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260429.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, April 29, 2026, Vol. 30, No. 119 Headlines 1624 U STREET: Case Summary & 13 Unsecured Creditors 1701 BINGLE: Gets Interim OK to Use Cash Collateral Until May 14 1992 THIRD: Seeks to Hire Nossaman LLP as Litigation Counsel 307 COLLISION: Unsecureds to Get Share of Income for 3 Years ABERCROMBIE & KENT: S&P Assigns 'B+' ICR, Outlook Stable ALLSTAR PROPERTIES: To Employ Iron Auction Group as Vehicle Broker ANOINTED TOUCH: Taps Madisons Accounting as Accountant ARBORICULTURAL SOLUTIONS: To Hire Bachecki Crom as Accountant ARMAAN TRUCKING: Unsecureds to Get $3K per Month over 5 Years ART-OF-FORM ARCHITECTS: Retains Maltz Auctions Inc. as Broker ARTELLA SOLUTIONS: Court Extends Cash Collateral Access to May 15 ARTIFICIAL INTELLIGENCE: Subsidiary RAD Receives 16-Unit ROSA Order ASSET ROOFING: Wins Final Cash Collateral Access BELL ROAD: Seeks Approval to Hire McClain Law Group as Counsel BIO-KEY INTERNATIONAL: Holders Approve Reverse Stock Split Plan BLIZE HEALTHCARE: Gets Final OK to Use Cash Collateral BOUND LOGISTICS: Deadline for Panel Questionnaires Set for May 4 BROWNIE'S MARINE: 2025 Net Loss Narrows to $105K BUMBLE INC: S&P Withdraws 'B+' Issuer Credit Rating CBCG ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors CHRISTMAN CABLE: Gets Interim OK to Use Cash Collateral CITIUS PHARMACEUTICALS: Closes $5 Million Direct Offering CLEARWATER PAPER: Moody's Cuts CFR to B1, Outlook Negative CLEVELAND-CLIFFS INC: Moody's Cuts CFR to B1, Outlook Stable COHERENT CORP: S&P Raises ICR to 'BB', Alters Outlook to Positive COLOR CODE: Seeks to Hire Teal Becker & Chiaramonte as Accountant COMMUNITY AUTOMOTIVE: Seeks Final Approval to Use Cash Collateral CONNECT FINCO: Fitch Hikes Rating on Sr. Secured Debt to 'BB+' CRAFT PUTT: Seeks Interim Cash Collateral Access CUENTAS INC: 2025 Net Loss Narrows to $1.57 Million DC CABLE: Seeks to Use Cash Collateral DEALER TIRE: S&P Alters Outlook to Negative, Affirms 'B-' ICR DEQSER LLC: Court Won't Convert to Chapter 7 nor Appoint Examiner DIEBOLD NIXDORF: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable DKC ENTERPRISES: Amends First Internet Secured Claim Pay DLIGHT REFINERS: Case Summary & 20 Largest Unsecured Creditors DS ADMIRAL: Moody's Ups CFR to B2, OUtlook Stable ELITE EQUIPMENT: Unsecureds to Get Share of Creditors' Trust ENVUE MEDICAL: Christian Michael Glibert Holds 6.5% Equity Stake ER OF TEXAS: Gets Interim OK to Use Cash Collateral EVONA LLC: Seeks Cash Collateral Access FIRSTCASH INC: S&P Rates New $600MM Senior Unsecured Notes 'BB' FLOURISH RESTAURANTS: Gets Interim OK to Use Cash Collateral FLOURISH RESTAURANTS: Hires PB&J Strategic Accounting as Accountant GENERIC MANUFACTURING: Seeks to Tap Michael Jay Berger as Counsel GUNTER LAND: Voluntary Chapter 11 Case Summary HEXCEL CORP: S&P Rates Proposed $400MM Senior Unsecured Notes 'BB+' HONEY DO: Court Says 3-Year Payment Term to Burden Creditors HYPERION MATERIALS: S&P Rates Proposed First-Lien Term Loan 'B-' HYSE INDUSTRIES: Seeks to Tap Iwama Law Firm as Legal Counsel IN DUE SEASON: Gets Interim OK to Use Cash Collateral INDITEX VENTURES: Gets Final OK to Use Cash Collateral INTERACTIVE GOVERNMENT: Case Summary & Seven Unsecured Creditors JOHN KNOX: Fitch Affirms 'BB+' IDR, Outlook Stable KB3 2275: To Employ Perez & Associates as Real Estate Appraiser LA GEOTHERMAL: Unsecured Creditors to Split $45K over 60 Months LBM ACQUISITION: Fitch Lowers LongTerm IDR to B-, Outlook Negative LIFE STRIDE: Gets Interim OK to Use Cash Collateral LSF 12 PILLAR: S&P Assigns Preliminary 'B+' ICR, Outlook Stable MAPLE BEAR: Seeks to Hire Law Offices of Mickler as Legal Counsel MAPLE TREE: Files Emergency Bid to Use Cash Collateral MILE HIGH: Seeks Court Approval to Hire Wadsworth Garber as Counsel MSCI INVESTMENTS: Seeks to Hire Lindauer & Vaughn as Counsel NORTHSTAR GROUP: S&P Affirms 'B' ICR, Outlook Stable NUWELLIS INC: To Pay E.F. Hutton $204,000 to Settle Suit OFFICE PROPERTIES: Court Confirms Chapter 11 Reorganization Plan ONYX BUSINESS: Gets Interim OK to Use Cash Collateral OXFORD FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'B' PAUL J. MASSEY: Gets OK to Employ Compass Greater NY as Broker PITTS AVE: To Employ McClain Law Group as Legal Counsel PPL CORP: Unit Incurred $8MM in Remediation Costs for Sites at Q4 PR RNO PROPERTY: S&P Assigns (P) 'BB' Rating on Sr. Secured Notes PREMIER DATACOM: Court Sets May 18 Administrative Expense Bar Date QVC GROUP: Court Stays Kramer Case vs HSN Due to Bankruptcy QVC GROUP: Court Stays Lascala Case Due to Bankruptcy QVC GROUP: Plan Confirmation Hearing Scheduled for May 26 QWEST CORP: S&P Assigns 'B' Rating on Senior Unsecured Notes RSKT HOLDING: Gets Final OK to Use Cash Collateral RYERSON HOLDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable SAKS GLOBAL: Retains Ernst & Young as Valuation Services Provider SEALED AIR: Moody's Withdraws 'Ba1' CFR Following CD&R Deal SONOMA PHARMACEUTICALS: Signs Kenvue Supply Agreement SQA MAHADEV: Gets Interim OK to Use Cash Collateral Until June 10 START TO FINISH: Taps Cunningham Chernicoff & Warshawsky as Counsel SUPERNOVA MANAGEMENT: Gets Interim OK to Use Cash Collateral TASTE OF BELGIUM: Employs Howard Nunn & Bloom as CPA TEAM SERVICES: Fitch Rates 1st Lien Instruments 'B' TEMSCO INC: Gets Interim OK to Use Cash Collateral TEMSCO INC: Seeks Approval to Hire Lindauer & Vaughn as Counsel TRIPLE STICKS: Files Emergency Bid to Use Cash Collateral TRM NRE: Deadline for Panel Questionnaires Set for May 1 TROYZ TOWING: Gets Interim OK to Use Cash Collateral VANDERBILT MINERALS: Can't Retain Jones Day as Bankruptcy Counsel VC GB HOLDINGS: S&P Affirms 'B' ICR, Outlook Negative VISTAGEN THERAPEUTICS: Grants Retention Options to Employees, Execs WABNO HOSPITALITIES: Wins Interim Cash Collateral Access WIDEOPENWEST FINANCE: S&P Affirms 'B-' ICR, Outlook Negative ********* 1624 U STREET: Case Summary & 13 Unsecured Creditors ---------------------------------------------------- Debtor: 1624 U Street, LLC d/b/a El Secreto De Rosita TA Chi Cha Lounge 1624 U Street, NW Washington, DC 20009 Business Description: 1624 U Street, LLC, doing business as El Secreto De Rosita, operates a Peruvian and Latin American restaurant and bar in Washington, D.C. The company offers dine-in, takeout, delivery, private dining and catering services, with a menu that includes ceviche, lomo saltado, arroz chaufa, seafood dishes, brunch and dinner items. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00215 Judge: Hon. Elizabeth L. Gunn Debtor's Counsel: Craig M. Palik, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Fax: (301) 982-9450 E-mail: cpalik@mhlawyers.com Total Assets: $3,697,585 Total Liabilities: $2,341,034 The petition was signed by Alfredo M. Fraga as owner. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P74XLCA/1624_U_Street_LLC__dcbke-26-00215__0001.0.pdf?mcid=tGE4TAMA 1701 BINGLE: Gets Interim OK to Use Cash Collateral Until May 14 ---------------------------------------------------------------- 1701 Bingle, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through May 14 to pay operating expenses in accordance with an approved budget, subject to a variance of 15%. The Debtor must pay secured lenders -- Fair Road Properties, Landco Investments, Inc., Safra Properties, Inc., and Sheffield Properties -- each month before any operating expenses; only remaining funds may be used for other budgeted expenses. Excess funds may be used for other budgeted operating expenses only after secured lenders are paid. As protection, the lenders will be granted valid, perfected replacement liens on all current and future cash and cash collateral, with the same priority as their pre-bankruptcy liens. The interim order is available at https://is.gd/KXsotg from PacerMonitor.com. A final hearing is scheduled for May 15. 1701 Bingle owns income-generating real estate assets and relies on rental proceeds and related cash flows to sustain its business. Creditors including the secured lenders are expected to assert security interests in the Debtor's cash collateral, primarily arising from liens on the properties and assignments of rents. The total amount of claimed secured debt exceeds $1.31 million. The Debtor disputes the validity, extent, and enforceability of these liens and reserves the right to challenge them but acknowledges that these creditors may have priority claims to certain cash proceeds. The Debtor commits not to sell or dispose of collateral without court approval. About 1701 Bingle LLC 1701 Bingle, LLC is a limited liability company engaged in real estate ownership and property investment activities. 1701 Bingle sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32479) on April 9, 2026. In its petition, the Debtor reported assets of between $10 million and $50 million and liabilities of between $1 million and $10 million. Judge Jeffrey P. Norman handles the case. The Debtor is represented by Vicky M. Fealy, Esq. of Fealy Law Firm, PC. 1992 THIRD: Seeks to Hire Nossaman LLP as Litigation Counsel ------------------------------------------------------------ 1992 Third Realty LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Nossaman LLP to serve as special litigation counsel. Nossaman LLP will serve as special litigation counsel in connection with all legal issues and matters relating to the Litigation. The firm will receive compensation based upon the time expended to render such services, with hourly billing rates of $800, $590 and $390. The firm may also seek reimbursement of expenses including, but not limited to, appellate printing, photocopying, messenger services, overnight delivery services, postage, long distance telephone charges, stenographic services, expert and mediator fees, computerized legal research and filing fees. Nossaman requested a $10,000 professional retainer, which shall be applied as a credit toward post-petition fees and expenses upon court approval. Nossaman LLP is a "disinterested person" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Carol A. Sigmond, Esq. NOSSAMAN LLP 12 East 49th Street, 22nd Floor New York, NY 10017 Telephone: (212) 931-7250 E-mail: csigmond@nossaman.com About 1992 Third Realty LLC 1992 Third Realty LLC owns and leases a mixed-use property at 1992 Third Avenue in New York, NY, featuring 16 residential units and a single commercial unit, operating within the real estate sector. 1992 Third Realty LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10283) on February 12, 2026, listing $11,540,900 in assets and $4,536,741 in liabilities. The petition was signed by Courtney H. Kim as managing member. Judge Martin Glenn presides over the case. Douglas Pick, Esq. at PICK & ZABICKI LLP presides over the case. 307 COLLISION: Unsecureds to Get Share of Income for 3 Years ------------------------------------------------------------ 307 Collision Center, Inc., filed with the U.S. Bankruptcy Court for the District of Wyoming a Subchapter V Plan of Reorganization dated April 17, 2026. Since 2015 307 COLLISION has engaged in the business of automobile body repair, with its operations located in Casper, Wyoming. With the onset of the Covid 19 pandemic in 2020, Debtor's business suffered a significant decline in revenue. Although debtor was able to maintain its operations, it did so through an emergency disaster relief loan from the United States Small Business Administration (SBA) in 2021. In 2023 and 2024, debtor also obtained loans from various merchant cash advance lenders ("MCA Lenders"). Debtor's debt service payments became high compared to its gross revenue. The Debtor sought a voluntary workout through a debt relief company, but those efforts were only partially successful. In September 2025 ODK Capital LLC, doing business as OnDeck Lending, filed suit against the debtor in state court in Utah, ODK Capital LLC v. 307 Collision Cener, Inc., Case No. 259923680 (3rd Dist. Utah 2025) (the "ODK Capital Action"). In order to prevent the ODK Capital Action from resulting in a judgment that could force closure of the business, debtor sought bankruptcy protection under subchapter V of chapter 11 of the Bankruptcy Code. The Debtor seeks confirmation of this Plan pursuant to section 1191(a) of the Bankruptcy Code. With certain limited exceptions, the Plan proposes to pay creditors from its projected disposable income from operations to be received by 307 COLLISION in the 3-year period beginning on the Effective Date; provided, however, that secured creditor ODK Capital, LLC will be paid over a four-year period, secured creditor Ally Bank will be paid over a period of fifty-six months and the priority tax claim of the Wyoming Department of Revenue will be paid over a period of forty-eight months. Class 4 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees in writing to less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, each Allowed General Unsecured Claim, Class 4 Holders of Allowed General Unsecured Claims shall receive 307 COLLISION's Projected Disposable Income for a three-year period. This class includes otherwise secured creditors to the extent that their claims are undersecured, such as the unsecured portion of ODK Capital LLC's claim, Ally Bank's deficiency claim as well as the entire claims of the SBA, Samson and Simply Funding. 307 Collision will pay these creditors pro rata one hundred percent of its Projected Disposable Income, an aggregate payment of .16,164, or $449 per month. Class 4 Claims shall be paid on a Pro Rata basis in quarterly installments beginning on the 30th of the month following each calendar quarter after the Effective Date, provided, however, that for administrative convenience 307 COLLISION may, at its option, pay any single creditor whose total payments under this class over the life of the plan would be less than $750 on a lump sum basis within six months of the Effective Date. Class 4 is impaired. Class 5 includes the Equity Interests of 307 COLLISION, which interests are unimpaired by the Plan. Upon confirmation of the Plan, the sole member of 307 COLLISION, Joseph Anton, shall continue to maintain his identical ownership interests in 307 COLLISION. When the Plan provides for payment in quarterly installments, the installment payment shall be due thirty days after the last day of the prior quarter, unless otherwise specified in the Plan. The Reorganized Debtor shall make payments of its Projected Disposable Income to the Unsecured Creditor Account. The Reorganized Debtor shall then have a thirty-day grace period within which the payment must be received by the payee before the Reorganized Debtor shall be in default unless a longer period is specified elsewhere in the Plan. A full-text copy of the Subchapter V Plan dated April 17, 2026 is available at https://urlcurt.com/u?l=kp6ncv from PacerMonitor.com at no charge. Counsel to the Debtor: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Telephone: (307) 382-5565 Facsimile: (307) 382-5552 E-mail: clarkstith@yahoo.com About 307 Collision Center Inc. 307 Collision Center, Inc., has engaged in the business of automobile body repair, with its operations located in Casper, Wyoming since 2015. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 26-20025) on Jan. 21, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Cathleen D. Parker oversees the case. Clark Stith is Debtor's legal counsel. ABERCROMBIE & KENT: S&P Assigns 'B+' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating to luxury travel operator Abercrombie & Kent Travel Group (AKTG). S&P said, "At the same time, we assigned our 'BB-' issue-level rating and '2' recovery rating to the proposed senior unsecured facility. