Fenimore oversees the case. Robert Baran, Esq., at Conroy Baran, represents the Debtor as legal counsel. LAUNDROMAT OF NEVADA: Court OKs Bid Rules for Laundromat Biz Sale ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada has granted Laundromat of Nevada LLC to conduct bidding procedures for the sale of substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Nevada limited liability company formed in or around November 2020. The Court has previously determined that the members of the Debtor are Tim Madsen, Martin Agustin, and Lawrence Brockman. Madsen has been acting as the manager of the Debtor since its formation. Debtor does not have an operating agreement. The Debtor owns and operates two laundromats: 24 Hour Laundromat Lavanderia (Arville), located at 3380 S. Arville St, Las Vegas, Nevada 89102, and Laundromat Lavanderia (Valley View), located at 2560 S. Valley View Blvd, Las Vegas, NV 89102. Each of the two laundromats operates in premises leased by the Debtor. The Debtor filed the Chapter 11, Subchapter V bankruptcy case to address the adverse impact on its business arising from harm to and interference with business operations from its member Lawrence Brockman, and the ongoing state court litigation for, inter alia, an injunction against such interference and harm and the attendant financial strain arising from this litigation. The Debtor subsequently obtained a temporary restraining order and an injunction in 2024 but the litigation remains ongoing in state court. Given the ongoing disputes and the lack of foreseeable resolution and conclusion, the Debtor has determined that the marketing and sale of its assets is in the best interests of the estate and its creditors. The Court has granted the Debtor to conduct bidding procedures for the sale of the Assets. The key dates and conditions of the proposed auction are also provided in the document available at https://urlcurt.com/u?l=2U24Aa Any party desiring to submit a bid for the Assets shall comply with the Bidding Procedures and this Order. The Debtor shall have the right to, in its reasonable business judgment and in a manner consistent with its fiduciary duties and applicable law, and in consultation with the Subchapter V Trustee, modify the Bidding Procedures. Countrywide Clean LLC (Stalking Horse Bidder) is the designated Stalking Horse Bidder in connection with any Transaction and the Debtor is authorized to enter into the APA, and Stalking Horse Agreement If one or more Qualified Bids (not including the Stalking Horse Bid) are timely received, the Debtor may conduct an Auction to determine the Winning Bidder with respect to such Asset. If an Auction is held, such Auction shall be held on May 15, 2026 at 9:00 a.m. (prevailing Pacific Time) or such other time to be announced by the Debtor. Any Auction held will be conducted via remote video or in-person at the Debtor’s election and transcribed. Qualified Bidders shall confirm prior to and at the Auction that there has been no collusion. Bidding increments will begin in the amount of $50,000. Incremental bids will also be in the amount of $50,000. About Laundromat of Nevada LLC Laundromat of Nevada LLC, doing business as 24 Hour Laundromat Lavanderia and Laundromat Lavanderia, operates a self-service retail laundromat providing washing and drying services. The Las Vegas, Nevada-based company serves local residential customers and operates in the drycleaning and laundry services industry. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-17794) on December 23, 2025, with $1 million to $10 million in assets and liabilities. Tim Madsen, managing member, signed the petition. Judge August B. Landis presides over the case. Brett A. Axelrod, Esq. at Fox Rothschild, LLP represents the Debtor as legal counsel. LEESTMA MANAGEMENT: Commences Chapter 11 Bankruptcy in Florida -------------------------------------------------------------- Ehren Wynder of mlive reports that Leestma Management, the developer of the embattled Adelaide Pointe project in Muskegon, has filed for Chapter 11 bankruptcy in Florida. The company, led by Ryan Leestma, made a voluntary filing in the U.S. Bankruptcy Court for the Middle District of Florida as it seeks to stabilize its financial position. According to court documents, the company reported assets and liabilities ranging from $50 million to $100 million and between one and 49 creditors. Several affiliated entities connected to the development, including Adelaide Pointe Building 1 LLC and Adelaide Pointe Boater Services LLC, also filed for bankruptcy. The filing allows the company to continue operating while shielding it from creditor actions as it prepares a restructuring plan due later this summer. The bankruptcy comes amid mounting pressure from lenders and regulators. Independent Bank of Grand Rapids previously accused the developer of defaulting on more than $28 million in loans, prompting a state court to appoint a receiver over parts of the project. The Adelaide Pointe development, launched in May 2025, has also been challenged by environmental violations and disputes tied to construction activities, the report states. About Leestma Management Leestma Management, LLC, based in Bradenton Beach, Florida, manages real estate investments and development projects, including the Adelaide Pointe waterfront complex along Muskegon Lake, Michigan, a mixed-use development held through affiliated entities such as Adelaide Pointe Building 1, LLC, Adelaide Pointe QOZB, LLC, Adelaide Pointe Boaters Services, LLC, and Waterland Battle Creek, LLC. The company oversees marina operations, residential and commercial property management, and broader development activities, consolidating operational and brand control under the Adelaide Pointe trademark. Leestma Management, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02696) on April 1, 2026. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million. The Debtor is represented by David Jennis, Esq. of JENNIS MORSE. LEXARIA BIOSCIENCE: Reports $1.5 Million Net Loss in Fiscal Q2 -------------------------------------------------------------- Lexaria Bioscience Corp. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $1.5 million for the three months ended February 28, 2026, compared to a net loss of $2.7 million for the same period in the prior year. For the six-month period ended February 28, 2026, the Company reported a net loss of $3.1 million, compared to a net loss of $5.4 million in the corresponding prior-year period. Revenues for the three months ended February 28, 2026 were $20,000, compared to $174,000 in the prior-year period. Revenues for the six months ended February 28, 2026 decreased to $20,000 from $357,923 in the same period of the prior year. Since inception, the Company has incurred significant operating and net losses. Net losses attributable to shareholders were $3.0 million and $5.4 million for the six months ended February 28, 2026, and February 28, 2025, respectively. As of February 28, 2026, the Company had an accumulated deficit of $66.5 million. The Company expects to continue to incur significant operational expenses and net losses in the upcoming 12 months. Net losses may fluctuate significantly from quarter to quarter and year to year, depending on the stage and complexity of its research and development (R&D) studies and corporate expenditures, additional revenues received from the licensing of its technology, if any, and the receipt of payments under any current or future collaborations into which it may enter. The recurring losses and negative net cash flows raise substantial doubt as to the Company's ability to continue as a going concern. During the six months ended February 28, 2026, the Company raised $6.5 million in net proceeds from the sale of securities pursuant to its Registered Direct Offerings which closed in September 2025 and December 2025. The Company may offer securities in response to market conditions or other circumstances if it believes such a plan of financing is required to advance its business plans. There is no certainty that future equity or debt financing will be available or that it will be at acceptable terms, and the outcome of these matters is unpredictable. A lack of adequate funding may force the Company to reduce spending, curtail or suspend planned programs, or possibly liquidate assets. Any of these actions could adversely and materially affect the Company's business, cash flow, financial condition, results of operations, and potential prospects. The sale of additional equity may result in additional dilution to its stockholders. Entering into additional licensing agreements, collaborations, partnerships, alliances, marketing, distribution, or licensing arrangements with third parties to increase its capital resources is also possible. If it does so, it may have to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates, or grant licenses on terms that may not be favorable to it. The Company's ability to continue operations after its current cash resources are exhausted is dependent on its ability to obtain additional debt or equity financing or a strategic partnership, which cannot be guaranteed. Cash requirements may vary materially from those now planned because of changes in its focus and direction of its research and development programs, competitive and technical advances, patent developments, regulatory changes or other developments. If adequate additional funds are not available when required, management may need to curtail its development efforts and planned operations to conserve cash. As of February 28, 2026, the Company had cash and cash equivalents of approximately $5.1 million to settle $0.2 million in current liabilities. The Company has performed a review of its cash flow forecast and given its current development plans and cash management efforts, it anticipates that its cash resources will be sufficient to fund operations through the first quarter of fiscal year 2027. However, the Company has also concluded that its existing cash, combined with inflows expected from executed license agreements, will not be sufficient to meet its financial obligations for the twelve-month period following the issuance of these consolidated financial statements. Accordingly, there is substantial doubt as to the Company's ability to continue as a going concern within the next 12 months. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/6efundhj About Lexaria Headquartered in Kelowna, BC, Canada, Lexaria Bioscience Corp. -- http://www.lexariabioscience.com/-- is a biotechnology company pursuing the enhancement of the bioavailability of a diverse and broad range of active pharmaceutical ingredients using its proprietary DehydraTECH drug delivery technology. The Company currently focuses on the investigation of the incorporation of its DehydraTECH drug delivery technology with GLP-1 and GIP drugs to enhance absorption and reduce adverse events. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated November 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of February 28, 2026, the Company had $6.5 million in total assets, $276,997 in total liabilities, and $6.2 million in total stockholders' equity. LIFEPOINT HEALTH: Moody's Rates New $1.5BB Sr. Secured Notes 'B2' ----------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Lifepoint Health, Inc.'s ("Lifepoint") new $1.5 billion senior secured notes due in 2034. There are no changes to the existing ratings including the B2 Corporate Family Rating, the B2-PD Probability of Default Rating, the B2 backed senior secured term loan B rating, the B2 senior secured notes ratings and the Caa1 senior unsecured ratings. The outlook is unchanged at stable. Proceeds from the offering are expected to be used to repay Lifepoint Health, Inc.'s existing $1.1 billion senior secured notes due in 2030 and to pay $300 million borrowings under the ABL Facility and transaction fees and expenses. The offering will have minimal increase to the financial leverage and will lengthen LifePoint's debt maturity profile and improve liquidity. RATINGS RATIONALE Lifepoint's B2 CFR reflects the company's moderate financial leverage of 6.1x as of LTM December 2025. Moody's expects Lifepoint will continue with its expansion plans, and will not materially de-lever beyond the mid-5.0 times range in the next 12-18 months. Moody's calculations of EBITDA deducts distributions made to non-controlling interests in JV, which are a material for the in-patient rehabilitation (IRF) business. Deleveraging will be driven by improved volumes, and the realization of many of the company's cost reduction initiatives. Moody's anticipates that the company will remain balanced in its approach to M&A and new facility additions. Other constraining factors include industrywide challenges of cost inflation and reimbursement pressures. Lifepoint's combination of acute care, rehabilitation and behavioral health supports solid organic growth with many opportunities for expansion with acute care hospitals serving as referral source to its other business lines. Lifepoint's rating is also supported by the company's large scale and good geographic diversity. Moody's expects that Lifepoint will maintain very good liquidity for the next year. The company reported $209 million of cash as of Dec. 31, 2025, which together with revolver availability provides a buffer against negative free cash flow. The company's $1 billion ABL revolver (unrated, expiring in January 2030), will have about $20 million used pro forma for the debt pay down following the transaction, and the cash balance will decline by $49 million to $160 million. Moody's believes that Lifepoint will continue to rely on its revolver in 2026, to cover any working capital or strategic capital needs. The stable outlook reflects Moody's expectations that Lifepoint will maintain solid credit metrics but will also remain highly reliant on government payors and vulnerable to potential reimbursement changes. The company's senior secured term loans and senior secured notes are rated B2, same as the B2 corporate family rating. There is subordination to the asset-based revolver which has a first lien on certain accounts receivable, which is partially offset from the material level of junior capital provided by the $1.3 billion of unsecured debt. The Caa1 rating on the company's unsecured notes is two notches below the B2 corporate family rating and reflects their effective subordination to a material level of secured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade the ratings if Lifepoint improves profitability and maintains balanced financial policies and good liquidity. Ratings could be upgraded if debt/EBITDA is below 5.0 times. Moody's could downgrade the ratings if the company's liquidity deteriorates or if the operating environment weakens significantly including margin pressure. Ratings could be downgraded if financial policies become more aggressive including debt-financed dividends or leveraging acquisitions. Quantitatively ratings could be downgraded if debt/EBITDA was sustained above 6.0 times. Lifepoint Health, Inc., headquartered in Brentwood, Tennessee, is an operator of general acute care hospitals, community hospitals, regional health systems, physician practices, outpatient centers and post-acute care facilities in nonurban markets. The company operates 60 community hospitals in 32 states, approximately 49 rehabilitation facilities and 24 behavioral health hospitals and 200 outpatient centers under the private ownership of funds affiliated with Apollo Global Management, LLC. Revenues totaled over $10.7 billion for the LTM FYE 2025. The principal methodology used in this rating was Business and Consumer Services published in February 2026. LITEWATER SCIENTIFIC: Taps Sonoran Capital as Financial Advisor --------------------------------------------------------------- Litewater Scientific, LLC seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Sonoran Capital Advisors, LLC as financial advisor. The firm's services include: a. perform a financial review of the Debtor, including reviewing and assessing financial information and short and long-term projected cash flows; b. assist the Debtor with the creation of weekly cash flow projections and reports; c. assist officers of the Debtor in analyzing potential liquidity scenarios and their impact on strategic decision-making to maximize the value of the Debtor's enterprise; d. together and in cooperation with the officers of the Debtor and the Debtor's other engaged professionals and counsel, (i) liaise with debtor's counsel, board members, and creditor constituencies, (ii) assist with cash flow and budgeting, (iii) oversee creation of statements and schedules, and (iv) assist in the creation of motions that will be filed with the court on the petition date, (v) assist with the preparation for and participate in the initial debtor interview and other interaction with U.S. Trustee, (vi) assist with the preparation for and participate in meeting with creditors as required by Sec. 341 of the Bankruptcy Code, (vii) assist with the preparation of monthly operating reports, and (viii) oversee, as necessary, the creation of plan and/or sale and/or settlement projections, analyses, and related court requirements; e. to the extent the Debtor files a chapter 11 reorganization plan, assist with the business aspects of the confirmation process including but not limited to (a) feasibility of the Plan, (b) completion of a Chapter 7 comparison, (c) solicitation of votes from creditors, (d) testimony at a confirmation hearing, and (e) execution of the Plan after the effective date; and f. perform such other services as may be reasonably requested or directed by the Debtor; provided, however, that such services are not duplicative of work others are performing for the Debtor. The firm will be paid at these rates: Managing Directors $485 per hour Directors $350 per hour Associates $250 per hour Analysts $195 per hour Sonoran received a security retainer payment in the amount of $50,000 from Robert Slovak individually, paid over two equal payments of $25,000. Bryan Perkinson, Esq., a partner at Sonoran Capital Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan Perkinson, Esq. Sonoran Capital Advisors, LLC 1733 N. Greenfield Rd. Mesa, AZ 85205 Telephone: (480) 825-6650 Email: bperkinson@sonorancap.com About Litewater Scientific, LLC Litewater Scientific, LLC operates Litewater, producing deuterium-depleted bottled water that reduces naturally occurring deuterium levels and is distributed mainly through online channels. Litewater Scientific, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 26-20154) on April 3, 2026, listing $1 million to $10 million in assets and $1 million to $10 million in liabilities. The petition was signed by Robert Slovak as manager. Judge Cathleen D Parker presides over the case. Bradley T. Hunsicker, Esq. at MARKUS WILLIAMS LLC serves as the Debtor's counsel. LOCKTON INC: S&P Assigns 'BB' Rating to $600MM 1st-Lien Term Loan ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to Lockton Inc.'s seven-year $600 million first-lien term loan. The new capital structure will include a five-year $1.555 billion unrated, partly drawn (via roll from existing) revolver. The stable outlook reflects S&P's expectation for sustained top-line growth, stable margins, and moderately improved credit metrics. Lockton plans to issue new first-lien term debt in the syndicated market to refinance existing term debt, issue a special dividend, and bolster balance-sheet liquidity. S&P's believe Lockton's class-leading organic growth bolsters its competitive advantage. This derives from the company's strong focus on attracting, developing, and equipping talent, as well as the economic incentives for its workforce to focus on organic growth and attentive customer support. This model differentiates its presence in the highly competitive and fragmented (but also vast and expanding) U.S. middle market, which accounts for the bulk of Lockton's retail market revenue. As a result, Lockton has a well-established competitive presence, strong organic growth, solid retention, and stable operating performance. S&P expects adjusted EBITDA (per our calculations) to be $450 million-$475 million for the fiscal year ending April 30, 2026, up from $434 million in the 12 months ended January 2026. Total revenue for the same period was $4.3 billion, including $1.1 billion aligned with Lockton's international operations (augmented by its global partner relationships), reflecting relatively good scale, depth, and presence compared with its peers. (The company ranks ninth in terms of revenue among the world's top insurance brokers per Business Insurance). S&P said, "We believe Lockton's earnings benefit from its profitable growth but also believe this is tempered by its below-average profitability (per S&P calculations) relative to peers and industry benchmarks. The company attributes the lower profitability to its willingness to take lower margin for culture and growth. We view this as a core attribute of its operating model but also a strategic decision resulting in lower overall profitability (EBITDA margins of 10%-11% versus 25%-30% for most peers). This translates into meaningfully lower absolute cash flow per dollar of revenue generated." Lockton is an S corporation (with flow-through tax distribution payments made by the company), placing added burden on its cash flow resources (suppressing funds from operations, per S&P's computations). Combined with the timing of policy renewals and bonus payments, this leads to seasonal borrowing spikes and financial leverage volatility within its fiscal year. S&P said, "Including the proposed debt, we anticipate adjusted financial leverage (debt to EBITDA) and coverage of 3.3x and 4.5x, respectively, for the 12 months ended January 2026 to be moderately strained compared with our run rate expectations through fiscal 2027. We also consider FFO to debt, which is a less favorable ratio, since it better captures the recurring effects of tax flow through distributions. "Finally, in our view, Lockton has a narrow business focus in the highly fragmented and competitive middle-market insurance brokerage industry. "Our analysis includes a negative comparable rating modifier. This reflects our view of Lockton's financial leverage volatility within a fiscal period as well as consideration of a broader set of cash flow / leverage ratios through our forecast period. We also consider the company's below average earnings relative to peers and its industry, which is a function of its operating model. "The stable outlook reflects our expectation for the company to sustain its competitive position and profitable growth. We expect this to drive improving scale and steadily increasing cash flow generation. Combined with the company's limited need for incremental new debt (aside from seasonal working capital needs), these factors underpin our forecasts for moderately improving credit metrics through fiscal 2027. "We could lower our ratings in the next 12 months if the company's competitive position were to meaningfully erode or if its credit metrics were to weaken, resulting in financial leverage above 3x and EBITDA interest coverage notably below 5x on a sustained basis. This could occur if operating performance were to deteriorate in connection with slowing revenue growth and margin contraction linked to weaker growth and customer retention, diminished operational efficiency, or a more aggressive financial policy. "We could raise our ratings in the next 12 months if the company's credit profile were to notably improve, with sustained top-line growth, modest margin enhancement, and stronger cash flow generation resulting in stronger credit metrics. We'd consider an upgrade if we expect durable improvements in key ratios, such as funds from operations to debt above 25%, EBITDA interest coverage around 6x, and free operating cash flow to debt above 15% while debt to EBITDA remained comfortably 2x-3x on a run rate basis." LUMEN TECHNOLOGIES: Moody's Rates New Secured 1st Lien Revolver B3 ------------------------------------------------------------------ Moody's Ratings assigned a B3 rating to Lumen Technologies, Inc.'s (Lumen) senior secured first lien revolving credit facility. All other ratings at Lumen, Level 3 Financing, Inc. (Level 3) and Qwest Corporation (Qwest) remain unchanged, including Lumen's B2 corporate family rating and B2-PD probability of default rating (PDR). Lumen's SGL-1 Speculative Grade Liquidity Rating (SGL) also remains unchanged. The outlooks for Lumen, Level 3 and Qwest remain unchanged at stable. The B3 rating assigned to the senior secured first lien revolving credit facility is one notch below Lumen's CFR reflecting its structural subordination to Level 3's senior secured first lien debt rated Ba3. The revolving credit facility will be secured on a first lien basis by substantially all of Lumen's assets and will benefit from a guarantee from Level 3 on $150 million of revolver borrowings, consistent with the existing super priority revolving credit facilities. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE Lumen's B2 CFR reflects the company's materially improved credit profile and continued operating progress. On February 2, 2026, Lumen completed the previously announced sale of its Mass Markets fiber-to-the-home (FTTH) business to AT&T Inc. (Baa2 stable) for cash consideration of $5.75 billion, subject to customary working capital and other purchase price adjustments. Concurrent with the closing, Lumen used net proceeds from the transaction, to retire approximately $4.8 billion of outstanding debt, resulting in a meaningful improvement in its credit profile. The sale and debt repayment will lead to around $300 million of annual interest expense savings and an estimated $1 billion reduction in annual capital expenditures as the company shifts away from FTTH network expansion. Pro forma for the asset sale and debt reduction, Moody's expects Lumen's free cash to flow to improve materially and leverage to decline by more than one full turn of EBITDA, with total debt-to-EBITDA (inclusive of Moody's adjustments) projected at approximately 4.0x by year end 2026. Lumen has very good liquidity and has been successful in selling fiber connectivity and network management services to hyperscale customers. Pro forma for the asset sale and debt reduction, Moody's estimates Lumen's current cash position to be more than $1 billion, and project the company will generate at least $700 million in free cash flow in 2026. These estimates are after all fees related to the sale of the FTTH business to AT&T Inc., and expenses associated with the modernization and simplification of the network. As of December 31, 2025, Lumen had secured nearly $13 billion in new long term contracts to provide fiber capacity and related services to large customers, including AWS, Google, Meta and Microsoft. These 20 year agreements include cash payments to be received between 2024 and 2031, which materially strengthen the company's free cash flow generation and liquidity profile. At the same time, Moody's opinion continues to reflect the company's moderate, though improving leverage, sizable capital expenditure requirements, and execution risks associated with its ongoing efforts to modernize and expand its fiber rich network. Furthermore, Lumen has continued to report revenue declines, primarily driven by legacy mass market operations. For 2026 and 2027, Moody's projects revenue will decline by 11% (mostly driven by the sale of the FTTH business to AT&T Inc.) and 4%, respectively. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Lumen will maintain very good liquidity. This is supported by (i) around $1 billion in cash as of December 31, 2025, (ii) a new $825 million senior secured first lien revolving credit facility expiring in April 2029, (iii) Moody's expectations of around $700 million of free cash flow in 2026, and (iv) a long dated debt maturity schedule with no significant maturities due prior to 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if Lumen materially narrows the rate of revenue decline, and demonstrates the ability to grow EBITDA, maintains very good liquidity and achieves predictable and sustained free cash flow generation, and total debt-to-EBITDA (inclusive of Moody's adjustments) is sustained below 4.0x. The rating could be downgraded if the company's liquidity position deteriorates, operating performance weakens, total debt-to-EBITDA (inclusive of Moody's adjustments) is sustained above 5.0x, or free cash flow (Moody's adjusted) weakens materially. Headquartered in Monroe, Louisiana, Lumen Technologies, Inc., is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. The principal methodology used in this rating was Telecommunications Service Providers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MADISON BROTHERS: Catherine Stone Curtis Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Catherine Stone Curtis as Subchapter V trustee for Madison Brothers Consulting Group, Inc. Ms. Curtis 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. Curtis declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Catherine Stone Curtis MCGINNIS LOCHRIDGE P.O. Box 720788 McAllen, TX 78504 Ph: (956) 489-5958 Fax: (956) 331-2304 Email: ccurtis@mcginnislaw.com About Madison Brothers Consulting Group Inc. Madison Brothers Consulting Group, Inc is a consulting firm that provides advisory and professional services to businesses, potentially including strategic, operational, and financial consulting. Madison Brothers Consulting Group, Inc sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-32279) on April 3, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Vicky M. Fealy, Esq. of Fealy Law Firm, PC. MAE'S INVESTMENT: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Mae's Investment USA, LLC, according to court dockets. About Mae's Investment USA LLC Based in West Palm Beach, Florida, Mae's Investment USA, LLC is a limited liability company focused on investment operations. Founded in 2021, the company is overseen by manager and registered agent David Bhagwandass. Mae's Investment USA sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13093) on Mar. 13, 2026. In the petition signed by David Bhagwandass, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC as counsel. MATTHEW W. CERNIGLIA: Case Summary & Eight Unsecured Creditors -------------------------------------------------------------- Debtor: Matthew W. Cerniglia, DPM, PA Ankle and Foot Institute of Texas 816 Towne Court, Suite 100 Fort Worth, TX 76179 Business Description: Matthew W. Cerniglia, DPM, PA, doing business as Ankle and Foot Institute of Texas, is a Fort Worth, Texas-based physician-led podiatric practice that provides diagnostic, therapeutic, and surgical care for foot and ankle conditions. The practice offers routine services, including diabetic foot care and treatment of conditions such as plantar fasciitis and bunions, alongside reconstructive surgery, joint procedures, and wound management. Operating from a single outpatient location, it serves patients across the Fort Worth metropolitan area, including those referred for complex or chronic conditions. Chapter 11 Petition Date: April 20, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-41730 Judge: Hon. Mark X Mullin Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 12770 Coit Road, Suite 850 Dallas TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com Total Assets: $163,804 Total Liabilities: $1,065,952 The petition was signed by Matthew W. Cerniglia, DPM, PA as president. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FHH6YYI/Matthew_W_Cerniglia_DPM_PA__txnbke-26-41730__0001.0.pdf?mcid=tGE4TAMA MAYFLOWER CHOICE: Seeks to Use Cash Collateral ---------------------------------------------- Mayflower Choice Care, Inc. asks the U.S. Bankruptcy Court for the District of Maryland for authority to use cash collateral and provide adequate protection. The Debtor's primary secured creditor is the U.S. Small Business Administration, which holds a blanket lien on virtually all of its assets including accounts receivable, inventory, equipment, and proceeds arising from a COVID-19 EIDL loan, with $625,290 owed as of the petition date. The Debtor's business largely consists of providing in-home nursing care to pediatric patients, with most of its revenue derived from Medicaid reimbursements. However, the Debtor experienced financial distress due to several compounding factors, including a shortage of nurses willing to serve rural areas, state budget cuts, delays in Medicaid payments caused by a new electronic verification system, and a decline in patient volume. These challenges led to default on its SBA loan, prompting the SBA to offset Medicaid payments, which severely restricted the Debtor's cash flow and ultimately necessitated the bankruptcy filing; the filing itself halted these offsets. To sustain operations, the Debtor seeks court authorization to use cash collateral -- primarily its Medicaid receivables -- to cover essential expenses such as payroll for its 22 nurses, rent, insurance, and administrative costs. The Debtor emphasizes that without access to these funds, it would be unable to continue providing critical healthcare services or maintain business operations. Despite attempts, the Debtor has been unable to obtain consent from the SBA for the use of cash collateral and, therefore, requests interim court approval to use such funds retroactively to the petition date for ordinary business purposes. As adequate protection for the SBA's secured interest, the Debtor proposes granting replacement liens on post-petition assets equivalent to its prepetition collateral. A copy of the motion is available at https://urlcurt.com/u?l=OyJQmk from PacerMonitor.com. About Mayflower Choice Care Inc. Mayflower Choice Care, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-12805) on March 17, 2026. At the time of the filing, the Debtor reported assets of up to $50,000 and liabilities of between $500,001 and $1 million. Judge Lori S. Simpson oversees the case. Gilman & Edwards, LLC is the Debtor's legal counsel. MAZAIA HB: Court OKs Deal on Cash Collateral Access ---------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation between Mazaia HB, LLC and Cathay Bank regarding the use of cash collateral. The agreement arises from a $2 million loan made in November 2020 to finance the purchase of the property, secured by a deed of trust and assignment of rents that were properly recorded, giving the bank a perfected security interest in both the real estate and all rental income generated from it. After the Debtor defaulted, the bank initiated foreclosure proceedings and issued a notice of trustee’s sale, but the bankruptcy filing on March 4 stayed enforcement. As of the petition date, the bank is owed over $2.03 million, including principal, interest, fees, and costs, while the Debtor disputes only certain portions such as late fees and interest but acknowledges the validity of the underlying debt and lien. The Debtor also owes significant unpaid property taxes exceeding $157,000. Following the bankruptcy filing, the bank held pre-petition rents and received additional post-petition rental income, both of which constitute cash collateral under the Bankruptcy Code. The parties negotiated this stipulation to allow the Debtor limited use of these rents to fund ongoing operating expenses under a court-approved budget, while providing the bank with extensive protections. Under the stipulation, the Debtor is required to segregate all cash collateral into a dedicated account, comply with strict budget limits (generally not exceeding line items by more than 10%), and make monthly adequate protection payments consisting of excess cash flow. The bank is also granted replacement liens on substantially all post-petition assets and revenues of the Debtor, maintaining the same priority as its pre-petition liens, along with a superpriority administrative claim if adequate protection payments are insufficient. A key feature of the agreement is the requirement that the Debtor pursue a prompt sale of the property, with strict milestones including hiring a broker by April 30, beginning marketing by May 29, and closing a sale by Oct. 30, unless extended by the bank. Sale proceeds must be used to pay the bank's secured claim in full. The bank also retains broad oversight rights, including inspection of the property and financial records, approval rights over budgets and certain expenses, and control over insurance proceeds, which are deemed additional cash collateral payable directly to the bank in case of property damage. A copy of the stipulation is available at https://urlcurt.com/u?l=xxJk2e from PacerMonitor.com. A continued hearing is scheduled for Sept. 22. About Mazaia HB LLC Mazaia HB LLC is a privately held company engaged in business and investment activities in California, focusing on managing financial and operational assets. Mazaia HB LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12045) on March 4, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Robert S. Altagen, Esq. of Law Offices of Robert S. Altagen. Cathay Bank, as lender, is represented by Gerrick M. Warrington, Esq., at Frandzel Robins Bloom and Csato, LC. MIRROR LAKE: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 18 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Mirror Lake Village, LLC. About Mirror Lake Village LLC Mirror Lake Village, LLC runs a senior living facility in Federal Way, Washington, offering independent living, assisted living, and memory care services, along with nearby vacant land. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10599-CMA) on February 27, 2026. In the petition signed by Philip Kaestle, designated officer, the Debor disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Alston oversees the case. Amit D. Ranade, Esq., at Snell & Wilmer, represents the Debtor as legal counsel. MOUNT SAINT MARY'S: S&P Rates 2026 Rev Bonds 'BB+', Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' rating to the Frederick County, Md.'s approximately $18.2 million series 2026 educational facilities project revenues bonds, issued for Mount Saint Mary's University (MSMU). S&P Global Ratings also affirmed its 'BB+' rating on Frederick County's revenue debt, issued for MSMU. The outlook is stable. S&P said, "We analyzed MSMU's environmental, social, and governance factors relative to the university's market position and financial performance. We view these factors as neutral in our credit rating analysis. "The stable outlook reflects our expectation that enrollment and demand metrics will likely remain generally stable in the near term given management's ongoing recruiting and retention strategies, and financial resource ratios will remain commensurate with the current rating, although steeper full-accrual operating deficits will likely persist in the near term. "We could revise the outlook to negative or lower the rating if material enrollment declines return, significant full-accrual operating deficits continue beyond current projections, or financial resource ratios deteriorate to levels we no longer consider commensurate with the current rating. We would also view any additional debt issuance without commensurate growth in financial resources or material deterioration of demand metrics negatively. "We could revise the outlook to positive or raise the rating if enrollment and demand metrics improve materially, full-accrual operating margins improve to near breakeven, and financial resource ratios increase to levels that we consider commensurate with a higher rating." MTI BUILDERS: Commences Chapter 7 Bankruptcy in California ---------------------------------------------------------- On April 15, 2026, MTI Builders, 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 1 to 49 creditors. About MTI Builders, Inc. MTI Builders, Inc. is a construction company engaged in residential and commercial building projects, offering services such as general contracting, project management, and site development. MTI Builders, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10530) on April 15, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The debtor is represented by Brent D. George, Esq. of Law Office of Brent D. George. MUTINY BBQ: Hires I. Mark Cohen Law Group as Bankruptcy Counsel --------------------------------------------------------------- Mutiny BBQ Company LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire I. Mark Cohen Law Group to handle the bankruptcy proceedings. The firm will be paid at these rates: Attorney $575 per hour Paralegal $250 per hour The firm received a retainer in the amount of $15,000. I. Mark Cohen Law Group is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Jonathan Goldsmith Cohen, Esq. I. Mark Cohen Law Group 1 Executive Drive, Suite 6 Tinton Falls, NJ 07701 Telephone: (732) 741-9500 Facsimile: (732) 741-0226 Email: jgc@imclawgroup.com About Mutiny BBQ Company LLC Mutiny BBQ Company LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-12938) on March 18, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Eamonn James O'Hagan presides over the case. Jonathan Goldsmith Cohen, Esq. at I. Mark Cohen Law Group serves as the Debtor's counsel. NEW FORTRESS: Ernst & Young Raises Going Concern Doubt ------------------------------------------------------ New Fortress Energy Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $1.8 billion for the year ended December 31, 2025, compared to a net loss of $244.5 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $1.5 billion compared to $2.4 billion in the prior period. Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 13, 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 losses from operations, has experienced events of default under its debt agreements, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Going Concern and Planned Debt Restructuring Due, in part, to the events of default under the Company's debt agreements detailed below, management has concluded that there is substantial doubt as to the Company's ability to continue as a going concern. -- On March 17, 2026, the Company entered into an RSA with certain noteholders and lenders, and upon completion of the transactions contemplated in this agreement, the Company will have a new capital structure and the current debt facilities in default will no longer be outstanding. Events of default on outstanding debt are summarized as follows: * NFE Financing LLC, a subsidiary of the Company, did not make the interest payment of $163,800 due to holders of the New 2029 Notes on November 17, 2025. An event of default under the indenture governing the New 2029 Notes arose on November 20, 2025, when the contractual grace period for interest payments on such notes expired. On November 18, 2025, the Company and certain of its subsidiaries, including NFE Financing, entered into a forbearance agreement with the beneficial holders of greater than 70% of the New 2029 Notes, pursuant to which such beneficial holders agreed to forbear from accelerating or exercising remedies in respect of such event of default. The New 2029 Notes Forbearance Agreement was initially in effect through December 15, 2025, and the Company continues to have forbearance for defaults covered by the New 2029 Notes Forbearance Agreement and other specified defaults in the RSA as long as the RSA remains in effect. * The Company did not make the interest payment of $30,644 due under the Term Loan B Credit Agreement on December 10, 2025. An event of default under the Term Loan B Credit Agreement arose on December 17, 2025, when the contractual grace period for interest payments on the loans expired. On December 17, 2025, the Company and certain of its subsidiaries entered into a forbearance agreement with certain lenders of the Term Loan B, pursuant to which such lenders agreed to forbear from accelerating or exercising remedies in respect of such events of default. The Company also did not make the principal payment of $3,181 due on December 31, 2025, and the event of default arising from the failure to make this principal payment was also covered by the Term Loan B Forbearance Agreement. The Term Loan B Forbearance Agreement was originally scheduled to terminate on January 9, 2026, and the Company continues to have forbearance for defaults covered by the Term Loan B Forbearance Agreement and other specified defaults in the RSA as long as the RSA remains in effect. * The Company did not make the interest payment of $1,647 due under the Term Loan A Credit Agreement on December 10, 2025. An event of default under the Term Loan A Credit Agreement arose on December 17, 2025, when the contractual grace period for interest payments on the loans expired. On December 17, 2025, the Company and certain of its subsidiaries entered into a forbearance agreement, with certain lenders of the Term Loan A, pursuant to which such lenders agreed to forbear from accelerating or exercising remedies in respect of such event of default. The Term Loan A Forbearance Agreement was initially in effect through January 9, 2026, and the Company continues to have forbearance for defaults covered by the Term Loan A Forbearance Agreement and other specified defaults in the RSA as long as the RSA remains in effect. * The Company did not make any interest payments, approximately $13,128 in the aggregate, due under the Revolving Facility, beginning with the payment due on November 28, 2025. An event of default under the Revolving Facility arose on January 13, 2026, when the contractual grace period for interest payments on the loans expired. The Company and certain of its subsidiaries subsequently entered into a forbearance agreement with certain lenders to the Revolving Facility, pursuant to which such lenders agreed to forbear from accelerating or exercising remedies in respect of such event of default. The RCF Forbearance Agreement was initially in effect through January 23, 2026, and the Company continues to have forbearance for defaults covered by the RCF Forbearance Agreement and other specified defaults in the RSA as long as the RSA remains in effect. Planned restructuring transactions On March 17, 2026, the Company entered into a restructuring support agreement with certain of its lenders and noteholders, including: * certain members of an ad hoc group of holders of the New 2029 Notes; * certain members of an ad hoc group of term lenders under the Term Loan B Credit Agreement; * certain holders of debt under the Revolving Credit Agreement, being lenders under a facility currently drawn at approximately $100 million and under a facility currently drawn at approximately $560 million; * certain members of an ad hoc group of term lenders under the Term Loan A Credit Agreement; and * a majority of the members of a group of creditors with recourse to the collateral assets in the Company's core business, but not to the Company's Fast LNG assets or Brazil business, including: (1) holders of the 2026 Notes and holders of the 2029 Notes and (2) creditors of the debt under that certain Credit Agreement, dated as of November 22, 2024, by and among the Company, as the borrower, the guarantors from time to time party thereto, NFE Brazil Investments LLC, as the lender, and Wilmington Savings Fund Society, FSB, as the administrative agent and as collateral agent and under that certain Credit Agreement, dated as of December 6, 2024, by and among the Company, as the borrower, the guarantors from time to time party thereto, NFE Financing, as the lender, and Wilmington Savings Fund Society, FSB, as the administrative agent and as collateral agent. Holders of or lenders under the debt instruments described above that are not already party to the RSA may become Additional Supporting Creditors (as defined in the RSA) by executing and delivering a joinder in accordance with the terms of the RSA. The RSA sets forth principal terms for a comprehensive restructuring of the Company's principal funded debt obligations. The RSA contemplates, among other things, the following material terms: * The Company will separate into two independent companies: one generally comprising the Company's businesses and assets in Brazil and land in Wyalusing, Pennsylvania, and the other generally comprising the Company's other businesses and assets, which will be retained by NFE ; * Obligations under the 2026 Notes, the 2029 Notes, the Term Loan A Credit Agreement, the Term Loan B Credit Agreement, the Revolving Credit Agreement, the New 2029 Notes, and certain intercompany credit agreements will be exchanged (in each case on a ratable basis) for one or a combination of the following debt obligations and equity securities: -- 100% of the common equity interests in BrazilCo; -- approximately $571,300 in senior secured term loans incurred by the Company, as borrower, and guaranteed by each subsidiary of the Company that will be part of CoreCo (subject