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260428.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, April 28, 2026, Vol. 30, No. 118 Headlines 11 WEST: Seeks Chapter 11 Bankruptcy in New Jersey 3389 COUNTRY: Seeks to Hire RHM Law LLP as Legal Counsel 407 SMILEY: Seeks to Extend Plan Exclusivity to June 30 431 BEACH: Seeks Chapter 7 Bankruptcy in New York ADAMS MANOR: Seeks Chapter 7 Bankruptcy in New York AINOS INC: ASE Technology Holds 8.4% Equity Stake AINOS INC: Chun-Jung Tsai Holds 8.06% Equity Stake AINOS INC: Ting Chuan Lee Holds 10.98% Equity Stake AKA MIAMI: Seeks to Hire Sagre Law Firm as Bankruptcy Counsel AMC ENTERTAINMENT: Odeon Closes $425 Million New Term Loan Facility AMERICAN POWER: Seeks to Hire Reed & Reed PC as Accountant AMERICAN RESOURCES: All Director Nominees Elected at Annual Meeting AMERICAN RESOURCES: Regains Compliance With Nasdaq Rule 5620(a) AMERICAN RESOURCES: Thomas Sauve Steps Down as Director ARMORED IMPACT: Seeks to Hire Zeichman Law as Attorney ARXIS INC: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable AVALON DERM: Seeks to Hire Rachel L. Kaylie as Bankruptcy Counsel AVALON GLOBOCARE: Faces Nasdaq Bid Price Deficiency BALLAST DESIGN: Seeks to Hire Jones & Walden LLC as Counsel BANNER CHEMICAL: Retains McManimon Scotland & Baumann as Counsel BANNER CHEMICAL: Seeks to Hire Vestcorp LLC as Accountant BEASLEY BROADCAST: Exchange Offer Settlement Date Pushed to Apr. 30 BELLA HOUSTON: Hearing on Bid for Stay Relief Moved to May 19 BEYOND AIR: Sets Nasdaq Hearing for May 14 on Compliance Issue BHATZLUCHE LLC: Initiates Chapter 7 Bankruptcy in New York BIOXCEL THERAPEUTICS: Grants Warrants to Lenders in Ninth Amendment BOMBARDIER RECREATIONAL: Moody's Alters Outlook on Ba1 CFR to Neg. BOT FACILITY: Commences Chapter 7 Bankruptcy in Texas BOXLIGHT CORP: Reports Net Loss of $23.8 Million for 2025 BRIGHT MOUNTAIN: Moves to OTCID After Bid Price Deficiency BRVSB LLC: Seeks to Hire Herrin Law PLLC as Bankruptcy Counsel BSG CORP: Gets Court OK for $100,000 DIP Loan From Insiders BUCKEYE PARTNERS: S&P Affirms 'BB' ICR as Leverage Decreases CASTILLO GRAND: Plan Exclusivity Period Extended to June 4 CATHETER PRECISION: Six Proposals OK'd at Stockholders Meeting CBDMD INC: Grants RSUs to Board Members CEDAR SHELL: Seeks Chapter 7 Bankruptcy in California CFN ENTERPRISES: Reports $1.78 Million Net Loss for 2025 CHIRON COMMUNICATION: Hires Hoffman & Saweris P.C. as Counsel CHURCH OF THE IMMACULATE: Plan Exclusivity Extended to Aug. 5 CIRTRAN CORP: Reports $702K Loss in 2025, Warns of Cash Shortfall COLLIERCOUNT LLC: Gets Interim OK to Use Cash Collateral CONDUENT INC: Moody's Lowers CFR to B3, Outlook Remains Negative CONLIN STREET: Seeks to Hire Brooks Gelpi Haase as Counsel COSMOS HEALTH: Reports $19.14MM Loss in 2025, Going Concern Doubt CREATIVE REALITIES: Widens Net Loss to $8.28MM in Fiscal 2025 DALLAS MOTORS: Case Summary & Five Unsecured Creditors DANA INC: Moody's Ups CFR to Ba2 & Unsecured Notes to Ba3 DARE BIOSCIENCE: Reclassifies Director Gregory Matz to Class III DNA X: Baker Tilly US Raises Going Concern Doubt ECUBE LABS: Seeks to Extend Plan Exclusivity to July 31 EDEN HOME: Voluntary Chapter 11 Case Summary EDGED COMPUTE: Fitch Assigns BB-(EXP) LongTerm IDR, Outlook Stable ELIZA JENNINGS: Fitch Affirms 'BB+' IDR, Outlook Stable EMMAUS LIFE: Fills Board, Audit Committee Vacancy With Henry Du ENVUE MEDICAL: Net Loss Widens to $18.2 Million in FY2025 EVOFEM BIOSCIENCES: Extends Adjuvant Notes Maturity by Six Months FIREHOUSE GRILL: Seeks to Extend Plan Exclusivity to June 22 FOUR SEASONS: Hires BCM Advisory Group LLC as Financial Advisor FREIGHT SHERPAS: Employs Law Offices of David Freydin as Counsel GB AIT BUYER: Moody's Rates New Senior Unsecured Notes 'Caa1' GENESIS HEALTHCARE: Seeks to Extend Plan Exclusivity to June 1 GETTY IMAGES: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative GFL ENVIRONMENTAL: $360MM Loan Add-on No Impact on Moody's B2 CFR GLENS FALLS: Hires Weichert Realtors as Real Estate Broker GREYSTAR REAL: $100MM Loan Add-on No Impact on Moody's 'Ba3' CFR GWG HOLDINGS: Court OKs Litigation, Wind Down Service Procedures HAIN CELESTIAL: Adopts $5 Million Executive Retention Plan HAWAIIAN ELECTRIC: Moody's Ups CFR to Ba2, Alters Outlook to Stable HERITAGE GROCERS: S&P Downgrades ICR to 'CCC+', Outlook Negative HNO INTERNATIONAL: Dismisses Barton CPA, Appoints Green Growth CPAs HNO INTERNATIONAL: Executes Two $96K Convertible Note Transactions HOLDINGS OF R.J. SEEDS: Hires Sagre Law Firm as Bankruptcy Counsel I-ON DIGITAL: 2025 Loss Widens to $2.88M, Going Concern Doubt Stays IMAGE TECHNOLOGY: Hires Champion LLP as Special Appellate Counsel INJAWE INC: Voluntary Chapter 11 Case Summary INSPIRED HEALTHCARE: Oksman & Pontone Seeks Recovery for Investors J.A. CARRILLO: To Hire Harper Hayes PLLC as Special Counsel JEZON GROUP: Commences Chapter 7 Bankruptcy in California KIITOS BREWING: Voluntary Chapter 11 Case Summary KINDERCARE LEARNING: Fitch Affirms B+ LongTerm IDR, Outlook Stable KODIAK BP: Moody's Withdraws 'B2' CFR Following Debt Repayment KUSTOM ENTERTAINMENT: Revises $5.5M Video Business Sale to Cycurion LAKELAND HOLDINGS: S&P Assigns 'CCC+' ICR, Outlook Negative LEESTMA MANAGEMENT: Seeks to Hire David Jennis P.A. as Counsel LEGACY AT WILLOW: Fitch Alters Outlook on 'BB-' IDR to Negative LGI HOMES: Moody's Downgrades CFR to B2 & Alters Outlook to Stable LIBERTY INTERACTIVE: Moody's Cuts PDR to D-PD Amid Ch. 11 Filing LIFE TIME: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable LL CREATIONS: Gets Final OK to Use Cash Collateral LUGANO DIAMONDS: Special Committee to Tap Steptoe LLP as Counsel LUMEN TECHNOLOGIES: Fitch Affirms 'B' IDR, Outlook Stable LUMEN TECHNOLOGIES: Secures $825 Million Revolving Credit Facility LURIN REAL ESTATE: Voluntary Chapter 11 Case Summary LYCRA COMPANY: Seeks to Hire Houlihan Lokey as Investment Banker MALCOLM PATRICK: Court Stays Mason Tenders Fund, et al. Case MARIZYME INC: Initiates Assignment for Benefit of Creditors MARQUIS STAR: Gets Final OK to Use Cash Collateral MATE LLC: Case Summary & 20 Largest Unsecured Creditors MERIDIAN ARC: Fitch Assigns 'BB(EXP)' LongTerm IDR, Outlook Stable MEYER BURGER: Seeks to Extend Plan Exclusivity to May 18 MKEN ENTERPRISES: Seeks Chapter 7 Bankruptcy in New York MMA LAW: Committee Hires Gordon Arata as Special Counsel MOGAFORD CAPITAL: Hires Law Office of Donald W. Reid as Counsel MONETTE FARMS: Seeks Chap. 15 OK for $1.08B Canadian Restructuring MONTICELLO ACADEMY: S&P Lowers Bond Rating to 'BB', Outlook Stable MOUNTAIN REGIONAL: Plan Exclusivity Period Extended to June 2 MUNAWAR LAW: Chapter 11 Trustee to Take Over Bankrupt Law Firm MY SIZE: Reports FY2025 Net Loss of $5.85MM, Warns of Cash Crunch MYNDTEC INC: Makes BIA Bankruptcy Assignment After Financing Fails NAVIENT CORP: Moody's Affirms 'Ba3' CFR, Outlook Stable NELNET INC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable NETCAPITAL INC: Names Todd Violette as New CEO NEWCAP INC: Hires Swanson Sweet LLP as General Bankruptcy Counsel NIGHTFOOD HOLDINGS: Inks Strategic Supply Deal With Hon Hai, NUWA NISSAN MOTOR: Fitch Affirms 'BB' LongTerm IDR, Outlook Negative NORTHWEST BIOTHERAPEUTICS: Cherry Bekaert Raise Going Concern Doubt NRPF GROUP: Dine Brands' $17.8MM Bid for Applebee's Gets Court OK OMNICARE LLC: Seeks to Extend Plan Exclusivity to July 20 OMNIQ CORP: FY2025 Net Loss Narrows to $137,000 OSCAR ACQUISITIONCO: Moody's Lowers CFR to Caa3, Outlook Negative OUISI INCORPORATED: Case Summary & 16 Unsecured Creditors POLAR POWER: Net Loss Widens to $9.13M in FY25, Delinquent in Rent PRECISION DRILLING: Fitch Alters Outlook on 'BB-' IDR to Positive PRINCE GLOBAL: Sullivan & Cromwell Flags AI Errors in Ch. 15 Case QVC GROUP: Fitch Lowers LongTerm IDR to 'D' QVC GROUP: FY25 Net Loss Hits $2.4 Billion, Faces Default Risk QVC GROUP: Secures $300MM Letter of Credit Facility From JPMorgan QVC GROUP: Unsecured Creditors Unimpaired in Prepackaged Plan QWEST CORP: Moody's Rates New Senior Unsecured Notes 'Caa1' QXO INC: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable R.W. SIDLEY: Hires Russ Kiko Associates Inc. as Auctioneer RICE ENTERPRISES: Backgroundchecks.com Case Heads to Bankr. Court RIVULET ENTERTAINMENT: Michael Witherill Appointed to Board RYVYL INC: Net Loss Narrows to $17.5M in FY25, Cash Strain Persists RYVYL INC: S8 Global Fintech & Regtech Fund Sells Entire Stake SAKS GLOBAL: Settles Dispute With Creditors SAMYS OC: Plan Exclusivity Period Extended to June 23 SANTA PAULA: $5.9M Unsecured Claims to Recover 100% in Plan SEA BREEZE: Voluntary Chapter 11 Case Summary SELECTIS HEALTH: Net Loss Narrows to $1 Million in FY 2025 SHORELINE BUILDERS: Case Summary & 19 Unsecured Creditors SKEENA RESOURCES: Key Group Long Term Investments Holds 5.3% Stake SKYBOUND PROPERTIES: Taps Biggs Law Firm PLLC as Legal Counsel SMILEY AESTHETICS: Case Summary & 20 Largest Unsecured Creditors SOUTHWEST FIRE: Hires Bankruptcy NM LLC as Counsel SPARHAWK LLC: Seeks to Hire KerberRose S.C. as Accountant SPIRIT AIRLINES: Govt Taps Kirkland & Ellis for Rescue Deal Advice STONEX GROUP: S&P Upgrades Long-Term ICR to 'BB', Outlook Stable SUNATION ENERGY: Expands LOC to $1.5-Mil., Extends Maturity Date SUNATION ENERGY: Reduces Debt by $1.2MM via Equity Conversion SUPERNOVAFURNITURE.COM: Voluntary Chapter 11 Case Summary TALEN ENERGY: Moody's Hikes Rating on Senior Unsecured Debt to B1 THREE BROTHERS REALTY: Seeks Chapter 7 Bankruptcy in Massachusetts TIME OUT PROPERTIES: Special Counsel to Get $6,939.25 in Fees TOPBUILD CORP: Moody's Puts 'Ba1' CFR Under Review for Downgrade TOPBUILD CORP: S&P Places 'BB+' ICR on CreditWatch Negative TRANS-LUX CORP: Appoints Tony Yu as New CEO TRANSGLOBAL MANAGEMENT: Inks $2.5MM Golf Biz Purchase Deal TRANSOCEAN LTD: Secures $158MM Award for Ultra-Deepwater Drillship TRI-STATE ENVIRONMENTAL: Taps Ronald D. Weiss as Bankruptcy Counsel TRINSEO PLC: Skips $38-Mil. Interest Payment, Faces Default Risk TRIPLE STICKS: Seeks to Hire Dawi Consulting as Financial Advisor TRIVISTA OIL: Hires McElroy Sullivan as Special Regulatory Counsel TRIVISTA OIL: Hires Sean Fitzgerald as Chief Restructuring Officer TRIVISTA OIL: Hires Shannon Lee Beatty as Bankruptcy Counsel TRIVISTA OIL: Seeks to Tap Veritas Restructuring as Advisor TRM NRE: Case Summary & 20 Largest Unsecured Creditors TRUGREEN LIMITED: Moody's Alters Outlook on 'Caa1' CFR to Positive VANGUARD SURGICAL: Seeks to Tap McClain Law Group as Legal Counsel VENETIAN CARE: Case Summary & 30 Largest Unsecured Creditors VENTURE GLOBAL: Moody's Rates $750MM Senior Secured Notes 'Ba1' VERITONE INC: Grant Thornton Raises Going Concern Doubt VERITONE INC: Registers 2.5MM Additional Shares Under 2023 Program VERITONE INC: Ryan Steelberg Holds 6.7% Equity Stake VERTEX AEROSPACE: Moody's Alters Outlook on 'B1' CFR to Positive VIVAKOR INC: Net Loss Surges to $110.2MM From $22.2MM Prior Year VOLITIONRX LTD: 1-for-20 Reverse Stock Split to Take Effect Today WATER OAKS: Seeks Subchapter V Bankruptcy in North Carolina WESTERN URANIUM: Reports $7.18MM Net Loss in Fiscal Year 2025 WILSON COLLAGE: Fitch Affirms 'BB' IDR, Outlook Stable WOODTOWN SPORTS: Gets Interim OK to Use Cash Collateral XCEL BRANDS: Net Loss Narrows to $17.6 Million in FY25 XCEL BRANDS: Secures $3MM Senior Debt, Restructures Existing Loans ZW DATA: Registers 500,000 Shares to Omnibus Equity Plan [] David Blansky Joins Moritt Hock & Hamroff's Bankruptcy Practice [] US Foreclosure Sales Jump 21% YoY as Inventory Hits 6-Year Peak ********* 11 WEST: Seeks Chapter 11 Bankruptcy in New Jersey -------------------------------------------------- On April 21, 2026, 11 West 2nd Street, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About 11 West 2nd Street, LLC 11 West 2nd Street, LLC is a limited liability company typically engaged in real estate ownership or property management, often formed to hold and operate a specific residential or commercial asset. 11 West 2nd Street, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14393) on April 21, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Demetrius J. Parrish, Jr., Esq. of Law Office Of Demetrius J. Parrish Jr. 3389 COUNTRY: Seeks to Hire RHM Law LLP as Legal Counsel -------------------------------------------------------- 3389 Country Club LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ RHM Law LLP as counsel. The firm will provide these services: a. advice and assistance regarding compliance with the requirements of the United States Trustee ("UST"); b. advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; c. advice regarding cash collateral matters; d. examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; e. advice concerning the requirements of the Bankruptcy Code and applicable rules; f. negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and g. appearances in the Bankruptcy Court on behalf of the Debtor; and to take such other action and to perform such other services as the Debtor may require. The firm will be paid at these rates: Matthew D. Resnick, Partner $725 per hour Roksana D. Moradi-Brovia, Partner $650 per hour W. Sloan Youksetter, Associate $475 per hour Russell J. Strong III, Associate $450 per hour Leslie Davis, Associate $600 per hour Rosario Zubia, Paralegal $175 per hour Priscilla Bueno, Paralegal $175 per hour Rebecca Benitez, Paralegal $135 per hour Susie Segura, Paralegal $135 per hour M. Jonathan Hayes, Senior Bankruptcy Associate $775 per hour The firm will be paid a retainer in the amount of $36,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Roksana D. Moradi-Brovia, Esq., a partner at RHM Law 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: Roksana D. Moradi-Brovia, Esq. RHM Law LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 Email: roksana@RHMFirm.com About 3389 Country Club LLC 3389 Country Club LLC is a real estate holding company that owns a single-family property located in Glendale, California, specifically at 3389 Country Club Drive. 3389 Country Club LLC in Glendale, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-12481) on March 16, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Hasmik Rose Alexanyan as managing member, signed the petition. Judge Barry Russell oversees the case. RHM LAW LLP serve as the Debtor's legal counsel. 407 SMILEY: Seeks to Extend Plan Exclusivity to June 30 ------------------------------------------------------- 407 Smiley Crossing LLC, asked the U.S. Bankruptcy Court for the District of Massachusetts to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 30 and Aug. 31, 2026, respectively. The Debtor explains that there is presently pending before this Court the Motion for Relief from Stay filed by Newburyport Bank filed on February 26, 2026. Obviously, denial of the Bank's Motion for Relief from Stay is an absolute prerequisite to the Debtor having the opportunity to propose a Plan of Reorganization. The Debtor claims that it is providing adequate protection to the Bank in the form of monthly payments of interest as ordered by this Court and will be able to maintain the automatic stay and, accordingly, possession and control of its single real estate asset, if, in the first instance, it can prove to this Court that it has equity in that asset. The determination of whether the Debtor has equity in its single real estate asset will be determined by this Court's valuation of that real estate compared to the amount of Newburyport Bank’s allowable secured claim. The Debtor asserts that despite making no objection to supplying the company with the calculation of the amount the Bank believes it is owed and despite assurances since the entry of the Stay Relief Procedural Order that such a calculation would be forthcoming, none has been provided through the filing of this Motion. In addition to requiring access to the Bank's credit/loan file and the calculation of the Bank's claim being necessary to determine whether the Debtor has stay relief-avoiding equity in the Property, that information, together with this Court's valuation of the Debtor's Property, is a necessary prerequisite for proposing an acceptable and confirmable Plan of Reorganization. The Debtor states that with the evidentiary hearing on valuation scheduled for May 7, 2026 and allowing time for this Court's determination of valuation thereafter, the Debtor believes that extending to June 30, 2026 the time in which it has the exclusive right to file a Plan of Reorganization is supported by cause and is in the best interests of the Debtor, its creditors, and its estate. 407 Smiley Crossing LLC is represented by: Stephen F. Gordon, Esq. The Gordon Law Firm LLP 57 River Street, Suite 200 Wellesley MA 02481 Tel: (617) 456-1270 E-mail: sgordon@gordinfirm.com About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a single asset real estate company. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on Nov. 17, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon Law Firm LLP. 431 BEACH: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------- On April 22, 2026, 431 Beach 45th Street LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About 431 Beach 45th Street LLC 431 Beach 45th Street LLC is a real estate holding entity typically engaged in the ownership and management of residential or commercial property assets. Companies of this type are often formed to isolate liability and manage property-specific investments. 431 Beach 45th Street LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41959) on April 22, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. ADAMS MANOR: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- On April 21, 2026, Adams Manor 5035 Holdings LLC filed for Chapter 7 relief before the U.S. Bankruptcy Court for the Eastern District of New York. Court filings show debts between $1,000,000 and $10,000,000, with 1 to 49 creditors listed. About Adams Manor 5035 Holdings LLC Adams Manor 5035 Holdings LLC is a real estate holding company typically engaged in the ownership and management of residential or commercial properties, often structured to isolate financial exposure tied to specific assets. Adams Manor 5035 Holdings LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-71546) on April 21, 2026. The petition reflects estimated assets of $1,000,000 to $10,000,000 and estimated liabilities within the same range. Honorable Bankruptcy Judge Alan S. Trust is assigned to the case. AINOS INC: ASE Technology Holds 8.4% Equity Stake ------------------------------------------------- ASE Technology Holding Co., Ltd. and ASE Test, Inc., disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of April 12, 2026, they beneficially own 667,085 shares of Ainos, Inc.'s Common Stock, par value $0.01 per share (after giving effect to the one-for-five reverse stock split effected on June 30, 2025), representing 8.4% of the shares outstanding. This ownership consists of: * 11,777 shares owned directly by ASE Test, Inc.; * 105,868 shares issuable upon conversion of the convertible promissory note under the 2023 Agreement (as amended on March 10, 2025); * 449,440 shares issuable upon conversion of the convertible note under the 2024 Agreement; and * 100,000 shares issuable upon exercise of a warrant issued under the 2024 Agreement. The numbers of convertible shares are calculated at a $22.50 per share conversion price (representing the maximum potential shares upon conversion, subject to anti-dilution adjustments). The percentage is based on 7,266,011 shares of common stock outstanding as of March 30, 2026 (as reported in the Company's Form 10-K), plus the shares underlying the 2023 Agreement (as amended), the 2024 Agreement, and the warrant. ASE Technology Holding Co., Ltd. and may be reached through: Joseph Tung, Chief Financial Officer ASE Technology Holding Co., Ltd. 26, Chin 3rd Rd., Nanzih Dist. Kaohsiung, 811 Taiwan, Republic of China A full-text copy of ASE Technology Holding Co., Ltd.'s SEC report is available at: https://tinyurl.com/mvm2m6bh About Ainos Ainos, Inc. -- https://www.ainos.com/ -- is an artificial intelligence and healthcare Company focused on the commercialization of proprietary scent digitization technology, AI-powered sensing solutions, point-of-care testing, and low-dose oral interferon therapeutics. Irvine, California-based YCM CPA INC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $20,871,108 in total assets and $13,308,526 in total liabilities, and total stockholders' equity of $7,562,582. AINOS INC: Chun-Jung Tsai Holds 8.06% Equity Stake -------------------------------------------------- Chun-Jung Tsai, disclosed in a Schedule 13D (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of April 15, 2026, he beneficially owns 686,999 shares of Ainos, Inc.'s Common Stock, par value $0.01 per share, representing 8.06% of the shares outstanding. These shares are subject to a Voting Agreement with Ainos Inc. (Cayman Islands). On April 15, 2026, Chun-Jung Tsai was granted 330,000 restricted stock units (RSUs) under the Ainos, Inc. 2023 Stock Incentive Plan, all of which vested immediately on the grant date. The percentage is based on approximately 8,524,771 shares outstanding (7,266,011 shares as of March 30, 2026 per the Company's Form 10-K, plus 19,531 shares issued April 1, 2026, and 1,239,000 RSUs granted/vested April 15, 2026). Chun-Jung Tsai may be reached through: Chun-Hsien Tsai 14F., No. 61, Sec. 4, New Taipei Boulevard, Xinzhuang District New Taipei City, F5, 242 Tel: 886-37-581999 A full-text copy of Chun-Jung Tsai's SEC report is available at: https://tinyurl.com/7h5bcf7e About Ainos Ainos, Inc. -- https://www.ainos.com/ -- is an artificial intelligence and healthcare Company focused on the commercialization of proprietary scent digitization technology, AI-powered sensing solutions, point-of-care testing, and low-dose oral interferon therapeutics. Irvine, California-based YCM CPA INC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $20,871,108 in total assets and $13,308,526 in total liabilities, and total stockholders' equity of $7,562,582. AINOS INC: Ting Chuan Lee Holds 10.98% Equity Stake --------------------------------------------------- Ting Chuan Lee, disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of April 15, 2026, he beneficially owns 935,707 shares of Ainos, Inc.'s Common Stock, par value $0.01 per share (with shared voting power and sole dispositive power over all 935,707 shares), representing 10.98% of the shares outstanding. These shares are subject to a Voting Agreement with Ainos Inc. (Cayman Islands). On April 15, 2026, the Company granted Mr. Lee 570,000 restricted stock units (RSUs) under the Ainos, Inc. 2023 Stock Incentive Plan, all of which fully vested on the grant date. The percentage is based on approximately 8,524,771 shares outstanding (7,266,011 shares as of March 30, 2026 per the Company's Form 10-K, plus 19,531 shares issued April 1, 2026, and 1,239,000 RSUs granted/vested on April 15, 2026). Ting Chuan Lee may be reached through: Chun-Hsien Tsai 14F., No. 61, Sec. 4, New Taipei Boulevard, Xinzhuang District New Taipei City, F5, 242 Tel: 886-37-581999 A full-text copy of Ting Chuan Lee's SEC report is available at: https://tinyurl.com/4t9zvbem About Ainos Ainos, Inc. -- https://www.ainos.com/ -- is an artificial intelligence and healthcare Company focused on the commercialization of proprietary scent digitization technology, AI-powered sensing solutions, point-of-care testing, and low-dose oral interferon therapeutics. Irvine, California-based YCM CPA INC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $20,871,108 in total assets and $13,308,526 in total liabilities, and total stockholders' equity of $7,562,582. AKA MIAMI: Seeks to Hire Sagre Law Firm as Bankruptcy Counsel ------------------------------------------------------------- AKA Miami LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Sagre Law Firm, PA as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the Rules of the Court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm's attorneys will be paid at an hourly rate of $550. The firm received an initial retainer of $2,400 from the Debtor. Ariel Sagre, Esq., an attorney at Sagre Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ariel Sagre, Esq. Sagre Law Firm, PA 5201 Waterford District Drive, Suite 892 Miami, FL 33126 Telephone: (305) 266-5999 About AKA Miami LLC AKA Miami LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14509) on April 10, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Laurel M. Isicoff oversees the case. The Debtor is represented by Ariel Sagre, Esq., at Sagre Law Firm, PA. AMC ENTERTAINMENT: Odeon Closes $425 Million New Term Loan Facility ------------------------------------------------------------------- AMC Entertainment Holdings, Inc. disclosed in a regulatory filing that Odeon Finco PLC, a wholly-owned direct subsidiary of Odeon Cinemas Group Limited and an indirect subsidiary of AMC, entered into a Credit Agreement, by and among Odeon, as borrower, OCGL, as the company, the lenders party thereto and U.S. Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon borrowed $425,000,000 of new term loans maturing in 2031. The proceeds from the Odeon Term Loans were used to fund the previously announced full redemption of Odeon's outstanding 12.750% Senior Secured Notes due 2027 and to pay related fees, costs, premiums and expenses. In connection with the Odeon Notes Redemption, the Odeon Notes will be delisted from the Official List of The International Stock Exchange. Commenting on the closing of the Odeon Term Loan, AMC Chairman and CEO, Adam Aron said, "With this transaction, AMC has once again taken decisive action to strengthen our financial position by extending our debt maturities by four full years, while simultaneously reducing our annual cash interest expense. I would like to thank all of our lenders who continue their staunch support of AMC, and in this case particularly the professional team at Deutsche Bank who were central to the refinancing of our Odeon debt. This transaction is yet another meaningful, tangible step that enhances our liquidity, improves our flexibility, and better positions AMC for the future." Aron concluded, "In addition to the actions we have taken, and will continue to take, to strengthen AMC's balance sheet, we note with optimism that calendar year 2026 began with the highest Q1 box office since the pandemic closed theatres back in 2020. We fervently believe that AMC is increasingly well-positioned to capitalize on the robust box office growth that we anticipate will materialize during the remainder of 2026 and beyond." Interest, Amortization, Guarantees and Security The Odeon Credit Agreement provides for the Odeon Term Loans in an initial aggregate principal amount of $425,000,000 and which mature on April 17, 2031. The Odeon Term Loans bear interest at a fixed 10.50% interest rate and are subject to amortization of principal, payable in quarterly installments on the fifteenth day of each April, July, October and January (commencing on July 15, 2026), equal to 1.00% per annum. The remaining aggregate principal amount outstanding (together with accrued and unpaid interest on the principal amount) of the Odeon Term Loans is payable at maturity. The Odeon Term Loans are, subject to limited exceptions, fully and unconditionally guaranteed on a joint and several basis by OCGL and certain subsidiaries of OCGL. The Odeon Term Loans are also fully and unconditionally guaranteed by AMC, on a standalone and unsecured basis, pursuant to the terms of a Guarantee Agreement dated as of April 17, 2026 between AMC and U.S. Bank Trust Company, National Association. The Odeon Term Loans are secured as of April 17, 2026, or will be secured on a post-closing basis, and each subject to certain agreed security principles, by OCGL and the OCGL Subsidiaries on a first-priority basis by: (i) a fixed charge or security interest, as applicable, over the shares of Odeon, OCGL and certain of the OCGL Subsidiaries; (ii) an assignment of rights held by Odeon under a proceeds loan agreement between Odeon and OCGL with respect to the proceeds of the Odeon Term Loans; (iii) a fixed charge or security interest, as applicable, over certain bank accounts, intercompany receivables, intellectual property rights and other assets of Odeon, OCGL and certain of the OCGL Subsidiaries; and (iv) a floating charge over substantially all other assets of Odeon, OCGL and certain of the OCGL Subsidiaries. The collateral and guarantors of the Odeon Term Loan are substantially the same as those of the Odeon Notes. AMC has not pledged any of its assets to secure the Odeon Term Loans or the related guarantees and the AMC Guaranty does not benefit from any security interest over the collateral or any other asset. Covenants and Events of Default The Odeon Credit Agreement contains covenants that limit OCGL and the OCGL Subsidiaries' ability to, among other things: (i) incur additional indebtedness or guarantee indebtedness; (ii) create liens; (iii) declare or pay dividends, redeem stock or make other distributions to stockholders; (iv) make investments; (v) enter into transactions with its affiliates; (vi) consolidate, merge, sell or otherwise dispose of all or substantially all of their respective assets; and (vii) maintain cash in the accounts of OCGL and the OCGL Subsidiaries. These covenants are subject to a number of important limitations and exceptions. The Odeon Credit Agreement also provides for events of default, which, if any of them occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Odeon Term Loans to become immediately due and payable. Full text copies of the Odeon Credit Agreement and the AMC Guaranty are available at https://tinyurl.com/yd2enxpt and https://tinyurl.com/4sdkzru8, respectively. Second Amendment to Muvico Credit Agreement In connection with the Odeon Credit Agreement, on April 17, 2026, AMC, as borrower, Muvico, LLC, as borrower, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent, entered into a Second Amendment to the Credit Agreement dated as of July 22, 2024, as amended by the First Amendment to Credit Agreement, dated as of July 24, 2025, by and among AMC, as borrower, Muvico, LLC, as borrower, the lenders party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent. The Second Amendment, among other things, amends the Muvico Credit Agreement to update the existing covenants and include additional covenants to make them as restrictive as those in the Odeon Credit Agreement. A full text copy of the Second Amendment is available at https://tinyurl.com/23anf8m9 About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of December 31, 2025, the Company had $8,017.8 million in total assets, $9,912.6 in total liabilities, and $1,894.8 in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all Companys remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). AMERICAN POWER: Seeks to Hire Reed & Reed PC as Accountant ---------------------------------------------------------- American Power Equipment LLC fka American Rental & Equipment, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Reed & Reed, PC as accountant. The firm's services include: -- assisting the Debtor in preparing the budget and projections required or appropriate throughout the case, and giving testimony regarding any of these matters; and -- adjusting and advising the Debtor on adjustments made internally in the Debtor's software to prepare monthly financial statements. The firm will charge for assisting in preparation of the federal and state corporate income tax returns for the tax year 2025 in the amount of $985. The amount of $375 per month for assisting with software adjustments. For other accounting services, at the rate of $170 per hour, plus costs and expenses. Mr. Reed 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: Troy G. Reed Reed & Reed PC 4327-B Boulevard Park S. Mobile, AL 36609 Tel: (251) 343-3113 About American Power Equipment LLC American Power Equipment, LLC sells and rents large power equipment and providing repair and maintenance services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-10544) on February 26, 2026. In the petition signed by Jason T. Palmer, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Henry A. Callaway oversees the case. Alexandra K Garrett, Esq, at Silver Voit Garrett & Watkins, represents the Debtor as legal counsel. AMERICAN RESOURCES: All Director Nominees Elected at Annual Meeting ------------------------------------------------------------------- American Resources Corporation held its Annual Meeting of Stockholders. The matters voted upon at the Annual Meeting and the final voting results are: Proposal 1 – Election of Directors The stockholders elected each of the five director nominees to serve as directors until the Company's 2027 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified. The voting results for each nominee are set forth below: 1. Mark C. Jensen * Votes For: 31,790,540 * % For: 98.14% * Votes Withheld: 602,885 2. Mark J. LaVerghetta * Votes For: 25,058,326 * % For: 77.36% * Votes Withheld: 7,335,098 Mr. LaVerghetta will serve as a director and as a member of the Board's Nominating Committee. He has extensive experience in corporate strategy, capital markets, and communications. He holds a Bachelor of Arts in Economics from the University of Virginia. Mr. LaVerghetta will participate in the Company's standard non-employee director compensation program, as described in the Company's proxy statement filed with the Securities and Exchange Commission. There are no arrangements or understandings pursuant to which Mr. LaVerghetta was appointed as a director, and there are no transactions between the Company and Mr. LaVerghetta that would require disclosure under Item 404(a) of Regulation S-K. 3. Courtenay O. Taplin * Votes For: 25,115,601 * % For: 80.62% * Votes Withheld: 6,277,824 4. D. Joshua Hawes * Votes For: 25,868,348 * % For: 79.86% * Votes Withheld: 6,525,077 5. Dr. Gerardine G. Botte * Votes For: 26,488,480 * % For: 81.77% * Votes Withheld: 5,904,943 Proposal 2 – Appointment of Independent Registered Public Accounting Firm The stockholders ratified the appointment of GreenGrowth CPAs as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026. The voting results were as follows: * Votes For: 61,770,593 * Votes Against: 585,525 * Abstentions: 721,513 About American Resources Corp American Resources Corporation operates through subsidiaries that were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the purpose of acquiring, rehabilitating, and operating various natural resource assets, including coal used in the steel-making and industrial markets, critical and rare earth elements used in the electrification economy, and aggregated metal and steel products used in the recycling industries. As of September 30, 2025, the Company had $202,357,184 in total assets, $297,419,289 in total liabilities, and total deficit of $95,062,105. Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 19, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. AMERICAN RESOURCES: Regains Compliance With Nasdaq Rule 5620(a) --------------------------------------------------------------- American Resources Corporation disclosed in a regulatory filing that it received a letter from The Nasdaq Stock Market LLC confirming that the Company has regained compliance with Nasdaq Listing Rule 5620(a). The determination was based on the Company's filing of its proxy statement on March 9, 2026 and the subsequent holding of its Annual Meeting of Stockholders on April 15, 2026. As a result, Nasdaq has closed the matter and confirmed that American Resources Corporation is now in compliance with the applicable listing requirement. About American Resources Corp American Resources Corporation operates through subsidiaries that were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the purpose of acquiring, rehabilitating, and operating various natural resource assets, including coal used in the steel-making and industrial markets, critical and rare earth elements used in the electrification economy, and aggregated metal and steel products used in the recycling industries. As of September 30, 2025, the Company had $202,357,184 in total assets, $297,419,289 in total liabilities, and total deficit of $95,062,105. Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 19, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. AMERICAN RESOURCES: Thomas Sauve Steps Down as Director ------------------------------------------------------- American Resources Corporation disclosed in a regulatory filing that Thomas Sauve stepped down as a director of the Board of the Company effective immediately. Mr. Sauve had previously tendered his resignation as President and officer of the Company on December 25, 2025, but will continue his employment in a non-officer a non-officer position within business strategy and development, working on due diligence and evaluation of potential strategic acquisitions. He previously served as a member of the Board's Environmental, Health, and Safety Committee. The Company noted that Mr. Sauve's resignation was not the result of any disagreement on any matter relating to the Company's operations, policies, or practices. About American Resources Corp American Resources Corporation operates through subsidiaries that were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the purpose of acquiring, rehabilitating, and operating various natural resource assets, including coal used in the steel-making and industrial markets, critical and rare earth elements used in the electrification economy, and aggregated metal and steel products used in the recycling industries. As of September 30, 2025, the Company had $202,357,184 in total assets, $297,419,289 in total liabilities, and total deficit of $95,062,105. Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 19, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. ARMORED IMPACT: Seeks to Hire Zeichman Law as Attorney ------------------------------------------------------ Armored Impact Windows & Doors, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Zeichman Law as attorneys. The firm will provide these services: (a) give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession; (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 motions, pleadings, orders, applications, adversary proceedings, and other 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 negotiations with creditors in the preparation of a plan. The firm's hourly rates are: Thomas G. Zeichman, Esq. $500 Paralegals $195 The firm was paid a fees retainer in the amount of $10,988. Zeichman Law is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Thomas G. Zeichman, Esq. Zeichman Law 2385 Executive Center Drive, Suite 300 Boca Raton, FL 33431 Tel: (561) 467-6291 Fax: (561) 491-5509 E-mail: Tom@ZeichmanLaw.com About Armored Impact Windows & Doors, Inc. Armored Impact Windows & Doors, Inc. manufactures and installs impact-rated windows and doors for residential and commercial properties in South Florida. The company provides products and services including impact doors, replacement doors, impact windows, replacement windows, residential and high-rise installations, condominium solutions, HOA and property manager coordination, and permitting and approval processing across Boca Raton, Broward, Palm Beach, Martin, and St. Lucie Counties. It operates in the building products manufacturing and construction services industry, focusing on hurricane-resistant and code-compliant window and door systems. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12660) on March 3, 2026, with $10,000 in assets and $1,163,237 in liabilities. Leonardo Rivas, president, signed the petition. Thomas Zeichman, Esq., at Zeichman Law represents the Debtor as bankruptcy counsel. ARXIS INC: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable ----------------------------------------------------------- Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of Arxis, Inc., the consolidating entity and financial filer, and its co-borrowers to 'BB' from 'B+.' Fitch has also upgraded the companies' revolving credit facility, term loan B and delayed-draw term loan (DDTL) to 'BBB-' with a Recovery Rating of 'RR1', from 'BB-'/'RR3.' The Positive Rating Watch has been resolved following Arxis's IPO and its repayment of $746 million of term loan B borrowings. The Rating Outlook is Stable. The upgrade reflects the improvement of Arxis's credit profile following the completion of its equity offering and meaningful gross debt reduction. Fitch projects EBITDA leverage to fall toward 3.0x over the forecast period, but M&A pace and magnitude could cause it to fluctuate within the 3.5x-4.5x range. The 'BB' IDR reflects the company's diversified portfolio of proprietary, spec'd-in, low-cost products serving a range of customers and markets, and its significant aftermarket exposure. Key Rating Drivers Equity Offering Reduces Leverage: Arxis recently completed its IPO, selling more than 46 million of common shares, including the greenshoe, and generating gross proceeds of approximately $1.3 billion. The company applied $746 million of the proceeds to repay term loan B borrowings, reducing gross debt to around $1.9 billion from $2.6 billion. Fitch's rating case forecast projects EBITDA leverage to decline below 4.5x by YE 2026, a meaningful improvement relative to its pre-IPO expectations. Additionally, to the extent any greenshoe-related proceeds are used for debt reduction, this could support additional deleveraging relative to Fitch's base case. Sub-4.5x Leverage: Fitch views Arxis's long-term leverage profile as consistent with 'BB' rating tolerances. The agency expects EBITDA leverage to improve toward 3.0x over the forecast horizon and fluctuate within the 3.5x-4.5x range, depending on the pace and magnitude of acquisitions. M&A is expected to remain a core component of the company's capital deployment strategy, primarily through bolt-on acquisitions, with material debt-funded transactions expected to be followed by a period of deleveraging. Entrenched Products, Aftermarket Provide Visibility: Arxis's highly customized, spec'd-in components entrench its position across the programs it serves. Its proprietary, mission-critical products are embedded across multi-decade platforms, supporting a strong and defensible market position. The components are essential yet low-cost relative to the overall platform, creating an outsized value-to-cost ratio that reinforces defensibility and generates high customer switching costs, as evidenced by near-zero platform loss rates. The company's strategy of adding new platform wins and expanding existing recurring revenue streams supports stable, long-term revenue visibility. Maintenance and modernization demand over each platform's life further supports this visibility. Scaled Portfolio, Decentralized Operating Model: Arxis's operational strength is supported by a scaled portfolio of highly engineered, approximately 90% sole-sourced proprietary products, that is well-diversified by platform and customer. Scale enhances cross-selling opportunities and increases share of wallet. Management has indicated a continued appetite for acquisitions to expand the product portfolio. Fitch believes execution risks are mitigated by management's favorable track record and a decentralized operating model that has supported the successful integration of prior transactions. Regulation, Engineering Support Entry Barriers: Arxis operates in highly regulated end markets, particularly aerospace and defense and medical, which support higher barriers to entry. The company maintains a competitive advantage through the advanced engineering, precision and tolerancing of its products, further reinforced by materials science expertise and proprietary intellectual property. Low- to Mid-30% EBITDA Margins, Positive FCF: Fitch expects Arxis to generate EBITDA margins in the low- to mid-30% range. The company's proprietary product portfolio, limited customer long-term agreements (LTAs) and purchase order-to-purchase order (PO-to-PO) operating model support margins and limit working capital requirements. Fitch projects annual FCF of $150 million-$300 million, with FCF margins in the high single digits to low double digits. These metrics are considered strong relative to 'BB' rated peers. Industry Tailwinds Aid Growth: Arxis's significant aerospace and defense exposure positions the company to benefit from continued travel demand recovery and increasing OEM production rates, with rising air traffic providing additional support for aftermarket demand. Bipartisan government support for defense spending and heightened geopolitical tensions further reinforce demand for Arxis's defense-related products. Fitch expects these favorable demand dynamics to support mid-single-digit revenue growth over the forecast horizon. Peer Analysis Arxis's closest peers primarily design and manufacture aerospace-related components and include HEICO Corporation (BBB+/Stable), Signia Aerospace, LLC (B+/Stable), and TransDigm (not rated). Arxis is larger than Signia, but considerably smaller than TransDigm and HEICO. HEICO's Parts Manufacturing Approval (PMA) and cost-plus exposure result in lower EBITDA margins (mid-20%) relative to Signia (mid-to-high 30%), Arxis (mid-30%), and TransDigm (around 50%). TransDigm operates with EBITDA leverage in the 5.5x to 6.5x range, which is slightly above Signia's (mid-5.0x) and well above HEICO's (1.5x-2.0x). Fitch’s Key Rating-Case Assumptions - Organic revenue grows at a mid-single-digit rate annually over the forecast horizon, supported by near-term commercial aerospace production ramp, steady defense budget growth and stability across industrial end markets; - EBITDA margins sustained in the mid-30% range over the forecast horizon; - Bolt-on M&A pursued opportunistically, with acquisitions assumed to carry margins in line with the broader business and financed through a combination of cash on hand and/or incremental debt; - No material dividends over the forecast horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb-, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (a, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.5x; - Reduced financial flexibility, including (CFO-capex)/debt sustained below 7.5%; - A deviation in M&A strategy or operational missteps that heightens execution and cash flow risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated track record of financial policy and M&A strategy leading to EBITDA leverage sustained below 3.5x; - (CFO-capex)/debt sustained above 10%; - Continued operational execution across the combined platform, supporting sustained margin improvement and reduced execution risk. Liquidity and Debt Structure Fitch expects Arxis's liquidity to be sufficient over the rating horizon. Liquidity and financial flexibility are further bolstered by the company's FCF generation and availability under its $400 million revolver. Arxis will have no near-term debt maturities. The company's capital structure is comprised of a senior secured revolving credit facility due in 2030, as well as a term loan and delayed-draw term loan due in 2032. Issuer Profile Arxis is a manufacturer of highly specialized parts and components serving aerospace and defense, and industrial end markets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate. VS screener did not indicate an elevated risk for Arxis. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Quantic Electronics, LLC LT IDR BB Upgrade B+ senior secured LT BBB- Upgrade RR1 BB- Quantic Corporate Holdings, Inc. LT IDR BB Upgrade B+ senior secured LT BBB- Upgrade RR1 BB- Qnnect, LLC LT IDR BB Upgrade B+ senior secured LT BBB- Upgrade RR1 BB- Sanders Industries Holdings, Inc. LT IDR BB Upgrade B+ senior secured LT BBB- Upgrade RR1 BB- Kaman Corporation LT IDR BB Upgrade B+ senior secured LT BBB- Upgrade RR1 BB- Arxis, Inc. LT IDR BB Upgrade B+ AVALON DERM: Seeks to Hire Rachel L. Kaylie as Bankruptcy Counsel ----------------------------------------------------------------- Avalon Derm Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Rachel L. Kaylie, PC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management of its business; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and consult on the conduct of its case; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare on the Debtor's behalf legal papers necessary to the administration of the estate; (e) prepare and negotiate on the Debtor's behalf any Chapter 11 plans, disclosure statements, and any related documents; (f) advise the Debtor in connection with any sales of assets, auctions, or other transactions; and (g) perform other legal services for the Debtor; and (h) appear before the Court, any appellate court, and the United Stats Trustee, and protect the interests of the Debtor's creditors before such courts and the United States Trustee. The hourly rates of the firm's counsel and staff are as follows: Counsel $400 Paraprofessionals/Specialists $100 In addition, the firm will seek reimbursement for expenses incurred. Rachel Kaylie, Esq. 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: Rachel L. Kaylie, Esq. Law Offices of Rachel L. Kaylie, PC 1702 Avenue Z., Suite 205 Brooklyn, NY 11235 Telephone: (718) 615-9000 Facsimile: (718) 228-5988 Email: rachel@kaylielaw.com About Avalon Derm Realty Avalon Derm Realty LLC, based in Brooklyn, New York, is a real estate holding company that owns commercial condominium units at 55 Greene Avenue, Suites 2D and 2E, leased to Jackson Dermatology PLLC for medical office use. Avalon Derm Realty LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41012) on March 3, 2026, listing $2,002,073 in total assets and $2,533,271 in total liabilities. Elizabeth S. Stong oversees the case. The Law Offices of Rachel L. Kaylie, PC represents the Debtor as counsel. AVALON GLOBOCARE: Faces Nasdaq Bid Price Deficiency --------------------------------------------------- Avalon GloboCare Corp. disclosed in a regulatory filing that it was notified by The Nasdaq Stock Market, LLC that it is not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common stock between March 1, 2026 to April 14, 2026, the Company no longer meets the minimum bid price requirement. The Notification Letter has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Capital Market and, at this time, the common stock will continue to trade on The Nasdaq Capital Market under the symbol "ALBT." The Notification Letter provides that the Company has 180 calendar days, or until October 12, 2026, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the bid price of the Company's common stock must have a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. If the Company does not regain compliance by October 12, 2026, an additional 180 days may be granted to regain compliance, so long as the Company meets The Nasdaq Capital Market continued listing requirement for market value of publicly-held shares and all other initial listing standards for The Nasdaq Capital Market, other than the minimum closing bid price requirement and notifies Nasdaq in writing of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, then Nasdaq will notify the Company of its determination to delist the Company's common stock, at which point the Company will have an opportunity to appeal the delisting determination to a Hearings Panel. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split of its outstanding securities, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. About Avalon Globocare Avalon Globocare Corp., based in Freehold, New Jersey, develops and markets precision diagnostic consumer products and cellular therapy intellectual property. The Company currently sells the KetoAir breathalyzer, a U.S. FDA-registered Class I medical device, and plans to expand its diagnostic applications. It also owns and manages commercial real estate at its headquarters. The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $23,400,737 in total assets and $14,170,629 in total liabilities, and total equity of $9,230,108. BALLAST DESIGN: Seeks to Hire Jones & Walden LLC as Counsel ----------------------------------------------------------- Ballast Design Build LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as counsel. The firm will render these services: (a) prepare pleadings and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with the Debtor and represent it with respect to a Chapter 11 plan; (e) perform those legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these hourly rates: Attorneys $300 - $500 Paralegal and Law Clerks $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received prepetition payments within one year of the petition date as follows: $30,000 special security retainer on April 1, 2026 and $400 on March 30, 2026 (consultation fee). The source of the payments to the Firm was by proceeds of a loan funded for benefit of Debtor by Bleuhaus Properties, Inc., which is owned by the same individual as the Debtor. Mr. Jones disclosed in a court filing that the firm is "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Leon S. Jones, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: lpineyro@joneswalden.com About Ballast Design Build LLC Ballast Design Build LLC is a limited liability corporation based in Georgia. Ballast Design Build sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54381) on April 2, 2026. The Company listed $1 million to $10 million in assets and liabilities. Judge Barbara Ellis-Monro presides over the case. Leslie M. Pineyro, at Jones And Walden, LLC, is the Debtor's legal counsel. BANNER CHEMICAL: Retains McManimon Scotland & Baumann as Counsel ---------------------------------------------------------------- Banner Chemical Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire McManimon, Scotland & Baumann to serve as legal counsel. The firm will provide these services: (a) advising the Debtor with respect to the power, duties, and responsibilities in the continued management of his financial affairs as a debtor, including the rights and remedies of the debtor-in-possession with respect to his assets and claims of creditors; (b) advising the Debtor with respect to preparing and obtaining approval of a disclosure statement and plan of reorganization; (c) preparing on behalf of the Debtor, as necessary, applications, motions, complaints, answers, orders, reports, and other pleadings and documents; (d) appearing before this Court and other officials and tribunals, if necessary, and protecting the interests of the Debtor in federal, state, and foreign jurisdictions and administrative proceedings; (e) negotiating and preparing documents relating to the use, reorganization, and disposition of assets as requested by the Debtor; (f) negotiating and formulating a disclosure statement and plan of reorganization; (g) advising the Debtor concerning the administration of his estate as a Debtor-in-possession; and (h) performing such other legal services for the Debtor as may be necessary and appropriate herein. The firm will be compensated at standard hourly rates, including $775 for Anthony Sodono, III, $550 for Sari B. Placona, and $300 for John D. Stern. Additional personnel may bill at the following rates: partners $325 to $775; associates $210 to $495; paralegals and support staff $145 to $275; and law clerks $145 to $195. Compensation is subject to Court approval. McManimon, Scotland & Baumann received a retainer in the amount of $31,738, including $1,738 for the filing fee, and was paid $5,263 for pre-petition services and expenses. McManimon, Scotland & Baumann 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: Anthony Sodono, III, Esq. Sari B. Placona, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Second Floor Roseland, NJ 07068 Telephone: (973) 622-1800 E-mail: asodono@msbnj.com splacona@msbnj.com About Banner Chemical Corp. Banner Chemical Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. New Jersey Case No. 26-14051) on April 13, 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. McMANIMON, SCOTLAND & BAUMANN, LLC is Debtor's legal counsel. BANNER CHEMICAL: Seeks to Hire Vestcorp LLC as Accountant --------------------------------------------------------- Banner Chemical Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Vestcorp LLC to serve as accountant for the Debtor-in-Possession. The firm will provide these services: (a) assist the Debtor in connection with the preparation and/or review of monthly operation reports, if necessary; and (b) perform such other financial services for the Debtor, as may be necessary and appropriate herein, including but not limited to, filing tax returns, financial statements and other financial reports. Vestcorp LLC will be compensated at standard hourly rates, plus disbursements. Shari Hartstein, Partner, has an hourly rate of $350. Vestcorp LLC has no connections with the debtor, creditors, or any other parties in interest. The firm does not hold or represent any adverse interest to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Irv Schwarzbaum, CPA VESTCORP LLC 623 Eagle Rock Ave Ste 364 West Orange, NJ 07052 About Banner Chemical Corp. Banner Chemical Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. New Jersey Case No. 26-14051) on April 13, 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. McMANIMON, SCOTLAND & BAUMANN, LLC is Debtor's legal counsel. BEASLEY BROADCAST: Exchange Offer Settlement Date Pushed to Apr. 30 ------------------------------------------------------------------- Beasley Broadcast Group, Inc. announced that the Early Second Lien Tender Date, the Exchange Offer Withdrawal Deadline, the Tender Offer Expiration Date, the First Lien Consent Solicitation Expiration Date and the Exchange Offer Expiration Date, in connection with the previously announced exchange offer, tender offer and solicitation of consents related to proposed amendments to the indenture governing the Issuer's 11.000% Senior Secured First Lien Notes due 2028 or the indenture governing the Issuer's 9.200% Senior Secured Second Lien Notes due 2028, as applicable, by its wholly owned subsidiary, Beasley Mezzanine Holdings, LLC, have been extended to 5:00 P.M., New York City time, on April 28, 2026, unless further extended. The Tender Offer Settlement Date and the Exchange Offer Settlement Date have been extended to April 30, 2026, unless further extended. As of the Early First Lien Tender Date, 100% of the Existing First Lien Notes had been tendered, and the Company accordingly accepted $15,899,000 in aggregate principal amount of such tenders in accordance with the terms of the Tender Offer. On March 30, 2026, the Company completed the purchase of $15,899,000 in aggregate principal amount of the Existing First Lien Notes pursuant to the Tender Offer. As of 5:00 P.M. on April 22, 2026, approximately 99% of the aggregate principal amount of the Existing Second Lien Notes have validly tendered in the Exchange Offer and provided consents to the proposed amendments to the Existing Second Lien Notes Indenture. Full details of the terms and conditions of the Offers are described in the Confidential Offer Memorandum Solicitation Statement, dated as of March 20, 2026 (the "Exchange Offer Memorandum") and as supplemented by: (i) that certain Supplement to the Exchange Offer Memorandum, dated as of April 1, 2026, (ii) that certain Supplement No. 2 to the Exchange Offer Memorandum, dated as of April 9, 2026, (iii) that certain Supplement No. 3 to the Exchange Offer Memorandum, dated as of April 15, 2026 and (iv) that certain Supplement No. 4 to the Exchange Offer Memorandum, dated as of April 22, 2026. The Offers are only being made pursuant to, and the information in this press release is qualified in its entirety by reference to, the Exchange Offer Memorandum and the Supplements, which are being made available to holders of the Existing Notes. Holders of the Existing Notes are encouraged to read the Exchange Offer Memorandum and the Supplements, as they contain important information regarding the Offers and the Consent Solicitations. This press release is neither an offer to purchase nor a solicitation of an offer to purchase any Existing Notes or the Issuer's new 10.000% Senior Secured Second Lien PIK Notes due 2027 in the Offers. Requests for the Exchange Offer Memorandum, the Supplements and other documents relating to the Offers may be directed to D.F. King & Co., Inc., the exchange agent and information agent for the Offers, toll free at (800) 967-7574 or via email at beasley@dfking.com. None of the Company, any of its subsidiaries or affiliates, or any of their respective officers, boards of directors, members or managers, the exchange agent and information agent, the trustees of the Existing Notes or the 2027 PIK Notes or the collateral agents of the Existing Notes or the 2027 PIK Notes is making any recommendation as to whether existing noteholders should tender any Existing Notes in response to the Offers or Consent Solicitations, and no one has been authorized by any of them to make such a recommendation. The Offers are not being made to existing noteholders of the Existing Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Offers are required to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of the Company and the Issuer by one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. The 2027 PIK Notes have not been and will not be registered under the federal securities laws or the securities laws of any state or any other jurisdiction. The Company is not required to register the 2027 PIK Notes for resale under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction and is not required to exchange the Existing Second Lien Notes for notes registered under the Securities Act or the securities laws of any other jurisdiction and has no present intention to do so. The offering is being made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act, only to persons reasonably believed to be qualified institutional buyers (as defined in Rule 144A under the Securities Act) and outside the United States to non-U.S. persons (as defined in Regulation S under the Securities Act). The Company refers to the holders of Existing Notes who have certified that they are eligible to participate in the Offers and Consent Solicitations pursuant to at least one of the foregoing conditions as "Eligible Holders." Only Eligible Holders are authorized to participate in the Offers and Consent Solicitations. About Beasley Naples, Florida-based Beasley Broadcast Group, Inc. was founded in 1961 and owns 61 AM and FM stations in 14 large- and mid-size markets in the United States. Beasley reaches approximately 29 million unique consumers weekly over the air, online, and on smartphones and tablets, and millions regularly engage with the Company's brands and personalities through digital platforms such as Facebook, Twitter, text, apps, and email. * * * The Troubled Company Reporter reported on Sept. 30, 2024, that S&P Global Ratings withdrew all of its ratings on Beasley Broadcast Group Inc., including the 'CC' issuer credit rating, at the issuer's request. At the time of the withdrawal, S&P outlook on the company was negative. BELLA HOUSTON: Hearing on Bid for Stay Relief Moved to May 19 ------------------------------------------------------------- The Hon. Brenda T. Rhoades of the U.S. Bankruptcy Court for the Eastern District of Texas granted the request of Nicholas Fugedi, as Trustee of the Carb Pura Vida Trust, for continuance of the hearings on his two motions in the bankruptcy case of Bella Houston Heights. The Court ordered that the hearings on Mr. Fugedi's motion for relief from automatic stay with waiver of 30-day hearing requirement and motion to transfer case to another district be continued from its present setting of April 27, 2026, and reset on the Court's docket to May 19, 2026 at 1:30 p.m. located at the Plano Bankruptcy Courtroom, 660 N. Central Expressway, Third Floor, Plano, TX, 75074. Attorneys for the Debtor: Howard Marc Spector, Esq. SPECTOR & COX, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (214) 365-5377 Telecopier: (214) 237-3380 E-mail: hspector@spectorcox.com Attorneys for Nicholas Fugedi, as Trustee of the Carb Pura Vida Trust: Lema Mousilli, Esq. MOUSILLI LAW, PLLC 11807 Westheimer Road Suite 550, PMB 624 Houston, TX 77077 Telephone: (281) 305-9313 E-mail: lema@mousillilaw.com - and - J. Marcus Hill, Esq. HILL & HILL PC 1770 St. James Place, Ste. 440 Houston, TX 77056 Telephone: (713) 688-6318 E-mail: marc@hillpclaw.com About Bella Houston Heights Bella Houston Heights is a single-asset real estate company, as defined under 11 U.S.C. Section 101(51B). Bella Houston Heights filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40515) on Feb. 16, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Adam Bell as managing member. Howard Marc Spector, Esq. at SPECTOR & COX, PLLC serves as the Debtor's counsel. BEYOND AIR: Sets Nasdaq Hearing for May 14 on Compliance Issue -------------------------------------------------------------- Beyond Air, Inc. disclosed in a regulatory filing that it received written notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC, indicating that the Company was not in compliance with Nasdaq's $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing and that, absent a timely request for a hearing, the Company's common stock would be subject to delisting from Nasdaq. The Company has, on April 13, 2026, timely requested a hearing before the Nasdaq Hearings Panel to appeal the Staff's determination. As a result of the timely hearing request, any suspension or delisting action with respect to the Company's common stock is stayed pending the issuance of a written decision by the Panel following the hearing process. Accordingly, the Company's common stock is expected to continue to be listed on Nasdaq pending the outcome of the hearing. The hearing has been scheduled for May 14, 2026. There can be no assurance that the Panel will grant the Company's request for continued listing or that the Company will be able to regain compliance with applicable Nasdaq listing requirements within any compliance period that may be granted by the Panel. About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFitPH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $36.8 million in total assets, against $28.5 million in total liabilities. BHATZLUCHE LLC: Initiates Chapter 7 Bankruptcy in New York ---------------------------------------------------------- On April 23, 2026, Bhatzluche LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Bhatzluche LLC Bhatzluche LLC is a limited liability company likely engaged in small-scale business or asset-holding activities, potentially involving real estate, retail, or service operations. Entities of this size often function as closely held businesses managing limited operational or investment assets. Bhatzluche LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41967) on April 23, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Joseph Y. Balisok, Esq. of Balisok & Kaufman PLLC. BIOXCEL THERAPEUTICS: Grants Warrants to Lenders in Ninth Amendment ------------------------------------------------------------------- BioXcel Therapeutics, Inc. disclosed in a regulatory filing that on March 27, 2026, it entered into the Ninth Amendment to the Credit Agreement and Guaranty, dated April 19, 2022, as amended. Pursuant to the terms of the Ninth Amendment, on April 15, 2026, the Company granted the lenders under the Ninth Amendment warrants to purchase up to 1,353,729 shares of common stock at an exercise price of $0.01 per share. The Amendment Warrants will expire on the seventh anniversary of their issuance. On the same date, the Company also entered into the Fourth Amended and Restated Registration Rights Agreement with the Lenders, pursuant to which the Company agreed to register the shares of common stock issuable under the Amendment Warrants. The Amendment Warrants were issued, and the shares issuable upon the exercise of the Amendment Warrants will be issued (if at all), in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, contained in Section 4(a)(2) of the Securities Act. The Lenders have represented that they are acquiring the securities for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof, and appropriate legends have been or will be affixed to the securities. Full text copies of the Amendment Warrants and the Fourth Amended and Restated Registration Rights Agreement are available at https://tinyurl.com/yck5sbuf and https://tinyurl.com/mvvkz74k, respectively. About BioXcel Therapeutics Headquartered in New Haven, Conn., BioXcel Therapeutics, Inc., is a biopharmaceutical Company utilizing artificial intelligence to develop transformative medicines in neuroscience and, through the Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC, immuno-oncology. The Company is focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients' lives. The Company employs various AI platforms to reduce therapeutic development costs and potentially accelerate development timelines. Stamford, Conn.-based Ernst & Young LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has used significant cash in operations 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 $44.9 million in total assets, $140.4 million in total liabilities, and $95.5 million in total stockholders' deficit. BOMBARDIER RECREATIONAL: Moody's Alters Outlook on Ba1 CFR to Neg. ------------------------------------------------------------------ Moody's Ratings has affirmed Bombardier Recreational Products Inc.'s (BRP) Ba1 corporate family ratin, Ba1-PD probability of default rating, its Baa1 senior secured revolving credit facility rating, and its Ba1 senior secured term loan B rating. The company's SGL-1 speculative grade liquidity rating is unchanged. The outlook is changed to negative from stable. "The negative outlook reflects the sizable increase in US tariff related costs that will be incurred by BRP, which, without effective mitigation actions, will significantly reduce operating cash flow and weaken operating and credit metrics." said Moody's Ratings analyst Dion Bate. "That said, BRP's good liquidity and ability to conserve cash provides a temporary buffer over the next 12 months to allow management to take appropriate mitigating actions." RATINGS RATIONALE Effective April 06, BRP will pay a 25% import tariff on the total value of imported units, replacing the previous 50% tariff applied only to the metal content. This change potentially raises BRP's US tariff exposure from C$90 million to over C$500 million for imported snowmobiles and a majority of off-road vehicle models. BRP does not disclose the proportionate revenue that is affected but Moody's notes that the US represents around 56% of BRP's annual revenue. As a result, BRP has suspended its fiscal 2027 financial guidance, having previously guided for 5% to 8% revenue growth and EBITDA around C$1.2 billion. Incorporating BRP's C$500 million incremental cost estimate for the remainder of fiscal 2027 ending January, Moody's estimates EBITDA would fall to approximately C$650 million, with EBITDA margins declining to around 7.5% from approximately 13% in fiscal 2026. Under this stress scenario, adjusted debt/EBITDA would increase to approximately 4.5x compared to 2.7x as of fiscal year-end January 2026. While this is well above Moody's leverage trigger of 3x for the Ba1 CFR, this stress scenario does not incorporate any mitigating actions from BRP. BRP has the option to mitigate the tariff cost through pricing strategies, however, any price increase must carefully balance its competitive position and potential effects on sales volumes, which were previously a key driver of its 5% to 8% revenue growth range for fiscal 2027. Bombardier Recreational Products Inc. 's (BRP) benefits from: (1) good market positions in snowmobiles, personal watercraft, all-terrain vehicles and side-by-side vehicles, defended with a diversified product profile and well recognized global brands; (2) demonstrated ability to successfully launch new products and widen its total addressable market; and (3) prudent financial policies with good liquidity management. However, BRP is constrained by: (1) sizable cost impact from the US tariff amendment and uncertainty surrounding the CUSMA (Canada-United States-Mexico Agreement), which is up for review on July 01, 2026; (2) focus on high-priced, discretionary products whose demand is susceptible to economic cycles; (3) a competitive environment and promotional activity that has contributed to the lower margins, but BRP's margins have been stronger than peers; (4) ongoing capital investment needed to drive product innovation and development. BRP has very good liquidity (SGL-1). Sources total around C$2 billion compared to about C$24 million of cash usage from term loan amortization through fiscal 2027 ending January and Moody's stressed assumption of C$50 million negative free cash flow. BRP's liquidity is supported by cash of around C$428 million as of fiscal 2026, full availability under its C$1.5 billion revolver (borrowing base C$1.38 billion) expiring May 2029. BRP's revolver is subject to a minimum fixed charge ratio covenant at 1.1x if its revolver availability falls below a certain threshold. Moody's do not expect this covenant to be applicable in the next four quarters. BRP has limited flexibility to boost liquidity from asset sales. BRP next debt maturity is its $574 million (C$785 million) term loan due December 2029. To preserve cash BRP has flexibility to suspend its share buyback program. BRP's debt obligations include a Baa1-rated C$1.5 billion revolving credit facility expiring May 2029, a Ba1-rated $574 million (C$785 million) term loan due December 2029 and a Ba1-rated $1159 million (C$1,580 million) term loan due January 2031. All of the debt obligations benefit from guarantees of existing and future subsidiaries. The revolver has a first lien priority interest on inventory and accounts receivable and a second priority lien on the remaining assets. The term loan, which comprises most of the debt capital, has the reciprocal security package and is ranked below the revolver. The negative outlook reflects the evolving US tariff framework, if permanent in its current form and in the absence of successful mitigating action by BRP, will have a material impact on BRPs' operating and credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if BRP is able to diversify its business away from the volatile recreational powersports segment such that cash flow is less cyclical, maintain positive free cash flow and sustain adjusted debt/EBITDA below 1.5x. The ratings could be downgraded if BRP's operating results deteriorate such that its adjusted EBIT margin weakens below 8%, or if adjusted debt/EBITDA is sustainably above 3x, or if BRP generates negative free cash flow on a sustained basis. BRP Inc., the holding company of Bombardier Recreational Products Inc., is headquartered in Valcourt, Quebec, Canada. The company is a global manufacturer and distributor of powersports vehicles, marine products and propulsion systems for boats, karts and recreation aircraft. BRP Inc. is publicly traded and 84.4% of the votes are controlled by Beaudier Group (owned by the Bombardier and Beaudoin families), Bain Capital Integral Investors II, L.P. and Caisse de depot et placement du Quebec. The principal methodology used in these ratings was Consumer Durables published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BOT FACILITY: Commences Chapter 7 Bankruptcy in Texas ----------------------------------------------------- On April 21, 2026, Bot Facility, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Bot Facility, LLC Bot Facility, LLC is a limited liability company that may be engaged in industrial, logistics, or specialized facility operations, potentially involving storage, automation, or service-related activities. Entities of this type are often structured to manage operational assets and limit liability exposure. Bot Facility, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-80287) on April 21, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Gabe Perez, Esq. of Zendeh Del & Associates PLLC. BOXLIGHT CORP: Reports Net Loss of $23.8 Million for 2025 --------------------------------------------------------- Boxlight Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $23.8 million for the year ended December 31, 2025, compared to a net loss of $28.3 million in 2024. Net revenues for 2025 declined to $109.2 million from $135.9 million in the prior year. Atlanta, Georgia-based Cherry Bekaert LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses and negative cash flows from operations, and may be unable to maintain compliance with financial covenants required by its credit agreement that raise substantial doubt about its ability to continue as a going concern. Liquidity and Capital Resources Credit Agreement Amendments and Covenant Relief As of December 31, 2025, the Company had cash and cash equivalents of $9.4 million, a working capital balance of $26.6 million, and a current ratio of 1.62. At December 31, 2024, it had $8.0 million of cash and cash equivalents, a working capital balance of $1.3 million, and a current ratio of 1.02. For the years ended December 31, 2025 and 2024, it had net cash used in operating activities of $3.3 million and $0.4 million, respectively. Cash used in operating activities increased year over year as a result of a change in working capital management. The Company had net cash used in investing activities of $0.1 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively. Cash used in investing activities is primarily related to purchases of property and equipment. For the years ended December 31, 2025 and 2024, it had net cash provided by financing activities of $3.4 million and net cash used in financing activities of $7.1 million, respectively. Cash provided by financing activities for the year ended December 31, 2025 was primarily related to net proceeds from the issuance of common stock and prefunded warrants of $9.0 million and proceeds from the issuance of short-term debt of $2.5 million, partially offset by $8.1 million in principal payments. Cash used in financing activities for the year ended December 31, 2024 was primarily related to principal payments on debt of $9.9 million and $1.3 million in payments of fixed dividends to the Company's Series B preferred shareholders, partially offset by $4.0 million proceeds from short-term debt. The Company's liquidity needs are funded by operating cash flow and available cash. Its cash requirements consist primarily of day-to-day operating expenses, capital expenditures, and contractual obligations with respect to facility leases. The Company leases all of its office facilities. The Company expects to make future payments on existing leases from cash generated from operations. It has limited credit available from its major vendors and are required to prepay a percentage of the Company's inventory purchases, which further constrains the Company's cash liquidity. In addition, the Company's industry is seasonal with many sales to educational customers occurring during the second and third quarters when schools make budget appropriations and classes are not in session, limiting disruptions related to product installation. This seasonality makes the Company's needs for cash vary significantly from quarter to quarter. As of December 31, 2025, the Company had approximately $32.2 million of indebtedness outstanding under its Credit Agreement with Whitehawk Capital Partners, LP, as Collateral Agent, and Whitehawk Finance LLC, as Lender. During the fiscal year ended December 31, 2025, the Company entered into the Eighth, Ninth, Tenth, and Eleventh Amendments to the Credit Agreement to address prior instances of non-compliance with certain financial covenants and to restructure key terms of the facility. In particular, the Company had not maintained compliance with the Senior Leverage Ratio and borrowing base covenants at various measurement dates during 2025. The Lender waived each of these events of default in connection with the respective amendments. Most significantly, on December 18, 2025, the Company entered into the Eleventh Amendment. The Eleventh Amendment extended the final maturity date of the loans from December 31, 2025, to April 1, 2027, suspended mandatory quarterly amortization payments through June 30, 2026, and replaced the Senior Leverage Ratio financial covenant with a Minimum Consolidated Adjusted EBITDA covenant commencing with the quarter ending March 31, 2026. The Company is also required to maintain qualified cash of at least $1.5 million The Company is also required to meet Borrowing Base covenants with allowed over advances of for the month ending December 31, 2025, $4,000,000; for the month ending January 31, 2026, $4,500,000; for the month ending February 28, 2026, $5,500,000 and (from and after the month ending March 31, 2026 (and each Fiscal Month thereafter), $4,000,000. The Eleventh Amendment includes revised mandatory prepayment provisions requiring 50% (or 100% if in default) of net cash proceeds from equity offerings and certain debt to be applied to loan prepayments, with up to $5.0 million allocable for working capital and general corporate purposes. Capital Raise In September 2025, the Company completed a registered direct offering of 222,222 shares of Class A common stock at $18.00 per share, generating approximately $4.0 million in gross proceeds. Net proceeds were used for working capital and debt reduction pursuant to the Company's agreement with its senior lender. This offering was conducted through the Company's effective shelf registration statement on Form S-3. In December 2025 and until exhaustion of the "at the market" equity offering program in January 2026 the Company has shown the ability to raise capital to fund operations. Past success is not indicative of future results and the Company has evaluated the going concern consideration as such. Tariff Environment On February 20, 2026, the Supreme Court of the United States ruled that the International Emergency Economic Powers Act ("IEEPA") does not authorize the imposition of tariffs, effectively invalidating IEEPA-based tariffs that had been in effect since February 2025. The Company's diversified supply chain and global revenue base have historically provided a degree of insulation from direct tariff impacts. The elimination of these tariffs is expected to reduce input cost pressures and improve the purchasing environment for the Company's education and government customers, and may result in refund recoveries for IEEPA tariffs previously paid by the Company or its suppliers during the applicable period. The tariff environment is in a state of flux and the Company is actively pursuing refund recovery activities as further clarity is provided by the Court of International Trade and the US Customs and Border Protection releases the process for recovery. Going Concern Assessment The Company has evaluated conditions and events, in the aggregate, that may raise doubt about its ability to continue as a going concern within one year after the date these financial statements are issued, in accordance with ASC 205-40. The Company acknowledges that it has a history of operating losses, has incurred recurring negative cash flows from operations, and has required multiple amendments and waivers under its Credit Agreement due to non-compliance with financial covenants in prior periods. The Company acknowledges it is a reasonable concern that compliance will be maintained at all future measurement dates. Management believes that the following factors provide potential upside to help alleviate cash restrictions over the next year: * The extension of the Credit Agreement maturity to April 1, 2027, pursuant to the Eleventh Amendment, eliminates the near-term risk of debt maturity acceleration and provides the Company with an extended runway within which to execute its operational and any recapitalization, if necessary, plans; * The replacement of the Senior Leverage Ratio covenant with the Minimum Consolidated Adjusted EBITDA covenant establishes a financial compliance framework that management believes is more achievable based on the Company's current and projected operating performance; * The suspension of mandatory quarterly amortization payments through June 30, 2026, provides near-term cash flow relief; * The September 2025 capital raise of approximately $4.0 million in gross proceeds demonstrated continued access to the equity capital markets and provided additional liquidity; * The invalidation of IEEPA tariffs by the Supreme Court in February 2026 reduces supply chain cost pressures seen during 2025 and provides for a non-insignificant, cash injection into the Company in 2026; and * Management's continued focus on operational efficiency, expense reduction, and revenue diversification into the corporate and government markets as well expansion as with a new product offering coming to market in 2026. Notwithstanding the foregoing, there is substantial doubt as to the Company's ability to continue as a going concern as the Company is dependent upon its ability to maintain compliance with the financial covenants under the Credit Agreement as amended, achieve positive cash flow from operations, and, if necessary, access additional financing. There can be no assurance that the Company will be successful in maintaining compliance with its financial covenants, achieving profitability, or raising additional capital on acceptable terms or at all. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4vtrkt4e About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. As of December 31, 2025, the Company had $97.5 million in total assets, $96.3 million in total liabilities, and $1.3 million in total stockholders' equity. BRIGHT MOUNTAIN: Moves to OTCID After Bid Price Deficiency ---------------------------------------------------------- Bright Mountain Media, Inc. previously disclosed that it received notice from the OTC Markets Group indicating its bid price had closed below $0.01 for more than 30 consecutive calendar days and it no longer met the OTCQB Standards for Continued Eligibility. The Company was given until April 9, 2026 to regain compliance by maintaining a minimum closing bid price for the Company's common stock of $0.01 or greater for ten consecutive trading days. As of April 9, 2026, the Company had not been able to regain compliance with the OTCQB minimum closing bid price requirement. As a result, effective April 10, 2026, the Company's common stock commenced trading on the OTCID market tier of the OTC Markets Group under the symbol "BMTM." About Bright Mountain Bright Mountain Media, Inc. (together with its wholly-owned subsidiaries) is an end-to-end marketing services company that helps brands with the right audiences, at the right time, with the right message, both effectively and efficiently by removing the middlemen in the marketing workflow. The Company's end-to-end offerings combine consumer insights with creative services, media services, and advertising technology to deliver solutions to improve audience fidelity for brands. The Company focuses on digital publishing, advertising technology, consumer insights, creative services, and media services. New York, New York-based WithumSmith+Brown, PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 24, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025. The report cited that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $39.7 million in total assets, $116.3 million in total liabilities, and $76.6 million in total stockholders' deficit. BRVSB LLC: Seeks to Hire Herrin Law PLLC as Bankruptcy Counsel -------------------------------------------------------------- BRVSB, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Herrin Law, PLLC as attorneys. The firm's services include: (a) provide legal advice with respect to its powers and duties; (b) prepare and pursue confirmation of a plan and approval of a disclosure statement; (c) prepare on behalf of the Debtor necessary legal papers; (d) appear in Court and protect the interests of the Debtor before the Court; and (e) perform all legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these hourly rates: C. Daniel Herrin, Attorney $500 Manolo Santiago, Attorney $400 Other Attorneys $300 Paralegals $125 - $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $12,500 from the Debtor. Mr. Santiago 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: Manalo Santiago, Esq. Herrin Law, PLLC 12001 N. Central Expressway, Suite 920 Dallas, TX 75243 Telephone: (469) 607-8551 Facsimile: (214) 722-0271 Email: msantiago@herrinlaw.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. BSG CORP: Gets Court OK for $100,000 DIP Loan From Insiders ----------------------------------------------------------- BSG Corp. got the green light from the U.S. Bankruptcy Court for the Southern District of New York to obtain debtor-in-possession financing to get through bankruptcy. The court authorized the Debtor to obtain $100,000 in DIP financing from lender -- André Fenton, John Gridley, and Kuljinder Chase -- to pay its operating expenses consistent with an approved budget. Spending variances are capped at 15%, with any major deviation treated as a default. The Debtor is not allowed to use the loan to repay the lenders' pre-bankruptcy obligations. The lenders are insiders and existing equity holders (approximately 29.88% ownership collectively) and also pre-bankruptcy creditors holding roughly 11% of the Debtor's liabilities. Despite this insider status, the transaction reflects sound business judgment, is fair under the circumstances, and represents the only viable source of liquidity, according to the Debtor. The DIP loan is structured as an administrative expense claim under Section 503(b)(1) rather than a superpriority or secured obligation. However, it does provide a lien on post-petition assets acquired after the petition date, subject to a carveout for administrative costs such as U.S. trustee fees, Subchapter V trustee fees, professional fees up to $250,000, limited post-default fees, and potential Chapter 7 trustee compensation in the event of case conversion. The loan carries an interest rate of 3.59% per annum and matures on Sept. 30 or earlier upon conversion or dismissal of the Debtor's Chapter 11 case, acceleration following default, or the effective date of a confirmed bankruptcy plan. The DIP order is available at https://is.gd/BeyQMT from PacerMonitor.com. A copy of the court's memorandum opinion and order is available at http://urlcurt.com/u?l=yMQ8Z8 About BSG Corp. Bio-Signal Group Corp. (BSG Corp.) develops neurodiagnostic solutions that provide functional brain assessment across medical, military, sports, and consumer markets. The Company's offerings include the microEEG portable EEG system and a range of complementary components, such as the StatNet disposable electrode headset, the EzeNet semi-disposable headpiece, and HydroDot biosensors used for EEG signal acquisition. Bio-Signal Group also provides EEG interpretation services through its EEG Interpretation Platform and physician panel, facilitating clinical-grade brain monitoring anytime and anywhere. Bio-Signal Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12755) on December 8, 2025, with $1 million to $10 million in assets and liabilities. Andre Fenton, president of Bio-Signal Group, signed the petition. Judge John P. Mastando III presides over the case. Ru Hochen, Esq., at Romano Law, PLLC represents the Debtor as counsel. BUCKEYE PARTNERS: S&P Affirms 'BB' ICR as Leverage Decreases ------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' issuer credit rating on Buckeye Partners L.P. (BPL). S&P affirmed its 'BBB-' issue-level rating on BPL's senior secured debt. The '1' recovery rating is unchanged, indicating its expectation for very high (90%-100%; rounded estimate 95%) recovery in the event of a payment default. S&P affirmed the senior unsecured debt rating of 'BB'. The '3' recovery rating is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery. The stable outlook reflects S&P' expectation that S&P Global Ratings-adjusted debt to EBITDA will remain under 5x. S&P-adjusted leverage is expected to remain under 4.5x in the near term but could be higher than anticipated levels. BPL's financial policy around excess cash allocation and releveraging remains a key consideration. S&P Global Ratings-adjusted leverage decreased to 4.2x in 2025 from 4.9x in 2024, driven by factors including cash buildup on the balance sheet, lower total debt, higher cash distributions from equity investments, and higher throughput on its asset base, supporting modest EBITDA improvements year over year. Cash increased to $408 million in 2025 from $152 million in 2024, higher than historical levels. The lack of a formal distribution policy brings uncertainty regarding the cash buildup and uses. S&P forecasts capital expenditures to be slightly lower than 2025, resulting in additional cash build over the next two years. The partnership has not communicated a formal commitment to sustaining net leverage under 4.5x, so it anticipates no further debt reduction. S&P said, "We expect BPL to maintain adequate liquidity over the forecast period. Full availability under its revolving credit facility and ample free cash flow will support this. Buckeye has historically managed debt maturities through proactive refinancing and credit facility utilization. The partnership has near-term maturities of $1 billion in 2026 and 2027, manageable through full availability of the $1.2 billion revolving credit facility and $800 million-$900 million of funds from operations (FFO) per year. Although internal cash generation provides financial flexibility, we expect BPL to continue addressing debt maturities through external refinancing and access to capital markets. "The stable outlook reflects our expectation that BPL will maintain S&P Global Ratings-adjusted debt to EBITDA in the 3.8x-4.2x range in 2026 and that leverage at parent Buckeye Energy Holdings LLC (BEH) will not materially increase." S&P could take a negative rating action on BPL if: -- It sustained leverage above 5.5x; or -- BEH's debt increased without corresponding reductions in leverage. S&P could take a positive rating action on BPL if: -- The partnership committed and adhered to a more conservative financial policy such that leverage was sustained below 4.5x; and -- S&P didn't expect leverage at BEH to increase. CASTILLO GRAND: Plan Exclusivity Period Extended to June 4 ---------------------------------------------------------- Judge Peter D. Russin of the U.S. Bankruptcy Court for the Southern District of Florida extended Castillo Grand Hotel Condominium Residences Association, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 4 and August 4, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that an extension of the Exclusive Period is customary, as well as essential, in the context of the Debtor's Chapter 11 case. The Debtor claims that ample cause exists to grant the Debtor such relief because, inter alia, (i) the Debtor has filed a motion to compromise controversy with its primary creditor (the "Settlement Motion") which if granted will obviate the need for confirmation in any event, (ii) the Debtor is not seeking to use exclusivity to pressure creditors into accepting a plan they find unacceptable, and (iii) no viable plan can be proposed in any event absent a decision on the appeal between the Debtor and its primary creditor anyway, which itself will be resolved by the Settlement Motion if granted. The Debtor submits that an extension of the Exclusive Period is warranted and appropriate for this case. The relief requested will afford the Debtor a full and fair opportunity to negotiate, propose, and seek acceptances of a confirmable Chapter 11 plan. Proposed Counsel for the Debtor: David A. Ray, Esq. TRIPP SCOTT, P.A. 110 S.E. Sixth St., 15th Floor Fort Lauderdale, FL 33301 Telephone: (954) 525-7500 Facsimile: (954) 761-8475 E-mail: dar@trippscott.com About Castillo Grand Hotel Condominium Residences Association Castillo Grand Hotel Condominium Residences Association, Inc. is a Florida-based not-for-profit corporation that manages property operations and resident affairs at 1 North Fort Lauderdale Beach Boulevard in Fort Lauderdale, overseeing the Castillo Grand Hotel Residences condominium complex. Castillo Grand Hotel Condominium Residences Association, Inc. in Fort Lauderdale, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 25-23247) on Nov. 7, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Bruno R. Mazzotta signed the petition as president, signed the petition. TRIPP SCOTT, P.A., is serving as the Debtor's legal counsel. CATHETER PRECISION: Six Proposals OK'd at Stockholders Meeting -------------------------------------------------------------- Catheter Precision, Inc. held a Special Meeting of stockholders at which, of the 2,357,127 shares of the Company's common stock outstanding as of March 9, 2026, the record date for the Annual Meeting, 1,165,698 shares of common stock were represented, either in person or by proxy, constituting, of the shares entitled to vote, approximately 49.5% of the outstanding shares of common stock. At the Annual Meeting, the Company's stockholders considered six proposals, which are described in more detail in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 23, 2026. The matters voted on at the Special Meeting and the votes cast with respect to each such matter are: 1. Proposal No. 1: To approve the issuance of shares of the Company's common stock underlying shares of the Company's Series C-1 convertible preferred stock, Series C-2 convertible preferred stock, Series C-3 convertible preferred stock and Series C-4 convertible preferred stock. Proposal No. 1 was approved, based on the following results of voting: Votes For: 690,693 Votes Against: 85,706 Abstentions: 9,908 Broker Non-Votes: 379,391 2. Proposal No. 2: To approve the issuance of shares of the Company's common stock underlying shares of the Company's Series D convertible preferred stock. Proposal No. 2 was approved, based on the following results of voting: Votes For: 690,581 Votes Against: 88,818 Abstentions: 9,908 Broker Non-Votes: 379,391 3. Proposal No. 3: To approve the issuance of shares of the Company's common stock underlying shares of the Company's Series J convertible preferred stock. Proposal No. 3 was approved, based on the following results of voting: Votes For: 690,667 Votes Against: 88,732 Abstentions: 9,908 Broker Non-Votes: 379,391 4. Proposal No. 4: To approve the issuance of additional shares of the Company's common stock as a result of the reduction of the conversion price of the Company's currently outstanding Series B convertible preferred stock. Proposal No. 4 was approved, based on the following results of voting: Votes For: 690,825 Votes Against: 88,574 Abstentions: 9,908 Broker Non-Votes: 379,391 5. Proposal No. 5: To approve the amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, to effect, at the discretion of the Company's board of directors, a reverse stock split of all of the outstanding shares of its Common Stock at a ratio in the range of 1-for-2 to 1-for-100. Proposal No. 5 was approved, based on the following results of voting: Votes For: 984,342 Votes Against: 162,507 Abstentions: 18,849 Broker Non-Votes: 0 6. Proposal No. 6: To approve the adjournment or postponement of the Special Meeting, if necessary, to continue to solicit votes for Proposals Nos 1, 2, 3, 4, and/or 5. Proposal No. 6 was approved, based on the following results of voting: Votes For: 991,353 Votes Against: 136,304 Abstentions: 38,041 Broker Non-Votes: 0 About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operations, and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $15.9 million in total assets, $9.2 million in total liabilities, and $6.7 million in total stockholders' equity. CBDMD INC: Grants RSUs to Board Members --------------------------------------- cbdMD, Inc. disclosed in a regulatory filing that the Board of Directors issued each independent director and the non-management employee director 1,572 of the Company restricted stock units as compensation for services as a director for the term beginning on March 31, 2026. The RSUs shall vest quarterly on June 30, 2026, September 30, 2026, December 31, 2026 and March 31, 2027 and were granted under the Company's 2025 Equity Compensation Plan. The value of restricted common stock issued is based on the closing price of the common stock as reported by the NYSE American LLC on April 14, 2026. The Board also approved the following annual fees to the independent directors: (i) annual cash retainer of $35,000 payable monthly for each independent director, (ii) an additional $26,500 for the Chairman of the Board, $17,000 for the Chairman of the Audit Committee and $7,000 for the Chairman of the Compensation, Corporate Governance and Nominating Committee, and (iii) an additional $8,500 to the Audit Committee members (excluding chairperson) and $4,000 to the Compensation, Corporate Governance and Nominating Committee members (excluding chairperson). About cbdMD Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated December 19, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has historically incurred losses, including a net loss of approximately $2 million in the current year, resulting in an accumulated deficit of approximately $179 million as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $11,782,124 in total assets, $2,774,158 in total liabilities, and $9,007,966 in total stockholders' equity. CEDAR SHELL: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- On April 15, 2026, Cedar Shell 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 between 1 and 49 creditors. About Cedar Shell LLC Cedar Shell LLC is a limited liability company. Cedar Shell LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12898) on April 15, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Scott H. Yun handles the case. CFN ENTERPRISES: Reports $1.78 Million Net Loss for 2025 -------------------------------------------------------- CFN Enterprises Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $1,783,549, compared to a net loss of $1,858,230 in 2024. Net revenues for 2025 declined significantly to $36,297 from $321,352 in the prior year. New York, NY-based RBSM LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $197,951 in cash and $3,504,440 in notes payable, as well as $4,044,083 in notes payable classified within discontinued operations. The Company had a working capital deficit of $23,975,387 and an accumulated deficit of $85,767,461 as of December 31, 2025. Management's plan to continue as a going concern includes raising capital in the form of debt or equity, growing the J Street and Prestige wine and beverage businesses, managing and reducing operating and overhead costs, and continuing to pursue strategic transactions and opportunities. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3rmxdfhz About CFN Enterprises Inc. CFN Enterprises Inc owns and operates as a media agency. The Company offers creative and media network solutions for cannabis industry. CFN Enterprises serves customers in the United States. As of December 31, 2025, the Company had $1,230,330 in total assets, $24,938,269 in total liabilities, and $23,707,939 in total stockholders' deficit. CHIRON COMMUNICATION: Hires Hoffman & Saweris P.C. as Counsel ------------------------------------------------------------- Chiron Communication Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Hoffman & Saweris, P.C. as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties; (b) advise the Debtor with respect to the rights and remedies of the Estate's creditors and other parties in interest; (c) conduct appropriate examinations of witnesses, claimants, and other parties in interest; (d) prepare all appropriate pleadings and other legal instruments required to be filed in this case; (e) represent the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding in which the rights of the Debtor or the Estate may be affected; (f) represent and advise the Debtor in the reorganization of assets and liabilities through the bankruptcy court; (g) advise the Debtor in connection with the formulation, solicitation, confirmation, and consummation of any plan(s) of reorganization which the Debtor may propose; and (h) perform any other legal services that may be appropriate in connection with the continued operations of the Debtor's business. The firm will be paid at these hourly rates: Mr. Hoffman $400 Mr. Alan Brian Saweris $325 paralegals $75 The firm held a current retainer balance in the amount of $38,435. Hoffman & Saweris, 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: Matthew Hoffman, Esq. Alan Brian Saweris, Esq. David M. Smith, Esq. HOFFMAN & SAWERIS, P.C. Riviana Building 2777 Allen Parkway, Suite 1000 Houston, TX 77019 Telephone: (713) 654-9990 Facsimile: (713) 654-0038 E-mail: Matthew@mhsawlaw.com Alan@mhsawlaw.com About Chiron Communication Services, LLC Chiron Communication Services, LLC is a telecommunications infrastructure contractor based in Humble, Texas, founded in 2006. The company specializes in fiber optic and copper network installation, structured cabling, and outside plant engineering services for commercial, government, and institutional clients. It provides end-to-end deployment services, including splicing, testing, underground and aerial construction, and maintenance of communications networks, supporting large-scale connectivity projects across the United States. Chiron Communication Services, LLC in Humble, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Tex. Case No. 26-32549) on April 13, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Courtney McMaster as president, signed the petition. HOFFMAN & SAWERIS, P.C. serve as the Debtor's legal counsel. CHURCH OF THE IMMACULATE: Plan Exclusivity Extended to Aug. 5 ------------------------------------------------------------- Judge Kyu Y. Paek of the U.S. Bankruptcy Court for the Southern District of New York extended Church of the Immaculate Heart of Mary's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 5 and Oct. 5, 2026, respectively. As shared by Troubled Company Reporter, the Debtor submits that "cause" exists for the Court to extend the Exclusive Period requested in this Motion. Specifically, the following factors all weigh in favor of granting the requested extensions: * Approximately three months have passed since the Petition Date. * Until the general bar date and governmental bar date have been established and passed, the Debtor will not know what claims have been filed. Extension of the Exclusive Period will enable the Debtor to analyze the full universe of claims against the estate prior to proposing a chapter 11 plan. * The Debtor is not seeking an extension of its Exclusive Period to exert pressure on any party. * The Debtor is proceeding diligently toward completion of the Chapter 11 Case and will propose a plan as soon as practicable. The Debtor believes that the requested extensions will provide sufficient additional time to allow it to file a confirmable Chapter 11 plan. Church of the Immaculate Heart of Mary is represented by: Sean C. Southard Fred Stevens Lauren C. Kiss Andrew C. Brown KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: ssouthard@klestadt.com fstevens@klestadt.com lkiss@klestadt.com abrown@klestadt.com About the Church of the Immaculate Heart of Mary Church of the Immaculate Heart of Mary is a Roman Catholic parish based in Scarsdale, New York. Church of the Immaculate Heart of Mary sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23180) on Dec. 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Lauren Catherine Kiss, Esq. and Sean C. Southard, Esq. of Klestadt Winters Jureller. CIRTRAN CORP: Reports $702K Loss in 2025, Warns of Cash Shortfall ----------------------------------------------------------------- CirTran Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $701,634 for the year ended December 31, 2025, compared to a net loss of $2,626,876 in the prior year, reflecting a significant reduction in losses. Net sales for 2025 increased to $3,126,891 from $1,296,796 in 2024. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a working capital deficiency, a net loss from continuing operations, and an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company had a working capital deficiency of $22,432,958, as of December 31, 2025, and a net loss from continuing operations of $548,168 for the year ended December 31, 2025. As of December 31, 2025, it had an accumulated deficit of $62,345,701. CirTran said, "Our ability to continue as a going concern is dependent upon our ability to successfully accomplish our business plan and eventually attain profitable operations." "In the coming year, our foreseeable cash requirements will relate to the development of business operations and associated expenses. We may experience a cash shortfall and be required to raise additional capital. "Historically, we have mainly relied upon shareholder loans and advances to finance operations and growth. Management may raise additional capital by retaining net earnings, if any, or through future public or private offerings of our stock or loans from private investors, although we cannot assure that we will be able to obtain such financing. Our failure to do so could have a material and adverse effect upon our shareholders and us." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/8zxczs9b About CirTran Corp. CirTran Corporation specializes in manufacturing, marketing, distribution, and technology services in a wide variety of consumer products, including tobacco products, medical devices, and beverages, around the world. It has an innovative and consumer-focused approach to brand portfolio management, resting on a strong understanding of consumers domestically, and has established a footprint in more than 50 key international markets. As of December 31, 2025, the Company had $2,514,031 in total assets, $27,621,226 in total liabilities, and $25,107,195 in total stockholders' deficit. COLLIERCOUNT LLC: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Colliercount, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers 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 6. The Debtor's cash collateral is generated from business operations, which consists primarily of accounts receivable arising from its commercial landscaping services in Collier County, Fla. As of the petition date, the Debtor had accounts receivable of $194,896.84. The Debtor intends to use its cash collateral for maintenance of assets, payment of operating expenses, and payroll. It commits not to use cash collateral for payment of pre-petition obligations unless authorized by the court. Prior to bankruptcy, the Debtor obtained secured loans from Newtek Bank, National Association and Plantaxions, Inc. Both assert claims secured by substantially all accounts receivable and related proceeds, which may constitute cash collateral. Newtek and Plantaxions assert claims of approximately $1.1 million and $216,617, respectively. The Debtor offers protection to both creditors through a replacement or floating lien on post-petition collateral of the same type and priority as their pre-petition lien, ensuring that their secured position is not diminished during the bankruptcy case. The Debtor acknowledges the existence of other junior secured creditors with filed UCC-1 financing statements, including Deere Credit, Inc., Credibly of Arizona, LLC, and C.T. Corporation System as representative but asserts that these interests are subordinate to those of Newtek and Plantaxions. About CollierCount LLC CollierCount, LLC, doing business as U.S. Lawns of Naples, operates as a franchisee of U.S. Lawns, providing commercial landscaping and grounds maintenance services in Naples, Florida, and surrounding Collier County communities, including Vineyards, Immokalee, and Lely Resort. It offers turf maintenance, landscape improvements, irrigation and water management, landscape renovation, tree care, hardscape installation and maintenance, pest control, fertilization, and snow and ice management for commercial properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00613) on March 20, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Joe Titone, manager, signed the petition. Judge Luis Ernesto Rivera II presides over the case. Benjamin G. Martin, Esq., at the Law Offices of Benjamin Martin represents the Debtor as bankruptcy counsel. CONDUENT INC: Moody's Lowers CFR to B3, Outlook Remains Negative ---------------------------------------------------------------- Moody's Ratings downgraded Conduent Incorporated's (Conduent) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. Moody's also downgraded Conduent Business Services, LLC's backed senior secured bank credit facility, backed senior secured performance letter of credit facility, and backed senior secured notes due 2029 to B3 from B2. The outlook remains negative for both entities. The speculative grade liquidity rating was downgraded to SGL-4 from SGL-3. Conduent is a provider of business process outsourcing services across the commercial, government and transportation sectors. The downgrade of the CFR to B3 from B2 and negative outlooks reflect Moody's view thats Conduent's revenue, earnings, and free cash flow in 2026 will be lower than Moody's prior expectations. Moody's now expect revenue will decline in the mid-single-digit percentages with cash flow deficits of around $60 million in 2026. Similarly, Moody's expectations for improvement in debt/EBITDA are delayed, such that it will remain around 6x through the end of 2026 driven by the aforementioned lower revenue and revolver borrowings. Moody's expects profitability will remain low but gradually improve with EBITDA margins increasing to 5% in 2026 from 4.5% in 2025 as cost savings initiatives are realized, but cash flow deficits will persist through 2027. Moody's views liquidity as weak given Moody's expectations for cash flow deficits and the company's current revolver utilization. Nevertheless, the company's $233 million of cash and partial revolver and letter of credit facilities availability offer support, affording Conduent time to implement its turnaround strategy. ESG considerations, specifically governance risk associated with financial strategy and risk management policies, which feature a tolerance for high financial leverage, were a key driver of the rating actions. RATINGS RATIONALE Conduent's B3 CFR reflects its high financial leverage, with debt/EBITDA of 6.4x for the year ended December 31, 2025, excluding one-time restructuring charges, which Moody's expects to improve to around 6x by the end of 2026 and 5x in 2027. Profitability rates are low compared to many other rated business process outsourcing (BPO) companies; most notably in its transportation segment. In 2026, Moody's expects that Conduent will generate cash flow deficits of around $60 million as it executes cost restructurings to improve profitability. Moody's anticipations for lower financial leverage is driven by Moody's forecasts EBITDA margins improving to around 6% in 2027. Moody's recognizes that there is execution risk associated with these restructuring efforts and the company's history of revenue and earnings declines limit earnings visibility. Pricing pressure in the highly competitive BPO space could also dampen profit rate improvements. All financial metrics cited reflect Moody's standard adjustments. The credit profile is supported by the company's large scale and its solid market position in the BPO industry to governments, particularly healthcare services, as well as commercial clients operating in the healthcare industry and other private sector markets. Moody's expects revenue of around $2.9 billion in 2026. Conduent has a recurring revenue base with long standing customer relationships that provides top-line stability. Exposure to federal healthcare program changes could represent an opportunity as states look to implement redetermination and other eligibility requirements. The B3 senior secured debt ratings are consistent with Conduent's CFR as the rated senior secured debt accounts for the preponderance of the company's debt capital structure. Conduent's liquidity is weak, as indicated by the SGL-4 speculative grade liquidity rating, driven by Moody's expectations for cash flow deficits during the next 12 to 18 months. Liquidity is supported by cash of $233 million as of December 31, 2025, including $115 million held outside the US, and $53 million in availability as of January 2026 after $109 million in borrowings and $25 million in letters of credit on its $187 million revolver expiring in August 2028. Total availability excludes a $170 million tranche that expires in October 2026. The company also has a $93 million performance letter of credit facility expiring August 2028. Moody's anticipates additional revolver borrowing as Moody's believes that the company has limited excess cash. The company's cash flow is seasonal, with the bulk of cash flows occurring in the fourth quarter. Moody's notes that the company participates in a non-recourse receivable factoring program, selling $875 million in 2025, and believe that a reduction or loss of the program would create near term working capital needs to fund accounts receivable that could be covered by the company's revolver. There are no material term debt maturities until the senior secured notes are due in 2029. Conduent's revolver is subject to a financial covenant based on a maximum consolidated first lien net leverage ratio of 4.5x and a fixed charge coverage ratio of 2.5x. Based on current operating performance expectations, Moody's anticipates that the company will remain well in compliance with these covenants over the next 12 to 18 months. The negative outlook reflects Moody's concerns that Conduent's revenue declines and low profitability rates may not improve sufficiently to reverse cash flow deficits leading to weak liquidity and debt/EBITDA above 6.5x. The negative outlook also incorporates execution risk in the company's cost restructuring efforts and reversing revenue declines. The outlook could be revised to stable if the company demonstrates revenue growth and profitability improvements that lead us to anticipate debt/EBITDA to remain below 6x while maintaining positive free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, a ratings upgrade is not likely in the near term. Over the longer term, the ratings could be upgraded if Conduent demonstrates sustained organic sales growth in the mid-single digits, improvement in profitability, and adheres to conservative financial policies such that debt/EBITDA is maintained below 5x and Moody's expects free cash flow/debt is sustained in the mid-single-digit percentage range. The ratings could be downgraded if Conduent's revenue consistently declines more than expected, operating expenses increase, debt/EBITDA increases above 6.5x, or liquidity deteriorates more than anticipated including cash flow deficits beyond 2027 or increased reliance on revolver borrowings. 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. Conduent (NASDAQ: CNDT), based in Florham Park, New Jersey, is a provider of business process outsourcing services to clients operating in the healthcare industry and other private sector markets as well as domestic and foreign governments. Moody's forecasts that Conduent will generate sales of around $2.9 billion in 2026. CONLIN STREET: Seeks to Hire Brooks Gelpi Haase as Counsel ---------------------------------------------------------- Conlin Street LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Brooks Gelpi Haase, L.L.C. as counsel. The firm will provide these services: a) advise and consult with applicant concerning questions arising in the conduct of the administration of the estate, concerning applicant's rights and remedies with regard to the estate's assets and the claims of secured, priority and unsecured creditors and other parties in interest; b) assist in the preparation of such pleadings, motions, notices and orders as are required for the orderly administration of this case; c) negotiating and preparing on the applicant's behalf a plan of reorganization, disclosure statement, and all related agreements and/or documents, and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan; d) appear for, prosecute, defend and represent applicant's interests in suits and proceedings arising in or related to this case; e) investigate and prosecute preference and other actions arising under the Debtor in Possession's avoiding powers; and f) consult with and advise applicant in connection with the operation of its business. The firm will be paid at these rates: Attorneys $350 per hour Paralegals $85 per hour The firm received from the Debtor a retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Congeni 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: Leo D. Congeni, Esq. Brooks Gelpi Haase, L.L.C. 909 Poydras Street, Suite 2325 New Orleans, LA 70112 Tel: (504) 224-6723 Direct: (504) 522-4848 Fax: (504) 534-3170 Email: lcongeni@brooksgelpi.com About Conlin Street LLC Conlin Street LLC is a limited liability company that may be engaged in real estate ownership, property management, or related investment activities. Conlin Street LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10831) on April 7, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The Debtor is represented by Leo D. Congeni, Esq. of Brooks Gelpi Haase, LLC. Ryan James serves as Subchapter V Trustee. COSMOS HEALTH: Reports $19.14MM Loss in 2025, Going Concern Doubt ----------------------------------------------------------------- Cosmos Health Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting revenue of $65,271,815, a net loss of $19,144,998, and net cash used in operations of $8,447,614. As of December 31, 2025, the Company had cash and cash equivalents of $715,674 and restricted cash of $2,744,219, the latter designated for the purchase of digital assets (Ethereum) pursuant to the Convertible Note Agreement dated August 5, 2025. The Company also reported positive working capital of $116,412, an accumulated deficit of $133,167,273, and stockholders' equity of $18,424,629. Despite reported revenues, the Company stated that its revenues are not able to sustain its operations, and concerns exist regarding the Company's ability to meet its obligations as they become due. The Company is subject to a number of risks similar to those of smaller commercial companies, including dependence on key individuals and products, the difficulties inherent in the development of a commercial market, the need to obtain additional capital, competition from larger companies, and other pharmaceutical and health care companies. Management evaluated these conditions which raise substantial doubt about the Company's ability to continue as a going concern to determine if it can meet its obligations for the subsequent 12 months from April 15, 2026. Management considered its ability to access future capital, curtail expenses if needed, expand product lines, and acquire new products. Management's plans include expansion of brand name products to the market, expanding the current product portfolio, and evaluating acquisition targets to expand distribution. The exclusive distribution agreement signed for its Sky Premium Life products in the United Arab Emirates and the significant orders already received are expected to substantially strengthen its operating cash flow. Furthermore, the Company intends to vertically integrate its supply chain distribution network. With respect to capital markets activities, the Company has undertaken and intends to continue pursuing the following initiatives: * ATM Sales Program: During the period from September 22 to December 31, 2025, the Company issued an aggregate of 5,997,256 shares of its common stock under its At-the-Market sales program, pursuant to the Company's Shelf Registration Statement on Form S-3 (File No. 333-267550), for gross proceeds of $5,417,396 and net proceeds of $5,254,875, after deducting underwriter commissions and other offering expenses. The Company intends to continue utilizing the ATM program as a source of ongoing equity capital as market conditions permit. * ATW Convertible Note Facility: On August 5, 2025, the Company entered into a Securities Purchase Agreement for the issuance of up to $300 million of senior secured convertible promissory notes, with an initial closing of $8 million completed on August 6, 2025. The proceeds are primarily intended for digital asset acquisition and working capital. While the Company does not currently intend to draw additional tranches, it may pursue subsequent closings of up to $292 million available under this facility in the event additional capital needs arise, subject to the satisfaction of certain conditions. * New Shelf Registration Statement: On November 7, 2025, the Company filed a new Registration Statement on Form S-3 with the Securities and Exchange Commission, pursuant to which the Company registered up to $200,000,000 of securities, including shares of common stock, preferred stock, warrants, units, and subscription rights, on a shelf basis. The New S-3 was filed as a replacement registration statement pursuant to Rule 415(a)(6) under the Securities Act, with respect to securities remaining unsold under the Prior Registration Statement (File No. 333-267550). The Company intends to utilize the New S-3 to raise additional equity capital as and when needed, subject to the registration statement becoming effective. Management's plans also include postponing certain debt repayments through achieving favourable amendments to its debt facilities and making substantial efforts to secure additional debt financing. Additionally, the Company's management is considering postponing certain repayments to suppliers and creditors as necessary. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described herein and eventually secure other sources of financing and attain profitable operations. Considering these events, management is of the view that substantial doubt exists for the Company's ability to continue as a going concern. Accordingly, RBSM LLP issued a "going concern" qualification in its report dated April 15, 2026, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/96sxjnd6 About Cosmos Health Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. As of December 31, 2025, the Company had $65,477,518 in total assets, $47,052,889 in total liabilities, and $18,424,629 in total stockholders' equity. CREATIVE REALITIES: Widens Net Loss to $8.28MM in Fiscal 2025 ------------------------------------------------------------- Creative Realities, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $8,276,000 for the year ended December 31, 2025, compared to a net loss of $3,508,000 for the year ended December 31, 2024. Total sales for the year ended December 31, 2025, was $57,232,000 compared to $50,854,000 in the prior period. As of December 31, 2025, the Company has an accumulated deficit of $65,130,000 and negative working capital of $5,728,000. For the year ended December 31, 2025, the Company used net cash in operations of $7,750,000. Cincinnati, Ohio-based Grant Thornton LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company is experiencing difficulty due to the accumulated deficit, negative working capital, recurring losses and use of cash in operations, which raises substantial doubt about its ability to continue as a going concern. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. On November 6, 2025, the Company completed a refinancing of its senior debt facilities, and on November 7, 2025, the Company completed the acquisition of DDC Group International, Inc., and related financing arrangements. Management believes these actions are likely to significantly improve the Company's liquidity, scale, and overall financial condition. Its ability to generate positive net income and cash flows from operations is reliant on the successful integration and operation of this newly acquired business and therefore the financial impacts of this acquisition were not fully known at the time of the Company's going concern assessment. Management believes the completion of these transactions and the planned integration and operating plan for the newly acquired business with expected realization of synergies present the opportunity to prospectively eliminate the conditions giving rise to substantial doubt regarding the Company's ability to continue as a going concern in future periods. However, there can be no assurance that these efforts will be successful. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/m58fe43h About Creative Realities Headquartered in Louisville, Ky., Creative Realities -- https://cri.com/ -- designs, develops and deploys digital signage-based experiences for enterprise-level networks utilizing its Clarity, ReflectView, and iShowroom Content Management System (CMS) platforms. The Company is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues. In addition, the Company assists clients in utilizing place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. This includes the design, deployment, and day to day management of Retail Media Networks to monetize on-premise foot traffic utilizing its AdLogic and AdLogic CPM+ programmatic advertising platforms. As of December 31, 2025, the Company had $151,040,000 in total assets, $101,854,000 in total liabilities, and $21,498,000 in total stockholders' equity. DALLAS MOTORS: Case Summary & Five Unsecured Creditors ------------------------------------------------------ Debtor: Dallas Motors, LLC 4121 Forest Lane Garland TX 75042 Business Description: Dallas Motors is a Garland, Texas-based used vehicle dealer. The company sells used cars, trucks, and SUVs and provides vehicle financing, loan application support, vehicle history reports, and vehicle inspection and servicing. Dallas Motors serves car shoppers with used vehicle inventory across body styles including pickup trucks, sedans, SUVs, coupes, hatchbacks, minivans, wagons, and convertibles. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-31777 Debtor's Bankruptcy Counsel: Brandon Tittle, Esq. TITTLE LAW FIRM, PLLC 13155 Noel Rd., Suite 900 Dallas TX 75240 Tel: 972-213-2316 Email: btittle@tittlelawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ahmed Adi as member. A copy of the Debtor's list of its five unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V6QZLYY/Dallas_Motors_LLC__txnbke-26-31777__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VWGWHAY/Dallas_Motors_LLC__txnbke-26-31777__0001.0.pdf?mcid=tGE4TAMA DANA INC: Moody's Ups CFR to Ba2 & Unsecured Notes to Ba3 --------------------------------------------------------- Moody's Ratings upgraded Dana Incorporated's (Dana) corporate family rating to Ba2 from Ba3, the probability of default rating to Ba2-PD from Ba3-PD and the senior unsecured notes rating to Ba3 from B1. At the same time, Moody's upgraded the backed senior unsecured rating on financing subsidiary Dana Financing Luxembourg S.a.r.l.'s senior unsecured notes to Ba3 from B1. The outlook was maintained at stable. The speculative grade liquidity rating was unchanged at SGL-1. The upgrades reflect meaningfully lower financial leverage as a result of using proceeds from the sale of the Off-Highway segment to repay over $1.9 billion of debt, thereby improving financial flexibility to better manage core market volatility. The upgrades also reflect Moody's expectations that margins will steadily improve even in a flat-to-lower vehicle production environment, supported by higher margin platform launches, operational improvements, growth in the aftermarket business and additional cost savings. Governance considerations were a key factor in this rating action as the company utilized sale proceeds to significantly reduce debt. Additionally, ongoing execution of a sizable cost reduction plan and a well-articulated multi-year roadmap for earnings growth should help improve financial flexibility for the smaller, on-highway focused company. RATINGS RATIONALE Dana maintains a competitive position and good diversity as a supplier of driveline, thermal and sealing products for light and commercial vehicles. The Light Vehicle segment mix is weighted toward trucks and SUVs, which continue to grow as a percentage of global light vehicle production. Both the Light Vehicle and Commercial Vehicle segments are experiencing weaker demand and lingering uncertainty, highlighted by a sharp increase in fuel costs, still elevated interest rates, tariff implications and heightened geopolitical tensions. In addition to enabling pro forma debt-to-EBITDA to fall near 3x with the debt paydown, the sale of the Off-Highway segment results in a more streamlined business focused on on-highway end markets. The smaller revenue base reduces geographic and end-market diversification and increases customer concentration. Nonetheless, prospects for margin expansion are supported by a pivot back to more profitable legacy products/platforms with the slowdown in electric vehicle adoption, renewed focus on the aftermarket business and expansion into new markets utilizing current technologies. Accelerated deployment of robotics/automation along with other manufacturing efficiencies and structural cost reductions, including footprint optimization, should also contribute to margin improvement. To help offset the earnings' impact from the sale of its most profitable business, Dana has an ongoing cost reduction plan with targeted savings of $325 million by the end of 2026. Realized savings totaled nearly $260 million through 2025. In addition, the company expects to eliminate $40 million of stranded costs in 2026 stemming from the divestiture. Driven by the expectation of stronger earnings even with flat revenue, Moody's are projecting debt-to-EBITDA to fall below 2.5x and the EBIT margin to eclipse 4% in 2026. The stable outlook reflects Moody's expectations that Dana's cost saving efforts and higher margin new business launches will strengthen margins through 2027, even with lingering uncertainty within both of its core markets. Lower financial leverage and Moody's expectations for consistently solid free cash flow provide greater flexibility to manage through the potential for flat-to-lower vehicle production environments. Dana's SGL-1 speculative grade liquidity rating is supported by Moody's expectations for a sustained cash position of around $400 million and annual free cash flow near $150 million over the next couple of years. Additional liquidity is provided by near full availability under an unrated $1.15 billion revolving credit facility set to expire in March 2028. In addition to several incurrence-based covenants, the revolving facility has a financial covenant that limits first lien net leverage to no more than 2x. Moody's expects Dana to maintain sufficient headroom in complying with these requirements through 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with an EBIT margin in excess of 6% supported by cost structure improvements, debt-to-EBITDA maintained below 3x and EBITDA-to-interest greater than 8.5x. Maintenance of very good liquidity, including annual free cash flow sustained above $200 million, could also result in positive rating action. The ratings could be downgraded if the EBIT margin is sustained below 5%, debt-to-EBITDA exceeds 3.5x, EBITDA-to-interest remains less than 7x or liquidity deteriorates, including a material decline in free cash flow. The principal methodology used in these ratings was Automotive Suppliers published in November 2025. Dana's Ba2 CFR is two notches higher than the B1 scorecard indicated outcome for December 2025. The differential reflects the fact that significant debt repayment from sale proceeds took place in January 2026, after the close of 2025, leaving debt-related metrics weaker with the reduced earnings profile. Dana Incorporated is a global manufacturer of drive systems (axles, driveshafts, transmissions), sealing solutions (gaskets, seals, cam covers, oil pan modules) and thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling) serving OEMs in the light vehicle and commercial vehicle markets. Revenue for the year ended December 31, 2025 was approximately $7.5 billion. DARE BIOSCIENCE: Reclassifies Director Gregory Matz to Class III ---------------------------------------------------------------- Dare Bioscience, Inc. disclosed in a regulatory filing that under its Restated Certificate of Incorporation, as amended, and Third Amended and Restated By-laws, as amended, the Company's Board of Directors, is divided into three classes, with one class of directors standing for election each year for a three-year term, and each class is to consist, as nearly as may be possible, of one-third of the total number of directors constituting the entire Board of directors. Dare's Board of directors currently consists of six members. To rebalance the classes of directors, the Board determined that one of its members should be reclassified from Class II (with a term expiring at our 2028 annual meeting of stockholders) to Class III (with a term expiring at our 2026 annual meeting of stockholders). On April 16, 2026, Gregory W. Matz, voluntarily tendered his resignation from his position as one of the Company's Class II directors, and the Board accepted his resignation and simultaneously reappointed him as a Class III director. He, along with Sabrina Martucci Johnson, another Class III director, will stand for re-election at the 2026 annual meeting of stockholders. The resignation and reappointment of Mr. Matz was effected solely for the purpose of rebalancing the three classes of the Board, and for all other purposes his service on the Board of Directors is deemed to have continued uninterrupted. There were no changes to Mr. Matz's committee assignments as a result of his reclassification. 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. DNA X: Baker Tilly US Raises Going Concern Doubt ------------------------------------------------ DNA X, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $20.7 million for the year ended December 31, 2025, compared to a net loss of $33.6 million for the year ended December 31, 2024. San Jose, CA-based Baker Tilly US, LLP, issued a "going concern" qualification in its report dated April 14, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company is subject to the risks and uncertainties associated with operating a cryptocurrency trading platform, including the ability to attract new customers and keep existing customers from moving their business to other competitors. Further, the Company is not currently generating enough cash to cover the Company's overhead, and as such, the Company must secure capital by either issuing equity or through debt. These conditions raise substantial doubt about its ability to continue as a going concern. The Company received approximately $3.5 million in cash proceeds from the sale of its phone and hotspot business on January 23, 2026. This cash is expected to allow the Company to operate the DNA X platform through the second quarter of 2026. Since the cash flow from the DNA X platform is not currently generating enough cash to cover the Company's overhead, the Company must secure capital by either issuing equity or through debt. The Company is currently analyzing options to raise capital and expects to implement a plan in the second quarter of 2026. Due to the uncertainty of obtaining financing, there is substantial doubt regarding the Company's ability to continue as a going concern as of the date of the filing of the 10-K Report. 2026 Outlook: "We expect future growth in revenue, gross margin and profitability as we exit the monitoring and testing phase and begin marketing our trading platform to the public," said Clay Crolius, CFO of DNA X. "With product enhancements and an increase in the number of cryptocurrencies that can be traded, we believe we are uniquely positioned to grow while increasing our margins." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4nxa6kzw About DNA X, INC. DNA X, Inc. was incorporated in the state of Delaware on August 5, 1999 under the name Sonim Technologies Inc., and is headquartered in San Diego, California. Effective January 23, 2026, the Company changed its name to DNA X, Inc. The Company operates a cryptocurrency trading service that operates on the internet and allows customers to trade cryptocurrencies and to implement strategies to buy and sell pairs of cryptocurrencies. See www.dnax.us for more information on the services offered. Until January 23, 2026, the Company operated a cell phone and mobile hotspot manufacturing business. The assets of the phone and mobile hotspot business were sold to Pace Car Acquisition LLC on January 23, 2026. As of December 31, 2025, the Company had $43.9 million in total assets, $50.6 million in total liabilities, and $8 million in total stockholders' deficit. ECUBE LABS: Seeks to Extend Plan Exclusivity to July 31 ------------------------------------------------------- Ecube Labs Co. asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 31 and Sept. 31, 2026, respectively. Consideration of the factors favors granting the extension of the exclusivity periods as requested by the Debtor: * The size and complexity of the case. While the Debtor does not have tons of creditors, the Debtor has focused its efforts on obtaining post-petition financing and stabilizing its operations since the Petition Date while significant challenges from the Waste Connections Parties during this case. Thus, even if this chapter 11 case is not particularly large, it become complex from the litigious nature of a party in interest. * The necessity of sufficient time to permit the Debtor to negotiate a plan of reorganization and prepare adequate information. The outcome of the Extend Stay Motion and the Stay Relief Motion is anticipated to impact the estate's resources and thus the formulation of an exit strategy. As such, granting the Debtor additional time to formulate a confirmable plan hopefully on a consensual basis with creditors is reasonable and fair and in the best interest of the estate and its creditors. * The Debtor's Good Faith Progress. Since the Petition Date, the Debtor has focused its efforts on stabilizing its operations for future growth. Aside from stabilizing its operations, the Debtor has faced challenges from the Waste Connections Parties. Notwithstanding such challenges, the Debtor believes the record of this case demonstrates the Debtor's good faith efforts in maximizing value of the assets of the estate for all creditors and forging a way for a successful reorganization. * Payment of bills as they become due. The Debtor is generally paying its postpetition bills as they become due, which again weighs in favor of further extending the Debtor's exclusivity periods. * Whether the Debtor has made progress in negotiations with creditors. The Debtor expects that once the Extend Stay and Stay Relief Motions are ruled on by the Court, the Debtor will be in a better position to assess the path to a confirmable plan and successful reorganization. The Debtor thus requests that it be given the opportunity to meaningfully formulate and negotiate a plan with creditors. * Whether the Debtor is seeking an extension of exclusivity to pressure creditors to submit to the Debtor's reorganization demands. The Debtor is not seeking an extension of exclusivity as a tactic to pressure creditors. Indeed, the Debtor has not yet made any reorganization "demands" on any creditors in this case. Rather, the Debtor seeks these additional extensions to allow the time needed to formulate a plan in the first instance. * Gross mismanagement of the Debtor. The Debtor is not mismanaging its affairs. Rather, the Debtor has acted responsibly and has taken the appropriate steps to maximize the value of its assets for the benefit of all creditors. The Debtor will continue to manage its business and affairs in a responsible manner and fulfill its fiduciary duties as debtor-in-possession as its works toward proposing a plan to the collective benefit of all parties in interest in this case. Ecube Labs Co. is represented by: Emily S. Chou, Esq. J. Blake Glatstein, Esq. Mary Taylor Stanberry, Esq. VARTABEDIAN HESTER & HAYNES LLP 301 Commerce Street, Suite 2200 Fort Worth, Texas 76102 Tel: (817) 214-4990 E-mail: emily.chou@vhh.law blake.glatstein@vhh.law mary.stanberry@vhh.law About Ecube Labs Co. Ecube Labs Co., doing business as Haulla, arranges waste collection, junk removal, and dumpster rental services for commercial customers by connecting them with local haulers. The Company manages and coordinates disposal services to help businesses reduce costs and improve efficiency. Founded in 2017 and based in Alhambra, California, Haulla serves clients including restaurants, retail stores, offices, auto shops, and other commercial establishments in markets such as Los Angeles, Dallas, Houston, Austin, and Baltimore. Ecube Labs Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43950) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Emily S. Chou, Esq. of VARTABEDIAN HESTER & HAYNES LLP. EDEN HOME: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Eden Home Care Services, Inc. 989 Liberty Ave. Brooklyn NY 11208 Business Description: Eden Home Care Services, Inc. is a licensed home care services agency based in Brooklyn, New York. The company provides home care services including companion care, in-home care, nurse aide services, nursing services, medication care, physical therapy, nutrition counseling, respiratory therapy, occupational therapy, assistance with daily living activities, and private duty nursing. It serves the New York City and Long Island regions and collaborates with physicians, hospitals, and family members to create customized care plans. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-41991 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Donna Este-Green, Esq. DONNA ESTE-GREEN, ESQ. 25 Fairway Dr. Hemptead NY 11550 Tel: 516-996-7900 E-mail: destegreen@gmail.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Wayne Peters as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M6JPQUY/Eden_Home_Care_Services_Inc__nyebke-26-41991__0001.0.pdf?mcid=tGE4TAMA EDGED COMPUTE: Fitch Assigns BB-(EXP) LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Edged Compute LLC's Long-Term Issuer Default Rating (IDR) and its issuance of $1.3 billion senior secured notes an expected 'BB-(EXP)' rating. The Rating Outlook is Stable. The rating reflects contracted revenue from a 16-year CoreWeave Inc (BB-/Positive) lease for the Chicago facility and a 15-year Alibaba Cloud LLC (not rated) lease for the Atlanta facility. Based on Fitch's rating case assumptions, the initial lease term is sufficient to fully amortize debt post refinancing, minimizing reliance on lease renewals. The financial profile, reflecting the project's ability to issue additional debt, remains commensurate with the rating. The project is also exposed to completion risk. This risk is mitigated by the project's relatively straightforward scope and the involvement of an experienced contractor. The rating is capped by CoreWeave's credit profile, as Fitch does not treat CoreWeave as replaceable, given insufficient liquidity under a tenant bankruptcy scenario. Fitch's analysis relies on Alibaba Cloud LLC's lease performance but considers event risk from potential U.S. sanctions on Alibaba Group. This low- to medium-likelihood sanctions risk, with moderate impact, is likely to constrain the rating at 'BB-(EXP)' unless Fitch deems the risk extremely low. The IDR is equalized with the debt facilities' ratings. KEY RATING DRIVERS Completion Risk - Stronger Simple Construction, Experienced Contractor Completion risk is supported by the relatively straightforward construction scope for both facilities. The general contractors, Brasfield & Gorrie (Atlanta) and FCL Builders (Chicago), and the developer have relevant experience delivering data centers on time and on budget. Cost escalation risk is substantially mitigated by fixed-price GMP contracts and 90% of owner-furnished equipment has been procured. The Chicago lease includes a yield-on-cost mechanism allowing certain cost increases to be recovered through rent, subject to a cap. All phases include two to three months of schedule headroom relative to lease-required dates, with the LTA considering the timeline reasonable. The Atlanta lease provides no tenant termination rights for late delivery. The Chicago lease includes rent credits after a 30-day grace period, though delay risk is mitigated by a longer-than-typical 270-day outside termination date, with further extensions for permitting, supply chain, or utility delays. A fully funded six-month debt service reserve account (DSRA) also provides mitigation against completion delays. Supply Risk - Weaker Substations Construction Risk The project faces utility power supply risk because both facilities rely on new substations. The Atlanta substation is substantially complete and expected to be energized by May 2026, well ahead of commissioning. Supply risk is further mitigated by an executed energy services agreement (ESA) with Georgia Power (A-/Stable), with re-pricing risk mitigated by the ability to pass power costs to the tenant. For Chicago, the contribution-in-aid of construction agreement (CAIC) with ComEd (not rated) is nearly finalized, though a separate agreement has allowed substation construction to commence. Energization is expected well in advance of the first ready-for-service date. Long-lead equipment is confirmed to be on schedule. However, timely completion of the substation is still a risk due to limited visibility into ComEd's construction program and any potential impact that design changes can have on transmission upgrades. While no ESA has been executed, the project can procure power directly from ComEd at higher retail prices passed through to the tenant. Revenue Risk - Stronger No Renewal Risk The project benefits from contracted revenue under a 16-year NNN lease with CoreWeave for the 72 MW Chicago facility and a 15-year MG+E lease with Alibaba Cloud LLC for the 42 MW Atlanta facility, each with two five-year renewal options. Both assets are in Tier 1 markets with strong demand, low latency and low vacancy. The Alibaba lease is unconditionally guaranteed by Alibaba Group Services Limited (not rated). Under Fitch's rating case, combined initial lease term cash flows fully amortize debt post-refinancing, minimizing reliance on lease renewals. Operation Risk - Midrange Operator Execution Risk The Chicago facility (60% of total IT capacity) is contracted under a NNN lease (passing on essentially all operating costs to the tenant), while the Atlanta facility (40% of total IT capacity) operates under MG+E lease. The largest cost is for power and in both cases is passed on to tenants. Leases include performance standards under which tenants may receive outage/service credits offset against rent. The Atlanta lease provides tenant termination rights in the event of sustained critical deficiencies. The Chicago lease limits SLA-linked termination to the operations agreement. Edged's limited operating history increases execution risk in meeting performance requirements. Infrastructure Development & Obsolescence Risk - Neutral New Buildings, Limited Capex Since debt can fully amortize within the initial lease terms under Fitch's rating case, exposure to technological obsolescence is limited. As newly built facilities, core systems have useful lives extending beyond the lease terms. Fitch expects only modest capex, primarily battery replacement in Atlanta, while the Chicago tenant bears responsibility for maintaining and replacing mechanical and electrical components. Debt Structure - 1 - Weaker Refinancing Risk, Relaxed Provisions The notes mature in 2031, creating refinancing risk, particularly given the sponsors' limited refinancing track record. This risk is partially mitigated by the ability to fully amortize the remaining debt over the residual initial lease term under Fitch's rating case, thereby reducing reliance on lease renewals. The DSRA is funded at closing at six months of debt service. The structure features debt incurrence limits, separateness requirements, and special-purpose entity (SPE) covenants preventing commingling or guaranteeing parent obligations. The borrower must operate as an SPE limited to developing and operating these data centers and shared facilities infrastructure. Fitch views certain provisions as atypical and weaker than standard project finance structures. Financing documents permit additional debt without rating confirmation, restricted by a loan-to-cost (LTC) ratio of 85% on a pari passu basis and 95% on a non-pari passu basis—significantly above expected LTC at financial close. Prior to incurrence, the issuer must determine in good faith that estimated future NOI covers pro forma debt service. The issuer may also undertake mergers or consolidations without a rating confirmation, use asset or casualty event net proceeds in similar businesses, or enter JVs, though additional debt beyond permitted levels is prohibited. If a lease is terminated, including due to a sanctions event, the terms allow replacement with a qualified tenant, which can be an unrated counterparty with a market cap of more than $50 billion. This may increase counterparty risk. This risk is partially mitigated by a requirement for rating confirmation from any two rating agencies. Potential Sanctions Risk Fitch's analysis considers event risk from potential U.S. sanctions on Alibaba Group, which is highly relevant to the rating. This low- to medium-likelihood sanctions risk, with moderate impact is likely to constrain the rating at 'BB-(EXP)' unless the likelihood is deemed extremely low. Peer Analysis The closest peers are Cipher Compute LLC (BB-/Stable) and WULF Compute LLC (BB/Stable) both of which are constrained by elevated completion risk. In comparison to these peers, Edged Compute LLC faces low completion risk and benefits from contracted cash flows from two projects, one with a 15-year initial lease term and the other with a 16-year initial lease term. Edged Compute's financial profile reflects a PLCR at refinancing of 1.14x, high dependence on CoreWeave Inc. (BB-/Positive Outlook), potential for sanctions on Alibaba Cloud LLC (not rated), and weaker-than-standard project financing debt structure RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade in CoreWeave's credit quality below 'BB-'; - Construction delays that exceed allowable times as indicated in the lease terms, leading to potential tenant rent credits or lease termination as applicable, or significant construction delay costs not covered by contingencies or reserves; - Degradation of financial performance, leading to sustained DSCR or PLCR below 1.10x; for example, driven by the designation of Alibaba LLC, Alibaba Group Services Limited, and/or Alibaba Cloud LLC as a restricted party in the US. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade in CoreWeave's credit quality above 'BB-' and a PLCR above 1.15x, along with Fitch's assessment that the likelihood of any potential sanctions event risk relating to the Alibaba lease is extremely low. This compares with a current PLCR of 1.14x. Financial Profile Fitch's base case and rating case assess project cash flows over the initial lease terms (15 and 16 years), fixed annual lease escalations, and an additional debt allowance of $319 million in 2031(assuming additional debt is raised in line with 85% LTC allowance). The base case does not assume opex or capex stresses for the Chicago lease given the NNN lease, but it assumes a 5% stress to opex and includes some lifecycle costs largely relating to batteries, allocated evenly across years eight to 10, for Atlanta's MG+E lease. Fitch has also considered 8% refinance rate. Under these assumptions, the PLCR at refinancing (year five/2031) is 1.18x and the average DSCR is 1.43x over 2027-2031. The rating case is identical to the base case, except that for (i) an 8.5% refinance rate at year five and, as it relates to the Atlanta lease, (ii) a 10% stress to life cycle costs and (iii) a 10% stress to opex. Under these assumptions, the PLCR at refinancing (year five/2031) is 1.14x and the average DSCR is 1.42x over 2027-2031. For the amortization years only (2030-2031), the average DSCR is 1.11x. The financial profile, as reflected in the PLCR, is consistent with the rating. Fitch also ran a scenario to capture the event risk of Alibaba becoming a sanctioned entity and being unable to operate in the United States. This case retains the same assumptions as the rating case, with two exceptions: (i) beginning in January 2028, Fitch applies a 12-month vacancy stress; and (ii) from January 2029 onward, Fitch assumes a re-leasing rate of $125/kW per month, consistent with comparable MG+E leases in the Atlanta market. Under these assumptions, the PLCR at refinancing (year 5 / 2031) is 1.03x. Average DSCR is 1.18x over 2027-2031. For the amortization years only (2030-2031), the average DSCR would be close to 1.00x. TRANSACTION SUMMARY Edged Compute LLC plans to issue $1.3 billion of senior secured notes to partially fund the development of two hyperscale data centers: ATL01-3 in Atlanta, GA (42 MW IT load under contract; tenant: Alibaba; 15-year modified gross lease) and ORD01-2 in Chicago, IL (72 MW IT load under contract; tenant: CoreWeave; 16-year NNN lease plus operating agreement). Total project costs are $1.63 billion, implying a 71% loan to cost for the proposed notes. The notes have a five-year tenor and are secured by a first lien on all assets, contracts, and cash flows of the issuer and its subsidiaries (subject to excluded assets). The final ratings are contingent upon the receipt by Fitch of final documents conforming to information already received and reviewed as well as the final pricing of the bonds. SECURITY First lien on all assets, contracts and collection rights of Edged Compute and its subsidiaries. Date of Relevant Committee 09 April 2026 PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Ratings are directly linked with CoreWeave's credit quality (BB-/Positive Outlook) but are constrained by the potential for sanctions risk. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Edged Compute LLC. ESG Considerations Edged Compute LLC has an ESG Relevance Score of '5' for Exposure to Social Impacts due to the potential of sanctions from the U.S. on the Alibaba Group, which has a negative impact on the credit profile and is highly relevant to the rating. This low-to-medium sanctions likelihood with moderate impact, is likely to constrain the rating at the existing level unless deemed extremely low. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Edged Compute LLC LT IDR BB-(EXP) Expected Rating Edged Compute LLC/Senior Secured Debt/1 LT LT USD 1.3 bln bond/note LT BB-(EXP) Expected Rating ELIZA JENNINGS: Fitch Affirms 'BB+' IDR, Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed Eliza Jennings Senior Care Network, OH's (EJSCN) Issuer Default Rating (IDR) at 'BB+' and its rating on the series 2022A healthcare facilities revenue refunding bonds issued by the county of Cuyahoga, OH on behalf of EJSCN at 'BB+'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Eliza Jennings Senior Care Network (OH) LT IDR BB+ Affirmed BB+ Eliza Jennings Senior Care Network (OH) /General Revenues/1 LT LT BB+ Affirmed BB+ The affirmation reflects improving operations and liquidity, supported by stronger occupancy and the successful integration of Eliza at Chagrin Falls. The rating also reflects continued high exposure to skilled nursing and Medicaid reimbursement, which constrain the credit profile. The Stable Outlook reflects Fitch's expectation that EJSCN will maintain adequate profitability and liquidity while managing reimbursement, labor, and demand risks. SECURITY Bondholders are granted a security interest in the gross revenues of EJSCN, a first mortgage lien on EJSCN's campuses. A fully funded debt service reserve fund provides additional security for the series 2022A bonds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Improving Occupancy; Competitive Cleveland-Area Market Limits Pricing Flexibility EJSCN's revenue defensibility is midrange and reflects strong occupancy at The Renaissance and improving census across the broader platform following the integration of Eliza at Chagrin Falls. Independent living occupancy at The Renaissance has remained around 95% over the last four years and improved to 96% through 2Q26. Occupancy gains in assisted living, memory care, and skilled nursing also support the assessment and reflect better performance at the acquired Chagrin Falls campus. Fitch views the expanded four-campus network as a modest credit positive because it adds scale and some geographic diversification. The revenue profile remains constrained by a moderately competitive Cleveland-area market, limited pricing flexibility relative to stronger senior living markets, and meaningful exposure to skilled nursing and Medicaid at Eliza Jennings Home. The Type C structure at The Renaissance remains a competitive strength and supports stable independent living demand. Fitch expects occupancy and private-pay demand to remain supportive, but the revenue profile will continue to reflect a weaker skilled nursing mix. Operating Risk - 'bb' Solid Core Profitability, High SNF and Medicaid Exposure EJSCN's operating risk is weak and reflects the organization's high exposure to skilled nursing and Medicaid reimbursement, especially at Eliza Jennings Home. These risks are partly offset by the broader platform, a solid record of cost management, and the fee-for-service nature of operations outside the life plan community. Fitch also views the stabilization of the newer assisted living product at The Renaissance and the improving performance at Chagrin Falls as supportive of a more stable operating base. Operating performance improved materially in FY24 and FY25 after weaker results in FY23, and momentum continued into 2Q26. Fitch attributes this improvement to better occupancy, lower labor pressure, private-pay rate increases, and favorable reimbursement changes. Fitch expects profitability to remain adequate for the rating if recent gains hold. The operating profile remains constrained by the heavy skilled nursing mix, dependence on referral and reimbursement trends, and ongoing capital needs. Fitch expects EJSCN to pursue additional opportunities for growth and margin expansion over time, including a potential ILU project at The Renaissance (where there are 40+ acres that can be utilized). Financial Profile - 'bb' Improving Liquidity EJSCN's financial profile is weak but improving. Liquidity strengthened to about $41 million and cash-to-adjusted debt improved to about 69% at 2Q26. Debt remains elevated following the Chagrin Falls acquisition, but coverage remains adequate for the rating category and reflects only modest reliance on entrance fee activity. Fitch views the recent improvement in unrestricted liquidity and debt service capacity as supportive of the current rating. Fitch's forward-looking scenario assumes continued occupancy support, manageable labor pressure, and steady core operations. In Fitch's stress case, leverage and liquidity remain consistent with the current rating even with the incorporated revenue and portfolio stresses. The financial profile also remains constrained by expected capital spending over time and the organization's still-elevated leverage following the acquisition. Asymmetric Additional Risk Considerations There are no asymmetric additional risk considerations. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A decline in unrestricted liquidity and/or a new money debt issuance, such that cash-to-adjusted debt falls below 30% and is not expected to improve; - Weaker operating performance, such that revenue-only MADS coverage is expected to be consistently under 1.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch views the potential for positive movement for the rating as limited given the heavy reliance on SNF operations, EJSCN's Medicaid SNF payor mix concentration, the organization's light liquidity and the expectation of strategic capital spending over the next five years that will affect sustained balance sheet improvements; - Longer term, good cash flow leading to growth in unrestricted liquidity such that cash-to-adjusted debt is expected to stabilize at or above 100%; - Improved SNF payor mix where Medicaid consistently accounts for less than 25% of skilled nursing net revenues; - An increase in ILUs that results in the consolidated organization having more ILUs than SNF beds. PROFILE EJSCN is a nonprofit parent company of four healthcare-related entities: EJ Home, The Renaissance, Devon Oaks Assisted Living Corporation (Devon Oaks), and Eliza at Chagrin Falls. EJ Home is in Cleveland, OH and consists of 126 SNF beds. The Renaissance is in Olmsted Township, OH (approximately 20 miles southwest of Cleveland) and consists of 176 ILUs, 30 ALU, 18 MCU and 85 SNF beds. Devon Oaks is in Westlake, OH (approximately 20 miles west of Cleveland) and consists of 54 ALUs and 12 MCUs. Eliza at Chagrin Falls is in Chagrin Falls, OH (approximately 25 miles east of Cleveland) and consists of 75 ALUs, 18 MCUs and 29 SNFs. EJSCN had total operating revenues of $57.3 million in FY25 (FYE June 30). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. EMMAUS LIFE: Fills Board, Audit Committee Vacancy With Henry Du --------------------------------------------------------------- Emmaus Life Sciences, Inc. disclosed in a regulatory filing that by written consent, the directors appointed Henry H. Du to fill the vacancy on the Board of Directors created by the recent resignation of Jon Kuwahara. Mr. Du is expected to also be appointed to replace Mr. Kuwahara as the sole member of the Audit Committee of the Board. Mr. Du, age 48, has served as the Vice President – Finance Accounting and interim Chief Financial Officer of Alpha Cognition, Inc. (NASDAQ: ACOG), Grapevine, Texas, a biopharmaceutical company developing novel therapeutics for debilitating neurodegenerative disorders, since October 2024. Prior to joining Alpha Cognition, Inc., Mr. Du served in senior finance and accounting positions with a number of life sciences and other companies. Mr. Du is a Certified Public Accountant and holds a Bachelor of Arts degree from Claremont McKenna College, Claremont, California. There are no family relationships between Mr. Du and any of the other directors, executive officers, or persons nominated or chosen to become a director or executive officer. Mr. Du is expected to be compensated for his services in the same manner as other directors, and is not party to any current or proposed transaction for which disclosure is required under Item 404(a) of Regulation S-K. About Emmaus Life Sciences Emmaus Life Sciences, Inc. is a commercial-stage biopharmaceutical company engaged in the marketing and sales of the Company's lead product Endari (prescription grade L-glutamine oral powder), which is approved by the U.S. Food and Drug Administration, or FDA, to reduce the acute complications of sickle cell disease in adult and pediatric patients five years of age and older. Endari has received Orphan Drug designation from the FDA, which designation generally affords to market exclusivity for Endari in the U.S. for a seven-year period ending in July 2024. Costa Mesa, California-based CBIZ CPAs P.C., the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $21.4 million in total assets, $85 million in total liabilities, and $63.6 million in total stockholders' deficit. ENVUE MEDICAL: Net Loss Widens to $18.2 Million in FY2025 --------------------------------------------------------- ENvue Medical, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. For the fiscal year ended December 31, 2025, and 2024, the Company had a net loss of approximately $18.2 million and $3.7 million, respectively, with revenues of approximately $2.6 million and $2.6 million, respectively. As of December 31, 2025, and 2024, the Company had an accumulated deficit of approximately $90.5 million and $69.8 million, respectively. Tel-Aviv, Israel-based Kost Forer Gabbay & Kasierer, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses and negative cash flows from operations, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. The Company said, "We expect to incur losses for at least the next year, as we continue to incur expenses related to seeking additional U.S. Food and Drug Administration clearances for PainShield, and market acceptance of PainShield, which may require costly additional clinical trials and research, further product development and professional fees associated with regulatory compliance." "During the year ended December 31, 2025, our cash used in operations was $9.4 million leaving a cash balance of $4.2 million as of December 31, 2025. Because we do not have sufficient resources to fund our operations for the next twelve months from the date of this filing, management has substantial doubt about our ability to continue as a going concern. In addition, we have incurred additional short-term debt related to the Merger. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should we be unable to continue as a going concern." "We will need to raise additional capital to finance our losses, debt obligations, and negative cash flows from operations and may continue to be dependent on additional capital raising as long as our products do not reach commercial profitability. There are no assurances that we would be able to raise additional capital on terms favorable to it. If we are unsuccessful in commercializing our products and raising capital, we will need to reduce activities, curtail, or cease operations. Even if we succeed in commercializing our new products, we may not be able to generate sufficient revenues to cover our expenses and achieve profitability or be able to maintain profitability." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/2tajrzf6 About ENvue Medical ENvue Medical, Inc. (formerly known as NanoVibronix, Inc.) operates as a medical device company. The Company focuses on non-invasive biological response-activating devices that target wound healing and pain therapy. ENvue Medical develops medical devices based on its proprietary therapeutic ultrasound technology. As of December 31, 2025, the Company had $41.1 million in total assets, $7.6 million in total liabilities, and $33.5 million in total stockholders' equity. EVOFEM BIOSCIENCES: Extends Adjuvant Notes Maturity by Six Months ----------------------------------------------------------------- Evofem Biosciences, Inc. disclosed in a regulatory filing that the Company and Adjuvant Global Health Technology Fund, L.P. together with Adjuvant Global Health Technology Fund DE, L.P., entered into a fourth amendment to the Securities Purchase Agreement dated as of October 14, 2020, as amended, pursuant to which Adjuvant purchased from the Company certain convertible promissory notes. The Fourth Amendment amends certain provisions within the Securities Purchase Agreement including updating the date that the Notes will be payable in full to the earlier of: (a) six months after the Effective Date (April 10, 2026) (b) at the election of Adjuvant, the date of a consummation of a Change of Control, and (c) the date of any acceleration of the Notes in accordance with Section 8. The Notes may not be prepaid prior to the date that is six months after the Effective Date without prior written consent of Adjuvant. A full text copy of the Fourth Amendment to Securities Purchase Agreement is available at https://tinyurl.com/5cctkvn7 About Evofem Evofem Biosciences, Inc. is a San Diego-based biopharmaceutical company focused on sexual and reproductive health innovations. Its first commercial product, PHEXXI, is a hormone-free prescription contraceptive gel that was FDA-approved in 2020. In November 2024, they re-launched SOLOSEC, an oral antimicrobial agent for treating two common sexual health infections, following its acquisition of global rights. The Company aims to expand its global presence through partnerships and licensing agreements, such as the recent licensing of PHEXXI commercial rights in the Middle East to Pharma 1 Drug Store, LLC. BPM LLP, the Company's independent registered public accounting firm since 2023 and headquartered in Sacramento, California, included an explanatory paragraph in its audit report dated March 11, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has suffered recurring losses from operations, negative cash flows from operations since inception, and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $20.3 million in total assets and $89.7 million in total liabilities, and total stockholders' deficit of $74.3 million. FIREHOUSE GRILL: Seeks to Extend Plan Exclusivity to June 22 ------------------------------------------------------------ Firehouse Grill, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity period to file a plan of reorganization to June 22, 2026. The Debtors are six related entities which have simultaneously filed chapter 11 cases. The related entities consist of four operating restaurants and two single asset real estate entities from which two of the restaurant debtors operate. Each of the entities is owned and/or controlled by George Patrick Fowler. On March 27, 2026, the United States Trustee filed his Objection to Small Business and Subchapter V Designation. Should the Subchapter V Debtors' Subchapter V designation be denied, the Subchapter V Debtors would result in additional time to file their Plans. Based upon initial research, the Debtors anticipate the Subchapter V Debtors' Subchapter V designations will be denied, resulting in additional thirty days to file their Plan. The Debtors explain that they are in need of an extension of time to file their plans while the restaurants assess financial results from each location. The Debtors continue to work on their cashflow projections to accompany their plans of reorganization. The Debtors assert that the requested extension is attributable to circumstances for which the Debtors should not justly be accountable. The Debtors further assert that this Motion is not being brought to cause delay, no party will be prejudiced by the granting of the requested extension, and no prior extensions have been requested. Counsel to the Debtors: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN 135 South LaSalle Street, Suite 3950 Chicago, IL 60603 Telephone: (312) 641-6777 E-mail: sclar@cranesimon.com About Firehouse Grill Inc. Firehouse Grill Inc. is a restaurant operator providing prepared food and beverage services to customers through its dining location. The company participates in the food service sector, focusing on in-person dining and related hospitality operations. Firehouse Grill Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00903) on January 20, 2026. In its petition, the Debtor listed up to $1 million in estimated assets and up to $10 million in estimated liabilities. The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman as counsel and Weinberg Barton & Company as accountant. FOUR SEASONS: Hires BCM Advisory Group LLC as Financial Advisor --------------------------------------------------------------- Four Seasons Outdoor Services, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ BCM Advisory Group, LLC as financial advisor. The Debtor needs the firm's financial advice and assistance in preparing its financial statements, its plan of reorganization, doing its cash flow projections, feasibility analysis, negotiations with creditors, and the preparation of the required schedules, statement of financial affairs and monthly operating reports. The firm will be paid at these rates: Principal $300 per hour Consultants $150-$200 per hour The firm received $7,500 from the Debtor as a pre-petition retainer. Against that retainer it billed the sum of $4,950, leaving a balance of $2,550 as of the time of filing. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Mills 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: Jason Mills BCM Advisory Group, LLC 190 Main St., 3rd Floor Saco, ME 04072 Tel: (207) 807-95169 About Four Seasons Outdoor Services, LLC Four Seasons Outdoor Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 26-10317) on April 11, 2026, listing up to $10 million in both assets and liabilities. Ryan Borden, Esq., at Ford, McDonald & Borden, PA represents the Debtor as counsel. FREIGHT SHERPAS: Employs Law Offices of David Freydin as Counsel ---------------------------------------------------------------- Freight Sherpas, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ David Freydin of the Law Offices of David Freydin, Ltd to serve as bankruptcy counsel in its Chapter 11 Subchapter V case. Mr. Freydin will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) negotiate with creditors on behalf of the Debtor; (c) prepare a plan of reorganization, financial statements, and other required filings; (d) examine, analyze, and resolve claims filed against the bankruptcy estate; and (e) perform other legal services necessary for the administration of the Chapter 11 case. The firm will be compensated at an hourly rate of $450 for David Freydin, Jan Michael Hulstedt, and Derek V. Lofland. The firm also received a $10,000 prepetition retainer, with $6,912 remaining to be held in its IOLTA account for post-petition services, subject to court approval. The Law Offices of David Freydin, Ltd is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and has disclosed no adverse interests or connections with the Debtor, creditors, or the U.S. Trustee, according to court filings. The firm can be reached at: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN, LTD 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (312) 533-4077 (847) 972-6157 Facsimile: (866) 897-7577 E-mail: david.freydin@freydinlaw.com About Freight Sherpas, Inc. Freight Sherpas, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill., Eastern Division Case No. 26-06328) on April 10, 2026. At the time of the filing, Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $500,001 and $1 million. Law Offices of David Freydin, LTD is Debtor's legal counsel. GB AIT BUYER: Moody's Rates New Senior Unsecured Notes 'Caa1' ------------------------------------------------------------- Moody's Ratings assigned a Caa1 rating to GB AIT Buyer, Inc.'s (dba AIT Worldwide Logistics) proposed senior unsecured notes. All other ratings of AIT, including the B2 corporate family rating, the B2-PD probability of default rating, and the B1 ratings on its senior secured bank credit facilities, are not affected by transaction. The stable outlook is unchanged. The company intends to use the proceeds from the new $500 million senior unsecured notes, along with a $1.6 billion term loan and new equity, to finance the acquisition of AIT by private equity firm Greenbriar Equity Group. The Caa1 rating on the senior unsecured notes reflects its ranking behind sizeable secured debt in AIT's capital structure and expectation of lower recovery prospects for the notes in the event of default. RATINGS RATIONALE AIT's B2 CFR reflects the company's strong competitive position within the global third-party logistics market balanced by its high financial leverage and customer concentration risk, particularly its exposure to hyperscale technology customers. AIT maintains a niche position in specialized freight forwarding, which supports favorable margins and customer retention across freight cycles. AIT's service offering emphasizes high-touch logistics solutions, including air freight, expedited ground transport, and specialized residential delivery. This positioning has supported resilient earnings growth through varying freight market conditions and enabled meaningful wallet-share gains with existing customers. Following the leveraged buyout by Greenbriar, AIT's debt/EBITDA will be high at over 6.5x based on year-end 2025 results. Moody's expects meaningful earnings growth, which AIT exhibited in 2025, to continue over the next couple of years. As a result, Moody's expects debt/EBITDA to decline below 5.5x by end of 2026 and below 5x in 2027. Significant business wins with new and existing customers are expected to drive AIT's earnings expansion and deleveraging. Notably, a portion of the company's growth is tied to AI and data center related volumes from large hyperscale technology customers. Moody's believes the growing concentration in this vertical introduces potential for earnings volatility if AIT's customers slow their expected investments. Therefore, Moody's believes the pace of deleveraging remains subject to execution risk, given the scale of AIT's rapid growth prospects. Moody's anticipates AIT to maintain good liquidity supported by a healthy cash position, solid free cash flow generation and ample availability under its new $315 million revolving credit facility. AIT has historically maintained cash in excess of $100 million with a portion of this cash located outside the US to support its foreign operations. The company is expected to borrow $50 million under its revolver at close of its acquisition by Greenbriar, but Moody's expects this will subsequently be repaid from repatriated cash and free cash flow. Moody's expects annual free cash flow of at least $90 million in the next two years from higher earnings and moderating capital expenditure growth following recent technology and infrastructure investments. AIT's free cash flow is exposed to volatile swings in working capital. During periods of increasing volumes and transportation rates, AIT may experience large working capital usage as it secures transportation capacity for its customers. The stable outlook reflects Moody's expectations that AIT's earnings growth from new and existing business wins will contribute to meaningful deleveraging and strong free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if AIT sustains high levels of execution supporting shipment volume growth and increased profitability. Further, a conservative financial policy with debt/EBITDA sustained near 4.5x and maintaining good liquidity with consistently positive free cash flow could also support an upgrade. The rating could be downgraded if operating performance deteriorates from lower than expected volumes, customer losses or weak execution. Ratings could also be downgraded if AIT adopts an aggressive financial policy that sustains debt/EBITDA above 6x or liquidity weakens with free cash flow near breakeven. The principal methodology used in this rating was Surface Transportation and Logistics published in December 2025. GB AIT Buyer, Inc. (AIT) is a Chicago-based global third party logistics company providing asset-light, end-to-end freight forwarding and logistics services for complex supply chain needs. These include air and ocean freight forwarding, expedited ground, truck brokerage, residential delivery, customs brokerage and other value-added logistics services. Gross revenue for the last 12 months ended December 31, 2025 was approximately $3 billion. GENESIS HEALTHCARE: Seeks to Extend Plan Exclusivity to June 1 -------------------------------------------------------------- Genesis Healthcare, Inc., and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 1 and July 1, 2026, respectively. The Debtors explain that as set forth in the First Exclusivity Extension Motion and Second Exclusivity Extension Motion, the Chapter 11 Cases, comprising 299 Debtors, are sufficiently large and complex to warrant the requested extension of the Exclusive Periods. Thus, the Debtors submit that the size and complexity of the Chapter 11 Cases weigh in favor of granting the requested extension of the Exclusive Periods. The Debtors claim that the companies and their professionals have focused much of their time, energy, and resources on administering the Chapter 11 Cases in the ordinary course of business, obtaining Court approval of additional necessary DIP financing, negotiating with vendors and other creditors, including the Committee, WSSH, and NewGen, participating in mediation discussions with their lenders and the Committee, and participating in plan negotiations with the Committee. While the Debtors have not yet filed a plan and disclosure statement, the Debtors intend to file their proposed chapter 11 plan and disclosure statement in the near term. The Debtors state that they have made and will continue to make timely payments on their undisputed post-petition obligations in the ordinary course, meaning that the requested extension of the Exclusive Periods will not prejudice the legitimate interests of post-petition creditors. As such, this factor also weighs in favor of extending the Exclusive Periods. The Debtors assert that they have no ulterior motive in seeking an extension of the Exclusive Periods, nor are they seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders. To the contrary, the Debtors are requesting a further extension of the Exclusive Periods to allow for additional time to ideally resolve any plan-related disputes with the Committee and other parties-in-interest prior to filing their proposed chapter 11 plan and disclosure statement, free from distraction or competing plan proposals. The Debtors further assert that termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve the value of their estates and would further complicate the progression of the Chapter 11 Cases, particularly given the ongoing workstreams related to the closing of the Sale and the ongoing threat of administrative insolvency. Such termination may also disincentivize the Committee, among other constituents, from negotiating with the Debtors in connection with the plan and disclosure statement currently in process. The Debtors believe that they have reasonable prospects for proposing, confirming, and consummating a viable chapter 11 plan as a result of their good faith discussions and collaboration with the Committee and other parties-in-interest regarding the same. Accordingly, the Debtors believe that this factor weighs in favor of extending the Exclusive Periods. Counsel for the Debtors: Marcus A. Helt, Esq. Jack G. Haake, Esq. Grayson Williams, Esq. MCDERMOTT WILL & EMERY LLP 2801 N. Harwood Street, Suite 2600 Dallas, Texas 75201-1574 Tel: (214) 295-8000 Fax: (972) 232-3098 Email: mhelt@mwe.com jhaake@mwe.com gwilliams@mwe.com - and - Daniel M. Simon, Esq. Emily C. Keil, Esq. William A. Guerrieri, Esq. MCDERMOTT WILL & EMERY LLP 444 West Lake Street, Suite 4000 Chicago, Illinois 60606 Tel: (312) 372-2000 Fax: (312) 984-7700 Email: dsimon@mwe.com ekeil@mwe.com wguerrieri@mwe.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GETTY IMAGES: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings downgraded Getty Images, Inc.'s (Getty Images) credit ratings by two notches, including its Corporate Family Rating to Caa1 from B2, the Probability of Default Rating to Caa1-PD from B2-PD, the company's $150 million senior secured first lien revolving credit facility rating due May 2028 to B3 from B1, the guaranteed senior secured global notes rating due February and November 2030 to B3 from B1, the senior secured first lien term loans B (USD and Euro tranches) both due February 2030 to B3 from B1 and the guaranteed senior unsecured global notes due 2027 and 2028 to Caa3 from Caa1. Moody's also downgraded the company's Speculative Grade Liquidity Rating (SGL) to SGL-4 from SGL-3, reflecting weak liquidity. The outlook was changed to negative from stable. The rating downgrades follow Getty Images' announcement on April 17 [1] that the US Second Circuit Court of Appeals denied its request for a rehearing related to the Alta and CRCM warrant litigation. The company will pay the judgment - previously reported as about $110 million - by drawing from its existing, previously unused $150 million revolving credit facility. There is approximately $35 million insurance receivable. This court decision was released on the same day as the UK Competition & Markets Authority (CMA) issued its provisional conclusion [2] that the sale of Shutterstock, Inc.'s (Shutterstock) global editorial business is an effective and proportionate remedy that could allow for the merger to proceed. The ratings downgrades reflect growing uncertainty about Getty Images' merger prospects after the CMA's provisional conclusion. Liquidity has deteriorated significantly following the warrant litigation payments and the high merger-related costs over the past 16 months, which depleted free cash flow. The company's steep interest burden and debt amortization requirements will likely further pressure liquidity over the next year leading to significant reliance on the revolving credit facility, which has a springing maturity in 2027. Refinancing risks are high given pressured cash flows and weak trading levels of Getty Images' debt. Getty Images' tolerance for operating with weak liquidity and free cash flow deficits pose a governance risk and were central to the rating actions. RATINGS RATIONALE Getty Images' Caa1 CFR reflects the company's weakened liquidity, very high interest burden and Moody's expectations that the company's liquidity will continue to weaken over the next 12-18 months with a heightened risk of a distressed exchange. Getty Images' Debt/EBITDA at December 2025 was 4.5x on a Moody's adjusted basis, including adding back the fair value adjustment to EBITDA and excluding the $628 million of merger-related financing. Moody's do not expect material deleveraging on a standalone basis, absent the previously announced merger with Shutterstock. While the company generates most of its revenue from enterprise customers, it does have some exposure to small and medium businesses (SMB) which are typically more cyclical and likely to experience greater pullback in spend compared to larger firms during periods of weak economic growth. The company's annual subscriptions now comprise a larger share of revenue (54% of total 2025 revenue), mitigating some of the SMB exposure risks The rise of AI has transformed the content-creation market and led to increased competition and challenges — real and perceived — for visual content companies like Getty Images and its peers, including Shutterstock. Getty Images will continue to benefit from its position as a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of customers around the globe. The company serves approximately 700 thousand customers annually across more than 200 countries and boasts a sizable collection of pictorial content, believed to be one of the largest and broadest in the world under the Getty Images' (premium) as well as Unsplash.com and iStock.com logos (budget-conscious) brands. Getty Images' good geographic diversification, variable cost operating model with imagery and video content from diversified sources, and long-term relationships across a broad customer base comprising news, entertainment and sports publishing organizations further support its credit profile. Moody's expects that Getty Images will have weak liquidity (SGL-4) over the next 12-18 months. At the end of Q4 2025, the company had $90 million in cash, approximately $35 million insurance receivable and an undrawn $150 million senior secured first lien revolving credit facility. Moody's anticipates at least 80% of the revolver will be drawn after the warrant legal case payment and expect that the company's negative free cash flow will necessitate further reliance on its revolver for liquidity support, particularly in June and December. Given high debt service costs, including $60 million of mandatory annual amortization on the $295 million senior unsecured notes due 2028, Moody's expects the cash balance to decline from current level. Burdened by significant merger-related and refinancing costs, Getty Images free cash flow was only $6 million in 2025 and Moody's expects free cash flow to be negative in 2026. Getty Images' revolver matures in May 2028, subject to a 180-day springing maturity if more than $100 million of term loans and/or senior notes are outstanding with a maturity date earlier than 180 days after May 04, 2028. The revolver contains a quarterly leverage maintenance covenant that enables access to the facility as long as consolidated total debt to consolidated EBITDA (as defined in the bank credit agreement) does not exceed 5x. There are no step-downs remaining through maturity in 2028. Moody's expects that Getty Images will have adequate cushion under the requirement over the next year. The term loans are not subject to maintenance covenants. The instrument ratings reflect the probability of default of the company, as reflected in the Caa1-PD Probability of Default Rating, an average expected family recovery rate of 50% at default given the mix of secured and unsecured debt in the capital structure and the particular instruments' ranking in the capital stack. The company's senior secured revolver due 2028 and the senior secured term loans and notes due 2030 are each rated B3, one notch above the Caa1 CFR given the cushion provided by the senior unsecured notes in a default scenario. The senior unsecured notes are rated Caa3, two notches below the CFR, because Moody's expects these obligations to absorb most of the potential loss in a distress scenario. The negative outlook reflects Moody's expectations for Getty Images' liquidity to continue to weaken throughout the year, further pressuring credit quality. The outlook could be changed to stable if Getty Images can measurably improve its liquidity and demonstrate ability to generate positive free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade is unlikely over the next 12-18 months given the negative outlook. Over the longer term, the ratings could be upgraded if Getty Images addresses its 2027-2028 upcoming debt maturities (including revolver) well before they come due and in a manner that would lead to a sustainable capital structure. Positive free cash flow generation and a significantly improved liquidity will also be needed for an upgrade. The ratings could be downgraded if Getty Images experiences a deterioration in financial performance resulting in further weakening of the company's liquidity profile and an increased risk of a distressed exchange. The ratings could also be downgraded if Moody's recovery expectations in the event of default diminish. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Seattle, WA, Getty Images, Inc. is a wholly-owned subsidiary of Getty Images Holdings, Inc., a leading creator and distributor of still imagery, vector, video and multimedia products, as well as a recognized provider of other forms of premium digital content, including music. The company provides stock images, music, video and other digital content through gettyimages.com, iStock.com and Unsplash.com. Getty Images reported 2025 revenue of $981 million. GFL ENVIRONMENTAL: $360MM Loan Add-on No Impact on Moody's B2 CFR ----------------------------------------------------------------- Moody's Ratings said that the proposed US$360 million (C$500 million) add-on to the existing US$2.15 billion senior secured term loan B due March 2032 issued by GFL Environmental Services Inc. (Canada) does not affect the existing ratings. These include GFL Environmental Services (Holdco) LP (GFL ES)'s B2 corporate family rating (CFR) and B2-PD probability of default rating, as well as the B2 ratings on its backed senior secured first lien bank credit facility, consisting of a US$2.15 billion term loan B and C$500 million revolving credit facility issued by GFL Environmental Services Inc. (Canada). The outlook for GFL ES and GFL Environmental Services Inc. (Canada) remains unchanged at stable. The US$360 million add-on will be fungible with the existing term loan, for a proforma total amount of US$2.5 billion (C$3.5 billion), with proceeds used to term out C$318 million borrowings under company's revolving credit facility and remaining held in cash to fund bolt-on acquisitions. The add-on is leverage neutral with Moody's adjusted proforma debt / EBITDA projected to trend below 6x in 2026. RATINGS RATIONALE GFL ES's 2025 financial performance is projected to be in line with Moody's expectations. Despite regional softness in Ontario, Canada and lower refined oil prices in the used motor oil business, other regions have shown robust demand. GFL ES's acquisition growth strategy has led to higher revolver utilization, resulting in elevated financial leverage, with proforma debt/EBITDA expected to be above 6x for 2025. Moody's projects leverage to fall between 5.5x and 6x over the next 12 to 18 months as GFL ES continues to acquire bolt-on acquisitions, funded by free cash flow and revolver drawdowns. In addition to its high financial leverage, GFL ES's rating is constrained by its modest scale within a highly fragmented industry and volume fluctuations tied to emergency event activity and delays in customer projects during economic downturns. The rating benefits from 1) its vertically integrated business model that generates good Moody's adjusted EBITDA margins around 27%, 2) mostly essential non-hazardous liquid waste services and regulatory waste compliance on customers that underpin re-occurring volumes, 3) diversified and large customer base with high retention rates, 4) valuable facility network with hard-to-obtain regulatory permits that create barriers to entry, and 5) good free cash flow. Post the term loan add-on, GFL ES will have good liquidity reflecting sources totaling around C$650 million compared to around C$30 million of mandatory debt payments and C$25 million lease payments over the next 12 months to December 2026, and factors in the utilization of GFL ES's revolver (issued by GFL Environmental Services Inc. (Canada)) to fund acquisitions. GFL ES has cash of around C$30 million, full availability under its C$500 million revolving credit facility (post term loan add-on) expiring March 2030 and Moody's expectations of around C$125 million of free cash flow through 2026. Moody's expects GFL ES to utilize its revolver for ongoing acquisitions. GFL ES's revolver is subject to a springing net first lien leverage covenant tested when 40% of the commitment is drawn, which Moody's expects will have sufficient buffer over the next four quarters. The revolver and term loan B are secured by substantially all assets of GFL ES, limiting the company's ability to sell assets to generate liquidity. GFL ES's US$2.15 billion first lien term loan B (US$2.5 billion post term loan add-on) and C$500 million revolving facility are both rated B2, which is at the level of the corporate family rating. This is because these liabilities make up the preponderance of the capital structure and are pari passu with each other. The debt is secured by a first priority lien on substantially all assets of the borrower and guarantors. The obligations of the borrowers, GFL Environmental Services Inc. (Canada) and GFL ES US LLC (co-borrower), are guaranteed by its parent holding company, GFL Environmental Services LP, and its wholly-owned Canadian and US operating subsidiaries. The stable outlook reflects Moody's expectations that steady revenue and EBITDA growth will deleverage the business towards 5.5x over the next 12 to 18 months. Furthermore, Moody's expects prudent scale expansion without weakening margins and financial leverage as the company pursues and integrates acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if GFL ES increases in scale and solidifies its market position. There is evidence of commitment to a conservative financial policy with debt/EBITDA sustained below 5x. Moody's would also expect GFL ES to maintain good liquidity, including the maintenance of ample revolver availability and consistent positive free cash flow to fund the company's growth and diversification. The ratings could be downgraded if debt/EBITDA remains around 6x on a sustained basis or EBITDA/interest expense is sustained below 2x, as a result of weaker performance or aggressive financial policies such as significant debt funded acquisitions or shareholder distributions. Furthermore, if liquidity deteriorates from negative free cash flow or diminishing revolver availability. GFL ES, headquartered in Toronto, Canada provides liquid waste management and soil remediation services across Canada and the US. Its services include the collection, transportation, treatment, and final disposal of liquid waste and soil remediation. The company is 34% owned by GFL Environmental Inc. (Ba2 stable) together with Apollo Global Management, Inc., BC Partners and HPS Investment Partners, LLC, each holding 22%. GLENS FALLS: Hires Weichert Realtors as Real Estate Broker ---------------------------------------------------------- Glens Falls RE Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Weichert Realtors-Tri-City Properties as real estate broker. The firm will market and sell the real properties of the Debtor located at: -- 8 Lawton Ave., Glens Falls, NY 12801; -- 190 Ridge St., Glens Falls, NY 12801; -- 195 Ridge St., Glens Falls, NY 12801; -- 45 William St., Glens Falls, NY 12801. The firm will be paid a commission of 4.5 percent upon the successful sale of the Debtor's real properties. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brent Tague Weichert Realtors-Tri-City Properties 1510 Central Ave Suite 310 Albany, NY 12205 Tel: (518) 456-7140 About Glens Falls RE Holdings, Inc. Glens Falls RE Holdings, Inc., a company that is primarily engaged in renting and leasing real estate properties, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-10274) on Mar. 11, 2024. In the petition signed by Stephen Frank, president, the Debtor disclosed $1,734,366 in assets and $2,672,951 in liabilities. Michael Boyle, Esq., at Boyle Legal, LLC serves as the Debtor's legal counsel. GREYSTAR REAL: $100MM Loan Add-on No Impact on Moody's 'Ba3' CFR ---------------------------------------------------------------- Moody's Ratings said that Greystar Real Estate Partners, LLC's ("GREP") Ba3 corporate family rating and Ba3-PD probability of default rating are not affected by the proposed $100 million add-on to the company's existing senior secured term loan due August 2030, which is rated Ba3. The outlook remains unchanged at stable. Proceeds from the proposed fungible add-on, will be used to refinance outstanding draws on the company's existing revolving credit facility and for general corporate purposes. Greystar Real Estate Partners, LLC is a privately owned real estate services company dedicated to the management and development of multifamily rental properties, including conventional apartments buildings, active adult complexes, student housing, industrial properties, as well as life science and modular construction. The company offers a comprehensive suite of property management, development and construction services, and investment management services primarily to its institutional investors such as pension funds, private equity groups, and financial institutions. GWG HOLDINGS: Court OKs Litigation, Wind Down Service Procedures ---------------------------------------------------------------- Chief Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the Southern District of Texas granted the Joint Motion to Establish Service Procedures for the Litigation Trust and the Wind Down Trust filed by Michael I. Goldberg, in his capacity as the Trustee of the GWG Litigation Trust and Tom A. Howley, in his capacity as Successor Wind Down Trustee of the GWG Wind Down Trust. The Service Procedures are approved and shall govern all applicable aspects of the Chapter 11 Cases, except as otherwise ordered by the Court. A copy of the Court's Order dated April 22, 2026, is available at https://urlcurt.com/u?l=5fh9y8 from PacerMonitor.com. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. HAIN CELESTIAL: Adopts $5 Million Executive Retention Plan ---------------------------------------------------------- The Hain Celestial Group, Inc. previously disclosed on May 7, 2025, that its Board of Directors had initiated a comprehensive review of the Company's portfolio, considering a broad range of strategic options to enhance shareholder value. In connection with this strategic review process, effective on April 17, 2026, the Compensation Committee of the Board approved and adopted the 2026 Retention Plan. The Plan is intended to induce certain executive officers and other key employees of the Company and its affiliates to continue their employment during the pendency of the Company's strategic review process. Under the Plan, the aggregate amount of retention bonuses payable may not exceed $5,000,000, with individual retention amounts and other terms and conditions (as may be determined by the Compensation Committee) set forth in the participant's individual participation notice. Retention bonuses under the Plan generally vest on the earlier of: (i) December 31, 2026 and (ii) the occurrence of certain milestone events or transactions, subject to the Participant's continued employment through the applicable vesting date. If a participant experiences a termination of employment by the Company without "Cause" prior to the applicable vesting date, then, subject to the participant executing and not revoking a general release of claims, the retention bonus will immediately vest in full and become payable. In the event of any other termination of employment or the participant failing to execute and not revoke the release, his or her retention bonus will be immediately forfeited without consideration. A full text copy of the Plan is available at https://tinyurl.com/zjws89av About Hain Celestial Group The Hain Celestial Group, Inc., a Delaware corporation was founded in 1993. Hain Celestial is a global health and wellness company whose purpose is to inspire healthier living for people, communities and the planet through better-for-you brands. For more than 30 years, Hain Celestial has intentionally focused on delivering nutrition and well-being that positively impacts today and tomorrow. Headquartered in Hoboken, N.J., Hain Celestial's products across snacks, baby & kids, beverages, and meal preparation are marketed and sold in over 70 countries around the world. The Company operates under two reportable segments: North America and International. As of December 31, 2025, total assets were $1,477,410,000, total liabilities were $1,147,165,000, and the Company reported a stockholders' equity of $330,245,000. The Company disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, that there is substantial doubt about the Company's ability to continue as a going concern for at least 12 months due to the uncertainty regarding the Company's ability to refinance or repay its debt due on December 22, 2026 because no such refinancing, retirement or extension has occurred prior to the issuance of the financial statements. HAWAIIAN ELECTRIC: Moody's Ups CFR to Ba2, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded the credit ratings of Hawaiian Electric Industries, Inc. (HEI), including its corporate family rating to Ba2 from Ba3 and its probability of default rating to Ba3-PD from B1-PD. Additionally, Moody's upgraded the ratings of principal utility subsidiary Hawaiian Electric Company, Inc. (HECO), including its Issuer and senior unsecured rating to Ba1 from Ba2. HEI and HECO's commercial paper ratings were affirmed Not Prime (NP). Moody's also changed the outlooks for HEI and HECO to stable from positive. HEI's speculative grade liquidity (SGL) rating remains unchanged at SGL-2. RATINGS RATIONALE "The upgrade of the ratings of HEI and HECO reflects the material reduction in litigation risk associated with the 2023 Maui windstorm and wildfires following the finalization of the settlement agreements and the first payment," said Nati Martel, a Moody's Ratings VP–Senior Analyst. "The upgrade also reflects the expectation that the companies will continue to generate strong financial ratios, supported by balanced financial policies to fund their capital requirements including the remaining settlement payments," added Martel. On April 10, 2026, the November 2024 settlement agreements entered into by multiple parties to resolve all tort related claims stemming from the August 2023 Maui windstorm and wildfires, became effective after a December 2025 judgment became final and unappealable, with insurers stipulating to dismiss their appeals with prejudice concerning subrogation claims. Upon satisfaction of this condition, HEI and HECO authorized the payment of the first of four equal annual installments of $479 million. This payment was funded with the proceeds received from HEI's September 2024 equity issuance which was held as restricted cash by its Maui wildfire settlement subsidiary, GLST1, LLC. Under the Settlement Agreements, HEI and HECO are obligated to make additional settlement payments of more than $1.4 billion over three equal annual installments between 2027 and 2029. Over the past three years, both HEI's and HECO's credit profiles have been primarily driven by exposure to significant litigation arising from the August 2023 Maui windstorm and wildfires. The upgrade reflects the substantial progress the companies have made in addressing this litigation risk following the effectiveness of the settlement agreements. The ratings and stable outlooks also reflect the Hawaii Public Utilities Commission's (HPUC) approval of HECO's 2025–27 wildfire mitigation plan (WMP) in December 2025. Moody's expects the implementation of the WMP, which includes public safety power shutoff protocols, will continue to reduce the utility's wildfire risk exposure. In addition, the ratings consider the positive momentum in the state toward establishing wildfire risk protections aimed at limiting the utility's financial exposure from the company's potential involvement in future wildfires. This progress followed the enactment of Senate Bill 897 (Act 258) in July and the HPUC's completion of a wildfire recovery fund study in December of last year. Under Act 258, the HPUC is first required to determine an aggregate utility liability cap for economic damages from future catastrophic wildfires and the state is to establish a wildfire recovery fund. However, the creation of such a fund is pending the resolution of related issues, including the scope of liability limits. The uncertainty around the size of these protections, the source of funding for the wildfire fund, and the timing of implementation constrains upward movement of the ratings. HEI and HECO's financial profiles are expected to remain strong for their respective ratings. In 2025, HEI's ratio of cash flow from operations before changes in working capital (CFO pre W/C) to debt was 19.1%, up from nearly 13% in 2024. Last year, HEI used almost all of the proceeds from the sale of its previous 90.1% ownership interest in American Savings Bank, F.S.B. to help fund the redemption of $403 million in parent-level outstanding notes, which contributed to the improvement in its financial metrics. The notes repayment reduced HEI's holding company debt to about $228 million and the ratio of parent debt to consolidated debt to about 9% compared to around 28% at the end of 2024. These redemptions, combined with the use of new equity proceeds to fund the first settlement payment, as well as Moody's expectations that dividend distributions will remain suspended at least until the last settlement payment is made in 2029 underscore Moody's views that management will maintain prudent financial policies. Moody's expects that HEI will continue to finance HECO's capital requirements, including the remaining settlement payments, in a balanced manner such that it will allow HEI to maintain a ratio of CFO pre-W/C to debt in the mid-to-high teens during the 2026-2028 period. Moody's expects HEI's consolidated ratios will benefit from the tax shield associated with the settlement payments, offsetting the impact of holding company debt, which will allow the parent's financial metrics to be similar to that of its utility. In 2025, HECO's ratio of CFO pre-W/C to debt was 21%. Moody's expects that the utility's ratios will remain strong for the Ba1 rating, including a ratio of CFO pre-W/C to debt in the mid-to-high teens, despite the increased leverage to fund the step-up in its 2026-2028 investments. The rating action reflects Moody's baseline expectation of a contained impact on energy markets despite ongoing oil supply disruption and limited damage to production or infrastructure. However, HEI and HECO remain exposed to a more adverse conflict scenario given energy supply chains transmission channel reflecting the high reliance in Hawaii on oil fuel generated power. The stable outlook assumes that volatile oil prices will not materially impair the utility's ability to recover higher fuel costs through its regulatory cost recovery mechanisms in a timely manner, nor or strain stakeholder relationships, including regulators, state leaders and customers, in a way that results in credit negative regulatory outcomes, for example, as part of its pending rate rebasing proceeding filed in March 2026. ESG considerations were a key factor in this rating action. From a social risk perspective, the settlement agreements and first payment resolve wildfire claims from individuals and estates harmed by the August 2023 Maui wildfires. As such, Moody's changed the companies' score for Customer Relations to 3 from 4 and their Social Risk Issuer Profile Score to S-3 from S-4. LIQUIDITY HEI has good liquidity, as reflected by its SGL-2 speculative-grade liquidity rating. HEI and HECO have access to two separate revolving credit facilities. HEI's $300 million facility is scheduled to expire on September 05, 2030. HECO's $300 million revolving credit facility expires on September 04, 2026, but will automatically extend to September 05, 2030, upon approval from the Hawaii Public Utilities Commission. At 31 December 2025, HEI had a total of $20 million drawn under the facility while HECO's facility was fully available. The revolving credit facilities do not contain any rating triggers that would affect access to the commitments and do not require a material adverse change (MAC) representation for borrowings. However, HEI's credit facility contains a financial covenant requiring the company to maintain a debt-to-capitalization ratio (on a non-consolidated basis) of less than 50%. The requirement for HECO's revolving credit facility is to maintain at least 35% equity at the utility. As of year-end 2025, HEI and HECO were in compliance with all applicable financial covenants. HECO also has access to an asset-based lending (ABL) facility that allows borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral. At December 31, 2025, the total available capacity under the ABL Facility was $240 million. HEI and HECO have no outstanding commercial paper. HEI's next long term debt maturities consist of the remaining balance of four unsecured notes totaling approximately $72 million due in 2028, following their partial redemption in 2025. HECO's next maturities consist of $125 million of special purpose revenue bonds maturing on May 01, 2026, followed by $100 million unsecured notes due in 2027 and $67.5 million due in 2028. Under the Intercompany Borrowing Policy, HEI has committed to provide up to $75 million of revolving short term funding to HECO pursuant to a December 2025 standing commitment letter, for borrowings maturing on or before December 04, 2026. At year-end 2025, HECO has no outstanding borrowings under this arrangement. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade An upgrade of the ratings of HECO is possible after Hawaii establishes a credit supportive wildfire relief fund and liability cap that limits the utility's financial risk exposure to potential wildfires in the future. An upgrade of HECO and HEI is also predicated on continued prudent financial policies that will not result in a material increase in the holding company debt and enable HECO and HEI to each generate a ratio of CFO pre-WC to debt of, at least, the mid-teens. For HEI, an upgrade is also likely following positive momentum of HECO's ratings. Factors that could lead to a downgrade A downgrade of HEI and HECO could occur if there is a material deterioration in the credit supportiveness of the Hawaiian regulatory environment or if their financial profiles materially weaken such that each of the companies' CFO pre-W/C to debt ratio decline below 10%. A material increase in holding company debt could also affect HECO's ratings given the lack of ring-fencing provisions and HEI's reliance on HECO to service its parent debt. A negative rating action is possible if additional measures (e.g. liability cap, wildfire relief fund) are not put in place to financially protect the utility from potential future wildfires, or if HEI or HECO experience liquidity constraints or capital markets access issues. LIST OF AFFECTED RATINGS Issuer: Hawaiian Electric Industries, Inc. Upgrades: LT Corporate Family Rating, Upgraded to Ba2 from Ba3 Probability of Default Rating, Upgraded to Ba3-PD from B1-PD Affirmations: Commercial Paper, Affirmed NP Outlook Actions: Outlook, Changed To Stable From Positive Issuer: Hawaiian Electric Company, Inc. Upgrades: LT Issuer Rating, Upgraded to Ba1 from Ba2 Senior Unsecured, Upgraded to Ba1 from Ba2 Affirmations: Commercial Paper, Affirmed NP Outlook Actions: Outlook, Changed To Stable From Positive Issuer: Hawaii Department of Budget & Finance Upgrades: Backed Senior Unsecured Revenue Bonds, Upgraded to Ba1 from Ba2 Underlying Senior Unsecured Revenue Bonds, Upgraded to Ba1 from Ba2 The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in August 2024. For HECO, the scorecard indicated outcome of Baa1 is three notches above the assigned Ba1 rating, reflecting its exposure to wildfire risk. For HEI, 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 Honolulu, Hawaiian Electric Industries, Inc. (HEI, Ba2 CFR stable) is HECO's parent holding company. HEI has become primarily a regulated utility group after it divested the vast majority of its non utility operations in 2024 and 2025. This included the sale of a 90.1% stake in in banking subsidiary, American Savings Bank (unrated) at the end of 2024 (total proceeds: $405.5 million), and a series of 2025 asset sales by Pacific Current (including Hamakua Holdings, the solar and BESS portfolio, and the pending sale of Mahipapa, LLC). Hawaiian Electric Company, Inc. (HECO, Ba1 stable) and its wholly owned operating subsidiaries, Hawaii Electric Light Company, Inc. (HELCO) and Maui Electric Company, Limited (MECO), are regulated vertically integrated electric utilities providing services on all major islands in Hawaii other than Kauai. The utilities' service territories comprise a service area of about 5,800 square miles. They provide electricity to 95% of the state's 1.4 million residents on the islands of Oahu (HECO), Maui (MECO), Hawaii (HELCO), Lanai and Molokai. HECO's 1,647 megawatts (MW) of utility-owned generating capacity is spread out over the different islands, and there is no interconnectivity among the island utility systems. At the end of 2025, the company also had firm power purchase agreements (PPAs) for 368.7 MW of additional capacity, that are scheduled to expire at various dates through 2033. HECO's retail electric rates are regulated by the Hawaii Public Utilities Commission (HPUC). HERITAGE GROCERS: S&P Downgrades ICR to 'CCC+', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based Heritage Grocers Group LLC to 'CCC+' from 'B-'. S&P said, "We lowered our issue-level rating on the company's senior secured debt to 'CCC+' from 'B-'. The '3' recovery rating is unchanged, indicating our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The negative outlook reflects the risk that we could lower our rating if Heritage cannot improve performance, which could strain cash generation and liquidity." The downgrade reflects Heritage's continued underperformance. S&P said, "We expect credit metrics and cash generation will remain pressured in 2026, driven by a challenging operating environment. Heritage's operating performance deteriorated below our expectations in 2025, as it contended with macroeconomic and competitive headwinds. Same-store sales declined 4.1% in the fourth quarter, marking consecutive quarters of declines, as increased competition, immigration policy enforcement, and value-seeking consumers pressured customer traffic. Top-line pressure and higher costs associated with workers' compensation, general liability, and wages contracted S&P Global Ratings-adjusted EBITDA margin 95 basis points (bps) year over year to 6.1%. We anticipate continued declines in revenue and EBITDA margin in 2026 will result in a cash flow deficit and S&P Global Ratings-adjusted leverage approaching 8x." S&P said, "We forecast revenue will decline about 2% in 2026 amid industry challenges. Revenue will be pressured by reduced foot traffic, reflecting macroeconomic headwinds, heightened competition, the impact of U.S. immigration policy enforcement, and decreased Supplemental Nutrition Assistance Program (SNAP) benefit funding due to tighter eligibility standards. Heritage's stores serve Hispanic and other diverse customers with fresh, ethnic, authentic, international, and imported products. The company also has above-average SNAP exposure at 10%-13% of revenues compared to traditional grocers. Heritage will need navigate these industry and macroeconomic challenges amid new management. It appointed David Hinojosa as CEO in March 2026 after operating without one for most of 2025, which we believe contributed to underperformance. "We expect revenue headwinds to be partially mitigated by nondiscretionary grocery spending, as consumers prioritize food purchases and reallocate budgets from more discretionary categories. Heritage is also working on strategic initiatives to drive traffic, including a marketing strategy shift to digital/mobile to effectively reach customers at home, loyalty initiatives, competitive pricing, and conveying value. Its Fresh at 5 initiative seeks to maximize the percentage of evening traffic that makes purchases. We expect S&P Global Ratings-adjusted EBITDA margin to decline 40 bps to 5.7% in 2026, reflecting lower revenue and potential for rising costs related to workers' compensation and general liability. In 2025, Heritage executed initiatives to reduce shrink expense and improved gross margins. "We view Heritage's capital structure as potentially unsustainable. High leverage and our forecast for free operating cash flow (FOCF) deficits over the next two years are key considerations. Reported FOCF declined to approximately $8 million in 2025 from $30 million in 2024 on lower EBITDA and reduced working capital inflow related to accounts payable timing. We anticipate that these factors and working capital outflow stemming from reversals of accrued expense balances will lead to a reported FOCF deficit of more than $30 million in 2026. The company has reduced capital expenditure (capex) in recent years, and we believe it could cut spending further to maintenance levels. In our view, Heritage's weak credit protection metrics and constrained cash generation places it at an operational disadvantage, unable to fully invest in growth and a competitive offering. In addition, we expect S&P Global Ratings-adjusted leverage to rise to 7.9x in 2026 from 7.4x in 2025 and 6.4x in 2024. S&P Global Ratings-adjusted EBITDA interest coverage also declined to 1.1x in 2025 from 1.3x in 2024. "We expect sufficient liquidity to cover cash flow deficits over the next 12 months. As of Dec. 31, 2025, Heritage had total liquidity of $230 million, consisting of $118 million in balance sheet cash and $112 million availability under its $125 million revolving credit facility due in August 2027. We continue to view liquidity as adequate given our expectation that its good cash balance can sufficiently cover projected cash flow shortfalls, capex of $30 million-$40 million, mandatory debt amortization of approximately $9 million, and working capital outflow over the next 12 months. We believe Heritage has tight covenant headroom and include revolver availability before its net first-lien leverage covenant springs ($39 million) in our liquidity assessment. "We do not anticipate Heritage will need to draw on its revolver in 2026. It matures in August 2027, while the first-lien term loan matures in August 2029. We believe Heritage's ability to refinance could be challenged if it cannot improve cash flow and reduce leverage. "The negative outlook reflects the risk that we could lower our rating on Heritage if it cannot improve performance in this challenging environment, straining cash generation and liquidity." S&P could lower its rating on Heritage if: -- S&P anticipates a liquidity shortfall that would lead us to envision a specific default scenario, including a payment default, within the next 12 months; or -- S&P believes the company is likely to pursue a distressed exchange. This could occur if Heritage faces elevated refinancing risk stemming from further operating disruption due to weaker customer demand, intensified competitive industry dynamics, or operating missteps, leading to sustained FOCF deficits. S&P could take a positive rating action on Heritage if it: -- Stabilizes revenue and improves profitability, meaningfully reducing leverage; -- Consistently generates positive FOCF; and -- Faces no near- to medium-term maturities that S&P believes may be challenging to refinance. HNO INTERNATIONAL: Dismisses Barton CPA, Appoints Green Growth CPAs ------------------------------------------------------------------- HNO International Inc. disclosed in a regulatory filing that it dismissed Barton CPA, PLLC as its independent accountant to audit the Company's financial statements. The reports of Barton on the Company's financial statements for each of the fiscal years ended October 31, 2025 and 2024 did not contain an adverse opinion or a disclaimer of opinion, but were modified to include an explanatory paragraph relating to substantial doubt about the Company's ability to continue as a going concern. During the two most recent fiscal years and any subsequent interim period preceding Barton's dismissal, there were no disagreements with Barton on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to the satisfaction of Barton, would have caused Barton to make reference to the subject matter of the disagreement in connection with its report on the Company's financial statements. Appointment of Green Growth CPAs Separately, the Board of Directors approved the engagement of Green Growth CPAs, an independent registered public accounting firm, as the Company's new independent accountant to audit the Company's financial statements and to perform reviews of interim financial statements. During the fiscal years ended October 31, 2025 and 2024 and through the date of this report, neither the Company, nor anyone on its behalf, consulted Green Growth CPAs regarding either: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the financial statements of the Company, and no written report or oral advice was provided to the Company by Green Growth CPAs that was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a "reportable event" (as that term is defined in Item 304(a)(1)(v) of Regulation S-K). About HNO International Headquartered in Murrieta, California, HNO International, Inc., a Nevada corporation, focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the near term. Cypress, Texas-based Barton CPA PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated February 6, 2026, attached to the Company's Annual Report on Form 10-K for the year ended October 31, 2025, citing that the Company has sustained significant losses and negative cash flows from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of January 31, 2026, the Company had $1,389,564 in total assets, $3,086,637 in total liabilities, and $1,697,073 in total stockholders' deficit. HNO INTERNATIONAL: Executes Two $96K Convertible Note Transactions ------------------------------------------------------------------ HNO International, Inc. disclosed in a regulatory filing that on April 7 and April 9, 2026, respectively, it entered into separate financing transactions pursuant to which the Company issued Convertible Promissory Notes and Common Stock Purchase Warrants to two accredited investors. I. Jefferson Street Capital, LLC Transaction On April 7, 2026, the Company entered into a Securities Purchase Agreement with Jefferson Street Capital, LLC, a New Jersey limited liability company, pursuant to which the Company issued to the JSC Buyer a Convertible Promissory Note in the principal amount of $96,250 and a Common Stock Purchase Warrant to purchase up to 385,000 shares of the Company's common stock, in exchange for gross proceeds of $87,500. The JSC Buyer withheld $3,000 from the proceeds at funding to cover the JSC Buyer's legal fees in connection with the transactions contemplated by the JSC Purchase Agreement, and withheld an additional $2,250 from the proceeds at funding to cover fees payable to Craft Capital Management LLC (CRD#: 171350), a registered broker-dealer acting as placement agent in connection with the transactions contemplated by the JSC Purchase Agreement, resulting in net proceeds to the Company of approximately $82,250. Convertible Promissory Note The JSC Note has a principal amount of $96,250, which includes an original issue discount of $8,750. The JSC Note bears a one-time interest charge of 8% on the principal amount (equal to $7,700), which is guaranteed and earned in full as of the issue date. The JSC Note matures on April 7, 2027, 12 months from the issue date. The JSC Note is convertible, at the option of the JSC Buyer, at any time on or following the issue date, into shares of the Company's common stock, par value $0.001 per share, at a conversion price equal to 60% of the lowest traded price of the Common Stock on the principal trading market during the 20 trading days prior to the applicable conversion date, subject to adjustment as set forth in the JSC Note. The JSC Buyer is entitled to deduct $1,750 from the conversion amount in each notice of conversion to cover the JSC Buyer's conversion-related fees. The JSC Buyer's right to convert the JSC Note is subject to a 4.99% beneficial ownership limitation. Upon an event of default, the JSC Note shall become immediately due and payable at an amount equal to 150% of outstanding principal and accrued interest through the date of repayment, plus costs of collection, all without demand or notice. Default interest shall accrue at the lesser of 18% per annum or the maximum rate permitted by law. The JSC Buyer retains the right to convert all or any portion of the JSC Note, including any default amount, into shares of Common Stock at any time, including after the maturity date. Events of default include, among others, failure to pay principal or interest when due, failure to timely deliver shares of Common Stock upon conversion, breach of representations, warranties, or covenants under the JSC Purchase Agreement, the Company's failure to maintain the required share reserve, cross-default with other Company indebtedness after expiration of applicable cure periods, consummation of a Variable Rate Transaction, failure to maintain a minimum market capitalization of $3,000,000 on any Trading Day, and failure to comply with the reporting requirements of the Securities Exchange Act of 1934, as amended. Common Stock Purchase Warrant In connection with the JSC Purchase Agreement, the Company issued to the JSC Buyer a Common Stock Purchase Warrant to purchase up to 385,000 shares of Common Stock at an exercise price of $0.25 per share. The JSC Warrant is exercisable at any time commencing on April 7, 2026 and expires on April 7, 2031, five years from the issuance date. The JSC Warrant may be exercised on a cashless basis when the market price of one share of Common Stock exceeds the exercise price and no effective registration statement covers the JSC Buyer's resale of all Warrant Shares at prevailing market prices. The JSC Buyer's right to exercise the JSC Warrant is subject to a 4.99% beneficial ownership limitation. Share Reservation In connection with the foregoing, the Company entered into an Irrevocable Transfer Agent Instruction Letter and Memorandum of Understanding with Pacific Stock Transfer Company, the Company's transfer agent, pursuant to which the Company has irrevocably reserved 13,000,000 shares of Common Stock for issuance upon conversion of the JSC Note and exercise of the JSC Warrant. The JSC Note requires a minimum reserve of the greater of 11,000,000 shares or four times the number of shares issuable upon full conversion at the then-applicable conversion price. The JSC Buyer has the right to increase the share reservation at any time without the Company's consent. The securities described herein were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder. The JSC Buyer represented that it is an "accredited investor" as defined in Rule 501(a) of Regulation D. The JSC Purchase Agreement prohibits the Company from entering into any Variable Rate Transaction while the JSC Note remains outstanding, restricts the Company from issuing any shares of Common Stock or Common Stock Equivalents for 30 calendar days following the date of the JSC Purchase Agreement, and grants the JSC Buyer participation rights in any future Company offering of debt or equity securities for 18 months from the date of closing or until the JSC Note is repaid in full, whichever is earlier. Full text copies of the JSC Note, the JSC Purchase Agreement and the JSC Warrant are available at https://tinyurl.com/ybdma4rr, https://tinyurl.com/br5wkzuk, and https://tinyurl.com/mrynf2cs, respectively. II. Lambda Ventures, LLC Transaction On April 9, 2026, the Company entered into a Securities Purchase Agreement with Lambda Ventures, LLC, a Nevada limited liability company, pursuant to which the Company issued to the LV Buyer a Convertible Promissory Note in the principal amount of $96,250 and a Common Stock Purchase Warrant to purchase up to 385,000 shares of the Company's common stock, in exchange for gross proceeds of $87,500. The Buyer withheld $3,000 from the proceeds at funding to cover the LV Buyer's legal fees in connection with the transactions contemplated by the LV Purchase Agreement, and withheld an additional $2,250 from the proceeds at funding to cover fees payable to Craft Capital Management LLC (CRD#: 171350), a registered broker-dealer acting as placement agent in connection with the transactions contemplated by the LV Purchase Agreement, resulting in net proceeds to the Company of approximately $82,250. Convertible Promissory Note The LV Note has a principal amount of $96,250, which includes an original issue discount of $8,750. The LV Note bears a one-time interest charge of 8% on the principal amount (equal to $7,700), which is guaranteed and earned in full as of the issue date. The LV Note matures on April 9, 2027, 12 months from the issue date. The LV Note is convertible, at the option of the LV Buyer, at any time on or following the issue date, into shares of the Company's common stock, par value $0.001 per share, at a conversion price equal to 60% of the lowest traded price of the Common Stock on the principal trading market during the 20 trading days prior to the applicable conversion date, subject to adjustment as set forth in the LV Note. The LV Buyer is entitled to deduct $1,750 from the conversion amount in each notice of conversion to cover the LV Buyer's conversion-related fees. The LV Buyer's right to convert the LV Note is subject to a 4.99% beneficial ownership limitation. Upon an event of default, all outstanding principal and accrued interest under the LV Note shall become immediately due and payable, and default interest shall accrue at the lesser of 18% per annum or the maximum rate permitted by law. Events of default include, among others, failure to pay principal or interest when due, failure to timely deliver shares of Common Stock upon conversion, breach of representations, warranties, or covenants under the LV Purchase Agreement, and the Company's failure to maintain the required share reserve. Common Stock Purchase Warrant In connection with the LV Purchase Agreement, the Company issued to the LV Buyer a Common Stock Purchase Warrant to purchase up to 385,000 shares of Common Stock at an exercise price of $0.25 per share. The LV Warrant is exercisable at any time commencing on April 9, 2026 and expires on April 9, 2031, five (5) years from the issuance date. The LV Warrant may be exercised on a cashless basis under certain conditions described therein. The LV Buyer's right to exercise the LV Warrant is subject to a 4.99% beneficial ownership limitation. Share Reservation In connection with the foregoing, the Company entered into an Irrevocable Transfer Agent Instruction Letter with Pacific Stock Transfer Company, the Company's transfer agent, pursuant to which the Company has irrevocably reserved 13,000,000 shares of Common Stock for issuance upon conversion of the LV Note and exercise of the LV Warrant. The securities described herein were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder. The LV Buyer represented that it is an "accredited investor" as defined in Rule 501(a) of Regulation D. Full text copies of the LV Note, the LV Purchase Agreement and the LV Warrant are available at https://tinyurl.com/2esee8xb, https://tinyurl.com/yj8xh3cs, and https://tinyurl.com/4r4xntpc, respectively. About HNO International Headquartered in Murrieta, California, HNO International, Inc., a Nevada corporation, focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the near term. Cypress, Texas-based Barton CPA PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated February 6, 2026, attached to the Company's Annual Report on Form 10-K for the year ended October 31, 2025, citing that the Company has sustained significant losses and negative cash flows from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of January 31, 2026, the Company had $1,389,564 in total assets, $3,086,637 in total liabilities, and $1,697,073 in total stockholders' deficit. HOLDINGS OF R.J. SEEDS: Hires Sagre Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ The Holdings of R.J. Seeds, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Sagre Law Firm, PA as counsel. (a) advise the Debtor with respect to its powers and duties and the continued management of its business opeartions; (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 court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm's attorneys will be paid at an hourly rate of $550. The firm received an initial retainer of $1,800 from the Debtor. Ariel Sagre, Esq., an attorney at Sagre Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ariel Sagre, Esq. Sagre Law Firm, P.A. 5201 Waterford District Drive, Suite 892 Miami, FL 33126 Telephone: (305) 266-5999 About The Holdings of R.J. Seeds LLC The Holdings of R.J. Seeds, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14733) on April 16, 2026, listing up to $10 million in both assets and liabilities. The Debtor is represented by Ariel Sagre, Esq. at Sagre Law Firm, PA. I-ON DIGITAL: 2025 Loss Widens to $2.88M, Going Concern Doubt Stays ------------------------------------------------------------------- I-ON Digital Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $2,883,992, compared to a net loss of $1,910,013 in 2024. Total revenues for 2025 were $433,012, compared to no reported revenue in the prior year period. Midvale, Utah-based Mac Accounting Group & CPAs, LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses, has reported cash used in operations, and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company believes that its investment in the development of ION Digital Hybrid Blockchain Platform will allow it to project and plan forward for a period of increasing revenues based on fee-driven digitization activities involving both closely held and third-party gold claims. During the third and fourth quarters of 2025 the Company concluded multiple revenue-based commercial agreements as previously contemplated. Consummation of these transactions resulted in an immediate increase in revenue, as recorded by the Company in 2025. The Company's business prospects have changed since the new management took control of operations in January 2023. Since the new ownership took over the Company, management commenced new initiatives in technology development and acquisitions. Management currently intends to conduct one or more private placements during the balance of 2025 to raise up to $100 million. There can be no assurances that the Company will be successful in this or any of its endeavors. In addition, the Company is also funded by its related parties for its operations. It is expected that the related parties will continue funding the Company's operations until it is able to raise capital or increase revenue to cover operating costs. Liquidity and Capital Resources As of December 31, 2025 the Company had its cash of $158,193 and a working capital deficit of $3,764,016. The Company's limited cash balance and working capital deficit, along with recurring losses and cash used in operations, raise substantial doubt about its ability to continue as a going concern without additional financing. Operating Activities Net cash used in operating activities was $997,981 for the year ended December 31, 2025, compared to $1,055,135 used during the same period in 2024. The decrease was primarily attributable to a non-cash stock compensation of $1,359,250 in 2025 compared to no similar expense in 2024, partially offset by changes in accrued expenses, prepaid expenses, and other working capital accounts. Investing Activities Net cash used in investing activities was $19,334 for the year ended December 31, 2025, consisting primarily of platform upgrades to the Company's ION Digital Hybrid Blockchain Platform. In the prior-year period, investing activities provided $120,425, mainly from proceeds related to the sale of intangible assets. Financing Activities Net cash provided by financing activities totaled $905,413 for the year ended December 31, 2025, compared to $1,168,730 in the year ended December 31, 2024. The decrease was primarily due to more repayments to related parties during the current year. The Company continues to rely on related party funding to support ongoing operations and development activities and makes payments to related parties as cash flows allow. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/muukwucn About I-On Digital Corp. Headquartered in Chicago, Ill., I-ON develops and provides advanced asset-digitization and securitization solutions designed to deliver a secure, fast, and transparent digital asset ecosystem. The Company converts documentary evidence of ownership into secure, asset-backed digital certificates, enhancing liquidity and value across a range of asset classes. Its hybrid blockchain architecture integrates smart contracts and workflow automation, augmented by artificial intelligence technologies. This system enables the digitization of ownership records for recoverable gold, precious metals, and mineral reserves, supporting value transfer through innovative financial instruments. As of December 31, 2025, the Company had $18,313,834 in total assets, $4,055,631 million in total liabilities, and $14,258,203 in total stockholders' equity. IMAGE TECHNOLOGY: Hires Champion LLP as Special Appellate Counsel ----------------------------------------------------------------- Image Technology Consulting II, LLC and Axiom Imaging Solutions, Inc. seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Champion LLP as special appellate counsel. The firm will render these services: (a) represent the Debtors in the Appeal pending before the United States Court of Appeals for the Fifth Circuit, Case No. 25-10549; (b) prepare and file all briefs, motions, and other papers necessary in connection with the Appeal; (c) present oral argument on behalf of the Debtors in the Appeal; (d) advise the Debtors with respect to any post-decision motions, petitions for rehearing, or further appellate proceedings arising from the Appeal; (e) perform all other necessary legal services in connection with the Appeal; and (f) complete the unopposed withdrawal (District Court Action Dkt. 414, January 23, 2026) of the firm as counsel for the Debtors from the post-judgment activities in the District Court Action; provided, however, it is not requesting employment of the firm to represent them in the District Court Action. The firm will be paid at these hourly rates: Partners $650 Associate Attorneys $325 - $475 Paralegals $215 In addition, the firm will seek reimbursement for expenses incurred. Champion requested a prepetition retainer of $100,000 from the Debtors and related parties. Austin Champion, Esq., a partner at Champion, 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: Austin Champion, Esq. Champion, LLP 2200 Ross Avenue, Suite 4500W Dallas, TX 75201 Telephone: (214) 225-8880 Email: Austin.champion@championllp.com About Image Technology Consulting II LLC Image Technology Consulting II, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41358) on March 29, 2026. In the petition signed by Marshall Shannon, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mark X. Mullin oversees the case. Richard Grant, Esq., at CM Law LLP, represents the Debtor as counsel. INJAWE INC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Injawe Inc. 15 Harden Street Brooklyn, NY 11234 Business Description: Injawe Inc is a single-asset real estate entity that owns and leases a mixed-used building at 809 Rogers Avenue Brooklyn, NY 11226. Chapter 11 Petition Date: April 20, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-41884 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Narissa A. Joseph, Esq. NARISSA JOSEPH 305 Broadway, Suite 1001 Suite 1001 New York, NY 10007 Tel: (212) 233-3060 Fax: (646) 607-3335 E-mail: njosephlaw@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dina John as president. The Debtor stated in the petition that it does not have any unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WR6UB7Q/Injawe_Inc__nyebke-26-41884__0001.0.pdf?mcid=tGE4TAMA INSPIRED HEALTHCARE: Oksman & Pontone Seeks Recovery for Investors ------------------------------------------------------------------ Oksman & Pontone, a New York-based FINRA arbitration firm, announced free consultations for investors affected by Inspired Healthcare Capital's suspended investor distributions and financial distress. In July, 2025, Arizona-based Inspired Healthcare Capital (IHC), a private equity firm focused on senior housing investments, halted all investment offerings and investor distributions. This action was due to a regulatory review by the U.S. Securities and Exchange Commission of the firm (AltsWire). IHC suspending distributions in its investment programs resulted in many investors losing expected income. On September 5, 2025, an affiliate of California‑based Emerson Equity filed a lawsuit alleging that IHC secured a $1.5 million loan from Emerson by providing false and misleading information about its financial condition (AltsWire). Emerson Equity and other brokerages had previously recommended IHC-related products as appropriate investments to clients. On February 2, 2026 IHC filed for Chapter 11 bankruptcy protection in the Northern District of Texas. Over 160 of IHC's affiliates have also filed for Chapter 11 protection. Investors who placed funds with IHC have Recovery Options. In some cases, investors can pursue claims through FINRA arbitration against brokerage firms that recommended investing in IHC. IHC offered a range of investment vehicles including products that exposed investors to high risk, provided limited information about the investment and were potentially inappropriately recommended by brokers to investors due to their high commission potential. Contact Oksman & Pontone to Schedule a Free Consultation If you have suffered financial losses because you were recommended an Inspired Healthcare Capital investment product. During your consultation, we will discuss your options and next steps: 917-648-8784 or https://oksmanandpontone.com. About Inspired Healthcare Capital Inspired Healthcare Capital is a private equity firm specializing in senior housing investments, dedicated to creating exceptional living environments for their approximately 2,620 residents. Inspired Healthcare Capital owns 35 operating senior living communities in 14 states, comprised of independent living units, assisted living units, and memory care units. Inspired Healthcare Capital also forms and manages fund entities and has a strong commitment to delivering long-term value to its investors, while prioritizing the well-being and care of its residents. Inspired Healthcare Capital is advised by McDermott Will & Schulte as legal counsel, Raymond James & Associates, Inc. as investment banker, and Ankura Consulting Group as restructuring advisor. J.A. CARRILLO: To Hire Harper Hayes PLLC as Special Counsel ----------------------------------------------------------- J.A. Carrillo Construction LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Todd C. Hayes, Esq. of Harper Hayes, PLLC to serve as special counsel. Mr. Hayes will provide these services: (a) pursue insurance coverage from Houston Casualty Company for claims brought against the Debtor in Morales v. W.G. Clark Constr. Co., King County Cause No. 25-2-25936-6 SEA; (b) pursue litigation against the Debtor's insurer for alleged breach of the duty to defend; (c) seek an order requiring the insurer to defend and indemnify the Debtor in connection with the underlying Morales Action; and (d) provide legal representation and advice relating to insurance coverage and related construction litigation matters. Mr. Hayes will receive an hourly rate of $725, and hourly rates for attorneys range from $525 to $725, while paralegal rates range from $225 to $275. Harper Hayes, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Todd C. Hayes, Esq. HARPER HAYES PLLC 1200 5th Avenue, Suite 1208 Seattle, WA 98101 Telephone: (206) 340-8010 E-mail: todd@harperhayes.com About J.A. Carrillo Construction J.A. Carrillo Construction, LLC provides drywall services and metal-stud framing for multifamily projects, including apartment complexes, retirement homes, hotels, and mixed-use commercial buildings across the Puget Sound region in Washington. The Company works with general contractors, builders, and developers on new construction drywall and complete drywall service packages throughout the state. J.A. Carrillo Construction filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13492) on December 10, 2025, listing up to $3,009,770 in total assets and up to $3,726,313 in total liabilities. The Debtor tapped Faye C. Rasch, Esq., at Wenokur Riordan PLLC as counsel and Duncan & Schuler CPA, PLLC as accountant. JEZON GROUP: Commences Chapter 7 Bankruptcy in California --------------------------------------------------------- On April 16, 2026, Jezon Group 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 $0 and $100,000 in debt owed to 1–49 creditors. About Jezon Group Inc. Jezon Group Inc. is a California-based business entity engaged in commercial operations. Jezon Group Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40792) on April 16, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by H. Jayne Ahn, Esq. KIITOS BREWING: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Kiitos Brewing, LLC 608 West 700 South Salt Lake City, UT 84104 Business Description: Kiitos Brewing operates a brewery, tavern, and can shop in Salt Lake City, Utah. The company produces beer and offers draft beer service, canned beer to-go, and warehouse seating on select evenings. Its beer offerings include year-round styles such as blonde ale, pale ale, amber ale, stout, cream ale, sour, pilsner, and IPA varieties. Kiitos Brewing also uses a High Efficiency Brewing System and a three-step wastewater system in its brewing operations. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court District of Utah Case No.: 26-22348 Judge: Hon. Michael F Thomson Debtor's Counsel: Andres Diaz, Esq. DIAZ & LARSEN 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Tel: (801) 596-1661 Fax: (801) 359-680 Email: courtmail@adexpresslaw.com Estimated Assets as of February 28, 2026: $1,152,316 Estimated Liabilities as of February 28, 2026: $1,344,940 The petition was signed by Andrew Dasenbrock as managing member. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IN4NNOY/Kiitos_Brewing__LLC__utbke-26-22348__0001.0.pdf?mcid=tGE4TAMA KINDERCARE LEARNING: Fitch Affirms B+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed KinderCare Learning Companies, Inc.'s and KUEHG Corp.'s (collectively, KinderCare) Long-Term Issuer Default Ratings (IDRs) at 'B+' and revised the Outlook to Negative from Stable. Fitch also downgraded KinderCare's first-lien senior secured term loan and revolving credit facility (RCF) to 'BB' with a Recovery Rating of 'RR2' from 'BB+'/'RR1'. The downgrade reflects Fitch's revision to its going-concern EBITDA assumption in its recovery analysis, due to deteriorating enrollment trends and occupancy levels. The Outlook revision reflects deteriorating operating performance and weaker-than-expected EBITDA margins, which have led to EBITDAR fixed-charge coverage below 1.5x and (CFO-capex)/debt below 5%. These metrics are no longer consistent with a Stable Outlook at the current rating. KinderCare's ratings reflect the company's solid position in the U.S. childcare market, offset by low EBITDAR fixed-charge coverage and intense competition that constrains profit margin expansion. KinderCare's access to public capital markets supports financial flexibility over time. Key Rating Drivers Continued Margin Pressure: KinderCare's margins have contracted since pandemic-related government grants expired. In fiscal 2025, weaker same-center occupancy further weighed on performance, declining to 64.5% in 4Q25 from 67.8% for the full year. Enrollment softness has pressured revenue growth and limited operating leverage in KinderCare's mostly fixed-cost business model. Fitch expects EBITDA margins to remain in the high-single-digit range in 2026-2028, below 11% in fiscal 2025. Fitch expects management's execution initiatives, including actions on controllable enrollment drivers, to support margin stabilization from 2027. Moderate EBITDAR Leverage, Weak Coverage: Fitch expects KinderCare's EBITDAR leverage to remain in the low-4.0x range over the next few years. Fitch projects EBITDA leverage in the 4.5x to 3.5x range. Total lease expenses accounted for approximately 15% of revenue in 2025, and Fitch anticipates these will continue to comprise a similar portion of revenue over the rating horizon. In projections, KinderCare's EBITDAR fixed-charge coverage remains slightly below 1.5x, which is weak for the 'B+' rating. Positive but Thin FCF Generation: Fitch expects KinderCare's business model to support steady cash generation. However, FCF is likely to remain modest over the next several years. The company improved its cash generation profile from negative FCF in 2020 to positive FCF in recent years, partly supported by government grants and stronger post-pandemic demand. Fitch expects top-line pressure from lower occupancy and moderating grant income to constrain cash flow generation. KinderCare's cost structure remains burdened by high labor and rent expenses. As a result, Fitch expects FCF margins to remain positive but thin over the rating horizon. Fragmented Competitive Landscape: KinderCare is a U.S. provider of early childhood education (ECE), operating in a fragmented, competitive industry in which the three largest providers account for less than 5% of market share. The company competes with scaled providers, regional, faith-based and local operators, including Bright Horizons, Kiddie Academy, Goddard, Primrose and the Learning Care Group, Inc. brands (La Petite, Tutor Time, and others). It also serves school-age children through before- and after-school programs, where competitors include the YMCA and other regional providers such as Alphabest and Right at School. ECE Demand Balanced by Affordability: The U.S. childcare market is on a long-term growth trajectory due to increased demand from parents returning to offices, advancements in learning technologies, and government funding. Many employers are adopting blended work models, balancing remote and office time, which Fitch expects to increase demand for ECE. However, affordability, workforce shortages, and policy uncertainty remain significant headwinds that could pressure near-term growth. Subsidies Support Revenue: Federal subsidies for ECE have historically increased, even during economic downturns. These subsidies are primarily funded through the Child Care and Development Fund (CCDF), authorized under the Child Care and Development Block Grant (CCDBG), with funding rising to $14.8 billion in 2025 from $6.8 billion in 2005. Public subsidy funding is expected to continue due to historical bipartisan support, underscoring the need for ECE. Approximately 35% of KinderCare's total revenue in 2025 was derived from this subsidy funding. Fitch believes KinderCare is well-positioned to gain market share in the event of a funding pullback due to its scale and expertise. Ownership Concentration: Fitch views the concentration of ownership by private equity as an inherent credit risk for KinderCare. Partners Group (PG) owns approximately 69% of KinderCare Learning Companies, Inc.'s common stock, granting it significant control over major corporate decisions, such as director elections and business transactions. This concentration makes KinderCare susceptible to potential shifts toward aggressive financial policies. Peer Analysis KinderCare operates ECE and care centers. A direct competitor of KinderCare is Bright Horizons Family Solutions Inc. (BFAM; NR). BFAM offers childcare, early education and other services designed to help employers and families with work and family-life challenges. Both companies operate on a similar scale, with BFAM revenue of approximately $2.9 billion in fiscal 2025, with about 15% growth rate. Bright Horizons has more than 1,450 client relationships with employers across a diverse array of industries and early education centers. It has capacity to serve about 115,000 children and their families in the U.S., the United Kingdom, the Netherlands, Australia and India. BFAM operates at a lower leverage ratio with a more sustainable profitability profile. Fitch’s Key Rating-Case Assumptions - Revenue is expected to remain flat in 2026, driven by lower occupancy and enrollment, before rebounding to low-to-mid single-digit growth thereafter, supported by the execution of management's strategic initiatives; - EBITDA margin is projected to contract to the high single-digit range, reflecting low operating leverage stemming from reduced enrollments, higher lease expenses, and increased marketing spend; - Lease expenses are anticipated to grow in line with top-line revenue growth; - Capex is expected to average approximately 5% of total revenue, consistent with the number of new centers the company plans to open; - No dividends or share buybacks are assumed in the forecast period; - Fitch assumes the following Secured Overnight Financing Rate (SOFR) base rates: 3.7% for rating horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb-, Lower), Company Operational Characteristics (bb+, Moderate), Profitability (bb-, Higher), Financial Structure (bb-, Moderate), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 20% for the forecast year 2029. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Recovery Analysis - The recovery analysis assumes that KinderCare would be reorganized as a going concern (GC) in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim; - In estimating KinderCare's distressed enterprise value (EV), Fitch assumes a scenario with lower occupancy rate and reduced enrollment, leading to a decreased revenue scale. This is expected to result in about a 10% revenue decline and EBITDA margin compression to around 7.5%, resulting in a GC EBITDA about 10% lower than the estimated EBITDA for 2026; - Fitch has revised its GC EBITDA assumption to $185 million from $230 million, reflecting the deleveraging effect of lower occupancy on a largely fixed cost base; - A multiple of 6.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. Fitch believes this multiple is validated based on historical public companies trading multiples, industry mergers and acquisitions (M&A), and past reorganization multiples observed across various industries; - The recovery model implies a 'BB' and 'RR2' Recovery Rating for the company's first lien senior secured facilities, reflecting Fitch's expectation that lenders could recover 71% to 90% in a restructuring scenario. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR leverage rising above 5.5x over a multi-year period; - (CFO-capex) to debt ratio sustained below 5%; - EBITDAR fixed-charge coverage below 1.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDAR fixed-charge coverage above 2.0x; - (CFO-capex) to debt ratio sustained above 7.5%; - Fitch's expectation that EBITDA margins will expand into the mid-teens range, while maintaining scale and EBITDAR leverage below 4.5x; Factors that Could, Individually or Collectively, Lead to an Outlook Revision: - Stabilization of key fundamentals including enrollment and occupancy rates and revenue growth, as well as improving EBITDA & FCF margins. Liquidity and Debt Structure As of Jan. 3, 2026, KinderCare reported $133.3 million in cash, cash equivalents, and restricted cash. The company's liquidity is supported by positive FCF generation, with FCF margins historically between 4% and 9%. KinderCare had $957.153 million of first lien term loans outstanding as of Jan. 3, 2026. The First Lien Term Loan Facility matures in June 2030 and amortizes at 1% annually. There were no outstanding borrowings under the first lien revolving credit facility, and the available borrowing capacity was $189.7 million, considering $72.8 million in outstanding letters of credit. Issuer Profile KinderCare Learning Companies, Inc. offers ECE and care programs to children ranging from six weeks through 12 years of age. Founded in 1969, the company provides infant and toddler care, preschool, kindergarten, and before- and after-school programs. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for KinderCare Learning Companie, Inc. and it's wholly owned subsidiary KUEHG Corp. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- KinderCare Learning Companies, Inc. LT IDR B+ Affirmed B+ KUEHG Corp. LT IDR B+ Affirmed B+ senior secured LT BB Downgrade RR2 BB+ KODIAK BP: Moody's Withdraws 'B2' CFR Following Debt Repayment -------------------------------------------------------------- Moody's Ratings has withdrawn all ratings for Kodiak BP, LLC's (Kodiak) including the B2 corporate family rating, the B2-PD probability of default rating, and the B3 senior secured 1st lien term loan B rating. The rating action follows Kodiak's full repayment of its previously rated debt. Previously, the CFR, PDR and senior secured 1st lien term loan B were on review for upgrade. The outlook prior to the withdrawal was rating under review. RATINGS RATIONALE Moody's have withdrawn all of Kodiak's ratings following the complete redemption of all its outstanding rated debt. On February 11, 2026, QXO, Inc. announced that it had entered into a definitive agreement to acquire Kodiak. The acquisition closed on April 01, 2026, and the company's rated debt was repaid in full. Kodiak, headquartered in Englewood, Colorado, is a national distributor of building materials and installs a variety of home products. Kodiak's revenue for 2025 was $2.4 billion. KUSTOM ENTERTAINMENT: Revises $5.5M Video Business Sale to Cycurion ------------------------------------------------------------------- Kustom Entertainment, Inc. announced it has entered into a revised, non-binding Memorandum of Understanding that establishes revised terms for the sale of Kustom's legacy video solutions segment to Cycurion from the previously announced MOU on January 22, 2026. The parties have moved into the final stage of the transaction, focusing on the completion of definitive documentation. Based on the progress made to date, the parties currently anticipate the transaction will close on or prior to June 30, 2026. Key Transaction Terms Under the terms of the agreement, the aggregate purchase price is $5,500,000, structured to provide Kustom with immediate liquidity, long-term yield, and equity upside. The consideration consists of: * Cash Payment: A $1,250,000 cash down payment payable at closing. * Secured Promissory Note: A $4,250,000 secured promissory note bearing 7% interest, payable in 36 monthly installments. * Equity Upside: The issuance to Kustom of 2,000,000 common stock purchase warrants with a two-year term (beginning after the underlying shares become registered) and an exercise price of $2.80 per share. * Performance Adjustments: An earn-out and clawback mechanism, capped at $1,000,000, based on the Business achieving specific net income milestones, as defined in the definitive agreement, milestones over a one-year period for the clawback and a three-year period for the earn-out. Strategic Comments "We are pleased to have reached an agreement on the revised economic terms of this divestiture," said Stanton Ross, CEO of Kustom. "This moves us into the final stretch of a transition that allows Kustom Entertainment to focus on its core growth initiatives while ensuring our legacy video customers continue to receive high-level service under Cycurion's stewardship." "The acquisition of Kustom's video solutions segment is a cornerstone of our portfolio expansion," added L. Kevin Kelly, Chairman and CEO of Cycurion. "Our financial teams have worked closely to validate the pro forma outlook for this business, and we are eager to finalize the documentation and integrate these camera and software solutions into our broader technology offerings." Final Timeline and Documentation The parties have agreed to a 30-day "no-shop" exclusivity period to facilitate the drafting of the final Asset Purchase Agreement. The transaction remains subject to the completion of definitive documentation, customary closing conditions, and any necessary regulatory approvals. 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. 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. 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. LAKELAND HOLDINGS: S&P Assigns 'CCC+' ICR, Outlook Negative ----------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issuer credit rating to U.S. educational travel services provider Lakeland Holdings LLC (dba WorldStrides) and its 'CCC-' issue-level rating and '6' recovery rating to the second-lien facility. The '6' recovery rating reflects its expectation of negligible (0%-10%; rounded estimate 0%) recovery in a payment default. The negative outlook reflects the risk that a prolonged Middle East war reduces student travel volumes and raises operating costs, pressuring profitability and further eroding an already limited liquidity profile such that S&P could envision a liquidity shortfall over the next 12 months. S&P said, "The 'CCC+' issuer credit rating reflects our view of an unsustainable capital structure. WorldStrides restructured its debt in March 2026 by negotiating with lenders to reduce it by $185 million, extend the first-lien debt maturity wall to April 2028 from March 2027, and reset the first-lien net leverage covenants. The transaction reduces annual cash interest costs by about $35 million. EBITDA will be depressed this year because of about $40 million in transaction and consulting fees that we believe are one-time and nonrecurring. Given the large cost relative to overall EBITDA, the company also has the option to payment-in-kind (PIK) interest expense on the first-lien debt up to $11 million and an available second-lien PIK $11 million sponsor loan (uncommitted) to maintain sufficient liquidity during the key summer months. Furthermore, WorldStrides' debt service under its second-lien debt is all PIK. It helps preserve liquidity until the company has sufficiently ramped up operations to cover debt service and other fixed charges. "The company's cash flow is seasonal, with liquidity peaks in the spring and a trough in the fall. We expect WorldStrides to fully draw on its revolver between the second and third quarters this year because of substantial working capital pull when tour expenses are paid closer to trip departures in the spring and summer months, limiting liquidity to pay first-lien cash interest. In our view, this is a transition year in which the debt restructuring allows WorldStrides to meet liquidity needs and focus on growth. Nevertheless, we view liquidity as less than adequate due to tight EBITDA headroom under its first-lien quarterly financial maintenance covenant limited liquidity to operate the business and invest in strategic initiatives." Execution risk is high because a budget underperformance or higher-than-expected expenses could require additional funding needs or a covenant amendment/waiver. The company will need to fully draw on its revolver and use cash on hand to meet its obligations during the summer months. In addition, WorldStrides will need to improve operating performance and cash flow ahead of a refinancing next year for its 2028 debt maturity wall. S&P said, "Although the transaction is deleveraging and improves EBITDA interest coverage, we view leverage as still high. We forecast S&P Global Ratings-adjusted leverage will remain in the high-8x area in fiscal years 2026 and 2027 (ending Sept. 30), excluding one-time costs related to the restructuring and consulting fees. Including these one-time costs in fiscal 2026, we calculate S&P Global Ratings-adjusted leverage at about 17x. Adjusted EBITDA cash interest coverage is 4x-4.5x over the next 12 months from 1x in 2025." The travel industry is generally highly cyclical and affected by geopolitical events. Perceived safety risks affect pricing and demand. Educational travel, subject to these broader industry dynamics, tends toward slightly less cyclicality than leisure travel due to its purpose-driven nature. It is less likely to be constrained by dips in discretionary spending because parents tend to prioritize children's educational opportunities. Additionally, WorldStrides has a variable cost structure that allows further flexibility and less overhead burden. Although the company has limited exposure to itineraries in the Middle East and most fiscal 2026 bookings are complete, with air fares locked in before recent oil price increases, there is a risk to fiscal 2027 bookings and gross profit margins if a prolonged Middle East conflict lowers consumer discretionary demand and keeps fuel costs elevated. S&P said, "According to S&P Global economists, the largest energy supply shock on record has put a material dent in our 2026 global outlook. Our baseline assumes moderately lower growth and materially high inflation. Risks depend on the duration of the conflict, which could result in a broad-based global slowdown. We forecast 2.2% GDP improvement for the U.S. in 2026, followed by an average of 1.9% in 2027-2029." S&P said, "In Europe, the war has disrupted recovery, pushed up inflation, and weighed on growth prospects. If the oil price shock proves more severe and longer lasting than our baseline, inflation could top 5% in May and June, tipping the economy into a technical recession midyear. These risks are offset by WorldStrides' educational component to its trips, which we view as slightly more resilient during economic downturns than overall leisure travel." WorldStrides has a low EBITDA margin and small scale. Despite being one of the largest stand-alone education-based travel companies, it still has a small EBITDA base compared with rated education and leisure companies. It is vulnerable to potential competitors with deeper financial resources, given relatively low barriers to entry. S&P said, "Despite brand benefits from accreditation as a school and relationships with a large network of teachers, we do not believe that these barriers are significant enough to provide a substantial and sustainable competitive advantage. In our view, accreditation provides demand benefit, although some competitors are also accredited and the percentage of students who complete for-credit travel is relatively small." S&P said, "We believe its relatively low EBITDA margin and minimal switching costs for teachers that choose to use a different provider are evidence of competitive and fragmented markets. Depending on the trip complexity, teachers can choose to arrange travel themselves, without the assistance of a full-service provider such as WorldStrides. Like traditional travel agencies (although to a more limited extent for a company such as WorldStrides), this makes the company somewhat vulnerable to technological disruption and the potential for disintermediation in the travel services market, specifically if technological innovation makes it easier for teachers to book group travel. The company benefits by not being exposed to declines in public funding because students (and their parents) pay for the trips, but there is no contractually recurring revenue. We expect stable demand when the economic environment is favorable. Revenue volatility during economic downturns could be modestly lower than that of many other leisure companies given the educational aspect of the trips. "Still, we believe its trips are ultimately discretionary, with increased cancellations and lower demand amid higher unemployment and lower consumer spending. We believe geopolitical events in its top destination markets can affect these rates, such as to Washington, D.C.; New York; Los Angeles; Paris; and Rome." WorldStrides is the largest U.S. educational student travel provider and No. 2 globally. Its leading position in the K-12 domestic market, good relationships with suppliers, good retention rates in its K-12 domestic and higher education segments, and near-term revenue visibility with trips typically booked 12-18 months in advance of departures partly offset risk factors. The company establishes relationships with local teachers who generate student interest for domestic and international trips. WorldStrides provides logistics such as airfare, hotels, and transportation; educational content; opportunities for academic credit for students and continuing education credit for teachers; and safety resources, including on-call medical support staff, medical insurance, and evacuation insurance. The negative outlook reflects the risk that a prolonged Middle East war reduces student travel volumes and raises operating costs, pressuring profitability and further eroding an already limited liquidity profile such that S&P could envision a liquidity shortfall over the next 12 months. S&P said, "We could lower our ratings on WorldStrides if we believe its liquidity position will worsen such that it will likely default or enter into a debt restructuring of some form in the next 12 months. "We could revise our outlook to stable or raise our rating if it increases student travel volumes, improves operating performance more than expected, improves its liquidity, and sustains adjusted EBITDA interest coverage of more than 1.5x." LEESTMA MANAGEMENT: Seeks to Hire David Jennis P.A. as Counsel -------------------------------------------------------------- Leestma Management, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ David Jennis, P.A. d/b/a Jennis Morse as counsel. The firm will render these services: a. take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on its behalf, the defense of any actions commenced against the Debtor, negotiations concerning any litigation in which the Debtor may be involved, and objections, when appropriate, to claims filed against the estate; b. prepare, on behalf of the Debtor, any applications, answers, orders, reports, and/or papers in connection with the administration of the estate; c. counsel the Debtor with regard to its rights and obligations as a debtor-in-possession; d. prepare and file a chapter 11 plan; and e. perform all other necessary legal services in connection with this chapter 11 case. The firm's current hourly rates range from $125 to $250 for paraprofessionals to $350 to $595 for attorneys. Prior to the Petition Date, the firm received $170,010 from Ryan M. Leestma as a retainer for all of the jointly administered Debtors. As disclosed in a court filing, Jennis Morse is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: David S. Jennis, Esq. David Jennis, P.A. d/b/a Jennis Morse 606 East Madison Street Tampa, FL 33602 Telephone: (813) 229-2800 Facsimile: (813) 405-4046 Email: djennis@jennislaw.com About Leestma Management, LLC 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. LEGACY AT WILLOW: Fitch Alters Outlook on 'BB-' IDR to Negative --------------------------------------------------------------- Fitch Ratings has affirmed Legacy at Willow Bend's (LWB) Issuer Default Rating (IDR) at 'BB-' and the 2016 revenue bonds issued by the New Hope Cultural Education Facilities Finance Corporation on behalf of LWB at 'BB-'. The Rating Outlook has been revised to Negative from Stable. Entity/Debt Rating Prior ----------- ------ ----- Legacy Willow Bend (The) (TX) LT IDR BB- Affirmed BB- Legacy Willow Bend (The) (TX) /General Revenues/1 LT LT BB- Affirmed BB- LWB's 'BB-' rating reflects a weak balance sheet at the low end of the 'bb' financial profile. Its market position and occupancy history support the rating, but financial flexibility is limited. A competitive market area may have softened demand. Occupancy fell to 87% from the mid- to high-90% range. IL occupancy supports cash flow generation. Uncertainty rose after management paused the $30 million Flats expansion, a 30-unit project. The CEO departed in fall 2025. Failure to restore IL occupancy to the low-90% range could pressure the rating and underpins the Outlook revision to Negative from Stable. SECURITY The bonds are secured by a gross revenue pledge, mortgage pledge, and debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - bbb Revenue defensibility is supported by LWB's historically strong independent living (IL) demand, though recent occupancy weakening is a key credit consideration. LWB's ILU occupancy remained in the mid- to high-90% range for several years, indicating robust demand. Occupancy has also improved across the rest of the continuum. It rebounded above 85% from about 80% previously in assisted living, 87% in memory care and 95% in skilled nursing. However, ILU occupancy fell to 87% at the end of December 2025, down from historical norms. Management has restructured the sales and marketing team and expects occupancy to recover. However, sustained improvement is key, given the central role of ILUs in supporting entrance fee generation and cash flow stability. The market remains competitive. A nearby competitor opened in August 2024 with 183 ILUs, likely increasing pressure on sales activity. Marketing for LWB's 30-unit expansion began in April 2024, and by April 2025, 13 units were presold with 10% deposits. Management has since hired new marketing staff. LWB remains differentiated as the only Jewish-sponsored LPC in the Plano area and offers a full continuum of care, within a growing Dallas-area market. Operating Risk - bb Operating risk remains elevated, though recent trends show modest improvement. Operations have steadily strengthened from operating ratios of roughly 105% in 2023 to 101% in 2025, reflecting progress in expense management. While this trajectory is promising, performance remains weak relative to historical norms, and any sustained softening in occupancy would pressure revenue and likely reverse recent gains. As a predominantly Type A contract provider, LWB has limited ability to offset rising healthcare costs through resident charges, which constrains margin recovery. Profitability has weakened materially since 2019, with operating ratios above 100% from 2020 through 2025, versus low-90% averages from 2016 to 2019. NOMA declined from consistently above 20% before 2020 to 12% or lower since then. LWB's future depends on occupancy returning to historic levels and management sustaining cost-containment initiatives. Capital spending appears manageable in the near term. Management expects capex to remain below 70% of depreciation over the next several years. The average age of plant was about 14 years at YE 2025. Debt service remains a constraint, as revenue-only MADS coverage averaged about 0.3x over the past five years and remained weak at 0.7x in 2025, although MADS was a moderate 9.8% of revenue. Financial Profile - bb LWB's financial profile remains weak and is a key rating constraint. At fiscal YE 2025, LWB had approximately $42 million of debt and about $12 million of unrestricted cash and investments, resulting in cash-to-adjusted debt of 28.9%. This is down from 38.7% in 2021. Days cash on hand also declined to 162 at FYE 2025, which Fitch views as an asymmetric risk given LWB's limited ability to absorb operating volatility or unexpected cash needs. The balance sheet remains consistent with a low-end 'bb' financial profile assessment. Fitch's forward-looking base case assumes operating and financial metrics improve as management maintains cost-containment initiatives and occupancy rebounds. If cash flows strengthen and entrance fee receipts improve as occupancy returns toward historical levels, LWB could accrete cash through operations and gradually rebuild its margin for safety at the 'BB-' rating level. Additional risk stems from LWB's entrance fee refund policy, under which refunds are triggered when a vacated unit is resold rather than when the resident leaves, increasing the potential for cash flow disruption due to refund timing and unpredictability. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to improve ILU occupancy to levels above 90%; Cash-to-debt that approaches 25% without the expectation of a recovery; - Failure to meet financial covenants; - Debt service coverage ratio (DSCR) near or below 0.5x; - Cash transfers outside the obligated group. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Operating ratios sustained near or below 100%; - Revenue-only MADS coverage sustained above 0.5x; - Cash-to-adjusted debt sustained above 40%. PROFILE LWB is a Type A LPC located in Plano, TX approximately 20 miles north of Dallas. LWB has 114 ILUs (102 apartments and 12 villas), 40 ALUs, 18 memory support suites, and 60 SNF beds. LWB is subject to an annual 1.2x DSCR covenant minimum and a liquidity covenant minimum of 150 DCOH. LWB's sole corporate parent is Legacy Senior Communities (LSC), which manages LWB under a management agreement. Fitch's analysis is based on LWB, which is the only obligated group member. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. LGI HOMES: Moody's Downgrades CFR to B2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings downgraded LGI Homes, Inc.'s corporate family rating to B2 from Ba3, its probability of default rating to B2-PD from Ba3-PD and the senior unsecured notes rating to B2 from Ba3. The speculative grade liquidity (SGL) rating is SGL-3. The rating outlook was changed to stable from negative. "The downgrade of the CFR to B2 reflects anticipated weaker earnings in 2026 compared to Moody's prior expectations, driven by sustained softness in housing demand, particularly for the entry-level buyer," said Griselda Bisono, VP-Senior Credit Officer at Moody's Ratings. Moody's expects interest coverage will remain weak at 1.1x EBIT/interest expense in 2026 resulting in limited cushion under financial covenants. The stable outlook reflects Moody's expectations of modest improvements in financial metrics as a result of increased community count, positive free cash flow and debt reduction in the next 12-18 months. This should also support modestly improving covenant cushion and adequate liquidity. RATINGS RATIONALE LGI's B2 CFR reflects the company's broad geographic diversification and focus on the construction of entry-level homes, a segment that has experienced outsized demand due to affordability constraints from potential buyers. LGI's business model focuses on standardized home construction which helps creates production efficiencies. These factors are offset by the company's weak profitability, which has resulted in low interest coverage and reduced covenant headroom. Moody's expects largely flat to slightly declining revenue and EBIT margins of around 7.5% in 2026, reflecting a soft US housing market and the continued use of incentives that will pressure profit margins. Other factors considered in the rating include LGI's all speculative construction strategy that can lead to high unsold home inventory during a weak market, as well as a very long owned land position that exposes the company to impairment risk. In addition, the company's primary customer base of first-time homebuyers are very sensitive to interest rate and home price increases, which can lead to outsized sales declines in a weak market environment. Moody's expects LGI to maintain adequate liquidity over the next 18 months, supported by about $200 million of expected positive free cash flow generation in 2026 driven mainly by working capital improvements as the company invests less in land and land development. Moody's liquidity assessment reflects lower revolver usage on the company's $1.185 billion revolver, no near-term maturities and limited cushion on financial covenants. Moody's liquidity assessment also considers the value of LGI's sizable owned land supply of about 52,000 lots at the end of 2025, which provides an alternative source of liquidity. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Moody's changed the governance risk score for LGI Homes to G-4 from G-3 and the credit impact score to CIS-4 from CIS-3. The change in governance risk and credit impact scores reflects weaker financial policies, reflected in the company's rapidly deteriorating interest coverage. The company has a track record of operational underperformance, which further elevates its governance risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if end markets remain supportive of long-term organic growth such that debt/book capitalization is sustained below 50% and EBIT/interest remains above 3.5x. Significant improvement in liquidity would also support an upgrade. A ratings downgrade could occur if debt/book capitalization is sustained above 60% and EBIT/interest expense stays below 2x. Negative ratings pressure may also develop if the company experiences deteriorating liquidity or insufficient cushion on the covenant calculations. LGI Homes, Inc., established in 2003 and headquartered in Houston, Texas, builds largely starter single-family homes. The company operates in 144 communities in 36 markets across 21 states. In 2025 the company generated $1.7 billion in revenue and $73 million in net income. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LIBERTY INTERACTIVE: Moody's Cuts PDR to D-PD Amid Ch. 11 Filing ---------------------------------------------------------------- Moody's Ratings downgraded Liberty Interactive LLC's ("Liberty Interactive") probability of default rating to D-PD from Caa3-PD. At the same time, Moody's affirmed the corporate family rating at Caa3 and its senior unsecured ratings at C. The speculative grade liquidity rating (SGL) of Liberty Interactive remains at SGL-4. Moody's also affirmed ratings of the senior secured notes issued by QVC, Inc. at Caa3. The outlook for both issuers was changed to stable from negative. The downgrade to D-PD from Caa3- PD and affirmations reflect governance considerations, including the announcement on April 16, 2026, that Liberty Interactive LLC's parent (QVC Group) and its subsidiaries (including Liberty Interactive, LLC and QVC, Inc.) commenced Chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas [1]. The affirmations also reflect Moody's estimated recoveries based Liberty Interactive's weak operating performance caused by accelerating cable cord-cutting, falling customer count and lower customer engagement. RATINGS RATIONALE Liberty Interactive's CFR reflects Moody's expectations for low estimated recoveries as the company contends with secular pressures to its core business and challenging demand environment for discretionary products. The company has entered into a Restructuring Support Agreement ("RSA") with majority lender support pursuant to which the company intends to reduce debt from $6.6 billion to $1.3 billion and is targeting emergence from bankruptcy within 90 days as Reorganized QVC, Inc. The company intends to use $1.0 billion in domestic cash and cash equivalents as of December 31, 2025, along with cash flow from operations to fund ongoing operations during the bankruptcy process. Subsequent to the actions, Moody's will withdraw all of Liberty Interactive LLC's and QVC, Inc's ratings. Headquartered in West Chester, Pennsylvania, Liberty Interactive LLC, is a wholly owned subsidiary of its parent QVC Group, Inc. ("QVCG"), formerly named Qurate Retail, Inc. QVCG operates the QVC, HSN and Cornerstone Brands. Moody's credit analysis considers the consolidated QVC Group organization and all credit metrics quoted are at the QVC Group level. QVC, Inc. was founded in 1986 and has operations in the US, UK, Germany, Japan and Italy. Annual revenue at QVC Group, Inc. was about $9.2 billion for LTM period ended December 31, 2025. The principal methodology used in these ratings was Retail and Apparel published in September 2025. Liberty Interactive's Caa3 CFR is set two notches below its scorecard-indicated outcome of Caa1 which reflects estimated recoveries and the company's bankruptcy filing. LIFE TIME: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable ----------------------------------------------------------- Fitch Ratings has upgraded Life Time Group Holdings, Inc.'s and Life Time, Inc.'s (collectively, LTH or Life Time) Long-Term Issuer Default Ratings (IDR) to 'BB' from 'BB-'. Fitch has also upgraded Life Time, Inc.'s long-term senior secured ratings to 'BBB-' with a Recovery Rating of 'RR1' from 'BB+'/'RR1'. The Rating Outlook is Stable. The upgrade reflects continued strong center operations and LTH's successful deleveraging toward the 3.5x to 4.0x EBITDAR leverage band, which is in line with its below 2.0x net leverage target. The 'BB' IDR reflects Life Time Group Holdings, Inc.'s attractive center economics, profitability, strong cash generation, and conservative financial policy offset by its aggressive growth strategy, high fixed costs, low customer switching costs and sector cyclicality. LTH's exposure to affluent markets and unique services offer some protection from macroeconomic headwinds compared to other fitness center operators. Key Rating Drivers Leverage to Moderate: After sustained deleveraging post-pandemic, Fitch forecasts EBITDAR leverage to be maintained between 3.5x and 4.0x. Management targets net EBITDA leverage of 2.0x, commensurate with Fitch EBITDAR leverage of about 3.8x to 4.0x, while continuing to fund growth capital expenditures (capex) and executing the board-authorized $500 million share repurchase program opportunistically. Sale-Leasebacks Support Growth: LTH's asset-light real estate strategy, utilizing sale-leasebacks (SLBs), supports accelerated growth and expansion of its center footprint. Under Fitch's base case, the issuer is expected to complete approximately seven SLBs annually, generating between $300 million and $400 million in proceeds per annum, while opening 12-14 new centers per year. With growth capital expenditures rising above $900 million in 2026 and increasing thereafter, Fitch expects the company to remain approximately free cash flow neutral after SLB proceeds, with funding gaps between growth capex and SLB proceeds supported by strong operating cash flow. SLBs reduced financial flexibility at the center level by adding significant rent expense and potentially increasing profit volatility during downturns. However, Fitch expects center economics to remain strong as LTH improves profitability and drives revenue growth. Fitch capitalizes lease expenses using LTH's balance sheet lease liability and applies an 8x multiple to forecast future liabilities. In 2025, LTH's implied lease multiple was 7.8x. Strong Center Economics: LTH attracts a high-spending, affluent customer base with high household incomes and home ownership, resulting in low price sensitivity. High engagement and premium positioning support strong financial performance. Members use premium services, driving additional revenue from offerings such as personal training, cafés, and spas. Despite recent price increases, demand remains resilient. LTH can further boost revenues by capitalizing on member churn, as new member rates are significantly higher than average dues. This gap creates a large monthly revenue opportunity and supports continued same-center growth. Favorable Tenant Profile: Life Time is viewed as a highly desirable tenant, supported by strong center economics, its corporate credit profile, and a track record of reliability. The company did not miss a rent payment during the coronavirus pandemic, when many fitness operators were under financial distress. Its premium positioning, high member engagement, and resilient cash flow support strong rent coverage. As a result, Life Time benefits from favorable lease economics, including lower implied cap rates than other leisure brands, while its strong reputation with landlords supports additional asset-light opportunities, including serving as an anchor tenant in malls. Adaptable Offerings: LTH's ability to stay ahead of the fitness industry's inherently faddish nature is supported by sustained investment in modernizing its centers. Capital is allocated to reconfiguring space to meet evolving member preferences including conversions to pickleball courts, adding recovery amenities such as cold plunge pools, expanding higher-demand offerings like Pilates, and reducing lower-interest classes. With an average center size of nearly 100,000 square feet, LTH maintains meaningful flexibility to adapt layouts efficiently, supporting member engagement and long-term revenue durability. Strong Profitability: EBITDA margins improved from 24% in 2023 to above 27% in 2025. Center operation margins have improved due to increased membership spend at existing facilities with fixed costs and reduced labor pressures. LTH has made substantial labor cuts in sales and other middle-management roles within general and administrative (G&A). Management reports that these sales now use a lower-cost concierge model, as most new memberships occur online. Fitch expects margins to remain at this level throughout the forecast with operating leverage expansion offset by increased rental expense. Cyclical Industry: The gym, health and fitness clubs industry is highly cyclical. Fitch believes LTH's affluent member pool and high membership utilization provide some protection from cyclical factors. However, membership levels may still fluctuate during a recession. LTH's month-to-month membership plans are attractive for new and seasonal joiners but also leave the company exposed to sharp membership declines during economic shocks. Peer Analysis The gym and fitness sector generally exhibits a low speculative grade credit profile, with most operators rated in the 'B' to 'CCC' range. Fitch highlights high operating leverage, membership attrition risk, discretionary consumer exposure, and capital-intensive expansion as structural constraints. Aggressive growth strategies often result in elevated EBITDAR leverage (frequently above 6.0x) and persistently negative FCF, limiting rating upside despite improving profitability at mature sites. Premium operators can achieve stronger business profiles, though ratings remain constrained without disciplined financial policies. Life Time Group Holdings is an outlier, rated 'BB', reflecting its scale, strong center economics, affluent and price-resilient membership base, and low EBITDAR leverage. While growth capex is supported by SLB financing, Fitch views LTH's conservative balance sheet management and stable cash generation as supportive of its higher rating. David Lloyd Leisure (DLL; B/Stable) demonstrates both the strengths and limitations of the premium lifestyle model. Robust membership growth, rising yields, and expanding EBITDA margins (approaching 30%) are offset by high leverage (peaking around 6.3x in 2025) and negative FCF driven by elevated investment and an aggressive refinancing. Fitch views DLL's underlying business as cash generative, with capex flexibility a partial mitigant. Budget gym operators, such as Pure Gym (B/Positive), pursue rapid expansion supported by lean cost structures and high EBITDAR margins (in the low 40% range). However, execution risk, fixed charge pressure, and expansion-driven negative FCF typically anchor ratings in the 'B' to 'CCC' range, despite improving deleveraging trends. Fitch’s Key Rating-Case Assumptions - Revenue growth is forecast at approximately 10% in 2026 and 2027, easing to high single-digit growth in the outer years, driven primarily by annual net new center openings and low single-digit same-store growth; - Fitch assumes 12 to 14 total center openings annually beginning in 2026, reflecting a mix of approximately 10 to 12 full-build centers and two asset-light openings per year, with expansion increasingly weighted toward ground-up builds in the outer forecast. Fitch assumes approximately seven SLB transactions per year, generating roughly $300 million to $400 million of annual proceeds, at a cap rate of approximately 7%, with the remaining builds funded through operating cash flow and modest incremental debt. Fitch continues to assume fewer SLBs than new builds as management remains selective and prudent on monetization opportunities; - Adjusted EBITDA margins are expected to remain broadly stable at approximately 27% to 27.5% throughout the forecast period, while higher lease expense associated with the asset-light strategy continues to offset some operating leverage benefits; - Cash flow from operations margins are expected to remain in the mid-20% range, below the stronger 2025 level, as Fitch forecasts elevated interest and tax expense, while FCF before growth capex remains approximately 15% to 16% of revenue; - Capital intensity is expected to remain elevated at approximately 29% to 32% of revenue over the forecast period, reflecting continued aggressive investment in new center development; - Fitch expects negative free cash flow prior to SLBs throughout the forecast, as the issuer remains in an expansionary phase, while free cash flow after SLBs is expected to be broadly neutral to slightly positive; - Fitch assumes the issuer buys back $500 million in shares through the forecast with an assumed cadence of $125 million a year. The actual cadence will likely be less predictable as the issuer will be opportunistic in allocating cash to share repurchases; - EBITDAR leverage declines to approximately 3.7x in 2026 and trends modestly lower toward the mid-3.6x range by the end of the forecast, supported by consistent EBITDA growth and disciplined use of SLBs, while EBITDA net leverage remains around 1.8x in 2026 and declines toward approximately 1.6x in the outer years, remaining below management's stated leverage targets. This forecast assumes additional debt incurrence to finance growth and repurchases while adhering to the issuer's sub-2.0x net leverage policy; - Base interest rates applicable to the issuer's variable rate debt reflect existing hedging arrangements and the SOFR forward curve embedded in the model. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bbb-, Lower), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No changes were made to the SCP, resulting in an IDR of 'BB'. Recovery Analysis Fitch does not employ a bespoke analysis in recovery ratings at the 'BB-' to 'BB+' IDR level. LTH's senior secured bank facility and senior secured notes are considered category 1 first lien debt. As such, the senior secured debt is rated 'BBB-'/'RR1', two notches above the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR leverage sustaining above 4.0x; - EBITDAR fixed charge coverage declining below 2.5x; - Asset quality decline, evidenced by same-center volume or margin deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Given the volatility of the fitness industry, the issuer's high fixed-cost structure and its aggressive growth strategy dependent on SLB financing, Fitch does not anticipate any near-term positive rating actions. However, the following factors, combined with a change in the above limitations, could lead to an upgrade in the long term: - EBITDAR leverage sustaining below 3.5x; - Sustained positive FCF before SLBs; - Successful execution of growth strategy resulting in increased scale and revenue diversification. Liquidity and Debt Structure As of Dec. 31, 2025, LTH had $204 million in cash and $618.2 million available under its revolving credit facility. The company's cash flow from operations margin was about 29%, reflecting strong cash generation. Although most of this cash generation is allocated to growth capex, the issuer has the flexibility to pay down debt if needed to meet its current net leverage target of 2.0x. FCF before growth capex remains consistently positive, except in the pandemic-affected years. In addition, LTH has a substantial real estate portfolio which offers additional financial flexibility. LTH's debt maturities are concentrated, with its $1 billion senior secured term loan and $500 million senior secured notes both due in 2031. These maturities are distant, and Fitch sees minimal refinancing risk currently. LTH recently demonstrated capital markets access by successfully refinancing its prior 2026 maturity wall. Issuer Profile Life Time Group Holdings, Inc. is a leading lifestyle brand and fitness center operator. As of Dec. 31, 2025, Life Time operated more than 185 fitness centers across 31 states and one Canadian province, serving nearly 1.6 million individual members. Summary of Financial Adjustments In line with Fitch's "Corporate Rating Criteria," Fitch uses the issuer's lease liability on the balance sheet to derive its lease obligation in computing lease-equivalent debt. Fitch does not include variable lease expense in its EBITDAR calculation that is not included in the issuer's rent expense. The variable lease not included in Fitch's lease expense calculation is also not included in the issuer's rent expense line and is related to equipment leases in the fitness centers and other items. In the issuer's 10-K, it is disclosed that "variable lease payments not recognized in the measurement of operating and finance lease liabilities are expensed as incurred." MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Life Time Group Holdings, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Life Time, Inc. LT IDR BB Upgrade BB- senior secured LT BBB- Upgrade RR1 BB+ Life Time Group Holdings, Inc. LT IDR BB Upgrade BB- LL CREATIONS: Gets Final OK to Use Cash Collateral -------------------------------------------------- LL Creations, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's use of cash collateral to fund its operations on a final basis. The Debtor was initially allowed to access cash collateral under the court's April 16 interim order to pay the expenses set forth in its budget, quarterly U.S. trustee fees and other court-approved payments. The budget projects total operational expenses of $137,504 for the period from April to June. The initial order granted Idea 247, Inc. a post-petition replacement lien on cash collateral, with the same validity, extent, and priority as its pre-petition lien. As additional protection to the secured creditor, the Debtor was required to maintain insurance and comply with all obligations under bankruptcy law. LL Creations owes $110,754.33 to Idea 247, which asserts interest in all of its personal property, including inventory and accounts receivable. As of the petition date, the Debtor had $4,377.09 in cash deposits and $1,695 in accounts receivables. Idea 247, as secured creditor, is represented by: Niki Sturm, Esq. Kaminski Law, PLLC P.O. Box 247 Grass Lake, MI 49240 (248) 462-7111 nsturm@kaminskilawpllc.com About LL Creations LLC LL Creations, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02729) on April 7, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Hon. Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com LUGANO DIAMONDS: Special Committee to Tap Steptoe LLP as Counsel ---------------------------------------------------------------- Lugano Diamonds & Jewelry Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Steptoe LLP to serve as primary counsel. The firm will provide these services: (a) representing the Special Committee in connection with the Investigation; (b) advising the Special Committee in connection with any potential claims that Lugano Diamonds may have against its direct or indirect equity holders, affiliates, subsidiaries, directors, officers, or other stakeholders, agents or related parties; (c) representing in adversary proceedings or other motions which may be filed with respect to any potential claims and/or other matters to be addressed by the Special Committee; and (d) advising the Special Committee in connection with the Chapter 11 Cases on specific matters within the Special Committee's scope of responsibilities. Steptoe LLP will receive compensation on an hourly basis, plus reimbursement of actual and necessary expenses, subject to Court approval. Hourly rates are $1,345 for partners, $1,160 for counsel, $750 for associates, and $480 for paralegals. Steptoe LLP does not hold or represent any interest adverse to the Debtors or their estates with respect to the matters on which it is to be employed, according to court filings. The firm can be reached at: Trace Schmeltz, Esq. STEPTOE LLP 227 W. Monroe Street, Suite 4700 Chicago, IL 60606 Telephone: (312) 577-1300 E-mail: tschmeltz@steptoe.com About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry, Inc. designs, manufactures, and retails high-end jewelry, offering rings, necklaces, earrings, bracelets, and brooches produced through an in-house workshop and a network of specialized vendors. It operates boutiques in affluent and destination markets such as Newport Beach, Aspen, Houston, Palm Beach, Chicago, and Ocala, and also sells through equestrian events and pop-up showrooms. Lugano Diamonds & Jewelry and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12055) on November 16, 2025. The affiliates that filed for Chapter 11 separately are Lugano Buyer Inc. (Case No. 25-12052), K.L.D. Jewelry LLC (Case No. 25-12053), Lugano Prive LLC (Case No. 25-12054), and Lugano Prive LLC (Case No. 25-12056). In its petition, Lugano Diamonds & Jewelry reported assets of between $100 million and $500 million and liabilities of between $500 million and $1 billion. J. Michael Issa, chief restructuring officer, signed the petition. Judge Brendan Linehan Shannon presides over the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Keller Benvenutti Kim, LLP as bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as restructuring advisor; and Armory Securities, LLC as investment banker. Omni Agent Solutions, Inc. is the Debtors' claims, noticing and administrative agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel and Force Ten Partners, LLC as financial advisor. LUMEN TECHNOLOGIES: Fitch Affirms 'B' IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating with a Recovery Rating of 'RR1' to Lumen Technologies Inc.'s $825 million first-lien senior secured revolving credit facility due 2029. The revolving credit facility will replace the existing $954 million super-priority revolver due in 2028. Fitch also affirmed the 'B' Issuer Default Ratings (IDRs) of Level 3 Parent, LLC, Level 3 Financing, Inc., Lumen Technologies, Inc., and Qwest Corporation. Fitch is withdrawing the ratings on Lumen Technologies, Inc.'s super‑priority revolving credit facilities as the super‑priority revolving credit facilities have been cancelled and replaced with a new senior secured revolving credit facility. As a result, there is no longer any Fitch rated debt outstanding under the super‑priority revolving credit facilities, and Fitch will no longer provide ratings or analytical coverage for these instruments. Key Rating Drivers AT&T Transaction Offers Material Delevering: Fitch views Lumen's sale of its Mass Markets fiber-to-the-home (FTTH) segment to AT&T for nearly $5.75 billion as a material milestone for delevering the balance sheet and refocusing the business on enterprise opportunities. The transaction recently close. Lumen used the cash proceeds to repay all super-priority debt, reducing total leverage to the high 3x from the mid-5x range. Very Favorable Maturity Schedule: The combination of opportunistic Level 3 refinancing and LUMN super-priority paydowns after the AT&T deal closed gives the company more flexibility on its debt maturities. It faces no other significant maturity until 2029. Contract Wins Support Liquidity: Recent private connectivity fabric (PCF) contract wins totaled about $13 billion. Lumen is receiving the initial cash payments and will continue to receive them over the next several years. These wins have strengthened Lumen's near-term liquidity. They also indicate asset value in parts of its network. The contracts include dark fiber and other services to Microsoft Corporation. They also cover other hyperscaler, social media, and technology companies. The contracts are long term, and some extend up to 20 years. Expected Decline in Capex: Fitch expects the sale of the Mass Markets FTTH business to AT&T to reduce overall annual capex by about $1 billion, or nearly one-fourth of overall capex. Fitch estimates the revenue and EBITDA effect at roughly 3%-6%. Following high capex in 2025 to support initial PCF contract wins, the company anticipates a gradual decline in capital intensity later in the rating period. Telecoms Faces Challenges: Lumen faces similar industrywide challenges similar to those of other wireline operators because customers shift from legacy offerings to newer products and services. The company is addressing them more aggressively by increasing investment in its enterprise business and by selling its consumer fiber assets to AT&T. Execution risk exists remains, but the strategy could eventually support revenue growth over time. Peer Analysis Lumen has a solid competitive position based on the scale of its wireline operations in the enterprise and business services market. Its business segment, which accounted for nearly 80% of its 2025 revenue, is smaller than those of both AT&T Inc. (BBB+/Rating Watch Negative) and Verizon Communications Inc. (A-/Stable). All three companies have extensive U.S. footprints. AT&T and Verizon maintain lower financial leverage, generate materially higher EBITDA and FCF and offer greater service diversification through wireless operations than Lumen. Lumen has not shown the ability to stabilize its revenue or EBITDA and does not yet generate sustainable FCF, unlike its larger peers. Lumen's larger enterprise business differentiates it from other wireline operators, including Uniti Group LLC (B-/Stable) and Cincinnati Bell, Inc. (B/Stable). Fitch’s Key Rating-Case Assumptions - Revenue declines in the low single digits in 2026, pro forma for the AT&T sale. Business segment revenue is expected to inflect and begin growing in 2028, while total Lumen revenue is not expected to inflect and return to growth until 2029; - EBITDA margins up in 2026 due to benefits from PCF deals coupled with ongoing cost savings expected to continue to improve in subsequent years to reach the high 20% range, given it will no longer be supporting its consumer FTTH business coupled with enterprise margin expansion from recognition of PCF deals; - Capex to decline in 2026 due to selling its consumer FTTH business to AT&T; - Material spike in FCF in 2026 driven by lower capex, positive cash tax refunds, and favorable PCF cash flow. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (b, Higher), Financial Structure (bb-, Moderate), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in an adjustment of -1 notch. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis Fitch undertakes a tailored analysis of recovery upon default for each issuance for entities rated 'B+' and below, where default is closer, and recovery prospects are more meaningful to investors. The resulting debt instrument rating includes a Recovery Rating (scale from RR1 to RR6) and is notched from the IDR accordingly. This analysis has three steps: estimating the distressed enterprise value (EV), estimating creditor claims, and distribution of value. Fitch assumes Lumen would emerge from a default scenario through the going concern (GC) approach rather than liquidation. Fitch has conducted two separate recovery analyses incorporating the primary borrower entities: Level 3 Financing, Qwest Corporation and Lumen Technologies. The key assumptions in each recovery analysis are as follows: Level 3 Financing, Inc. GC EBITDA: Assumed at $1.2 billion, below Fitch's 2026 projection, reflecting revenue pressures and EBITDA margins trending toward the low-20% range, indicating potential competitive and pricing challenges. EV Multiple: A 5.5x multiple is applied, aligned with Fitch-rated peer Frontier Communications and supported by sector trading multiples, M&A activity, and bankruptcy precedents in TMT. Qwest Corporation GC EBITDA: Assumed at $2.0 billion, below the 2026 projection. This factors the recent completion of the AT&T transaction and subsequent immediate full repayment of all outstanding super-priority debt. EV Multiple: A 5.0x multiple is used, lower than Level 3 and Frontier Communications due to greater secular pressures in local business segments but similarly supported by market and bankruptcy benchmarks. Lumen Technologies, Inc. Fitch estimates that all Lumen debt (incl new senior secured revolver commitments), Qwest Corporation unsecured notes and Qwest Capital Funding unsecured notes would recover at an 'RR1' level. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening of Lumen's operating results, including deteriorating margins and consistent mid-single-digit or greater revenue erosion; - Increased liquidity pressure or difficulties refinancing parts of the capital structure; - EBITDA leverage increasing above 5.5x on a sustained basis; - EBITDA interest coverage falling below 3.0x on a sustained basis; - Negative (CFO less capex)/debt on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Operating fundamentals improve, including sustained revenue and EBITDA growth or positive FCF; - Capital structure changes that are positive for the overall credit profile. Liquidity and Debt Structure As of 4Q25, Lumen had $1.0 billion in cash and equivalents supported by asset sales, tax refunds, and upfront payments from long-term hyperscaler contracts. It also had approximately $722 million available under its $954 million super-priority senior secured revolvers, which have since been replaced by the three-year $825 million first-lien senior secured revolving credit facility. Lumen has approximately $12.9 billion in pro forma debt, excluding finance leases and certain adjustments, spread across term loans and secured/unsecured notes at three main borrowing entities. Issuer Profile Lumen is one of the largest U.S. wireline providers. Much of its business is focused on the enterprise market, although it also serves residential customers. It is publicly traded on the NYSE under the ticker LUMN. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Level 3 Parent, LLC LT IDR B Affirmed B Level 3 Financing, Inc. LT IDR B Affirmed B senior unsecured LT B- Affirmed RR5 B- senior secured LT BB Affirmed RR1 BB Qwest Capital Funding, Inc. senior unsecured LT BB Affirmed RR1 BB Lumen Technologies, Inc. LT IDR B Affirmed B senior secured LT BB New Rating RR1 senior unsecured LT BB Affirmed RR1 BB super senior LT WD Withdrawn BB Qwest Corporation LT IDR B Affirmed B senior unsecured LT BB Affirmed RR1 BB LUMEN TECHNOLOGIES: Secures $825 Million Revolving Credit Facility ------------------------------------------------------------------ Lumen Technologies, Inc. disclosed in a regulatory filing that the Company, as borrower, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent, entered into an agreement providing for a revolving credit facility with commitments of $825 million. Lumen does not provide security under the Credit Agreement but certain of Lumen's subsidiaries have provided or, in certain cases after receiving necessary regulatory approvals, will provide an unconditional guarantee of payment of Lumen's obligations and certain of such guarantees will be secured by a lien on substantially all of the assets of the applicable Lumen Guarantors. Level 3 Parent, LLC, a Delaware limited liability company, Level 3 Financing, Inc., a Delaware corporation, and certain of Level 3's subsidiaries have provided or, in certain cases after receiving necessary regulatory approvals, will provide, an unconditional guarantee of payment of Lumen's obligations under the Credit Agreement of up to $150 million, secured by a lien on substantially all of their assets. The guarantee by the Level 3 Collateral Guarantors may be reduced or terminated under certain circumstances. Qwest Corporation, a Colorado corporation, and certain of its subsidiaries will provide an unsecured guarantee of collection of Lumen's obligations under the Credit Agreement. Borrowings under the Credit Agreement bear interest, at Lumen's option, at a rate equal to either: (i) Term SOFR (subject to a 0.00% floor) plus 2.75% for Term SOFR loans or (ii) a base rate plus 1.75% for base rate loans. The foregoing interest rates are subject to adjustment based on Lumen's total net leverage ratio in accordance with the pricing grid in the Credit Agreement. Interest is payable at the end of each interest period. Lumen may prepay amounts outstanding under the Credit Agreement at any time without premium or penalty. The revolving credit facility established under the Credit Agreement matures on April 14, 2029 (subject to a springing maturity in certain circumstances). Under the Credit Agreement and commencing with the fiscal quarter ended June 30, 2026, Lumen may not permit: (i) its maximum total net leverage ratio to exceed 5.25 to 1.00 as of the last day of each fiscal quarter or (ii) its interest coverage ratio as of the last day of any test period to be less than 2.00 to 1.00. The Credit Agreement contains certain customary affirmative and negative covenants, representations and warranties and events of default (subject, in certain cases, to customary grace and cure periods). If an event of default occurs, the lenders may, among other actions, accelerate the outstanding loans. The Credit Agreement allows Lumen to provide unsecured guarantees to certain notes issued by Qwest and certain Level 3 debt. Lumen may in the future provide unsecured guarantees to certain debt issued by Level 3 in order to simplify its overall reporting obligations. In connection with entry into the Credit Agreement, the revolving commitments outstanding under the Superpriority Revolving/Term A Credit Agreement, dated as of March 22, 2024, among Lumen, as borrower, the lenders and issuing banks party thereto and Bank of America, N.A., as administrative agent and collateral agent were permanently reduced to zero and terminated. A full text copy of the Credit Agreement is available at https://tinyurl.com/585fdhe9 About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. -- https://lumen.com/ -- is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes. * * * S&P Global Ratings assigned its 'B+' issue-level rating and '1' recovery rating to Lumen Technologies Inc.'s proposed $825 million first-lien senior secured revolving credit facility due 2029. The '1' recovery rating indicates S&P's expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. The revolving credit facility will replace the company's existing $950 million super-priority revolver due 2028, which was split into two tranches. While the revolver is smaller, the new $13 billion of hyperscaler contracts reduces the need for a larger facility. S&P also believes the company could look to refinance or add a new revolver over time under the Level 3 entity. LURIN REAL ESTATE: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Lead Debtor: Lurin Real Estate Holdings XXII, LLC d/b/a Palmiere Apartments 2101 Cedar Springs, Suite 1050 Dallas, TX 75201 Business Description: Lurin Real Estate Holdings XXII, LLC, doing business as The Palmiere, owns a multifamily apartment property in Pensacola, Florida. The property, located at 4435 Marlane Drive, includes 37 apartment units and offers one-, two- and three-bedroom residences. Lurin Real Estate Holdings XXVI, LLC, doing business as The Lorient, owns a multifamily apartment property in Pensacola, Florida. The property, located at 110 Creekside Court, includes 216 apartment units and offers one-, two- and three-bedroom residences with amenities including a swimming pool, playground, walk-in closets and patios or balconies. Chapter 11 Petition Date: April 21, 2026 Court: United States Bankruptcy Court Southern District of Texas Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Lurin Real Estate Holdings XXII, LLC 26-90520 d/b/a Palmiere Apartments Lurin Real Estate Holdings XXVI, LLC 26-90521 d/b/a The Lorient Debtors' Bankruptcy Counsel: Joshua W. Wolfshohl, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Email: jwolfshohl@porterhedges.com Lurin Real Estate Holdings XXII's Estimated Assets: $1 million to $10 million Lurin Real Estate Holdings XXII's Estimated Liabilities: $1 million to $10 million Lurin Real Estate Holdings XXVI's Estimated Assets: $10 million to $50 million Lurin Real Estate Holdings XXVI's Estimated Liabilities: $10 million to $50 million The petitions were signed by Mark Shapiro as chief restructuring officer. The Debtors did not submit lists of their 20 largest unsecured creditors along with the petitions. The Debtors asked the Court to jointly administer their chapter 11 cases under the case number assigned to Lurin Real Estate Holdings XXI, LLC, Bankr. S.D. Tex. Case No. 26-90344. Full-text copies of the petitions is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RI2MAYQ/Lurin_Real_Estate_Holdings_XXII__txsbke-26-90520__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/5PNA73Q/Lurin_Real_Estate_Holdings_XXVI__txsbke-26-90521__0001.0.pdf?mcid=tGE4TAMA LYCRA COMPANY: Seeks to Hire Houlihan Lokey as Investment Banker ---------------------------------------------------------------- The Lycra Company LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Houlihan Lokey (China) Limited as investment banker. The firm will provide these services: (a) assist the Debtors with the development, structuring, negotiation and implementation of any transaction(s); (b) assist the Debtors in negotiations with creditors and other persons involved in any transaction(s); (c) assist the Debtors in the development, preparation and distribution of selected information, documents and other materials in an effort to create interest in and to complete any transaction(s); (d) solicit and assist the Debtors in evaluating indications of interest and proposals regarding any transaction(s) from current and/or potential lenders, and/or strategic partners; (e) attend meetings of the Debtors' Board of Directors and participate as advisor in negotiations with their creditors, shareholders and other interested third parties (such as prospective investors); and (f) undertake any other analysis and advisory work as may be requested from time to time by the Debtors and agreed in writing between Houlihan Lokey. The firm will be paid at these following fees: (a) monthly retainer of $150,000; (b) financing fee: (i) 1.125 percent of the aggregate principal amount of debt financing raised or otherwise committed to be provided by means of the execution of definitive legally binding documentation (whether or not drawdown of all such commitments is subject to satisfaction of further conditions precedent) from or by any participant (or other party acting in concert therewith); and (ii) 2.5 percent of the aggregate principal amount of equity or equity-linked financing raised or otherwise committed to be provided by means of the execution of definitive legally binding documentation. (b) transaction fee: (i) in the case of a fully consensual transaction implemented out-of-court, a cash sum of $5,875,000 upon the closing of such transaction; and (ii) in the case of a transaction implemented via a court process, a cash sum of $6,750,000 on the date of confirmation pursuant to an order of the applicable relevant court or other body supervising such matter. In addition, the firm will seek reimbursement for expenses incurred. Brandon Gale, a managing director at Houlihan Lokey, 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: Brandon Gale Houlihan Lokey 10250 Constellation Blvd., 5th Floor Los Angeles, CA 90067 About The Lycra Co. LLC The Lycra Company LLC is a textile company that produces elastic materials used in cycling and yoga apparel. The Lycra Company LLC and several affiliates, including Eagle Global Holding B.V., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90399) on March 17, 2026, before the Hon. Christopher M. Lopez. The Debtors estimated $100 million to $500 million in estimated assets and liabilities. The Hon. Christopher M. Lopez presides over the jointly administered cases. The Debtors hired Linklaters LLP and Haynes and Boone, LLP as restructuring counsel; Houlihan Lokey as investment banker; FTI Consulting, Inc. as financial advisor; Kroll Inc. as claims and noticing agent. Gibson, Dunn & Crutcher UK LLP serves as lead counsel and Porter Hedges LLP as local counsel to an ad hoc group of lenders. MALCOLM PATRICK: Court Stays Mason Tenders Fund, et al. Case ------------------------------------------------------------ Judge Jeannette A. Vargas of the U.S. District Court for the Southern District of New York stayed the case captioned as MASON TENDERS DISTRICT COUNCIL WELFARE FUND; MASON TENDERS DISTRICT COUNCIL PENSION FUND; MASON TENDERS DISTRICT COUNCIL ANNUITY FUND; MASON TENDERS DISTRICT COUNCIL TRAINING FUND; MASON TENDERS DISTRICT COUNCIL HEALTH AND SAFETY FUND; and DOMINICK GIAMMONA, as FUNDS' CONTRIBUTIONS/DEFICIENCY MANAGER, Plaintiffs, -v- MALCOLM PATRICK CORP., Defendant, Case No. 24-cv-10013-JAV (S.D.N.Y.) pursuant to Section 362(a) of the Bankruptcy Code. In view of the automatic stay imposed by section 362 of the Bankruptcy Code, this action is administratively closed subject to the right of either party to reopen within 21 days of the conclusion of bankruptcy proceedings, or the lifting or modification of the automatic stay as applied to this action. A copy of the Court's Order dated April 21, 2026, is available at https://urlcurt.com/u?l=yd6lGl from PacerMonitor.com. About Malcolm Patrick Corporation Malcolm Patrick Corporation, based in New Rochelle, New York, operates as a construction contractor providing site development and specialty construction services including excavation, demolition, concrete work, fencing and railing installation, scaffolding, and metal fabrication for commercial and institutional projects across the New York metropolitan area. Founded in 2004, the company operates as a privately held entity and holds Minority Business Enterprise (MBE) and Disadvantaged Business Enterprise (DBE) certifications, with a client base that includes government agencies, general contractors, and private-sector developers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22371) on April 13, 2026. In the petition signed by Deighton C. Taylor, president, the Debtor disclosed $162,500 in total assets against $1,381,302 in total liabilities. The Hon. Sean H Lane oversees the case. Robert J Spence, Esq., at Spence Law Office, P.C., represents the Debtor as legal counsel. MARIZYME INC: Initiates Assignment for Benefit of Creditors ----------------------------------------------------------- Marizyme, Inc. disclosed in a regulatory filing that the Board of Directors: (i) determined that the transfer of all or substantially all of the Company's assets through an assignment for the benefit of creditors was in the best interests of the Company, and (ii) authorized the Company to enter into a general assignment for the benefit of creditors, by and between the Company and Peter Hurwitz, as assignee, which provides for the transfer of all or substantially all of the Company's assets to the Assignee. On April 14, 2026, the Company entered into the Assignment Agreement. The Assignee intends to commence an assignment for the benefit of creditors proceeding by filing a petition in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida in accordance with Chapter 727, Florida Statutes. A full text copy of the Assignment Agreement is https://tinyurl.com/3ehekddj About Marizyme Marizyme, Inc. is a medical technology company changing the landscape of cardiac care by delivering innovative solutions for coronary artery bypass graft (CABG) surgery. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated February 6, 2025, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. MARQUIS STAR: Gets Final OK to Use Cash Collateral -------------------------------------------------- Marquis Star Holding, Inc. and Marquis Solar Frame Works, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. Under the final order, the Debtors are permitted to use cash collateral through July 22 in line with a 13-week budget starting April 22. The Debtor must adhere to this budget, with flexibility to exceed individual line items by up to 15%, and overall spending by up to 10% in aggregate. However, no payments to insiders or affiliates are allowed without further court approval. As adequate protection, the court granted automatically perfected post-petition replacement liens on post-petition cash collateral to Advia Credit Union, Perfect Gateway Enterprises, Inc., and Bradesco Bank, but only to the extent each creditor held a valid and perfected pre-petition lien. The replacement liens do not apply to avoidance actions or their proceeds under Bankruptcy Code sections 542, 547, 548, 549, 550, or 551, nor to assets in which the creditor held no valid lien as of the petition date. The replacement liens are subordinate to U.S. Trustee fees, unpaid court costs, and court-approved professional fees and expenses. The Debtors are also required to make monthly payments: $19,700.43 and $8,465.12 to Advia Credit Union for two Wisconsin properties, and $16,531.15 to Bradesco Bank for a Miami property. The final order is available at https://is.gd/efjnr7 from PacerMonitor.com. About Marquis Star Holding Inc. Marquis Star Holding, Inc. is a Florida corporation that operates as a real estate holding company, owning multiple properties including a condominium in Florida and manufacturing facilities in Wisconsin, while Marquis Solar Frame Works, Inc. is a Wisconsin corporation engaged in the fabrication and supply of aluminum solar panel frames, operating manufacturing facilities in Wisconsin and Canada, including facilities owned by Marquis Star Holding, Inc. Marquis Star Holding, Inc. and Marquis Solar Frame Works, Inc. filed their petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 26-10660) on January 20, 2026. Marquis Star listed $10 million to $50 million in assets and $1 million to $10 million in liabilities, while Marquis Solar listed $10 million to $50 million in assets and $1 million to $50 million in liabilities. Marquis Star Holding's petition was signed by its president, Michelle Chiever, while the petition for Marquis Solar Frame was signed by Jun Niu, the xompany's chief operating officer. Judge Robert A. Mark oversees the case. The Debtors tapped Linda Leali, PA as bankruptcy counsel; BGV Law PLLC as special counsel; and the Hoffman Eells Group CPAs, PC as accountant. MATE LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: Mate LLC d/b/a Susheria 3101 K Street, NW Washington, DC 20007 Business Description: Mate LLC, doing business as Susheria, operates a fusion-cuisine restaurant in Washington, D.C., offering sushi, specialty rolls, ceviche, sashimi, small plates and other Japanese- and Latin-inspired dishes. Based in Georgetown, the restaurant provides dine-in service, online ordering, reservations, catering and private-event hosting for individual and group customers. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00213 Debtor's Counsel: Alan D. Eisler, Esq. EISLER HAMILTON, LLC 1 Research Court, Suite 450 Rockville, MD 20850 Tel: (240) 283-1164 Fax: (301) 519-8005 E-mail: aeisler@e-hlegal.com Total Assets: $321,348 Total Liabilities: $1,874,370 The petition was signed by Alfredo Mauricio Fraga as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QTYRTTQ/Mate_LLC__dcbke-26-00213__0001.0.pdf?mcid=tGE4TAMA MERIDIAN ARC: Fitch Assigns 'BB(EXP)' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Meridian Arc HoldCo an expected 'BB(EXP)' Long-Term Issuer Default Rating (IDR). Fitch has also assigned Meridian Arc's proposed $5.7 billion senior secured notes an expected 'BB(EXP)' rating. The Rating Outlook is Stable. The 'BB' rating reflects high completion risk on 430MW data centers. The sponsor and contractor have limited data center experience, the construction schedule is aggressive, and there is no guaranteed maximum price (GMP) contract. Key mitigants include rentalization of cost through yield-on-cost mechanism and lender's technical advisor's (LTA) view that the schedule is achievable using modular construction. The project also faces power supply risk. Revenue downside risk is reduced by Google's lease guarantee. Cash flow during the initial lease term is sufficient to repay debt under Fitch's rating case assumptions, while financing terms are weaker than typical project finance protections. The IDR matches the debt ratings, reflecting senior ranking and no material subordinated liabilities. KEY RATING DRIVERS Completion Risk - Weaker Simple Construction, No GMP Yet The assessment reflects relatively straightforward data center construction but is constrained by the sponsors' and contractor's modest data center track record, the absence of a GMP contract, and a tight implementation schedule. The LTA considers the contingency adequate and the budget reasonable to mitigate cost escalation risks. Another key mitigant is the lease's tiered yield-on-cost mechanism, which is subject to a construction cost cap and provides rentalization capacity above current costs. Fitch expects a final GMP to be signed by June 2026, lowering cost overrun risk. The schedule is aggressive, with 9.5 months to target floor access for Building 1's first data hall and 10.5 months for Building 2. However, the LTA believes it is achievable, supported by modular construction. There is no lease termination for completion delays, and delay risk is heightened by stringent rent credits tied to both target floor access and target commencement dates. A fully funded six-month debt service reserve account (DSRA) and phased completion provide partial mitigation for a delay up to four months. Supply Risk - Midrange Power Infrastructure not yet Constructed The project is exposed to power supply risk because it depends on a new customer substation that is still under development. Management expects the substation to be energized well before the first 65MW data hall starts in July 2027, with 300MW available by December 2026 and the remaining 320MW by March 2027. The utility substation is complete, while the connecting transmission line is being developed by Hoosier Energy and has a limited scope. An affiliate has executed a Multi Party Service Agreement (MPSA) with Hoosier Energy and WIN Energy, which will be assigned to the tenant at financial close. Power costs are fully passed through to the tenant, but the tenant may terminate the lease if the power contract ends and critical power is not restored within 60 days. Revenue Risk - Stronger No Lease Renewal Risk; Google lease guarantee The project's cash flow is contracted under a 15-year initial lease, with three five-year extensions. The key primary tenant, Fluidstack USA V Inc., is unrated by Fitch. However, this is mitigated by Google's lease guarantee, which requires Google to assume the lease or pay termination amounts covering outstanding debt under specified circumstances. Base rent is calculated on a tiered yield-on-cost rate with a construction cost cap. Both are lower if Google assumes the lease. Fitch's rating case assumes initial lease term cash flow is sufficient to fully amortize debt post refinancing, which eliminates reliance on lease renewal. Operation Risk - Stronger Triple Net Lease, Limited Operator's Track Record The triple-net lease passes operating costs, including electricity, taxes, and insurance, to the tenant, limiting exposure to cost inflation. The landlord remains responsible for repair, maintenance of building and mechanical, electrical and plumbing infrastructure, but there are no service level agreements, reducing performance risk. Project-level electrical, mechanical, and cooling redundancies also support operations. This is partly offset by the sponsor's limited operating history. The tenant has termination rights if a landlord default causes 10% or more of gross power or tenant space to become inoperable and this is not cured within 30 days. Infrastructure Development & Obsolescence Risk - Neutral Newly Built Data Center, Low Maintenance Exposure to technological obsolescence is limited, as debt can fully amortize within the lease term under Fitch's rating case. Fitch expects the useful life of the newly built facilities, the data centers' core mechanical and electrical systems to extend beyond the initial lease term, which reduces the likelihood of large capital needs. Any capex requirement is also mitigated by full reimbursement from the tenant within the lease term. Debt Structure - 1 - Weaker Refinance Risk, Additional Debt Allowance The proposed fixed-rate senior secured notes mature in 2031, creating refinancing risk, particularly given the sponsors' limited refinancing track record. This risk is partly mitigated by the absence of reliance on lease renewals to repay debt and by liquidity support, including an upfront fully funded DSRA covering about six months of debt service plus funded interest during construction. Debt provisions are weaker than typical project finance structures. The issuer may undertake mergers or consolidations without rating affirmation, reinvest certain proceeds in the project or similar businesses, or enter JVs. However, it cannot issue additional debt beyond permitted allowance. Special purpose entity restrictions partly offset these features. Post commencement, the project may regear up to an amount equal to equity contributions net of the DSRA. This would increase loan to cost to 95% from 92% currently. Fitch views this risk as partially mitigated. Even if Google assumes the lease, resulting in rent step down, cash flows from the initial lease term and available liquidity would be sufficient to fully amortize the debt. Peer Analysis The closest peers are Cipher Compute LLC (BB-/Stable) and WULF Compute LLC (BB/Stable). Like these peers, Meridian Arc faces elevated completion risk from early construction and the absence of a GMP and benefits from a lease supported by a Google lease guarantee. Meridian Arc and WULF Compute have tighter restrictions on additional debt while Cipher Compute has more flexibility to raise additional debt for expansion. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant delay in finalizing GMP or construction delays that result in increased unavoidable costs not covered by either contingencies or debt service reserve; - Degradation of the financial performance leading to sustained DSCR below 1.1x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Satisfactory commissioning of all the tranches in line with the lease terms, coupled with sustained operational and financial performance with DSCR above 1.15x Financial Profile Fitch's base and rating cases assess cash flow over the initial 15-year lease term and assume the maximum additional debt allowance. Although opex and maintenance costs are passed through under the triple-net lease, Fitch applies a capex stress to test liquidity before reimbursement. The rating case also includes stress to the refinancing rate, resulting in an 8% rate in year five. Fitch forecasts strong post-commencement performance is forecast to be strong, with a 1.38x project life coverage ratio (PLCR) at refinancing in 2031 under the rating case. The ratio is consistent with investment-grade rating, but the expected rating factors in the weaker completion risk assessment. TRANSACTION SUMMARY Meridian Arc HoldCo is indirectly owned by Fluidstack Indiana Inc. and Frontier Holdings Indiana LLC. It is issuing $5.7 billion of senior secured notes to build a data center with critical IT capacity of 430MW in Indiana. Proceeds will fund the project with around 92% debt-to-cost ratio, together with $505 million equity funded at close. The final ratings are contingent upon the receipt by Fitch of final documents conforming to information already received and reviewed as well as the final pricing of the bonds. SECURITY The notes are secured by first-priority liens on substantially all Meridian Arc HoldCo and subsidiary guarantor assets, contracts, and cash flows, together with a pledge of issuer equity by its direct parent. Date of Relevant Committee 16-Apr-2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate elevated risk for Meridian Arc Holdco. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Meridian Arc HoldCo LT IDR BB(EXP) Expected Rating Meridian Arc HoldCo/Senior Secured Notes/1 LT LT USD bond/note LT BB(EXP) Expected Rating MEYER BURGER: Seeks to Extend Plan Exclusivity to May 18 -------------------------------------------------------- Meyer Burger (Holding) Corp. and its affiliated debtors asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 18, 2026, respectively. Based on the weighing of the relevant factors, there is more than sufficient cause to approve the extension of the Exclusive Periods. * The Chapter 11 Cases have involved complex legal and factual issues. As described in more detail in the First Day Declaration, the Debtors commenced the Chapter 11 Cases to conduct a value maximizing Sale Process for the benefit of their stakeholders. Since the Petition Date, the Debtors have worked diligently to progress the Sale Process, which culminated in the Court’s approval of a sale of substantially all of the Debtors' assets. * The Debtors have made substantial good faith progress in the Chapter 11 Cases while continuing to engage in discussions and negotiations with key creditor constituencies. The Debtors have, among other things: (i) minimized the adverse effects caused by the commencement of the Chapter 11 Cases on their affairs by securing various first-day relief; (ii) obtained entry of interim and final orders approving the DIP Facility; (iii) filed their schedules and statements; (iv) marketed and sold substantially all of their assets through the Sale Process, (v) obtained entry of an order establishing certain claims bar dates, and (vi) obtained entry of an order approving the Global Settlement Motion following a months' long, good faith, arm's length, series of discussions and negotiations to result in the Settlement Agreement. * The requested extension of the Exclusive Periods is only the third such request made in the Chapter 11 Cases and comes just several months after the Petition Date. The Debtors have expended substantial time and resources in: (i) stabilizing their affairs, (ii) marketing and selling their assets through the Sale Process, (iii) complying with the requirements of the Bankruptcy Code and the Bankruptcy Rules; (iv) negotiating the Settlement Agreement, (v) filing and soliciting votes on the Combined Disclosure Statement and Plan, and (vi) otherwise administering their estates for the benefit of their stakeholders. * The Debtors are not seeking an extension to prejudice the Debtors' creditor constituencies or grant the Debtors any unfair bargaining leverage. The Debtors have no ulterior motive in seeking an extension of the Exclusive Periods. Indeed, this Motion is being filed merely to maintain the status quo in the Chapter 11 Cases given that a hearing to consider confirmation of the Combined Disclosure Statement and Plan is just a few days away. Consistent with their fiduciary duties, the Debtors will use the extended Exclusive Periods to continue to work constructively with all interested parties to reach the final approval of the Combined Disclosure Statement and Plan. The Debtors submit that their substantial progress in administering the Chapter 11 Cases supports the requested extension of the Exclusive Periods. The Debtors' Counsel: Paul N. Heath, Esq. Brendan J. Schlauch, Esq. Jason M. Madron, Esq. Zachary J. Javorsky, Esq. Nicholas A. Franchi, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Tel: 302-651-7700 Fax: 302-651-7701 E-mail: heath@rlf.com schlauch@rlf.com madron@rlf.com javorsky@rlf.com franchi@rlf.com About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11217) on June 25, 2025. At the time of the filing, Debtor estimated assets of between $100 million to $500 million and liabilities of between $500 million to $1 billion. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A., is the Debtor's legal counsel. MKEN ENTERPRISES: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------------- On April 23, 2026, Mken Enterprises Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to between 1 and 49 creditors. About Mken Enterprises Inc. Mken Enterprises Inc. is a corporate entity that may be engaged in general business operations, potentially spanning trading, services, or small-scale commercial activities. Companies of this nature often operate as closely held businesses managing diverse or limited-scope operations. Mken Enterprises Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-71591) on April 23, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Satish K. Bhatia, Esq. of Bhatia & Associates, PLLC. MMA LAW: Committee Hires Gordon Arata as Special Counsel -------------------------------------------------------- The official committee of unsecured creditors of MMA Law Firm, PLLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Gordon, Arata, Montgomery, Barnett McCollam, Duplantis & Eagan, LLC as special litigation counsel. The Debtor needs the firm's legal assistance in connection with the Adversary Proceeding against Morris Bart in Adversary Proceeding No. 24-3127. The firm will be paid at these rates: Peck Hayne (Member) $700 per hour Associates/Counsel $250-395 per hour Paralegals $160-210 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Hayne Jr. 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: C. Peck Hayne Jr., Esq. GORDON, ARATA, MONTGOMERY, BARNETT, MCCOLLAM, DUPLANTIS & EAGAN, LLC 201 St. Charles Avenue, 40th Floor New Orleans, TX 70170-4000 Telephone: (504) 582-1111 Email: phayne@gordonarata.com About MMA Law Firm, PLLC MMA Law Firm, PLLC is a Houston-based law firm specializing in insurance claim management, negotiation and litigation. MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024, with $100 million to $500 million in assets and $10 million to $50 million in liabilities. Zach Moseley, a managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Johnie Patterson, Esq., at Walker & Patterson, PC as bankruptcy counsel; Andrew Gould, Esq., at Hicks Johnson, PLLC as special counsel; and Kristin Lausten, Esq., at The Lausten Group, PLLC as special Louisiana counsel. MOGAFORD CAPITAL: Hires Law Office of Donald W. Reid as Counsel --------------------------------------------------------------- The Mogaford Capital Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ the Law Office of Donald W. Reid as counsel. The firm will render these services: (a) prepare pleadings, applications and conduct examinations incidental to administration; (b) advise the Debtor with respect to its rights, powers, duties and obligations in the administration of this case, the management of its financial affairs and the management of its income and property; (c) advise and assist the Debtor with respect to compliance with the requirements of the Office of the United States Trustee; (d) advise the Debtor regarding matters of bankruptcy law; (e) advise and represent the Debtor in connection with all applications, motions or complaints for adequate protection, sequestration, relief from stays, appointment of a trustee or examiner and all other similar matters; (f) develop the relationship of the status of the Debtor to the claims of creditors in these proceedings; (g) advise and assist the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code and concerning any and all matters relating thereto; (h) represent the Debtor in any necessary adversary proceedings; (i) represent the Debtor in any non-bankruptcy proceedings for the purpose of filing a notice of stay; and (j) perform any and all other legal services incident and necessary herein. Donald Reid, Esq., the primary attorney in this representation, will be paid at his hourly rate of $500 plus reimbursement. The firm received a prepetition retainer in the amount of $20,000 from the Debtor. Mr. Reid disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Donald W. Reid, Esq. Law Office of Donald W. Reid 770 First Avenue, Suite 250 San Diego, CA 92101 Tel: (619) 88-6100 Fax: (619) 923-2051 Email: don@donreidlaw.com About The Mogaford Capital Group LLC Specializing in residential property ownership and leasing, The Mogaford Capital Group LLC manages The Carl, a fully furnished urban housing asset in San Diego, California, primarily serving college students while remaining open to other residents. Established in 2021 as a single-asset company, it handles leasing, operations, and tenant services while maintaining full ownership of the property, which features contemporary design and integrated amenities. The Mogaford Capital Group LLC in San Diego, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Cal. Case No. 26-01001) on March 14, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Michael Crawford as managing member, signed the petition. Judge Christopher B Latham oversees the case. LAW OFFICE OF DONALD W. REID serve as the Debtor's legal counsel. MONETTE FARMS: Seeks Chap. 15 OK for $1.08B Canadian Restructuring ------------------------------------------------------------------ Ben Zigterman of Law360 reports that Monette Farms Ltd., a North American agricultural operator, has sought Chapter 15 recognition in the US as part of its Canadian restructuring process, citing an urgent need for liquidity ahead of the planting season. According to the filing, the company requires immediate access to funding to support seed purchases and other essential farming inputs needed for the upcoming crop cycle. The Canadian restructuring is intended to address broader financial challenges facing the enterprise. Through the Chapter 15 filing, Monette Farms is seeking to recognize and enforce the Canadian proceedings in US courts. The case highlights the cross-border nature of agricultural financing and the seasonal cash flow pressures faced by farming businesses, the report states. About Monette Farms Ltd. Monette Farms Ltd. is a North American agricultural operator. Monette Farms Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10547) on April 21, 2026. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Jacob Raymond Kirkham, Esq. of Kobre & Kim. MONTICELLO ACADEMY: S&P Lowers Bond Rating to 'BB', Outlook Stable ------------------------------------------------------------------ S&P Global Ratings lowered its underlying rating on Utah Charter School Finance Authority series 2014 charter school revenue refunding bonds, issued for Monticello Academy (MA), Utah, to 'BB' from 'BB+'. The outlook is stable. The downgrade reflects MA's weakened financial profile in recent years tied to debt issuances in 2022 and 2025 that, when combined with our expectations for more modest near-term financial performance and liquidity metrics while MA executes its expansion project, is more in line with medians and peers at the lower rating. S&P said, "We analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our opinion that MA will sustain its solid demand profile with continued steady enrollment growth and favorable academic performance. Although we expect MADS coverage could soften in fiscal 2026 with the increase in debt, we further expect the school will continue to generate positive operations and maintain liquidity sufficient for the rating over the outlook period. "We could consider a negative rating action if enrollment does not increase in line with projections on completion of the West Point facility expansion, if MA sustains materially weakened margins or MADS coverage, or if liquidity ratios decline. "A positive rating action would be based on a demonstrated trend of improved operating margins and MADS coverage, with sustained liquidity growth back to levels consistent with that of higher rating category medians. We would also expect the school to maintain at least stable demand metrics during this period." MOUNTAIN REGIONAL: Plan Exclusivity Period Extended to June 2 ------------------------------------------------------------- Judge Michael F. Thomson of the U.S. Bankruptcy Court for the District of Utah extended Mountain Regional Equipment Solutions, LLC and MRES Holdings, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 2 and August 3, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that it cannot be reasonably asserted that the companies are seeking an extension of the Plan Period to unfairly prejudice or pressure the Debtors' creditors. Instead, the extension requested by the Debtors is an exercise of prudent business judgment and an attempt to have adequate time to negotiate terms with secured creditor and other creditors of the estate. In sum, the requested extension of the Plan Period will facilitate the Debtors' efforts to maximize the value of their estates by providing the Debtors with a full and fair opportunity to seek acceptance of their Plans. The Debtors submit that the extension requested herein will increase the likelihood of a greater distribution to creditors than would be possible if the Debtors were required to seek confirmation without additional time to finalize acceptance of the plan with key creditors. Counsel to the Debtors: Jeffrey L. Trousdale, Esq. Cohne Kinghorn, P.C. 111 E. Broadway Eleventh Floor Salt Lake City, UT 84111 Telephone: (801) 363-4300 Facsimile: (801) 363-4378 Email: jtrousdale@ck.law Cameron M. McCord, Esq. JONES & WALDEN LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: cmccord@joneswalden.com About Mountain Regional Equipment Solutions Mountain Regional Equipment Solutions, LLC supplies and services automated lubrication systems, safety systems, and maintenance products used in heavy mobile equipment and industrial machinery. It serves customers across construction, mining, transportation, agriculture, and industrial markets, with operations based in Salt Lake City, Utah. Mountain Regional Equipment Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27678) on Dec. 19, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Todd Miceli, manager, signed the petition. Jeffrey L. Trousdale, at Cohne Kinghorn, P.C., is the Debtor's legal counsel. MUNAWAR LAW: Chapter 11 Trustee to Take Over Bankrupt Law Firm -------------------------------------------------------------- Emily Lever of Law360 reports that s New York judge has authorized the appointment of a Chapter 11 trustee to oversee the bankruptcy estate of Munawar Law Group PLLC after an examiner's report revealed possible fraudulent transfers totaling as much as $6 million. According to the report, the firm's principal engaged in questionable financial transactions that may have improperly shifted funds out of the estate. The findings prompted concerns about transparency and compliance with bankruptcy obligations. The court concluded that an independent trustee was warranted to safeguard creditor interests and manage the firm’s affairs. The trustee is expected to take control of operations and further examine the alleged misconduct, the report states. About Munawar Law Group PLLC Munawar Law Group PLLC is operating as a legal services firm with offices in New York City and Jericho, New York. Munawar Law Group PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10020) on January 7, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Ronald D. Weiss, Esq., as counsel and MI Tax LLC as accountants. MY SIZE: Reports FY2025 Net Loss of $5.85MM, Warns of Cash Crunch ----------------------------------------------------------------- My Size, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $5,852,000 for the year ended December 31, 2025, compared to a net loss of $3,995,000 for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $9,362,000 compared to $8,257,000 in the prior period. Tel Aviv, Israel-based Somekh Chaikin, a member of KPMG International, the Company's auditor since 2017, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred significant losses and negative cash flows from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Liquidity and Capital Resources The Company disclosed that since inception, it funded its operations primarily through public and private offerings of debt and equity in Israel and in the U.S. The Company said, "As of December 31, 2025, we had cash, cash equivalents and restricted cash of $2,557,000 compared to $4,880,000 cash, cash equivalents, restricted cash as of December 31, 2024. This decrease primarily resulted from the payments that were made to suppliers, resources that were deployed to grow our businesses and payments related to acquisition of New Percentil, ShoeSizeMe and Ten Peacks." "In January 2025, we entered into an At The Market Offering Agreement, with H.C. Wainwright & Co., LLC, as agent pursuant to which we may offer and sell, from time to time through Wainwright shares of our common stock having an aggregate offering price of up to $4.1 million. We agreed to pay Wainwright a commission at a fixed rate of 3.0% of the aggregate gross proceeds from each sale of the shares under the Offering Agreement. As of the date hereof, we sold 1,833,532 shares pursuant to the Offering Agreement for aggregate gross proceeds of approximately $3,127,000." "Net cash used in operating activities was $5,142,000 for the year ended December 31, 2025 compared to $3,092,000 for the year ended December 31, 2024. The increase in cash used in operating activity is attributable to the increase in the net loss, impairment charge, share-based compensation, amortization of intangibles assets of New Percentil and ShoeSizeMe offset by net working assets. "Net cash flow used in investing activities was $196,000 for the year ended December 31, 2025 compared to net cash provided by investing activities of $53,000 for the year ended December 31, 2024. The net cash provided to investing activities for the year ended December 31, 2025 was the result of the acquisition of New Percentil and ShoeSizeMe. "Net cash provided by financing activities was $2,995,000 for the year ended December 31, 2025 compared to net cash of $5,594,000 for the year ended December 31, 2024. The net cash provided by financing activities for the year ended December 31, 2025 was the result of the proceeds from the sale of ordinary shares from the Offering Agreement with Wainwright offset by the payment of loans. "We expect that we will continue to generate losses and negative cash flows from operations for the foreseeable future. Based on the projected cash flows and cash balances as of December 31, 2025, we believe our existing cash will not be sufficient to fund operations for a period of more than 12 months. As a result, there is substantial doubt about our ability to continue as a going concern. We will need to raise additional capital, which may not be available on reasonable terms or at all." Additional capital would be used to accomplish the following: * finance current operating expenses; * pursue growth opportunities; * hire and retain qualified management and key employees; * respond to competitive pressures; * comply with regulatory requirements; and * maintain compliance with applicable laws. "Current conditions in the capital markets are such that traditional sources of capital may not be available to us when needed or may be available only on unfavorable terms. Our ability to raise additional capital, if needed, will depend on conditions in the capital markets, economic conditions, the Russian invasion of Ukraine, the security situation in Israel, and a number of other factors, many of which are outside our control, and on our financial performance. Accordingly, we cannot assure you that we will be able to successfully raise additional capital at all or on terms that are acceptable to us. If we cannot raise additional capital when needed, it may have a material adverse effect on our business, results of operations and financial condition." "To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of such securities could result in substantial dilution for our current stockholders. The terms of any securities issued by us in future capital transactions may be more favorable to new investors, and may include preferences, superior voting rights and the issuance of warrants or other derivative securities, which may have a further dilutive effect on the holders of any of our securities then-outstanding. We may issue additional shares of our common stock or securities convertible into or exchangeable or exercisable for our common stock in connection with hiring or retaining personnel, option or warrant exercises, future acquisitions or future placements of our securities for capital-raising or other business purposes." "The issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our common stock to decline and existing stockholders may not agree with our financing plans or the terms of such financings. In addition, we may incur substantial costs in pursuing future capital financing, including investment banking fees, legal fees, accounting fees, securities law compliance fees, printing and distribution expenses and other costs. We may also be required to recognize non-cash expenses in connection with certain securities we issue, such as convertible notes and warrants, which may adversely impact our financial condition. Furthermore, any additional debt or equity financing that we may need may not be available on terms favorable to us, or at all. If we are unable to obtain such additional financing on a timely basis, we may have to curtail our development activities and growth plans and/or be forced to sell assets, perhaps on unfavorable terms, or we may have to cease our operations, which would have a material adverse effect on our business, results of operations and financial condition." "We have not entered into any transactions with unconsolidated entities in which we have financial guarantees, subordinated retained interests, derivative instruments or other contingent arrangements that expose us to material continuing risks, contingent liabilities or any other obligations under a variable interest in an unconsolidated entity that provides us with financing, liquidity, market risk or credit risk support." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/y99seuhy About MySize, Inc. Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) -- http://www.mysizeid.com/-- is an omnichannel e-commerce platform and provider of AI-driven measurement solutions that drive revenue growth and reduce costs for online retailers while generating big ata and machine learning analytics. As of December 31, 2025, the Company had $10,204,000 in total assets, $5,047,000 in total liabilities, and $5,157,000 in total stockholders' equity. MYNDTEC INC: Makes BIA Bankruptcy Assignment After Financing Fails ------------------------------------------------------------------ MyndTec Inc. (CSE: MYTC) announced on April 24, 2026, that having been unable to secure the additional financing required to continue operations, it has made a voluntary assignment in bankruptcy for the general benefit of its creditors pursuant to section 49 of the Bankruptcy and Insolvency Act (Canada) (the "BIA"). After careful consideration of available alternatives and in consultation with insolvency counsel and the Trustee, the board of directors of the Company determined that a restructuring of the Company's financial affairs through a proposal to creditors under Part III of the BIA was not feasible in the circumstances, and that it was in the best interests of the Company and its stakeholders to make the assignment. Russo Corp. has consented to act as Licensed Insolvency Trustee and will administer the Company's estate and realize on the Company's assets in accordance with the BIA. In connection with the BIA proceedings, each of the directors and officers of the Company has resigned effective upon the assignment. Trading in the Company's common shares on the Canadian Securities Exchange has been halted, and the Company expects that trading will be suspended and the Company's common shares delisted in accordance with CSE policies. There can be no assurance as to any recovery for holders of the Company's common shares. A notice of the bankruptcy and particulars of the first meeting of creditors will be sent to creditors by the Trustee and published in accordance with the requirements of the BIA. All enquiries from creditors and other stakeholders in respect of the bankruptcy should be directed to the Trustee at the following coordinates: Russo Corp. 78 Wellington Street East Aurora, Ontario L4G 1H8 Telephone: (905) 503-3328 Facsimile: (905) 503-2338 Email: info@russocanhelp.com About MyndTec MyndTec Inc. was incorporated under the Business Corporations Act (Ontario) and was listed on the Canadian Securities Exchange under the symbol MYTC. The Company developed and commercialized the MyndMove(TM) system, a patented functional electrical stimulation platform cleared by the U.S. Food and Drug Administration and licensed by Health Canada for the treatment of upper and lower body paralysis in stroke and spinal cord injury patients. Additional information about the Company is available on SEDAR+ at www.sedarplus.ca. NAVIENT CORP: Moody's Affirms 'Ba3' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings has affirmed Navient Corporation's (Navient) Ba3 corporate family rating and Ba3 senior unsecured debt ratings. The outlook remains stable. RATINGS RATIONALE The affirmation of Navient's Ba3 long-term ratings reflects the company's predictable but declining cash flows from its Federal Family Education Loan Program (FFELP) portfolio and seasoned legacy private student loan portfolio, solid capitalization, and sufficient liquidity. The affirmation also reflects the successful execution of management's plan to reduce fixed corporate overhead costs by $400 million through several strategic actions taken over the past two years, including the sales of its business processing services (BPS) businesses and exit from student loan servicing. Moody's considers Navient's greatest credit challenge to be managing the timing of the cash flows from the loan portfolios with its unsecured debt maturities. As the FFELP and legacy private education loan portfolios have declined over the past decade, Navient has meaningfully reduced its senior unsecured debt, which stood at $5.3 billion as of December 31, 2025 compared to $17.4 billion as of ecember 31, 2014. As its net income to outstanding unsecured debt is modest, the company will repay unsecured debt largely from the return of overcollateralization from securitization trusts, which stood at $4.7 billion as of December 31, 2025. The company has unsecured debt maturities over the next three years of $500-$700 million per year, which Moody's views as manageable in light of current cash liquidity, expected cash flows from the securitization trusts, and contingent liquidity capacity. Navient reported an operating loss of $80 million in 2025, which was primarily driven by a more than doubling of the loan loss provision from the prior year to $280 million. The increase in provision was primarily attributable to credit deterioration in the company's legacy private student loan portfolio, as well as slower expected payment rates and strong growth in loan originations. Despite weaker credit performance from the legacy private education loan portfolio, Moody's views Navient's asset quality as a credit strength because nearly two-thirds of Navient's $44 billion student loan portfolio as of December 31, 2025 consisted of FFELP loans that are at least 97% insured by the Government of the United States (depending on the year of origination). Charge-offs are just basis points, even though FFELP loan delinquency and forbearance rates are historically much higher than for private student loans. The legacy private student loan portfolio has been declining for several years and stood at roughly $6 billion at the end of 2025. The portfolio is highly seasoned, but has weaker credit characteristics relative to Navient's recently originated loans. However, the effect of the legacy portfolio on Navient's financial results will diminish over time as the company accelerates the growth of its higher quality loans originated through its Earnest platform. After weaker performance of its 2022 and 2023 vintages, management has tightened underwriting on Earnest originations and shifted portfolio composition toward graduate students, particularly medical school students, which has led to better credit performance. Nonetheless, while the private student loan refinance loans originated through its Earnest platform have considerably stronger credit characteristics and much lower lifetime expected losses (1.5%-2%), there is growing uncertainty as to the impact the rapid deployment of artificial intelligence tools will have on young professionals, particularly in fields such as law and business, which Moody's believes represent a meaningful portion of Earnest's borrowers. Navient's tangible common equity (TCE) to tangible managed assets (TMA) ratio was a low 4.1% as of December 31, 2025, but is highly affected by the FFELP portfolio, which requires little capital given the modest credit risk from the Government of the United States credit guarantee and interest rate floors. If one adjusts for the FFELP portfolio and assumes 50 basis points of capital (adjusted TCE/TMA), Navient's adjusted TCE/TMA was considerably higher at 9.1% as of December 31, 2025. Navient's capital ratio is likely to decline in 2026 as management projects strong loan origination growth in excess of 50% relative to 2025, but profitability from the loan originations will lag with upfront origination costs and life of loan loss reserves weighing on near-term profitability. Management targets to maintain this ratio between 8% and 9%, although longer term this will largely depend on the relative loan origination growth of refinanced private education loans on which the company targets 5% capital, and in-school private education loans on which it holds 10% capital. The stable outlook reflects Moody's expectations that Navient's credit performance and profitability improve, capital levels remain between 8% and 9%, and that it will generate sufficient cash flow and maintain an adequate liquidity buffer in advance of its unsecured debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates sustained growth in profitability from loans originated on the Earnest platform such that its return on assets is sustained above 0.50% and its adjusted TCE/TMA were to increase and be sustained above 10%. The ratings could also be upgraded if the company were to meaningfully reduce its reliance on secured funding. The ratings could be downgraded if the expected cash flows from the company's runoff portfolios fail to materialize causing Navient to further encumber assets through secured funding vehicles to sustain its liquidity coverage of unsecured debt maturities. The ratings could also be downgraded if asset quality on its private education loans deteriorates further resulting in a net charge-off rate in excess of 3%, or its adjusted TCE/TMA falls below 8% for a sustained period. Barring improved profitability or higher capital levels, the ratings could also be downgraded if Navient does not maintain a ratio of unsecured debt to non-FFELP loans of at least 20%. The principal methodology used in these ratings was Finance Companies published in July 2024. Navient Corporation's "Assigned Standalone Assessment" adjusted score of ba3 is set two notches above the "Financial Profile Score" score of b2 to reflect the company's stable cash flows and minimal credit losses on its FFELP loan portfolio. NELNET INC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings has affirmed Nelnet, Inc.'s (Nelnet) Ba1 corporate family rating and Ba1 long-term issuer rating. The outlook remains stable. RATINGS RATIONALE The affirmation of Nelnet's Ba1 long-term ratings is supported by the company's strong capitalization, solid profitability and cash flow generation through credit cycles, good asset quality, and adequate liquidity position. However, the ratings are constrained by the company's concentration of revenue driven by federal student loan programs, particularly the importance of its servicing revenue that comes from its contract with the US Department of Education (DoEd), and the high usage of secured funding, which encumbers a large portion of its balance sheet that could result in less funding flexibility during periods of stress. As a student loan servicer, Nelnet also faces high regulatory risk. The Federal Family Education Loan Program (FFELP) portfolio, which is Nelnet's largest asset representing roughly 75% of its loan portfolio as of December 31, 2025, has recently steadied after more rapid prepayments in recent years had accelerated the runoff of the portfolio after new FFELP loan originations were terminated by the federal government in 2010. Management estimates the portfolio will generate over $1 billion of cash flow over its remaining life, which includes $770 million in overcollateralization in the trusts financing the loans. In addition, although Nelnet's newly structured contract with the DoEd that began in 2024 is less profitable than the prior contract and continues to produce the majority of the servicing business' revenue, the company continues to expand its scale in the loan servicing business by winning new servicing mandates, which gives us greater confidence in the durability and further diversification of its servicing revenue. Nelnet continues to face operational and execution risks as it goes through a strategic transformation of its business that historically has been reliant on cash flows from its FFELP assets and loan servicing. This has resulted in an array of investments in unrelated business ventures such as renewable solar energy development and tax credits, a fiber optics company, and a collegiate and high school athletics streaming and analytics platform. While these investments should further diversify its revenue, they are less aligned with the company's historical areas of expertise and scale, and in Moody's views their performance is less predictable over time. Further, Nelnet is growing its origination and acquisition of private education loans and other unsecured consumer loans held within its Utah-chartered industrial bank subsidiary, where its performance track record is relatively short and more sensitive to economic cycles. However, a partial mitigant to lower cash flow visibility is that the company has maintained a conservative financial profile, reducing its leverage significantly and almost entirely funding its business with term securitizations, warehouse facilities and cash generated from operations. It also has grown its bank deposits to nearly $1.7 billion as of December 31, 2025, roughly double its deposits two years ago, providing a more stable and lower cost of funding to support loan growth in the bank. Tangible common equity as a percentage of tangible managed assets was 24.4% as of December 31, 2025 compared to 22.9% a year ago and up sharply from 9.2% as of December 31, 2019. In addition to the relatively stable cash flows of its core businesses and no unsecured debt maturities, the company has substantial contingent liquidity in the form of a $435 million unsecured line of credit, that was recently extended to March 2031 and was undrawn as of December 31, 2025. Nelnet's capital and earnings also benefit from servicing and education technology and payments businesses, which are asset-light businesses where Nelnet has significant scale advantages, although its servicing contract with the DoEd brings higher regulatory risk and revenue concentration (over 20% of Nelnet's revenue). Moody's believes that Nelnet maintains moderate governance risks from the transition of its business model and the shorter track record of some of its businesses and investments, along with its high ownership concentration and related party transactions, and high social risks from demographic and societal trends related to the student lending/servicing business. The stable outlook reflects Moody's expectations that capital levels and profitability will likely moderate from recent levels, but should remain credit strengths along with solid asset quality and performance. The Ba1 issuer rating is aligned with the company's Ba1 CFR, and incorporates the priority of claim of unsecured creditors in the company's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Nelnet's rating could be upgraded if the company reduces its reliance on secured funding and demonstrates progress in building its private student loan and unsecured consumer loan origination and acquisition business while maintaining strong asset quality and sufficient capital and liquidity levels. In addition, further buildup of the scope and prominence of Nelnet's fee-based businesses, in combination with appropriate business line and customer diversification including a reduction of the revenue concentration from its servicing contract with the DoEd below 20%, would be positive for the ratings. The ratings could be downgraded if Moody's were to assess a material deterioration in the company's financial performance or significant increase in management's risk appetite. For example, if net income to managed assets is sustained for an extended period below 0.50% and/or earnings volatility increases meaningfully from historical levels. In addition, the ratings could be downgraded if leverage materially increases, or if asset quality on newly originated unsecured consumer loans is poor and results in operating losses. The principal methodology used in these ratings was Finance Companies published in July 2024. NETCAPITAL INC: Names Todd Violette as New CEO ---------------------------------------------- Netcapital Inc. disclosed in a regulatory filing that the Board of Directors appointed Todd Violette, age 56, as the Company's Chief Executive Officer. Mr. Violette is a capital markets professional. He was associated with Network 1 Financial Securities, Inc., a FINRA-regulated broker-dealer, from May 2025 to April 2026. His employment history during the past five years also includes service as President of Armament8 LLC since January 2025, Chief Executive Officer of CloudCover International since December 2023, Chief Executive Officer of VuVu Ventures Inc. since September 2021, President of Tide Pool Ventures Corp. since November 2013, Realtor with Realty Executives from February 2022 to January 2025, Chief Executive Officer of AppYea Inc. from February 2020 to May 2022, Chief Executive Officer of Vinergy from April 2021 to August 2021, Chief Investment Officer of ESG Global Strategies from April 2020 to April 2021, and Independent Director of Therapix from February 2020 to August 2020. Mr. Violette holds a bachelor's degree from the University of Maryland. "Todd brings strong capital markets, fintech and strategic leadership experience to Netcapital at an important time for the Company," said Netcapital Board member, Arnie Scott. "We believe his extensive background in emerging growth businesses will help the Company sharpen execution, support entrepreneurs and investors on the Netcapital platform, and pursue opportunities to enhance long-term shareholder value." "I am excited to step into the role of CEO at Netcapital," said Todd Violette, Chief Executive Officer of Netcapital. "Netcapital has built a differentiated platform at the intersection of technology, entrepreneurship and private capital formation. I look forward to working closely with the Board, management team and stakeholders to strengthen execution and build momentum across the business." Mr. Violette replaces CEO Rich Wheeless, whose contract was terminated by the Board. Employment Agreement with Chief Executive Officer In connection with his employment as CEO, the Company entered into an Employment Agreement with Todd Violette, pursuant to which Mr. Violette will serve as the Company's Chief Executive Officer for a twelve-month term beginning on April 13, 2026, unless earlier terminated in accordance with its terms. Under the Employment Agreement, Mr. Violette is entitled to an annual base salary of $120,000, payable in periodic installments in accordance with the Company's regular payroll practices. Mr. Violette is also eligible for a bonus at the end of the year, or for additional salary in excess of the base salary, as may be granted by the Company's Board of Directors or its Compensation Committee. In addition, subject to approval by the Company's Board of Directors or its Compensation Committee and a majority of the Company's shareholders, Mr. Violette will be eligible to receive one or more grants of stock options under the Company's stock option plan, with the amount, timing and terms of any such grants to be determined in the sole discretion of the Board of Directors or its Compensation Committee. During the term of the Employment Agreement, Mr. Violette is eligible to participate in all employee fringe benefits and any pension and/or profit sharing plans, medical and health plans and other employee benefit plans that may be provided by the Company for its key executive employees, in each case in accordance with the terms of such plans. Mr. Violette is also entitled to sick leave, sick pay and disability benefits in accordance with the Company's applicable policies, and to reimbursement for all reasonable and necessary out-of-pocket business expenses incurred in the performance of his duties in accordance with the Company's applicable policies. The Employment Agreement provides that Mr. Violette's employment may be terminated upon his death, by Mr. Violette at any time for any reason whatsoever (including resignation or retirement), by the Company because of his disability or incapacity for a period of ninety or more days, whether or not consecutive, in any period of twelve consecutive months, by the Company for cause, or by the Company without cause by unanimous vote or written consent of the Company's Board of Directors. The Employment Agreement also defines "good reason" to include a material breach by the Company of its obligations under the Employment Agreement or a change of control, as defined therein. The Employment Agreement further provides that if Mr. Violette's employment is terminated pursuant to Section 7 of the Employment Agreement for any reason, his right to compensation and benefits shall terminate immediately. For the period of his employment and for two years thereafter, Mr. Violette is subject to certain restrictive covenants, including restrictions on engaging in competitive activities and on certain dealings with customers, clients, suppliers, contractors, subcontractors and employees of the Company and its affiliates, subject to limited exceptions set forth in the Employment Agreement. The Employment Agreement also contains provisions relating to remedies, severability, waivers, governing law and other matters. There is no arrangement or understanding between Mr. Violette and any other person, other than the Company's directors or officers acting solely in their capacity as such, pursuant to which he was selected as an officer or director of the Company. Mr. Violette is not related by blood, marriage or adoption to any director, executive officer or person nominated or chosen by the Company to become a director or executive officer. The Company is not aware of any transaction, or currently proposed transaction, in which the Company was or is to be a participant and in which Mr. Violette, or any member of his immediate family, had or will have a direct or indirect material interest that would be required to be reported under Item 404(a) of Regulation S-K. A full text copy of the Employment Agreement is available at https://tinyurl.com/5n999er8 About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities' association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of January 31, 2026, the Company had $26,059,855 in total assets, $4,457,207 in total liabilities, and $21,602,648 in total stockholders' equity. NEWCAP INC: Hires Swanson Sweet LLP as General Bankruptcy Counsel ----------------------------------------------------------------- Newcap, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Swanson Sweet LLP as general bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as Debtor in possession and the continued management and operation of its business and property; b. assisting the Debtor with the commencement of DIP operations, including the initial debtor interview, section 341 meeting of creditors and monthly reporting requirements; c. advising the Debtor and taking all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on behalf of the Debtor, defending any action commenced against the Debtor, and representing the Debtor's interests in negotiations concerning litigation in which the Debtor is involved; d. preparing bankruptcy schedules, statements of financial affairs, and all related documents; e. assisting with the preparation of a plan of reorganization and the related negotiations and hearings; f. preparing pleadings in connection with the Chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; g. analyzing executory contracts and unexpired leases, and the potential assumptions, assignments, or rejections of such contracts and leases; h. advising the Debtor in connection with any potential sale of assets; i. appearing at and being involved in various proceedings before this Court; and j. analyzing claims and prosecuting any meritorious claim objections. The firm will be paid at these hourly rates: Paul G. Swanson, Partner $675 Peter T. Nowak, Associate $385 Heather Saladin, Paralegal $195 The firm received from the Debtor a retainer of $32,000. Paul G. Swanson, a partner at Swanson Sweet LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul G. Swanson, Esq. Swanson Sweet LLP 107 Church Avenue Oshkosh, WI 54901 Telephone: (920) 385-1905 Facsimile: (920) 426-5530 About Newcap, Inc. Newcap, Inc., a nonprofit community action agency based in Green Bay, Wisconsin, operates a regional network of social service programs, including healthcare clinics, affordable housing, and community assistance initiatives across northeastern Wisconsin. Founded in 1965, the organization manages and develops subsidized housing assets, including duplex units, shelters, and interests in multi-unit affordable housing projects, many of which are subject to land use restriction agreements tied to government funding programs. It also provides clinical services through health centers, along with weatherization and home energy-efficiency services. Newcap primarily serves low-income individuals and families across counties including Brown, Oconto, Marinette, and Shawano. Newcap, Inc. in Green Bay, WI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Wis. Case No. 26-22088) on April 15, 2026, listing $5,922,532 in assets and $4,036,209 in liabilities. Deborah A. Barlament as acting executive director, signed the petition. Judge Katherine M Perhach oversees the case. SWANSON SWEET LLP serve as the Debtor's legal counsel. NIGHTFOOD HOLDINGS: Inks Strategic Supply Deal With Hon Hai, NUWA ----------------------------------------------------------------- Nightfood Holdings, Inc., operating through its wholly owned subsidiary TechForce Robotics, Inc. disclosed in a regulatory filing that it entered into a Supply Agreement with NUWA Robotics Corp. and Hon Hai Precision Industry Co., Ltd. The Agreement provides for a collaborative product development and manufacturing framework among TechForce, Purchaser and HH. Pursuant to the Agreement, TechForce will define the commercial requirements of the robotic systems to the Purchaser, who will subsequently provide engineering development, system integration and final technical specification for the purchase order to be submitted to HH. HH will manufacture, test, pack and deliver the Product in accordance with the approved specifications and quality standards provided by the Purchaser. The title to the finished Product and all related intellectual property (except with respect to pre-existing intellectual property owned by HH), will be owned exclusively by TechForce. The Parties have agreed to cooperate in good faith to support product development, production planning and commercialization of the robotic systems. The Purchaser will advance 100% of the required payment prior to HH purchasing material and beginning production. Additionally, each party will retain all rights, title and interest to its Pre-existing IPRs (as defined in the Agreement) and acquire no rights to the other party's Pre-Existing IPRs other than the limited rights specifically granted under the Agreement. Purchaser has granted HH a worldwide, non-exclusive, non-transferable, and fully paid-up license under the Purchaser and its Affiliates Pre-Existing IPR and Newly Developed IPR, and their IPR relating to logo, trade name, design or trademark identified by the Purchaser to be attached to or affixed on the Product or relevant manual, that are necessary for the design and manufacturing of the Product, solely to perform HH's obligations under the Agreement. HH has granted to Purchaser, its Affiliates, and its and their respective customers, distributors, retailers and end users a worldwide, non-exclusive, irrevocable, perpetual, and fully paid-up license under HH's IPR, including without limitations to its Pre-Existing IPR, solely pertaining to the distribution, sale and normal agreed commercial use (including repair) of the Product which HH has manufactured and sold to Purchaser. HH will not use, disclose, reproduce, reverse engineer, modify, adapt, sublicense, or otherwise exploit any of Purchaser's Intellectual Property, Confidential Information, or any technology, know-how provided by Purchaser, for any purpose other than fulfilling its obligations to Purchaser under this Agreement. The Agreement will be in effect for an initial term of two years and will automatically renew for successive one-year terms unless terminated in accordance with the terms of the Agreement. "This agreement represents the culmination of years of development and validation," said Jimmy Chan, Chief Executive Officer of Nightfood Holdings, Inc. "We have spent the last several years building, testing, and refining our robotics platform in real-world environments. With those pilots successfully completed, we are now ready to scale. By aligning with Foxconn's manufacturing capabilities and NUWA's engineering expertise, we anticipate being positioned to expand deployment and meet the growing demand for automation across industries." The Agreement contains customary representations, warranties by the Parties, customary conditions to closing, indemnification obligations of the Parties, other obligations of the Parties and termination provisions. The representations, warranties and covenants contained in the Agreement were made only for purposes of the Agreement and as of specific dates, were solely for the benefit of the Parties to the Agreement, and may be subject to limitations agreed upon by the contracting Parties, including being qualified by confidential disclosures exchanged between the Parties in connection with the execution of the Agreement. A full text copy of the Agreement is available at https://tinyurl.com/2s43bcrp About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $129,618,033 in total assets, $43,244,437 in total liabilities, and $86,373,596 in total stockholders' equity. NISSAN MOTOR: Fitch Affirms 'BB' LongTerm IDR, Outlook Negative --------------------------------------------------------------- Fitch Ratings has affirmed Nissan Motor Acceptance Company LLC's (NMAC) Long-Term Issuer Default Rating (IDR) and senior unsecured debt at 'BB'. Fitch has also affirmed NMAC's Shareholder Support Rating (SSR) at 'bb' and short-Term IDR and commercial paper (CP) at 'B'. The Rating Outlook is Negative. Key Rating Drivers Alignment with Parent Rating: The ratings and Rating Outlook for NMAC are equalized with and linked to those of its parent, Nissan Motor Co. Ltd. (NML). Fitch views NMAC as a core subsidiary of NML. This reflects strong implicit and explicit support factors, including NMAC's financing of a high percentage of NML's U.S. sales. There are also significant operational linkages, along with a keepwell agreement, between the parent and NMAC. NMAC's credit profile is also supported by its strong asset quality and consistent operating performance. Shareholder Support: NMAC's 'bb' SSR is aligned with NML's Long-Term IDR and indicates the minimum level to which NMAC's IDR could fall if Fitch does not change its view on potential support from NML. A 'bb' SSR indicates a moderate probability of support being forthcoming. Strong Asset Quality Pressured by Challenging Backdrop: NMAC's asset quality remains strong, supported by conservative underwriting standards and a shift toward higher credit quality borrowers. Non-accruals on gross finance receivables were 0.33% as of Dec 31, 2025 (FY3Q25), down from 0.51% the year prior. Delinquencies of 60 days or more, as well as non-accruals on finance receivables, were 0.97% as of FY3Q25, in line with the prior year, but above the four-year (FY2021-FY2024) average of 0.67%. Fitch expects credit losses will increase modestly over the near to medium term as consumer credit performance remains pressured by elevated interest rates and inflation. Operating Performance Improving but Headwinds Persist: NMAC's operating performance improved in the trailing twelve months (TTM) ended FY3Q25, driven primarily by growth in the higher-margin leasing portfolio. However, pre-tax return on average assets (ROAA) continues to be pressured by higher borrowing costs on outstanding debt and elevated provisions for loan losses. Pre-tax ROAA was 2.5% on a TTM basis ended FY3Q25, up from 1.8% a year earlier but below the four-year average of 2.9%. Fitch expects profitability to remain relatively stable in 2026 despite potential headwinds from elevated credit costs, as prudent underwriting standards limit credit losses and an improved OEM vehicle lineup drives demand in North America. Increased Leverage: NMAC's leverage, measured by gross debt to tangible equity, was 6.5x at FY3Q25, up from 6.1x at fiscal YE2024 (March 31, 2025). It remains elevated compared with the four-year average (FY2021-FY2024) of 4.7x. An increase in both dividends paid to the parent and debt issuance to fund portfolio growth contributed to higher leverage. NMAC's leverage is above peers but is considered acceptable in the context of the company's strong asset quality relative to other Fitch-rated captive finance peers. Diverse Funding Profile: NMAC has access to a diverse set of funding options, including securitizations, unsecured bonds, bank loans and intercompany borrowings. However, unsecured debt represented 57.3% of total debt as of FY3Q25, below the four-year average of 59.0% and lower than Fitch-rated captive peer average of 69.5%. Fitch would view an increase in the unsecured debt mix favorably, as it would enhance the firm's funding flexibility. Sufficient Liquidity: Fitch believes NMAC's liquidity profile is sufficient given consistent cash flow generation, available cash on hand of $48.0 million as of FY3Q25, $6.2 billion of committed asset-backed borrowing capacity and $8.6 billion of available committed unsecured borrowing capacity under its credit facilities. Fitch believes NMAC has sufficient liquidity to address its near-term borrowing needs. Short-Term Ratings: NMAC's Short-Term IDR of 'B' reflects the rating linkage between the Short-Term IDR and the Long-Term IDR and Fitch's view of the funding and liquidity profiles of NMAC and NML. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Changes to NMAC's ratings are largely dependent on NML's ratings and Outlook, given the rating linkage. Negative rating actions could be triggered by changes in the perceived relationship between NMAC and NML that indicate the captive has become less central to NML's strategic operations and/or adequate financial support was not provided to the captive in times of need. Meaningful and sustained credit quality deterioration, consistent operating losses, a material increase in leverage above average post-crisis levels, a material increase in the proportion of short-term debt in the funding structure and/or a deterioration in NMAC's liquidity profile could also lead to negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade NMAC's ratings are linked to Fitch's view of NML's credit profile. Fitch cannot envision a scenario in which NMAC would be rated higher than its parent. The Short-Term IDR is primarily sensitive to changes in the Long-Term IDR and secondarily to the liquidity profiles of NMAC and NML. The Shareholder Support Rating (SSR) is primarily sensitive to changes in NMAC's Long-Term IDR and secondarily to changes in Fitch's assessment of the probability of support being extended to NMAC from NML. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The CP rating is equalized with the Short-Term IDR. The senior unsecured debt rating is equalized with the Long-Term IDR, reflecting a sufficient proportion of unsecured funding in the capital structure and the unencumbered asset pool, which suggests average recovery prospects for debtholders under a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The CP rating is primarily sensitive to changes in the Short-Term IDR and would be expected to move in tandem with it. The senior unsecured debt ratings are primarily sensitive to changes in the Long-Term IDR and would be expected to move in tandem with it. However, a material increase in the proportion of secured funding could result in the unsecured debt rating being notched down from the Long-Term IDR. Public Ratings with Credit Linkage to other ratings NMAC's ratings and Outlook are equalized with NML, as Fitch considers NMAC a core subsidiary of NML. This is supported by the high percentage of NML's U.S. sales financed by NMAC, strong operational and financial linkages between the two companies, shared branding, and a keepwell agreement provided directly by NML to NMAC. ESG Considerations NMAC has an ESG Relevance Score of '4' for Group Structure, due to its complexity related to the alliance with Renault and Mitsubishi. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Nissan Motor Acceptance Company LLC LT IDR BB Affirmed BB ST IDR B Affirmed B Shareholder Support bb Affirmed bb senior unsecured LT BB Affirmed BB senior unsecured ST B Affirmed B NORTHWEST BIOTHERAPEUTICS: Cherry Bekaert Raise Going Concern Doubt ------------------------------------------------------------------- Northwest Biotherapeutics, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Nashville, Tennessee-based Cherry Bekaert LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. The Company disclosed that it has incurred annual net operating losses since its inception. The Company had a net loss of $60.2 million for the year ended December 31, 2025, compared to a net loss of $83.8 million in 2024. The Company used approximately $44.8 million of cash in its operating activities during the year ended December 31, 2025. Total revenues for the year ended December 31, 2025, was $103,520,000 compared to $million in the prior period. The Company does not expect to generate material revenue in the near future from the sale of products and is subject to all of the risks and uncertainties that are typically faced by biotechnology companies that devote substantially all of their efforts to research and development and clinical trials and do not yet have commercial products. The Company expects to continue incurring annual losses for the foreseeable future. The Company's existing liquidity is not sufficient to fund its operations, anticipated capital expenditures, working capital and other financing requirements until the Company reaches significant revenues. Until that time, the Company will need to obtain additional equity and/or debt financing, especially if the Company experiences downturns in its business that are more severe or longer than anticipated, or if the Company experiences significant increases in expense levels resulting from being a publicly-traded company or from expansion of operations. If the Company attempts to obtain additional equity or debt financing, the Company cannot assume that such financing will be available to the Company on favorable terms, or at all. Because of recurring operating losses and operating cash flow deficits, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3779byda About Northwest Biotherapeutics Northwest Biotherapeutics, Inc., is a biotechnology company focused on developing personalized immunotherapy products that are designed to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis. As of December 31, 2025, the Company had $81.3 million in total assets, $128.9 million in total liabilities, $12.7 million in mezzanine equity and $60.3 million in total stockholders' deficit. NRPF GROUP: Dine Brands' $17.8MM Bid for Applebee's Gets Court OK ----------------------------------------------------------------- James Nani of Bloomberg Law reports that Dine Brands Global Inc., the parent company of Applebee's and IHOP, received court approval to pursue the acquisition of assets from NRPF Group Two LLC, a bankrupt franchise operator based in Atlanta. During a Friday, April 24, 2026, hearing, Judge Sage M. Sigler authorized the company’s $17.8 million initial bid for 53 Applebee’s Neighborhood Bar & Grill locations. The offer will serve as the baseline in a court-supervised auction aimed at maximizing value for creditors. Objections raised by Equity Bank and a group of unsecured creditors were rejected by the court. They had challenged the accelerated timeline, arguing it limited the opportunity for competing bids, but the judge determined the process was appropriate under the circumstances, the report states. Meanwhile, NRPF has initiated litigation against Equity Bank in an effort to strip the lender of its liens on certain personal property, asserting that the security interests are invalid. The dispute may play a key role in determining how proceeds from the sale are distributed, according to Bloomberg. About NRPF Group Two, LLC NRPF Group Two, LLC is a business entity that operates as part of a broader investment or real estate holding structure, managing assets and financial interests. The company focuses on overseeing investments and maintaining portfolio holdings. NRPF Group Two, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-53945) on March 24, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Sage M. Sigler handles the case. The Debtor is represented by Ashley Reynolds Ray, Esq. of Scroggins, Williamson & Ray, P.C. OMNICARE LLC: Seeks to Extend Plan Exclusivity to July 20 --------------------------------------------------------- Omnicare, LLC and affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 20 and Sept. 17, 2026, respectively. The Debtors explain that the Chapter 11 Cases are sufficiently large and complex to warrant the requested exclusivity extension. There are 110 Debtors in the Chapter 11 Cases, and their footprint includes 101 pharmacies operating in 44 states and servicing long term care facilities in 46 states. Further, the Chapter 11 Cases meet the requirements for complex case treatment in the Northern District of Texas. This factor weighs in favor of extending the Exclusive Periods. The Debtors claim that even though they have achieved significant progress in these Chapter 11 Cases over the past seven months including the crucial step of identifying the Stalking Horse Bidder, they are not yet in a position to file or solicit votes on a chapter 11 plan. The extent of sale proceeds available for distribution to holders of claims filed against the Debtors' estates will remain unknown for a few more months and will depend in large part on the sale and the ongoing negotiations relative to the FCA Appeal. Further extending the Exclusive Periods will provide the Debtors with the opportunity to continue facilitating their sale efforts, negotiating a resolution of the FCA Appeal, and preparing a chapter 11 plan and disclosure statement without the distraction and additional costs associated with a competing plan. Since the Petition Date, the Debtors have and will continue to timely pay undisputed post-petition obligations in the ordinary course of business. Therefore, the requested further extension of the Exclusive Periods will not prejudice creditors or stakeholders. This factor weighs in favor of further extending the Exclusive Periods. The Debtors assert that if the Court grants the further extensions of the Exclusive Periods, the extension will not pressure the creditors in these Chapter 11 Cases. The Debtors only seek a further extension to ensure that the Debtors can continue to facilitate the sale of their businesses and propose, solicit, and confirm an appropriate chapter 11 plan. The Debtors do not seek leverage or attempt to pressure creditors in any way through the requested extensions. Therefore, this factor weighs in favor of further extending the Exclusive Periods. The Debtors further assert that they face significant contingencies critical to formulation of a plan, including questions concerning the ultimate outcome of the Debtors' ongoing sale process. Absent this information, it is difficult for the Debtors, Committee, and other key stakeholders to negotiate the details of a consensual chapter 11 plan, and equally difficult for the Debtors to provide creditors with adequate information concerning what they might recover if a plan is confirmed. Counsel for the Debtors: Ian T. Peck, Esq. Charles A. Beckham, Jr., Esq. Martha Wyrick, Esq. HAYNES AND BOONE, LLP 2801 N. Harwood Street, Ste. 2300 Dallas, Texas 75201 Tel: (214) 651-5155 Fax: (214) 651-5940 E-mail: ian.peck@haynesboone.com charles.beckham@haynesboone.com martha.wyrick@haynesboone.com Vincent E. Lazar, Esq. Derek L. Wright, Esq. Angela M. Allen, Esq. JENNER & BLOCK LLP 353 N. Clark Street Chicago, Illinois 60654 Tel: (312) 923-2952 Fax: (312) 527-0484 E-mail: vlazar@jenner.com dwright@jenner.com aallen@jenner.com About Omnicare LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. The committee tapped Herbert Smith Freehills Kramer (US) LLP as counsel. OMNIQ CORP: FY2025 Net Loss Narrows to $137,000 ----------------------------------------------- OMNIQ Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $137 thousand for the year ended December 31, 2025, compared to a net loss of $10 million for the year ended December 31, 2024. The decreased loss in 2025 is due primarily to drastic improvements by management to increase gross margins while at the same time trimming overhead. Revenue for the years ended December 31, 2025 and 2024 were generated from the sales of AI service contracts, software, and related services provided by the Company to its customers. For the years ended December 31, 2025 and 2024, the Company recognized $33 million and $34.9 million in net revenues, respectively. This represents a decrease of 5.5%. The decrease was due to two main factors: (1) The decrease in deliverables, and (2) a delay in the timing of a significant customer project. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a deficit in stockholders' equity and has sustained recurring losses from operations. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. Management's Plans to Mitigate and Alleviate Conditions or Events * Management is evaluating operating expenses and is developing a plan to reduce expenditures without negatively impacting current operations. * Management has placed a strategic focus on increasing sales with prime customers. * Sales efforts are focused on the most profitable product lines. * The Company has implemented an aggressive debt settlement plan with its vendors and debt holders to clean up the Balance Sheet presentation and during the year was able to settle many debts for a discount. Short term liabilities for the Company decreased from $86.3 million to roughly $27.7 million, showing the efforts of management are working. * In December 2025 management finalized an equity raise which resulted in approximately $941,000 net cash received from investors. Liquidity and Capital Resources As of December 31, 2025, the Company had cash in the amount of $679 thousand and a working capital deficit of $13.2 million, compared to cash in the amount of $2.3 million, and a working capital deficit of $54 million as of December 31, 2024. The Company had stockholders' deficit attributable to OMNIQ stockholders of $12.7 million and $43.9 million as of December 31, 2025 and 2024, respectively. This reduction in the Company's stockholders' deficit was primarily due to the sale of the Quest division in June 2025. The Company's accumulated deficit was $124.1 million and $123.9 million as of December 31, 2025 and 2024, respectively. The Company's operations provided net cash of $7.5 million and $2.4 million for the years ended December 31, 2025 and 2024, respectively. The increase of cash from operations of $5.1 million is primarily a result of increase in receivables and other liabilities. The Company's cash used in investing activities was $3 million for the year ended December 31, 2025 compared to cash used by investing activities of $32 thousand for the year ended December 31, 2024. The Company's financing activities used $1.7 million of cash during the year ended December 31, 2025, and used $2.9 million during the year ended December 31, 2024. During the year ended December 31, 2025, the Company made payments of $3.4 million on its notes payable, compared to the year ended December 31, 2024, when the Company made payments of $3.2 million on its notes payable. Additionally, the Company received $685 thousand in the year ended December 31, 2025 on its line of credit and had $292 thousand on the Company's line of credit during the year ended December 31, 2024. The Company raised net proceeds of $941 thousand in the year ended December 31, 2025 and no funds for the year ended December 31, 2024. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4e2r54f6 About OmniQ Corp OmniQ Corporation -- www.omniq.com -- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver real-time object identification, tracking, surveillance, and monitoring for the Supply Chain Management, Public Safety, and Traffic Management applications. The technology and services provided by the Company help clients move people, objects, and manage big data safely and securely through airports, warehouses, schools, and national borders and in many other applications and environments. As of December 31, 2025, the Company had $26.2 million in total assets, $38.9 million in total liabilities, and $12.7 million in total stockholders' deficit. OSCAR ACQUISITIONCO: Moody's Lowers CFR to Caa3, Outlook Negative ----------------------------------------------------------------- Moody's Ratings downgraded Oscar AcquisitionCo, LLC's, which is doing business as Oldcastle BuildingEnvelope ("OBE"), corporate family rating to Caa3 from Caa1, its probability of default rating to Caa3-PD from Caa1-PD, the ratings on the backed senior secured first lien term loan due 2029 and backed senior secured first lien revolving credit facility due 2027 and 2029 (with 6% maturing in 2027) to Caa2 from B3 and the rating on the existing backed senior unsecured notes due 2030 to Ca from Caa3. The rating outlook remains negative. The action reflects OBE's continued poor operating performance, evidenced by very weak credit metrics, low cash balances and high revolver draws. Soft demand and underutilized capacity limit prospects for a near-term turnaround. Moody's expects liquidity to remain weak through 2026. Cost reduction and footprint optimization actions are underway, but execution risk is elevated in a competitive, challenging demand environment. The downgrade also reflects the shrinking cushion under the company's 7.5x first-lien net leverage covenant, which is tested at quarter-end once revolver utilization exceeds 35%. Elevated revolver usage would require quarter-end borrowings to be reduced to approximately $119 million to remain in compliance if the leverage threshold were exceeded. In Q1, certain OBE subsidiaries entered into an uncommitted $100 million revolving accounts receivable financing facility with an affiliate of the sponsor, as lender. The facility matures March 20, 2027. Moody's views the sponsor support and additional liquidity positively. However, risks around covenant compliance remain given the revolver utilization of $196.8 million and $13.8 million outstanding under the accounts receivable financing facility as of April 06, 2026. The risk of a default or a distressed exchange still exists without continued sponsor support or an amendment to its covenant. This rating action reflects Moody's baseline expectation of a contained impact on energy markets despite ongoing oil supply disruption and limited damage to production or infrastructure. However, OBE remains exposed to a more adverse conflict scenario through the energy supply chains and macro financial conditions transmission channel. The negative outlook reflects Moody's expectations for negative free cash flow generation and weak liquidity over the next 12-18 months with heightened default risk due to its limited covenant cushion. RATINGS RATIONALE OBE's Caa3 CFR reflects the company's weak liquidity, rapid erosion in operating performance and credit metrics, limited geographic diversification and vulnerability to regional economic swings and cyclical end markets. Prospects for a rapid recovery in earnings and leverage remain slim in a soft economic environment. Moody's expects debt/EBITDA to be over 17x in 2026. This assumes EBITA margin increasing to around 3% in 2026 from about 2% in 2025. The company has implemented cost rationalization initiatives, but the benefits will only be fully realized over time. OBE generated solid profit margins and positive free cash flow in 2024, but visibility is limited if and when the company can return to historical levels of operating performance. The Caa3 CFR is supported by no material near-term debt maturities. However, OBE's liquidity is weak, driven by ongoing free cash flow deficits that Moody's expects to persist through 2026 and limited covenant headroom. As of April 06, 2026, the company had $196.8 million drawn on its $340 million revolving credit facility and $13.8 million outstanding under its uncommitted $100 million accounts receivable financing facility. While this suggests meaningful availability, sustained borrowings could be constrained by the springing first-lien net leverage covenant of 7.5x net debt/EBITDA, which is tested at quarter-end once revolver utilization exceeds 35%. If the company were above the 7.5x threshold at a quarter-end test date, borrowings would need to be reduced to approximately $119 million to remain in compliance. The company recently amended $320 million of the revolver to extend its maturity to January 2029, reducing the portion due in April 2027 to $20 million for non-consenting lenders. OBE estimated its first-lien net leverage calculation was approximately 7.1x at the end of 2025, if it were tested. Given Moody's expectations of higher revolver drawings and continued EBITDA pressure, there is a high likelihood that the first-lien net leverage calculation will rise above 7.5x. The term loan carries no financial covenants and amortizes at 1% annually. Most assets are fully pledged under the senior secured credit facilities, limiting alternative sources of liquidity. The Caa2 ratings on the first-lien credit facilities, including the revolver and the term loan, are one notch above the CFR. The rating reflects the prioritized position of debt in the capital structure and the loss absorption provided by the senior unsecured notes. The Ca rating on the senior unsecured notes reflects the subordination of this instrument to the first-lien credit facilities and the expected loss in value in a default scenario. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if OBE meaningfully recovers its profitability and attains a more sustainable capital structure. Moody's also expects the company to maintain at least adequate liquidity before considering an upgrade. The ratings could be downgraded if the company experiences a deterioration in its liquidity, if there's an increased likelihood of debt restructuring and/or an expectation of weaker recovery in the event of default. Failure to improve its profitability and cash flow generation could also lead to a downgrade. Headquartered in Dallas, Texas, OBE manufactures and distributes custom architectural glass, aluminum glazing systems for windows and doors, and architectural hardware and supplies. For the LTM period ending December 31, 2025, the company recorded $1.7 billion of revenue. KPS Capital Partners (KPS) acquired OBE in April 2022 after OBE was separated from CRH plc, an Irish building materials company. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. OUISI INCORPORATED: Case Summary & 16 Unsecured Creditors --------------------------------------------------------- Debtor: OuiSi Incorporated OuiSi Games 40 Buck Road Stone Ridge, NY 12484 Business Description: OuiSi Inc. produces visually connecting photo card sets based on shared patterns, shapes, and colors. The company offers OuiSi Original and OuiSi Nature photo cards, with sets that include photo cards and a guidebook containing games and activities. OuiSi serves use cases including children's play, adult play, solo play, two-player play, group play, and multigenerational play. The company is based in Stone Ridge, New York, and OuiSi Original launched in January 2020. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-35436 Judge: Hon. Kyu Young Paek Debtor's Counsel: Justin S. Krell, Esq. BOND, SCHOENECK & KING, PLLC 68 South Service Road Suite 400 Melville, NY 11747 Tel: (631) 761-0800 Fax: (631) 761-0013 Total Assets: $91,691 Total Liabilities: $1,623,263 The petition was signed by Paul Brillinger as chief executive officer. 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/PKBDPLQ/OuiSi_Incorporated__nysbke-26-35436__0001.0.pdf?mcid=tGE4TAMA POLAR POWER: Net Loss Widens to $9.13M in FY25, Delinquent in Rent ------------------------------------------------------------------ Polar Power, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $9,133,000 for the year ended December 31, 2025, compared to a net loss of $4,677,000 for the year ended December 31, 2024. Net revenues for the year ended December 31, 2025, was $6,304,000 compared to $13,970,000 in the prior period. For the year ended December 31, 2025, the Company used cash in operating activities of $1,061,000. Going Concern Los Angeles, California-based Weinberg & Company, P.A., the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 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 and incurred negative operating cash flows. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company manufactures and assembles its DC power systems at two production facilities located in Gardena, California. It is currently delinquent in rent payments to its landlords for office and warehouse facilities. The landlord for its headquarters and manufacturing facility at 249 E. Gardena Blvd., Gardena, California filed a summons for eviction on October 24, 2025. On February 23, 2026, the landlord stopped the actions for eviction and continued discussions with the Company to resolve the delinquent rents and expired lease agreement. The Company expects to be in the position to make significant payment towards the delinquent rents in the near term and/or provide a payment plan mutually agreeable to both parties. The landlord for the other facility for which the Company is delinquent on rent, has not served the Company any legal documents or assessed late fees for the delinquent rent. However, they may do so in the future. The Company is also negotiating with this landlord on a payment plan for the delinquent rent. During the first quarter of 2026, the Company paid $206 towards its past due lease obligations reported as of December 31, 2025. While the Company is negotiating with both landlords in good faith on payment plans, there is no guarantee that it and the landlords could reach an agreement on a payment plan, or that even if they reached an agreement, the Company could raise sufficient capital to pay the delinquent rent. It is possible that the Company will be forced to vacate from any or all facilities, and if that happens, we might have difficulty locating new headquarters, or new manufacturing or warehouse facilities that are adequate, in a timely manner. Our production could be significantly delayed, access to our inventory could be impaired, and our operations could halt for a significant period of time. Effective September 30, 2020, the Company entered into a loan agreement with Pinnacle which will expire on September 30, 2026. The Loan Agreement, as amended, provides for a revolving credit facility under which Pinnacle may, in its sole discretion upon the Company's request, make advances to us up to $7,500, subject to certain limitations and adjustments. The Loan Agreement contains certain affirmative and negative covenants. At December 31, 2025, the Company was not in compliance with the affirmative covenant requiring the Company to attain a minimum Effective Tangible Net Worth greater than $6,000, as the Company attained an Effective Tangible Net Worth of approximately $755 after recording an inventory write-down of $1,967 to adjust the book value of its inventory to its net realizable value, and $455 impairment of right-of-use asset and deposits. On March 10, 2026, the Company and Pinnacle executed a Notice of Additional Defaults and Forbearance Agreement, in which Pinnacle agrees to forbear from exercising certain rights and remedies under the Loan Agreement and related documents arising from the Specified Existing Defaults for the period commencing March 10, 2026, the Effective Date, to July 31, 2026, the Forbearance Termination Date, considering the Company: 1) on or prior to the Effective Date, pays Pinnacle the amount of $250, 2) on or prior to the Effective Date, assigns to Pinnacle new Eligible Accounts in the aggregate amount of at least $185, with 85% of the Net Face Amount of such new Eligible Accounts to be applied to reduce the loan obligations, 3) within forty-five (45) days of the Effective Date, reduce the loan obligations by the aggregate amount of $225, which reduction can result from a cash payment or the assignment of sufficient new Eligible Accounts, with 85% of the Net Face Amount of such new Eligible Accounts to be applied towards such reduction amount, 4) does not create any new events of default, 5) pays in full all obligations to Pinnacle by the Termination Date. If the Company timely complies with all these terms, and so long as the Forbearance Termination Date has not occurred, Pinnacle agrees that it will re-commence making Advances to the Company in the amount equal to 42.5% of the Net Face Amount of the thereafter arising Eligible Accounts, with the remaining 42.5% of the Net Face Amount of such Eligible Accounts to be applied to reduce the then outstanding obligations. In March 2026, the Company paid $250 to Pinnacle Bank and timely complied with the requirements under the Forbearance Agreement and commenced taking advances at 42.5% of the Net Face Amount of Eligible Accounts on March 12, 2026. While the Company expects to stay in compliance and pay the full obligation to Pinnacle by July 31, 2026, there is no guarantee that the Company will be able to do so. If the Company is unable to comply with the Loan Agreement, or pay the full obligation to Pinnacle by the July 31, 2026, Pinnacle may immediately enforce its claims, rights, liens, and security interests under the Forbearance Agreement and the Loan Documents, including but not limited to, taking possession of its collateral, or any portion thereof, and foreclosing upon its collateral, or any portion thereof, in accordance with the Loan Documents and applicable law. On October 6, 2025, the Company entered into an ATM sales agreement with ThinkEquity LLC, pursuant to which the Company may offer and sell, from time to time through the Sales Agent, shares of the Company's common stock, par value $0.0001 per share, up to a maximum amount as set forth in the Sales Agreement, subject to the terms and conditions of the Sales Agreement. The Company filed a prospectus supplement to its registration statement on Form S-3 (File No. 333-276705) offering the Shares up to an aggregate offering price of up to $2,382. As of December 31, 2025, the Company sold 166,127 shares of Common Stock in the ATM Offering at a weighted-average price of $4.70 per share, for net proceeds of $757, after deducting commissions to the sales agent and other ATM Offering related expenses of $23. On December 12, 2025, the Company filed a prospectus supplement to its registration statement on Form S-3 (File No. 333-276705) to increase the amount of shares of Common Stock that the Company may offer and sell under the Sales Agreement and applicable registration statement to an aggregate offering price of up to $2,500, which amount does not include the shares of Common Stock having an aggregate gross sales price of approximately $757 that were sold under the ATM Offering through December 11, 2025, in accordance with the limitations set forth in Instruction I.B.6 of Form S-3. During 2026 and as of April 15, 2026, the Company has sold 962,500 shares of Common Stock in the ATM Offering at a weighted-average price of $2.60 per share, for net proceeds of $2,425, after deducting commissions to the sales agent and other ATM Offering related expenses of $75. On December 23, 2025, the Company entered into a business loan and security agreement with World Wide Capital Management, pursuant to which the Company borrowed net proceeds of $399 from WWCM, after deducting fees as outlined in the WWCM loan agreement. The loan amount is $500, with a loan origination fee of $20, providing for an advance amount of $480. The loan is to be paid in 48 weekly payments of $13 with the first six payments paid in advance and deducted from the initial funding. Net proceeds of $399 were received by the Company on December 26, 2025. The total repayment obligation to the Company is $640. Furthermore, the Company's ability to secure other financing is uncertain. The Company's ability to continue as a going concern is dependent upon its ability to obtain additional financing, grow and diversify our revenue, improve operational efficiency, reduce overhead and fixed costs, and to create a profitable operation. Its ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market and economic conditions, its performance and investor sentiment with respect to the Company and its industry. The Company has taken action to diversify sales to consume existing inventory, increase higher margin aftermarket parts revenue, to fund operations. n the event that the Company does not generate sufficient cash flows from operations and is unable to obtain funding, the Company will be forced to delay, reduce, or eliminate some or all of its discretionary spending, which could adversely affect the Company's business prospects, ability to meet long-term liquidity needs or ability to continue operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/49ec779n About Polar Power, Inc. Headquartered in Gardena, California, Polar Power, Inc. -- http://www.polarpower.com-- designs, manufactures, and sells DC power generators, renewable energy and cooling systems for applications primarily in the telecommunications market and, to a lesser extent, in other markets, including military, electric vehicle charging, marine and industrial. The Company is continuously diversifying its customer base and are selling its products into non-telecommunication markets and applications at an increasing rate. As of December 31, 2025, the Company had $10,437,000 in total assets, $10,293,000 in total liabilities, and $144,000 million in total stockholders' equity. PRECISION DRILLING: Fitch Alters Outlook on 'BB-' IDR to Positive ----------------------------------------------------------------- Fitch Ratings has affirmed Precision Drilling Corporation's (Precision) Long-Term Issuer Default Rating at 'BB-'. Fitch has also affirmed Precision's senior unsecured notes ratings at 'BB-' with a Recovery Rating of 'RR4' and the senior secured revolver rating at 'BB+'/'RR1'. The Rating Outlook has been revised to Positive from Stable. The Positive Outlook reflects Fitch's expectation that Precision will achieve its long-term gross debt reduction target in 2027 which will reduce the company's mid-cycle gross EBITDA leverage toward 1.0x. The Outlook revision also reflects management's long track record of conservative financial management through cycles, consistently positive FCF that supports debt reduction and good liquidity. Offsetting factors include near-term uncertainty around increases in exploration and production (E&P) development spending and rig counts due to commodity price volatility. Key Rating Drivers Debt Reduction Commitment: Management's commitment to its long-term gross debt reduction target supports the Positive Outlook and improves through-cycle leverage, which better positions Precision to withstand future downturns. Gross debt fell by CAD101 million in FY25, resulting in gross EBITDA leverage of 1.4x. The company remains on track to further reduce debt by CAD100 million in 2026, after which it will have repaid about CAD635 million of management's CAD700 million debt reduction goal for 2022 through 2027. Fitch believes the target is achievable by 2027 and supported by strong forecast FCF. Modest Middle East Impact: Fitch expects only a modest effect on near-term earnings from the Iran conflict, as Precision's assets have not been meaningfully affected. Operations have faced minor disruptions including precautionary shutdowns, logistical challenges and some cost pressure tied to moving personnel out of the region. A prolonged conflict could increase these effects, but Fitch believes the risk to consolidated earnings is limited because the international segment accounts for only about 10% of revenue. Strong Near-Term FCF: Fitch forecasts about CAD200 million of annual FCF in 2026, assuming stable rig counts and supportive day rates. Management has guided to a 2026 capital budget of CAD245 million, down slightly from CAD263 in 2025. Fitch expects FCF to be split between debt reduction and share repurchases, in line with management's target to allocate up to 50% of FCF to shareholder returns. Fitch believes this target amount could increase as management completes the remainder of its debt reduction plan, which is consistent with peers. Favorable Canadian Fundamentals: Fitch forecasts broadly flat EBITDA in 2026, supported by a tight Canadian market and high day rates. Precision's Canada segment averaged 66 active drilling rigs in 4Q25, up slightly from 65 in 4Q24, while revenue per utilization day was CAD35,241 compared with CAD35,675 a year earlier. Management expects demand for Super Triple rigs is near full capacity following LNG Canada's first shipment in July 2025, while the Trans Mountain pipeline expansion continues to support high Super Single rig utilization. Mixed U.S. Conditions: Fitch forecasts U.S. EBITDA will remain constrained by softer industry drilling activity and capital discipline among E&Ps, despite Precision's market share gains. Precision averaged 37 active U.S. drilling rigs in 4Q25, up from 34 in 4Q24, while revenue per utilization day was broadly unchanged at USD30,904 from USD30,991. The company's U.S. utilization rose over the past three quarters, supported by stronger activity in gas-focused basins such as the Haynesville and Marcellus, and management sees potential for further activity gains in 2026. Improving Leverage; Manageable Maturities: Fitch's base case forecasts leverage at 1.2x in 2026, down from 1.4x in 2025, and approaching 1.0x thereafter through a combination of expected annual gross debt reduction and modest decreases in pricing and activity in line with Fitch's commodity price assumptions. The maturity profile also remains manageable with no significant maturities until the 6.875% notes mature in January 2029. Fitch expects debt repayment to largely be aimed at the revolver in the near term and then potentially toward the notes as the redemption premium steps down in early 2027. Peer Analysis Precision's closest industry peer is Nabors Industries, Ltd. (Nabors; B/Stable), which is also an onshore rig contractor with exposure to U.S. and international markets. Precision has lower leverage metrics and a much less significant maturity wall than Nabors, which drives the difference in ratings. Precision has the highest market share in Canada at 36% in 2025. However, Nabors has a larger international presence, which typically means longer-term contracts that partially negate the volatility of the U.S. market. Precision is slightly smaller but has less cash flow volatility than offshore drillers Valaris Limited (Valaris; B+/Rating Watch Negative) and Noble Corporation plc (Noble; BB-/Stable). Precision has lower leverage and a stronger track record of debt reduction, maintenance of liquidity, and more successful management of the operational and financial profiles throughout commodity price cycles compared to offshore drilling peers. Precision is similar in scale to diversified oilfield service (OFS) peer Enerflex, Ltd. (Enerflex; BB/Stable) and smaller than Weatherford International Public Limited Company (Weatherford; BB/Stable) but has lower leverage and higher margins than both companies. Both Precision and Weatherford have a strong track record of positive FCF generation and debt reduction, which have led to low mid-cycle leverage. Enerflex is more geographically diverse, and its cash flows are less susceptible to commodity price cycles through more stable, recurring revenue streams and long-term take-or-pay contracts with five- to 10-year terms. Fitch’s Key Rating-Case Assumptions - West Texas Intermediate oil prices of $65 per barrel (bbl) in 2026, $58/bbl in 2027 and $57/bbl thereafter; - Henry Hub natural gas price of $3.50/mcf in 2026, $3.25/mcf in 2027, $3.00/mcf in 2028 and $2.75/mcf thereafter; - Modestly higher revenue and EBITDA generation yoy due to supportive industry activity in Canada; - Capital expenditure of CAD250 million in 2025; - FCF to remain positive with proceeds used to reduce debt; - Measured increases to shareholder return. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bbb, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2025, 5% for the forecast year 2026, 15% for the forecast year 2027, 25% for the forecast year 2028 and 50% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deviation from conservative financial policy and/or structural deterioration in rig fundamentals that reduces financial flexibility; - Inability to maintain a competitive asset base in a credit-conscious manner; - Mid-cycle EBITDA leverage above 3.0x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued execution on gross debt reduction targets and proactive management of the maturity profile; - Increased size, scale and/or diversification; - Mid-cycle EBITDA leverage below 2.0x on a sustained basis. Liquidity and Debt Structure Precision had CAD86 million of cash on hand as of Dec. 31, 2025 and CAD138 million outstanding (USD51 million of outstanding letters of credit) on its USD375 million revolver. Fitch believes management will allocate FCF to reduce the outstanding balance during 2026 and potentially reduce the 2029 notes thereafter. The liquidity profile is further supported by the company's strong projected FCF generation and largely variable cost structure. Issuer Profile Precision is an OFS company that owns and operates a fleet of 184 onshore drilling rigs and 145 well service rigs in Canada, the U.S. and internationally, mainly in the Middle East. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The revenue-weighted Climate.VS for Precision is 60 in 2035, consistent with OFS peers. Key transition risks arise from potential reductions in demand driven by policies designed to reduce the use of oil and gas in the global economy and, in the shorter term, from policies designed to limit greenhouse gas emissions from oil and gas production. These risks do not have a material influence on Precision's ratings currently given the long time frame over which the transition is expected to occur, uncertainty regarding the extent and nature of changes, and the company's low leverage. Precision is responding to the energy transition by modernizing its existing fleet to reduce environmental impacts. This includes using rigs with dual-fuel or natural gas engine capabilities, hybrid battery generator systems, grid-powered equipped rigs and through its Alpha technologies, among others, which help reduce GHG emissions. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Precision Drilling Corporation LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- PRINCE GLOBAL: Sullivan & Cromwell Flags AI Errors in Ch. 15 Case ----------------------------------------------------------------- Andrea Keckley of Law360 reports that Sullivan & Cromwell LLP told a New York bankruptcy judge Saturday, April 18, 2026, that an emergency motion filed in Prince Global Holdings Ltd.'s Chapter 15 proceeding contained several flawed citations and other errors, including what it characterized as artificial intelligence "hallucinations." According to the firm, the inaccuracies involved citations to non-existent or improperly described authorities, as well as inconsistencies within the motion itself. The firm said it identified the issues shortly after filing and moved quickly to notify the court. Sullivan & Cromwell said it is taking steps to correct the record and reinforce internal review procedures. The incident reflects broader concerns within the legal industry about reliance on AI-generated content without thorough verification. About Prince Global Holdings Limited Prince Global Holdings Limited is an international financial services firm engaged in investment and asset management activities. Prince Global Holdings Limited sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10769) on April 8, 2026. In its petition, the Debtor did not specify estimated assets or liabilities. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Andrew G. Dietderich, Esq. of Sullivan & Cromwell LLP. QVC GROUP: Fitch Lowers LongTerm IDR to 'D' ------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) for QVC Group, Inc. (QVC), Liberty Interactive LLC and QVC Inc. to 'D' from 'CCC+' following the company's Chapter 11 bankruptcy protection filing on April 16, 2026. The company's senior secured debt has been downgraded to 'CCC-' with a Recovery Rating of 'RR2' from 'B'/'RR2' and its unsecured debt and preferred equity have been downgraded to 'C'/'RR6' from 'CCC'/'RR6'. At the time of the filing, the company had approximately $6.5 billion of debt, including $2.9 billion in revolver borrowings, $2.15 billion of secured notes at QVC, Inc. and $1.5 billion of unsecured notes at Liberty Interactive LLC. The company has entered into a restructuring support agreement with a group of lenders and expects to exit the bankruptcy process within 90 days. Key Rating Drivers Bankruptcy Filing: QVC's bankruptcy filings follow years of operating declines which have heightened leverage and concerns about QVC's business model longevity. Key headwinds have included declines in linear television viewership and reduced interest in QVC's core television shopping segment. The company has seen some growth in social commerce as it pivots its model to platforms like Instagram and TikTok, but revenue from this nascent channel has not been enough to mitigate declines in its core business. Assuming a successful emergence from bankruptcy, the company plans to continue efforts to shift its business toward social commerce. Restructuring Support Agreement (RSA): QVC has entered into an RSA with a majority of lenders whereby debtholders would receive a mix of cash, equity and new debt. Per the RSA, secured lenders ($2.9 billion of revolver borrowings and $2.15 billion of outstanding secured notes) would receive the go-forward company's equity, between $1.275 billion and $1.325 billion in new debt, and available cash following the completion of bankruptcy proceedings. Unsecured noteholders at Liberty Interactive ($1.5 billion outstanding) would receive just over $100 million, or about 7.5% recovery, in cash. Preferred equity holders will receive no recovery. The company plans to complete the bankruptcy process within 90 days. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (b, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bbb-, Lower), Company Operational Characteristics (b-, Higher), Profitability (b, Moderate), Financial Structure (ccc-, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The other risk elements adjustment applies and results in an adjustment of -5 notches. - The SCP is 'd'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a consolidated approach. Recovery Analysis Fitch's recovery analysis assumes QVC's value is maximized as a going concern (GC) in a post-default scenario, given a GC valuation of about $4 billion relative to a liquidation value of about $1.5 billion. Fitch's GC value is derived from a projected EBITDA of about $650 million, in line with the company's view of emergence run rate EBITDA. The scenario assumes a revenue base of about $8.5 billion, about 8% below 2025 levels of $9.2 billion, assuming continued customer count declines and market share erosion. EBITDA margins could trend in the 7% range, below the 9%-11% range seen in the past two years given ongoing sales declines and investments required to support growth in social commerce. The GC EBITDA is lower than Fitch's prior view of $900 million given ongoing operational declines. Fitch selected a GC multiple of 6x, within the 4x-8x range observed for North American corporates, reflecting an assessment of QVC's industry dynamics and company-specific factors. This is at the upper end of the range used in its analysis of retailers given the company's outsized exposure to the fast-expanding e-commerce channel and good cash conversion. The multiple also reflects the company's limited real estate infrastructure, which permits greater operating flexibility than that of retailers. After deducting 5% administrative claims from the GC valuation, QVC's secured revolver ($2.9 billion drawn at the petition date) and secured notes would have superior recovery prospects, while its unsecured notes and preferred equity would have poor recovery prospects. The company has proposed a $300 million debtor-in-possession letter of credit facility; this facility has a limited impact on Fitch's recovery analysis. Given the various recovery prospects, the secured debt is rated 'CCC-'/'RR2' while the unsecured debt and preferred equity are rated 'C'/'RR6'. RATING SENSITIVITIES Rating sensitivities are not applicable given the company's Chapter 11 bankruptcy filing. Liquidity and Debt Structure As of the petition date, the company had approximately $6.5 billion of debt including $2.9 billion in revolver borrowings, $2.15 billion of secured notes at QVC, Inc. and $1.5 billion of unsecured notes at Liberty Interactive LLC. The company reported cash of $1.8 billion as of the petition date. Issuer Profile QVC Group, Inc. is a global leader in video retail and e-commerce across multiple linear, streaming and online platforms including QVC, HSN, Ballard Design, Frontgate, Garnet Hill, and Grandin Road. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for QVC Group, Inc. ESG Considerations QVC Group, Inc. has an ESG Relevance Score of '4' for Group Structure due to the structure's complexity and related-party transactions, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- QVC, Inc. LT IDR D Downgrade CCC+ senior secured LT CCC- Downgrade RR2 B Liberty Interactive LLC LT IDR D Downgrade CCC+ senior unsecured LT C Downgrade RR6 CCC- QVC Group, Inc. LT IDR D Downgrade CCC+ preferred LT C Downgrade RR6 CCC- QVC GROUP: FY25 Net Loss Hits $2.4 Billion, Faces Default Risk -------------------------------------------------------------- QVC Group, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $2.4 billion for the year ended December 31, 2025, compared to a net loss of $1.3 billion for the year ended December 31, 2024. Total net revenues for the year ended December 31, 2025, was $9.2 billion compared to $10 billion in the prior period. As of December 31, 2025, the Company had $7.6 billion in total assets, $10.7 billion in total liabilities, and $3 billion in total deficit. As of December 31, 2025, QVC's net leverage ratio, as calculated under the Fifth Amended and Restated Credit Agreement, was greater than 4.5 to 1.0. Under the terms of the Credit Agreement, this constitutes a breach of the financial covenant. Without a waiver under the Credit Agreement, the lenders have the right, but not the obligation, to accelerate the loans and demand repayment from QVC for noncompliance with the net leverage ratio debt covenant; however such acceleration cannot occur until certain conditions are satisfied, including the expiration of a cure period during which QVC may take remedial action to cure the breach. Additionally, under the indentures governing the senior secured notes, a default under the Credit Agreement will only constitute an event of default under the indentures, and thus trigger the right, but not the obligation, of the noteholders to accelerate the senior secured notes and demand repayment if: (i) the Credit Agreement has been accelerated (ii) there is a payment default under the Credit Agreement or (iii) there is a foreclosure on collateral securing the Credit Agreement. Accordingly, acceleration of the senior secured notes is not automatic upon a breach of the Credit Agreement covenant; it is contingent upon the occurrence of one of these specified events under the Credit Agreement. The outstanding principal associated with the Credit Facility and senior secured notes is $5,046 million. As a result of the above-noted net leverage ratio and the maturity date of the Credit Facility, outstanding balances have been classified as a current liability in the consolidated balance sheet, as of December 31, 2025. QVC Group and certain of its direct and indirect subsidiaries, including QVC, Inc., commenced voluntary cases under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. QVC said, "We intend to operate the Company's businesses as a debtor-in-possession under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. QVC Group and QVC, Inc. intend to request approval from the Bankruptcy Court for a variety of "first day" motions to continue the Company's ordinary course operations during the Chapter 11 Cases." Subsequent to the filing of the Chapter 11 Cases, the Company will adopt Financial Accounting Standards Board ASC Topic 852 – Reorganizations, which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. These requirements include distinguishing transactions associated with the reorganization separate from activities related to the ongoing operations of the business. Commencing the Chapter 11 Cases will constitute an event of default that accelerates the Company Parties' respective obligations under: (i) the 4.750% Senior Secured Notes due 2027, 4.375% Senior Secured Notes due 2028, 6.875% Senior Secured Notes due 2029, 5.450% Senior Secured Notes due 2034, 5.950% Senior Secured Notes due 2043, 6.375% Senior Secured Notes due 2067, and 6.250% Senior Secured Notes due 2068, issued by QVC, (ii) the 3.75% senior unsecured exchangeable debentures due 2030, 4.00% senior unsecured exchangeable debentures due 2029, 8.25% senior unsecured debentures due 2030, and 8.50% senior unsecured debentures due 2029, issued by Liberty Interactive LLC and (iii) the Credit Facility. The Credit Facility and the QVC Notes provide that, as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. The exchangeable senior debentures provide that the amount accelerated is the greater of (x) the current principal amount of the exchangeable senior debentures or (y) the market value of the reference shares, plus all accrued and unpaid interest and all pass-through distributions due with respect to the reference shares shall be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments will be automatically stayed as a result of the Chapter 11 Cases, and the stakeholders' rights of enforcement in respect of the Debt Instruments will be subject to the applicable provisions of the Bankruptcy Code, including the Automatic Stay. As a result of the risks and uncertainties associated with the Chapter 11 Cases, the Company cannot accurately predict or quantify the ultimate impact or timing of events that occur during the Company's Chapter 11 Cases and the impact that those events will have on the Company's business, financial condition and results of operations. Therefore, there is substantial doubt about the Company's ability to continue as a going concern. Accordingly, Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 1995, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company's Credit Facility matures on October 27, 2026. In addition, the Company has exceeded their net leverage ratio as of December 31, 2025, which constitutes a breach of the financial covenant. These circumstances raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern will depend on a successful restructuring of its debt in the Chapter 11 Cases pursuant to the Plan. The Company is also focused on operational improvements. However, there can be no assurance that it will be able to successfully emerge from the Chapter 11 Cases, in which case the Company would be forced to cease operations, which would be detrimental to its stockholders' investment in the Company. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/2wy5bdu2 About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. and Lydia R. Webb of Gray Reed & McGraw LLP. QVC GROUP: Secures $300MM Letter of Credit Facility From JPMorgan ----------------------------------------------------------------- QVC Group, Inc. disclosed in a regulatory filing that the Company, together with certain of its affiliates, entered into a Restructuring Support Agreement with: (i) certain holders of the 4.750% Senior Secured Notes due 2027, 4.375% Senior Secured Notes due 2028, 6.875% Senior Secured Notes due 2029, 5.450% Senior Secured Notes due 2034, 5.950% Senior Secured Notes due 2043, 6.375% Senior Secured Notes due 2067 and 6.250% Senior Secured Notes due 2068 issued by QVC, Inc., (ii) certain holders of the 3.75% senior unsecured exchangeable debentures due 2030, 4.00% senior unsecured exchangeable debentures due 2029, 8.25% senior unsecured debentures due 2030, and 8.50% senior unsecured debentures due 2029 issued by Liberty Interactive LLC  and (iii) certain lenders providing revolving commitments and extensions of credit pursuant to that certain Fifth Amendment and Restatement Agreement dated as of October 27, 2021, by and among QVC and QVC Global Corporate Holdings, LLC, as borrowers, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative and collateral agent. The Credit Facility, together with the QVC Notes and LINTA Notes, are herein referred to as the "Debt Instruments". The transactions contemplated in the Restructuring Support Agreement are expected to be implemented through a prepackaged chapter 11 process in the United States Bankruptcy Court for the Southern District of Texas. The Restructuring Support Agreement and the proposed prepackaged plan of reorganization contemplate the restructuring of the Company Parties' outstanding funded debt obligations, including approximately $2.15 billion of outstanding QVC Notes, approximately $1.5 billion of outstanding LINTA Notes and approximately $2.9 billion outstanding under the Credit Facility. Specifically, the material terms of the Restructuring Support Agreement and the Plan include, among other things, that: * QVC or any successor or assign thereto, by merger, consolidation, or otherwise shall issue approximately $1.3 billion in aggregate original principal amount of takeback debt on the terms and conditions set forth in the Takeback Debt Documents; * on or as soon as reasonably practicable following the effective date of the Plan, receipt by the holders of claims arising under, in connection with, or on account of the Credit Facility and the QVC Notes of their pro rata share of: (i) QVC Distributable Cash (as defined in the Plan); (ii) the Takeback Debt; and (iii) 100% of the equity in Reorganized QVC, subject to dilution by the management incentive plan; * non-funded debt general unsecured claims (including all trade claims and contract and lease claims) will be unimpaired; and * QVC will enter into a $300.0 million debtor-in-possession letter of credit facility with JPMorgan Chase Bank, N.A., as agent, to issue new letters of credit and roll existing letters of credit to support operations during the pendency of the Chapter 11 Cases, cash collateralized by $315 million deposited in a cash collateral account; commitments under the DIP LC Facility would expire upon the earliest of: (i) six months from the Petition Date (ii) the Effective Date and (iii) the occurrence of an event of default, all as more fully set forth in the DIP LC Facility Term Sheet attached as Exhibit D to the Restructuring Support Agreement, and subject to Bankruptcy Court approval pursuant to interim and final DIP orders. In accordance with the Restructuring Support Agreement, each Consenting Stakeholder agreed, among other things, to: (i) support the Restructuring Transactions (as defined in the Restructuring Support Agreement) and vote and exercise any powers or rights available to it in favor of any matter requiring approval to the extent necessary to implement the Restructuring Transactions; (ii) use commercially reasonable efforts to cooperate with and assist the Company Parties in obtaining additional support for the Restructuring Transactions from the Company Parties' other stakeholders; (iii) not object to, delay, impede or take any other action to interfere with acceptance, implementation or consummation of the Restructuring Transactions and use commercially reasonable efforts to oppose any person from taking such action; (iv) give any notice, order, instruction or direction to the applicable agents and trustees as necessary to give effect to the Restructuring Transactions; (v) negotiate in good faith and use commercially reasonable efforts to execute and implement certain documents that are consistent with the Restructuring Support Agreement; and (vi) vote to accept the Plan on a timely basis following commencement of the Solicitation. In accordance with the Restructuring Support Agreement, the Company Parties agreed, among other things, to: (i) support and take all steps reasonably necessary and desirable to implement and consummate the Restructuring Transactions in accordance with the Restructuring Support Agreement and the Definitive Documents (as defined in the Restructuring Support Agreement) (ii) to the extent any legal, regulatory, financial or structural impediment arises that would prevent, hinder or delay the consummation of the Restructuring Transactions, take all steps reasonably necessary and desirable to address any such impediment; (iii) use commercially reasonable efforts to obtain any and all required regulatory or other third-party approvals for the Restructuring Transactions; (iv) negotiate in good faith and take all steps reasonably necessary to execute and deliver any required agreements to effectuate and consummate the Restructuring Transactions; (v) use commercially reasonable efforts to seek additional support for the Restructuring Transactions from other material stakeholders to the extent reasonably prudent; (vi) provide draft copies of all Definitive Documents to counsel to the Consenting Stakeholders as soon as reasonably practicable, but in no event less than two business days prior to the date when the Company Parties intend to file such documents with the Bankruptcy Court; (vii) not object to, delay, impede or take any other action that would be reasonably expected to interfere with acceptance, implementation or consummation of the Restructuring Transactions; and (viii) not seek to amend, terminate or modify the Plan or any Definitive Document in a manner that is not consistent with the Restructuring Support Agreement. The Restructuring Support Agreement contains various milestones, or dates by which the Company Parties are required to, among other things, obtain certain orders of the Bankruptcy Court and consummate the Restructuring Transactions, including the following: (a) filing the Plan and Disclosure Statement with the Bankruptcy Court no later than the Petition Date; (b) obtaining confirmation of the Plan no later than 75 days of the Petition Date; and (c) the occurrence of the Plan Effective Date no later than 90 days of the Petition Date. The signatories to the Restructuring Support Agreement may terminate the Restructuring Support Agreement under certain circumstances, including the failure to meet the milestones set forth above. Additionally, each of the Company Parties may terminate the Restructuring Support Agreement in the event the board of directors, board of managers or such similar governing body of any Company Party determines, after consulting with counsel: (i) that proceeding with any of the Restructuring Transactions would be inconsistent with the exercise of its fiduciary duties or applicable law or (ii) in the exercise of its fiduciary duties, to pursue an Alternative Restructuring Proposal (as defined in the Restructuring Support Agreement). In addition, the Restructuring Support Agreement shall automatically terminate upon the occurrence of the Effective Date. The Plan remains subject to Bankruptcy Court approval and the satisfaction of certain conditions precedent. Accordingly, no assurance can be given that the transactions described in the Restructuring Support Agreement or the Plan will be consummated. Copies of the Restructuring Support Agreement and Disclosure Statement are available at https://tinyurl.com/z2nv744m and https://tinyurl.com/3w5uu7dh, respectively. Voluntary Petition for Reorganization On April 16, 2026, the Company Parties commenced the Chapter 11 Cases under Chapter 11 of Title 11 of the United States Code in the Bankruptcy Court to implement the Restructuring Transactions and the Plan, in accordance with the Restructuring Support Agreement. Concurrently, the Company filed the Plan with the Bankruptcy Court. The Company has requested that the Bankruptcy Court administer the Chapter 11 Cases jointly for administrative purposes only under the caption, In re QVC Group, Inc. et al. The Company Parties expect to continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. QVC Group and QVC are requesting approval from the Bankruptcy Court for a variety of "first day" motions to continue their ordinary course operations during the Chapter 11 Cases. The Plan and requested first day relief anticipate that non-funded debt general unsecured claims, including trade, contract and lease claims, will be unimpaired and paid in full in the ordinary course of business. Subject to Bankruptcy Court approval with respect to the solicitation of votes necessary to approve the Plan, as well as the scheduling of a combined hearing to approve the adequacy of the proposed Disclosure Statement and to confirm the Plan, in each case, on the timeline requested by the Company Parties, the Company Parties anticipate emerging from the Chapter 11 Cases within approximately 90 days of the Petition Date. Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. The filing of the Chapter 11 Cases constitutes an event of default that accelerated the Company Parties' obligations under the following Debt Instruments: * Approximately $2.9 billion of borrowings (plus any accrued but unpaid interest in respect thereof) under the Credit Agreement. * Approximately $2.15 billion aggregate principal amount of QVC's outstanding senior secured notes (plus any accrued but unpaid interest in respect thereof), consisting of: (a) $44.0 million of 4.750% senior secured notes due 2027; (b) $72.0 million of 4.375% senior secured notes due 2028; (c) $605.0 million of 6.875% senior secured notes due 2029; (d) $400.0 million of 5.450% senior secured notes due 2034; (e) $300.0 million of 5.950% senior secured notes due 2043; (f) $225.0 million of 6.375% senior secured notes due 2067; and (g) $500.0 million of 6.250% senior secured notes due 2068, each issued pursuant to their respective indentures and supplemental indentures, as applicable. * Approximately $1.5 billion aggregate principal amount of Liberty LLC's outstanding debentures (plus any accrued but unpaid interest in respect thereof), consisting of: (a) $413.0 million of 3.75% exchangeable senior debentures due 2030; (b) approximately $287 million of 8.50% senior unsecured debentures due 2029; (c) $280.0 million of 4.00% senior unsecured exchangeable debentures due 2029; and (d) $505.0 million of 8.25% senior unsecured debentures due 2030, each issued pursuant to that certain indenture dated as of July 7, 1999, as amended, supplemented or otherwise modified from time to time, by and among Liberty LLC (f/k/a Liberty Media Corporation) and The Bank of New York Mellon Trust Company, N.A. (as successor-in-interest to The Bank of New York Mellon), as trustee. The Credit Facility and QVC Notes provide that, as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. The exchangeable senior debentures provide that the amount accelerated is the greater of (x) the current principal amount of the exchangeable senior debentures or (y) the market value of the reference shares, plus all accrued and unpaid interest and all pass-through distributions due with respect to the reference shares shall be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments were automatically stayed as a result of the Chapter 11 Cases, and the stakeholders' rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code, including the Automatic Stay. Commencement of the Solicitation Pursuant to the Restructuring Support Agreement, on April 16, 2026, prior to filing the Chapter 11 Cases, the Company Parties commenced the Solicitation, including by distributing a disclosure statement relating to the Plan and other solicitation materials to certain eligible holders of claims against the Company Parties that are entitled to vote on the Plan. Press Release On April 16, 2026, the Company issued a press release announcing the Company's entry into the Restructuring Support Agreement, commencement of the Solicitation, and the filing of the Chapter 11 Cases. A copy of the press release is available at https://tinyurl.com/4ppmfa6v Cleansing Material Prior to the filing of the Chapter 11 Cases, the Company entered into confidentiality agreements with certain RCF Lenders, QVC Noteholders, and LINTA Noteholders and their advisors to continue confidential discussions and negotiations concerning a potential transaction. Pursuant to the NDAs, the Company provided the NDA Parties with confidential information and agreed to publicly disclose certain information upon the occurrence of certain events set forth in the NDAs. A copy of the Cleansing Material is available at https://tinyurl.com/79jewv3k The Cleansing Material was prepared by the Company solely to facilitate a discussion with the parties to the NDAs and was not prepared with a view toward public disclosure and should not be relied upon to make an investment decision with respect to the Company. The Cleansing Material should not be regarded as an indication that the Company or any third party considers the Cleansing Material to be a reliable prediction of future events, and the Cleansing Material should not be relied upon as such. The Cleansing Material includes certain values for illustrative purposes only and such values are not the result of, and do not represent, actual valuations, estimates, forecasts or projections of the Company or any third party and should not be relied upon as such. Neither the Company nor any third party has made or makes any representation to any person regarding the accuracy of any Cleansing Material or undertakes any obligation to publicly update the Cleansing Material to reflect circumstances existing after the date when the Cleansing Material was prepared or conveyed or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the Cleansing Material are shown to be in error. The Company's independent accountants have not examined, compiled, or otherwise applied procedures to any such projections or forecasts and, accordingly, do not express an opinion or any other form of assurance with respect thereto. Inclusion of the Cleansing Material should not be regarded as an indication that the Company or its representatives consider the Cleansing Material to be a reliable prediction of future events, and the Cleansing Material should not be relied upon as such. Additional Information on the Chapter 11 Cases Bankruptcy Court filings and other information related to the Chapter 11 Cases are available at a website administered by the Company Parties' claims agent, Kroll Restructuring Administration, LLC, at https://restructuring.ra.kroll.com/QVC. Information may also be obtained by calling Kroll representatives toll-free at +1 (888) 575-5337, or +1 (347) 292-4386 for calls originating outside of the U.S. or Canada, or by emailing ProjectQuartzBallot@ra.kroll.com with "In re: QVC -- Solicitation Inquiry" in the subject line. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. and Lydia R. Webb of Gray Reed & McGraw LLP. QVC GROUP: Unsecured Creditors Unimpaired in Prepackaged Plan ------------------------------------------------------------- QVC Group, Inc. and its Debtor Affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Prepackaged Plan of Reorganization dated April 17, 2026. For more than 40 years, QVCG has been a steady, credible provider for American consumers. As QVCG transforms itself to better fit the mobile e-commerce world, this chapter 11 process will ensure that it remains an American icon for the next 40 years. The world has changed, and the Company is changing with it. Linear TV subscriptions continue to decline, customer attention has fragmented, and consumers increasingly shop using digital channels. Embracing those changes, the Company has invested billions to evolve with consumers' changing preferences. So, although the means of delivery are changing, the core value proposition of the Company remains strong. The Company will continue to deliver that value during this chapter 11 process and beyond as it completes its transformation into the digital shopping age. The Company intends to file prepackaged chapter 11 cases to implement a comprehensive restructuring transaction outlined in the RSA that has been agreed to by the Debtors and the Consenting Stakeholders. The key terms of the RSA include: * QVC, Inc. or any successor or assign thereto, by merger, consolidation, or otherwise (such entity, "Reorganized QVC") shall issue takeback debt (the "Takeback Debt") on the terms and conditions set forth in the Takeback Debt Documents; * Reorganized QVC shall issue new common stock (the "QVC New Equity Interests"); * each Holder of an Allowed RCF Claim shall receive, in full and final satisfaction, settlement, release, and discharge of (a) such portion of its RCF Claim comprising RCF Loan Claims, its Pro Rata share (taking into account Claims in Class B4) of the QVC Funded Debt Plan Consideration and (b) such portion of its RCF Claim comprising RCF Letter of Credit Claims, Cash equal to the full amount of its RCF Letter of Credit Claim; provided that any RCF Letter of Credit that remains undrawn and outstanding as of the Effective Date shall be either (x) rolled into the Exit ABL Facility and granted liens pursuant to the Exit ABL Facility on terms acceptable to the Required Consenting RCF Lenders and the applicable issuing bank, (y) cancelled or returned undrawn to the applicable issuing bank, or (z) cash collateralized or otherwise backstopped in a manner reasonably satisfactory to the applicable issuing bank, in each case, on or prior to the Effective Date and (2) the QVC Debtors or the Reorganized QVC Debtors, as applicable, shall pay in full in Cash all RCF Agent Fees; * each Holder of an Allowed QVC Notes Claim shall receive, in full and final satisfaction, settlement, release, and discharge of such QVC Notes Claim, its Pro Rata share (taking into account Claims in Class B3) of the QVC Funded Debt Plan Consideration and (2) the QVC Debtors or the Reorganized QVC Debtors, as applicable, shall pay in full in Cash all QVC Notes Trustee Fees; * each Holder of an Allowed LINTA Notes Claim shall receive, in full and final satisfaction, settlement, release, and discharge of such LINTA Notes Claim, its Pro Rata share of the LINTA Distributable Cash. * Third-party General Unsecured Claims will be unimpaired; and * QVCG Preferred Equity Interests and QVCG Common Equity Interests will be cancelled. The RSA and the Plan contemplate a recapitalization of the Debtors, through which certain of the Debtors will issue and distribute the QVC New Equity Interests, enter into the Exit ABL Facility, and issue the Takeback Debt. In addition, the Plan contemplates that CBI will continue to operate as a going-concern on and following the Effective Date. Class A3 consists of General Unsecured Claims against QVCG. Each Holder of an Allowed General Unsecured Claim against QVCG shall receive, in full and final satisfaction, settlement, release, and discharge of such General Unsecured Claim, as determined by the applicable Debtors: * payment in full in Cash on the later of (A) the Effective Date or (B) the date due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to, or the agreement governing, such Allowed General Unsecured Claim against QVCG; or * such other treatment rendering such Allowed General Unsecured Claims Unimpaired. Class B5 consists of General Unsecured Claims against the QVC Debtors. Each Holder of an Allowed General Unsecured Claim against a QVC Debtor shall, in full and final satisfaction, settlement, release, and discharge of such General Unsecured Claim, as determined by the applicable Debtors: * payment in full in Cash on the later of (A) the Effective Date or (B) the date due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to, or the agreement governing, such Allowed General Unsecured Claim against the QVC Debtors; * Reinstated; or * receive such other treatment acceptable to the Required Consenting QVC Noteholders and the Required Consenting RCF Lenders rendering such Allowed General Unsecured Claims Unimpaired. Class C4 consists of General Unsecured Claims against the LINTA Debtors. Each Holder of an Allowed General Unsecured Claim against a LINTA Debtor shall receive, in full and final satisfaction, settlement, release, and discharge of such General Unsecured Claim, as determined by the applicable Debtors: * payment in full in Cash on the later of (A) the Effective Date or (B) the date due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to, or the agreement governing, such Allowed General Unsecured Claim against the LINTA Debtors; or * such other treatment acceptable to the Required Consenting Stakeholders rendering such Allowed General Unsecured Claims Unimpaired. Class D3 consists of General Unsecured Claims against the CBI Debtors. Each Holder of an Allowed General Unsecured Claim against the CBI Debtors shall, in full and final satisfaction, settlement, release, and discharge of such General Unsecured Claim, as determined by the applicable Debtors: * payment in full in Cash on the later of (A) the Effective Date or (B) the date due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to, or the agreement governing, such Allowed General Unsecured Claim against the CBI Debtors; or * receive such other treatment acceptable to the Required Consenting QVC Noteholders and the Required Consenting RCF Lenders rendering such Allowed General Unsecured Claims Unimpaired. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan and the Restructuring Transactions contemplated thereby with: (1) the Debtors’ Cash on hand as of the Effective Date; (2) the QVC New Equity Interests; (3) the loans or notes under the Exit ABL Facility; (4) the loans or notes under the Takeback Debt; and (5) the Syndicated Exit Financing. Each distribution and issuance referred to in Article VI of the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. The issuance, distribution, or authorization, as applicable, of certain Securities in connection with the Plan, including the New Equity Interests, will be exempt from registration under the Securities Act. On the Effective Date, the Debtors will reserve the QVC Emergence Minimum Cash Reserve (in an amount calculated under the Plan) to fund post-emergence operations, consistent with the Plan. A full-text copy of the Disclosure Statement dated April 17, 2026 is available at https://urlcurt.com/u?l=fZLfkx from PacerMonitor.com at no charge. Proposed Co-Counsel for the Debtors: Jason S. Brookner, Esq. Lydia R. Webb, Esq. Emily F. Shanks, Esq. GRAY REED 1300 Post Oak Blvd. Suite 2000 Houston, Texas 77056 Tel: (713) 986-7000 Fax: (713) 986-7100 Email: jbrookner@grayreed.com lwebb@grayreed.com eshanks@grayreed.com AND Joshua A. Sussberg, P.C. Aparna Yenamandra, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: joshua.sussberg@kirkland.com aparna.yenamandra@kirkland.com AND Chad J. Husnick, P.C. Gabriela Zamfir Hensley, Esq. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: chad.husnick@kirkland.com gabriela.hensley@kirkland.com About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group is represented by Simpson Thacher & Bartlett LLP. QWEST CORP: Moody's Rates New Senior Unsecured Notes 'Caa1' ----------------------------------------------------------- Moody's Ratings assigned Caa1 ratings to Qwest Corporation's (Qwest) proposed 6.5% senior unsecured notes due 2056 and 6.75% senior unsecured notes due 2057. All other ratings at Lumen Technologies, Inc. (Lumen), Level 3 Financing, Inc. (Level 3) and Qwest remain unchanged, including Lumen's B2 corporate family rating (and B2-PD probability of default rating. Lumen's SGL-1 Speculative Grade Liquidity Rating (SGL) also remains unchanged. The outlooks for Lumen, Level 3 and Qwest remain unchanged at stable. On April 20, 2026, Qwest announced an exchange offer pursuant to which holders of its 6.5% senior unsecured notes due 2056 and 6.75% senior unsecured notes due 2057 may exchange their existing notes at par into new Qwest notes with similar coupons and maturities, plus a consent fee for early participants. In addition, the new notes will benefit from an unsecured guarantee from Lumen Technologies, Inc. while the existing Qwest notes will not. Completion of the exchange offer is expected to reduce administrative burden, as Qwest intends to cease filing reports with the SEC. No minimum participation level is required to consummate the transaction; however, substantially all covenants will be eliminated upon receipt of a majority of consents. As of the date of the prospectus (April 16, 2026), there was $977.50 million aggregate principal amount of outstanding 2056 senior unsecured Notes and $660 million aggregate principal amount of outstanding 2057 senior unsecured Notes. The Caa1 ratings on the new Qwest senior unsecured notes are two notches below the CFR and reflect their unsecured claims on Qwest's and Lumen's assets. 