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery for lenders in the event of a payment default. "The stable outlook reflects our expectation that AKTG's advanced bookings and improving occupancy levels will support healthy revenue and EBITDA trends such that leverage declines to the high-4x area by the end of 2026. We also expect EBITDA interest coverage in the high-2x area through 2026." AKTG has a strong market position in luxury touring and ocean cruises. This stems from its brand and track record, good revenue visibility from long booking windows, and affluent customer base that's relatively resilient to economic cycles. The 'B+' rating reflects the company's strong brand recognition and niche position in the luxury travel segment, limited scale compared to peers, and operational susceptibility to macroeconomic and geopolitical risks. S&P also expect the company to maintain a disciplined financial policy, resulting in S&P Global Ratings-adjusted debt to EBITDA remaining below 5x, even with planned debt increases for future ship deliveries. The company operates under two segments: Journeys and Ocean Cruises. The Journeys segment consists of four adventure touring brands: Abercrombie & Kent, Cox & Kings, A&K Sanctuary, and Ecoventura. This segment currently contributes the majority of revenue and profitability, with margins in the low- to mid-teens percent area, which is in line with that of other travel agent peers. Meanwhile, the company's Ocean Cruise segment consists of its luxury-focused Crystal Cruise brand. This segment has a small scale in terms of ships and itineraries compared with large cruise operators. AKTG acquired the Crystal brand and two ships in 2022, refurbished the vessels, and re-launched the brand in 2023. This has resulted in Ocean Cruise margins being below those of established cruise peers, albeit expected to improve over time. The company plans to add three more newly built vessels to be delivered through 2034, which will meaningfully improve revenue and profitability diversification over time with expanded occupancy and itineraries. S&P said, "We expect S&P Global Ratings-adjusted gross leverage to improve to the high-4x area in 2026 and the mid-3x area in 2027 from 5.6x in 2025, supported by strong EBITDA growth. We expect EBITDA growth from positive secular trends in luxury travel, expanded itineraries, improved occupancy following the refurbishment of its existing two vessels, and technological enhancements to its platform. While a planned debt-funded vessel delivery beginning in 2028 will increase leverage back to the high-4x area, these investments are integral to AKTG's long-term growth strategy for additional passenger capacity. Excluding elevated capital expenditures for new vessels in 2026 and 2028, we expect the company to generate positive free cash flow. These vessels will be delivered in 2028, 2031, and 2034. Furthermore, we forecast EBITDA interest coverage of 3x-4x over the next 12-24 months. "Macroeconomic risks could impair AKTG's profitability recovery. According to S&P Global economists, the Middle East war, which has caused 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, though risks depend critically on the duration of the conflict, which could result in a broad-based global slowdown. We forecast 2.2% GDP growth for the U.S. in 2026, followed by an average of 1.9% in 2027–2029. Meanwhile in Europe, the Middle East war has disrupted the region's recovery, pushing up inflation and weighing on growth prospects. If the oil price shock proves more severe and longer lasting than our current baseline, inflation could top 5% in May/June, tipping the economy into a technical recession midyear." If economic conditions weaken from a prolonged energy shock, demand for luxury journeys and cruise bookings could decline due to stock market volatility hurting its affluent target customer demographic and leading them to reduce their discretionary spending on travel. Sustained higher fuel costs can also hurt profitability. This could slow leverage improvement, especially if costs remain elevated because of persistent inflation. In addition, an escalation in geopolitical conflicts could lead to increased cancellations for some itineraries if consumers avoid traveling to affected regions. Given AKTG's small scale, elevated cancellations from regional conflicts can affect its operating performance more significantly than that of larger, more diversified peers in the travel industry. Still, AKTG's long booking window provides good revenue visibility, and its more affluent customers might be less affected by a weaker macroeconomic backdrop than other customer segments. AKTG is susceptible to geopolitical risks. The company operates tours in geographic regions including the Middle East, Sub Saharan Africa, and developing Asia that may be at greater risk of facing challenged business conditions due to political turmoil, armed conflict, health scares, safety concerns, etc. Traveler demand can diminish significantly for regions that are viewed as unsafe or unstable. Somewhat mitigating this risk is the company's geographic diversification, which also includes the world's largest network of destination management companies, and the propensity of consumers to shift demand away from troubled regions rather than cancelling travel altogether. The AKTG journeys destination portfolio is well diversified across 100 countries, with the Asia, Sub-Saharan Africa, Europe, and the Americas regions each contributing about 20%. Less likely, but far more damaging to the company's operations, would be a global event similar to the COVID-19 pandemic or 9/11 terrorist attacks. The aftermath of an unpredictable event of this nature could stymie leisure travel for years, particularly in the less-developed regions in which AKTG operates. AKTG is subject to the cyclicality of the leisure industry. As a travel operator, AKTG is subject to the high degree of cyclicality in the leisure industry. Healthy consumer discretionary spending for travel is predicated on a strong macroeconomic backdrop, and consumers can easily defer or diminish travel spending. Potentially mitigating this risk factor is AKTG's strategy of targeting high- and ultra-high net worth consumers, who may make spending decisions that are less dependent on macroeconomic conditions. In addition, the company is currently asset light and has a highly variable-cost structure with significant performance visibility from long booking lead times. This should allow it to more easily navigate temporarily weakened customer demand. However, as the company's business mix shifts more toward ocean cruise itineraries over the short to medium term, S&P believes its operating efficiency is limited by the capital-intensive nature of its vessels and fixed operating costs. Although the company has some flexibility to adjust its cost structure in response to weaker demand, a significant and prolonged deterioration in business conditions would likely exert downward pressure on the rating. Over 70% of Journeys' revenues are derived from products priced with a cost-plus model, which helps to mitigate cash-flow volatility. AKTG's strong brand, wealthy and loyal customer base, and long track record provide competitive advantages. Its strong brand in the luxury leisure space provides a competitive advantage over its peers. The company's brand equity can be leveraged to target high- and ultra-high net worth consumers in the U.S., U.K., and other wealthy markets, who have historically exhibited strong loyalty to AKTG, as demonstrated through high rates of repeat booking. The company began offering tours in Kenya in 1962 and has demonstrated a long track record of operating a variety of tours all over the globe in the years since. S&P believes AKTG's track record is vital to its success given the high and ultra-high net worth customers it targets and provides an advantage over less-pedigreed competitors. In the event AKTG's brand was damaged by adverse publicity due to a mishap on one of its tours, S&P believes that its competitive advantage would be severely affected. S&P said, "The stable outlook reflects our expectation that AKTG's advanced bookings and improving occupancy levels will support healthy revenue and EBITDA trends such that leverage declines to the high-4x area by the end of 2026. We also expect EBITDA interest coverage in the high-2x area through 2026. "We could lower our rating on AKTG if adjusted debt to EBITDA exceeds 5x or EBITDA interest coverage declines to less than 2x. This could occur if the company underperforms our base-case assumptions due to a material pullback in consumer spending and demand for luxury travel due to a macroeconomic slowdown or escalating geopolitical conflicts, increased competitive pressures, or additional leveraging transactions. "We could raise our rating on AKTG if we believe its revenue and EBITDA will support sustained S&P Global Ratings-adjusted leverage of less than 4x, after incorporating its future ship deliveries and other possible growth investments. This could occur if AKTG is able to achieve further occupancy improvement and profitability growth than we assume in our base-case forecast." ALLSTAR PROPERTIES: To Employ Iron Auction Group as Vehicle Broker ------------------------------------------------------------------ Allstar Properties, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Iron Auction Group, LLC as a broker to sell certain vehicles owned by the Debtor. Iron Auction Group, LLC will provide these services: (a) sell certain vehicles owned by ASP; (b) serve as a broker to sell the Vehicles; (c) market for sale the Vehicles for private sale; and (d) possibly testify at any hearing to approve the sale of the Vehicles, including testifying as an expert at any deposition, hearing or trial. Iron Auction Group, LLC will receive $125 per hour for Samuel V. Ingram, including preparation time, and 10% of the proceeds of the sale as a commission. The commission shall be payable only after notice and an opportunity to object following each Notice of Vehicle by Private Sale, and subject to Court approval. Iron Auction Group, LLC is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings, as it has no connection with the Debtor, creditors, or other parties in interest and does not hold interests adverse to the Estate, except for prior work with affiliates. The firm can be reached at: Samuel V. Ingram IRON AUCTION GROUP, LLC 669 Marina Drive Charleston, SC 29492 About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. ANOINTED TOUCH: Taps Madisons Accounting as Accountant ------------------------------------------------------ Anointed Touch Residential Services LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Madisons Accounting and Tax Service LLC to serve as accountant. The firm will provide these services: (a) account review; (b) amended return review; (c) preparation and filing, if necessary, to Debtor's 2023 and 2024 Federal and State income tax returns; (d) preparation of Debtor's 2025 Federal and State income tax returns and all supporting forms and schedules; and (e) preparation of future Federal and State income tax returns coming due during the duration of this case. Madisons Accounting and Tax Service will be paid no more than $5,400 for its services. Madisons Accounting and Tax Service LLC is a "disinterested person" and does not have an adverse relationship to this case, according to court filings. The firm can be reached at: Madisons Accounting and Tax Service LLC 415 Armour Dr NE Suite 3302 Atlanta, GA 30324 Telephone: (470) 665-5303 About Anointed Touch Residential Services LLC Anointed Touch Residential Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-00922) on February 24, 2026. In the petition signed by Ayries Nachelle Bledsoe, sole member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge James M. Carr oversees the case. Jacob Troxell, Esq., at Allen Wellman Harvey Keyes Cooley, LLP, represents the Debtor as legal counsel. ARBORICULTURAL SOLUTIONS: To Hire Bachecki Crom as Accountant ------------------------------------------------------------- Arboricultural Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Bachecki, Crom & Co., LLP to serve as accountant. The firm will provide these services: (a) prepare monthly operating reports; (b) prepare and file tax returns; (c) perform tax analysis; (d) analyze tax claims filed in this case; (e) analyze the tax impact of potential transactions; (f) serve as Debtor's general accountant; and (g) consult with the Debtor and the Debtor's counsel. Bachecki, Crom & Co., LLP will receive these hourly rates: $425 to $650 for Partners & Senior Advisor; $375 to $490 for Senior Accountant; and $140 to $370 for Junior Accountant. Bachecki, Crom & Co., LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor, according to court filings. The firm can be reached at: Bachecki, Crom & Co., LLP 400 Oyster Point Blvd #106, South San Francisco, CA 94080 Telephone: (415) 398-3534 About Arboricultural Solutions, Inc. Arboricultural Solutions, Inc. dba Signature Tree Solutions, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Cal. Case No. 26-10066) on Feb 04, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge William J. Lafferty oversees the case. The Debtor hires David Nyle Chandler P.C. as counsel. ARMAAN TRUCKING: Unsecureds to Get $3K per Month over 5 Years ------------------------------------------------------------- Armaan Trucking LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated April 17, 2026. The Debtor operates a trucking business in North Texas. The primary cause for the filing of this bankruptcy case was a lack of cash flow attributable to industry wide challenges within the trucking and transportation sector. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of Non-priority unsecured claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by the Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $3,000.00 per month commencing the first full month after the effective date. Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed five years (20 quarterly payments) and the first quarterly payment will be due on the 20th day of each complete pot-petition quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims, including deficiency claims of $275,202.62, is approximately $310,000.00 based upon the Debtor's review of the Court's claim register, the Debtor's bankruptcy schedules, and anticipated deficiency claims and claim objections. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated April 17, 2026 is available at https://urlcurt.com/u?l=UfDDql from PacerMonitor.com at no charge. Counsel to the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco-Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About Armaan Trucking LLC Armaan Trucking, LLC operates as a trucking and freight transportation company in Fort Worth, Texas, serving commercial clients. Armaan Trucking filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-40229) on January 17, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Robert Thomas DeMarco, Esq. ART-OF-FORM ARCHITECTS: Retains Maltz Auctions Inc. as Broker ------------------------------------------------------------- Art-of-Form Architects, P.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Maltz Auctions Inc. as broker. The firm will provide these services: (a) create a marketing program for the Real Property that may include, but not be limited to, direct telephone solicitation; direct mail solicitation; distribution of informational brochures; placement of signs directing phone inquiries to maltz; web-based advertising on www.maltzauctions.com; direct e-mail notifications; social media marketing; web-based advertising on auction and real estate websites; and print advertising in publications deemed appropriate; (b) provide interested buyers with a due diligence package ; (c) prepare marketing brochures and other similar sales materials; (d) (i) consult with the Debtor on strategy and tactics; (ii) identify, contact, screen, and introduce prospective purchasers; (iii) draft and convey information to prospective purchasers; (iv) coordinate bidding procedures; (v) supervise and/or participate in due diligence investigations; and (vi) negotiate on behalf of the Debtor; and (e) utilize marketing and labor budget and prepare advertisements, signs, brochures, mailing lists, and mailings. Maltz Auctions Inc. will receive a 5% percent buyer's premium on the high bid as its sole compensation, and a reduced 2% percent buyer's premium applies if DD Notes LLC is the successful bidder. Maltz Auctions Inc. 