to customary exclusions and other exclusions to be agreed); -- convertible preferred stock of NFE with an aggregate liquidation preference of approximately $2,460,000; -- shares representing 65% of the Company's Class A common stock as of the closing date of the Restructuring Transaction, before giving effect to shares authorized under an incentive plan for directors, officers and other employees of the Company or any conversion of the CoreCo Convertible Preferred Stock into NFE Class A common stock; -- $400,000 in non-recourse term loans incurred or issued by the subsidiary that owns the Company's Fast LNG 2 assets, payable in full on the third anniversary of the closing date of the Restructuring Transaction, guaranteed by certain subsidiaries of FLNG 2 Co and secured by substantially all assets of FLNG 2 Co and such subsidiaries; and / or -- $200,000 in non-convertible, preferred equity issued by FLNG 2 Co. * Corporate governance matters regarding CoreCo; * Letters of credit issued under the Company's existing Letter of Credit Facility or Revolving Facility will be backstopped or replaced by letters of credit issued under new fully committed letter of credit facilities for each of CoreCo and BrazilCo; * Certain other existing debt facilities and other liabilities will be refinanced, renegotiated, or compromised, or will remain outstanding in accordance with their existing terms; * All shares of the Company's Class A common stock outstanding immediately prior to the consummation of the Restructuring Transaction will remain outstanding and will represent 35% of the Company's Class A common stock issued and outstanding following the consummation of the Restructuring Transaction (but before giving effect to shares authorized under an incentive plan for directors, officers and other employees of the Company or any conversion of the CoreCo Convertible Preferred Stock into NFE Class A common stock); and * If required in order to meet a consolidated minimum liquidity threshold ($100,000) on the closing date of the Restructuring Transaction, the Company will offer to all eligible creditors the opportunity to participate in a capital raise, pursuant to which the Company would raise up to $35,000 in aggregate principal amount of additional New CoreCo Term Loans and, to the extent the consolidated minimum liquidity threshold would not be met after giving effect to the additional New CoreCo Term Loans, junior term loans secured by a second-priority lien in an amount so that the consolidated minimum liquidity threshold would be met. Provided certain conditions are met (as set out in the RSA), the Company will pay to holders of or lenders under the debt instruments described above that become Supporting Creditors on or before 5:00 p.m. New York City time on April 8, 2026, an early consent fee in an amount equal to 0.75% of the principal amount of such Supporting Creditors' pro rata claim in: a. the principal outstanding under the 2026 Notes for each supporting holder of 2026 Notes; b. the principal outstanding under the 2029 Notes for each supporting holder of 2029 Notes; c. the principal outstanding under the Term Loan B Credit Agreement for each supporting lender under the Term Loan B Credit Agreement; d. the principal outstanding under the R-1 Revolving Credit Facility for each supporting lender under the R-1 Revolving Credit Facility; e. for each supporting lender under the R-2 Revolving Credit Facility, (i) the principal outstanding under the R-2 Revolving Credit Facility, plus (ii) a share of principal outstanding under the Series I Credit Agreement and the Series II Credit Agreement in proportion to the share of recoveries for lenders under the R-2 Revolving Credit Facility in respect of certain assets of NFE Financing together with a guarantee from Bradford County Real Estate Partners LLC under an intercreditor agreement dated December 6, 2024; f. for each supporting lender under the Term Loan A Credit Agreement, (i) the principal outstanding under the Term Loan A Credit Agreement, plus (ii) a share of principal outstanding under the Series I Loan Debt and the Series II Loan Debt in proportion to the share of recoveries for lenders under the Term Loan A Credit Agreement in respect of the Brazil Collateral under the Brazil Parent ICA; and g. for each supporting holder of the New 2029 Notes, a share of principal outstanding under the Series I Loan Debt and the Series II Loan Debt in proportion to the share of recoveries for holders of the New 2029 Notes in respect of the Brazil Collateral under the Brazil Parent ICA The Company has received strong indications of support for the Restructuring Transaction from holders and lenders representing over 95% of its approximately $5.8 billion principal amount of aggregate indebtedness, including approximately 93% of holders of the 2026 Notes, 87% of holders of the 2029 Notes, 98% of holders of the New 2029 Notes, 100% of lenders under the Term Loan A Credit Agreement, 88% of lenders under the Term Loan B Credit Agreement, and 100% of lenders of the Revolving Credit Facility as of April 1, 2026. A Supporting Creditor's entitlement to the Early Consent Fee will be determined by reference to the aggregate principal amount of notes and loans held by that Supporting Creditor as of the record date specified to creditors for voting under the Restructuring Plans. Such early consent fee will be payable in kind in the form of the consideration to be afforded to such Supporting Creditors under the Restructuring Plans. Separately, the Company has agreed to pay each lender under the Revolving Credit Agreement that agrees to forbear from taking any enforcement action under the Revolving Credit Agreement a standstill fee in an amount equal to 2.00% of the outstanding loans made by such forbearing lender, provided that a simple majority of lenders under the Revolving Credit Agreement agree to forbear. Summary of the CoreCo Convertible Preferred Stock and FLNG 2 Preferred Equity Pursuant to the terms of the RSA, the CoreCo Convertible Preferred Stock will mandatorily convert on the third anniversary of the closing date of the Restructuring Transaction into shares of NFE Class A common stock representing 87% of the fully diluted Class A common stock of NFE as of the closing date of the Restructuring Transaction (after giving effect to the shares of NFE Class A common stock to be issued on the closing date of the Restructuring Transaction and the incentive plan for directors, officers and other employees of the Company). The conversion rate of the CoreCo Convertible Preferred Stock will be subject to customary adjustments for stock splits, distributions, reorganizations and reclassifications, as well as to certain price-based anti-dilution adjustments for subsequent issuances of NFE Class A common stock (or securities convertible into NFE Class A common stock) made by the Company while the CoreCo Convertible Preferred Stock remains outstanding (subject to certain exempt issuances). CoreCo will have the right to redeem or repurchase the CoreCo Convertible Preferred Stock from time to time with certain sources of proceeds enumerated in the RSA. Holders of the CoreCo Convertible Preferred Stock will be entitled, in arrears, to a cumulative quarterly compounding dividend, which will accrue automatically via an increase to liquidation preference, with a cumulative per annum preferred return of 3.0%, 5.0% and 7.0% in each of the three years, respectively, prior to conversion. The CoreCo Convertible Preferred Stock will participate on an as-converted basis in any dividends and distributions on, and vote together with holders of, NFE Class A common stock. The CoreCo Convertible Preferred Stock will be subordinated in right of payment to all existing and future indebtedness of CoreCo and senior in right of payment to all existing and future equity securities of CoreCo. The FLNG 2 Preferred Equity will be issued by FLNG 2 Co at the closing date of the Restructuring Transaction pursuant to the RSA and will reflect economic and structural features substantially similar to those of the CoreCo Convertible Preferred Stock, except as otherwise provided herein. CoreCo will have the right to redeem the FLNG 2 Preferred Equity from time to time with certain sources of proceeds enumerated in the RSA. The Company will not pay any dividends on the FLNG 2 Preferred Equity. The FLNG 2 Preferred Equity will be subordinated in right of payment to all existing and future indebtedness of FLNG 2 Co and senior in right of payment to all existing and future equity securities of FLNG 2 Co. Summary of the New CoreCo Term Loans The Company expects to use the proceeds of the New CoreCo Term Loans to refinance, on a cashless basis, certain of the loans and other obligations outstanding under the Revolving Credit Agreement and Term Loan B Credit Agreement. If necessary, the cash proceeds of up to $35,000 of additional New CoreCo Term Loans will be used to satisfy the consolidated minimum liquidity threshold required by the RSA. The New CoreCo Term Loans will mature five years after the closing date of the Restructuring Transaction and will amortize at a rate of 1% per annum, paid quarterly. The New CoreCo Term Loans will be guaranteed, jointly and severally, on a senior secured basis by each subsidiary that is a guarantor under the Letter of Credit Facility on the closing date of the Restructuring Transaction, and will be secured by substantially the same collateral as the collateral that currently secures the Letter of Credit Facility, subject to certain exceptions, including the Company's FLNG 2 assets. To the extent the minimum liquidity threshold is not satisfied after giving effect to the funding of the New CoreCo Term Loans, the Company is permitted to incur additional indebtedness that will be guaranteed by the same guarantors guaranteeing the New CoreCo Term Loans and secured by a second-priority lien on all of the collateral securing the New CoreCore Term Loans. The New CoreCo Term Loans may be voluntarily prepaid by the Company, in whole or in part, subject to prepayment premiums for optional prepayments equal to 102% of the aggregate principal amount of such term loan prepaid plus accrued and unpaid interest during the first year after the closing of the New CoreCo Credit Agreement, and at par plus accrued and unpaid interest thereafter. The Company will be required to prepay the New CoreCo Term Loans at par with the net proceeds of non-ordinary course asset sales, condemnations and certain other events enumerated in the RSA. Holder Elections Certain holders of debt under the Revolving Credit Agreement and the Term Loan A Credit Agreement may elect to receive their pro rata share of $45,000 in lieu of the BrazilCo Common Equity they would receive in exchange for their debt. Holders of debt under the Revolving Credit Agreement may elect to receive additional New CoreCo Term Loans in lieu of the CoreCo Convertible Preferred Stock they would receive in exchange for their claims, at a rate of 50% of the liquidation preference of the CoreCo Convertible Preferred Stock in aggregate principal amount of New CoreCo Term Loans. In addition, one or more directors and officers of the Company and, potentially, certain Supporting Creditors and/or third-party investors, as determined by such directors and officers, will offer to purchase from holders of debt under the Revolving Credit Agreement and Term Loan A Credit Agreement a limited number of shares of CoreCo Convertible Preferred Stock allocated to such holders (subject to certain terms and conditions, including that the relevant holder timely elects to participate in such arrangements) for a cash purchase price of 25% of the liquidation preference of such shares of CoreCo Convertible Preferred Stock. The Restructuring Plans The Company expects to complete the Restructuring Transaction through restructuring plans promoted by each of two indirect subsidiaries of the Company: (i) NFE Global Holdings Limited and (ii) NFE Brazil Newco Limited under Part 26A of the UK Companies Act 2006 and sanctioned by the High Court of Justice in England. NFE Global will propose a Restructuring Plan that will compromise the debt under the Series I Credit Agreement, Series II Credit Agreement, 2026 Notes, 2029 Notes, Revolving Credit Agreement, Term Loan A Credit Agreement and Term Loan B Credit Agreement and NFE Brazil Newco will propose a Restructuring Plan that will compromise the debt under the New 2029 Notes. The PlanCos will seek recognition of the Restructuring Plans in the United States pursuant to chapter 15 of the U.S. Bankruptcy Code. The Restructuring Plans will bind all relevant creditors, and release the obligations of the Company and all guarantors, under the debt instruments addressed in the Restructuring Plans; however, neither the Company nor any of its subsidiaries other than the PlanCos anticipate being parties to the Restructuring Plans proceedings in the UK High Court, the chapter 15 recognition proceedings or any other restructuring, bankruptcy or insolvency proceeding in connection with the Restructuring Transaction. The RSA sets forth the commitments of the Company and the Supporting Creditors to, among other things, cooperate in good faith to negotiate the definitive documents necessary or advisable to effect the Restructuring Transaction, use their commercially reasonable efforts to consummate the Restructuring Transaction in accordance with such definitive documents, and refrain from taking any actions that would impede or would otherwise be inconsistent with the Restructuring Transaction (including by supporting or consenting to any alternative transaction, subject, in the case of the Company, to a "fiduciary out"). In addition, the Supporting Creditors have agreed to forbear from exercising remedies (or directing or consenting to any such exercise of remedies) with respect to certain specified defaults and events of default under the applicable debt instruments while the RSA is in effect. The parties' obligations to consummate the Restructuring Transaction are subject to the satisfaction of certain conditions, including the UK High Court's entry of an order sanctioning the Restructuring Plans and the recognition of that order in the United States pursuant to chapter 15 of the U.S. Bankruptcy Code, completion of definitive documents acceptable to the parties in accordance with standards set forth in the RSA, approval of certain matters by the Company's stockholders, receipt of required regulatory and third-party consents and approvals, and satisfaction of certain process "milestones". The RSA may be terminated by the Company and/or the Supporting Creditors, as applicable, upon the occurrence of specified events defined in the RSA, including, without limitation, if: (1) a material, uncured breach of certain parties' representations, warranties, covenants, or obligations under the RSA occurs, (2) any of the conditions to the closing of the Restructuring Transaction (including the timely satisfaction of any of the process "milestones" prescribed in the RSA) is not timely satisfied or waived (3) certain issued letters of credit are drawn or (4) the Restructuring Transaction has not closed by September 15, 2026 (which date may be automatically extended by up to 90 calendar days in certain circumstances and further extended with the consent of certain parties in accordance with the terms of the RSA through December 31, 2026). In addition, the Company may terminate the RSA if the Company's board of directors determines, upon the advice of counsel, that the Company's continued performance under the RSA would be inconsistent with the fiduciary duties of the Company's directors. The Company intends to submit certain proposals in connection with the Restructuring Transaction to the Company's stockholders at its 2026 Annual Meeting of Stockholders, including, among other things, an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of NFE Class A common stock; approval for the potential issuance of common stock exceeding 20% of the current outstanding shares to comply with Nasdaq rules; an amendment to the Company's 2019 Omnibus Incentive Plan to increase the number of shares available for grants; and an amendment to the Certificate of Incorporation to authorize a reverse stock split at a ratio to be determined by the Company's board of directors. The Restructuring Transaction is conditioned upon approval of all of the Stockholder Proposals. Although the Company intends to pursue the Restructuring Transaction in accordance with the terms set forth in the RSA, there can be no assurance that the Company will satisfy all of the conditions under the RSA and complete the Restructuring Transaction as contemplated or at all. If the Company is unable to complete the Restructuring Transaction or any other alternative transactions, the Company will be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out of court restructurings, or in-court relief, in the UK or the U.S., which could have a material and adverse impact on stockholders. As there are conditions under the RSA that are not in the Company's control, the execution of the RSA does not alleviate substantial doubt that the Company can continue as a going concern. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/52hhstkn About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of December 31, 2025, the Company had $10.6 billion in total assets, $10.2 billion in total liabilities, and $309.6 million in total stockholders' equity. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW YORK TAILORS: Hires McNamee Hosea PA as Bankruptcy Counsel -------------------------------------------------------------- New York Tailors Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire McNamee Hosea, P.A. as counsel. The firm's services include: (a) provide the Debtor legal advice with respect to its powers and duties and in the operation of its business and management of its property; (b) prepare any necessary legal papers and appear on the Debtor's behalf in proceedings instituted by or against it; (c) assist the Debtor in the confirmation of a plan; (d) assist the Debtor with other legal matters related to its reorganization; and (e) perform all of the legal services for the Debtor that may be necessary or desirable. The firm received a retainer of $19,238 from the Debtor. Justin Fasano, Esq., an attorney at McNamee Hosea, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Justin P. Fasano, Esq. McNamee Hosea, PA 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Email: jfasano@mhlawyers.com About New York Tailors Inc. New York Tailors, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10730) on March 27, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Craig M. Palik, Esq. at Mcnamee Hosea represents the Debtor as legal counsel. NOISE ENTERTAINMENT: Taps Limbocker Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ Noise Entertainment & Media, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Limbocker Law Firm, LLC as counsel. The firm's services include: a) preparing pleadings and applications; b) conducting examination; c) advising the Debtor of its rights, duties and responsibilities as a debtor in possession; d) consulting with the Debtor and representing the Debtor with respect to the Chapter 11 plan; e) performing legal services necessary to the day to day operations of Debtor's business; f) taking any and all other action incident to the proper preservation and administration of the Debtor's estate and business. Brian Limbocker's hourly rate is $350 an hour, and $150 an hour for paralegals and clerks. As of the Petition date, the firm holds a $12,305 security retainer for purposes of this case and its representation of the Debtor in which the Firm holds a lien. Brian Limbocker, Esq., an attorney with Limbocker Law Firm, LLC, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Brian S. Limbocker, Esq. Limbocker Law Firm, LLC 2230 Towne Lake Parkway Building 100, Ste. 140 Woodstock, GA 30189 Telephone: (678) 401-6836 Facsimile: (678) 412-4152 Email: bsl@limbockerlawfirm.com About Noise Entertainment & Media LLC Noise Entertainment & Media, LLC is a Georgia-based motion picture and video production company that owns real property in Atlanta. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54573) on April 6, 2026, listing up to $10 million in both assets and liabilities. Rasool D. Malik, II, owner and president, signed the petition. Judge Paul W. Bonapfel oversees the case. Brian S. Limbocker, Esq., at Limbocker Law Firm, represents the Debtor as legal counsel. OCEAN BLVD: Receiver Excused From Turnover Compliance ----------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered an order excusing Michael Sepe, State Court Receiver, from turnover compliance pursuant to 11 U.S.C. Sec. 543 in the bankruptcy case of Ocean Blvd., LLC. Carver Federal Savings Bank filed a Motion for an Order (A)(I) Appointing Chapter 11 Trustee or, Alternatively, (II) Converting Debtor's Case or, Alternatively, (III) Vacating the Automatic Stay and Excusing the Receiver's Compliance with 11 U.S.C. Sec. 543. The Debtor objected to the Compliance Motion. The Debtor filed a Motion to Compel Turnover of Property of the Estate and Direct State Court Receiver to Immediately Comply Pursuant to 11 U.S.C. Sec. 543. The Receiver objected to the Turnover Motion. According to the Court, to the extent the Compliance Motion seeks the appointment of a Chapter 11 operating trustee or the conversion of either or both Debtor's Chapter 11 case to Chapter 7, the motion for these forms of relief as originally sought by Carver are deemed withdrawn without prejudice by Carver's assignee, the Lender. The Turnover Motion is denied. According to the Court, to the extent the Compliance Motion seeks to modify the automatic stay pursuant to 11 U.S.C. Sec. 362(d)(1) in order to allow the Receiver to remain in place and in possession of certain property of the Debtors and excuse the Receiver's compliance with turnover requirements pursuant to Sec. 543(d), that motion is granted in both cases as further provided. The Court said the Receiver is authorized to continue to remain in possession and sole control of all funds of the Debtors, including but not limited to partial deposits and payments in full of all Beach Club members for the 2026 summer season with authorization to use such funds as he deems reasonably necessary to prepare and open the Beach Club for the 2026 summer season. A copy of the Court's Order dated April 10, 2026, is available at https://urlcurt.com/u?l=bvBPee from PacerMonitor.com. About Ocean Blvd. LLC Ocean Blvd., LLC, based in Atlantic Beach, New York, is a real estate company that owns the land at 1751 Ocean Boulevard, leased to New York Beach Club, Ltd., which operates a beach club on the site. Ocean Blvd., LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70577) on February 10, 2026, listing $25,000,004 in assets and $14,262,396 in liabilities. The petition was signed by Alexander Jacobson as managing member. Judge Louis A. Scarcella presides over the case. Richard J. McCord, Esq., at Certilman Balin Adler & Hyman, LLP represents the Debtor as counsel. ODYSSEY MARINE: Two Seas Capital Holds 9.99% Equity Stake --------------------------------------------------------- Two Seas Capital LP, together with Two Seas Capital GP LLC and Sina Toussi, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of April 8, 2026, they beneficially own 5,857,448 shares of Odyssey Marine Exploration Inc's Common Stock, par value $0.0001 per share, representing 9.99% of the shares outstanding. This amount reflects the 9.99% Beneficial Ownership Blocker applicable to the Reported Warrants held by the Funds. The Global Fund and Opportunities Fund hold warrants that are currently blocked from full exercise (the blocker limits beneficial ownership to 9.99%). The reported shares are held by Two Seas Litigation Opportunities Fund LLC and Two Seas Global (Master) Fund LP. Two Seas Capital LP serves as investment manager, Two Seas Capital GP LLC is its general partner, and Sina Toussi is the Chief Investment Officer and managing member. The Reporting Persons acquired the shares for investment purposes and have entered into a Support Agreement with the Company in connection with the proposed merger with American Ocean Minerals Corporation. Under the Support Agreement, they agreed to vote their shares in favor of the merger-related proposals. Two Seas Capital LP may be reached through: Sina Toussi