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 all net proceeds from the transaction, together with a portion of cash on hand, 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 RATINGS The ratings 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 ratings 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 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. QXO INC: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ---------------------------------------------------------- Moody's Ratings affirmed QXO, Inc.'s (QXO) Ba3 corporate family rating and Ba3-PD probability of default rating. Moody's also affirmed the Ba3 senior secured notes rating and Ba3 senior secured term loan B rating issued by QXO Building Products, Inc., the operating subsidiary of QXO, Inc. The outlook on both entities remains stable. QXO's speculative grade liquidity (SGL) rating remains unchanged at SGL-1. The rating action follows QXO's announcement that it had entered into a definitive agreement to acquire TopBuild Corp. (TopBuild, Ba1, on review for downgrade) for a total consideration of $17 billion. TopBuild is the largest installer and distributor of insulation and a leading commercial roofing installer in the US The transaction will likely be funded with $7.9 billion of QXO common stock, $1 billion of perpetual preferred stock, $6 billion of new debt, and the balance in cash. The acquisition is expected to close in the third quarter of 2026, subject to shareholder approvals and customary regulatory conditions. "The rating affirmation recognizes that the TopBuild acquisition will meaningfully advance QXO's consolidation strategy, increasing scale, diversifying revenue, but also adding a business that generates strong margins and free cash flow generation," said Griselda Bisono, Vice President-Senior Credit Officer at Moody's Ratings. "However, the transaction comes on the heels of the Kodiak acquisition, which just closed on April 01, 2026, and brings with it increased integration risk and higher leverage," added Bisono. On a pro forma basis for the TopBuild and Kodiak acquisitions, Moody's-adjusted debt to EBITDA is 5.3x as of December 31, 2025, compared with Moody's prior expectation of about 4.5x, following the Kodiak acquisition. Moody's expects leverage to decline closer to 4.5x by year-end 2027, which assumes debt reduction from free cash flow generation. RATINGS RATIONALE QXO's Ba3 CFR reflects Moody's expectations that the company will maintain a disciplined financial policy focused on deleveraging and sustained positive free cash flow generation. However, Moody's also understands that growth through acquisitions is an integral part to QXO's strategy. Pro forma EBITDA margin will improve to about 11% from Moody's previous expectations of 7.5%, reflecting TopBuild's industry-leading margin profile, which will also drive improved free cash flow generation. Pro forma for the TopBuild and Kodiak acquisitions, Moody's expects QXO to generate approximately $770 million of free cash flow in 2026 and $980 million in 2027. Moody's forecasts assumes gradual profitability improvements through 2027 as revenue and cost initiatives are implemented. Execution risk is high to integrate two large acquisitions at the same time in a soft market environment. QXO targets synergies of around $300 million by 2030. Moody's expects single digit volume declines in the new residential and repair and remodel end markets, as affordability pressures from higher mortgage rates and elevated home prices constrain demand and limit organic growth in 2026. Against this backdrop, there is limited cushion in QXO's Ba3 rating for a deterioration in credit metrics as a result of additional major debt-financed acquisitions or unexpected operating setbacks in the near term. The SGL-1 rating reflects Moody's expectations of strong liquidity over the next 18 months. Liquidity benefits from robust free cash flow generation, providing flexibility for debt reduction, and substantial availability under the company's $2 billion asset based revolving credit facility, which matures in April 2030. Additional considerations include strong covenant headroom, no near-term debt maturities, and limited alternative liquidity sources due to the largely encumbered asset base. The stable outlook incorporates Moody's expectations that QXO will make meaningful progress integrating the Kodiak and TopBuild acquisitions over the next 12-18 months while continuing to execute on the integration of Beacon Roofing, which was acquired in April 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require improvement in key credit metrics, including Moody's adjusted debt-to-EBITDA sustained below 3.5x and EBITDA-to-Interest Expense sustained above 5.0x. A ratings upgrade would also require preservation of very good liquidity and maintenance of conservative financial policies. A ratings downgrade could result if the company fails to delever as expected and Moody's adjusted debt-to-EBITDA is sustained above 4.5x, EBITDA-to-Interest Expense is sustained below 4.0x, if the company experiences consistent erosion in operating margins and free cash flow generation or if there is a deterioration of liquidity. QXO, Inc., headquartered in Greenwich, Connecticut, is one of the largest wholesale distributors of roofing material and other building products in the US. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. R.W. SIDLEY: Hires Russ Kiko Associates Inc. as Auctioneer ---------------------------------------------------------- R.W. Sidley, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Russ Kiko Associates, Inc. as auctioneer. The firm will auction the Debtor's personal properties, i.e., mack trucks, east trailer, Stoughton trailer, trailmobile box trailers, Kentucky manufacturing drop deck van trailers. The firm will be paid a commission of 10 percent of the gross proceeds of the sale paid by the estate. The auction will include a 10 percent buyer's premium to be added to the highest bid to establish the purchase price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: George Kiko Russ Kiko Associates, Inc. 2722 Fulton Dr NW Canton, OH 44718-3507 Tel: (330) 453-9187 Fax: (330) 453-1765 About R.W. Sidley, Inc. R.W. Sidley Inc. is a construction materials company based in Thompson, Ohio. R.W. Sidley sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtor tapped Anthony J. DeGirolamo, Esq., as counsel and Root, Spitznas & Smiley, Inc. as accountant. RICE ENTERPRISES: Backgroundchecks.com Case Heads to Bankr. Court ----------------------------------------------------------------- Judge Sam A. Lindsay of the United States District Court for the Northern District of Texas, Dallas Division, withdraws the Standing Order of Reference in the case captioned as RICE ENTERPRISES, LLC, Plaintiff, v. BACKGROUNDCHECKS.COM LLC, Defendant, Case No. 3:24-cv-01652-L (N.D. Tex.) to the United States Magistrate Judge so that it may refer the proceeding to the the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. On March 15, 2023, Plaintiff Rice Enterprises, LLC filed a voluntary petition for relief under Chapter 11 in the United States Bankruptcy Court for the Western District of Pennsylvania. Post-petition, Debtor commenced an adversary proceeding against Defendant backgroundchecks.com alleging, among other things, breach of contract based on Defendant's alleged failure to provide to Plaintiff, upon payment and request, correct and accurate criminal background information on Plaintiff's former employee. Defendant then sought to dismiss the Adversary Proceeding for improper venue or, in the alternative, to transfer venue under 28 U.S.C. Sec. 1412 based on a forum selection clause in the parties' agreement requiring that all disputes be heard in the state or federal courts of Dallas County, Texas. The United States Bankruptcy Court for the Western District of Pennsylvania granted the motion to transfer venue and transferred this Adversary Proceeding to the United States District Court for the Northern District of Texas. According to Judge Lindsay, "Because the Amended Complaint in the Adversary Proceeding asserts claims that 'arise in' or are 'related to a case under Title 11,' the bankruptcy court has subject matter jurisdiction and automatic reference to the bankruptcy court is not only appropriate but, pursuant to Miscellaneous Order 33, should have taken place without a court order following the initial transfer to this District from the United States Bankruptcy Court for the Western District of Pennsylvania." A copy of the Court's Order dated April 21, 2026, is available at https://urlcurt.com/u?l=iQId0K About Rice Enterprises Rice Enterprises, LLC operates in the restaurants industry. Rice Enterprises, LLC, filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 2:23-bk-20556) on March 15, 2023. In the petition signed by Michele Rice, sole member, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Kirk B. Burkley, Esq., at Bernstein-Burkley, PC, represents the Debtor as legal counsel. RIVULET ENTERTAINMENT: Michael Witherill Appointed to Board ----------------------------------------------------------- Rivulet Entertainment, Inc. disclosed in a regulatory filing that Walter Geldenhuys, Chief Executive Officer, Interim Chief Financial Officer and sole member of the Board of Directors, appointed Michael Witherill to the Board. Subsequent to such appointment, Mr. Geldenhuys resigned from his senior officer positions and from the Board of Directors of the Company. Mr. Geldenhuys did not resign as a result of a disagreement with the Company. As of April 16, 2026, the Company does not have a separate audit, nominating or compensation committee. As such, Mr. Witherill has not been appointed to any specific committees. Further, during the two years ended June 30, 2025, Mr. Witherill provided certain film production services to the Company. In consideration for the services provided, Mr. Witherill was paid $391,000, of which $86,000 was still outstanding as of April 16. About Rivulet Entertainment Rivulet Entertainment, Inc. is an independent studio engaged in the production, distribution and marketing of star driven commercial feature-length films, television series and mini-series, and television movies, from initial creative development through principal photography, postproduction, distribution and ancillary sales. The Company also provides music production. Tampa, Fla.-based Victor Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred net losses and negative cash flow from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $18,338,415 in total assets, $25,805,778 in total liabilities, and $7,467,363 in total shareholders' deficit. RYVYL INC: Net Loss Narrows to $17.5M in FY25, Cash Strain Persists ------------------------------------------------------------------- Ryvyl Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $17.5 million for the year ended December 31, 2025, compared to a net loss of $26.8 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $11.1 million compared to $18.2 million in the prior period. Rowland Heights, CA-based Simon & Edward, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has experienced significant liquidity constraints following the discontinuation of its QuickCard operations and the sale of its European subsidiary, Ryvyl EU. These factors, alongside expectations of continued operating losses, raise substantial doubt about the Company's ability to continue as a going concern. In February 2024, the Company stopped processing credit card payments on its QuickCard platform because the Company's processing partner's bank informed them that they no longer wished to process payments for cannabis merchants. QuickCard was the Company's first-generation product and was designed to address the needs of previously all-cash businesses. During the third quarter of 2024, the Company began to offer a license of the QuickCard platform, which it believed would enable it to once again serve the customer base it had lost following the discontinuation of the original QuickCard offering. However, between the remainder of 2024 and all of 2025, the Company was unable to find a suitable licensing partner and, as such, it is no longer actively seeking to license the QuickCard product. As a result, the Company no longer anticipates being able to recover the loss of revenues that resulted from the discontinuation of its QuickCard product. The loss of revenues resulting from the discontinuation of QuickCard adversely impacted the Company's liquidity. Through the first quarter of 2025, the Company relied on the repatriation of profits from its European subsidiaries to cover some of its critical operating expenses, which it is no longer able to do following the sale of Ryvyl EU, effective June 1, 2025. The Company's remaining businesses continue to generate operating losses, which is expected to continue to occur for at least the next 12 months from the date of this Report. Due to these developments, management has determined that its cash balance as of December 31, 2025, will not be sufficient to fund the Company's operations and capital needs for the next 12 months from the date of this report. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is contingent upon the successful execution of management's intended plan over the next twelve months to improve its liquidity position, which include, without limitation: * raising additional capital through a variety of means, including private and public equity offerings and debt financings. The Company recently executed multiple successful capital raises in July 2025 and October 2025, and continues to be actively engaged in discussions with multiple parties for additional funding opportunities; * exploring strategic initiatives, including M&A opportunities; on September 28, 2025, the Company, Ryvyl Merger Sub Inc. (a Delaware corporation and wholly owned direct subsidiary of the Company ("Merger Sub"), and RTB Digital, Inc., a Delaware corporation ("RTB"), entered into an Agreement and Plan of Merger pursuant to which Merger Sub will merge with and into RTB, with RTB surviving the Merger as a wholly-owned subsidiary of the Company; * continued execution of its accelerated business development efforts to drive volumes in diversified business verticals with the Company's other products; and * continued implementation of cost control measures to more effectively manage spending and further right-sizing the organization, where appropriate; Management has assessed that its intended plan, if successfully implemented, is appropriate and sufficient to address its liquidity shortfall and to provide funds to cover operations for the next 12 months. However, there can be no assurance that the Company will be successful in implementing its plan, that its projections of future capital needs will prove accurate, or that any additional funding will be available on a timely manner, on favorable terms, or be sufficient to continue the Company's operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3d3deauy About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. As of December 31, 2025, the Company had $13.1 million in total assets, $12.4 million in total liabilities, and $668,000 in total stockholders' equity. RYVYL INC: S8 Global Fintech & Regtech Fund Sells Entire Stake -------------------------------------------------------------- S8 Global Fintech & Regtech Fund disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of April 9, 2026, it no longer beneficially owns shares of RYVYL Inc.'s Common Stock, $0.001 par value per share. On April 9, 2026, S8 sold all 102,995 shares of the Issuer's common stock then owned by it in a private transaction. As a result, it no longer holds any shares and has no sole or shared voting or dispositive power over any shares of RYVYL Inc. common stock. S8 Global Fintech & Regtech Fund may be reached through: Geraldine Gantenbein, Manager 2C Parc D'Activites Capellen, N4, 8308, Luxembourg Tel: +44 20 7100 5553 A full-text copy of S8 Global Fintech & Regtech Fund's SEC report is available at: https://tinyurl.com/mrcxrpjk About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. Rowland Heights, CA-based Simon & Edward, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has experienced significant liquidity constraints following the discontinuation of its QuickCard operations and the sale of its European subsidiary, Ryvyl EU. These factors, alongside expectations of continued operating losses, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $13.1 million in total assets, $12.4 million in total liabilities, and $668,000 in total stockholders' equity. SAKS GLOBAL: Settles Dispute With Creditors ------------------------------------------- Steven Church of Bloomberg News reports that Saks Global Enterprises has settled a contentious dispute with Simon Property Group and reached an additional agreement with its principal creditor groups, steps that could accelerate the company's exit from bankruptcy. During a court hearing on Friday, April 24, 2026, Saks attorney Debra Sinclair said the agreements would be finalized shortly and filed with the court. The Simon dispute involved unpaid rent claims and raised the possibility of closing two key store locations. Separately, the retailer reached terms with the official committee of unsecured creditors and senior lenders, a development that should address outstanding objections and facilitate consensus among stakeholders, according to Bloomberg. The combined agreements are expected to eliminate major roadblocks in the Chapter 11 proceedings, allowing Saks to proceed toward plan confirmation and emerge from bankruptcy with a more stable financial footing, the report relays. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SAMYS OC: Plan Exclusivity Period Extended to June 23 ----------------------------------------------------- Judge Mitchell L. Herren of the U.S. Bankruptcy Court for the District of Kansas extended Samys OC, LLC's ("SOCL") exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 23 and August 24, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it continues to try to resolve the IRS claim. The Debtor participated in a mediation that effectively resolved most of the disputes in this case, and the parties are working on completing a settlement. With these developments, the Debtor believes an additional extension will result in a more concise plan. The Debtor claims that its counsel has been working to review the pleadings filed in the case, the pleadings filed in the related cases, and has been working with the Debtor and Creditors to formulate its Chapter 11 Plan. The Debtor asserts that its counsel and the company believe that additional time is needed to allow Counsel for the Debtor, the Debtor, and Creditors to continue to work to formulate the Debtor's Chapter 11 Plan. The Debtor further asserts that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and is in the best interest of all parties to allow the Proof of Claim deadlines to expire and to allow Counsel for the Debtor and the Debtor to continue to work to formulate the Debtor's Chapter 11 Plan. Samys OC, LLC is represented by: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About Samys OC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L. Herren presides over the case. Colin N. Gotham, at Evans & Mullinix, PA, serves as the Debtor's counsel. SANTA PAULA: $5.9M Unsecured Claims to Recover 100% in Plan ----------------------------------------------------------- Santa Paula Hay & Grain and Ranches filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated April 17, 2026. The Debtor is a California general partnership made of four partners, Guadalupe J. Guzman, Sr. ("Lupe Sr."), Ofelia Guzman ("Ofelia"), Guadalupe A. Guzman, Jr. ("Lupe Jr."), and Yeisi Guzman ("Yeisi") (collectively, the "Partners"). On the Petition Date, Debtor owned, or had equitable interests in, thirty-five separate Real Properties (collectively, the "Real Properties"). Most of these properties are ranches or other agricultural properties. Some produce fruit, others house cattle, some are commercial properties that are rented, some are residential properties used by the Partners as their homes, some are residential properties rented to third parties, one is the Packinghouse used by Allied, and some are used for storage of vehicles and equipment. From approximately 2015 to present, the cost and ability to farm in California has drastically changed due a number of circumstances. These circumstances, collectively, have made it very difficult for Debtor to operate, let alone profitably. Throughout the case, Debtor has sold a number of assets by bringing motions seeking authorization to sell, including a 1990 Ferrari F40 (which sold for $3,000,000), and multiple of the Real Properties. To date, Debtor has closed the sales of Waters and Blythe after receiving Court orders to sell these Real Properties. Debtor has also sought and obtained Court approval to sell Ranch 66, 6770 Wheeler, and Sand Canyon. The Debtor also sought and obtained Court approval to conduct an auction of various of the Real Properties, specifically Ranch 2, Ranch 4, Ranch 10, Ranch 25, Jasmine Ranch, Ranch 65, Avenue 2 Ranch, and Bull Ranch. Of those properties, CWB has elected to remove Ranch 65, Jasmine Ranch, and Bull Ranch out of the auction to foreclose instead. The remainder of the Real Properties will be available for auction, with the auction process concluding in the beginning of June. This is a reorganizing plan. In other words, the Proponents seek to accomplish payments under the Plan by generating profits in the conduct of Debtor's business. The Effective Date of the proposed Plan is the later of 10 days after entry of the Order Confirming the Plan or January 1, 2027. Class 49 consists of General Unsecured Claims (incurred in the ordinary course of business). The allowed unsecured claims total $5,864,591.45. This Class will receive a distribution of $5,864,591.45 (100%) of their allowed claims. Payment on Effective Date= $766,680.00 Payment on January 1, 2028= $800,480 Payment on January 1, 2029= $835,294 Payment on January 1, 2030= $871,153 Payment on January 1, 2031= $908,088 Payment on January 1, 2032= $946,131 Payment on January 1, 2033= $736,765.45 End date = January 1, 2033 In addition to the payments set forth, the holders of claims within the class shall be entitled to receive 50% of the net recoveries from the Litigation ("Class 49 Allocation of Litigation Recoveries") within 30 days after Debtor receives funds therefrom until such Class 49 Allocation of Litigation Recoveries are exhausted or the Class 49 claims are paid in full. Class 50 consists of General Unsecured Claims (deficiency claims– unsecured portion of formerly secured claims). The allowed unsecured claims total $15,981,083.43. This Class will receive a distribution of $1,274,222.55. Payment on January 1, 2033= $248,548.55 Payment on January 1, 2034= $1,025,674 Begin date = January 1, 2033 Creditors holding claims within this class shall receive 50% of the net recoveries from the Litigation within 30 days after Debtor receives funds therefrom. In the event that the claims in Class 49 are paid in full before the Class 49 Allocation of Litigation Recoveries are fully exhausted, any funds remaining from the Class 49 Allocation of Litigation Recoveries shall be added to the 50% of the net recoveries from the Litigation ("Surplus of the Class 49 Allocation of Litigation Recoveries"). Distribution shall be made until 50% of the Litigation Recoveries plus the Surplus of the Class 49 Allocation of Litigation Recoveries, if any, are exhausted or the Class 50 claims are paid in full. Class 52 consists of Interest holders: General Partners, Guadalupe J. Guzman, Sr., Ofelia Guzman, Guadalupe A. Guzman, Jr., and Yeisi Guzman. Partnership interests retained. The Plan will be funded by the following: * Net income, after debt service and taxes, from the Debtor's business operations in the sum of no less than $360,000 per year; * Net recoveries from (i) Ofelia Guzman v. Southern California Edison Company and Edison International, styled Case Number 19STCV00444, pending in the Superior Court of California, Los Angeles County, which is set for trial in January 2027 (the "Upper Ojai Case"); (ii) Guadalupe Guzman v. Southern California Edison Company and Edison International, styled Case Number 19STCV00444 pending in the Superior Court of California, Los Angeles County, which is set for trial in January 2027 (the "Hampton Case"); (iii) Guadalupe Guzman v. State of California, Department of Transportation Cal Trans, styled Case Number 2024CUEI019065, pending in the Superior Court of California, Ventura County (the "Piru Case"); (iv) Debtor's claim against the Kern-Tulare Water District (the "District"), which has not yet commenced litigation (the "Ranch 3 Claim"); (v) Debtor's claim against AgWest Farm Credit f/k/a Farm Credit West, FLCA, which has not yet commenced litigation. These five pending claims suits shall hereinafter be called the "Litigation." The estimated net recovery from the Litigation is between $10,000,000 and $40,000,000. A full-text copy of the Disclosure Statement dated April 17, 2026 is available at https://urlcurt.com/u?l=GkJkxW from PacerMonitor.com at no charge. Counsel to the Debtor: David R. Haberbush, Esq. Vanessa M. Haberbush, Esq. Lane K. Bogard, Esq. Haberbush LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 Email: dhaberbush@lbinsolvency.com About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SEA BREEZE: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Sea Breeze Fish Market Inc. 81 Benedict Road Staten Island, NY 10304 Business Description: Sea Breeze Fish Market Inc. operates a fish store at 541 9th Avenue in New York, New York. The business, owned by Paula Dimino's family for decades, sells fish and related market products to customers in the local area. The company operates from a store premises covered by a long-term sublease. Chapter 11 Petition Date: April 20, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-41883 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Debtor's Estimate Assets: $100,000 to $500,000 Debtor's Total Liabilities: $1,246,318 The petition was signed by Paula Dimino as officer. The petition was filed without the Debtor’s list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YWJ7IOY/Sea_Breeze_Fish_Market_Inc__nyebke-26-41883__0001.0.pdf?mcid=tGE4TAMA SELECTIS HEALTH: Net Loss Narrows to $1 Million in FY 2025 ---------------------------------------------------------- Selectis Health, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $1 million for the year ended December 31, 2025, compared to a net loss of $2.4 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $41.4 million compared to $39.5 million in the prior period. New York, NY-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses from operations, has accumulated deficits and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Current Financial Condition Through its history, the Company has experienced shortages in working capital and has relied, from time to time, upon sales of debt and equity securities to meet cash demands generated by the Company's acquisition activities. At December 31, 2025, the Company had cash and cash equivalents of $1,011,632 and restricted cash of $842,061. The Company said, "Our restricted cash is to be expended on repairs and capital expenditures associated with Providence of Sparta Nursing Home or Warrenton Health and Rehab. Our liquidity is expected to increase from potential equity and debt offerings and decrease as net offering proceeds are expended in connection with our various property improvement projects. Our continuing short-term liquidity requirements consisting primarily of operating expenses and debt service requirements, excluding balloon payments at maturity, are expected to be achieved from healthcare operations, rental revenues received, and existing cash on hand." "As reflected in our consolidated financial statements in the Annual Report, we have a history of losses and had a working capital deficiency of $17.7 million as of December 31, 2025. These factors, among others, raise substantial doubt about our ability to continue as a going concern within one year from the date that the financial statements are issued. Our consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern is dependent on our ability to execute our strategy and on our ability to raise additional funds through the sale of equity and/or debt securities via public and/or private offerings. There can be no assurance that management's attempts at any or all of these endeavors will be successful." "Our long-term ability to continue as a going concern is dependent upon our ability to increase revenue, reduce costs, achieve a satisfactory level of profitable operations, and obtain additional sources of suitable and adequate financing. Our ability to continue as a going concern is also dependent its ability to further develop and execute on our business plan (including possible asset sales). We may also have to reduce certain overhead costs through the reduction of salaries and other means and settle liabilities through negotiation. There can be no assurance that management's attempts at any or all of these endeavors will be successful." The Company's ability to continue as a going concern is contingent upon the successful execution of management's plan over the next 12 months to improve the Company's liquidity and profitability, which includes, without limitation: * Increasing revenue by increasing occupancy in the facilities and increasing Medicaid reimbursement rates; * Sale of certain facilities; * Controlling operating expenses; and * Seeking additional capital through the issuance of debt or equity securities, or the sale of assets. The focus on opportunities within the Company's current portfolio and future properties to acquire and operate, the settlement, refinance, and continued service of debt obligations, the potential funds generated from stock sales and other initiatives contributing to additional working capital should alleviate any substantial doubt about the Company's ability to continue as a going concern. However, the Company cannot predict, with certainty, the outcome of its actions to generate liquidity and the failure to do so could negatively impact its future operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/ybzdzzpm About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019, the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. As of December 31, 2025, the Company had $32.6 million in total assets, $38.8 million in total liabilities, and $6.2 million in total deficit. SHORELINE BUILDERS: Case Summary & 19 Unsecured Creditors --------------------------------------------------------- Debtor: Shoreline Builders LLC 333 West 39th Street, Suite 1501 New York, NY 10018 Business Description: Shoreline Builders LLC is a New York-based construction contractor founded in 2018 that provides buildout services across New York City. The company specializes in interior drywall, core and shell work, specialty ceilings and concrete, while supporting construction projects through estimating, planning, budget and schedule tracking, workmanship quality and job-site safety practices. Shoreline Builders works on commercial, institutional, health-care and mixed-use projects. Chapter 11 Petition Date: April 21, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-10906 Judge: Hon. Shireen A Barday Debtor's Counsel: H Bruce Bronson, Esq. BRONSON LAW OFFICES PC 480 Mamaroneck Ave Harrison, NY 10528-1621 Tel: (914) 269-2530 Fax: (888) 908-6906 Email: hbbronson@bronsonlaw.net Total Assets: $2,781,834 Total Liabilities: $4,178,374 Michael Coleman signed the petition as manager. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NIN2UBA/Shoreline_Builders_LLC__nysbke-26-10906__0001.0.pdf?mcid=tGE4TAMA SKEENA RESOURCES: Key Group Long Term Investments Holds 5.3% Stake ------------------------------------------------------------------ Sunil Jagwani and Key Group Long Term Investments, LP disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of April 9, 2026, they beneficially own 6,406,000 shares of Skeena Resources Ltd's Common Shares, without par value, representing 5.3% of the shares outstanding. Key Group Long Term Investments LP directly holds the shares. Sunil Jagwani, as general partner/control person of the LP, may be deemed to share beneficial ownership. Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his/its pecuniary interest therein. Key Group Long Term Investments LP may be reached through: McKinney Bancroft & Hughes, Mareva House 4 George Street, P.O. Box N-3934 Nassau, Bahamas Sunil Jagwani may be reached through: Key Group Long Term Investments LP 3C Caves Point West Bay Street Nassau, Bahamas A full-text copy of Sunil Jagwani's SEC report is available at: https://tinyurl.com/5xj7re5k About Skeena Skeena is a precious metals development company focused on advancing the Eskay Creek Gold-Silver Project in British Columbia's Golden Triangle. With the Project fully permitted and under construction, the Company is progressing Eskay Creek towards initial production and cash flow in the second quarter of 2027. Once in operation, Eskay Creek is expected to be one of the world's highest-grade and lowest-cost open-pit precious metals mines, with significant silver by-product production that exceeds the output of many primary silver mines. Skeena is committed to responsible and sustainable mining in partnership with Indigenous communities, while maximizing the value of its mineral resources to generate long-term shareholder returns. * * * In Apr. 2026, S&P Global Ratings assigned its 'CCC+' issuer-credit rating (ICR) to Skeena Resources Ltd. At the same time, S&P assigned its 'B-' issue-level rating and '2' recovery rating (70%-80%; rounded estimate: 85%) to the company's proposed US$750 million senior secured notes due 2031. The stable outlook reflects S&P's expectation that it will take Skeena 12-18 months to complete the significant Eskay Creek development project, which entails financial and execution risks. In its view, this renders the company dependent on favorable business, financial, and economic conditions to meet its financial commitments. SKYBOUND PROPERTIES: Taps Biggs Law Firm PLLC as Legal Counsel -------------------------------------------------------------- Skybound Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Laurie B. Biggs, Esq. of Biggs Law Firm, PLLC to serve as legal counsel. Ms. Biggs and Biggs Law will provide these services: (a) undertake any and all steps and actions necessary to authorize the use of cash collateral pursuant to § 363 of the Bankruptcy Code, if applicable; (b) advise the Debtor with respect to its powers and duties as debtor-in-possession in the continued management, operation, and reorganization of its business; (c) review any and all claims asserted against the Debtor by its creditors, equity holders, and parties in interest; (d) represent the Debtor's interests at the Meeting of Creditors under Section 341 of the Bankruptcy Code and at any other hearing or conference scheduled in the Bankruptcy Case before the Court; (e) attend meetings, conferences, and negotiations with representatives of creditors and other parties in interest; (f) review and examine, if necessary, any and all transfers which may be avoided as preferential or fraudulent transfers under the Bankruptcy Code; (g) take necessary actions to protect and preserve the Debtor's estate, including prosecution or defense of actions, negotiations concerning litigation, and objections to claims filed against the estate; (h) prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and pleadings necessary to the administration of the bankruptcy estate; (i) prepare any plan of reorganization, disclosure statement, and all related agreements and/or documents, and take actions to obtain confirmation of such plan and approval of such disclosure statement; (j) represent the Debtor in connection with any potential postpetition financing; (k) advise the Debtor regarding the sale or liquidation, if applicable, of any assets and property to third parties; (l) appear before the Court or any appellate court, and the Office of the Bankruptcy Administrator to protect the interests of the Debtor and the bankruptcy estate; (m) represent the Debtor with respect to any general, corporate, or transactional matters arising during the administration of the Bankruptcy Case; and (n) assist and advise the Debtor regarding negotiation, documentation, implementation, consummation, and closing of any corporate transactions, including sales of assets. The firm will be paid at these rates: Laurie B. Biggs (Attorney) $425 per hour Joseph A. Bledsoe, III (Attorney) $375 per hour Wendy Karam (N.C. Certified Paralegal) $200 per hour Susan Omell $185 per hour Christina Crews $185 per hour Qiara McCain (Paralegal) $150 per hour Lindsey Gadwell (Legal Assistant) $100 per hour The firm will be paid a retainer of $20,000. Biggs Law Firm, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Laurie B. Biggs, Esq. BIGGS LAW FIRM, P.A. 9208 Falls of Neuse Road, Ste. 120 Raleigh, NC 27615 Telephone: (919) 375-8040 E-mail: lbiggs@biggslawnc.com About Skybound Properties, LLC Skybound Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-01678) on April 14, 2026, with between $10 million and $50 million in both assets and liabilities. Judge David M. Warren oversees the case. Laurie B. Biggs, Esq., at Biggs Law Firm, PLLC, represents the Debtor as bankruptcy counsel. SMILEY AESTHETICS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Smiley Aesthetics HoldCo, LLC 339 White Bridge Pike Nashville, TN 37209 Business Description: Smiley Aesthetics HoldCo, LLC and Smiley Aesthetics of Tennessee, LLC operate as an integrated medical aesthetics platform. The company's business lines include brick-and-mortar aesthetics locations, provider training, and provider-support services. Day-to-day operations are conducted primarily through Smiley Aesthetics HoldCo, LLC. Chapter 11 Petition Date: April 20, 2026 Court: United States Bankruptcy Court Middle District of Tennessee Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Smiley Aesthetics HoldCo, LLC (Lead Case) 26-01834 Smiley Aesthetics of Tennessee, LLC 26-01835 Judge: Hon. Randal S Mashburn Debtors' Bankruptcy Counsel: R. Alex Payne, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Boulevard, Suite 316 Brentwood, TN 37027 Tel: 629-777-6529 Fax: 629-777-3765 Email: alex@dhnashville.com Smiley Aesthetics HoldCo's Total Assets: $3,895,460 Smiley Aesthetics HoldCo's Estimated Liabilities: $5,297,300 Smiley Aesthetics of Tennessee's Total Assets: $133,742 Smiley Aesthetics of Tennessee's Total Liabilities: $209,289 The petitions were signed by Carla Pierson as chief of business and operations. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/7FZWWBI/Smiley_Aesthetics_HoldCo_LLC__tnmbke-26-01834__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ZNJ7YPY/Smiley_Aesthetics_of_Tennessee__tnmbke-26-01835__0001.0.pdf?mcid=tGE4TAMA SOUTHWEST FIRE: Hires Bankruptcy NM LLC as Counsel -------------------------------------------------- Southwest Fire Defense, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Bankruptcy NM, LLC as counsel. The firm will provide these services: a. represent and to render legal advice to Debtor regarding all aspects of this bankruptcy case including adversary proceedings and including, without limitation, the continued operation of Debtor's business, meetings of creditors, cash collateral matters (if any), claims objections, plan confirmation, and all hearings before this Court; b. prepare on behalf of Debtor necessary petition, complaints, answers, motions, applications, orders, reports and other legal papers, including Debtor's plan of reorganization; and c. assist the Debtor in taking actions required to effect reorganization under chapter 11 of the Bankruptcy Code. The firm will be paid at these rates: Chris Gatton $300 per hour Paralegal $140 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Gatton disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chris M. Gatton, Esq. Bankruptcy NM, LLC 11204 Montgomery Blvd NE, Box 178 Albuquerque, NM 87111 Tel: (505) 317-1030 Email: chris@bk-nm.com About Southwest Fire Defense, LLC Southwest Fire Defense, LLC provides emergency same-day hazard tree removal, tree trimming, stump grinding, defensible space creation and tree risk assessment services in the Santa Fe, New Mexico area. Founded in 2014 by former firefighter Daniel A. Martinez, the company offers free estimates. Southwest Fire Defense filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.M. Case No. 25-10924) on July 28, 2025. In its petition, the Debtor reported total assets of $706,464 and total liabilities of $1,530,318. Judge Robert H. Jacobvitz handles the case. The Debtor is represented by: Christopher M. Gatton, Esq. Gatton & Associates, P.C. Tel: (505) 271-1053 Email: chris@gattonlaw.com SPARHAWK LLC: Seeks to Hire KerberRose S.C. as Accountant --------------------------------------------------------- Sparhawk, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Wiscon to employ KerberRose S.C. as accountant. The firm will provide these services: -- assist in preparing 2024 and 2025 state and federal income tax returns; -- close out the financial books for 2024 and 2025; -- bring the Debtors' financial records up-to-date; -- assist in preparing monthly operating reports; and -- assist the Debtors' financial department with accounting and prepare projections for their anticipate plan of reorganization. For services performed on behalf of the Debtors, KerberRose will charge $300 per hour for its professions plus expenses. It will prepare the 2024 and 2025 income tax returns, review and make adjustments necessary to issue financial statements as compilation reports in accordance with AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities and assist in their presentations for 2024 and 2025. KerberRose estimates that Sparhawk Truck & Trailers tax returns will cost $3,000 per year, Sparhawk Trucking will be $23,000 per year, Sparhawk Properties will be $2,000 for per year and Sparhawk LLC will be $1,300 per year. Upon this application being approved, KerberRose is requesting a deposit of 50% of the estimated amounts, or $29,300, before it begins work. The Debtors owe KerberRose for prepetition services as follows: (i) $36,528.29 by Sparhawk Trucking, $1,985.10 by Sparhawk Truck and Trailer and $466.31 by Sparhawk Properties, a total of $38,979.70. However, KerberRose will waive its claims against the Debtors and look to Mark Sparhawk personally to pay the past due amount in payments. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James Dietsche KerberRose S.C. 487 Riverwood Ln Green Bay, WI 54313 Tel: (920) 393-6216 Email: jim.dietsche@kerberrose.com About Sparhawk, LLC Sparhawk LLC and affiliated entities -- Sparhawk Trucking, Inc., Sparhawk Properties, LLC; and Sparhaw Truck and Trailer, Inc. -- support trucking operations, equipment management and property holdings related to the group's transportation activities. Founded in 1981, the Sparhawk group operates within the general freight trucking industry in the United States. Sparhawk and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wisc. Lead Case No.26-10527) on March 13, 2026. In the petition signed by Mark A. Sparhawk, sole member, Sparhawk disclosed up to $10 million in both assets and liabilities. Judge Catherine J Furay oversees the cases. Jerome R. Kerkman, Esq., and Nicholas W. Kerkman, Esq., at Kerkman & Dunn, represent the Debtors as legal counsel. SPIRIT AIRLINES: Govt Taps Kirkland & Ellis for Rescue Deal Advice ------------------------------------------------------------------ Soma Biswas, Irene García Perez, and Ryan Gould of Bloomberg News reports that the US government has enlisted Kirkland & Ellis to help craft a potential rescue plan for Spirit Aviation Holdings Inc., people familiar with the matter said. The development highlights growing efforts to support the airline during its bankruptcy process. The law firm is working with government officials to design a financing package for the carrier, which has been under Chapter 11 protection since August 2025. Sources noted that discussions are ongoing and have not been publicly disclosed, the report relays. A Spirit attorney confirmed during a bankruptcy court hearing in New York on Thursday, April 23, 2026, that negotiations are active and have reached an advanced phase. The update indicates that stakeholders are moving closer to a possible resolution. The contemplated financing arrangement, though not yet finalized, is intended to bolster the airline's liquidity and enable it to continue operations while restructuring. Any finalized agreement would likely be subject to bankruptcy court approval, 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. STONEX GROUP: S&P Upgrades Long-Term ICR to 'BB', Outlook Stable ---------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit and issue ratings on StoneX Group Inc. and its senior secured debt to 'BB' from 'BB-'. The outlook is stable. The stable outlook reflects S&P's expectation that StoneX's diversified businesses will continue to perform well, with no material operational or credit losses, solid profitability, and prudent management of risk exposures and acquisition strategy that should allow it to maintain a RAC ratio of 8.5%, and supportive funding and liquidity. The upgrade reflects the improvement in StoneX's risk-adjusted capital (RAC), as well as the additional scale and scope from the RJO acquisition, which should allow the firm to generate and retain earnings sufficient to maintain a RAC ratio of 8.5%. S&P believes that overall, the acquisition has improved the firm's position relative to peers. StoneX's risk-adjusted capitalization has improved enough to cover its operational and market risks, in our view. The acquisition of RJO last year led StoneX's pro forma risk-adjusted capital (RAC ratio to drop to 7.4% from 10.4% at year-end 2024. However, since then the company has retained earnings after posting solid operating performance, which grew total adjusted capital (TAC) to $1.9 billion at year-end 2025 from $1.7 billion, despite the goodwill from the acquisition. This increase in TAC boosted the RAC ratio at year-end 2025 to 9.1%. S&P said, "While we expect business growth to increase risk-weighted assets (RWA), we anticipate management will focus on building capitalization with no dividends and very limited stock buybacks, allowing the firm to continue to build equity by retaining earnings. We think this should help StoneX maintain its RAC ratio above 8.5%. "We believe this cushion in the RAC ratio offsets what we view as the firm's additional operational risk--beyond what the RAC ratio captures--from its physical commodities business. Moreover, the firm's higher revenue has increased the operational risk RWA in our RAC, ratio such that it is now equivalent to an operational risk charge of about $580 million. In our view, this better reflects the operational risk inherent in the physical commodities and other businesses. "Additionally, StoneX faces the risk of losses in excess of posted clients' margins if clients fail to meet margin calls when markets move against them. However, we view positively that StoneX's loss history has improved, with bad debt expenses declining to $3 million in 2025 and under $1 million in 2024 (compared with $10 million - $20 million between 2020 and 2023), in line with management's target of less than 1% of operating revenue. "The RJO acquisition added considerable scale and opportunity. We believe the RJO acquisition has strengthened StoneX's franchise and gives it a global derivatives platform, making it a much stronger competitor and improving its position relative to peers. It is now the largest nonbank futures commissions merchant, and 8th largest overall in the US based on customer funds (from 15th). "While such acquisitions can be difficult to integrate, StoneX has a solid track record of doing so, and we believe the RJO integration is progressing well." Management continues to estimate cost savings of $50 million (to be achieved over two years following the close in July 2025) and indicated $21 million on a run-rate basis have already been realized. The company is on track to merge the non-U.S. business entities into StoneX entities by the second quarter of 2026 and the U.S. futures commissions merchants by the fourth quarter. This should nearly double cost synergies realized by their Sept 30th fiscal year, with the remaining $10 million to be realized in 2027. While revenue synergies are potentially significant, they will take time to realize. Management anticipates meaningful synergies by cross-selling StoneX's broader products and capabilities to RJO clients--such as physical commodities and over-the-counter derivatives--where RJO lags. Likewise, StoneX could leverage RJO's strengths in areas--such as the interest rate hedging business for banks--where it has lacked a presence. S&P said, "Our 'BB' issuer credit rating on StoneX remains two notches below the 'bbb-' group credit profile. This notching reflects the firm's structural subordination as a nonoperating holding company and the potential risk of regulatory interference in dividend flows from its regulated subsidiaries. "Additionally, we believe StoneX's high double leverage (defined as holding company investments in subsidiaries divided by holding company shareholders' equity) of 153% as of Sept. 30, 2025, heightens this risk. As a result, we maintain the two notches between the issuer credit rating and group credit profile, instead of narrowing it to one as we typically do for companies with a 'bbb-' group credit profile. We believe a double leverage ratio exceeding our 120% threshold raises risk due to an increased dependence on subsidiaries' liquidity. "We rate the company's existing senior secured second-lien notes ($550 million due 2031 and $625 million due 2032) at the same level as the issuer credit rating, since we expect priority debt to stay below 30% of adjusted assets, and assets available after priority debt to be in excess of the second-lien debt outstanding. "The stable outlook reflects our expectation that StoneX's diversified businesses will continue to perform well, with no material operational or credit losses. We anticipate solid profitability and prudent management of risk exposures and the acquisition strategy. We also expect the company to maintain a RAC ratio of 8.5% and a liquidity coverage metric above 1x, as well as improve its gross stable funding ratio to 100% over time." In the next 12 months, S&P could lower its ratings if it expects: -- Deteriorating operating performance, -- Increased risk appetite, -- A decline in our expected RAC ratio below 8.5% on a sustained basis, or -- Worsening liquidity or funding. S&P said, "We see limited upside in the next 12 months due to the firm's acquisitive growth strategy and risk profile. In the longer term, we could raise the ratings if StoneX is able to maintain an RAC ratio sustainably above 10% while also materially improving its funding profile." SUNATION ENERGY: Expands LOC to $1.5-Mil., Extends Maturity Date ---------------------------------------------------------------- SUNation Energy, Inc. previously entered into a Secured Revolving Line of Credit Agreement and Secured Revolving Line of Credit Agreement Note with MBB Energy, LLC, a New York limited liability company, pursuant to which the Company may request one or more loans of up to an aggregate principle amount $1,000,000 under this line of credit for a period of one (1) year from the date or entry. Any loans drawn by the Company under this line of credit facility will carry interest on an annualized basis of 8%, payable monthly on the first day of each month thereafter. MBB Energy, LLC is an affiliate and related party of the Company by virtue of MBB Energy, LLC being an entity controlled by Messrs. Scott Maskin and James Brennan. During the Term, the Company may from time to time borrow, repay and reborrow all or part of the outstanding balance of the loans drawn thereunder on or after the date hereof and prior to the initial Maturity Date of April 15, 2026, subject to the terms, provisions and limitations set forth in the Agreement. On April 14, 2026, the Board of Directors of the Company agreed to amend the Line of Credit Agreement and the Line of Credit Note in two principal respects: (i) to extend the Maturity Date by six (6) months to October 15, 2026, and (ii) to increase the aggregate dollar capacity of the Line of Credit Agreement by fifty percent from a previous total of $1,000,000 to a new aggregate total of $1,500,000. Accordingly, the Company has amended the Line of Credit Agreement and amended the Line of Credit Note, in each case to reflect the New Maturity Date and increased Line of Credit Capacity. Full text copies of the amended Line of Credit Agreement and Line of Credit Note are available at https://tinyurl.com/5n76zzrr and https://tinyurl.com/fs3twbjy, respectively. About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based CBIZ CPAs P.C., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 20, 2026, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $48.2 million in total assets, $15.4 million in total current liabilities, $8.5 million in total long-term liabilities, and $24.3 million in total shareholders' deficit. SUNATION ENERGY: Reduces Debt by $1.2MM via Equity Conversion ------------------------------------------------------------- SUNation Energy, Inc. previously issued a $5,486,000 long-term promissory note in connection with its November 9, 2022 acquisition of certain New York-based subsidiaries. On April 10, 2025, the Long-Term Note was amended and restated whereby the principal amount of $5,486,000 previously due and payable under the original Long-Term Note, together with all accrued and unpaid interest owing thereunder, became due and payable on May 1, 2028, and such amended note became a senior secured instrument of the Company. Principal and interest payments under the amended Long-Term Note are payable monthly on the first day of each month commencing on June 1, 2025 for 36 consecutive months thereafter. On April 14, 2026, the Board of Directors approved entry into a "Debt Conversion Agreement" in connection with the conversion of up to $1,200,000 of debt payable under the Long-Term Note into shares of restricted common stock of the Company pursuant to Regulation D of the Securities Act of 1933, as amended, on the following terms: (1) the Conversion Shares shall consist of restricted shares of voting common stock, par value $.05 per share, (2) the Conversion Shares shall be issued at a price per share of $1.77, which reflects a premium of 10% above the closing price of the Company's common stock on Nasdaq Stock Market on April 13, 2026 (and also above the 5-day closing average), and (3) the Conversion Shares shall be locked-up (non-tradeable, non-transferable and non-saleable) for a period of 180 days from the date of issuance, and further subject to such other applicable SEC and Nasdaq Stock Market rules, regulations and restrictions, including Rule 144, on shares held by persons deemed to be control persons or affiliates of the Company. The conversion of debt to equity of the Long-Term Note will reduce the outstanding secured debt of the Company payable under the Long-Term Note in the near term by approximately $1,200,000. The Conversion Shares shall be issued to Messrs. Scott Maskin and James Brennan, each of whom is an affiliate and related party of the Company by virtue of their respective roles as chief executive officer and chief financial officer of the Company. A full text copy of the Debt Conversion Agreement is available at https://tinyurl.com/yc8mvnyf About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based CBIZ CPAs P.C., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 20, 2026, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $48.2 million in total assets, $15.4 million in total current liabilities, $8.5 million in total long-term liabilities, and $24.3 million in total shareholders' deficit. SUPERNOVAFURNITURE.COM: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Supernovafurniture.com -Plazamericas, LLC 230 Sharpstown Center Houston, TX 77036 Business Description: Supernovafurniture.com -Plazamericas, LLC operates a SuperNova Furniture retail showroom and outlet store at PlazAmericas in Houston, Texas. The company sells home furnishings, including bedroom, dining room, living room, home office and entertainment furniture, mattresses, and furniture for children's and teen rooms, serving retail customers in the Houston area. Chapter 11 Petition Date: April 21, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-32732 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Reese Baker, Esq. BAKER & ASSOCIATES 950 Echo Ln Ste 300 Houston TX 77024-2824 E-mail: courtdocs@bakerassociates.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Martin Abrahams as manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/COW5OPA/Supernovafurniturecom_-Plazamericas__txsbke-26-32732__0001.0.pdf?mcid=tGE4TAMA TALEN ENERGY: Moody's Hikes Rating on Senior Unsecured Debt to B1 ----------------------------------------------------------------- Moody's Ratings upgraded Talen Energy Supply, LLC's (Talen) senior unsecured debt rating to B1 from B2 and its senior secured debt rating to Baa3 from Ba2. The upgrades follow Talen's issuance of $4.0 billion of senior unsecured notes, consisting of $1.5 billion due 2031 and $2.5 billion due 2033. Proceeds will be used to fund $2.55 billion of the purchase price for the Cornerstone acquisition, redeem $1.2 billion of senior secured notes due 2030, and provide approximately $250 million of cash for general corporate purposes. At the same time, Moody's affirmed Talen's Ba3 corporate family rating and Ba3-PD probability of default rating. The company's speculative-grade liquidity rating of SGL-2 remains unchanged, and the outlook is stable. Please see below for the full list of rating actions. RATINGS RATIONALE "Moody's upgraded Talen's senior unsecured rating as unsecured debt now represents a more dominant share of the company's capital structure, resulting in closer alignment with the corporate family rating," said Toby Shea, VP–Senior Credit Officer. " Moody's also upgraded the senior secured rating because secured debt now comprises a smaller proportion of total debt, improving recovery prospects." Talen is a mid-sized merchant power producer with a substantial debt load and approximately 13 GW of coal, gas, and nuclear generating capacity, primarily located in the PJM market. The company's most valuable assets include the Susquehanna nuclear power plant and the recently acquired Guernsey and Moxie Freedom combined-cycle gas plants. The PJM wholesale power market currently benefits from strong forward power prices and robust spark spreads, supporting plant margins and profitability. Moody's expects that constraints on the pace of new capacity additions, amid rising data-center-driven demand, could continue to place upward pressure on already elevated prices and spreads. Talen's FFO to debt ratio increased to above 20% in 2025 (excluding the effects of the year-end acquisition), from 4.3% in 2024. Although the company completed a transformative, debt-financed acquisition toward the end of 2025, Moody's still expect FFO to debt to operate in the high-teens over the medium term. However, the company's decision to settle approximately $400 million of stock-based compensation in cash is likely to constrain FFO to debt to the low-teens in 2026. Rating outlook Talen's stable outlook reflects Moody's expectations that the company will manage its leverage and acquisition debt to sustain a FFO to debt ratio of at least 13% in the current robust commodity price environment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade An upgrade of the corporate family rating would require the company to commit to, and demonstrate, a sustainably maintained FFO to debt ratio above 18%. Factors that could lead to a downgrade Moody's could downgrade Talen's corporate family rating if it fails to maintain FFO to debt of at least 13%, with cash flow normalized for mid year acquisitions. LIST OF AFFECTED RATINGS Issuer: Talen Energy Supply, LLC Affirmations: LT Corporate Family Rating, Affirmed Ba3 Probability of Default Rating, Affirmed Ba3-PD Upgrades: Senior Secured Bank Credit Facility, Upgraded to Baa3 from Ba2 Senior Secured Regular Bond/Debenture, Upgraded to Baa3 from Ba2 Senior Unsecured, Upgraded to B1 from B2 Outlook Actions: Outlook, Remains Stable Issuer: Pennsylvania Economic Dev. Fin. Auth. Upgrades: Senior Unsecured Revenue Bonds, Upgraded to B1 from B2 The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 2025. THREE BROTHERS REALTY: Seeks Chapter 7 Bankruptcy in Massachusetts ------------------------------------------------------------------ On April 20, 2026, Three Brothers Realty Management LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Three Brothers Realty Management LLC Three Brothers Realty Management LLC is a real estate management company involved in property oversight and related services. Three Brothers Realty Management LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10885) on April 20, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Joseph G. Butler, Esq. of Law Office of Joseph G. Butler. TIME OUT PROPERTIES: Special Counsel to Get $6,939.25 in Fees ------------------------------------------------------------- Judge Pamela W. Mcafee of the U.S. Bankruptcy Court for the Eastern District of North Carolina granted the application filed by the Time Out Properties, LLC Chapter 7 Trustee for allowance of compensation for Austin M. Wright and the firm of Rammelkamp Bradney, P.C., special counsel for the bankruptcy estate. The Trustee is authorized to pay the special counsel the total sum of $6,939.25 for services rendered. The special counsel provided a valuable service to the estate as local counsel in Illinois, assisting the Trustee in preparing and providing real estate services for the sale of five mobile home communities and submitted to the Chapter 7 Trustee an accounting of his fees in the sum of $6,939.25 for services performed for the period of October 9, 2025, through December 29, 2025. The Trustee says the amount to be paid to the special counsel is fair and reasonable. About Toppos LLC Toppos LLC is primarily engaged in acting as lessors of buildings used as residences or dwellings. Toppos LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 23-02889) on October 5, 2023. In the petition signed by Neil Carmichael Bender, II, member-manager, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Pamela W. Mcafee oversees the case. Blake Y. Boyette, Esq., at Buckmiller, Boyette & Frost, LLC, represented the Debtor as legal counsel. The case was converted to Chapter 7 bankruptcy April 30, 2024. TOPBUILD CORP: Moody's Puts 'Ba1' CFR Under Review for Downgrade ---------------------------------------------------------------- Moody's Ratings placed all ratings of TopBuild Corp. (TopBuild) under review for downgrade, including its Ba1 corporate family rating, Ba1-PD probability of default rating and its Ba2 senior unsecured notes ratings. The speculative grade liquidity rating remains unchanged at SGL-1. Previously, the outlook was stable. The rating review follows the announcement on April 19 [1] that QXO, Inc. (QXO) has entered into a definitive agreement to acquire TopBuild for approximately $17 billion. Under the terms of the agreement, TopBuild stockholders will receive $505 per share in either cash or 20.2 shares of QXO common stock, subject to proration, with cash consideration capped at 45% of aggregate transaction value and stock comprising the remaining 55%. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the shareholders of TopBuild and QXO. The review for downgrade reflects governance considerations related to the change in ownership that will occur given the pending acquisition by QXO. Moody's reviews will focus on TopBuild's future capital structure after the proposed acquisition. The review will also focus on the company's future financial policy and whether TopBuild's existing debt will be fully repaid at closing. Moody's ability to maintain ratings on TopBuild following closing of the transaction will consider whether its debt remains outstanding, and adequacy of financial and operational disclosures available. At the moment, details of the transaction financing have not yet been finalized, including whether or not the existing debt will be fully redeemed. TopBuild's existing debt has change of control provisions. Its credit agreement for the revolver and the term loan defines that a change of control can trigger an event of default, which allows the lenders to declare the debt obligation immediately due and payable. Under the notes indentures, upon the occurrence of a change of control repurchase event, each holder has the right to require the issuer to repurchase the notes at a purchase price in cash equal to 101% of the principal amount plus accrued and unpaid interest. A change of control repurchase event requires both a change of control and a ratings event. A ratings event occurs if the notes ratings are downgraded (by either Moody's or S&P) in connection with the change of control. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TopBuild's existing Ba1 CFR reflects the company's status as the largest installer and distributor of insulation and a leading commercial roofing installer in North America, its healthy operating performance, with an EBITDA margin sustained around 20%, and solid credit metrics through the cycle. While construction activity can be cyclical, code changes and the focus on improved energy efficiency will continue to create additional demand for insulation. However, TopBuild's earnings are susceptible to the cyclicality of new construction, from which TopBuild derives about 78% of its revenue, and TopBuild faces intense competition. TopBuild's SGL-1 Speculative Grade Liquidity (SGL) rating reflects very good liquidity, generating over $500 million of expected free cash flow (FCF) in 2026. A ratings upgrade is unlikely given the review for downgrade but could occur if end markets remain supportive of organic growth such that debt/EBITDA stays below 2x and preservation of very good liquidity. Upwards rating movement also requires continuance of conservative financial policies and an unsecured capital structure. A ratings downgrade could occur if debt/EBITDA is sustained above 3x. Negative ratings pressure may also transpire if the company experiences material contraction in operating performance, deterioration in liquidity or adopts aggressive acquisition or financial policies. TopBuild (NYSE: BLD), headquartered in Daytona Beach, Florida, is the largest installer and distributor of insulation and related products in North America. Its revenue for the 12 months ended December 31, 2025 was $5.4 billion. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TOPBUILD CORP: S&P Places 'BB+' ICR on CreditWatch Negative ----------------------------------------------------------- S&P Global Ratings placed all of its ratings on TopBuild Corp., including its 'BB+' issuer credit rating and 'BB+' issue-level rating on its senior notes, on CreditWatch with negative implications. S&P said, "The CreditWatch placement with negative implications reflects our view that the acquisition by a lower-rated entity would weaken TopBuild's credit profile, and we will likely lower our ratings on TopBuild as a result. We expect to resolve the CreditWatch placement or discontinue our ratings on TopBuild after the acquisition closes, depending on whether any of its rated debt obligations remain outstanding." TopBuild Corp. has entered into an agreement to be acquired by QXO Inc. (BB-/Stable/--) for approximately $17 billion. S&P said, "The CreditWatch placement reflects the likelihood that we will consider TopBuild a core subsidiary of QXO. After the acquisition closes, we will likely lower our ratings on TopBuild and its debt to equalize them with those of lower-rated QXO. We anticipate the transaction will close in the third quarter of 2026. "We expect Top Build's existing unsecured notes to be repaid as part of the transaction. The company's unsecured notes give its holders the right to require QXO to repurchase all or part of the notes at a price equal to 101% of the principal amount, plus any accrued or unpaid interest, upon the occurrence of a change-of-control repurchase event. "Due to this provision, we expect its unsecured notes to be redeemed. However, the acquirers have not made any redemption offers and it is unclear if all existing holders will exercise this right." The transaction has been approved by the board of directors of both companies. TopBuild's board has recommended the transaction to its stockholders, although it remains subject to customary closing conditions including a shareholder vote. S&P said, "We expect to resolve the CreditWatch placement when QXO closes the acquisition, likely in the third quarter of 2026. We anticipate that we will discontinue our ratings on TopBuild at that time if QXO repays TopBuild's debt. If the transaction is not completed, we will reassess our ratings on TopBuild and most likely affirm our ratings." TRANS-LUX CORP: Appoints Tony Yu as New CEO ------------------------------------------- Trans-Lux Corporation disclosed in a regulatory filing that it accepted the resignation of John Hammock from his position as Interim Chief Executive Officer of the Company. Mr. Hammock's departure was not the result of any disagreement related to any matter involving the Company's operations, policies or practices. Following Mr. Hammock's departure, the Company appointed Mr. Yantao (Tony) Yu, age 50, as Chief Executive Officer of the Company. Mr. Yu is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K except with respect to his employment with the Company. There are no arrangements or understandings between Mr. Yu and any other person pursuant to which he was selected as Chief Executive Officer. Mr. Yu was elected as a director of the Company on July 30, 2019. Mr. Yu was appointed Chief Operating Officer of the Company on August 1, 2021. Mr. Yu has been the Chief Financial Officer of Unilumin USA since September 2018. With over 25 years of financial experience, his background includes positions as Senior Accountant and/or Controller of The Quaker Oats Company; Bostik China (a subsidiary of Total S.A [TOT]); Eton Electric; and Airwell Air-conditioning Technology (China) Co., Ltd. and Airwell Fedders North America Inc (subsidiaries of Elco Holdings, Ltd. [TASE: ELCO]). From 1994 through 2012, he served as Chief Financial Officer of Lover Group and served as its Secretary of the Board from 2013 through August 2018. Mr. Yu holds an Executive Master of Business Administration (EMBA) degree from the University of Minnesota and his professional certifications include CPA, CGA, CMA and FCCA. Mr. Yu will continue to be compensated by the Company at his current rate of $26,000 per year, while he also receives compensation from Unilumin, the Company's largest stockholder. About Trans-Lux Trans-Lux is a supplier of LED technology for display applications. The essential elements of these systems are the real-time, programmable digital products that we design, manufacture, distribute and service. Designed to meet the digital signage solutions for any size venue's indoor and outdoor needs, these displays are used primarily in applications for the financial, banking, gaming, corporate, advertising, transportation, entertainment and sports markets. The Company operates in two reportable segments: Digital product sales and Digital product lease and maintenance. New Haven, CT-based Marcum LLP, issued a "going concern" qualification in its report dated February 13, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had 7.8 million in total assets, $25.1 million in total liabilities, and $17.3 million in total stockholders' deficit. TRANSGLOBAL MANAGEMENT: Inks $2.5MM Golf Biz Purchase Deal ---------------------------------------------------------- Transglobal Management Group, Inc. (formerly The Marquie Group, Inc.) disclosed in a regulatory filing that it entered into a Purchase Agreement dated April 1, 2026, and an Amendment and Clarification Agreement dated April 10, 2026 with Dalston LLP, an Arizona limited liability partnership, pursuant to which the Company agreed to acquire substantially all of the assets of the Apache Creek Golf Course business located in Apache Junction, Arizona, including the tangible and intangible assets used in the operation of the Business as a going concern. The total purchase price for the acquisition is $2,500,000, consisting of: (i) a previously paid deposit of $200,000; (ii) $300,000 in cash payable on or before April 30, 2026; and (iii) the remaining $2,000,000 payable on or before June 30, 2026. Pursuant to the terms of the Agreements, ownership and possession of the Purchased Assets transferred to the Company upon payment of the initial deposit. In the event the Company does not satisfy the remaining purchase price obligations within the time periods specified in the Agreements, the Seller may retain the deposit and ownership of the Purchased Assets will revert to the Seller. The Agreements provide that the Company will acquire substantially all assets used in the operation of the Business as a going concern, including equipment, inventory, improvements, goodwill, and other operational assets. The Company will operate the Business at its current location pursuant to rights associated with the underlying leasehold interests, which remain in the name of the Seller. The Agreements contain customary representations and warranties, covenants, and indemnification provisions. Full text copies of the Purchase Agreement and the Amendment and Clarification Agreement are available at https://tinyurl.com/4b4pt288 and https://tinyurl.com/yhvy7he8, respectively. 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. 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. 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. TRANSOCEAN LTD: Secures $158MM Award for Ultra-Deepwater Drillship ------------------------------------------------------------------ Transocean Ltd. announced that the Deepwater Asgard was awarded a five-well contract in the Eastern Mediterranean Sea with an undisclosed operator. The estimated 390-day campaign is expected to commence in the fourth quarter of 2026 and contribute approximately $158 million in backlog, excluding additional services and compensation for mobilization and demobilization. Inclusive of the recently announced fixtures on the Transocean Barents in Norway, and the Deepwater Orion, Deepwater Aquila, and Deepwater Corcovado in Brazil, total backlog additions approximate $1.6 billion since the beginning of April. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of December 31, 2025, the Company had $15.6 billion in total assets, $1.3 billion in total current liabilities, $6.2 billion in long-term liabilities, and $8.1 billion in total equity. * * * In Feb. 2026, S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' Company credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to its operating assumptions. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. TRI-STATE ENVIRONMENTAL: Taps Ronald D. Weiss as Bankruptcy Counsel ------------------------------------------------------------------- Tri-State Environmental Restoration, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Office of Ronald D. Weiss, PC as counsel. The firm's services include: (a) advise the Debtor of its powers and duties in the continued operations and management of its property; (b) represent the Debtor before the Bankruptcy Court and at all hearings on matters pertaining to its affairs; (c) advise and assist the Debtor in the preparation and negotiation of a Plan of Reorganization; (d) prepare necessary or desirable legal papers; and (e) perform legal services for the Debtor which may be desirable and necessary. The firm will be paid at these hourly rates: Attorneys $550 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $25,000. Ronald Weiss, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ronald D. Weiss, Esq. Law Office of Ronald D. Weiss, PC 445 Broadhollow Road, Suite CL-10 Melville, NY 11747 Telephone: (631) 271-3737 Facsimile: (631) 271-3784 Email: weiss@ny-bankruptcy.com About Tri-State Environmental Restoration Tri-State Environmental Restoration, Inc is a New York-based corporation engaged in environmental restoration services throughout the Tri-State area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-41343) on March 23, 2026. In the petition signed by James Rengifo, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jill Mazer-Marino oversees the case. The Law Office of Ronald D. Weiss, PC represents the Debtor as counsel. TRINSEO PLC: Skips $38-Mil. Interest Payment, Faces Default Risk ---------------------------------------------------------------- Trinseo PLC disclosed in a regulatory filing that in connection with the Company's ongoing discussions with its financial stakeholders regarding its capital structure, the Company and certain of its subsidiaries elected not to make certain scheduled interest payments due under certain of the Company's credit facilities (including an amount of approximately $38 million under the Credit Agreement, dated as of September 8, 2023 (as amended) by and among, Trinseo Public Limited Company, Trinseo LuxCo Finance SPV S.a r.l., the lenders party thereto, the guarantors party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent for the lenders thereunder). Such non-payments, upon the expiration of applicable grace periods, constitute events of default under certain of its debt agreements. As previously disclosed, the Company and certain of its subsidiaries have entered into amendments and limited waivers with lenders under certain of its debt agreements, pursuant to which the requisite lenders under such debt agreements agreed to temporarily waive certain acceleration and collateral enforcement rights and remedies until April 30, 2026 as a result of, among other things, the nonpayment of interest beyond applicable grace periods under such credit facilities, including the election not to make the scheduled payments, and other related notice and cross-defaults. The 7.625% second lien secured notes due 2029 issued by a subsidiary of the Company are also subject to the terms of an intercreditor agreement pursuant to which the holders of the 2L Notes are prohibited from enforcing any collection action against the collateral securing the 2L Notes for a period of 180 days following any acceleration of the obligations under the 2L Notes Indenture upon an event of default. As of April 15, 2026, no notice or declaration of acceleration has been made with respect to the 2L Notes. There can be no assurance that the Company will reach an agreement with its financial stakeholders regarding its capital structure or that any particular transaction will be pursued or consummated. The Company intends to continue discussions with its financial stakeholders regarding its capital structure. 