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: Maltz Auctions Inc. 39 Windsor Place Central Islip, NY 11722 About Art-Of-Form Architects, P.C. Art-Of-Form Architects, P.C., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 8-24-71703-ast) on May 2, 2024, disclosing under $1 million in both assets and liabilities. Judge Alan S. Trust presides over the case. The Debtor is represented by Macco & Corey, P.C. ARTELLA SOLUTIONS: Court Extends Cash Collateral Access to May 15 ----------------------------------------------------------------- Artella Solutions, Inc. received third interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. Under the third interim order, the Debtor is permitted to use cash collateral in line with an approved budget, subject to a 10% variance, on a rolling basis until the final hearing. The use of funds must also remain consistent with the terms of a separate DIP financing order with Pulse Layer, Inc., and in case of conflict, the DIP order governs. The Debtor projects total operational expenses of $169,453 for week 1; $254,262 for week 2; $163,711 for week 3; and $153,525 for week 4. As adequate protection, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on post-petition assets, maintaining their pre-petition priority. However, these liens are subordinate to the DIP lender's senior liens, and certain assets such as avoidance actions and DIP collateral are excluded from the replacement liens. The order also requires the Debtor to remain current on taxes, maintain insurance, and file monthly operating reports. All creditor rights are preserved, including the ability to seek modifications or object to improper use of funds. A final hearing is scheduled for May 15. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/RhSBI from PacerMonitor.com. About Artella Solutions Inc. Artella Solutions, Inc provides remote patient monitoring solutions focused on cardiac rhythm management. It is a Texas corporation and a wholly owned subsidiary of CorMedica Group, Inc. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31092) on February 19, 2026). In the petition signed by Patrick Magill, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Melissa A. Haselden, Esq., at Haselden Farrow, PLLC, represents the Debtor as legal counsel. ARTIFICIAL INTELLIGENCE: Subsidiary RAD Receives 16-Unit ROSA Order ------------------------------------------------------------------- Artificial Intelligence Technology Solutions Inc. said April 24, 2026, that subsidiary Robotic Assistance Devices received an order for 16 ROSA units for three construction sites in the Southeastern United States. The order, placed by a new direct client, is expected to add about $13,500 in monthly recurring revenue and $162,000 in annual recurring revenue once fully deployed. Each ROSA unit will be licensed with SARA, the company's Speaking Autonomous Responsive Agent. RAD said the systems are designed to provide continuous monitoring, immediate engagement and documented activity at construction sites. Troy McCanna, chief revenue officer and chief security officer at RAD, said construction remains one of the company's most active markets because projects often require coverage across large and changing sites. Steve Reinharz, CEO, CTO and founder of AITX and RAD, said the order reflects the company's focus on recurring revenue growth through multiunit deployments. ROSA is a compact, self-contained security and communication device that can be installed and activated in about 15 minutes, according to the company. Its features include human, firearm and vehicle detection, license plate recognition, responsive digital signage, audio messaging, two-way communication and integration with RAD's software suite. About Artificial Intelligence Technology Artificial Intelligence Technology Solutions Inc. develops artificial intelligence-based security, automation and operational workflow systems through its subsidiaries, including Robotic Assistance Devices Inc. The company is based in Detroit, Michigan, and serves industries including enterprise, government, transportation, critical infrastructure, education and health care. In a May 29, 2025 audit report, LJ Soldinger Associates, LLC included a going-concern qualification after noting that the Company reported about $12.2 million in negative operating cash flow, an accumulated deficit of about $156.5 million and negative working capital of about $2.5 million as of and for the year ended Feb. 28, 2025, conditions that raised substantial doubt about the Company's ability to continue operating. As of Sept. 30, 2025, the Company had $9.63 million in total assets, $58.33 million in total liabilities, $876,968 in series B convertible, redeemable preferred stock, and a total stockholders' deficit of $49.58 million. For the nine months ended Nov. 30, 2025, the Company used $7.45 million in cash for operating activities. As of that date, it had an accumulated deficit of $165.1 million and a working capital deficit of $14.0 million. Management said it does not expect the Company to generate positive operating cash flow in the near term. ASSET ROOFING: Wins Final Cash Collateral Access ------------------------------------------------ The United States Bankruptcy Court for the Eastern District of Washington granted Asset Roofing Company, LLC authorization to use cash collateral on a final basis. Under the final order, the Debtor is permitted to use cash collateral strictly in accordance with an approved budget, with limited flexibility. It may exceed individual budget line items by up to 15% and overall expenditures by up to 10%. Any use outside the budget or Bankruptcy Code is prohibited unless further court approval is obtained. The budget may also be amended with lender and U.S. Trustee consent or by court order. As adequate protection, the secured lender will be granted replacement liens on post-petition assets, maintaining the same priority as prepetition liens, excluding avoidance actions. These liens are automatically perfected without further filings and are limited to the extent of cash collateral used or any decline in collateral value. The Debtor must also maintain insurance on its assets and provide monthly financial reports, including profit and loss statements and accounts receivable aging reports. Additionally, the Debtor must make monthly adequate protection payments of $4,000. A carveout protects payment of professional fees and U.S. Trustee fees. The order preserves the secured lender's rights and remedies, binds all parties, and remains effective immediately upon entry, with the Court retaining jurisdiction over all related matters. About Asset Roofing Company, LLC Asset Roofing Company, LLC, doing business as Asset Roofing and Gutters, installs, repairs, replaces, and maintains roofs for residential, commercial, and multi-family properties in Snohomish, Washington, and nearby areas in Washington state. It also provides gutter installation, roof and attic inspections, roof certification services, and maintenance plans for landlords and property managers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00489) on March 19, 2026. In the petition signed by Anthony Langdon, chief executive officer, the Debtor disclosed $313,384 in total assets and $4,385,280 in total liabilities. Jason Wax, Esq., at BUSH KORNFELD LLP, represents the Debtor as legal counsel. BELL ROAD: Seeks Approval to Hire McClain Law Group as Counsel -------------------------------------------------------------- Bell Road Self Storage, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire McClain Law Group, PLLC to serve as legal counsel. The firm will provide these services: (a) give legal advice with respect to Debtor's powers and duties as debtor in possession in the continued operations and management of her property; (b) take all necessary action to protect and preserve Debtor's estate, including the prosecution of actions on behalf of Debtor, the defense of any actions commenced against Debtor, negotiations concerning all litigation in which Debtor is involved, if any, and objecting to claims filed against Debtor's estate; (c) prepare on behalf of Debtor, as debtor in possession, all necessary motions, answers, orders, reports and other legal papers in connection with the administration of Debtor's estate herein; and (d) perform any and all other legal services for Debtor, as debtor in possession, in connection with this Chapter 11 case and the formulation and implementation of Debtor's Chapter 11 Plan. McClain Law Group, PLLC received a retainer in the sum of $7,863.00 as a pre-petition retainer. Of the $7,863.00 received, $1,738.00 has been utilized for the Chapter 11 filing fee, $2,030.00 has been applied to prepetition attorney fees incurred in preparation for filing the case, and the balance of $4,095.00 is being held in trust to apply to fees anticipated to be incurred in the future. No promises have been received regarding compensation other than in accordance with the provisions of the Bankruptcy Code, and there is no agreement to share compensation. McClain Law Group, PLLC is a "disinterested person" as defined by Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael W. McClain, Esq. MCCLAIN LAW GROUP, PLLC 6008 Brownsboro Boulevard, Ste. G Louisville, KY 40207 Telephone: (502) 589-1004 Facsimile: (888) 210-0145 E-mail: mmcclain@mcclainlawgroup.com About Bell Road Self Storage, LLC Bell Road Self Storage, LLC is a single-asset real estate company whose primary asset consists of property located at 1488 Bell Road, Nashville, TN 37211, with an estimated value of $7.23 million. Bell Road Self Storage sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 1:26-bk-10377) on April 23, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. McClain Law Group, PLLC is Debtor's legal counsel. BIO-KEY INTERNATIONAL: Holders Approve Reverse Stock Split Plan --------------------------------------------------------------- BIO-key International Inc. stockholders approved a proposal April 20 allowing the company's board to pursue a reverse stock split at a ratio between 1-for-2 and 1-for-10, according to a filing with the Securities and Exchange Commission. The proposal gives the board discretion to decide whether to proceed with the reverse split, as well as the final ratio and timing, no later than May 6, 2026. Stockholders voted 4,209,160 shares in favor of the proposal, 1,361,166 against and 30,366 abstained. There were no broker non-votes. The Holmdel, New Jersey-based company said 10,849,618 shares of common stock were outstanding and entitled to vote as of the March 9 record date. Holders of 5,600,692 shares, representing 51.62% of outstanding common stock, attended in person or by proxy, establishing a quorum. About BIO-key International BIO-key International Inc. is an identity and access management company based in Holmdel, New Jersey. The company provides multi-factor authentication, identity-as-a-service, biometric authentication, mobile authentication and fingerprint scanner hardware for enterprise, education and government customers. Its products include PortalGuard, PortalGuard Identity-as-a-Service, WEB-key and MobileAuth. BIO-key's auditor, Bush & Associates CPA LLC, issued a going concern qualification in an April 23, 2025, audit report. The auditor cited substantial net losses, negative operating cash flows in recent years and the company's dependence on debt and equity financing to fund operations. As of Sept. 30, 2025, BIO-key reported $10.11 million in total assets, $4.07 million in total liabilities and $6.05 million in total stockholders' equity. BLIZE HEALTHCARE: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Blize Healthcare California, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to fund operations through the confirmation of its Chapter 11 plan of reorganization. As protection, the pre-bankruptcy liens on cash collateral held by the U.S. Small Business Administration will attach to the receivables that the Debtor collects during the pendency of its bankruptcy case. SBA will also continue to receive a monthly payment of $10,000 as additional protection. The final order is available at https://is.gd/ZRdxEW from PacerMonitor.com. Blize needs continuous access to cash collateral to sustain staffing, cover essential expenses, and preserve estate value. Since filing for Chapter 11 protection on Dec. 18, 2025, the Debtor has been operating under three interim cash collateral orders, with the latest authorizing access through April 24. SBA, the primary secured creditor, has an estimated claim of $2.13 million, secured by a UCC filing and interests in the Debtor's assets, including accounts receivable and other business-related property. Operationally, the Debtor reports relatively stable performance during the bankruptcy case, serving approximately 160 patients and generating monthly revenue sufficient to support ongoing operations. Recent monthly operating reports show significant receivables and positive net income, and a patient care ombudsman has confirmed that patient care meets applicable standards. The Debtor leases multiple facilities in California and uses cash collateral to fund its operations. About Blize Healthcare California Inc. Blize Healthcare California, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-42377) on December 18, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. The petition was signed by Ukeje Elendu as chief executive officer. Judge William J. Lafferty oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. BOUND LOGISTICS: Deadline for Panel Questionnaires Set for May 4 ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Bound Logistics, LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/4shbx55y and return by email it to Tina L. Oppelt -- Tina.L.Oppelt@usdoj.gov –- at the Office of the United States Trustee so that it is received no later than May 4, 2026 at 5:00 p.m. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Bound Logistics Bound Logistics, LLC operates as an asset-based trucking and logistics company in Union, New Jersey, providing intermodal drayage and container transportation services between port terminals and inland destinations, primarily serving the New York and New Jersey port region. Bound Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Coode (Bankr. D. N.J., Case No. 26-14399) on April 22, 2026. In its petition, the Debtor reported estimated assets between $1 million to $10 million and estimated liabilities between $1 million to $10 million. The petitions were signed by Nathan Halberstam as authorized representative of the Debtor. The Debtor is represented by Scura Wigfield, Hyer, Stevens & Cammarota LLP. BROWNIE'S MARINE: 2025 Net Loss Narrows to $105K ------------------------------------------------ Brownie's Marine Group, Inc. reported a net loss of $105,149 on $7.52 million in total net revenues for the year ended Dec. 31, 2025, compared with a net loss of $240,599 on $8.17 million in total net revenues a year earlier, according to a Form 10-K filed with the Securities and Exchange Commission. The Davie, Florida-based marine technology company had $5.22 million in total assets, $3.29 million in total liabilities and $1.93 million in total stockholders' equity as of Dec. 31, 2025, the filing showed. Brownie's Marine had cash of $307,886 at year-end and a working capital surplus of $579,074. The company also reported an accumulated deficit of $18.03 million as of Dec. 31, 2025. Bush and Associates CPA LLC issued a "going concern" qualification in its audit report dated April 10, 2026. The auditor cited the company's net loss, cash used in operating activities of approximately $109,794 for the year and accumulated deficit as factors that raise substantial doubt about the company's ability to continue as a going concern. Brownie's Marine said that if it is unable to raise additional funds when needed, or does not have sufficient cash flows from sales, it may be required to scale back, delay or cease operations, liquidate assets and possibly seek bankruptcy protection. The company added it is continuing discussions with potential sources for additional capital, but its ability to raise capital is somewhat limited by its revenue levels, net losses and limited market for its common stock. The company said net cash used in operating activities for 2025 was primarily the result of a net loss of $105,148, an increase in amortization of right-of-use asset of $428,685, a decrease in accounts payable and accrued liabilities of $135,322, an increase in accounts receivable of $118,171, and an increase in prepaid expenses and other current assets of $284,785. Brownie's Marine reported no cash used in investing activities and no cash provided by financing activities for the year. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1166708/000149315226016204/form10-k.htm About Brownie's Marine Group, Inc. Brownie's Marine Group, Inc., headquartered in Davie, Florida, is a marine technology company that wholly owns and operates five subsidiaries focused on portable air, underwater breathing, safety and marine technologies. The company serves recreational, professional, safety, industrial and government-adjacent markets. BUMBLE INC: S&P Withdraws 'B+' Issuer Credit Rating --------------------------------------------------- S&P Global Ratings withdrew its ratings on Bumble Inc., including the 'B+' issuer credit rating and 'B+' issue-level ratings. The company requested the withdrawal following the full repayment of its term loan B. At the time of the withdrawal, its outlook on the company was stable. CBCG ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: CBCG Enterprises, Inc. DBA A Racers Edge 114 Lincoln Avenue Breckenridge, CO 80424 Business Description: CBCG Enterprises, Inc., doing business as A Racer's Edge, operates a ski and recreational sports retail business in Breckenridge, Colorado. The company sells and services ski equipment, including skis, boots, custom insoles, race gear and ski-tuning products, serving recreational, big mountain and alpine racing customers. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-12854 Judge: Hon. Thomas B Mcnamara Debtor's Counsel: K. Jamie Buechler, Esq. BUECHLER LAW OFFICE, LLC 10901 W 120th Avenue, Suite 130 Broomfield, CO 80021 Tel: (720) 381-0045 E-mail: jamie@kjblawoffice.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Charles R. Ginsburg III as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TQLJQYY/CBCG_Enterprises_Inc__cobke-26-12854__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TLMVEOY/CBCG_Enterprises_Inc__cobke-26-12854__0001.0.pdf?mcid=tGE4TAMA CHRISTMAN CABLE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Christman Cable, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, Waco Division, to use cash collateral. The court authorized the Debtor to use cash collateral including cash on hand and accounts receivable to pay the expenses set forth in its budget pending the final hearing on May 12. It also authorized payment of $18,720.80 in insurance from cash collateral, subject to objections to be addressed at the final hearing. The Debtor's preliminary budget covers the period from mid-April through June, projecting revenues of $50,000 in April, $120,000 in May, and $130,000 in June. As protection for any diminution in the value of their collateral, creditors with an interest in cash collateral will be granted replacement liens, with the same validity, priority and extent as their pre-petition liens. The order is available at https://is.gd/oLaaiZ from PacerMonitor.com. Christman Cable's primary cash collateral consists of cash and accounts receivable totaling $102,388, with secured creditors holding priority liens in the following order: First United Bank and Trust Co., Global Merchant Cash, Inc., and FundFi Merchant Funding, LLC. Although the Debtor owns additional assets such as vehicles, tools, and equipment, those do not constitute cash collateral. The Debtor's financial distress arose in part from its reliance on merchant cash advance financing in 2025, which it ultimately could not repay. As a result, MCA lenders filed UCC notices directly with the Debtor's customers, disrupting revenue streams and significantly impairing cash flow. About Christman Cable Inc. Christman Cable, Inc., based in Belton, Texas, is a construction contractor specializing in communications cabling and underground utility services, including fiber optic and network infrastructure installation. Founded in 2013, the company serves projects in Central Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-60352) on April 17, 2026. In the petition signed by James Christman, president, the Debtor disclosed $1,086,137 in total assets and $1,882,381 in total liabilities. Judge Michael M. Parker oversees the case. The Debtor is represented by: David Alford, Esq. Pakis Giotes Burleson & Deaconson, P.C. P.O. Box 58 Waco, TX 76703-0058 alford@pakislaw.com CITIUS PHARMACEUTICALS: Closes $5 Million Direct Offering --------------------------------------------------------- Citius Pharmaceuticals Inc. closed its previously announced registered direct offering of common stock and warrants, raising about $5 million in gross proceeds, the company said in a filing with the Securities and Exchange Commission. The Cranford, New Jersey-based biopharmaceutical company said it sold 5,076,143 shares of common stock, or pre-funded warrants in lieu of shares, at 98.5 cents each. The offering was priced at-the-market under Nasdaq rules. In a concurrent private placement, Citius issued unregistered warrants to buy up to 5,076,143 shares of common stock at an exercise price of 86 cents a share. The warrants are exercisable immediately and expire five years after the effective date of a registration statement covering the shares issuable upon exercise. H.C. Wainwright & Co. acted as the exclusive placement agent. Citius said it plans to use net proceeds to support the commercial launch of LYMPHIR, including milestone, regulatory and other payments, development initiatives for its product candidates and general corporate purposes. About Citius Pharmaceuticals Inc. Citius Pharmaceuticals Inc. is a Cranford, New Jersey-based biopharmaceutical company focused on developing and commercializing critical care products. The company owns about 71% of Citius Oncology. Its products and candidates include LYMPHIR, Mino-Lok and CITI-002, also known as Halo-Lido. The company's auditor, Wolf & Company P.C., issued a going concern qualification in its Dec. 23, 2025, audit report, citing recurring losses and a working capital deficit as of Sept. 30, 2025. Citius reported a net loss of $39.74 million in 2025, compared with a net loss of $39.43 million in 2024. As of Dec. 31, 2025, the company had $140.39 million in total assets, $46.92 million in total liabilities and $93.47 million in total equity. The company said its available cash resources are expected to fund operations through May 2026. CLEARWATER PAPER: Moody's Cuts CFR to B1, Outlook Negative ---------------------------------------------------------- Moody's Ratings downgraded Clearwater Paper Corporation's (Clearwater) corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD, and senior unsecured notes rating to B3 from B1. The company's speculative grade liquidity rating (SGL) was downgraded to SGL-3 from SGL-2. The outlook remains negative. The downgrade reflects Clearwater's weak credit metrics and delayed recovery profile, driven by sustained oversupply in the solid bleached sulphate (SBS) market that has reset pricing fundamentals and weakened earnings visibility. Clearwater's concentrated exposure to a single substrate and lack of downstream integration further limit its ability to adapt to these structural market changes. RATINGS RATIONALE Clearwater's B1 CFR is constrained by: (1) its relatively small revenue base; (2) product concentration to the high-end consumer paperboard packaging market; (3) currently oversupplied solid bleached sulphate (SBS) market; (4) significant financial exposure to market downtime and maintenance outages that can cause increased volatility in financial leverage; and (5) vulnerability to significantly larger, forward integrated and financially stronger competitors in paperboard packaging. The company's rating benefits from: (1) good North American market position in high-end consumer paperboard packaging; (2) relatively stable end market demand for paperboard packaging; and (3) efficient backward-integrated paperboard operations. Clearwater has adequate liquidity (SGL-3) with about $460 million of liquidity sources, compared to no uses. Sources include $31 million of cash in December 2025, $143 million availability on a $211 million borrowing base under the company's $375 million ABL facility expiring in November 2027, full availability under the $264.6 million farm credit revolver (subject to 2% annual reduction in commitments; expiring May 2029) and about $20 million of positive free cash flow (negative without working capital release) in 2026. The company is subject to a springing fixed charge covenant of 1.1:1 if the ABL revolver availability falls below the greater of 10% of the line cap or $25 million. Moody's do not expect it to be applicable over the next 4 quarters, but the company doesn't have enough cushion if the covenant triggers. The B3 rating on Clearwater's $275 million senior unsecured notes is two notches below the CFR, reflecting the note holders' subordinate position to the $375 million asset based revolving credit facility and the $264.6 million farm credit revolving credit facility. The negative outlook reflects Moody's expectations that operating performance and credit metrics could remain weak for a sustained period as a result of poor pricing environment in an oversupplied SBS market. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company is able to grow its market position or diversity into additional product lines such that operating performance is more resilient, adjusted debt to EBITDA is sustained below 3x, and retained cash flow to adjusted net debt is sustained above 15%. The ratings could be downgraded if the company's operational performance deteriorates significantly such that retained cash flow to adjusted net debt is sustained below 10%, adjusted debt to EBITDA are sustained above 4x, or liquidity weakens materially. Headquartered in Spokane, Washington, Clearwater is a mid-size North American non-forward integrated producer of bleached paperboard. The principal methodology used in these ratings was Paper and Forest Products 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. CLEVELAND-CLIFFS INC: Moody's Cuts CFR to B1, Outlook Stable ------------------------------------------------------------ Moody's Ratings downgraded Cleveland-Cliffs Inc.'s ("Cliffs") Corporate Family Rating to B1 from Ba2, its Probability of Default Rating to B1-PD from Ba2-PD, its guaranteed senior unsecured notes rating to B2 from Ba3 and its senior unsecured notes rating to B3 from B1. Cliffs Speculative Grade Liquidity Rating (SGL) was downgraded to SGL-3 from SGL-2. Its outlook was changed to stable from negative. "The downgrade of Cleveland-Cliffs ratings reflects the expectation its credit metrics will remain weak for its rating even as its earnings recover from depressed levels. This is due to its very high debt load resulting from the debt funded acquisition of Stelco Inc. without the expected earnings contribution" said Michael Corelli, Moody's Ratings' Senior Vice President and lead analyst for Cleveland-Cliffs Inc. Governance considerations under Moody's ESG framework, specifically financial strategy and risk management and management track record, were key drivers of this rating action. Moody's have changed Cliffs credit impact score to CIS-4 from CIS-3, its governance issuer profile score to G-4 from G-3 and the scores for financial strategy and risk management and management track record to 4 from 3. RATINGS RATIONALE Cleveland-Cliffs' rating is supported by its large scale and strong market position as the largest flat rolled steel producer in North America and its contract position, particularly with the automotive industry, which provides a good earnings base. The rating also reflects the benefits of its position as an integrated steel producer from necessary raw materials through the steel making and finishing processes. The company has a strong position in the North American iron ore markets, and its HBI facility, scrap processing capabilities and the addition of Stelco's coke production enhances its vertical integration in raw materials and enables it to have lower carbon emissions than other global integrated steel producers. Nevertheless, Cliffs' rating is constrained by the mostly debt funded acquisition of Stelco shortly before its operating results materially weakened, which along with the company's recent weak operating performance, has resulted in very weak near-term credit metrics for its rating. Moody's expects the company will achieve a significantly improved operating performance in 2026 and will use proceeds from asset sales to pay down debt, but its credit metrics will remain somewhat weak for the B1 rating. Cliffs' rating also incorporates the carbon transition risks related to iron ore and coal mining, coke making and its reliance on the higher emitting and higher cost legacy blast furnace and basic oxygen furnace steelmaking process. Cliffs' rating also reflects its exposure to cyclical end markets and volatile iron ore and steel prices. Cliffs operating performance materially weakened for the fourth consecutive year in 2025 as domestic steel prices softened, demand ebbed and the spread between domestic hot rolled coil and Brazilian slab prices widened resulting in material losses on its five-year contract to supply slabs from Indiana Harbor to ArcelorMittal (Baa2 stable). As a result, Cliffs generated adjusted EBITDA of only $43 million in 2025 versus $641 million in 2024 and about $2.0 billion in 2023. The company consumed about $1.0 billion in cash due to very weak earnings but managed to keep its debt level stable as it paid down debt with around $950 million in proceeds from a secondary stock offering in October 2025. Nevertheless, its credit metrics remained very weak. Moody's anticipates Cliffs adjusted EBITDA could rise to around $1.25 billion - $1.5 billion in 2026 supported by 1) the recent idling of loss making operations which the company anticipates will increase annual earnings by about $300 million 2) the expiration of its slab contract with ArcelorMittal which is expected to increase earnings by around $500 million assuming these tons are resold at current market prices 3) increased domestic auto production which could increase earnings by $250 million - $500 million 4) lower coal costs and cost cutting initiatives and 5) the pass through of higher steel prices which should continue to be supported by reduced imports. There is also the potential for improved industrial demand and construction activity as spending ramps up related to increased power and data center demand and infrastructure and carbon transition related investments that are being funded by the Infrastructure Investment and Jobs Act, the CHIPS Act and the Inflation Reduction Act. Nevertheless, higher energy prices could weigh on economic activity and will result in higher diesel costs for Cliffs' mine equipment and increased freight costs, and steel price increases may be tempered by more intense competitive pressures from recent and ongoing significant capacity additions. Cliffs' ability to generate free cash flow will be contingent on its success in selling idled assets as Moody's do not expect free cash flow from its operations due to its high interest costs, required capital investments and pension and OPEB contributions. Therefore, Moody's anticipates its credit metrics will be somewhat weak for the B1 rating with a leverage ratio (Debt/EBITDA) in the range of 5.0x-6.0x. However, the company estimates it could generate more than $300 million from asset sales and would use the proceeds to pay down debt. It also continues to negotiate with POSCO (Baa1 negative) on