Two Seas Capital LP 32 Elm Place, 3rd Floor Rye, NY 10580 Tel: (914) 690-8253 A full-text copy of Two Seas Capital LP's SEC report is available at: https://tinyurl.com/2u9c6uas 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. OLD REDFORD ACADEMY: S&P Places 'B+' Rev. Bond Rating on Watch Neg ------------------------------------------------------------------ S&P Global Ratings placed its 'B+' long-term rating on the Michigan Public Educational Facilities Authority's series 2005A limited obligation revenue bonds and the Michigan Finance Authority's series 2010A limited obligation revenue bonds, both issued for Old Redford Academy (ORA), on CreditWatch with negative implications. S&P said, "The CreditWatch placement reflects the likelihood that we could lower the rating on the bonds, potentially by several notches, depending on the outcome of the academy's upcoming charter renewal (set to expire on June 30, 2026), which we believe will be finalized within the 90-day CreditWatch period. We note that the academy's authorizer recently elected to not renew the high school program given continuous underperforming academics, as well as a complex preconditional reauthorization letter for its kindergarten-to-eighth-grade program." Further supporting the CreditWatch placement are the challenges that the school will face with regard to continuing to make full debt service payments on a timely basis once the school has downsized to kindergarten to eighth grade, assuming a successful renewal. The bonds are a general obligation secured by lease payments from the school to Clothilde R. Smith Charitable Foundation, a related foundation that owns the building. Under a lease financing agreement involving the Michigan Finance Authority, the Clothilde R. Smith Charitable Foundation, and ORA, the foundation owns all of the school's facilities and leases them to ORA. The charter authorizer, Central Michigan University, delivers 20% of the school's state aid directly to the trustee for debt service. It then transfers the remaining 80%, minus the 3% authorizer fee, to ORA within two business days. Any money not required for debt service from the 20% share is also then forwarded to the school. ORA's debt service payments are absolute and unconditional. The rating action follows a recently released "preconditions to charter contract reauthorization" letter from the authorizer informing the school that the authorizer will not be renewing the academy's high school program, given continued poor academic performance. In addition, the reauthorization of the kindergarten-to-eighth-grade program is contingent on the school's submitting a viability plan to the authorizer by May 8, 2026. The authorizer expects to decide on reauthorization of the kindergarten-to-eighth-grade program shortly thereafter. The plan must demonstrate multiple points, including evidence of financial relief from existing leases with the discontinuation of the high school, description of the lease/use of the remaining space that will support the kindergarten-to-eighth-grade program, enrollment projections for the kindergarten-to-eighth-grade program, a staffing plan that will support a high-quality kindergarten-to-eighth-grade educational program, and a draft financial plan for fiscal 2027 demonstrating financial viability (including the ability to maintain a balanced budget) for the kindergarten-to-eighth-grade program. In addition to the heightened risk associated with nonrenewal of the charter for the kindergarten-to-eighth-grade program, S&P believes the academy faces additional risk with regard to meeting scheduled debt service payments based on a materially lower enrollment and revenue base. S&P said, "The CreditWatch placement reflects a one-in-two chance that we could lower the rating, potentially by several notches, within the next 90 days--during which time we expect to receive finalized information regarding the kindergarten-to-eighth-grade program charter reauthorization, the academy's enrollment projections and financial viability plan, and strategy to meet future debt service payments." ONYX PORFOLIO: Court OKs Missouri Property Sale to Ashley Warren ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Onyx Portfolio LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate holding company which owns and operates 46 single family homes in various suburban communities in Houston, Texas. On or before June 30, 2022 the Debtor entered into a secured financing transaction with Ice Lender Holdings, LLC in the original principal amount of $6,000,000.00 with the Properties as collateral. The Loan was subsequently assigned to HFC Holdings 1, LLC. The Debtor Property is located at 2134 Hilton Head Drive, Missouri City, Texas, 77459. The Court has authorized the Debtor to sell the Property to Ashley Warren for a purchase price of $263,000.00. The Debtor is authorized to close the sale is Capital Title located at 24345 Gosling Road, Suite 150, Spring, Texas, 77389. Lynnel Ramcharitar, principal of the Debtor, is authorized to execute any documents necessary for the closing of the sale of the Property. Closing may occur on or before May 15, 2026, unless extended by agreement with the Debtor and the Buyer. The Debtor is, subject to HFC Holdings 1, LLC’s review and approval of a settlement statement, authorized to pay from the sale proceeds, and Capital Title is authorized to disburse at closing (i) the ordinary and usual closing expenses including the cost of a title policy and (ii) all outstanding ad valorem taxes and any applicable homeowner’s association payments (pro-rated for current year). Total real estate commissions on the sale may not exceed 4% of the purchase price. The net proceeds of sale shall be delivered to HFC Holdings 1, LLC upon closing of the sale. HFC Holdings 1, LLC shall provide a partial release of lien as to this Property once a payoff is provided to Capital Title. Upon receipt, HFC Holdings 1, LLC is authorized to apply the net proceeds to the Debtor's loan obligations in accordance with the underlying loan agreements. The Buyer shall remain responsible for the ad valorem taxes for the closing year, and the ad valorem tax liens for the closing year shall be retained against the Property until such taxes are paid in full. The Debtor is authorized to execute all documents necessary to effectuate the sale, including but not limited to a special warranty deed conveying all right, title and interest in and to the Property to the Buyer. About Onyx Portfolio LLC Onyx Portfolio LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. TX Case No. 26-30080) on January 5, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Susan Tran Adams is Debtor's legal counsel. ORIGINCLEAR INC: Net Loss Narrows to $13.56MM in FY2025 ------------------------------------------------------- OriginClear, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $13,558,351 for the year ended December 31, 2025, compared to a net loss of $18,970,789 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $6,816,843 compared to $4,407,781 in the prior period. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 10, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company suffered a net loss from operations and used cash in operations, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had cash of $828,007 compared to $371,515 as of December 31, 2024. Working capital deficit decreased to $(19,036,232) from $(45,437,508), primarily due to a decrease in convertible promissory notes and accrued expenses. Net cash used in operating activities was $(3,587,663) for the year ended December 31, 2025, compared to $(3,745,242) in 2024. The decrease was primarily due to changes in accrued expenses, contract liabilities, and working capital management. Net cash used in investing activities was $(35,375) in 2025, compared to $(2,289,866) in 2024, primarily reflecting the purchase of SPAC notes payable. Net cash provided by financing activities was $4,079,530 in 2025, compared to $5,917,792 in 2024, primarily from proceeds of secured promissory notes and preferred stock offerings. Although proceeds from the issuance of convertible debt and revenue from operations are currently sufficient to fund near-term expenses, the Company will need to raise additional funds to expand its operations. Future financing may involve equity or debt securities, which could dilute existing stockholders or include senior rights. If the Company is unable to secure additional financing, we may need to reduce operations, curtail development plans, or cease operations entirely. While management believes current resources, growing revenues, and the ability to raise funds will support operations in the immediate future, there is no assurance that these assumptions will materialize. Failure to obtain additional funding may limit the Company's ability to sustain operations and meet obligations A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3znjdm25 About OriginClear OriginClear, Inc. founded in 2007 as OriginOil and rebranded in 2015, operates as the Clean Water Innovation Hub, focusing on incubating and launching businesses in the industrial water sector. The Company's subsidiary, Water On Demand, Inc., includes three operating units: Progressive Water Treatment, which provides engineered water treatment solutions and generates the majority of revenue; Modular Water Systems, which holds an exclusive master license with three active patents valued between $26.6 million and $53.2 million as of April 2023; and Water on Demand, a development-stage unit aiming to offer water treatment as a pay-per-gallon service under a Design-Build-Own-Operate model. The Company leverages its intellectual property and proprietary practices to differentiate its offerings in the global water industry. As of December 31, 2025, the Company had $5,746,408 in total assets, $26,711,626 million in total liabilities, $7,417,720 in mezzanine equity, preferred stock and $28,382,938 million in total stockholders' deficit. PALM GREENS: Court OKs Appointment of Chapter 11 Trustee -------------------------------------------------------- Judge Erik Kimball of the U.S. Bankruptcy Court for the Southern District of Florida approved the appointment of Robert C. Furr as Chapter 11 Trustee for Palm Greens at Villa Del Ray Recreation Condominium Association, Inc. The appointment comes upon the application filed by Guy Van Baalen, the Acting U.S. Trustee for Region 21, to appoint a bankruptcy trustee in Palm Greens' Chapter 11 case. To the best of the U.S. Trustee's knowledge, Mr. Furr's connections with the Debtor, creditors, and other parties-in-interest, their respective attorneys and accountants, the United States Trustee, and persons employed in the Office of the U.S. Trustee are limited to the connections set forth in Mr. Furr's verified statement. A copy of the appointment order is available for free at https://urlcurt.com/u?l=gZtgJr from PacerMonitor.com. The Chapter 11 trustee can be reached at: Robert C. Furr, Esq. Furr and Cohen, P.A. 2255 Glades Road, Suite 419A Boca Raton, FL 33431 (561) 395-0500 About Palm Greens at Villa Del Ray Recreation Condominium Palm Greens at Villa Del Ray Recreation Condominium oversees recreational amenities and common property for a residential condominium community in Florida. The Debtor filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11060) on January 28, 2026, listing $10 million to $50 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped the Law Office of Mark S. Roher, PA as counsel and PM Accounting Services LLC as accountant. PALM GREENS: Seeks to Hire Edelboim Lieberman PLLC as Counsel ------------------------------------------------------------- Palm Greens at Villa Del Ray Recreation Condominium Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Edelboim Lieberman, PLLC as attorneys. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise the Debtor on the conduct of this case; (c) advise the Debtor in connection with cash collateral, postpetition financing, and other financing arrangements and draft documents relating thereto; (d) take all necessary actions to protect and preserve the Debtor's estate; (e) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate; (f) negotiate and prepare on the Debtor's behalf a plan of reorganization and all related agreements and documents, and take any necessary action to obtain confirmation of such plan; (g) attend meetings with third parties and participate in negotiations with respect to the foregoing matters; (h) appear before this Court, any appellate courts, and the Office of the United States Trustee, and protect the interests of the Debtor's estate before such courts and parties; and (i) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The firm received a total retainer of $100,000 from the Debtor. Brett Lieberman, Esq., an attorney at Edelboim Lieberman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brett D. Lieberman, Esq. Alexander Lewitt, Esq. Edelboim Lieberman PLLC 2875 NE 191st St., Penthouse One Miami, FL 33180 Telephone: (305) 768-9909 Facsimile: (305) 928-1114 Email: morgan@elrolaw.com Email: alex@elrolaw.com About Palm Greens at Villa Del Ray Recreation Condominium Palm Greens at Villa Del Ray Recreation Condominium oversees recreational amenities and common property for a residential condominium community in Florida. The Debtor filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11060) on January 28, 2026, listing $10 million to $50 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped the Law Office of Mark S. Roher, PA as counsel and PM Accounting Services LLC as accountant. PARTNERSHIPS TO UPLIFT: S&P Affirms 'BB' Rating on 2023 Rev. Bond ----------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB' long-term rating on the California School Finance Authority's series 2023 (tax-exempt) charter school refunding revenue bonds, issued for Partnerships to Uplift Communities (PUC) Schools. The negative outlook reflects the recent deterioration in the organization's financial performance as well as our expectations that it will decrease its footprint over the outlook period because of the scheduled closure of two non-obligated schools at the end of current school year due to under-enrollment. It also reflects the increased uncertainty surrounding the organization's charter standing at several campuses based on authorizer feedback regarding recent financial accountability scores. PUC is applying for seven separate charter renewals in August 2027. S&P said, "S&P Global Sustainable data show that Los Angeles County, relative to other locations nationally, faces elevated exposure to seismic activity and wildfire risks. In our view, based on PUC's locations, the elevated exposure to seismic risk could pose future challenges to the school's existing infrastructure and could become material to our view of creditworthiness. However, we believe this risk is partially mitigated by strong state building codes. Although the region is exposed to elevated wildfire risks, we believe this is mitigated by PUC's urban location and diverse footprint. Consequently, we consider the physical risk exposure as neutral in our credit rating analysis. "In our view, PUC faces elevated social capital risk compared with that of peers given that its operations are in Los Angeles County and remain pressured, with a sizable projected decline in school-aged population due to outmigration and other demographic trends. For PUC, this risk is somewhat mitigated by a long reputation in the community and robust programming, although based on recent enrollment declines, in our view, demographic pressures could limit enrollment potential in the near term." S&P views governance as neutral in our credit rating analysis. The negative outlook reflects the recent deterioration in the organization's financial performance that, if not addressed, would result in a lower rating. The negative outlook also reflects the need for the organization to reduce its footprint in order to bring financial performance to sustainable levels. S&P said, "We could lower the rating during the outlook period if enrollment declines persist such that operations remain pressured and lease-adjusted MADS coverage does not return to levels commensurate with the rating, or if liquidity falls to levels no longer consistent with the rating. If we believe PUC will experience difficulty with the upcoming charter renewals in August 2027, we could also lower the rating, potentially by several notches. While not anticipated, additional debt within the outlook period could also result in a negative rating action. "We could revise the outlook to stable if management meets expectations for near-breakeven performance for fiscal 2026 while successfully navigating its upcoming charter renewals. Maintenance of improved financial performance over the outlook period would also be necessary for the favorable outlook revision. We do not anticipate a rating upgrade over the outlook period." PAVMED INC: CMO Dr. Victoria Tou-ho Lee Discloses 1,666 Shares -------------------------------------------------------------- Dr. Victoria Tou-ho Lee, Chief Medical Officer of PAVmed Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of April 13, 2026, she beneficially owns 1,666 shares of common stock held directly, consisting of restricted stock granted under the Company's Seventh Amended and Restated 2014 Long-Term Incentive Equity Plan, which is subject to a single vesting date of May 20, 2028. Such restricted stock is subject to forfeiture if the requisite service period is not completed. 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: Scopia, Matthew Sirovich Disclose Stake --------------------------------------------------- Scopia Holdings LLC and Matthew Sirovich, 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: * Scopia Holdings LLC: 630,118 shares, representing 9.87% of the shares outstanding. * Matthew Sirovich: 637,670 shares representing 9.99% of the shares outstanding. Matthew Sirovich may be deemed to beneficially own the shares held by Scopia Holdings LLC (as a member with power to direct voting and disposition) plus an additional 7,552 shares. 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 Form 10-K). Scopia Holdings LLC may be reached through: Matthew Sirovich Scopia Capital Management LP 152 West 57th Street, 33rd Floor New York, NY 10019 Tel: 212-370-0303 A full-text copy of Scopia Holdings LLC and Matthew Sirovich's SEC report is available at: https://tinyurl.com/3zberykw 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. PERFECT CHOICE: Case Summary & 16 Unsecured Creditors ----------------------------------------------------- Debtor: Perfect Choice Roofing, Inc. 1711 NW 23rd Avenue Pembroke Pines, FL 33026 Business Description: Perfect Choice Roofing, Inc. is a Pembroke Pines, Florida-based roofing contractor founded in 2017. It serves residential and commercial customers in Miami-Dade, Broward and Palm Beach counties, and provides roof replacement, roof repair and preventive maintenance. Peter Vargas is the company's president and sole owner. Chapter 11 Petition Date: April 13, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-14538 Debtor's Counsel: Michael Hoffman, Esq. LESSNE HOFFMAN, PLLC 100 SE 3rd Ave., 10th Floor Fort Lauderdale, FL 33394 Tel: (954) 372-5759 E-mail: mhoffman@lessnehoffman.law Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Peter Vargas as vice president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6PYOZZY/Perfect_Choice_Roofing_Inc__flsbke-26-14538__0001.0.pdf?mcid=tGE4TAMA PERFECT CHOICE: Gets Interim OK to Use Cash Collateral Until July 2 ------------------------------------------------------------------- Perfect Choice Roofing, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. The court on April 22 authorized the Debtor to use cash collateral to pay the expenses set forth in its budget, with up to a 15% variance per line item. This authorization remains in effect through July 2 or until otherwise ordered by the court. The Debtor owes about $957,000 to the U.S. Small Business Administration, which holds a first-priority lien on all assets, along with $200,000 to National Funding and $130,000 to Byzfunder, both holding junior liens. However, the Debtor's total assets are valued at only about $406,135, leaving junior creditors effectively unsecured. As protection for the Debtor's use of its cash collateral, the SBA will receive $2,000 in monthly payments, continuing until the earlier of a subsequent cash collateral order, plan confirmation, or dismissal or conversion of the Debtor's Chapter 11 case. In addition, the SBA and the junior creditors will be granted replacement liens on assets acquired by the Debtor after their bankruptcy filing, with the same validity, priority, and enforceability as their pre-petition liens. A final hearing is set for July 2. The order is available at https://is.gd/JiDkNi from PacerMonitor.com. Perfect Choice Roofing attributes its financial distress to industry slowdown, reduced housing demand, rising material costs, and personal challenges affecting its owner. To continue operating and complete ongoing roofing contracts -- the main source of revenue -- the Debtor needs to use cash collateral for expenses like payroll and operations. About Perfect Choice Roofing Inc. Perfect Choice Roofing, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14538-PDR) on April 13, 2026. In the petition signed by Peter Vargas, vice president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Michael Hoffman, Esq., at Lessne Hoffman, PLLC, represents the Debtor as legal counsel. PITTS FUNERAL: Trustee Taps Accessible Agency as Accountant ----------------------------------------------------------- William G. Krieger, the Chapter 11 Trustee of Pitts Funeral Home & Cremation Services, Inc., filed an amended application seeking approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Accessible Agency, LLC as accountant. The firm will render these services: (a) financial record reconstruction; (b) prepare Monthly Operating Reports required by the United States Trustee; (c) financial reporting and analysis; (d) accounts payable and receivable review; (e) payroll administration and payroll reporting; (f) coordinate with bankruptcy counsel; and (g) financial and operational restructuring support for the Debtor's business operations. The firm's hourly rates are: Managing Partner & Financial Consultant $250 Senior Financial Analyst $225 Financial Reporting Specialist $200 Accounting/Bookkeeping Support $175 Administrative Support $125 Iesha Griffin, CPA, a managing partner at Accessible Agency, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Iesha Griffin, CPA Accessible Agency, LLC 429 Fourth Avenue, Suite 300 Pittsburgh, PA 15219 About Pitts Funeral Home & Cremation Service Pitts Funeral Home & Cremation Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Pa. Case No. 25-23211) on November 25, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Honorable Judge Carlota M. Bohm oversees the case. The Debtor tapped Rodney D. Shepherd, Esq. as legal counsel and Iesha Griffin, CPA, at Accessible Agency, LLC as accountant. PITTS FUNERAL: Trustee Taps Passport Realty as Real Estate Broker ----------------------------------------------------------------- William G. Krieger, the Chapter 11 Trustee of Pitts Funeral Home & Cremation Services, Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Passport Realty, LLC as real estate broker. The firm will market and sell the Debtor's real property located at 2926 Pine Avenue, Erie, Pennsylvania 16504. The real estate commission will be 5% of the gross purchase price or 6% of the gross purchase price if the Real Property is sold in cooperation with another broker or agent. Jake Rouch and Passport Realty, LLC are disinterested and do not hold or represent an interest adverse to the estate with respect to matters on which the agency is proposed to be employed. The broker can be reached through: Jake Rouch Passport Realty, LLC Erie, PA 16506 Phone: (814) 454-1800 About Pitts Funeral Home & Cremation Service Pitts Funeral Home & Cremation Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Pa. Case No. 25-23211) on November 25, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Honorable Judge Carlota M. Bohm oversees the case. The Debtor tapped Rodney D. Shepherd, Esq. as legal counsel and Iesha Griffin, CPA, at Accessible Agency, LLC as accountant. PMK CAPITAL: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 15 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of PMK Capital Partners, LLC. About PMK Capital Partners LLC PMK Capital Partners, LLC, a company in Honolulu, Hawaii, filed its voluntary petition for Chapter 11 protection (Bankr. D. Hawaii Case No. 26-00202) on March 9, 2026, listing $1 million to $10 million in both assets and liabilities. Albert K.F. Kam, Jr. signed the petition in his capacity as chief executive officer of Hawaii Water Company, Inc., the managing member of the Debtor. Judge Robert J. Faris oversees the case. Choi & Ito serves as the Debtor's legal counsel. POSH QUARTERS: Hires Bleakley Bavol Denman & Grace as Counsel ------------------------------------------------------------- Posh Quarters, LLC seeks approval from U.S. Bankruptcy Court for the Middle District of Florida to hire Bleakley Bavol Denman & Grace as counsel. The firm will render these services: (a) analyze the financial situation, and render advice and assistance to the Debtor in determining legal options under Title 11, United States Code; (b) advise the Debtor with regard to the powers and duties in the continued operation of the business and management of the property of the estate; (c) prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents as required by the Court; (d) represent the Debtor at the Section 341 Meeting of Creditors; (e) give the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property, if appropriate; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) prepare, on behalf of the Debtor, necessary legal papers and appear on hearings thereon; (h) protect the interest of the Debtor in all matters pending before the court; (i) represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) perform all other legal services for the Debtor which may be necessary herein, and it is necessary for it to employ this attorney for such professional services. On March 3, 2026, the Debtor paid the firm a retainer of $12,000 plus $1,738 advance for the filing fee. Samantha Dammer, Esq., an attorney at Bleakley Bavol Denman & Grace, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Samantha L. Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 Facsimile: (813) 221-3198 Email: sdammer@bbdglaw.com About Posh Quarters, LLC Posh Quarters, LLC is a limited liability company that may operate in the hospitality, lodging, or short-term rental sector, offering upscale accommodations or property management services. Posh Quarters, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01497) on April 7, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickler, Esq. of Mickler & Mickler. PPF GIN: Court Extends Cash Collateral Access to May 12 ------------------------------------------------------- PPF Gin & Warehouse, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral. The court issued a third interim order authorizing the Debtor to use cash collateral solely to pay post-petition expenses listed in it budget from March 24 through May 12. The third interim order incorporates the terms of the previous orders and limits expenditures to those outlined in the budget. As adequate protection, secured lenders will be granted replacement liens on post-petition cash and accounts receivable, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to Chapter 5 avoidance actions. If the replacement liens prove insufficient, the secured lenders will receive a superpriority administrative expense claim, junior only to statutory fees and the carveout established under the order for payment of U.S. Trustee fees and professional expenses. The final hearing is scheduled for May 12. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/sDspb from PacerMonitor.com. The cash collateral at issue is claimed by three secured lenders: Texas Farm Credit Services, FCLA, Nutrien Ag Solutions, Inc., and the U.S. Small Business Administration. Texas Farm Credit asserts a first-priority lien on all of the Debtor's assets, including cash, and a second-priority deed of trust on land owned by Pilgrim Land Management, securing approximately $7.85 million in debt. Nutrien asserts a second-priority lien on the Debtor's assets and a third-priority deed of trust on the land, securing approximately $11.65 million. Meanwhile, the SBA asserts a third-priority lien on the Debtor's assets securing a $150,000 EIDL loan. About PPF Gin & Warehouse LLC PPF Gin & Warehouse, LLC operates in the cotton industry, providing ginning services and managing cotton production through agreements with farmers. The Company owns and operates multiple facilities, including gins, warehouses, and seed locations across Texas in Cooper, Paris, Reno, Deport, and Wolfe City. PPF engages in vertical integration by assisting farmers with planting and purchasing cotton at preset prices, supporting large-scale cotton production across the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40061) on January 5, 2026. In the petition signed by Patrick Pilgrim, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as bankruptcy counsel. PRETIUM PKG: Moody's Gives Caa1 CFR Following Bankruptcy Emergence ------------------------------------------------------------------ Moody's Ratings assigned a Caa1 corporate family rating and Caa1-PD probability of default rating to Pretium PKG Holdings, Inc. (Pretium). At the same time, Moody's assigned a B2 rating to the $506 million backed senior secured first out exit term loan due March 2031, and a Caa2 rating to the $499 million backed senior secured second out exit term loan due March 2032. The outlook is stable. On March 2, 2026, Pretium emerged from Chapter 11 following confirmation of a plan to reorganize the company on February 23, 2026. The transaction refinanced the Company's DIP and prepetition secured debt and established a simplified post-emergence capital structure supported by secured exit facilities, as well as by a $50 million equity injection from its sponsor, Clearlake Capital Partners. On a pro forma basis, total debt stands around $1 billion versus $1.8 billion as of the period ended September 2025. Together, proceeds from both the first out and second out term loans were used to, (i) fully repay $200 million in DIP obligations, (ii) exchange roughly $1.6 billion of prepetition secured debt into new exit instruments, (iii) repay ABL borrowings of $57 million, (iv) provide $90 million of incremental cash, and (v) fund transaction related fees and expenses. As part of the restructuring, the company has access to an undrawn $100 million ABL revolving credit facility due March 2031 (unrated), with a borrowing base of $80 million. The rating action reflects the completed exchange of Pretium's DIP and prepetition secured debt and the successful refinancing of its capital structure. The transaction also eliminates near-term refinancing risk, with the nearest maturity being March 2031. However, the Caa1 CFR remains constrained by high leverage of above 8x debt/EBITDA and the company's weak profitability. Governance considerations are material to the rating. Pretium's CIS-5 indicates that the rating is lower than it would have been if ESG exposure did not exist. Governance risk is the primary driver as the result of aggressive financial policies and high leverage even after emerging from Chapter 11. Environmental and social risks exist but have less influence on the rating than governance factors. RATINGS RATIONALE Pretium's Caa1 CFR and stable outlook reflects the company's improved capital structure, enhanced liquidity, and extended debt maturity profile following its emergence from Chapter 11. The restructuring significantly reduced the company's debt load by more than $800 million, resulting in debt/EBITDA (including Moody's standard adjustments) improving from above 14x (period ended September 2025) to above 8x on a pro-forma basis. The restructuring also materially enhanced Pretium's liquidity. As of the period ended September 2025, Pretium's liquidity stood at about $56 million, comprised of $13 million cash and $43 million available on its revolver, which compares to pro-forma cash of $103 million and an undrawn $100 million ABL revolving credit facility. Pretium also benefits from its diverse end-market exposure, consisting of Food & Specialty Beverage (F&SB), Nutrition & Wellness, Household & Commercial Chemical, Healthcare, and Personal Care. The company's F&SB and Household & Commercial Chemical segments have performed well through past economic cycles given the less discretionary nature of related products, offsetting volatility in its other end-markets. At the same time, the Caa1 CFR reflects the company's high pro-forma leverage above 8x debt/EBITDA, weak profitability, and exposure to cyclical end-markets. Pretium's announcement to file for Chapter 11 relief on January 28, 2026 reflected the structural mismatch between its highly levered capital structure and its disproportionate exposure to cyclical end-markets. Throughout the post pandemic era, the company's Nutrition & Wellness and Healthcare segments experienced significant demand normalization, and have struggled to recover as consumer sentiment remains weak. Over the next 12-15 months Moody's expects the company to have adequate liquidity. On a pro forma basis Moody's expects Pretium's fiscal year-end 2026 (period ended September 2026) cash balance will be around $100 million, and that its $100 million ABL revolving credit facility (due January 2031) will remain undrawn. Moody's expects free cash flow will be around negative $60 million during fiscal year 2026 before generating about $20 million in free cash flow during fiscal year 2027. The stable outlook reflects Moody's expectations that the company will maintain credit metrics in line with its Caa1 CFR over the next 12-18 months. The company's $506 million first out exit term loan due March 2031 (converted from DIP term loans) is rated B2, two notches above the Caa1 corporate family rating (CFR), reflecting its payment priority position on cash flows and enforcement proceeds in the event of a foreclosure or liquidation. The $499 million second out exit term loan due March 2032 (converted from Prepetition first lien tranche A-1 term loans) is rated Caa2, one notch below the Caa1 CFR, reflecting its secondary payment priority position and preponderance of debt within the capital structure on a forward looking basis due to the 1.2% PIK rate associated with the loan. Under the agreement structure, first out lenders effectively control all enforcement and remedial actions until their obligations are fully repaid. The agreement among lenders grants second out lenders the ability to purchase the first out obligations at par upon trigger events, thereby gaining control of the enforcement process. Both the first out and second out term loans are secured by the same collateral package, including US and Canadian operating subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if the company's profitability improves. Specifically, an upgrade could occur if debt/EBITDA is sustained below 7x, if EBITDA/interest expense improves above 2.5x, and if the company generates positive free cash flow on a consistent basis. Moody's could downgrade the ratings if liquidity deteriorates, or if the company executes a more aggressive financial policy comprised of debt-funded distributions or debt-funded M&A. Specifically, a downgrade could occur if EBITDA/interest expense falls below 1x, or if the company generates negative free cash flow on a consistent basis. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in St. Louis, Missouri, Pretium PKG Holdings, Inc. (Pretium) is a leading full-service designer and manufacturer of rigid plastic solutions for a variety of end markets, including food and beverage, chemicals, healthcare, nutrition and wellness, and personal care. Pretium has been a portfolio company of Clearlake since January 2020. PRINCE GLOBAL: Chapter 15 Case Summary -------------------------------------- Lead Debtor: Prince Global Holdings Ltd. Vistra Corporate Services Centre Wickhams Cay II Road Town, Tortola British Virgin Islands, VG1110 Business Description: The Debtors are 30 British Virgin Islands entities that U.S. authorities have linked to the so-called Prince Group and described as part of a network spanning more than 100 affiliated companies across over 30 countries. The structure, which Chen Zhi has chaired since around 2015, is described as operating in real estate development, financial services and consumer services. Chapter 15 Petition Date: April 8, 2026 Court: United States Bankruptcy Court Southern District of New York Thirty affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Prince Global Holdings Ltd. (Lead Case) 26-10769 Amber Hill Ventures Ltd 26-10770 Auspicious Tycoon Ltd 26-10771 Bright Team Global Ltd. 26-10773 Delightful Thrive Ltd. 26-10774 Even Sincerity Ltd 26-10776 Fulam Investment Ltd 26-10778 Giant Victory Holdings Ltd. 26-10779 Golden Ascend International Ltd. 26-10781 Harmonic State Ltd 26-10783 Jumbo High Ltd. 26-10785 Lateral Bridge Global Ltd. 26-10787 Luminous Glow Ltd. 26-10789 Mighty Divine Ltd 26-10791 Noble Title Ltd 26-10793 Oriental Charm Holdings Investment Ltd. 26-10795 Pacific Charm Holdings Investment Ltd 26-10797 Praise Marble Ltd. 26-10798 Prince Global Group Ltd. 26-10796 Respectful Steed Ltd. 26-10794 Retain Prosper Ltd. 26-10792 Robust Harmony Ltd. 26-10790 Simply Advanced Ltd. 26-10788 Southern Heritage Ltd. 26-10786 Star Merit Global Ltd. 26-10784 Starry Bloom Ltd 26-10782 Sure Tycoon Ltd. 26-10780 Sword River Ltd 26-10777 Towards Sunshine Ltd. 26-10775 United Riches Global Ltd. 26-10772 Judge: Hon. Martin Glenn Foreign Representatives: James Drury, Paul Pretlove and David Standish 10 Fleet Place London, EC4M 7RB England, UK Foreign Proceeding: Liquidation before the Eastern Caribbean Supreme Court in the High Court of the BVI, Commercial Division, pursuant to section 170 of the Insolvency Act 2003, Case No. BVIHCOM2026/0019 Foreign Representatives' Counsel: Andrew G. Dietderich, Esq. Sharon Cohen Levin, Esq. Christopher J. Dunne, Esq. Jacob M. Croke, Esq. Alexa J. Kranzley, Esq. SULLIVAN & CROMWELL LLP 125 Broad Street New York, NY 10004 Tel: (212) 558-4000 Fax: (212) 558-3588 Email: dietdericha@sullcrom.com levinsc@sullcrom.com dunnec@sullcrom.com crokej@sullcrom.com kranzleya@sullcrom.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7SVEM7I/Prince_Global_Holdings_Limited__nysbke-26-10769__0001.0.pdf?mcid=tGE4TAMA PROFRAC HOLDING: Grants 2026 Performance-Based PSU Awards to Execs ------------------------------------------------------------------ ProFrac Holding Corp. disclosed in a regulatory filing that the Compensation Committee of the Board of Directors granted performance-based restricted stock unit awards under the Company's 2022 Long Term Incentive Plan to certain of the Company's executive officers, including: (i) 287,500 PSUs to Matthew D. Wilks, the Company's Executive Chairman; (ii) 287,500 PSUs to Johnathan L. Wilks, the Company's Chief Executive Officer; (iii) 270,000 PSUs to Austin Harbour, the Company's Chief Financial Officer; and (iv) 150,000 PSUs to Matthew Greenwood, the Company's Chief Commercial Officer. Each PSU represents the right to receive one share of the Company's Class A common stock. The 2026 PSU Awards are subject to the terms and conditions set forth in a Performance-Based Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement. Each 2026 PSU Award is subject to both a time-based vesting condition and stock price performance targets. The time-based vesting condition requires that the applicable executive officer remain continuously employed by and in good standing with the Company or an affiliate through the first anniversary of the Grant Date. Following the Time-Based Vesting Date, a percentage of the PSUs will vest when the Company certifies that the following stock price targets have been achieved: 10% of the PSUs, when the average of the daily volume-weighted average price per share of the Company's Class A common stock over the most recent 30 trading days equals or exceeds $7.00; 25% of the PSUs, when the VWAP Threshold equals or exceeds $10.00; 25% of the PSUs, when the VWAP Threshold equals or exceeds $14.00; and 40% of the PSUs, when the VWAP Threshold equals or exceeds $18.00. Settlement of vested PSUs will occur as soon as administratively practicable and no later than 30 days following the applicable vesting date. The 2026 PSU Awards will expire on April 7, 2036, and any PSUs that have not vested as of such date will be forfeited. Upon the expiration and forfeiture of unvested PSUs, the Company and the applicable executive officer will negotiate in good faith to establish a new incentive compensation arrangement on mutually acceptable terms, subject to the Committee's approval. Full text copy of the form of 2026 PSU Award Agreement is available at https://tinyurl.com/585eehcp CFO Special Incentive Award The Committee also approved a special cash incentive award in the aggregate amount of $1,000,000 to Mr. Harbour in recognition of his continued service as Chief Financial Officer of the Company. The 2026 CFO Award is payable in four equal quarterly installments of $250,000 each, subject generally to Mr. Harbour's continued employment with the Company through each applicable quarterly payment date, with the first installment deemed to be vested as of March 31, 2026 and the subsequent installments vesting on June 30, 2026, September 30, 2026 and December 31, 2026, respectively. The 2026 CFO Award is governed by a Special Incentive Agreement, effective as of January 1, 2026, between Mr. Harbour and ProFrac Holdings II, LLC. If Mr. Harbour voluntarily terminates his employment or if he is terminated by the Company for Cause (as defined in Mr. Harbour's Executive Employment Agreement, dated June 17, 2024) during calendar year 2026, he will forfeit his right to receive any remaining unvested portion of the 2026 CFO Award and must repay to the Company any portion of the 2026 CFO Award already paid to him no later than 30 days after his last day of employment or the final adjudication that the Company terminated Mr. Harbour's employment for Cause, respectively. Mr. Harbour has further agreed that if he voluntarily terminates his employment within 12 months of receipt of any portion of the 2026 CFO Award, he must repay all portions paid to him within the prior 12 months. If the Company terminates Mr. Harbour's employment without Cause during calendar year 2026, his right to any further unvested portion of the 2026 CFO Award will be forfeited, but he will have no obligation to repay any amounts already paid. A full text copy of the 2026 CFO Award Agreement is available at https://tinyurl.com/y3j8ccty About ProFrac Holding ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac Corp. operates in three business segments: Stimulation Services, Proppant Production and Manufacturing. As of September 30, 2025, the Company had $2,573.1 million in total assets, $1,692.4 million in total liabilities, $811.9 million in total stockholders' equity. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on hydraulic fracturing equipment and services provider ProFrac Holding Corp. to 'CCC' from 'CCC+'. S&P also lowered its issue-level rating on the company's senior secured notes to 'B-' from 'B', reflecting the lower Company credit rating. The '1' recovery rating (rounded estimate: 95%) was unchanged." S&P subsequently withdrew these ratings. At the time of the withdrawal, the outlook was negative. PURE SCIENCE: Seeks Cash Collateral Access ------------------------------------------ Pure Science Lab Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral and provide adequate protection. The Debtor's primary secured creditor is the U.S. Small Business Administration, which holds a first-priority lien on virtually all of its assets including inventory, equipment, accounts receivable, and other tangible and intangible property based on a UCC-1 filing from 2020. The SBA is owed approximately $1.29 million while the Debtor's assets are valued at only about $66,486, making the SBA significantly undersecured. The Debtor seeks permission to use this cash collateral to fund ongoing business operations and administrative expenses necessary for reorganization. It argues that continued access to these funds is critical to maintaining operations, complying with bankruptcy requirements, and preserving value for creditors. As adequate protection for the SBA's interest, the Debtor proposes making monthly payments of $1,100 until a reorganization plan is confirmed. The Debtor also submitted a six-month operating budget and requests flexibility to vary spending by up to 10% per line item. While requesting this relief, the Debtor reserves the right to challenge the validity or extent of the SBA's lien. A court hearing is scheduled for May 21. A copy of the motion is available at https://urlcurt.com/u?l=rpi6SE from PacerMonitor.com. About Pure Science Lab Inc. Pure Science Lab Inc. is a provider of hemp-derived cannabidiol 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. In the petition signed by Steven Pomerantz, president, the Debtor disclosed $66,485 in assets and $1,296,462 in liabilities. Judge Peter D. Russin oversees the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A., represents the Debtor as bankruptcy counsel. RED RIVER: SC Won't Hear 3rd Circuit J&J Class Certification Appeal ------------------------------------------------------------------- Jarek Rutz of Law360 reports that on Monday, April 20, 2026, the U.S. Supreme Court said it would not review a challenge to class certification in a securities action over Johnson & Johnson's talc products, declining to intervene in a dispute closely watched for its impact on shareholder class actions. The denial leaves standing a Third Circuit ruling that allowed the investor class to proceed. The underlying lawsuit accuses Johnson & Johnson of misleading investors by downplaying or failing to disclose the risks associated with its talc products, which have been the subject of extensive litigation. Shareholders contend that the company's statements led to artificially inflated stock prices that later dropped when the truth emerged, the report states. By refusing to hear the case, the justices declined an opportunity to clarify the standards governing class certification in securities litigation. As a result, the Third Circuit's approach remains in effect, and similar disputes will continue to be resolved under existing precedent, according to Law360. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RENPRO LLC: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 2 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Renpro, LLC. About Renpro LLC Renpro, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.N.Y. Case NO.26-30189-5-wak) on March 20, 2026. In the petition signed by Ronald Starusnak, sole member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Wendy A. Kinsella oversees the case. Peter A. Orville, Esq., at Orville & McDonald Law, P.C., represents the Debtor as legal counsel. RESTORATION DOCTOR: Seeks to Extend Plan Exclusivity to Aug. 19 --------------------------------------------------------------- Restoration Doctor, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 19 and Oct. 18, 2026, respectively. The Debtor explains that the requested extension of the Exclusive Periods is necessary and appropriate to enable the Debtor to finalize an exit strategy and pursue a restructuring framework that will maximize the value of the Debtor's estate for the benefit of all stakeholders, without interruption. The Debtor's case largely depends on the outcome of the IAG Litigation, and the additional time will allow the Debtor to complete discovery and hopefully reach a consensual resolution of the various issues in dispute. The Debtor states that it is currently dealing with a complex adversary proceeding and negotiating a potential settlement with IAG that is significantly important to its future survival. This, combined with the hundreds of outstanding insurance claims with values that could reach over several million dollars, further highlights the complications and difficulties inherently involved in this Chapter 11 Case. The Debtor claims that it will use the extension of the Exclusive Periods, if it is granted by this Court, to, if possible, attempt to reach an agreement with IAG or, in the alternative, bring a contested adversary proceeding action against IAG, finalize a plan of reorganization, vet it with key constituents, and, thereafter, propose a plan of reorganization informed by the Debtor's view of its business going forward and negotiations with various stakeholders. Since the Petition Date, the Debtor has been hard at work laying the groundwork for a successful reorganization. While much work remains, the Debtor has made significant progress with respect to maximizing the value of its assets and bringing this Chapter 11 Case to a conclusion. * First, the Debtor has worked diligently to ensure that this Chapter 11 Case is being managed efficiently and without unnecessary costs, all in an effort to preserve value for all stakeholders. To that end, after the commencement of this Chapter 11 Case, the Debtor has obtained three interim Orders on consent by IAG granting them authorization for its continued use of cash collateral that have provided the Debtor with the necessary runway to execute a successful reorganization. * Second, since the Petition Date, the Debtor has taken various actions it believes will significantly enhance the value of its estate going forward and/or resolve key issues, including, among others: (i) authorizing on a final basis the continued use of its cash management system;; (ii) retaining bankruptcy accountants to facilitate this Chapter 11 Case; (iii) retaining CBIZ Inc., as forensic accountants to analyze the accounts receivable, the disputed claims of IAG, and Debtor's counter claims; (iv) timely filing its monthly operating reports; and (iv) attendance and full cooperation at the Initial Debtor Interview and Section 341(a) Conference. The Debtor asserts that an extension of the Exclusive Periods will not prejudice the Debtor's stakeholders. On the contrary, the Debtor filed this Chapter 11 Case in December, approximately three months ago, and this is the Debtor's first request for extension of the Exclusive Periods. While unresolved issues remain, with additional time and absent the added confusion and disruption of competing third-party plans, the Debtor will endeavor to resolve all such issues and consummate a restructuring as contemplated herein. The Debtor further asserts that it is not pressuring its creditors via the relief requested by this Motion, in fact, the Debtor will call for interested parties to help shape a plan of reorganization at the appropriate time. Currently, the Debtor is focusing on maximizing value associated with the IAG Litigation. As such, the Debtor has been pushing this Chapter 11 Case forward with one ultimate goal: to maximize the value of the Debtor's estate for the benefit of all stakeholders. Restoration Doctor, LLC is represented by: Peter E. Shapiro, Esq. Shapiro Law LLC 8551 West Sunrise Boulevard, Suite 300 Plantation, FL 33322 Tel: (954) 315-1157 Email: pshapiro@shapirolawpa.com -and- Robert L. Rattet, Esq. Davidoff Hutcher & Citron LLP 605 Third Avenue New York, NY 10158 Tel: (212) 557-7200 E-mail: rlr@dhclegal.com About Restoration Doctor Restoration Doctor, LLC, is a property restoration company providing water, fire, and mold remediation services to residential and commercial clients. It specializes in restoring damaged properties to their original condition. Restoration Doctor filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11388) on Dec. 22, 2025. The bankruptcy petition reflects estimated assets of $1 million to $10 million and estimated liabilities in the same range. The case is assigned to Judge Scott M. Grossman. The Debtor is represented by Davidoff Hutcher & Citron, LLP. RTNY REALTY: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- On April 16, 2026, RTNY Realty LLC filed for Chapter 7 protection in the Eastern District of New York Bankruptcy Court. According to court filing, the Debtor reports between $1MM and $10MM in debt owed to between 1 and 49 creditors. Case No. #26-71492 was assigned as a voluntary filing. About RTNY Realty LLC RTNY Realty LLC is a real estate company engaged in property ownership, leasing, and asset management operations. RTNY Realty LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-71492) on April 16, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities both in the range of $1MM to $10MM. Honorable Bankruptcy Judge Alan S. Trust handles the case. RXN TRANSPORTS: Commences Chapter 7 Bankruptcy in California ------------------------------------------------------------ On April 14, 2026, RXN Transports 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 to 49 creditors. About RXN Transports LLC RXN Transports LLC is a transportation and logistics company engaged in providing freight and delivery services for commercial clients. The company focuses on coordinating shipments and supporting supply chain operations through trucking and distribution services. RXN Transports LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13591) on April 14, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The debtor is represented by Jaime A. Cuevas, Jr., Esq. of Law Offices of Jaime A. Cuevas, Jr. SAN AGUSTIN: Chapter 15 Case Summary ------------------------------------ Chapter 15 Debtor: San Agustin Energy Corp. Edificio Inteligente Credicorp Bank Floors 9, 31-32 Office B4 Panama City, Panama Business Description: San Agustin Energy Corp., a Panama City, Panama-based energy company incorporated under Panamanian law, operates in the South American hydrocarbons sector, with operations beginning in 2014 following the relocation of Las Quinchas Resources Corp. to Panama. Its principal assets consist of rights under agreements for hydrocarbon exploration and production, as well as crude oil sales contracts. Chapter 15 Petition Date: April 7, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-14331 Foreign Representative: Guillermo Antonio Tamayo Sanchez Edificio Inteligente Credicorp Bank, Floors 9, 31-32, Office B4 Panama City, Panama Foreign Proceeding: Voluntary Bankruptcy Reorganization proceeding pending before the Third Civil Circuit Court of Insolvency of the First Judicial Circuit of Panama. Foreign Representative's Counsel: Leyza B. Florin, Esq. SEQUOR LAW 1111 Brickell Avenue, Suite 1250 Miami, FL 33131 Tel: (305) 372-8282 Email: lflorin@sequorlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2DFBVPQ/San_Agustin_Energy_Corp__flsbke-26-14331__0001.0.pdf?mcid=tGE4TAMA SANFORD CONTROLS: Unsecureds Will Get 25% of Claims over 3 Years ---------------------------------------------------------------- Sanford Controls LLC and Stealth Control Systems LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Joint Chapter 11 Plan of Reorganization with Disclosures dated April 13, 2026. Sanford and Stealth are both HVAC and refrigeration service providers. Sanford focuses on providing services for national retail and commercial clients, while Stealth serves homeowners, schools, property managers, and smaller businesses. Stealth functions as a division of Sanford. Stealth obtains contracts for these smaller jobs and uses Sanford's employees to complete the work. Sanford and Stealth operate as divisions of the same company and are treated as such under the Plan. To help smooth out the Debtor's cash flow, the Debtors obtained a "merchant cash advance" ("MCA"). However, the payment terms of this loan exacerbated the Debtor's cash flow problems rather than alleviating them. The Debtor took additional merchant cash advance loans to try to get back on their feet, and the problem snowballed. Ultimately, the Debtor's receivables were attached and it could no longer operate without seeking bankruptcy relief. Sanford and Stealth both filed for chapter 11 bankruptcy relief. Despite these financial difficulties, Sanford and Stealth are both strong companies with good reputations and skilled staff. Since the case filing, the Debtor has continued its service operations and is developing HVAC installation contracts. The Debtor was recently hired to complete the HVAC installation in a 48-unit residential project in Everett after the original HVAC contractor failed to perform. If this project goes well, the Debtor anticipates winning additional contracts from the general contractor on the job. The Debtor has submitted a bid for a 75-unit project with the same contractor in East Boston. The Debtor will learn in late June or early July if it has been chosen for the project. If selected, the project would begin in September or October of this year. The Debtor's Plan is a three-year bootstrap plan. The Debtor will continue operating its business and repay creditors from future income. Through the Plan, the Debtor will reduce its secured claims to the value of the collateral and treat its merchant cash advance creditors as general unsecured creditors. The Debtor will cure the arrears under the lease of 69 Tenean, Unit 5 over the term of the Plan and will reject the lease for the adjacent Unit 7, which will help reduce costs. The Debtor will pay all priority tax claims with interest over the term of the Plan and will pay General Unsecured Creditors $175,372.87 in quarterly installments of approximately $14,614.41, for an estimated distribution of 25%. This Plan constitutes the Debtor's best efforts to repay creditors. In a chapter 7 case, only about $58,000 would be available for distribution to creditors, all of which would go toward Priority Tax Claims. General Unsecured Creditors would receive nothing if the Debtor were forced to liquidate. On the other hand, through the Plan, Priority Tax Claims will be paid in full and General Unsecured Creditors will receive $175,372.87, or approximately 25% of their Claims. Class 12 A-B consists of the Allowed General Unsecured Claims. In full and complete satisfaction, settlement, release and discharge of all Class 12 A-B claims, each holder of an Allowed Class 12 A-B claim shall receive a pro rata distribution of $175,372.87, paid in 12 quarterly installments beginning on the Effective Date. The Debtor estimates that each holder of a Class 12 A-B Claim will receive approximately 25% of its Claim through the Plan. In addition to the payments described, if the Debtor or Reorganized Debtor pursues any Claims, demands, rights or Causes of Action and receives a recovery thereon, any amounts received (after payment of attorney's fees and other costs of litigation) will be distributed pro rata to the Class 12 A-B Claimants. The claims of the General Unsecured Creditors are impaired under the Plan. Any holder of a Class 12 A-B Claim shall be entitled to vote under the Plan. The Plan will be funded from the Debtor's net income. Upon the Effective Date, the Debtor is authorized to take all action permitted by law, including, without limitation, to use its cash and other Assets for all purposes provided for in the Plan and in its operations, to borrow funds, to transfer funds between itself and any other entity for any legitimate purpose, including but not limited to cash management, to refinance its obligations under the Plan or to sell its existing Assets. The Debtor is confident the Plan is feasible. The Plan is funded through the Debtor's future net income based on reasonable assumptions. A full-text copy of the Joint Plan dated April 13, 2026 is available at https://urlcurt.com/u?l=6yDQJs from PacerMonitor.com at no charge. Counsel to the Debtors: Kate E. Nicholson, Esq. Angelina M. Savoia, Esq. NICHOLSON DEVINE LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Telephone: (857) 600-0508 E-mail: kate@nicholsondevine.com angelina@nicholsondevine.com About Sanford Controls LLC Sanford Controls LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10069) on January 12, 2026. In the petition signed by Howard J. Sanford, Jr, manager, the Debtor disclosed up to $500,000 in assets and liabilities. Kate E Nicholson, at Nicholson Devine LLC, is the Debtor's legal counsel. SOUTH TEXAS MILITARY: S&P Places 'B+' Rev Bond Rating on Watch Neg ------------------------------------------------------------------ S&P Global Ratings placed its 'B+' long-term rating on South Texas Military Housing L.P.'s (the partnership) series 2002 taxable military housing revenue bonds on CreditWatch with negative implications. The rating was placed on CreditWatch due to lack of timely information. S&P said, "This CreditWatch action follows our repeated attempts to obtain timely information of satisfactory quality to maintain our rating on the bonds in accordance with our applicable criteria and policies. Information requested includes 2025 financial statements, insurance coverage certificates, and trustee reports. We view this as a governance risk based on reduced transparency and reporting. "If we don't receive sufficient information within 30 days of the CreditWatch action, S&P Global Ratings will likely suspend or withdraw the affected rating, preceded, in accordance with our policies, by any change to the ratings that we consider appropriate based on available information. If we receive the information within 30 days, we will conduct a full review of the project and update the rating accordingly." Environmental, social, government (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Transparency and reporting SPIRIT AIRLINES: Floats Govt. Stake to Avoid Possible Liquidation ----------------------------------------------------------------- Allyson Versprille, Ryan Gould, and Siddharth Philip of Bloomberg News report that Spirit Aviation Holdings Inc. has explored selling a stake to the US government as it seeks to stave off liquidation, according to people with knowledge of the matter. The potential plan is still under discussion and has not been finalized. The airline is pursuing a capital injection from the government amid elevated jet fuel prices that have weighed on its operations, the people said. Any deal would aim to provide liquidity and stabilize the company's finances. The idea mirrors last 2025's White House-backed transaction involving Intel Corp., where the government took a significant ownership position to support domestic investment efforts, the report relays. The Air Current first reported the talks. Representatives for the airline declined to comment, and there is no assurance the proposal will move forward, 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. STOKES & STOKES: Hires Edward Diehl of Remax Access as Realtor -------------------------------------------------------------- Stokes & Stokes Properties seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Edward Diehl of Remax Access as realtor. The Debtor seeks to employ and retain Edward Diehl of Remax Access with regard to the selling several of Debtor's properties to eliminate much of Debtor's unmanageable Debt. The fee for Mr. Diehl's services is 6% of the sale price. Mr. Diehl, an associate broker for REMAX Access, assured the court that his firm is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The realtor can be reached through: Edward Diehl Remax Acces 100 Spring Garden Philadelphia, PA 19123 Mobile: (215) 817-7602 Direct: (215) 400-2655 About Stokes & Stokes Properties, LLC Stokes & Stokes Properties, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10431) on February 3, 2026, listing $1,000,001 to $10 million in assets and up to $50,000 in liabilities. Judge Ashely M Chan presides over the case. Demetrius J. Parrish, Jr., Esq. at The Law Offices Of Demetrius J. Parrish represents the Debtor as counsel. STOUT HEARTED: Hires Benjamin Legal Services as Bankruptcy Counsel ------------------------------------------------------------------ Stout Hearted LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Benjamin Legal Services as its general bankruptcy counsel. The firm's services include: a. assisting and advising the debtor concerning the debtor's legal status as a debtor and the powers, duties, rights, and obligations as debtor in possession in the continued management and operation business and of its property and affairs relative to the administration of this proceeding; b. representing the debtor before the bankruptcy court and advising the debtor on all pending litigations, hearings, motions, and of the decisions of the bankruptcy court; c. reviewing and analyzing all applications, orders, and motions filed with the bankruptcy court by third parties in this proceeding and advising the Debtor thereon; d. attending all meetings conducted according to section 341(a) of the bankruptcy code and representing the debtor at all examinations and Debtor interviews; e. communicating and negotiating with representatives of creditors and other parties in interest; f. preparing all necessary applications, reports, complaints, motions, orders, and other legal papers and documents as may be necessary to appear before the court regarding such legal matters and to seek relief in accordance with said court documents, together with the preparation of the necessary orders thereto; g. defending the Estate against actions that may be instituted against the debtor's estate in these proceedings and to litigate matters relating to said proceedings in accordance with the attorney-client retainer agreement executed between the Parties; h. examining and take all actions necessary to protect and preserve the estate, including prosecution of such claims or actions and litigation as may be necessary or appropriate on behalf of the estate and to support positions taken by the debtor, and preparing witnesses and reviewing documents in this regard, when applicable; i. examining and resolve claims filed against the estate and to advise and consult with the debtor regarding claims that may be inappropriately or in error filed and to prepare and litigate objections thereto when appropriate; j. conferring with all other professionals, including any accountants and consultants retained by the debtor and by any other party in interest; k. assisting the debtor in its negotiations with creditors (and any creditor committees) or third parties concerning the terms of any proposed plan of reorganization; l. assisting the debtor in the formulation, preparation, implementation, and consummation of a plan of reorganization and disclosure statement, if necessary or appropriate, and all related agreements and documents, and to take any actions necessary to achieve confirmation of such plan and disclosure statement; m. performing all other legal services required of the debtor, be in the interest of the debtor and the estate, or incident to these proceedings and to provide such legal advice to the debtor as is necessary and in connection with this chapter 11 Case; and n. advising the debtor about any potential sale of assets or representation of the debtor in connection with obtaining post-petition financing if required or needed. The firm will be paid at these rates: J. Kevin Benjamin $550 per hour Theresa Benjamin $425 per hour Paraprofessional $195 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. J. Kevin Benjamin, a partner at Benjamin Legal Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: J. Kevin Benjamin, Esq. Benjamin Legal Services PLC 1016 West Jackson Blvd. Chicago, IL 60607-2914 Tel: (312) 853-3100 Email: attorneys@benjaminlaw.com About Stout Hearted LLC Stout Hearted LLC owns and leases a commercial property located at 403-19 W Lincoln Hwy, Chicago Heights, IL 60411-2479. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03470) on Feb. 27, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Nicholas K. Cerniauskas, manager, signed the petition. Judge David D. Cleary presides over the case. J. Kevin Benjamin, Esq. at Benjamin Legal Services, PLC represents the Debtor as bankruptcy counsel. SWING ZONE: Chris Quinn Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for Swing Zone, Inc. Mr. Quinn will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About Swing Zone Inc. Swing Zone, Inc., doing business as Crust Pizza Co Heights, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32026) on March 27, 2026. In the petition signed by John M. Reno, managing member, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Lloyd A. Lim, Esq., at Kean Miller LLP, represents the Debtor as legal counsel. TECH READY MIX: Committee Taps Roetzel & Andress as Lead Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Tech Ready Mix, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Roetzel & Andress, LPA as its lead counsel. The firm's services include: (a) advising the Committee regarding its rights, duties, and powers under the Bankruptcy Code and applicable non bankruptcy law; (b) investigating the Debtor's assets, liabilities, business operations, financial condition, and prospects, including review of the Debtor's schedules, statements, and financial reports; (c) evaluating, formulating, negotiating, and, if necessary, litigating issues relating to use of cash collateral, debtor-in-possession financing, adequate protection, and related relief; (d) analyzing, negotiating, and litigating issues pertaining to critical vendor payments, bid procedures, sale transactions under 363, executory contracts and unexpired leases, key employee plans, and other case-critical motions; (e) investigating, evaluating, and, if appropriate, prosecuting or proposing the prosecution of claims and causes of action belonging to the estate, including avoidance actions and claims against insiders, and assessing the settlement of such claims; (f) reviewing and analyzing any plan(s) of reorganization or liquidation and disclosure statement(s); negotiating plan terms; drafting and prosecuting a plan proposed by the Committee, if authorized and necessary; and addressing confirmation and feasibility issues; (g) coordinating with and, where appropriate, supervising other professionals retained by the Committee, including financial advisors and any conflicts or special counsel; (h) appearing before the Court and any appellate courts, and engaging with the UST, the Debtor, secured lenders, and other parties in interest; and (i) providing such other legal services as may be necessary and appropriate to represent the Committee in connection with the Chapter 11 Case. The firm's 2026 hourly rate are: Partners $425 to $560 Associates $265 to $400 Paraprofessionals $180 to $200 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Julie Zurn, Esq., a partner at Roetzel & Andress, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Julie K. Zurn, Esq. Roetzel & Andress 222 S. Main Street, Suite 400 Akron, OH 44308 Tel: (330) 376-2700 Fax: (330) 376-4577 Email: jzurn@ralaw.com About Tech Ready Mix Inc. Tech Ready Mix, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10413) on February 2, 2026. In the petition signed by Mark Perkins, president, the Debtor disclosed $5,750,280 in total assets and $11,041,817 in total liabilities. Judge Jessica E. Price Smith oversees the case. The Debtor is represented by Frederic P. Schwieg, Esq. THERAPY BRANDS: S&P Downgrades ICR to 'CCC-' on Ongoing Cash Burn ----------------------------------------------------------------- S&P Global Ratings lowered its rating to 'CCC-' from 'CCC+' to Thrive Merger Sub LLC (Therapy Brands). S&P said, "We also lowered our issue-level rating on the company's revolving credit facility (RCF) and first-lien term loan to 'CCC-' from 'CCC+' and our issue-level rating on the second-lien term loan to 'C' from 'CCC-'. The recovery ratings are unchanged. "The negative outlook reflects our view that Therapy Brand will continue to burn cash over the next six months due to limited EBITDA growth and a high interest burden, increasing the likelihood of liquidity constraints, a debt exchange, or a restructuring that we view as tantamount to a default under our criteria. We believe the company is vulnerable to nonpayment of its debt obligations and dependent upon favorable business, financial, and economic conditions or a cash injection from its financial sponsor to meet its financial obligations. "Therapy Brands has faced prolonged negative free operating cash flow (FOCF). We expect it will persist in 2026 largely due to operational underperformance and high interest burden. "Therefore, we believe the company is dependent on its revolving credit facility (RCF), currently maturing in May 2026, to fund its operations over the next six months. "Even if the company extends its revolver, we believe a default, as defined by S&P Global Ratings, is likely over the next six months, given its cash burn, high leverage, and limited deleveraging prospects. "Therapy Brands' ongoing cash flow deficits and weaker liquidity have increased the risk of a default in our view. The company has been generating negative free operating cash flow (FOCF) and burning cash since 2023 as EBITDA