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. TRIPLE STICKS: Seeks to Hire Dawi Consulting as Financial Advisor ----------------------------------------------------------------- Triple Sticks Foods, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to hire Dawi Consulting, LLC to serve as financial advisor and consultant. The firm will provide these services: (a) develop and manage a 13-week cash flow forecast; (b) work with management to identify and implement opportunities to improve profitability and cash flow; (c) assist the Company with communications with stakeholders and media; (d) assist the Company's management in discussions and negotiations with its suppliers, customers, and creditors; (e) assist the Company with complying with the bankruptcy reporting requirements including reports, monthly operating statements and schedules; (f) participate in Court hearings and, if necessary, provide testimony in connection with any hearings before the Court; (g) facilitate communications with other parties retained during the bankruptcy proceedings; (h) assist with the analysis and reconciliation of claims against the Company and other bankruptcy actions; (i) assist with the preparation of restructuring plans and alternative scenarios; and (j) assist with developing the Company's restructuring options and the negotiation and implementation of any restructuring. Dawi Consulting, LLC will be compensated at these hourly rates: $480 to $520 for advisory and consulting, $320 to $380 for analytics and financial modeling, and $140 to $160 for project administration. The firm received a $20,000 retainer, of which $14,524 has been applied, $43,860 has been paid directly by the Debtor for prepetition services, and $5,476 remains as of the Petition Date. Dawi Consulting, 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: Daniel Wiggins, CEO DAWI CONSULTING, LLC 231 W. Bemiston Avenue Suite 800 St. Louis, MO 63105 About Triple Sticks Foods, LLC Triple Sticks Foods, LLC is a Belleville, Illinois-based frozen food manufacturer that produces ready-to-eat sandwiches and other handheld food products, operating a production facility equipped with automated assembly and blast-freezing capabilities to support large-scale output. Founded in 2017, the company provides co-manufacturing and private-label services to foodservice operators and retail brands, including school meal programs. Triple Sticks Foods, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ill. Case No. 26-30341) on April 16, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $10,000,001 and $50 million. Judge not specified oversees the case. Spencer Fane LLP is Debtor's legal counsel. TRIVISTA OIL: Hires McElroy Sullivan as Special Regulatory Counsel ------------------------------------------------------------------ Trivista Oil Co., LLC and Trivista Operating LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire McElroy, Sullivan, Miller & Webber, LLC as special regulatory counsel. The firm will provide analysis, regulatory advice, and representation before the Railroad Commission of Texas. The firm receive compensation at its standard hourly rates, including $515 for Jessica Mendoza, plus reimbursement of out-of-pocket expenses, subject to court approval pursuant to Bankruptcy Code Secs. 330 and 331. McElroy, Sullivan, Miller & Webber does not hold or represent any interest adverse to the Debtor or the estate with respect to the matter on which the firm is to be employed, according to court filings. The firm can be reached at: Jessica Mendoza, Esq. MCELROY, SULLIVAN, MILLER & WEBBER, LLP 500 W 5th St, Suite 1375 Austin, TX 78701 Telephone: (512) 327-8111 About Trivista Oil Co. LLC Trivista Oil Co., LLC is an oil-sector company focused on energy-related business activities in the United States. Trivista Oil Co., LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32229) on April 2, 2026. The petition lists estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Bankruptcy Judge Jeffrey P. Norman. The debtor is represented by R. J. Shannon, Esq., of Shannon Lee Beatty, LLP. TRIVISTA OIL: Hires Sean Fitzgerald as Chief Restructuring Officer ------------------------------------------------------------------ Trivista Oil Co., LLC and Trivista Operating LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Sean Fitzgerald, a professional in the oil and gas industry, as chief restructuring officer. Mr. Fitzgerald will provide these services: (a) make business and debt restructuring decisions, including as it relates to business strategy and other key elements of the Companies’ business; (b) manage due diligence requests and other items requested by various constituents as part of the restructuring process; (c) supervise the preparation of and approve cash flow forecast and related financial and business models; (d) supervise the preparation of and approve schedules, statements, monthly operating reports, and other similar regular Chapter 11 administrative, financial, and accounting reports required by the United States Bankruptcy Court; (e) provide necessary testimony before the Bankruptcy Court on matters within CRO's areas of expertise; (f) negotiate with creditors, prospective purchasers, equity holders, equity committees, the official committee of unsecured creditors, and all other parties-in-interest; (g) be in charge of all business, operational, and financial decisions of the Companies, as necessary or required, utilizing the CRO's business judgment; (h) direct the Companies’ employees, contractors, professionals, and other agents to assist the CRO in performing his duties; and (i) execute all documents and take all other acts necessary to effectuate restructuring of the Companies. Mr. Fitzgerald will receive an hourly rate of $400 and reimbursement of out-of-pocket expenses. Mr. Fitzgerald is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The professional can be reached at: Sean Fitzgerald, P.E. 1114 Wolfs KNL Houston, TX 77094 Telephone: (512) 799-2622 E-mail: Scan Fitzgerald@Boomtownoil.com About Trivista Oil Co. LLC Trivista Oil Co., LLC is an oil-sector company focused on energy-related business activities in the United States. Trivista Oil Co., LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32229) on April 2, 2026. The petition lists estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Bankruptcy Judge Jeffrey P. Norman. The debtor is represented by R. J. Shannon, Esq., of Shannon Lee Beatty, LLP. TRIVISTA OIL: Hires Shannon Lee Beatty as Bankruptcy Counsel ------------------------------------------------------------ Trivista Oil Co., LLC and Trivista Operating LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Shannon Lee Beatty LLP to serve as general bankruptcy counsel. The firm will provide these services: (a) represent the Debtors in fulfilling their duties under the Bankruptcy Code; (b) assist in administering the bankruptcy estates; (c) provide legal services as necessary or appropriate in connection with the Chapter 11 cases; and (d) take all necessary and appropriate actions to represent the Debtors in these proceedings. Shannon Lee Beatty LLP will receive these hourly rates: Kyung S. Lee $1,000 J. Maxwell Beatty $775 R. J. Shannon $750 Associate Attorneys $300 to $600 Non-Lawyer Professionals $75 to $150 Shannon Lee Beatty LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: R. J. Shannon, Esq. J. Maxwell Beatty, Esq. Ella Cornwall, Esq. SHANNON LEE BEATTY LLP 2100 Travis Street, STE 1525 Houston, TX 77002 Telephone: (713) 714-5770 Facsimile: (833) 714-5770 E-mail: rshannon@shannonleellp.com mbeatty@shannonleellp.com ecornwall@shannonleellp.com About Trivista Oil Co. LLC Trivista Oil Co., LLC is an oil-sector company focused on energy-related business activities in the United States. Trivista Oil Co., LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32229) on April 2, 2026. The petition lists estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Bankruptcy Judge Jeffrey P. Norman. The debtor is represented by R. J. Shannon, Esq., of Shannon Lee Beatty, LLP. TRIVISTA OIL: Seeks to Tap Veritas Restructuring as Advisor ----------------------------------------------------------- Trivista Oil Co., LLC and Trivista Operating LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Veritas Restructuring Group as financial advisor. The firm will provide these services: (a) evaluating near-term business plan/financial forecast; (b) assisting in the preparation of or preparing a weekly 13-week cash flow forecast and related financial and business models; (c) identifying and potentially implementing both short-term and long-term liquidity generating initiatives; (d) assisting in development of cost containment procedures; (e) evaluating and making recommendations and decisions in connection with strategic alternatives to maximize the value of the Debtors; (f) reviewing inventory and other assets to determine its monetization and or salability and to provide monetization alternatives; (g) negotiating debt reduction and or deferment with trade vendors and other creditors; (h) providing business and debt restructuring advice, including business strategy and other key elements of the business, including preparation of the statement of financial affairs and schedules, monthly operating reports and other similar chapter 11 reporting requirements; (i) evaluating and/or assisting in developing a liquidation analysis; (j) providing advice on restructuring alternatives, including but not limited to, any asset sales or a plan of reorganization; (k) rendering such other restructuring, general business consulting or other assistance as may be requested and mutually agreed; (l) managing the resolution and collection of aged and delinquent receivables; (m) assisting in identifying, negotiating, structuring, modeling, and obtaining court approval for DIP financing (post-petition financing); (n) assisting in reviewing, reconciling, and categorizing claims; support preparation of claims registers; analyze and recommend objections to claims (especially large or disputed ones); and (o) calculating and tracking quarterly U.S. Trustee fees (based on disbursements) and ensure compliance with reporting. Veritas Restructuring Group will receive these hourly rates: Managing Directors $550 to $795 Directors $400 to $550 Associate $350 to $475 Senior Financial Analysts $350 to $475 Financial Analysts $225 to $350 The travel and transit time will be billed at 50% of hourly rates. Veritas Restructuring Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Pablo Bonjour VERITAS RESTRUCTURING GROUP 717 Texas Ave., 12th floor Houston, TX 77002 About Trivista Oil Co. LLC Trivista Oil Co., LLC is an oil-sector company focused on energy-related business activities in the United States. Trivista Oil Co., LLC sought relief under Subchapter V of Chapter11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32229) on April 2, 2026. The petition lists estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Bankruptcy Judge Jeffrey P. Norman. The debtor is represented by R. J. Shannon, Esq., of Shannon Lee Beatty, LLP. TRM NRE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Lead Debtor: TRM NRE Holding LLC 908 Shawnee Street Mount Vernon, IL 62864 Business Description: TRM NRE is a Mt. Vernon, Illinois-based company that supplies new, used, and remanufactured locomotives and provides locomotive, diesel engine, rail, marine, and power-related services. The company offers leasing, field services, parts, salvage operations, overhauls, wreck repairs, and locomotive design, manufacturing, and re-engineering. It also provides marine and industrial diesel engine sales and service, automation and control services, and engine generator set and equipment sales. TRM NRE serves Class 1, regional, short line, government, and industrial railroads, along with OEMs, leasing companies, marine and industrial power customers, gas and oil platforms, and stationary power users. Chapter 11 Petition Date: April 21, 2026 Court: United States Bankruptcy Court District of Delaware Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- TRM NRE Holding LLC 26-10568 TRM NRE Acquisition LLC 26-10569 Judge: Hon. Karen B Owens Debtors' Bankruptcy Counsel: R. Craig Martin, Esq. DLA PIPER LLP (US) 1201 North Market Street, Suite 2100 Wilmington, Delaware 19801 Tel: (302) 468-5700 (302) 468-5655 Fax: (302) 394-2462 Email: craig.martin@us.dlapiper.com AND W. Benjamin Winger, Esq. 444 West Lake Street, Suite 900 Chicago, Illinois 60606 Tel: (312) 368-4000 Fax: (312) 236-7516 Email: benjamin.winger@us.dlapiper.com Debtors' Bankruptcy Co-Counsel: BAYARD, P.A. Debtors' Claims & Noticing Agent: STRETTO, INC. Each Debtor's Estimated Assets: $10 million to $50 million Each Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Shaun Karn as authorized signatory. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/LDAKPAQ/TRM_NRE_Holding_LLC__debke-26-10568__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LWVK7SQ/TRM_NRE_Acquisition_LLC__debke-26-10569__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Meritain Health Inc. Trade $176,361 500 Ross Street Pittsburgh, PA 15262 Name: Stacy Haapala Phone: (952) 593-6494 Email: haalalps@meritain.com 2. Patrick and Susan Frangella Seller Note $120,000 10359 W. 147th Street Orland Park, IL 60462 Phone: (708) 203-2857 Email: pfrangella@ameritech.net 3. Baker Tilly US, LLP Professional $89,195 Box 78975 Services Milwaukee, WI 53278-8915 Name: Steve Thompson Phone: (608) 240-2623 Email: steve.thompson@bakertilly.com 4. Kelvion Products, Inc. Trade $85,126 Post Office Box 5173 Carol Stream, IL 60197-5173 Name: Angela Berry Phone: (865) 606-6030 Email: us-ind-indianapolis.ar@kelvion.com 5. Ring Central, Inc. Trade $75,203 Post Office Box 734232 Dallas, TX 75373-4232 Name: Kenneth Antonio Phone: (888) 898-4591 Email: kenneth.antonio@ringcentral.com 6. UHY LLP Trade $74,451 Post Office Box 72243 Cleveland, PH 44192 Name: Holly Kehl Phone: (586) 843-2543 Email: hsokowski@uhy-us.com 7. L & S Electric Inc. Trade $73,000 Post Office Box 88740 Milwaukee, WI 53288-8740 Name: Brittany Kolpacki Phone: (715) 241-3242 Email: collections@lselectric.com 8. First Insurance Funding Trade $68,327 Post Office Box 7000 Carol Stream, IL 60197-7000 Name: Alexis Simon Phone: (908) 873-6008 Email: alexis.simon@hylant.com 9. Cutting Tools, Inc. Trade $64,632 Post Office Box 7726 Louisville, KY 40257-0726 Name: Roger Korte Phone: (502) 896-2353 Email: sales@cuttingtoolsinc.com 10. Midamerican Energy Company Trade $64,273 Post Office Box 8020 Davenport, OA 52808-8020 Phone: (319) 326-7028 Email: customerselfservice@midamerican.com 11. Ameren Illinois Trade $59,559 Post Office Box 88034 Chicago, IL 60680-1034 Phone: (800) 232-2477 12. Humtown Products Trade $59,391 Post Office Box 367 Columbiana, PH 44408 Name: Amanda McCracken Phone: (330) 482-5555 Email: customer.service@humtown.com 13. C.H. Robinson Trade $55,706 Post Office Box 9121 Minneapolis, MN 55480-9121 Name: Nikodem Gladysz Phone: (812) 842-0000 Email: centralofficear@chrobinson.com 14. Standard Steel LLC Trade $53,100 Post Office Box 643295 Pittsburgh, PA 15264-3295 Name: Jenny Arnold Phone: (717) 248-4606 Email: usnedepositandclearing@smbcgroup.com 15. Cummins, Inc. Trade $48,522 Post Office Box 91735 Chicago, IL 60693-1735 Name: Joe Stuck Phone: (708) 579-9222 Email: joe.stuck@cummins.com 16. On Track Controls, Inc. Trade $43,379 4905-77 Avenue SE Calgary AB T2C 2X4 Canada Name: Vera Zheng Phone: (587) 391-0306 Email: vzheng@ontrackcontrols.ca 17. Blue Cross / Blue Shield of Lo Trade $42,820 300 East Randolph Street Chicago, IL 60601-5655 Name: Flavios Soloria Email: bcbsil_noreply@emailcxt.bcbsil.health 18. Delta Dental - ASC Trade $38,917 Post Office Box 85419 Chicago, IL 60689-5419 19. Capital One Bank (USA), N.A. Trade $38,716 Post Office Box 489 Normal, IL 61761 Phone: (866) 269-9860 20. Hope Gas Trade $37,892 Post Office Box 646049 Pittsburgh, PA 15264 Name: Hope Campbell Phone: (304) 627-3658 Email: amber.d.campbell@hopegas.com 21. JMJ Phillip Group LLC Trade $36,800 145 S. Livernois, Suite 240 Rochester, MI 48307 Name: Dennis Theodorou Phone: (248) 686-1827 Email: dennis.theodorou@jmjphillip.com 22. Evansville Western Railway Inc. Trade $36,150 302 W. Walker Street St. McLeansboro, IL 62859 Name: Christina Day-Harding Phone: (270) 444-4302 Email: cday-harding@palrr.com 23. Gold Coast Logistics Trade $34,438 Post Office Box 840808 Dallas, TX 75284 Phone: (888) 569-8035 24. Paducah Power System Trade $34,321 1500 Broadway Street Daducah, KY 42002-0180 Name: Eileen Miller Phone: (270) 575-4000 Email: emiller@paducahpower.com 25. XSYS Inc. Trade $31,439 653 Steele Drive Valparaiso, IN 46385 Name: Tammy Bonnell Phone: (219) 477-4816 Email: t.bonnell@xsysinc.com 26. Rail Exchange, Inc. Trade $29,457 Post Office Box 340 Chicago Heights, IL 60411 Name: Heather Frost Phone: (708) 757-3317 Email: hfrost@railexchangeinc.com 27. BNSF Railway Company Trade $29,407 3110 Solutions Center Chicago, IL 60677-3001 Name: Lisa Chooncharoen Phone: (651) 298-7139 Email: lisa.chooncharoen@bnsf.com 28. Legend Holdings, LLC Trade $27,895 604 E. Baltimore Pike Media, PA 1906 Phone: (610) 228-4863 Email: icm@paretohealth.com 29. Livingston International Inc. Trade $26,740 Post Office Box 490 Buffalo, NY 14255 Name: Ashley White Phone: (866) 548-7277 Email: uscst14@livingstonintl.com 30. Gateway FS, Inc. Trade $26,085 221 E. Pine Street Red Bud, IL 62278 Name: Brad Maschhoff Phone: (618) 282-4000 Email: bmaschhoff@gatewayfs.com TRUGREEN LIMITED: Moody's Alters Outlook on 'Caa1' CFR to Positive ------------------------------------------------------------------ Moody's Ratings affirmed TruGreen Limited Partnership's ("TruGreen") corporate family rating at Caa1 and probability of default rating at Caa1-PD. Moody's also affirmed TruGreen's backed senior secured bank credit facility, including the backed senior secured first lien revolving credit facility expiring August 2027 and backed senior secured first lien term loan maturing November 2027, at B3 and backed senior secured second lien term loan maturing November 2028 at Caa3. The outlook was changed to positive from stable. The ratings affirmation and change in outlook to positive reflect Moody's expectations of continued stable operating performance, supporting gradual improvements in credit metrics over the next 12-18 months. Moody's expects leverage to decline to below 7x debt/EBITDA and interest coverage to increase above 1x EBITA/interest expense in the next 12-18 months. The rating remains constrained by the approaching 2027 debt maturities. However, the positive outlook incorporates Moody's expectations that the company will successfully refinance these debt maturities well in advance of the approaching due date. RATINGS RATIONALE TruGreen's Caa1 CFR is supported by its solid market position as the leading lawn care service provider for the residential market in the US, significant market share in a highly fragmented industry competing against smaller providers, high levels of recurring revenue and a diversified customer base. However, the rating is constrained by weak credit metrics, despite fairly stable operating performance as a result of high leverage and modest free cash flow generation. The rating also reflects risks related to continued softness in economic growth and consumer confidence, as well as a rise in input costs, in particular for urea, as a result from the ongoing conflict in the Middle East. This rating action reflects Moody's baseline expectation of a contained impact on energy markets despite ongoing oil supply disruption and limited damage to production or infrastructure. However, TruGreen remains exposed to a more adverse conflict scenario through the supply chain and macroeconomic transmission channels. Moody's expects TruGreen to maintain adequate liquidity over the next 12 to 18 months. Liquidity is supported by about $20 million in cash at year-end 2025 and $129 million in availability under the company's $177 million revolving credit facility expiring August 2027. Moody's projects a free cash flow burn of around $20 million in 2026. Moody's also expects TruGreen will draw on the revolver, but not trigger the springing covenant test. The B3 rated first lien senior secured revolving credit facility expiring 2027 and first lien senior secured term loan due 2027 are rated one notch above the company's Caa1 CFR, reflecting their priority position and the loss absorption provided by the Caa3-rated $275 million second lien senior secured term loan due 2028, which holds a junior position in the company's capital structure. The positive outlook reflects Moody's expectations of stable operating performance in the next 12-18 months, which will support leverage declining below 7x debt/EBITDA and interest coverage above 1x. The positive outlook also assumes a successful refinancing of the company's approaching 2027 debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company improves operating margin and EBITA/interest coverage consistently exceeds 1.0x, debt/EBITDA declines below 7.0x on a sustainable basis, and free cash flow turns positive. Successful refinancing of its debt maturing in 2027 could also contribute to a ratings upgrade. The ratings could be downgraded if liquidity deteriorates further, including increased reliance on the revolver, decline in operating margin, or an increase in the likelihood of a restructuring, resulting in a reduction in recovery prospects for creditors or a default. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. TruGreen's Caa1 rating is two notches below the scorecard-indicated outcome of B2. The difference reflects the company's high leverage and near-term debt maturities in 2027 and 2028. VANGUARD SURGICAL: Seeks to Tap McClain Law Group as Legal Counsel ------------------------------------------------------------------ Vanguard Surgical, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ the law firm of McClain Law Group, PLLC as counsel. The firm will render these services: (a) advise the Debtor of its powers and duties in the continued operations and management of its property; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of Debtor all necessary legal papers in connection with the administration of its estate herein; and (d) perform any and all other legal services for the Debtor in connection with this Chapter 11 case and the formulation and implementation of its Chapter 11 Plan. Michael McClain, Esq., an attorney at McClain Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael W. McClain, Esq. McClain Law Group, PLLC 6008 Brownsboro Boulevard, Ste. G Louisville, KY 40207 Telephone: (502) 589-1004 Facsimile: (888) 210-0145 Email: mmcclain@mcclainlawgroup.com 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 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. Judge Charles R. Merrill handles the case. The Debtor is represented by Michael W. McClain, Esq., at McClain Law Group, PLLC. VENETIAN CARE: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: The Venetian Care & Rehabilitation Center, LLC Venetian Care & Rehabilitation Center, LLC 275 John T. O'Leary Blvd. South Amboy NJ 08879 Business Description: The Venetian Care & Rehabilitation Center, LLC provides post-acute care, skilled nursing, and rehabilitation services in South Amboy, New Jersey. The center offers subacute care, therapy services, orthopedic rehabilitation, cardiac and pulmonary care, wound care, memory and dementia care, stroke recovery, diabetic and bariatric care, IV therapy, pain management, nutritional services, hospice and palliative care, respite care, and therapeutic recreation. It serves greater Middlesex County and supports individuals recovering from joint replacement, cardiac, pulmonary, neurological, and other acute medical conditions. Chapter 11 Petition Date: April 23, 2026 Court: United States Bankruptcy Court District of New Jersey Nine affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- The Venetian Care & Rehabilitation Center, LLC (Lead) 26-14510 Merwick Care & Rehabilitation Center, LLC 26-14509 Windsor Healthcare Management Limited Liability Co 26-14511 Ashbrook Care & Rehabilitation Center, LLC 26-14512 Llanfair House Care & Rehabilitation Center, LLC 26-14513 Greenbrook Manor Care & Rehabilitation Center, LLC 26-14514 Cornell Hall Care & Rehabilitation Center, LLC 26-14515 The Canterbury at Cedar Grove Care & Rehabilitation Center, LLC 26-14516 The Buckingham at Norwood Care & Rehabilitation Center 26-14517 Judge: Hon. Judge Vincent F. Papalia Debtors' Bankruptcy Counsel: Thomas Pitta, Esq. EMMET, MARVIN & MARTIN, LLP 120 Broadway New York NY 10271 Tel: (212) 238-3148 Email: TPITTA@EMMETMARVIN.COM Debtors' Financial Advisor: KCP ADVISORY GROUP Lead Debtor's Estimated Assets: $1 million to $10 million Lead Debtor's Estimated Liabilities: $1 million to $10 million The petitions were signed by Jacen Dinoff as chief winddown officer. A full-text copy of Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QPZLQ4Q/The_Venetian_Care__Rehabilitation__njbke-26-14510__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Change Healthcare Trade Debt $8,588,801 Operations, LLC 424 Church St Suite 1400 Nashville, TN 37219 2. Encore Preakness, Inc Trade Debt $6,238,891 P.O. Box 933195 Cleveland, OH 44193 3. Ultrabenefits Inc Trade Debt $4,746,584 22 Elm Street Suite 110, Worcester, MA 01608 4. Powerback Rehabilitation Trade Debt $2,799,699 P.O. Box 821322 Philadelphia, PA 19182 5. Healthcare Services Group, Inc Trade Debt $1,295,970 P.O. Box 829677 Philadelphia, PA 19182 6. Hall Booth Smith, P.C Professional $1,293,791 15 E Midland Ave, Services Ste 3, Paramus, NJ 07652 7. Take Command Trade Debt $1,155,884 1410 E. Renner Rd., Suite 200, Richardson, TX 75082 8. Buchanan Ingersoll Esqs. Professional $692,376 501 Grant Street Services Pittsburgh, PA 15219- 4413 9. Johnson, Kendall & Johnson, Inc. Trade Debt $609,150 109 Pleasant Run, Newton, PA 18940 10. Healthcare Advocates Trade Debt $475,585 310 West Master Street, Philadelphia, PA 19122 11. SEIU National Trade Debt $365,937 Industry Pension Fund P.O. Box 5356 Carol Stream, IL 60197 12. Sysco Metro New York Trade Debt $355,084 20 Theodore Conrad Drive, Jersey City, NJ 07305 13. Medline Industries, Inc. Trade Debt $343,806 P.O. Box 382075, Pittsburgh, PA 15251 14. Waste Management Of Trade Debt $326,662 Northeast NJ, Inc. P.O. Box 13648, Philadelphia, PA 19101 15. Point Click Care Trade Debt $301,416 Technologies Inc. P.O. Box 674802, Detroit, MI 48267 16. ADP, LLC Trade Debt $242,817 P.O. Box 842875, Boston, MA 02284-2875 17. Bankdirect Capital Finance Trade Debt $207,513 Two Conway Park 150 North Field Drive, Suite 190, Lake Forest, IL 60045 18. Wellsky Corporation Trade Debt $170,000 (Referral) P.O. Box, 200086 Dallas, TX 75320 19. Insight Public Sector, Inc. Trade Debt $152,142 P.O. Box 731072, Dallas, TX 75373-1072 20. District 1199J Trade Debt $140,164 National Union Of Hosp 325 Chestnut Street, Suite 215, Philadelphia, PA 19106 21. Wellsky Corporation Trade Debt $139,784 P.O. Box 200086, Dallas, TX 75320 22. Medical Nutrition Trade Debt $131,300 Therapy Associates, LLC 1382 Lanes Mill Rd, Ste 101, Lakewood, NJ 08701 23. Fastrad, LLC Trade Debt $127,667 1000 Central Avenue Woodmere, NY 11598 24. Network Doctor NJ LLC Trade Debt $125,146 600 Sylvan Avenue, Suite 212, Englewood Cliffs, NJ 07632 25. Estate Of Trade Debt $108,900 Marilyn Jackson- Streeter And Davis & Brusca, LLC 100 Charles Ewing Blvd, Ewing, NJ 08628 26. Amtrust North America, Inc. Trade Debt $106,277 P.O. Box 94557, Cleveland, OH 44101 27. Fasten Halbertstam LLP Trade Debt $93,102 40 Wall Street, Suite 3602, New York, NY 10005 28. Teamsters Local Trade Debt $92,363 #97 Benefits Fund 136 Central Avenue, Clark, NJ 07066 29. Aculabs, Inc. Trade Debt $85,744 2 Kennedy Boulevard, East Brunswick, NJ 08816 30. Life Ride Inc Trade Debt $84,768 70 South Orange Ave, Ste 220, Livingston, NJ 07039 VENTURE GLOBAL: Moody's Rates $750MM Senior Secured Notes 'Ba1' --------------------------------------------------------------- Moody's Ratings has assigned a Ba1 to Venture Global Calcasieu Pass, LLC's (Calcasieu Pass) planned $750 million senior secured note offering. The rating outlook is stable. Proceeds from the note offering will be used to prepay a like amount of borrowings under Calcasieu Pass' senior secured term loan due August 2026 that will then be terminated. At that point, Calcasieu Pass' capital structure will consist of 5 series of non-amortizing senior secured notes totaling $5.5 billion. Calcasieu Pass is a liquified natural gas (LNG) export facility in Cameron Parish, Louisiana consisting of 18 midscale, modular liquefaction trains, with an aggregate nameplate capacity of 10.0 MTPA of liquified natural gas and permitted liquefaction capacity of 12.4 MTPA. Calcasieu Pass is majority owned by Venture Global LNG, Inc. (VGLNG: B1 CFR, stable). RATINGS RATIONALE The Ba1 rating assigned to Calcasieu Pass' senior secured debt obligations considers the April 15, 2025 declaration of commercial operability under all existing Sale and Purchase Agreements (SPA's). As such, the project is now operating under the parameters of six separate 20-year foundation SPA's totaling 8.5 MTPA of liquefaction capacity and two separate medium-term SPA's totaling 1.5 MTPA. Contracted fixed payments under the foundation SPAs total approximately $850 million per year (and in excess of $1.0 billion including the medium-term SPA's), which compares favorably to expected operating and financing costs, and are payable regardless of whether the counterparties lift cargoes. The rating, however, is constrained at the current level by a credit negative tribunal decision dated October 2025 from the International Chamber of Commerce in arbitration proceedings between Calcasieu Pass and BP Gas Marketing Limited (BP). The arbitration panel found that VGCP had breached its obligations to declare commercial operation in a timely manner and act as a reasonable and prudent operator and issued a partial final award to BP. Remedies will be determined in a separate damages hearing that is expected to occur in 2026 followed by a final award. BP is seeking damages in excess of $1.0 billion. Moody's notes that seven customers have filed arbitration proceedings against Calcasieu Pass over its alleged delay in achieving commercial operation. Separate from the BP decision, four of these proceedings have been resolved in their entirety in manners that have had no material financial impact on Calcasieu Pass. While any damages awarded through arbitration would be the legal obligation of Calcasieu Pass, Moody's expects VGLNG to be the primary source of funding to satisfy such payment obligation. RATING OUTLOOK Calcasieu Pass' stable outlook incorporates an expectation for continued strong operational and financial performance, including the generation of annual EBITDA of approximately $700 million (Moody's Base Case) under existing contractual arrangements. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Upward rating movement may be triggered upon receipt of greater clarity around the potential quantum of damages relating to ongoing arbitration involving Calcasieu Pass with damages limited to an amount that does not weaken the credit quality of it or its parent. Additional adverse rulings concerning the BP arbitration or prolonged uncertainty on the resolution of the remaining arbitration could cause us to consider negative rating action. In that regard, damages that require VGLNG or Calcasieu Pass to issue material incremental debt for such purposes would be viewed negatively. The principal methodology used in this rating was Generic Project Finance published in October 2024. VERITONE INC: Grant Thornton Raises Going Concern Doubt ------------------------------------------------------- Veritone, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $111.7 million for the year ended December 31, 2025, compared to a net loss of $37.4 million for the year ended December 31, 2024. Total revenues for the year ended December 31, 2025, was $92.2 million compared to $92.6 million in the prior period. Grant Thornton LLP, the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating that the Company's debt service obligations, negative working capital and incurred historical negative cash flows and recurring losses, raise substantial doubt about the Company's ability to continue as a going concern. Veritone said, "Our ability to continue as a going concern is dependent on our ability to generate significant cash flows, obtain sufficient proceeds from any future offerings of securities, and/or obtain alternative financing prior to the maturity of the Convertible Notes. Any future determination that we may be unable to continue as a going concern may materially harm our business and reputation and may make it more difficult for us to obtain financing for the continuation of our operations, including through equity financings, incurring additional debt or otherwise, which in turn, may adversely impact our financial condition, results of operations and cash flows." "In the near term, to ensure we continue to meet our cash obligations as they come due, we continue to evaluate strategies to obtain funding for future operations. These strategies may include, but are not limited to, obtaining debt and equity financing, and repurchasing or repaying our Convertible Notes prior to their maturity in November 2026. In addition, we plan to further restructure our operations to grow revenues and decrease operating expenses, which include capturing past cost reduction and potential future cost synergies from our past acquisitions." "For example, in the fiscal years ended December 31, 2024 and December 31, 2025, we entered into a series of transactions to reduce our debt obligations, including equity financings, asset sales, the repayment of our senior secured term loan and the repurchase of certain of our Convertible Notes. As of December 31, 2025, approximately $45.6 million aggregate principal amount of the Convertible Notes remain outstanding, which will come due in November 2026." "The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We may not be able to access additional equity under acceptable terms, and may not be successful in future operational restructurings, earning any of our deferred purchase consideration, or at growing our revenue base, and our ability to execute on our operating plans may be materially adversely impacted. If we are unable to capture past cost reduction and potential future cost synergies from our past acquisitions, we would likely not have sufficient cash on hand or available liquidity to repay our Convertible Notes upon their maturity in November 2026, and our ability to execute on our operating plans may be materially adversely impacted. If we become unable to continue as a going concern, we may have to dispose of other or additional assets and might realize significantly less value than the values at which they are carried on our consolidated financial statements. These actions may cause stockholders to be further diluted or to lose all or part of their investment in our common stock. In addition, if we dispose of certain of our assets in order to generate additional liquidity, our revenue may be reduced and our business may become less diversified. If we cannot continue as a going concern, adjustments to the carrying values and classification of our assets and liabilities and the reported amounts of income and expenses could be required and could be material." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/33bw3nhf About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. As of December 31, 2025, the Company had $182.3 million in total assets, $114.2 million in total liabilities, and $68.1 million in total stockholders' equity. VERITONE INC: Registers 2.5MM Additional Shares Under 2023 Program ------------------------------------------------------------------ Veritone, Inc. filed a registration statement on Form S-8 with the Securities and Exchange Commission to register the offering of an additional 2,500,000 shares of common stock, par value $0.001 per share, of the Company, pursuant to the Veritone, Inc. Amended and Restated 2023 Equity Incentive Plan. The additional shares of Common Stock issuable pursuant to the 2023 Plan are securities of the same class as other securities for which a registration statement on Form S-8 was filed with the SEC on June 21, 2023 (File No. 333-272791) (the "Prior Registration Statement"). Accordingly, the contents of the Prior Registration Statement are incorporated by reference into this Registration Statement pursuant to General Instruction E of Form S-8. A full text copy of the Registration Statement is available at https://tinyurl.com/2vcxb335 About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. Grant Thornton LLP, the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating that the Company's debt service obligations, negative working capital and incurred historical negative cash flows and recurring losses, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $182.3 million in total assets, $114. 2 million in total liabilities, and $68.1 million in total stockholders' equity. VERITONE INC: Ryan Steelberg Holds 6.7% Equity Stake ---------------------------------------------------- Ryan Steelberg disclosed in a Schedule 13D (Amendment No. 11) filed with the U.S. Securities and Exchange Commission that as of April 15, 2026, he beneficially owns 6,204,910 shares of Veritone, Inc.'s Common Stock, par value $0.001 per share (with sole voting power and sole dispositive power over all 6,204,910 shares, and no shared voting or dispositive power), representing 6.7% of the Common Stock, based on 92,946,130 shares outstanding as of April 10, 2026, as reported in the Company's Form 10-K filed on April 15, 2026. This ownership consists of: * 215,174 shares of common stock, 366,300 shares of restricted common stock, and 21,550 shares issuable upon exercise of immediately exercisable warrants held by the RSS Trust (of which Mr. Steelberg is trustee); * 2,003,349 shares held directly by RVH, LLC (of which Mr. Steelberg is the sole member and manager); * 605,869 shares held directly by Mr. Steelberg; and * 2,992,668 vested stock options held by Mr. Steelberg. Recent updates include: On February 19, 2026, the Company granted Mr. Steelberg 443,333 restricted stock units (RSUs) that vest one-third each on January 1, 2027, 2028, and 2029 (subject to continued service). On January 2, 2026, the Company withheld 73,538 shares to satisfy tax obligations upon settlement of prior RSUs (valued at $4.79 per share). Ryan Steelberg may be reached through: Ryan Steelberg Veritone, Inc. 5291 California Avenue, Suite 350 Irvine, CA 92617 Tel: (888) 507-1737 A full-text copy of Ryan Steelberg's SEC report is available at: https://tinyurl.com/msa92s55 About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. Grant Thornton LLP, the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating that the Company's debt service obligations, negative working capital and incurred historical negative cash flows and recurring losses, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $182.3 million in total assets, $114. 2 million in total liabilities, and $68.1 million in total stockholders' equity. VERTEX AEROSPACE: Moody's Alters Outlook on 'B1' CFR to Positive ---------------------------------------------------------------- Moody's Ratings affirmed Vertex Aerospace Services LLC's ("V2X") B1 corporate family rating and B1-PD probability of default rating. Concurrently, Moody's affirmed the B1 rating on the company's senior secured first lien term loan B2. The company's speculative grade liquidity rating ("SGL") remains unchanged at SGL-1. Lastly, Moody's changed the outlook to positive from stable. "The ratings affirmation along with the positive outlook collectively reflect V2X's continuing strengthening of its business profile, growing backlog and Moody's expectations of healthy cash generation, as well as the solid operational execution across its core defense services portfolio," said Eoin Roche, Moody's Ratings Senior Vice President. RATINGS RATIONALE The B1 CFR reflects V2X's considerable scale, long-standing customer relationships and broad service offerings and high financial leverage. V2X maintains a broad base of defense contracts primarily serving the US Army, Navy, and Air Force. Moody's recognizes V2X's growing technology and service capabilities which better position the company for future contract wins in the competitive government services contractor market. V2X has won several notable contract wins recently, such as the T 6 COMBS (Contractor Operated & Maintained Base Supply) and the Warfighter Training Readiness Solutions (WTRS). Robust backlog of $11.1 billion as of December 2025, provides good revenue visibility and will support organic sales growth in the mid single-digits during 2026. V2X's financial leverage is high with December 2025 debt-to-EBITDA of 4.5x. Moody's expects earnings growth coupled with some debt reduction to gradually reduce leverage such that debt-to-EBITDA is approaching 4x over the next 12 to 18 months. Moody's anticipates healthy cash generation in 2026 and beyond with FCF-to-debt in the mid single-digits. The positive outlook reflects V2X's continuing strengthening of its business profile, growing backlog and Moody's expectations of healthy cash generation, as well as the solid operational execution across its core defense services portfolio. The SGL-1 speculative grade liquidity rating denotes Moody's expectations of good liquidity over the next 12 months. Cash as of December 2025 was $369 million. V2X has no near-term principal obligations and mandatory amortization on term debt is relatively modest at around $11 million per annum. Moody's expects FCF-to-debt in the mid-single-digits during 2026. External liquidity is provided by an unrated $500 million revolving credit facility – undrawn as of December 2025 - that expires in 2030. V2X's ESG Credit Impact Score (CIS) was changed to a CIS-3 from a CIS-4. V2X's governance score was also changed to a G-3 from a G-4. The change in the CIS and governance scores reflects the ongoing sell down of shares owned by private equity company American Industrial Partners, which recently reduced its ownership stake to around 7%. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if debt-to-EBITDA was sustained around 4 times. Any upgrade would require robust liquidity with FCF-to-debt consistently in the mid single-digits along with strong operational execution. Ratings could be downgraded if debt-to-EBITDA is sustained above 5 times. Weakening liquidity with FCF-to-debt in the low single-digits could also result in a downgrade. V2X (borrower "Vertex Aerospace Services LLC"), headquartered in Northern Virginia, provides aircraft maintenance and sustainment services, facility and base operations, supply chain and logistics services and information technology mission support. Revenue for the twelve months ended December 2025 was $4.5 billion. The principal methodology used in these ratings was Aerospace and Defense published in July 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. VIVAKOR INC: Net Loss Surges to $110.2MM From $22.2MM Prior Year ---------------------------------------------------------------- Vivakor, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K, reporting a net loss of $110.2 million attributable to the Company for the year ended December 31, 2025, compared to a net loss of $22.2 million in 2024, reflecting a substantial increase in losses year-over-year. Despite the significantly higher net losses, total revenues for 2025 increased to approximately $104.4 million from $89.8 million in the prior year. Pittsburgh, PA-based Urish Popeck & Co., LLC , the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has historically incurred net losses and experienced negative cash flows from operations and, as of December 31, 2025, had an accumulated deficit of approximately $204 million. As of December 31, 2025 and 2024, the Company had a working capital deficit of approximately $53.2 million and $101.5 million, respectively. As of December 31, 2025, the Company had approximately $2.0 million in cash, of which $1.8 million was restricted. In addition, the Company had approximately $18.1 million of debt obligations due within one year of the issuance of these financial statements. The Company is further obligated under finance lease liabilities of approximately $9.1 million and has current derivative liabilities of approximately $9.1 million, which may require settlement in cash or equity and could place additional demands on liquidity. Management's plans to address these conditions include pursuing additional capital through private and public equity offerings, including a structured financing arrangement that provides for potential funding, subject to customary closing conditions. The Company has also entered into a letter of intent for the potential sale of certain midstream and transportation assets, which, if completed, is expected to provide liquidity and support ongoing operations. In addition, management is focused on executing its business plan, including strategic acquisitions to enhance revenue-generating operations, monetizing certain assets, and implementing cost management initiatives to improve operating efficiency. While management is actively pursuing these initiatives, their successful implementation is subject to various factors, including market conditions and the completion of financing and strategic transactions. Accordingly, there can be no assurance that these plans will be successfully implemented or that they will be sufficient to alleviate the conditions that raise substantial doubt about the Company's ability to continue as a going concern. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/mwjpn67h About Vivakor Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. As of December 31, 2025, the Company had $113.5 million in total assets, $76.3 million in total liabilities, and $37.2 million in total stockholders' equity. VOLITIONRX LTD: 1-for-20 Reverse Stock Split to Take Effect Today ----------------------------------------------------------------- VolitionRx Limited disclosed that following stockholder approval at a special meeting held on March 31, 2026, its Board of Directors was granted the authority to exercise its discretion to amend the Company's Second Amended and Restated Certificate of Incorporation, to effect a reverse stock split of the outstanding shares of the Company's common stock, par value $0.001 per share, with the specific ratio to be determined by the Board within the range that was approved by the stockholders of the Company in connection therewith. The Board subsequently approved the reverse stock split. The Company is effecting the Reverse Stock Split in consideration of, among other things, the terms of the documents executed in connection with the financings with Lind Global Asset Management XII LLC consummated on each of May 20, 2025 and January 15, 2026. The Reverse Stock Split is expected to become effective today, with the shares to begin trading on a split-adjusted basis at market open. In connection with the Reverse Stock Split, every 20 shares of Common Stock issued and outstanding as of the Effective Date will be automatically converted into one share of Common Stock. No fractional shares will be issued in connection with the Reverse Stock Split. Each holder of Common Stock that would otherwise be entitled to receive a fractional share as a result of the Reverse Stock Split will receive one whole share of Common Stock in lieu of such fractional share, and all outstanding warrants, options, equity incentive awards, and other outstanding equity securities and instruments will be rounded up to the next whole share or, if applicable, cash will be paid in lieu of such fractional share in accordance with the terms thereof. As a result of the Reverse Stock Split, proportionate adjustments will be made according to the Split Ratio to: (i) all outstanding equity incentive awards under the Company's 2015 Stock Incentive Plan and 2024 Stock Incentive Plan (ii) all outstanding warrants and convertible notes, (iii) all shares of Common Stock available for future issuance under the Company's 2024 Stock Incentive Plan, and (iv) all other outstanding equity securities and instruments. About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company suffered recurring losses from operations, negative cash flows from operations, and minimal revenues, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $6.9 million in total assets, $42.5 million in total liabilities, and $35.6 million in total stockholders' deficit. WATER OAKS: Seeks Subchapter V Bankruptcy in North Carolina ----------------------------------------------------------- On April 22, 2026, Water Oaks Apartments LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of North Carolina. According to court filings, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 29, 2026 at 11:00 AM at (CH-11) Zoom Meeting, https://www.ncmba.uscourts.gov/zoom341s. About Water Oaks Apartments LLC Water Oaks Apartments LLC is a real estate entity typically engaged in the ownership and operation of multifamily residential properties, including apartment communities. Companies of this type focus on leasing, property management, and maintaining residential housing assets. Water Oaks Apartments LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-50308) on April 22, 2026. In its petition, the Debtor reports estimated assets of $1,000,000 to $10,000,000 and estimated liabilities of $1,000,000 to $10,000,000. The Debtor is represented by William Howard Kroll, Esq. of Gaskins Hancock Tuttle Hash LLP. WESTERN URANIUM: Reports $7.18MM Net Loss in Fiscal Year 2025 ------------------------------------------------------------- Western Uranium & Vanadium Corp. has filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Mississauga, Canada-based MNP LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred losses from operations and is dependent upon future sources of equity or debt financing in order to fund its operations, which raises substantial doubt about its ability to continue as a going concern. Except for the quarter ended June 30, 2022, the Company has incurred losses from its operations. During the years ended December 31, 2025 and 2024, the Company generated net losses of $7,175,923 and $10,112,037, respectively. The Company expects to generate operating losses for the foreseeable future as it incurs expenses to bring its mineral processing facilities online and further expands its mining operations. As of December 31, 2025 and 2024, the Company had an accumulated deficit of $36,105,817 and $28,929,894, respectively, and working capital of $5,384,164 and $5,240,584, respectively. Since inception, the Company has met its liquidity requirements principally through the issuance of notes, the sale of its common shares and from limited revenue sources. On October 14, 2025, the Company closed a brokered private placement of 6,555,556 units at a price of $0.64 (CAD $0.90) per unit. The aggregate gross proceeds raised in the private placement amounted to $4,202,281 (CAD $5,900,000) and proceeds net of issuance costs were $3,806,270 (CAD $5,344,010). On June 13, 2025, the Company closed a brokered private placement of 5,911,786 units at a price of $0.63 (CAD $0.85) per unit. The aggregate gross proceeds raised in the private placement amounted to $3,693,424 (CAD $5,025,018) and proceeds net of issuance costs were $3,331,687 (CAD $4,532,939). Of the 5,911,786 common shares and warrants issued to investors, 117,647 were issued to Mr. Glasier for his participation in the private placement. During November 2024, the Company closed a private placement of 4,142,906 units at a price of $0.94 (CAD $1.32) per unit. The aggregate gross proceeds raised in the private placement amounted to $3,897,166 (CAD $5,468,636) and proceeds net of issuance costs were $3,546,870 (CAD $4,975,966). During the year ended December 31, 2024, the Company received $4,605,458 (CAD $6,238,248) in proceeds from the exercise of common share warrants to purchase 5,198,540 common shares. The Company's ability to continue its planned operations and to pay its obligations when they become due is contingent upon the Company obtaining additional financing. Management's plans include seeking to procure additional funds through debt and equity financing, to secure regulatory approval to fully utilize its kinetic separation technology, and to initiate the processing of mineral resources to generate operating cash flows. There are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient to meet its current operating costs. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not be able to continue to fund its ongoing operations. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/4smwspz2 About Western Uranium Western Uranium & Vanadium Corp is engaged in the business of exploring, developing, mining and producing uranium and vanadium resources. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plants will be licensed to include the kinetic separation process. As of December 31, 2025, the Company had $34,446,941 in total assets, $4,144,826 in total liabilities, and $30,302,115 in total stockholders' equity. WILSON COLLAGE: Fitch Affirms 'BB' IDR, Outlook Stable ------------------------------------------------------ Fitch Ratings has affirmed Wilson College, PA's (Wilson) Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed at 'BB' $32.3 million of Chambersburg Area Municipal Authority's education facility revenue and refunding bonds series 2018, issued on behalf of Wilson College. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Wilson College (PA) LT IDR BB Affirmed BB Wilson College (PA) /General Revenues/1 LT LT BB Affirmed BB Wilson's 'BB' ratings reflect its balance sheet cushion relative to limited revenue defensibility and solid operating risk assessments. Despite maintenance of comfortable balance sheet resources relative to adjusted debt and recent student enrollment gains, Wilson's ratings are constrained by vulnerable student revenue in a demographically weak and competitive market, reliance on elevated endowment draws, and near-term expense pressure. The Stable Outlook reflects the impacts of a Fitch forward-looking stress scenario on operating and leverage metrics. Fitch's stress scenario indicates Wilson can maintain sufficient financial metrics over time consistent with its rating. SECURITY The bonds are a general obligation of Wilson and are secured by a pledge of the college's gross revenue, a mortgage on its core campus property and a cash-funded debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - bb Strategies Support Enrollment and Revenue Diversity Targeted strategies to increase key programs have supported enrollment growth, as total student enrollment rose to 2,081 in fall 2025 from 1,903 in fall 2024. New graduate healthcare-focused programming was added through Wilson's recently opened King of Prussia location. These initiatives should support broader program access and modestly wider market reach over time; however, they remain at an early stage, and Wilson's overall student demand position is still considered limited. Student-generated revenue has averaged 67% of operating revenue in recent years as Wilson benefits from consistent gift income and a sizeable endowment. Still, a relatively price-sensitive student population and a largely regional draw in a demographically unfavorable and competitive Pennsylvania market are limiting factors. Operating Risk - a Solid Cash Flows; Manageable Capital Needs Wilson's operating risk assessment reflects continued solid cash flows and improved operating performance with a lower operating deficit in fiscal 2025 than in prior years. Wilson's Fitch-calculated cash flow margin of 15% incorporates an elevated endowment draw of 7% (the maximum allowed under Pennsylvania law), which is budgeted to drop to a more typical 5% draw in fiscal 2026 per management. Fitch-calculated age of plant remains elevated at 20 years at FYE 2025, though capital spending needs are moderate with consideration for the recently opened King of Prussia location. Wilson has ongoing renovation plans underway, and plans to add housing capacity to accommodate a sizeable on-campus undergraduate population. Financial Profile - bbb Wilson's financial profile assessment reflects adequate available funds (AF; cash and investments less permanently restricted net assets), which totaled $41 million, equal to 126.4% of adjusted debt at FYE 2025. Adjusted debt includes $32.5 million in long term debt and no debt equivalents at FYE 2025. As it has some balance sheet flexibility, Wilson's leverage ratios are sensitive to economic and student-related revenue stress but remain consistent with the 'BB' rating in Fitch's forward-looking scenario analysis. Wilson is subject to two financial covenants under bond documents, including a debt service coverage ratio (DSCR) of 1.1x and days cash on hand (DCOH) of 120. As of FYE 2025, the college was in compliance with both covenants, with a reported 2.2x DSCR and 299 DCOH. Asymmetric Additional Risk Considerations No asymmetric additional risk considerations apply to Wilson's rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening student demand, as evidenced by material declines in enrollment or net tuition and fee revenue; - An increase in the college's endowment draw; - Diminished operating cost management with cash flow margins declining below 10% on a sustained basis; - Deteriorating financial profile as demonstrated by AF-to-adjusted debt falling below 50% at future fiscal year-ends and in Fitch-modeled forward-looking scenarios. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued growth of student-generated revenue across multiple program offerings; - Continued strong cash flow margins and debt service coverage ratios with sustainable endowment draws closer to 5%; - Improved financial profile as demonstrated by sustained maintenance of AF-to-adjusted debt above 80% at future fiscal year-ends and in Fitch-modeled forward-looking scenarios. PROFILE Wilson College is situated on 275 acres in Chambersburg, PA, in the south-central area of the state close to the Maryland border and about 50 miles southwest of Harrisburg, the Pennsylvania state capitol. Initially founded as a women's college in 1869 by two Presbyterian ministers, the college became coeducational in fall 2013 and currently offers undergraduate, graduate, adult and high school (dual-enrollment and exchange) programs. New online programs were launched in fall 2022. Approximately 65% of undergraduates live on campus, and approximately 33% are student-athletes on one of Wilson's NCAA Division 3 teams. Wilson is accredited by the Middle States Commission on Higher Education with additional recognition from the accrediting bodies related to the college's various undergraduate and graduate offerings. Wilson's DOE composite score for fiscal 2023 was 2.5, which the DOE categorizes as financially responsible. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. WOODTOWN SPORTS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Woodtown Sports, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to use cash collateral through May 15. Under the order, the Debtor is authorized to use cash collateral to fund operations in accordance with an approved operating budget, subject to a 15% variance per budget line item. The Debtor may carry forward unused funds into the following month. The budget projects total monthly operational expenses of $187,620. The Debtor listed two primary secured creditors with interests in its cash collateral: the U.S. Small Business Administration, which holds a first-priority lien with an estimated claim of $484,692, and Specialized Bicycle Components, Inc., which holds a second-priority lien with an estimated claim of $340,987. The secured creditors claim security interests in substantially all of the Debtor's business assets. The total value of pledged collateral is estimated at approximately $98,248, consisting primarily of bicycle inventory, food and beverage supplies, and operational equipment. The Debtor also reported approximately $19,120 in cash on deposit at filing, which is not subject to control agreements and is treated as unencumbered. As adequate protection, both creditors will be granted replacement liens on the Debtor's post-petition assets, including inventory and accounts receivable, maintaining the same priority as their pre-petition liens. Additionally, the Debtor must make a $1,500 payment to the SBA. The order is available at https://is.gd/MiUW1f from PacerMonitor.com. The court scheduled a follow-up hearing on May 14. Any objections must be filed by May 7. Woodtown operates a combined retail bicycle shop, café, and taphouse in Fairfax, California. The business is highly dependent on skilled staff and community engagement; losing operational continuity would significantly harm both the Debtor and its prospects for reorganization. About Woodtown Sports LLC Woodtown Sports, LLC, doing business as Splitrock Tap & Wheel, operates as a hybrid bicycle retailer, service shop, and taproom in Fairfax, California, combining cycling sales, maintenance services, and a hospitality space under one roof. The business offers bikes and e-bikes from brands such as Specialized and Transition, along with cycling gear, demos, and rentals. It also provides repair and maintenance services, including brake, tire, drivetrain, and bearing work. The taproom component serves rotating craft beers and functions as a social space for local customers and cyclists. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30316) on April 13, 2026. In the petition signed by Jason Faircloth, managing member, the Debtor disclosed $138,727 in total assets and $1,685,299 in total liabilities. Judge Hannah L. Blumenstiel oversees the case. Brent D. Meyer, Esq., at Finestone Hayes, LLP, represents the Debtor as legal counsel. XCEL BRANDS: Net Loss Narrows to $17.6 Million in FY25 ------------------------------------------------------ Xcel Brands, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $17.6 million for the year ended December 31, 2025, compared to a net loss of $22.6 million for the year ended December 31, 2024. Net revenues for the year ended December 31, 2025, was $4.9 million compared to $8.3 million in the prior period. As of December 31, 2025 and 2024, the Company's unrestricted cash and cash equivalents were approximately $1.2 million and $1.3 million, respectively. Wolf & Company, P.C., the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company said, "Our ability to continue as a going concern is dependent on executing our business plans and meeting our obligations as they come due within the next 12 months from the filing date of this Annual Report on Form 10-K. Accordingly, the accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and calculations of liabilities that might be necessary should the Company be unable to continue as a going concern." "Although we intend to continue exploring strategic financing alternatives and operational efficiencies to improve liquidity, there can be no assurance that funding will be available on acceptable terms on a timely basis, or at all, or otherwise improve our liquidity. The various ways that we could raise capital carry potential risks. Any additional sources of financing will likely involve the issuance of our equity securities, which will have a dilutive effect on our stockholders. Any debt financing, if available, may involve restrictive covenants that may impact our ability to conduct our business. As such, we cannot conclude that such plans will be effectively implemented within one year after the date that the financial statements included in this Annual Report are filed with the SEC and there is uncertainty regarding our ability to maintain liquidity sufficient to operate our business effectively, which raises substantial doubt about our ability to continue as a going concern." A full text copy of the Company's Form 10-K is available at https://tinyurl.com/fjbauj96 About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. As of December 31, 2025, the Company had $38.9 million in total assets, $23.1 million in total liabilities, and $15.8 million in total stockholders' equity. XCEL BRANDS: Secures $3MM Senior Debt, Restructures Existing Loans ------------------------------------------------------------------ Xcel Brands, Inc. disclosed in a regulatory filing that the Company and certain direct and indirect subsidiaries entered into certain agreements with Smithline Family Trust II, Quick Capital, LLC and Clear Markets Capital, LLC, a company controlled by Robert W. D'Loren, Chairman and Chief Executive Officer of the Company, including: (i) Securities Purchase Agreement, by and among the Company, the Subsidiary Guarantors and the Purchasers, pursuant to which the Company issued and sold to the Purchasers 12.5% Senior Secured Note due April 13, 2027 in the original principal amount of $3,005,780.35 and an aggregate of 100,579 shares of common stock of the Company. The Company's obligations under the Notes are guaranteed by the Subsidiary Guarantors pursuant to the Subsidiary Guarantee, dated as of the Senior Note Closing Date. The Secured Notes and the guarantee of the Subsidiary Guarantors are secured by the assets of the Company and the Subsidiary Guarantors pursuant to that certain Security Agreement, dated as of the Senior Note Closing Date, by and among the Company, the Subsidiary Guarantors and SFT, as collateral agent for the Purchasers. At any time after the occurrence of an event of default under the Secured Notes and for so long as such event of default has not been waived, the Secured Notes (other than the Secured Note issued to IPX) are convertible into shares of common stock of the Company: (i) initially at a fixed conversion price equal to $1.165 per share (as adjusted in accordance with the terms of the Secured Notes) and (ii) after May 17, 2026, at a price equal to the lesser of (a) 85% multiplied by the lowest volume weighted average price of the common stock during the 10-trading day period prior to conversion and (b) $1.165. The Secured Note issued to IPX is convertible into shares of common stock of the Company initially at a fixed conversion price equal to $1.435 per share (the Nasdaq Official Closing Bid Price on April 13, 2026), subject to adjustment as set forth therein. In addition, to the extent that Company is listed on the Nasdaq Capital Market, the aggregate number of shares of common stock issuable to the Purchasers and any subsequent holder of the Secured Note shall not exceed 19.9% of the total number of shares of Common Stock outstanding or of the voting power of the common stock as of the Senior Note Closing Date less the shares issued pursuant to the SPA unless the Company has obtained stockholder approval in compliance with Nasdaq Listing Rule 5635(d) to authorize the issuance of shares of common stock in connection with the conversion or exchange of all Secured Notes. The Company granted the Purchasers certain piggyback registration rights with respect to the shares of Common Stock issuable upon conversion of the Secured Notes. IPX purchased $57,803 original principal amount of the Secured Notes on the same terms as the other Purchasers, except as to the exercise price of for the conversion of the Secured Note to shares of common stock of the Company as described above. On the Seventh Amendment Effective Date on April 13, 2026, the Company and the Subsidiary Guarantors entered into the Seventh Amendment with IPX, UTG Capital Inc. and FEAC Agent, LLC, as administrative agent and collateral agent for the Lenders, pursuant to which the original Loan and Security Agreement, dated as of December 12, 2024, by and among the Company, the Subsidiary Guarantors, the Agent and the lenders party to the Existing Loan Agreement was amended to provide for, among other things, the ability of the Company to consummate the Senior Note Issuance, the ability for IPX to convert its $500,000 Term Loan A Note to Common Shares of the Company at the price per share equal to $1.435, subject to adjustment as provided in the Amended Loan Agreement, the modifications to certain payment terms in connection with the Senior Note Issuance, modifications to certain financial covenants, modifications to certain financial reporting requirements and the amendment of the FEAC Agent's role to include certain limitations. In connection with the Seventh Amendment, the FEAC Agent's affiliated lenders under the Existing Loan Agreement entered into: (1) that certain Assignment Agreement, dated as of the Seventh Amendment Effective Date, between such lenders and IPX, whereby such lenders sold and assigned a portion of the Term Loan A to IPX and (2) that certain Assignment Agreement, dated as of the Seventh Amendment Effective Date, between such lenders and UTG, whereby such lenders sold and assigned the entirety of the Term Loan B to UTG. In connection with the IPX Assignment, the Companies and certain of its subsidiaries executed and delivered to IPX a Term Loan A Note, dated as of the Seventh Amendment Effective Date, convertible into shares of common stock, par value $0.0001 per share, of the Company, at a conversion price of $1.435 per share, at any time after the Effective Time. The "Effective Time" shall be the earlier date on which: (i) the Company has obtained stockholder approval in compliance with Nasdaq Listing Rule 5635(d) to authorize the issuance of shares of common stock in connection with the conversion or exchange of the Term Loan A Note, the shares of common stock issued under the SPA (including upon conversion of the Secured Notes) issued thereunder and (ii) the Purchaser Notes are no longer convertible (including upon the occurrence of a future event) or have been repaid in full. The loans outstanding after giving effect to the Seventh Amendment are as follows: (1) Term Loan A in the principal amount of $500,000 and (2) Term Loan B in the amount of $10,083,669.24. Principal on the Term Loan A is payable on the maturity date of September 20, 2027. Principal on the Term Loan B is payable on the maturity date of December 12, 2028. The Term Loans are guaranteed by the Subsidiary Guarantors, and are secured by all of the assets of the Company and the Subsidiary Guarantors. The payment of the obligations of the Company and the Subsidiary Guarantors under the Amended Loan Agreement and other agreements entered into in connection therewith, including the payment of the Term Loans, are subject that certain Intercreditor Agreement, dated as of Seventh Amendment Effective Date, by and among the Company, the Subsidiary Guarantors, the Lenders, FEAC Agent, the Purchasers and SFT, in its capacity as collateral agent for the Purchasers, pursuant to which the Subordinated Obligations are subordinated to the obligations of the Company and the Subsidiary Guarantors to the Purchasers under the Secured Notes and Issuance, and the agreements entered into in connection with the Secured Notes. In connection with the Senior Note Issuance, the Company issued to the Purchasers 100,579 shares of its Common Stock, of which 1,472 shares of common stock were issued to IPX. The issuance of the Secured Notes and the Company's Common Stock to the Purchasers pursuant to the Senior Note Issuance referenced above were not registered under the Securities Act and was not a "public offering" as defined in Section 4(a)(2) of the Securities Act due to the insubstantial number of persons involved, the size of the offerings, the manner of the offering and the number of securities offered. The Company did not undertake an offering in which it sold a high number of securities to a high number of investors. In addition, each the Purchasers, including IPX, represented that it had the necessary investment intent as required by Section 4(a)(2) and each of them agreed to and received share certificates bearing a legend stating that such securities are restricted pursuant to Rule 144 of the Securities Act. This restriction ensures that these securities would not be immediately redistributed into the market and therefore not be part of a "public offering." Based on an analysis of the above factors, the Company has met the requirements to qualify for exemption under Section 4(a)(2) of the Securities Act for this transaction. Full text copies of the Senior Secured Note due April 13, 2027 issued to STF, Senior Secured Note due April 13, 2027 issued to Quick, Senior Secured Note due April 13, 2027 issued to IPX, Term Loan A Note issued to IPX, Term Loan B Note issued to UTG, Seventh Amendment to Loan and Security Agreement, Securities Purchase Agreement dated as of April 13, 2026 by and among Quick IPX, and each other Purchasers, Security Agreement dated as of April 13, 2027, and the Intellectual Property Security Agreement dated as of April 13, 2027, are available in the Company's report filed on Form 8-K with the Securities and Exchange Commission, accessible at https://tinyurl.com/2vz72b2j About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Wolf & Company, P.C., the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $38.9 million in total assets, $23.1 million in total liabilities, and $15.8 million in total stockholders' equity. ZW DATA: Registers 500,000 Shares to Omnibus Equity Plan -------------------------------------------------------- ZW Data Action Technologies Inc. filed a registration statement on Form S-8 with the Securities and Exchange Commission to register 500,000 shares reserved and available for issuance pursuant to the ZW Data Action Technologies Inc. 2025 Omnibus Equity Incentive Plan adopted by the Board of Directors of the Company and approved by the Company's shareholders at the 2025 annual shareholder meeting. A full text copy of the Registration Statement is available at https://tinyurl.com/4bzcrvev About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. Hong Kong, China-based ARK Pro CPA & Co, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has accumulated deficit from recurring net losses and significant net operating cash outflow for the year ended December 31, 2025. All these factors raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had US$38.9 million in total assets, US$687 thousand in total liabilities, and US$38.2 million in total stockholders' equity. [] David Blansky Joins Moritt Hock & Hamroff's Bankruptcy Practice ------------------------------------------------------------------ Moritt Hock & Hamroff, a New York headquartered commercial law firm, announced on April 22, 2026, that it has doubled the size of its Plantation office, marking a step further in the firm's continued growth in the Florida market. The firm will expand its office footprint at 8151 Peters Road, the firm's main office in Florida. The firm also maintains locations in Ft. Lauderdale and Boca Raton. The firm also announced the addition of two attorneys, demonstrating the firm's continued commitment to growing its South Florida team. David A. Blansky joins the firm's Litigation and Creditors' Rights, Restructuring & Bankruptcy Practice Groups as Counsel, and Justin Beardsley joins the firm's Secured Lending and Finance Group as an Associate. "We are thrilled with our first three years in the market," said Michael Cardello III, Managing Partner of Moritt Hock & Hamroff. "The addition of David and Justin reflects the measured expansion of our team, and their experience aligns directly with our core practice areas in the region. Their expertise deepens our bench to address our clients' quickly evolving legal and business needs." "Doubling our office space in Florida underscores both our momentum and commitment to investing in our people and our clients," said Marc Hamroff, Chairman at Moritt Hock & Hamroff. "Our growth is driven by our banking, finance and commercial real estate clients. These clients, both existing and newly developed, appreciate the hands-on approach a mid-size regional law firm provides to the middle market." Blansky concentrates his practice on restructuring, creditors' rights and commercial litigation. He regularly represents trustees, fiduciaries, creditors and debtors and handles a wide variety of commercial contract disputes and business litigation matters. Blansky is licensed to practice law in Florida and New York. He is a Supreme Court of Florida Qualified Arbitrator and a New York Qualified Part 36 Receiver. He earned his J.D. from Northeastern University School of Law. Beardsley's experience spans a wide range of secured lending matters. He has represented institutional and private lenders, as well as borrowers, in corporate finance and commercial realestate transactions. His experience includes bilateral and syndicated credit facilities, secured and unsecured loans, construction loans, mezzanine loans, asset-based financings, and other debtfacilities secured by commercial real estate assets, including office, retail, and industrial properties. Beardsley is licensed to practice in Florida and New York. He earned his J.D. from New York Law School and joins Moritt Hock & Hamroff from an AmLaw 50 firm in Miami. About Moritt Hock & Hamroff LLP: Founded in 1980, Moritt Hock & Hamroff LLP is a full-service commercial law firm with over 100 attorneys that provides a wide range of legal services to businesses, corporations and individuals worldwide from its offices in New York City, on Long Island and in Florida. JLL's Ken Morris and Brady Titcomb represented Moritt Hock & Hamroff in the office lease expansion. [] US Foreclosure Sales Jump 21% YoY as Inventory Hits 6-Year Peak ------------------------------------------------------------------ Intercontinental Exchange, Inc. (NYSE: ICE), a leading provider of technology and data for global financial markets, released its March 2026 ICE First Look at mortgage delinquency, foreclosure and prepayment trends. The report showed mortgage delinquencies improved seasonally in March, with cure activity strengthening and prepayment speeds rising to their highest level in nearly four years, even as foreclosure volumes continued to climb. "March brought the seasonal improvement we typically expect to see this time of year," said Andy Walden, head of mortgage and housing market research at ICE. "Delinquencies moved lower, with improvement across the earlier stages of mortgage performance as fewer loans rolled into delinquency. Prepayment activity also climbed to its highest level in nearly four years as borrowers responded to a lower-rate environment. At the same time, serious delinquencies continue to broadly trend higher, with 154,000 more borrowers 90-plus days past due or in active foreclosure, compared to the same time last year. While overall mortgage performance remains healthy for most borrowers, the continued buildup in late-stage delinquencies and foreclosure pipelines remains worth watching." Key takeaways from this month's findings include: Delinquencies fell on a seasonal basis: The national delinquency rate declined by 37 basis points (bps) in March to 3.35%, in line with the typical seasonal improvement for the month, though still 14 basis points above last year. Prepayment activity climbed sharply: Prepayment speeds (SMM) rose 24 bps from February to 1.06%, the highest level in nearly four years and 78% above March 2025. Delinquency performance improved across the board: New delinquency inflow fell by 23% seasonally in March and was effectively flat from the same time last year with rolls to 60- and 90-day delinquency also improving in the month. Cure activity rebounded: Total cures rose to 547,000, up 27% from February, with cures on 90-plus day delinquent loans also posting a strong month-over-month increase. Non-current loan volumes declined but remained above last year: The number of loans 30-plus days past due or in foreclosure fell by 194,000 in March to 2.12 million but remained 8.2% above year-ago levels. Serious delinquencies and foreclosure inventories continued to rise: Despite March's improvement, 154K more borrowers are 90 or more days past due, or in active foreclosure, compared to the same time last year, with foreclosure starts (+17%) and sales (+21%) also seeing noticeable increases from last year's levels Foreclosure inventory hit highest level in 6 years: Active foreclosure inventory rose to 273,000 in March, up from 213,000 a year ago, marking the largest such volume since February 2020. Data as of March 31, 2026 Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.35% Month-over-month change: -9.98% Year-over-year change: 4.40% Total U.S. foreclosure pre-sale inventory rate: 0.50% Month-over-month change: 2.71% Year-over-year change: 26.98% Total U.S. foreclosure starts: 39,000 Month-over-month change 9.61% Year-over-year change: 16.64% Monthly prepayment rate (SMM): 1.06% Month-over-month change: 29.28% Year-over-year change: 78.42% Foreclosure sales: 7,400 Month-over-month change: 6.04% Year-over-year change: 21.43% Number of properties that are 30 or more days past due, but not in foreclosure: 1,844,000 Month-over-month change: -202,000 Year-over-year change: 100,000 Number of properties that are 90 or more days past due, but not in foreclosure: 588,000 Month-over-month change: -24,000 Year-over-year change: 94,000 Number of properties in foreclosure pre-sale inventory: 273,000 Month-over-month change: 8,000 Year-over-year change: 61,000 Number of properties that are 30 or more days past due or in foreclosure: 2,118,000 Month-over-month change: -194,000 Year-over-year change: 161,000 Top 5 States by Non-Current* Percentage Mississippi: 8.01% Louisiana: 7.95% Alabama: 5.94% Arkansas: 5.49% Indiana: 5.43% Bottom 5 States by Non-Current* Percentage Hawaii: 2.24% Colorado: 2.20% Montana: 2.11% Washington: 2.07% Idaho: 1.95% Top 5 States by 90+ Days Delinquent Percentage Mississippi: 2.54% Louisiana: 2.36% Alabama: 1.84% Arkansas: 1.67% Georgia: 1.65% Top 5 States by 12-Month Change in Non-Current* Percentage Hawaii: -1.50% Vermont: -1.37% Idaho: -1.18% Montana: -0.61% New York: -0.35% Bottom 5 States by 12-Month Change in Non-Current* Percentage Utah: 18.02% Maryland: 14.11% Arizona: 13.27% Arkansas: 12.04% Georgia: 12.00% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: 1) Totals are extrapolated based on ICE's loan-level database of mortgage assets. 2) All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred. The company will provide a more in-depth review of mortgage performance data in its monthly Mortgage Monitor report, an in-depth analysis of mortgage and housing market trends that is supplemented by charts and graphs. The Mortgage Monitor report is available online at https://www.icemortgagetechnology.com/resources/data-reports. For more information about gaining access to ICE's loan-level database, email ICE-MortgageMonitor@ice.com. About Intercontinental Exchange Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE's futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world's largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity. Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)." Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. 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