a strategic investment in Cliffs but the deadline for this negotiation has been extended multiple times and the outcome remains uncertain. Cliffs rating could face further downside pressure absent continued earnings growth or material debt reduction. Cliffs Speculative Grade Liquidity Rating of SGL-3 reflects the company's adequate liquidity profile. The company had $45 million of cash and $3.1 billion of availability on its unrated $4.75 billion asset-based lending facility (ABL) as of March 2026. This facility had $959 million of borrowings and $48 million of letter of credit obligations. The available borrowing base was $4.1 billion due to the level of eligible accounts receivable, inventory and certain mobile equipment. The B2 rating on Cliffs senior unsecured guaranteed notes reflects their position in the capital structure relative to its unrated $4.75 billion ABL which is ranked ahead of the notes, and the company's sizeable unsecured debt and underfunded pension liabilities. The senior unsecured guaranteed notes still benefit from a more favorable position relative to the senior unsecured notes whose B3 rating reflects their junior position in the capital structure. The stable rating outlook incorporates Moody's expectations that Cliffs operating performance and credit metrics will materially strengthen over the next 12-18 months and become more in line with the current ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Cliffs' ratings could be considered for an upgrade if steel prices and profit margins are sustained above historical averages and the company demonstrates a clearly defined and more conservative financial policy and pursues further debt reduction. Quantitatively, if Cliffs sustains a leverage ratio of no more than 4.0x and retained cash flow in excess of 15% of its net debt through varying steel price points, then its ratings could be positively impacted. Cliffs' ratings could be downgraded if it does not materially pay down debt and its leverage ratio is sustained above 5.0x or retained cash flow below 10% of its net debt or it fails to maintain an adequate liquidity profile. The principal methodology used in these ratings was Steel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc. is the largest iron ore and flat rolled steel producer in North America with approximately 27 million gross tons of annual iron ore capacity and about 20 million tons of crude steelmaking capacity. The company also has the capacity to produce 1.9 million metric tons of hot briquetted iron (HBI) and the capability to process about 3 million tons of scrap at 21 scrap collection and processing facilities. For the twelve months ended March 31, 2026, Cliffs had revenues of about $18.9 billion. COHERENT CORP: S&P Raises ICR to 'BB', Alters Outlook to Positive ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Coherent Corp. to 'BB' from 'BB-' and revised its outlook to positive from stable. S&P said, "At the same time, we raised our ratings on the company's secured debt to 'BB+' from 'BB' and unsecured debt to 'BB-' from 'B+'. Our '2' (rounded estimate: 75%) and '5' (rounded estimate: 25%) recovery ratings on the secured and unsecured debt, respectively, are unchanged. "The positive outlook reflects the potential for an upgrade if Coherent produces strong topline growth and improves EBITDA margins and we become convinced that it will maintain leverage below the 3x area. While we expect FOCF generation to be negative on elevated capital expenditure (capex), Coherent's total liquidity should be able to support its growth investments. Coherent Corp. has generated strong topline growth and improved EBITDA margins as demand from AI customers has been robust over the past few quarters. S&P expects performance will continue improving over the next year as AI investments from hyperscalers remain strong. In addition, the preferred equity, which S&P had treated as debt, has converted to common equity and the company received a $2 billion equity investment from NVIDIA Corp., lowering adjusted leverage. S&P said, "Coherent's leverage has declined and the company should maintain leverage below the 3x area over the next few years, based on our expectations for improved EBITDA generation.Demand for Coherent's AI products continues to outweigh supply. Coherent has been focused on expanding its EBITDA margin by improving its product mix and through operating leverage and enacting a cost savings plan. Coherent has improved its EBITDA generation more than 20% over the past year. Tariffs have not materially affected margins, as the company has been able to utilize technology tariff exemptions and produce through lower tariff manufacturing locations. We expect Coherent's profitability will continue improving to the low-20% area for fiscal 2026 (year-end June). "Coherent's $2.15 billion Bain preferred equity, which we had treated as debt under our criteria, converted to common equity. The company has also recently received a $2 billion equity investment from NVIDIA for research and development (R&D) and to expand production capacity and operations for advanced lasers and optical networking products. While we expect Coherent will fully utilize the investment over the next few years, we expect its focus on profitability and improved operating leverage will expand Coherent's EBITDA margins to the mid-20% area such that its leverage will remain below the 3x area in fiscal 2027. "We expect Coherent to generate strong topline growth over the next few years due to robust demand from AI hyperscaler customers. Hyperscalers have not slowed their AI investments and we expect capex to increase in calendar year 2026. Coherent has managed to expand its technological capabilities in its AI products especially as it relates to its transceivers and Indium Phosphide (InP). We expect strong data center demand will help drive topline growth, around a high-teens percentage, in fiscal 2026. "We believe demand will remain strong in fiscal 2027 as Coherent has a book-to-bill ratio that exceeds 4x as of second quarter in fiscal 2026. As AI hardware supplies remain one of the biggest AI data center constraints, customers are looking to book orders longer than before to secure enough supply for its expensive and fast-depreciating AI data centers. Due to that strong demand, Coherent should be able to extend orders into potentially fiscal 2028. This should lead to low-20% topline growth in fiscal 2027." Coherent should have enough liquidity and EBITDA generation to fund the elevated investment cycle for its expected growth. To continue to generate high topline growth in fiscal 2027 and beyond, Coherent intends to invest in capex to expand to grow production capacity, as supply for its AI products remains tight. Coherent could invest more than $1 billion of capex in fiscal 2027 as it looks to expand production in Malaysia, Vietnam, and the U.S., but NVIDIA's $2 billion equity investment will largely fund that expansion. Coherent will likely utilize significant working capital as it tries to support its growth opportunities. Coherent's strong EBITDA generation should offset large working capital use to help maintain and grow operating cash flow. However, S&P expects Coherent to generate negative free operating cash flow (FOCF) in fiscal 2027 on the more than $1 billion of capex investments. After the NVIDIA investment, Coherent should have more than $3.3 billion in total liquidity, which should be able to support its business during this large investment cycle. Coherent's improved business performance should help offset increasing customer concentration. S&P believes Coherent could begin to face elevated customer concentration as it continues with its significant AI product demand. NVIDIA's investment also came with a supply partnership agreement with Coherent, leading to more potential revenue with NVIDIA. Also, given the limited amount of hyperscaler customers who can invest billions of dollars on AI, many technology hardware companies tied to AI product growth face the same customer concentration challenges as Coherent. If a large customer pulls back or AI data center demand weakens, that could make Coherent's financial performance more volatile. However, Coherent's improved operating performance should help offset that potential concentration from its AI data center customers. S&P said, "We believe Coherent is one of the few players in this current AI hardware space that can design technologically advanced AI hardware products and manufacture at the scale hyperscalers need, creating a tough competitive moat for other hardware companies to break into. We expect Coherent to end fiscal 2026 with almost $7 billion in revenue, a more than 40% increase from two years ago." Growing scale will give Coherent more capacity to invest in R&D to keep developing new AI products for the fast-changing AI data center space and maintain technological leadership. S&P said, "The positive outlook reflects the potential for an upgrade if Coherent produces strong topline growth and improves EBITDA margins and we become convinced that it will maintain leverage below the 3x area. While we expect FOCF generation to be negative on elevated capital expenditure (capex), Coherent's total liquidity should be able to support its growth investments. "We could revise our outlook to stable if Coherent experiences lower-than-expected revenue growth, weaker EBITDA margins, or higher-than-expected capex investment or we no longer expect leverage to remain below 3x. This could occur due to a combination of weak demand for its products amid the tougher macroeconomic environment, tariff issues or competitive pressure, challenges as it ramps up investment, debt-funded acquisitions, or shareholder returns. "We could raise our rating on Coherent if we become convinced that leverage will be generally maintained below 3x even in a downturn and the company generates strong top-line growth and improved profitability, narrowing the expected negative FOCF deficit from its elevated growth capex investment. That could occur if the company continues to benefit from strong demand for its datacom transceiver solutions and continues to improve profitability." COLOR CODE: Seeks to Hire Teal Becker & Chiaramonte as Accountant ----------------------------------------------------------------- Color Code Painting, Inc. seeks approval from the United States Bankruptcy Court for the Northern District of New York to employ Nathan Pannucci, CPA of Teal, Becker & Chiaramonte, CPAs, P.C. to serve as its accountant and bookkeeper. Mr. Pannucci will provide these services: (a) prepare the Debtor's 2024 corporate income tax returns; (b) prepare the Debtor's 2025 corporate income tax returns; and (c) perform bookkeeping, journal entry auditing, projections, and other accounting services necessary to support the Debtor's ongoing operations during the Chapter 11 Subchapter V case. The firm's hourly services will be at $425 per hour for administrative and accounting-related work, subject to Court approval based on contemporaneous time records. Flat fee services are not to exceed $2,000 per tax year for tax preparation and filing. Teal, Becker & Chiaramonte, CPAs, P.C. is represented as a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as it has no connection with the Debtor, creditors, the U.S. Trustee, or any other party in interest, according to court filings. The firm can be reached at: Nathan Pannucci, CPA Teal, Becker & Chiaramonte, CPAs, P.C. 7 Washington Square Albany, NY 12205 About Color Code Painting Inc. Color Code Painting, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10014) on January 9, 2026, listing up to $100,000 in assets and up to $500,000 in liabilities. Bryan Berry, president of Color Code Painting, signed the petition. Judge Patrick G. Radel oversees the case. Michael Boyle, Esq., at Boyle Legal, LLC, represents the Debtor as bankruptcy counsel. COMMUNITY AUTOMOTIVE: Seeks Final Approval to Use Cash Collateral ----------------------------------------------------------------- Community Automotive Repair, LLC asks the U.S. Bankruptcy Court for Western District of Washington, at Seattle, for final approval to use cash collateral and provide adequate protection. The Debtor was initially allowed to access cash collateral under the court's April 8 interim order. The Debtor intends to use cash collateral -- primarily operating funds in its bank accounts -- to cover essential expenses such as payroll, owner draws, and general business costs necessary to maintain operations. It proposes to rely on a monthly budget covering April through June (and potentially extending through July or until plan effectiveness), which outlines projected income and expenses. Community Automotive Repair identifies multiple secured creditors with interests in the Debtor's cash collateral, primarily merchant cash advance lenders and similar financing entities. These include Kalamata Capital, OnDeck Capital, Funding Metrics LLC, Velocity Capital Group, and Stripe Capital, each holding UCC-1 security interests in future receivables or substantially all assets. It estimates total outstanding secured claims at $177,902, while its available cash collateral as of the petition date is $24,988. The Debtor acknowledges that these lenders may have liens on future receipts, though it notes that it does not maintain significant accounts receivable or inventory beyond its cash deposits. In return for the use of cash collateral, the Debtor proposes providing adequate protection through post-petition replacement liens on cash and receivables generated after the petition date, maintaining the secured creditors' priority position to the extent their liens are valid and enforceable. It further proposes modest flexibility in its budget, allowing for expenditures to exceed projections by up to 15% with creditor consent or court approval while requiring financial reporting through monthly operating reports. The Debtor reserves the right to challenge the validity, priority or extent of the asserted liens. A copy of the motion is available at https://urlcurt.com/u?l=aNoJLX from PacerMonitor.com. About Community Automotive Repair LLC Community Automotive Repair, LLC operates a small automotive repair business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10953-TWD) on March 27, 2026. In the petition signed by Gregory Hulse, owner, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Timothy W. Dore oversees the case. Karen E. Richmond, Esq., at Richmond Hill, PLLC, represents the Debtor as legal counsel. CONNECT FINCO: Fitch Hikes Rating on Sr. Secured Debt to 'BB+' -------------------------------------------------------------- Fitch Ratings has upgraded Connect Finco SARL's and Connect U.S. Finco LLC's senior secured debt to 'BB+' with a Recovery Rating of 'RR1' from 'BB'/'RR2'. Fitch has also affirmed Viasat Inc's (Viasat) and Viasat Technologies Limited's Long-Term Issuer Default Ratings (IDRs) at 'B'. Fitch has also affirmed Viasat's senior secured ratings at 'BB-'/'RR2' and unsecured rating at 'CCC+'/'RR6'. Fitch has also affirmed Connect Bidco Ltd's, Connect Finco SARL's and Connect U.S. Finco LLC's (together, Inmarsat) Long-Term IDRs at 'B+'. The Rating Outlook is Stable. The ratings reflect Fitch's expectation of continued leverage reduction, offset by moderation in Viasat's revenue growth in a highly competitive satellite industry. The significant growth of low Earth orbit (LEO) network operators, particularly Starlink, in recent years has resulted in LEO providers taking significant market share from geostationary Earth orbit (GEO) satellite providers in most end markets. Key Rating Drivers Increased Sector Competitive Intensity: The rating reflects heightened sector competition, as LEO satellite networks, particularly Starlink, continue to increasingly capture the residential, mobility and government satcom markets. The ratings support Viasat's significant scale and market share across commercial segments, particularly in in-flight connectivity (IFC), government contracts, high near-term revenue visibility, and a strong contract backlog. Viasat has a