declines from customer churn and investments in product development to enhance AI and automation features. We forecast that Therapy Brand's liquidity will be thin and FOCF deficits will persist over the next six months. As a result, the company is highly reliant on its $40 million RCF to fund the cash interest payments, which is currently expiring in May 2026. "In our view, the company is unlikely to meet its financial commitments absent an unforeseen positive development. Even if Therapy Brands extends its revolver, we believe a default is still likely within the next 6 months as the company could pursue a distressed exchange or restructure its debt due to its high leverage and persistently negative cash flow. "Therapy Brands liquidity position is weak. The company ended 2025 with about $11.5 million of cash on hand and full availability under its $40 million RCF (maturing May 2026). We expect EBITDA will decline in 2026 as it shifts away from noncore products in the extended care segment to recurring revenue products in the rehab therapy and mental/behavioral health space." The company may struggle to maintain leverage below the covenant threshold on its RCF, unless the covenants reset when the revolver is extended. If the revolver is not extended, the company will rely on cash on hand, which is further depleting quarter over quarter. S&P said, "We expect persistent muted operating performance and cash flow in 2026. Due to Therapy Brands' shift from noncore products, we project revenue to decline 7% and adjusted EBITDA to decline almost 25% from 2025. "In addition, to keep pace with industry developments, the company is required to invest in product development to accelerate platform migration and enhance product features, as well as invest in sales and marketing. While this benefits strategic planning, we do not expect it will have a prolonged impact on profitability and cash flow. "The negative outlook reflects our view that there is elevated risk that Therapy Brands will undertake a restructuring transaction or distressed exchange in the next six month due to its weak operating performance and deteriorating cash flow measures. "We could lower our ratings on Therapy Brands if we believe a default or distressed debt exchange is imminent." S&P could raise its ratings on Therapy Brands if it no longer believe a default or distressed exchange is likely in the next six months. This could occur if: -- Its financial sponsor provides the company with financial support, improving liquidity; or -- Operating performance jumps and cash flow prospects demonstratively improve over the next 12 months. TONOPAH SOLAR: CMB Creditors Seek Chapter 11 Trustee Appointment ---------------------------------------------------------------- A group of creditors asked the U.S. Bankruptcy Court for the District of Delaware to appoint a Chapter 11 trustee for Tonopah Solar Energy, LLC. In a court filing, the creditors -- CMB Infrastructure Investment Group IX, LP, CMB Infrastructure Investment Group XI, LP, and CMB Export, LLC -- raised the need to appoint an independent trustee to investigate potential fraudulent transfer claims related to the company's descent into bankruptcy and to prosecute the same; resolve issues of corporate governance; and analyze and determine the nature and priority of the claims, rights and interests possessed by the company's creditors, including the Crescent Dunes parties. Citing the first day declaration filed by Yale Scott Bogen, Tonopah's chief restructuring officer, the CMB creditors said the CRO goes to great lengths to portray the company's bankruptcy filings as the result of hot salt tank failures. The creditors said these operational failures do not address, however, whether the conflicted parties exercised improper control over TSE that: * prematurely placed the power plant in service, causing over $1 billion in losses to taxpayers and creditors; * caused the issuance of misleading financial projections made by the Reorganized TSE and its financial and other advisors related to a federally funded project; * resulted in design defects associated with the hot salt tank or the construction or design of the power plant; and * how management and control of the enterprise by ACS and its affiliates caused the company to file for bankruptcy twice within six years, despite investments of over $1.4 billion, much of which went into the pockets of ACSSCE and its affiliates. Moreover, the hot salt tank failures do not explain whether present management misinformed creditors, who were led to believe that the company was in good financial health even after the 2020 Chapter 11 plan became effective in December 2020. The CMB creditors argued that an impartial, independent fiduciary should be appointed to ensure that the company vigorously pursues any and all potential recoveries for the company's creditors whom they purport to serve, and to provide fair, impartial information regarding the company's current financial affairs and business operations. The company's current management should not be put in a conflicted position vis-à-vis the Conflicted Parties. The CMB Creditors claimed that the company is controlled by insiders and affiliates, the Crescent Dunes Parties (CDI and CDF) and the Cobra entities, that have presided over a nearly $200 million decline in enterprise value between the 2020 Chapter 11 case and the recent sale process. Current management has conducted no meaningful investigation into potential fraudulent transfers, breaches of fiduciary duty, aiding and-abetting claims, alter-ego liability, or undercapitalization claims against those same insiders. Instead, the company now seeks court approval of a motion for a broad release of a former insider who participated in management during the period of massive value destruction, without identifying the claims being released, without any disclosure of the investigation (if any) that preceded the release, and without providing any consideration to unsecured creditors. These facts constitute gross mismanagement, incompetence, and "similar cause" warranting appointment of a trustee, according to the CMB creditors. The CMB Creditors argued that positive results in these cases will be driven by whether the estate successfully prosecutes and collects on the potential fraudulent transfer claims and other preserved claims against the conflicted parties. Neither current management nor the special committee has shown any willingness to do so. The CMB creditors further argued that a neutral trustee, unburdened by the affiliations that taint the company's current decision making, will provide the impartial investigation, pursuit of claims, and corporate-governance oversight that the estate and its creditors require. Appointment is, therefore, both statutorily mandated and squarely in the best interests of all stakeholders, according to the CMB creditors. Counsel to CMB creditors: Scott D. Cousins, Esq. Ann M. Kashishian, Esq. LEWIS BRISBOIS BISGAARD & SMITH LLP 500 Delaware Ave., Suite 700 Wilmington, DE 19801 Phone: (302) 985-6000 Email: scott.cousins@lewisbrisbois.com ann.kashishian@lewisbrisbois.com -and- John S. Poulos, Esq. Timothy J. Nally, Esq. LEWIS BRISBOIS BISGAARD & SMITH LLP 2020 West El Camino Avenue Suite 700 Sacramento, CA 95833 Phone: (916) 564-5400 Email: john.poulos@lewisbrisbois.com timothy.nally@lewisbrisbois.com About Tonopah Solar Energy Tonopah Solar Energy, LLC owns and operates a net 110-megawatt concentrated solar energy power plant located near Tonopah in Nye County, Nevada. The power plant is also known as the Crescent Dunes Solar Energy Project, which is the first utility-scale concentrated solar power plant in the United States to be fully integrated with energy storage technology. Tonopah Solar Energy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-11884) on July 30, 2020. At the time of the filing, the Debtor had estimated assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. Judge Karen B. Owens oversees the case. The Debtor tapped Young, Conaway, Stargatt & Taylor LLP and Willkie Farr & Gallagher LLP as its legal counsel, Houlihan Lokey Inc. as investment banker, and Epiq Corporate Restructuring, LLC as claims agent and administrative advisor. FTI Consulting, Inc., provides turnaround management services. 2nd Try Tonopah Solar Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10060) on January 21, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge J. Kate Stickles handles the case. The Debtor is represented by Aaron S. Applebaum, Esq. of DLA PIPER LLP (US). The Debtor's investment banker is SSG ADVISORS, LLC and EPIQ CORPORATE RESTRUCTURING, LLC is its claims & noticing agent. TORRID LLC: Moody's Cuts CFR to 'Caa2', Outlook Stable ------------------------------------------------------ Moody's Ratings downgraded Torrid LLC's (Torrid) corporate family rating to Caa2 from Caa1, probability of default rating to Caa2-PD from Caa1-PD, and senior secured term loan rating to Caa3 from Caa2. The speculative grade liquidity rating (SGL) remains unchanged at SGL-3. The outlook remains stable. The downgrade reflects Moody's views that meaningful 2026 earnings improvement for Torrid will be difficult, given the current consumer spending environment and carryover revenue pressure from the company's 2025 footwear pause. Torrid's limited free cash flow and history of declining earnings over the past several years also increase the risk of refinancing its 2028 debt maturities at par in a timely and economical manner. RATINGS RATIONALE Torrid's Caa2 CFR is constrained by its declining operating performance and Moody's expectations for limited free cash flow generation. Although funded leverage is moderate at 5.2x as of January 30, 2026, EBITA/interest expense and cash generation were weak, as management adjusted EBITDA declined 42% from 2024 and remains well below historical levels. In addition, the credit profile incorporates Torrid's very high business risk as a relatively small retailer in the highly competitive and fashion sensitive women's apparel sector. While the company is executing a comprehensive plan to strengthen profitability through closing low productivity stores, increasing its opening price point assortment up to 40% in stores, expanding margin-enhancing sub brands, increasing its footwear business, and implementing more effective marketing focused on customer reactivation, the timing and magnitude of earnings improvement remain uncertain. Additionally, Moody's expects the rapidly rising adoption of GLP-1 treatments to pose headwinds for the plus-size category, as some customers buy regular-size apparel or limit their clothing purchases while transitioning sizes. Torrid's credit profile benefits from the company's position in the niche plus-sized apparel category, with a focus on fit that drives high customer loyalty. Torrid has a significant e-commerce business, representing over 60% of revenue. Despite its adequate liquidity, its credit profile is constrained by low earnings visibility and elevated execution risk. Moody's projects modestly positive annual free cash flow after term loan amortization payments in 2026 and good availability under the asset-based revolving credit facility. The stable outlook reflects Moody's projections for modest earnings recovery in 2026 and adequate overall liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity weakens, default risk increases or recovery estimates decline. The ratings could be upgraded if operating performance meaningfully improves, including revenue and earnings recovery. An upgrade would require at least adequate liquidity, including positive free cash flow and a refinancing of the company's debt maturities. Torrid LLC is a designer and retailer of apparel, intimates and accessories in North America, targeting women that wear sizes 10-30. The company's products are sold through its e-commerce operations and over 500 company-operated retail stores. Revenue for the twelve months ended January 30, 2026 was approximately $1.0 billion. The company is publicly traded but majority-owned by funds affiliated with Sycamore Partners. The principal methodology used in these ratings was Retail and Apparel published in September 2025. Based on the factors outlined in Moody's Retail and Apparel Methodology, Torrid's scorecard-indicated outcome was B3, two notches above the actual Caa2 CFR. The differential reflects the company's weak operating performance and 2028 debt maturities. TRANSGLOBAL MANAGEMENT: Fiscal Q3 Net Loss Widens to $1.69 Million ------------------------------------------------------------------ Transglobal Management Group, Inc. (formerly The Marquie Group, Inc.) filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $1,687,906 for the three months ended February 28, 2026, compared to a net loss of $108,693 for the same period in the prior year. For the nine-month period ended February 28, 2026, the Company reported a net loss of $6,258,234, compared to a net loss of $469,011 in the corresponding prior-year period. Revenues for the three months ended February 28, 2026 were $448,311, compared to $nil in the prior-year period. Revenues for the nine months ended February 28, 2026, was $475,431, compared to $nil in the same period of the prior year. At February 28, 2026, the Company had negative working capital of $7,977,346 and an accumulated deficit of $22,070,171. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. To date, the Company has funded its operations through a combination of loans and sales of common stock. The Company anticipates another net loss for the fiscal year ending May 31, 2026, and with the expected cash requirements for the coming year, there is substantial doubt as to the Company's ability to continue operations. The Company is attempting to improve these conditions by way of financial assistance through issuances of additional equity and by generating revenues through sales of products and services. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/cxspckvp About Transglobal Management Group, Inc. Transglobal Management Group, Inc. (OTCID: TMGI) is a publicly traded company focused on building shareholder value through strategic acquisitions and operational growth across golf, leisure, hospitality, and technology-enabled services. Following its acquisition of GETGOLF, LLC, TMGI has expanded its footprint as a diversified platform operating at the intersection of sports, travel, and digital commerce. As of February 28, 2026, the Company had $3,327,621 in total assets, $8,769,730 in total liabilities, and $5,442,109 in total stockholders' deficit. TRILLION ENERGY: Eliminates $20MM in Debt Through Subsidiary Sale ----------------------------------------------------------------- Trillion Energy International Inc. announced that through a subsidiary, it has entered into a sale agreement for all the issued and outstanding shares of Park Place Energy Turkiye Limited, which owns the Company's licence interests in the South Akcakoca Sub-Basin (SASB) natural gas project and the Cendere oil field. Key elements of the sale transaction include: * Transfer of approximately US$20 million in associated liabilities of PPET to the purchaser; and * Retention of a 7% Gross Overriding Royalty (GORR) on future production revenues from the Licences to be paid to Trillion. The Company will further benefit from eliminating greater than USD$20 Million legacy liabilities from its balance sheet, as well as further ongoing capital and operational commitments tied to mature assets, while preserving long-term upside through royalty exposure. Key terms of the Royalty include: a) effective when cumulative gross revenues from the Licenses post-closing exceed US$7,500,000, and b) any future disposition of the Licenses will trigger crystallization of the Royalty, requiring valuation and payment of 7% of the gross value attributed to the Licenses in such disposition. About Trillion Energy Trillion Energy International Inc. and its consolidated subsidiaries is a Canadian based oil and gas exploration and production Company. Calgary, Canada-based MNP LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a negative working capital position, has accumulated deficits, and negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $51.1 million in total assets, $42.4 million in total liabilities, and $8.7 million in total stockholders' equity. TRINSEO PLC: Extends Securitization Waiver, Secures $50M Facility ----------------------------------------------------------------- Trinseo PLC disclosed that it continues to engage in discussions with its financial stakeholders regarding potential capital structure alternatives, including refinancings, exchange offers, consent solicitations, the issuance of new indebtedness, amendments to the terms of existing indebtedness, and/or other transactions. As previously disclosed, the Company has utilized contractually available grace periods for interest payments under certain debt agreements and has entered into amendments and limited waivers with lenders under certain credit facilities, including in some cases electing not to make interest payments upon expiration of applicable grace periods. In connection with these ongoing discussions, certain subsidiaries of the Company entered into: (i) an amendment and limited waiver under the Company's Accounts Receivable Securitization Facility and (ii) an amendment to the Company's SuperPriority Revolver. The Company stated that it intends to continue discussions with its financial stakeholders regarding its capital structure. Securitization Waiver On April 10, 2026, Trinseo Ireland Global IHB Limited, Trinseo Holding S.a r.l., and Styron Receivables Funding Designated Activity Company, direct and indirect wholly owned subsidiaries of the Company, entered into an amendment and limited waiver to the Credit and Security Agreement, dated as of July 18, 2024, governing the Company's accounts receivable securitization facility by and among the Investment Manager, the Borrower, GLAS USA LLC, as administrative agent, GLAS Americas LLC, as collateral agent, KKR Credit Advisors (US) LLC, as structuring advisor, and the lenders party thereto, pursuant to which the requisite amount of lenders thereunder agreed to, among other things: (i) extend the temporary limited waiver of certain acceleration and collateral enforcement rights and remedies under such facility until April 30, 2026 (subject to further extension by the requisite lenders), as a result of the nonpayment of interest or principal beyond the applicable grace period under the Senior Loan Agreement, the Super HoldCo Second Lien Indenture and the Super HoldCo Credit Agreement (each as defined in the Securitization Waiver) and certain related notice and cross-defaults, (ii) reduce the advance rate thereunder from 92.5% to 90%, and (iii) amend certain other definitions, covenants and provisions thereunder. In connection with the Securitization Waiver, the Borrower agreed to pay a structuring fee on the Closing Date equal to 0.25% of the aggregate amount of revolving commitments under the Accounts Receivable Securitization Facility. Full text copy of the Securitization Waiver is available at https://tinyurl.com/54asryxv Revolver Amendment On April 10, 2026, Trinseo Luxco S.a r.l., Trinseo Holding, Trinseo Materials Finance, Inc., Trinseo Ireland Global IHB Limited, and Trinseo Services Ireland Limited, direct and indirect wholly owned subsidiaries of the Company, entered into an amendment to the credit agreement governing the Company's super-priority revolving credit facility dated, January 17, 2025, by and among Trinseo Luxco, the Borrowers, the guarantors party thereto from time to time, the lenders party thereto from time to time, and Deutsche Bank AG New York Branch, as administrative agent and collateral agent, pursuant to which, among other things: (i) the requisite amount of lenders thereunder agreed to, among other things, amend certain definitions, covenants and provisions thereunder, and (ii) certain lenders agreed to provide incremental senior secured revolving credit commitments to the Borrowers under the SuperPriority Revolver in an aggregate principal amount of $50,000,000. Borrowings under the 2026 Incremental Revolving Facility may be used to fund working capital, for general corporate purposes, and for any other purposes not prohibited by the SuperPriority Revolver. Amounts borrowed under the 2026 Incremental Revolving Facility and repaid may not be reborrowed. The entire outstanding principal amount (if any) of the 2026 Incremental Revolving Facility is due and payable at maturity thereof. The 2026 Incremental Revolving Facility is scheduled to mature on February 2, 2028. On the Closing Date, the Borrowers made a borrowing of revolving loans under the 2026 Incremental Revolving Facility in an aggregate principal amount of $10,400,000. The remaining amount of the 2026 Incremental Revolving Commitments may be borrowed in up to two subsequent draws, subject to satisfaction of certain conditions. and liquidity requirements. The revolving loans under the 2026 Incremental Revolving Facility bear interest at a rate per annum equal to, at the Borrowers' election, either: (i) a Term SOFR based rate (subject to a 0.00% floor), plus an applicable margin of 9.00%, or (ii) an alternate base rate (subject to a 0.00% floor), plus an applicable margin of 8.00%. Interest payments under the 2026 Incremental Revolving Facility are payable in kind on the applicable payment date thereof. In addition, the 2026 Incremental Revolving Facility provides for a quarterly unused line fee on the unused portion of the 2026 Incremental Revolving Facility, at a rate per annum equal to 0.375%. In connection with the Second Amendment, the Borrowers agreed to pay a closing fee to the lenders under the 2026 Incremental Revolving Facility, payable in-kind on the Closing Date, in an amount equal to 3.50% of the aggregate amount of the 2026 Incremental Revolving Commitments. The obligations of each Borrower under the 2026 Incremental Revolving Facility are guaranteed by the same guarantors, and secured by the same collateral as the existing revolving facility under the SuperPriority Revolver. The 2026 Incremental Revolving Facility is subject to substantially the same terms as the existing revolving facility under the SuperPriority Revolver, including with respect to representations and warranties, mandatory prepayments, affirmative and negative covenants, and events of default. Full text copy of the Second Amendment is available at https://tinyurl.com/57cfcmjm About Trinseo Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) -- www.trinseo.com -- a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. PricewaterhouseCoopers LLP, the Company's independent registered public accounting firm since 2017 and headquartered in Philadelphia, Pennsylvania, included an explanatory paragraph in its audit report dated March 13, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company's accumulated deficit and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $2.3 billion in total assets and $3.4 billion in total liabilities, and total stockholders' deficit of $1.1 billion. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC-'. S&P's recovery ratings on the company's debt are unchanged. TRJ WM LLC: Christy Brandon Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 18 appointed Christy Brandon as Subchapter V trustee for TRJ WM, LLC. Ms. Brandon will be paid an hourly fee of $325 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Brandon declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christy L. Brandon PO Box 1544 Bigfork, MT 59911 (406) 837-5445 Email: christy@brandonlawfirm.com About TRJ WM LLC TRJ WM LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00642) on April 6, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Frederick P. Corbit presides over the case. VALVES AND CONTROLS: Plan Exclusivity Period Extended to June 22 ---------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Valves and Controls US, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 22 and August 22, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the company and the UCC met regularly to discuss an expeditious conclusion to this chapter 11 case and to negotiate the terms of a fair and equitable chapter 11 plan that would maximize value for all parties in interest, which largely consists of over 2,000 holders of Asbestos Claims. In an effort to obtain these goals, the Debtor and the UCC exchanged multiple versions of a proposed chapter 11 plan and each side sought in good faith to reach common ground over the terms contained therein. The Debtor claims that since the Court first extended the Exclusive Periods, the company continued to work on responding to the UCC's discovery requests, negotiated with the UCC and other parties on the terms of a chapter 11 plan, and drafted the joint Plan with the goal of making distributions to creditors as soon as reasonably possible. Extending the Exclusive Periods will give the Debtor the opportunity to complete the mediation process with the UCC, make any necessary changes to the Plan as a result of the foregoing, solicit votes on the Plan, and seek confirmation of the Plan within the time periods requested herein for the further extension of the Exclusive Periods. The Debtor notes that it continues to pay undisputed administrative expenses as they come due and will continue to do so. The Debtor also monitors its liquidity closely and is confident that sufficient assets will be available to satisfy its postpetition payment obligations during the requested extension of the Exclusive Periods. Valves and Controls US Inc. is represented by: COLE SCHOTZ P.C. Patrick J. Reilley, Esq. Michael E. Fitzpatrick, Esq. Melissa M. Hartlipp, Esq. 500 Delaware Avenue Suite 600 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: preilley@coleschotz.com mfitzpatrick@coleschotz.com mhartlipp@coleschotz.com -and- WEIL, GOTSHAL & MANGES LLP Matthew S. Barr, Esq. Ronit J. Berkovich, Esq. Lauren Tauro, Esq. Alejandro Bascoy, Esq. 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 E-mail: matt.barr@weil.com ronit.berkovich@weil.com lauren.tauro@weil.com alejandro.bascoy@weil.com About Valves and Controls US, Inc. Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Patrick J. Reilley, Esq. at Cole Schotz P.C. VANGUARD SURGICAL: Seeks Chapter 11 Bankruptcy in Kentucky ---------------------------------------------------------- Patsy Newitt of Becker's ASC Review reports that Vanguard Surgical, an ambulatory surgery center based in Louisville, Kentucky, has sought Chapter 11 bankruptcy protection, according to recently reviewed court filings. The move is intended to help the company address its financial challenges while maintaining business continuity. The voluntary filing was made March 31 in the U.S. Bankruptcy Court for the Western District of Kentucky. In its petition, the company listed assets of $50,000 or less and liabilities between $100,001 and $500,000. Despite the filing, Vanguard Surgical expects to continue providing care for patients with conditions including gastroparesis and chronic pancreatitis. A meeting of creditors is set for May 4. The facility is owned by physician Michael Hughes Jr., MD. About Vanguard Surgical LLC Vanguard Surgical LLC is a Louisville, Kentucky-based surgical center that provides specialized surgical services for conditions such as gastroparesis and chronic pancreatitis. Vanguard Surgical LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-30901) on March 31, 2026. In its petition, the Debtor reports assets of $50,000 or less and liabilities between $100,001 and $500,000. Honorable Bankruptcy Judge Jud Charles R. Merrill handles the case. The Debtor is represented by Michael W. McClain, Esq. of McClain Law Group, PLLC. WEABER INC: Unsecured Claims Over $5K Have 2 Options in Plan ------------------------------------------------------------ Weaber, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated April 13, 2026. Headquartered ninety miles northwest of Philadelphia, in Lebanon, Pennsylvania, the Debtor was one of the largest vertically integrated hardwood products company in the Northeastern United States. Established in 1941 by Walter H. Weaber, the Debtor has grown from a small local mill into one of the nation's leading hardwood manufacturers and the largest supplier of hardwood trim boards and oak closet poles to one of the leading building materials and home improvement retailers in the country. The Debtor has since ceased processing raw logs and now sources lumber for finishing from other mills. In FY 2024 and into 2025, the carrying value of the Debtor's inventory and corresponding liquidity were negatively impacted due to the implementation of a new standard costing approach in FY 2024 and the Debtor was forced to file for chapter 11 bankruptcy protection after potential violations of certain of its lender covenants. The Debtor has remained current with all post-petition vendors, insurance and suppliers and has increased production and margin on all product lines. While the Debtor's results are somewhat hampered by the loss of its distribution center on site with the Mill 6 fire, the Debtor remains cash flow positive. With the replacement of certain equipment and the retirement of debt, the Debtor will be in a strong position to compete and make all plan payments. Class 6 consists of Allowed General Unsecured Claims in the approximate amount of $11,906,342.00. Class 6 is Impaired. Class 6 shall be bifurcated into two subclasses: claims in excess of $5000 (Class 6A) and claims $5000 or less (Class 6B). The Debtor notes that total Class 6 Claims are reduced by the Section 503(b)(9) claims of $1,239,000 and the Third-Party Logistic Vendor assumed claims of $800,000 for a total remaining pool of unsecured claims of $9,906,342. Of this total pool of unsecured creditors, Class 6A is estimated at $7,215,279.50 and Class 6B is estimated at $362,582.84. Class 6A Claims over $5000. For creditors who have claims in excess of $5000, The Reorganized Debtor proposes two options: * A Class 6A creditor will default to a distribution of 15% of the Allowed Claim within 30 days of the Effective Date: or * A Class 6A creditor may elect (6A Election Claim) on the ballot to receive a 27.5% distribution over four years with the first payment of 5% on the Effective Date and four additional distributions on the 1st, 2nd, 3rd and 4th anniversary of the Effective Date as follows: -- 7.5% (1st Anniversary) -- 7.5% (2nd Anniversary) -- 5.0% (3rd Anniversary) -- 2.5% (4th Anniversary) * The payments shall be made directly by the Debtor. The treatment and consideration to be received by holders of Class 6A Allowed General Unsecured Claims shall be in full settlement, satisfaction, release and discharge of their respective Claims and Liens. This class includes all deficiency Claims and the portion of any Claims of any priority unsecured creditor which is not entitled to priority. * The Debtor shall provide a third position security interest to secure the Class 6A Election Claims which shall remain behind Classes 1, 2, 3, 4 and 5, as their interests may appear, as well as the Exit Financing. The amount of the mortgage shall be reduced by the distributions made under the Plan and the Debtor shall have the right to cancel the security interest upon the payment of the 6A Election Claims. * If the Debtor is sold prior to the 4th Anniversary of the Effective Date for a gross sale price in excess of $42.5 million dollars, the Class 6A Election Claims shall receive the balance of their distributions under the Plan and an additional 2.5% distribution. Class 6B Claims under $5000. For creditors who have a claim under $5000 or who elect treatment under Class 6B, the treatment is as follows: * Any creditor owed $750 or less shall receive the full amount of the claim within 30 days of the Effective Date. * Any creditor owed between $751 and $5000 shall receive a distribution of $750 within 30 days of the Effective Date. The payments to Class 6B shall be made directly by the Debtor. The treatment and consideration to be received by holders of Class 6B Allowed General Unsecured Claims shall be in full settlement, satisfaction, release and discharge of their respective Claims and Liens. The Reorganized Debtor's obligations to pay Allowed Class 6A creditors shall be secured by the Class 6A Lien in and to all personal property of the Reorganized Debtor. The Class 6 A Lien shall be conveyed pursuant the Class 6A Security Agreement. A representative of the UCC (the "Committee Representative") shall execute the Class 6A Security Agreement on behalf of all Allowed Class 6 A creditors and will have the authority to enforce the Class 6A Lien if the Reorganized Debtor fails to make Class 6A distributions when due. The Post-Confirmation Committee/Committee Representative. The Post-Confirmation Committee shall be formed on the Confirmation Date and shall remain in existence until payment in full of all Allowed Class 6A Claims. The Post-Confirmation Committee and the Committee Representative shall be chosen from the Holders of Class 6A Claims and the Confirmation Order shall identify the members of the Post-Confirmation Committee and the Committee Representative. The Post-Confirmation Committee shall have the powers and authority set forth in this Plan and the Confirmation Order. Class 7 consists of the shareholder interests in the Debtor held by M&C Hardwoods LLC. Class 7 is Impaired. All Class 7 Interests shall be canceled. The Debtor will fund the Plan through the following sources: * Operations. The Debtor shall continue operating and the net revenue generated by the Debtor's operations shall first be used to pay the costs of such operation on an ongoing basis, any Exit Financing, as defined in the Plan, and then to fund plan payments. * Insurance Proceeds. On September 6, 2025, a fire occurred at Mill 6 on the Debtor's property which resulted in a total loss of Mill 6 and its contents. * Exit Financing. Exit Financing shall mean the replacement working capital loan facility which the Debtor will have in place by the Confirmation Hearing to provide working capital and exit financing. The Debtor is currently seeking a revolving and term facility of $8-10 million dollars secured by all assets. Provided that the Class 1 Claim has been paid in full, the Exit Financing will be secured by a first priority security interest in substantially all assets of the Debtor. To the extent Class 1 has not been fully satisfied as of funding of the Exit Financing, Class 1 shall be fully satisfied from the proceeds of the Exit Financing, and subject to the rights of JPMC's professionals to insurance proceeds in excess of $34,064,420.00, the Exit Financing Lender shall accede to all Class 1 rights in the insurance proceeds; providing, however, to the extent the Class 4 Creditor is not paid in full prior to the date the Exit Financing is to close, the lien of the Exit Financing shall be subordinate to the Class 4 Creditor on the Class 4 Collateral. * New Equity. The Debtor shall cancel all existing shares. Cyprium or its assignee/designee shall receive common equity units representing 45% of the equity interests in the Reorganized Debtor. The remaining common equity units will be held by Matt Weaber (41.25% economic ownership/55% voting ownership) and Brian Knapp (13.75% economic ownership/0% voting ownership). * Litigation. The proceeds from the following litigation will be used by the Debtor in operations or to fund plan payments: -- Weaber, Inc. v. Charles Cafiero d/b/a Neptune Lumber & Woodworking and Cardin Forest Products, LLC, Adv. Pro. No. 25--00070. -- Weaber, Inc. v. The Travelers Indemnity Company which is an arbitration proceeding pending before JAMS. A full-text copy of the First Amended Disclosure Statement dated April 13, 2026 is available at https://urlcurt.com/u?l=GdNjlD from PacerMonitor.com at no charge. Weaber Inc. is represented by: Albert Ciardi, III, Esq. Nicole M. Nigrelli, Esq. Jennifer C. McEntee, Esq. Ciardi Ciardi & Astin 1905 Spruce St. Philadelphia, PA 19103 Telephone: (215) 557-3550 Email: aciardi@ciardilaw.com Email: nnigrelli@ciardilaw.com Email: jcranston@ciardilaw.com About Weaber Inc. Weaber Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full truckload and small-lot deliveries. Weaber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on Aug. 1, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Albert A. Ciardi, III, at Ciardi Ciardi and Astin. WELLENS BIZ: Richard Furtek Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of Furtek & Associates, LLC as Subchapter V trustee for Wellens Biz, LLC. Mr. Furtek will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Furtek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richard E. Furtek Furtek & Associates, LLC Lindenwood Corporate Center 101 Lindenwood Drive, Suite 225 Malvern, PA 19355 Phone: (215) 768-8030 Email: rfurtek@furtekassociates.com About Wellens Biz LLC Wellens Biz, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11452) on April 7, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Ashely M. Chan presides over the case. Demetrius J. Parrish, Esq. at The Law Offices Of Demetrius J. Parrish represents the Debtor as legal counsel. WGM PARTNERS: Hires Douglas Jacobson LLC as Bankruptcy Counsel -------------------------------------------------------------- WGM Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Law Offices of Douglas Jacobson, LLC as attorneys. The firm will provide these services: (a) advise and consult with the Debtor in Possession concerning questions arising in the conduct of the administration of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred, and unsecured creditors and other parties in interest; (b) appear for, prosecute, defend and represent the Debtor's interest in suits arising in or related to this case; (c) investigate and prosecute preference and other actions arising under the Debtor in Possession's avoidance powers; (d) assist in the preparation of pleadings, motions, notices and orders as are required for the orderly administration of this estate; and consult with and advise the Debtor in connection with the operation of or the termination of the operation of the business of the Debtor. The firm will bill its normal hourly rates ranging from $400 per hour for partners to $75 per hour for paraprofessionals. Law Offices of Douglas Jacobson, 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: Douglas Jacobson, Esq. LAW OFFICES OF DOUGLAS JACOBSON, LLC 11539 Park Woods Circle, Suite 304 Alpharetta, GA 30005 Telephone: (678) 341-9114 E-mail: douglas@douglasjacobsonlaw.com About WGM Partners, LLC WGM Partners, LLC owns a residential property at 645 Americas Cup Cove in Alpharetta, Georgia, with an estimated market value of $1.2 million. WGM Partners, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54625) on April 6, 2026, listing $1,200,173 in total assets and $806,792 in total liabilities. The petition was signed by Edwin Jean-Pierre as managing member. Douglas Jacobson, Esq. at Law Offices of Douglas Jacobson, LLC as attorney serves as the Debtor's counsel. WOMACK ENTERPRISES: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------------- On April 16, 2026, Womack Enterprises LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York. Court records show the Debtor has between $100,001 and $1,000,000 in liabilities owed to 1–49 creditors. About Womack Enterprises LLC Womack Enterprises LLC operates as a commercial enterprise involved in business services and operational management activities. Womack Enterprises LLC sought Chapter 7 relief under the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-71482) on April 16, 2026. The filing lists estimated assets and liabilities both ranging from $100,001 to $1,000,000. The case is overseen by Honorable Bankruptcy Judge Alan S. Trust, with the Debtor represented by counsel. ZOOMINFO TECHNOLOGIES: Moody's Affirms 'Ba3' CFR, Outlook Stable ---------------------------------------------------------------- Moody's Ratings affirmed ZoomInfo Technologies, Inc.'s (ZoomInfo) Ba3 corporate family rating and Ba3-PD probability of default rating. Moody's also affirmed ZoomInfo, LLC's backed senior secured credit facility, consisting of the $250 million revolver expiring February 2028 and the $579 million (carrying value as of December 31, 2025) term loan maturing February 2030, at Ba1 and ZoomInfo Technologies LLC's $650 million 3.875% backed senior unsecured notes due February 2029 at B1. The speculative grade liquidity rating remains at SGL-1. The outlooks remain stable. The affirmation of the Ba3 CFR reflects ZoomInfo's defensible market position in go to market software, data, and intelligence and Moody's anticipations for debt/EBITDA below 4.5x and free cash flow/debt in excess of 20% over the next 12–18 months. ZoomInfo's highly recurring, subscription based revenue model features solid customer retention in its core upmarket segment, powering strong profitability rates and a very good liquidity profile supported by Moody's anticipations for robust free cash flow generation. The ratings remain pressured by Moody's expectations for muted organic revenue growth over the next 12 to 18 months in the face of macroeconomic headwinds and a shift in sales emphasis initiated in 2025. The company's modest revenue size relative to other issuers also rated in the Ba3 CFR category, exposure to cyclical customer spending and intense industry competition, including from emerging AI-forward business models, also pressure the ratings. Moody's anticipates financial strategies will continue to feature large share repurchases, possibly in excess of internally generated free cash flow, which also limits near-term rating upside. RATINGS RATIONALE The Ba3 CFR reflects Moody's expectations that ZoomInfo will grow operating margins through cost discipline in a slower demand environment and maintain credit metrics consistent with those of other services companies also rated in the Ba3 category. The company's track record since its early 2025 shift in product and customer emphasis, and concurrent restructuring actions, is limited, so Moody's considers the prospect of a return to higher revenue growth rates uncertain. Customers include a balance of enterprise, medium-sized and small clients. ZoomInfo generates revenue growth by adding new customers and when customers increase their spend with the company by either adding additional users, or integrating data as they increase their use of the platform. The company maintains its detailed and accurate data by utilizing an AI and machine learning-powered engine, which captures millions of user interactions, standardizes, verifies, and cleanses the data in real time and provides feedback and insights to users. The customer list features large enterprise clients with a significant presence in the technology (including software), telecommunications and business services sectors, most of whom have renewed their subscriptions for many years. Despite Moody's expectations for modest revenue growth, Moody's projects that the company will maintain high profitability rates and generate annual free cash flow in excess of $350 million in 2026 and 2027. All financial metrics cited reflect Moody's standard adjustments, unless otherwise noted. Moody's expects ZoomInfo's financial leverage to remain within the target range of the company's publicly stated commitment while it pursues inorganic growth and shareholder return initiatives. Since ZoomInfo was below its stated net leverage target of 3x times (2.4x times as of December 31, 2025, as defined by the company), Moody's considers additional debt funding for acquisitions or share repurchases possible. A substantial portion of employee compensation is paid in company shares, leading us to anticipate the company will at least manage the dilutive impact of issuing those shares. The SGL-1 speculative grade liquidity rating reflects ZoomInfo's very good liquidity profile, supported by Moody's anticipations for strong free cash flow from highly-recurring subscription revenue, $180 million of cash and marketable securities on December 31, 2025, and $150 million of availability under the $250 million revolving credit facility on that date. Revolver availability is subject to a springing consolidated first lien net leverage ratio covenant of 5.0x that must be measured when revolver borrowings exceed 35% of availability. Moody's believes there will be ample cushion within the covenant based on Moody's projected earnings levels for the next 12-15 months if it is measured. There is no financial maintenance covenant applicable to the term loan. The affirmation of the Ba1 senior secured rating, which is two notches above the company's Ba3 CFR, reflects the affirmation of the Ba3 CFR and credit facility's priority position in the capital structure that benefits from loss absorption provided by the unsecured notes and non-debt obligations. The revolver and term loan are supported by guarantees and asset pledges from all material wholly owned domestic restricted subsidiaries of ZoomInfo, LLC and are guaranteed by ZoomInfo MidCo LLC. ZoomInfo Technologies LLC is a co-borrower under the credit facility. The affirmation of the B1 senior unsecured notes rating, which is one notch below the company's Ba3 CFR, reflects the CFR affirmation and the notes junior ranking and effective subordination to the senior secured credit facility. The senior notes are issued by ZoomInfo Technologies LLC and ZoomInfo Finance Corp., indirect subsidiaries of the company, and are supported by guarantees from all material wholly owned domestic restricted subsidiaries of ZoomInfo, LLC and ZoomInfo MidCo LLC. ZoomInfo MidCo LLC is a direct subsidiary of Zoom Holdings LLC and Zoom Intermediate Inc., both of which are direct, wholly-owned subsidiaries of the company and, according to the company, do not have any material operations, assets (other than their ownership interests in their direct subsidiaries) or liabilities. Therefore, Moody's considers the financial statements issued by the company to be fully and fairly representative of the financial condition of ZoomInfo MidCo LLC. The stable outlook reflects Moody's expectations that ZoomInfo will continue to generate strong free cash flow, maintain very good liquidity, and manage financial leverage within its stated financial framework, despite modest revenue growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if ZoomInfo demonstrates sustained improvement in revenue size, operating scale and customer growth, continued strong profitability, balanced financial policies, and debt/EBITDA sustainably below 4x. Factors that could lead to a downgrade of the ratings include sustained revenue contraction or material profit margin compression, or a more aggressive financial policy that results in weaker credit metrics, including debt/EBITDA remaining above 5x. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Headquartered in Vancouver, WA, ZoomInfo (NASDAQ: GTM) is a provider of go-to-market software, data, and intelligence for sales, marketing, and recruiting teams. Its go-to-market intelligence platform empowers businesses with AI-ready insights, trusted data, agent-assisted selling, and advanced automation, providing sales, marketing, operations, and recruiting professionals accurate information and insights on the organizations and professionals they target. Moody's expects 2026 revenue of about $1.3 billion. [] Subchapter V Filings Rose 67% in 1st Quarter of 2026 ------------------------------------------------------- Filings under Subchapter V for small businesses rose 67% in the first quarter of 2026, totaling 833 compared with 499 during the same period in 2025, according to Epiq AACER data. Commercial bankruptcy filings increased 14% overall to 8,436, while Chapter 11 cases surged 37% to 2,422 filings. Epiq AACER's Michael Hunter said the figures reflect accelerating financial strain across the economy. Rising debt levels, elevated interest rates and increasing delinquency rates — particularly in credit cards, mortgages and student loans -- have pushed more businesses and consumers to seek bankruptcy protection. Across all categories, bankruptcy filings reached 150,009 in the first quarter, up from 132,094 a year earlier. Consumer filings rose 14% to 141,573, with Chapter 7 cases increasing 17% and Chapter 13 filings climbing 8%. March 2026 figures showed similar trends, with total filings up 16% and individual filings rising 17%, the report states. ABI Executive Director Amy Quackenboss said inflation, restricted credit and global uncertainty continue to weigh on borrowers. She noted that lawmakers are considering measures to permanently expand eligibility thresholds for Subchapter V and Chapter 13, which could help more debtors access relief. ********* 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. 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