relatively strong competitive position in the government and IFC segments, but faces increased competition from LEO providers, such as Starlink. Fitch expects the sector competitiveness to increase as Amazon Leo has begun to deploy its satellites, with plans to roll out service more broadly in mid- to late 2026. Weak but Expected Improving FCF: Fitch expects the company to turn FCF positive in fiscal 2026. Fitch expects CFO minus capex to debt to improve from approximately -2% in fiscal 2025 to approximately 2.0% in fiscal 2026-2028. Viasat is exiting a high capex period as it completes the launch of three third-generation, high-throughput satellites at a total cost of $2 billion or more. Fitch expects capex to continue to decrease from current levels, as ViaSat-3 Flight 2 (VS-3 F2) and ViaSat-3 Flight 3 (VS-3 F3) go into service. The company is also constructing three other Ka-band satellites acquired from Inmarsat as well as additional L-band satellites. High Execution Risk: While Viasat has made progress on its satellite build program, Fitch believes there is material execution risk as the satellites progress toward their in-service dates. The company will need to execute growth strategies once the satellites are in service to stem share loss, grow EBITDA, and achieve positive FCF growth. Fitch expects the company to benefit from a strong revenue backlog and the additional global markets opened up by the VS-3 satellites and Inmarsat acquisition. Viasat expects VS-3 F2 to enter commercial service in May 2026, while VS-3 F3 is expected to enter commercial service in late summer 2026. Leverage Reduction: Fitch estimates Viasat's gross EBITDA leverage will approximate 4.1x at fiscal YE 2026 (net leverage 3.1x). Fitch expects gross leverage to gradually decline to low- to mid-3x over the forecast. Fitch expects Viasat to carry high cash balances over the next year or two as the company looks to optimize its capital structure and continue to use cash for debt reduction. Fitch expects any strategic actions undertaken by Viasat to remain focused on leverage reduction. Strong Revenue Backlog: Fitch believes Viasat's reported $4.0 billion contract backlog as of Dec. 31, 2025, supports revenue. The company does not include amounts in its backlog if it does not have purchase orders. As of Dec. 31, 2025, the company reported roughly 1,100 commercial aircraft in backlog. Viasat has approximately 20,000 vessels and aircraft in service, including approximately 4,320 active commercial aircraft and 2,100 business aircraft. Parent-Subsidiary Linkage (PSL): Fitch assesses Inmarsat's Standalone Credit Profile (SCP) above Viasat's standalone SCP, which results in the PSL using a stronger subsidiary path in its PSL criteria. Inmarsat has lower leverage (3.3x leverage vs. 6.0x at Viasat as of Dec. 31, 2025), higher EBITDA margins, and stronger FCF than the standalone Viasat parent. Inmarsat's IDR is notched up one level from the consolidated rating, supported by porous legal ringfencing and open access and control factors. Fitch equalized the ratings of Viasat and Viasat Technologies Limited based on high legal, strategic and operational linkages under the stronger parent path in its PSL criteria. Peer Analysis Across its end markets, Viasat competes with SES S.A. (BBB-/Stable), Iridium Communications Inc. (BB/Stable), GoGo Inc., Anuvu (formerly Global Eagle Entertainment), Panasonic Avionic Corporation, SpaceX and others. In the government systems, Viasat competes or, at times, partners against higher-rated companies that have access to much greater resources. Viasat's major competitors in the manufacture of defense electronics include BAE Systems plc (A-/Stable) and Collins Aerospace, as well as others such as SES and Iridium. In maritime service offerings, Viasat competes against, and in some cases partners with, Marlink, Navarino, KVH, SES, SpaceX and Speedcast, among others. In fixed broadband, as a provider of communications infrastructure, Viasat's comparable businesses include satellite providers (LEO and GEO) as well as cable and fiber companies. In comparison to SES and Iridium, Viasat has exposure to some more volatile end markets and different competitive dynamic, is larger but has operated at higher consolidated leverage. Viasat's EBITDA margins are lower than the pure service providers due to its vertically integrated strategy, which includes not only satellite services but also the development and manufacture of equipment. In the DAT segment, the company competes against much larger companies, including Airbus SE, General Dynamics Corp. and L3Harris Technologies, Inc. (BBB+/Stable) as well as more niche competitors. Many of these are investment-grade companies, with significant scale and/or are operating at lower debt leverage. Fitch’s Key Rating-Case Assumptions - Revenue of approximately $4.65 billion in fiscal 2026, up in the low-single digits YoY. Fitch expects revenue growth in the low-single digits in fiscal 2027, as the IFC and government segments offset declines in fixed broadband and maritime; - Adjusted EBITDA margins of 33.5% in fiscal 2026, remaining in the range of 32% -34% over the forecast; - Capex in fiscal 2026 of approximately $1.0 billion (including capitalized interest). Fitch expects capex to decline over the forecast as satellite construction and launch are completed; - Fitch assumes receipts of the final lump sum payment from Ligado to Inmarsat during fiscal 2027. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (a-, Lower), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb+, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the 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(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis Fitch contemplates a bankruptcy scenario where default is caused by material revenue and EBITDA declines due to one or more of the following factors: loss of significant market share to new or existing competitors, anomalies or delays in satellite launches, or technology disruption. Fitch has applied the U.S. as the relevant country for recovery analysis because Viasat is incorporated in the U.S. and the assets are located in space. The Inmarsat debt and Viasat debt are in two separate credit silos, and therefore, a separate recovery exercise is undertaken for each debt silo. For the Inmarsat credit silo, Fitch estimates the post-restructuring enterprise value using the going concern (GC) approach. Fitch has assumed 10% of administrative claims. Fitch estimates a GC enterprise value of $3.6 billion based on $800 million of GC EBITDA and a 5x multiple. The multiple considers the following factors: - Per Fitch's 2025 Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries report, the median TMT multiple of reorganization enterprise value/forward EBITDA was 5.9x, with the median for telecom companies at 5.5x; - The above-mentioned report includes Speedcast International Limited, a satellite communications and network service provider. Speedcast emerged from bankruptcy in early 2021 with a multiple of 8.7x. Unlike Viasat, Speedcast did not own its own satellites and had a less diversified revenue stream; - However, industry dynamics have significantly changed in the last few years, with Starlink becoming a formidable satellite player, taking market share from existing satellite operators.; - Fitch also considered Viasat's acquisition of Inmarsat at approximately 9x EV/EBITDA (at the time of announcement in 2021) and more recently SES's acquisition announcement in 2024 of Intelsat estimated at approximately 6x. The recovery waterfall results in an 'RR1' recovery for Inmarsat's senior secured debt. For Viasat's debt silo, Fitch estimates the post-restructuring enterprise value using the GC approach. Fitch estimates a GC enterprise value of $1.85 billion based on a 5.67x multiple and $400 million of GC EBITDA, after adjusting for $188.7 million of export-import facility and 10% administrative claims. Fitch has assumed a weighted average multiple given the different business mix of the Viasat silo. A 5x multiple was used, consistent with Inmarsat, for the satellite portion of the business. A 6x multiple was used for the DAT business, consistent with a range of 5-7x typically used for Aerospace and Defense businesses at Fitch. The middle of the range was chosen based on the growth profile, expanding TAM and market multiples for industry names. The recovery waterfall results in an 'RR2' recovery for Viasat's senior secured debt, and an 'RR6' recovery for the unsecured debt. Fitch assumes the export-import facility at Viasat Technologies Limited (outstanding amount of $188.7 million as of Jan 2026) recovers fully given that it is secured by a significant collateral provided by the Viasat-2 satellite. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - (CFO-capex)/debt sustained below 2.5%, combined with an inability to fund capex in the capital markets on economic terms; - EBITDA leverage sustained above 5.5x; - Material delays or issues in anticipated satellite launches, or delays in achieving revenue and EBITDA growth from future satellites due to business or competitive reasons. - For Inmarsat, weakening of its SCP such that it is in line with the consolidated credit profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained positive FCF generation such that (cash flow from operations (CFO)-capex)/debt is sustained above 5%; - EBITDA leverage sustained below 4.5x. - Sustained revenue and EBITDA growth across both the satellite and DAT businesses Liquidity and Debt Structure Viasat's liquidity is relatively strong, given its high cash balances and revolver availability, and FCF that has recently turned positive. As of Dec. 31, 2025, Viasat had $2.5 billion in available liquidity, comprised of $1.35 billion of cash and $1.14 billion of borrowing availability under the two undrawn revolvers. During the third quarter, the company used a portion of the $420 million lump sum payment from Ligado to retire early the remaining $300 million outstanding on the original Inmarsat term loan facility due 2026. Fitch expects capex to gradually decline as Viasat completes the launch of the remaining two VS-3 satellites. Fitch expects Viasat to turn FCF positive in fiscal 2026 and remain FCF positive through the projection period. Viasat does not guarantee Inmarsat's debt. While management has stated a desire to simplify the company's debt structure, currently Viasat maintains two separate debt silos: Viasat credit group and Inmarsat credit group. There are no cross guarantees between the two debt silos. In January 2026, Viasat entered a $188.7 million direct loan facility under an export-import credit facility at a subsidiary, a senior secured direct loan facility put in place primarily to fund the launch and insurance of the ViaSat-3 F1 satellite. Issuer Profile Viasat is a vertically integrated technology provider offering an end-to-end platform of high-capacity satellites, ground infrastructure and user terminals for enterprise, government and consumer users. On May 30, 2023, Viasat acquired Inmarsat, becoming one of the largest satellite companies globally. 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 Viasat, 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 ----------- ------ -------- ----- Viasat, Inc. LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB- Affirmed RR2 BB- Connect Bidco Limited LT IDR B+ Affirmed B+ Connect Finco SARL LT IDR B+ Affirmed B+ senior secured LT BB+ Upgrade RR1 BB Connect U.S. FinCo LLC LT IDR B+ Affirmed B+ senior secured LT BB+ Upgrade RR1 BB Viasat Technologies Limited LT IDR B Affirmed B CRAFT PUTT: Seeks Interim Cash Collateral Access ------------------------------------------------ Craft Putt, LLC asks the U.S. Bankruptcy Court for the District of Kansas for authority to use cash collateral and provide adequate protection. The Debtor identifies several entities with potential security interests in its cash collateral, including Lincoln Savings Bank, HomeTrust Bank, IOU Central, Channel Partners, Loot Financial Services, and WebBank. The company proposes to use its cash collateral—consisting of cash, receivables, inventory, and funds held in bank accounts or by third-party processors—to fund ongoing operational expenses such as payroll and business costs, in accordance with a budget submitted to the court. CPL requests interim authority to use these funds until a final order is entered, including provisions allowing continued operations for 21 days after any default notice and carve-outs for administrative expenses. The Debtor outlines its financial structure and creditor hierarchy, emphasizing that Lincoln Savings Bank holds a senior lien on all assets, followed by HomeTrust Bank, while other lenders (primarily merchant cash advance lenders) hold junior interests. CPL proposes to provide adequate protection to Lincoln through monthly interest-only payments and replacement liens on post-petition assets, while offering only replacement liens—but no payments—to junior creditors due to insufficient collateral value. The company explains that its financial distress arose from funding shortfalls during the development of a second location in Lee's Summit, Missouri, which led to reliance on high-cost merchant financing and eventual default. This triggered collection actions, including withholding of electronic payments by a payment processor, further straining liquidity. A court hearing is scheduled for May 14. A copy of the motion is available at https://urlcurt.com/u?l=QO2rIL from PacerMonitor.com. About Craft Putt LLC Craft Putt, LLC, based in Overland Park, operates an indoor venue combining a custom-designed mini-golf course with a bar and restaurant serving craft beer, cocktails, and food. The business integrates experiential leisure with food and beverage service and hosts private events and group bookings. It serves individual consumers, social groups, and corporate clients across the Kansas City metropolitan area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20586) on April 17, 2026. In the petition signed by Anthony J. Chinn, sole member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Dale L. Somers oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm, LLC, represents the Debtor as legal counsel. CUENTAS INC: 2025 Net Loss Narrows to $1.57 Million --------------------------------------------------- Cuentas, Inc. reported a net loss of $1.57 million for the year ended Dec. 31, 2025, compared with a net loss of $3.31 million a year earlier, according to its Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Miami Beach, Fla.-based company reported $0 in total revenue for 2025, compared with $676,000 in total revenue for the year ended Dec. 31, 2024. As of Dec. 31, 2025, Cuentas had total assets of $962,000, total liabilities of $4.91 million and a total stockholders' deficit of $3.95 million, the filing showed. The company had $57,000 in cash and cash equivalents as of Dec. 31, 2025, total current assets of $841,000 and total current liabilities of $4.91 million. Its working capital deficit was $4.07 million, compared with a working capital deficit of $3.17 million at Dec. 31, 2024. Cuentas also reported an accumulated deficit of about $59.83 million at Dec. 31, 2025. Yarel + Partners, Certified Public Accountants (Isr.), issued a going-concern qualification in its audit report dated April 22, 2026. The auditor cited recurring losses from operations, an accumulated deficit, no revenue from operations during 2025 and limited liquidity resources, saying those conditions raise substantial doubt about the company's ability to continue as a going concern. Cuentas said operating activities used $1.37 million of cash in 2025, compared with $598,000 in 2024. Investing activities provided $825,000 in 2025 and $92,000 in 2024, while financing activities provided $588,000 in 2025. The company added it has principally financed operations through the sale of common stock. Management said its current cash and cash equivalents and expected revenue from mobile phone services and digital products would provide limited financial resources for the near future. Cuentas said it will be required to seek additional debt or equity financing to support growing operations. The company added it may not be able to obtain additional financing on satisfactory terms, or at all, and that any new equity financing could substantially dilute existing stockholders. If it cannot obtain additional financing, the company said it would not be able to achieve the sales growth needed to cover costs, and results of operations would be negatively affected. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1424657/000121390026046789/ea0286049-10k_cuentas.htm About Cuentas, Inc. Cuentas, Inc., headquartered in Miami Beach, Fla., is an integrated communications, entertainment and lifestyle platform company. The company operates in mobile telecommunications and entertainment media distribution and offers mobile telephony, premium entertainment content, digital lifestyle services, voice, text, data and VPN-enabled connectivity through its platform and 51% ownership of World Mobile LLC. DC CABLE: Seeks to Use Cash Collateral -------------------------------------- DC Cable & Telecommunications, LLC asks the U.S. Bankruptcy Court for the Western District of New York for authority to use cash collateral to fund operations. Several creditors including First Citizens Bank & Trust, Citibank, Five Star Bank and the U.S. Small Business Administration claim broad security interests in DC's accounts and accounts receivable based on UCC-1 financing statements. DC argues the claims are too vague and legally insufficient because they do not identify specific collateral. It warns that enforcing such broad claims would give the first creditor control over all incoming revenue, preventing the company from operating or reorganizing under Chapter 11. To address the issue, DC has set up a debtor-in-possession account to collect revenues and is seeking court approval to use this DIP account free from interference by creditors asserting overly broad liens so it can continue operating and work toward repaying its obligations. A copy of the motion is available at https://urlcurt.com/u?l=Gmgh18 from PacerMonitor.com. About DC Cable & Telecommunications DC Cable & Telecommunications, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-20130) on Feb. 27, 2026, with $1,197,217 in assets and $1,993,374 in liabilities. Donald G. Crouch, chief executive officer, signed the petition. Judge Carl L. Bucki oversees the case. The Debtor tapped Charles E. Andersen, Esq., as counsel. DEALER TIRE: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on Dealer Tire Financial LLC to negative from stable due to the potential downgrade risk, as liquidity could deteriorate quickly if the company is unable to refinance its upcoming debt maturities before they become current. At the same time, S&P affirmed the ratings, including the 'B-' issuer credit rating. The negative outlook indicates that S&P could downgrade the company--potentially by more than one notch--if it can't successfully refinance its $500 million senior unsecured notes, or if its operating performance degrades materially from its current base case. Dealer Tire's debt maturity profile faces material refinancing risk. Its $500 million notes become current in February 2027, and there's a springing maturity on its $1.464 billion senior secured term loans in November 2027 if the notes aren't refinanced. The company's financial performance has been steady and is forecast to remain so over the next few years, with leverage around 7x. S&P also expects that cash flow will be positive. Dealer Tire faces significant debt maturity risk over the next 18 months. The company will be current on its $500 million senior unsecured notes in February 2027. In addition, its $250 million senior secured revolver and $1.464 billion term loan credit facilities contain springing-maturity clauses that would make these debts due in August 2027 and November 2027, respectively, if the $500 million senior unsecured notes due February 2028 aren't addressed in a timely manner. If these upcoming maturities aren't addressed, liquidity could deteriorate meaningfully within the next 12 months. S&P said, "Nevertheless, we view the company's operating performance as fairly steady, with elevated leverage but consistent free cash flow. Top-line and EBITDA have been in line with expectations over the past few years, and our base case anticipates similar performance for 2026-2028. We expect revenues to grow only modestly in 2026, as the Dent Wizard business segment is pressured by lower volumes with a key customer (CarMax) and demand for tire replacement weakens amid persistent inflation. Still, our base case is for S&P Global Ratings-adjusted EBITDA margins to remain above 8%. We expect margins will remain steady because of premium tires commanding higher prices in the core Dealer Tire distribution business and less dilution from the historically low-profit Simple Tire segment. Based on our forecast, we project leverage of 6.9x in 2026 and FOCF to debt in the low-single-digit percent area through 2028. "The negative outlook indicates that we could downgrade the company, potentially by more than one notch, if it can't successfully refinance its $500 million senior unsecured notes, or if its operating performance materially departs from our current base case. "We could lower the ratings if the company can't address its upcoming debt maturities, specifically the February 2028 notes, or if we view the capital structure as unsustainable." This could occur if: -- S&P no longer believes the company will be able to refinance its February 2028 note maturity, such that it also couldn't address its term loans from becoming current; or -- There is a material negative deviation from our base case and credit metrics weaken substantially. S&P could revise the outlook back to stable if the company is able to: -- Address its upcoming debt maturities in its capital structure such that S&P no longer see imminent maturity or liquidity risk; and -- Sustain credit metrics, specifically consistent cash flow generation. DEQSER LLC: Court Won't Convert to Chapter 7 nor Appoint Examiner ----------------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware denied the motion of certain creditors to convert the bankruptcy case of Deqser LLC to chapter 7 and to appoint an examiner with expanded powers. The Debtors in these cases own and operate a commercial laundry business, located in northern New Jersey, whose customer base is primarily hotels located in New York City. These bankruptcy cases, which were filed about one year ago, have been bumpy. The debtors have suffered operating losses of about $200,000 per month since the cases were filed. There have been problems with the debtors' post-petition financial reporting and various disputes with secured creditors, insurers, and a lessor of trucks that the debtors use to pick up and deliver laundry. In the face of all of that, the U.S. Trustee, appropriately concerned about the risk of administrative insolvency and the possibility that post-petition creditors might end up holding the bag if the efforts to reorganize proved unsuccessful, moved to convert the cases to ones under chapter 7. The U.S. Trustee argued that the continuing losses and the absence of a likelihood of rehabilitation amounted to "cause" under Sec. 1112(b)(4)(A) of the Bankruptcy Code. In response to that motion, the debtors filed a plan of reorganization. The plan would give most of the equity of the reorganized debtor to the DIP lender, an entity with which one of the debtors' founders and current owners is involved. The Court does not believe it appropriate at this early stage to declare that plan dead on arrival. But it is fair to say, at the very least, that the existing plan (which the debtors have made clear they intend to improve) would face serious obstacles to confirmation. The Committee and several of the secured creditors have expressed serious reservations about the proposed plan and the overall status of the case. None, however, believes that conversion to chapter 7 will maximize the value of the estate or creditor recoveries. Certain creditors have moved for the appointment of an "examiner with expanded powers" whom they believe should be charged with marketing and selling the business while the debtors remain in possession and existing management continues operating the business. The motion to convert will be denied because the debtors have now committed to amend their plan. The debtors will still seek to obtain confirmation of a traditional plan of reorganization under which (a) their DIP lender will acquire the equity of the reorganized debtor and (b) secured creditors will be crammed down under Sec. 1129(b)(2)(A) of the Bankruptcy Code. The amended plan, however, will contain a "toggle" that will provide that if that aspect of the plan cannot be confirmed, the debtors will immediately turn to selling their assets, as a going concern, under the plan. No one suggests that a plan that provides for a sale of the debtors' assets and the distribution of the proceeds to creditors would not be confirmable. The Court concludes that a going concern sale of the business is a form of "rehabilitation" within the meaning of Sec. 1112(b)(4)(A). The Court will deny the motion to appoint an examiner with "expanded powers" because, under the Bankruptcy Code, examiners conduct examinations. Because the request that the Court "expand" the powers of the examiner to market and sell the debtors' businesses is outside the scope of what the Bankruptcy Code contemplates or permits, that motion will be denied. A copy of the Court's Memorandum Opinion dated April 22, 2026, is available at https://urlcurt.com/u?l=cSlDc6 from PacerMonitor.com. About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-10687) on April 10, 2025. The Debtor estimated assets and liabilities of $1 million to $10 million. The Hon. Craig T. Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. KCP Advisory Group LLC serves as financial advisor. DIEBOLD NIXDORF: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default Rating (IDR) of 'BB-' to Diebold Nixdorf, Incorporated (Diebold). The Rating Outlook is Stable. Fitch has also assigned a 'BB+' rating with a Recovery Rating of 'RR1' to Diebold's first-lien secured revolving credit facility and senior secured notes. Diebold's credit metrics are improving and the business has executed well post-bankruptcy, with EBITDA margins projected in the low-teens range through the forecast horizon. Secular risks exist over the long term with cash usage continuing to decline in many markets globally, but Diebold should continue to generate meaningful cash through at least the medium-term horizon. Financial leverage could decline further in the next few years. Key Rating Drivers Strong Market Position: Diebold's global market leadership is a key credit consideration. The company benefits from the largest global automated teller machines (ATM) installed base, representing more than 30% market share by some estimates. Diebold also leads in ATM multivendor monitoring software, has the largest self-service checkout (SCO) retail footprint in Europe, and is the top global self-ordering kiosk supplier. Diebold partners with the world's largest 100 financial institutions and most of the top 25 global retailers. However, the ongoing migration to digital payments and shift away from cash remains a key factor weighing on the company's growth prospects. Low Margin Profile: Despite a well-established end-market presence, Diebold historically has not capitalized on this in a material way with respect to its earnings. Fitch believes this is partially due to its hardware exposure (43% of revenue) but also weaker execution relative to other Fitch-rated technology hardware companies. Its relatively low EBITDA margins have ranged from the high single digits to low double digits over the past decade and it lacks a consistent track record of generating positive FCF. A much lower leverage profile today will support the company, but Fitch will look for sustained improvement in operating profitability. Some Momentum Post-Emergence: Since emerging from bankruptcy in 2023, Diebold has been executing a refreshed business strategy focused on backlog conversion, normalizing working capital, cost reductions, and improving FCF conversion. Fitch forecasts modestly positive FCF in the near term, at a mid-single digit percentage of revenue. Despite strong post-reorganization profitability momentum, revenue remains pressured and has been relatively flat since 2023. Fitch expects moderate sales growth of 1-2% through the forecast period. Improved Credit Metrics: Diebold's credit metrics improved significantly post-emergence. As of YE 2025, EBITDA leverage was 2.0x and is expected to remain at similar levels over the forecast period. Similarly, EBITDA interest coverage is anticipated to remain relatively healthy at above 6x for the forecast period. The company aims to maintain net leverage at around 1.5x. Cyclical Sales Cycle: Diebold's sales profile is highly susceptible to cyclical volatility, particularly in the products segment, which limits revenue visibility. Customers can defer non-critical spending on new or upgraded hardware during downturns, as evidenced by product revenue decreases of 18.1% in 2009, 10.6% in 2013, and 14.6% in 2020. The service segment is relatively stable due to contracts and the critical nature of offerings like security and maintenance. Near-term cycle risk is somewhat mitigated by the company's substantial backlog, providing some revenue visibility for the next 12-18 months. FCF Improved: Diebold has historically generated weak FCF and has produced positive FCF in only three of the past 10 years. However, FCF generation improved materially in 2024 and 2025, and Fitch believes the company could continue to generate positive FCF margins in the mid-single digit-range in the near-term. This improvement is partially supported by lower interest costs following bankruptcy and better working capital management. However, over the past decade, the company had many years of negative FCF, and Fitch would look for consistent positive FCF generation. Secular Challenges: Lower cash usage is a long-term risk for the banking segment, although this is partly offset by banks shrinking their branch footprints while still needing ATMs to serve their customers. The retail segment is less exposed to secular risk, as retailers are increasingly seeking digital-native point-of-sale and kiosk solutions that Diebold provides. However, continued growth in e-commerce remains a longer-term risk. Diebold's broad geographic diversification includes higher-growth markets like Latam and APMEA where cash usage and physical retail remain strong, partly mitigating these risks. Peer Analysis Diebold's ratings are supported by its market position across its businesses, regional diversification, expectation of positive FCF generation, and low leverage for the IDR. Secular challenges are also a key consideration that constrains the rating. Fitch compares the company with other services and hardware companies in the technology and business services industries. NCR Atleos Corporation (BB-/RWP), Diebold's closest peer, has a comparable scale and market position; however, it benefits from substantially stronger margins in the 17%-18% range and higher and consistently positive FCF. Euronet Worldwide, Inc. (BBB/Stable) is similar in scale but is more diversified, with historically much lower EBITDA leverage, stronger coverage, and a long record of conservative balance sheet management. Fitch rates numerous hardware companies much larger than Diebold as investment grade, including Motorola Solutions, Inc. (BBB/Stable), HP Inc. (BBB+/Stable) and Dell Technologies Inc. (BBB+/Stable), among others. However, these companies benefit from much larger scale, greater diversification, better end markets and more attractive FCF/leverage characteristics. Fitch’s Key Rating-Case Assumptions - Organic revenue growth in the low-single digit range in the next few years; - EBITDA margins improve to 13% to 13.5%, with operational efficiencies; - Capital expenditure near 1.5%-2% of revenue; - Excess cash flow used for share buybacks; - SOFR assumed in the mid- to high-3% range over the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (a-, Lower), 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. - Weakest link considerations adjustment is applied based on Diversification and Asset Quality factor and results in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb-'. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.0x; - Deterioration in key fundamentals including revenue, EBITDA margins or FCF generation. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Revenue growth sustained in the mid-single digit range or higher over time; - EBITDA margins sustained in the mid-teens or higher or positive FCF over a multi-year horizon; - EBITDA leverage sustained at or below 3.5x. Liquidity and Debt Structure Diebold has sufficient liquidity to support its operations and growth plans in the next few years. As of December 2025, liquidity is supported by $416 million in cash and equivalents, full availability of its $310 million senior secured revolver, and positive FCF generation which Fitch projects could exceed $200 million annually through the forecast. The company's debt includes an undrawn $310 million senior secured RCF maturing in 2029 and $950 million in senior secured notes due in 2030. The RCF ranks pari passu with the secured notes. Issuer Profile Diebold Nixdorf, Incorporated (NYSE: DBD) manufactures, services, and provides software for self-service transaction systems which primarily include ATMs for financial institutions and SCO products for retailers. The publicly traded company was founded in 1859 and is based in North Canton, Ohio. Date of Relevant Committee 09-Apr-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Diebold Nixdorf, Incorporated. 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 ----------- ------ -------- Diebold Nixdorf, Incorporated LT IDR BB- New Rating senior secured LT BB+ New Rating RR1 USD 950 mln 7.75% bond/note 31-Mar-2030 LT BB+ New Rating RR1 USD 310 mln Floating SOFR revolving credit facility 18-Dec-2029 LT BB+ New Rating RR1 DKC ENTERPRISES: Amends First Internet Secured Claim Pay -------------------------------------------------------- DKC Enterprises, LLC, d/b/a Henceforth, DC, submitted a First Amended Plan of Reorganization dated April 17, 2026. The Debtor filed its original Plan of Reorganization (the "Original Plan") on January 27, 2026. This First Amended Plan of Reorganization amends the Original Plan to reflect two developments that occurred subsequent to the filing of the Original Plan: (i) the negotiation of a Second Lease Amendment and Extension of Lease (the "Second Lease Amendment") between the Debtor and its landlord, 1335 H Street LLC ("Landlord"); and (ii) the settlement between the Debtor and its secured lender, First Internet Bank of Indiana, with respect to First Internet's allowed secured claim. Pursuant to an agreement that it reached with First Internet, the Debtor believes that First Internet will vote in favor of confirmation of the Plan with respect to both the First Internet Secured Claim and First Internet's General Unsecured Claim. Under these circumstances, the Debtor anticipates that the Plan can be confirmed consensually pursuant to section 1191(a) of the Bankruptcy Code. If that were not to occur for some reason, the Debtor intends to seek confirmation of the Plan pursuant to section 1191(b) of the Bankruptcy Code with respect to each rejecting Class. Class 1 consists of First Internet Secured Claim. First Internet shall receive, as of the Effective Date, the Amended First Internet Loan in a principal amount equal to the First Internet Secured Amount. The foregoing treatment shall be in full and final satisfaction of the First Internet Secured Claim. Like in the prior iteration of the Plan, the Debtor shall distribute Pro Rata to the holders of Allowed General Unsecured Claims in Class 3 all funds constituting the Disposable Income Payment Amounts, other than any amounts paid or reserved for payment of (i) the fees and expenses of the Subchapter V Trustee or the Debtor's Professionals under Article V.B., (ii) amounts due under the Amended First Internet Loan, and (iii) amounts due for the Allowed Priority Tax Claim. The foregoing distributions shall be in full and final satisfaction of the General Unsecured Claims. Each month, on or before the last day of the month, beginning with the first full month following the Effective Date, the Reorganized Debtor shall fully fund the amount of the minimum operating reserve (the "Operating Reserve") set forth in the Financial Projections for the following month. The amount of funds, if any, remaining after (i) payment of all ongoing expenses for the month, including rent due under the Lease, as amended (ii) payment of the amount due under the Amended First Internet Loan, (iii) payment of the amount due to the holder of the Priority Tax Claim, (iv) funding of the Operating Reserve, and (v) payment of the amount due the Subchapter V Trustee or the Debtor's Professionals under Article V.B., shall constitute the "Disposable Income Payment Amount." The Financial Projections and the obligation to pay the Disposable Income Payment Amount shall extend until the end of the 36th full month following the Effective Date (the "Income Distribution Period"). If the Disposable Income Payment Amount is negative for a given month, then no Disposable Income Payment Amount shall be paid for that month, and the negative amount for that month shall carry over to the following month. The Reorganized Debtor shall fund distributions using cash on the balance sheet and cash flow generated from business operations. The Debtor does not anticipate obtaining new financing arrangements (other than the Amended First Internet Debt) If the Reorganized Debtor fails to make any payment of the Disposable Income Payment Amount and that failure remains uncured more than ten Business Days after written notice from a holder of an Allowed Claim, then such holder of the Allowed Claim may file a notice of the default with the Court. The Reorganized Debtor shall have thirty days from the filing of a notice of default to file a response informing the Bankruptcy Court as to how the Reorganized Debtor intends to cure the default. Consummation of the Plan is contingent on the Debtor's assumption of the Lease as amended by the Second Lease Amendment executed by the Debtor and Landlord. The Debtor has filed a motion (the "Lease Assumption Motion") to approve its assumption of the Lease, as amended by the Second Lease Amendment. If the Bankruptcy Court grants the Lease Assumption Motion, the Lease, as amended by the Second Lease Amendment, will be assumed by the Debtor and become effective immediately. Pursuant to the Lease Assumption Motion, the term of the Lease will be extended from July 31, 2031 to March 31, 2034, (b) the minimum monthly rent will be reduced to the amounts set forth in Schedule A of the Second Lease Amendment, but paid biweekly as opposed to monthly, and (c) the Reorganized Debtor will pay Landlord on a bi-weekly basis the cure payments set forth in Schedule A of the Second Lease Amendment (the "Lease Cure Payments") to satisfy in full Landlord's Claim for (i) all rent due prior to the Petition Date (ii) all rent due from the Petition Date to the date of assumption of the Lease, as amended by the Second Lease Amendment, and (iii) the amount of the security deposit that was drawn down by Landlord prepetition, and that must be restored by Debtor pursuant to the terms of the Second Lease Amendment. A full-text copy of the First Amended Plan of Reorganization dated April 17, 2026 is available at https://urlcurt.com/u?l=MAcL7T from PacerMonitor.com at no charge. Counsel to the Debtor: Lawrence A. Katz, Esq. Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons, VA 22102 Telephone: (703) 584-8362 E-mail: LKatz@hirschlerlaw.com About DKC Enterprises LLC DKC Enterprises, LLC, doing business as Henceforth DC, operates a brewery and wine bar located at 1335 H Street NE in Washington, DC. It serves handcrafted beers, wines, and other beverages in a community-oriented venue that also hosts private events and social gatherings. DKC Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00500) on October 30, 2025, with $3,073,243 in assets and $3,208,735 in liabilities as of September 30, 2025. Michael Spinello, managing member, signed the petition. Judge Elizabeth L. Gunn presides over the case. Lawrence A. Katz, at Hirschler Fleischer, PC, is serving as the Debtor's counsel. DLIGHT REFINERS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: DLight Refiners, LLC 7110 Orchard Lake Road, Unit 2022 West Bloomfield, MI 48322 Business Description: DLight Refiners is a precious metal refining company with locations in Hallandale Beach, Florida, and West Bloomfield, Michigan. The company assays, purchases, processes, reclaims, and settles precious metal scrap, including gold, silver, platinum, and palladium materials. It serves the jewelry industry, including jewelry manufacturers, repair shops, retail chains, goldsmiths, pawnbrokers, coin dealers, and dental labs. DLight Refiners provides insured shipping labels and offers in-person pickup by appointment in select states. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-44709 Debtor's Counsel: Lynn M. Brimer, Esq. STROBL PLLC 33 Bloomfield Hills Parkway Suite 125 Bloomfield Hills, MI 48304 Tel: (248) 540-2300 Total Assets: $10,351 Total Liabilities: $2,906,797 The petition was signed by Dawn Light as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SW2J7SI/DLight_Refiners_LLC__miebke-26-44709__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SNO6BFA/DLight_Refiners_LLC__miebke-26-44709__0001.0.pdf?mcid=tGE4TAMA DS ADMIRAL: Moody's Ups CFR to B2, OUtlook Stable ------------------------------------------------- Moody's Ratings upgraded DS Admiral Bidco, LLC's ("the company", dba "Taxwell") corporate family rating to B2 from B3, and the probability of default rating to B2-PD from B3-PD. Moody's also upgraded ratings for its senior secured first lien bank credit facilities issued by DS Admiral Bidco, LLC and co-borrower Franklin Cedar Bidco, LLC to B2 from B3. The credit facility consists of a $220 million senior secured revolving credit facility due 2029 and $1.1 billion ($986.9 million outstanding as of December 31, 2025) senior secured term loan due 2031. The outlook is stable. The upgrade reflects Taxwell's strong operating performance with improving credit metrics over the last year. Moody's adjusted leverage declined materially to below 5x as of FY2025 from the low 6x in FY2024, and Moody's expects debt/EBITDA will continue to decline to the low 4x over the next year with earnings growth. The B2 CFR reflects Moody's expectations that leverage will be maintained below 5.5x, even with any re-leveraging transactions. RATINGS RATIONALE The B2 CFR reflects the company's moderately high leverage with LTM debt/EBITDA of about 4.6x (Moody's adjusted). Moody's expects leverage will decline to the low 4x range over the next year with earnings growth. Taxwell was created by its private equity owner as a combination of professional tax software Drake Software and TaxAct. The rating also reflects its small scale with roughly $474 million of revenue in 2025, and a competitive industry that is exposed to technological and regulatory risks. Taxwell's do-it-yourself ("DIY") and professional segments compete against industry giant Intuit Inc. (A3 stable), as well as H&R Block (Block Financial LLC, Baa3 stable) and other players. Additionally, the rating reflects the company's concentrated equity ownership. Taxwell benefits from a stable revenue base and sticky software solutions with strong customer retention rates, around the mid 90% and mid 80% for the professional and DIY segments, respectively. The US tax services industry grows at a low single-digit pace over time, linked to household formations, but Taxwell believes it can maintain its high single-digit revenue growth by implementing annual price increases, shifting its customer base towards higher income clients and introducing new products, such as assisted DIY solutions. Strong profitability rates and high operating leverage also support the credit profile. Moody's views Taxwell's liquidity as good, supported by a cash balance of approximately $28 million as of December 31, 2025 as well as Moody's expectations of strong free cash flow generation exceeding $100 million over the next year. Liquidity is further supported by the company's $220 million senior secured revolving credit facility due 2029, which mitigates the highly seasonal nature of Taxwell's revenue and cash flow profile. Consistent with the tax filing calendar, operating cash flow is strongly positive during the first half of the calendar year, while the second half typically generates cash flow deficits. The revolver includes a springing first lien leverage covenant, which is only tested once revolver borrowings exceed 40% of capacity. There are no financial covenants associated with the term loan. The B2 instrument ratings for the first lien credit facility (revolver and term loan) are in-line with the B2 CFR, reflecting the preponderance of debt represented by the term loan and revolver. The revolving credit facility and term loan are guaranteed by the borrower's wholly owned domestic material restricted subsidiaries, as defined in the credit agreement, and are secured by a first priority security interest in substantially all assets of the borrower and guarantors, subject to customary exclusions. The stable outlook reflects Moody's expectations for mid-single digit or higher revenue growth over the next 12-18 months, with stable to improving margins. The stable outlook also reflects Moody's expectations that leverage will be maintained below 5.5x even with any re-leveraging transaction, and that the company will maintain its good liquidity profile with healthy free cash flow generation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains stable revenue growth rates over time and expands reported profitability and cash flow generation, reflecting a strong competitive position. An upgrade would also require Moody's expectations that the company will employ more conservative financial policies over time, such that debt/EBITDA remains below 4x and free cash flow-to-debt is maintained above 10%. The ratings could be downgraded if operating performance deteriorates or if the company employs aggressive financial policies that result in leverage exceeding 5.5x, free cash flow to debt declining below 5%, and a weakening of its liquidity profile. The principal methodology used in these ratings was Software 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. DS Admiral Bidco, LLC (dba Taxwell) is a North Carolina-based provider of tax preparation software to professional tax preparers and digital Do-It-Yourself (DIY) consumer and small business customers. The company was formed in December 2022 as a result of the Drake Software and TaxAct Inc. combination. The company is owned and controlled by private equity sponsor Cinven. The company reported $474 million of revenue in 2025. ELITE EQUIPMENT: Unsecureds to Get Share of Creditors' Trust ------------------------------------------------------------ Elite Equipment Leasing LLC and affiliates filed with the U.S. Bankruptcy Court for the District of Montana a Disclosure Statement describing Joint Plan of Reorganization dated April 17, 2026. The Debtors operate on an affiliated basis under the general trade name "Reliable Crane Service." The Debtors own and operate cranes and related equipment for use in construction projects of various sizes across multiple states. As of the Petition Date, the Debtors employed approximately 194 full-time employees across their various locations, including their headquarters in Anaheim, California and other work yards and offices in California, Nevada, Arizona and Texas. Chapter 11 allows a debtor to propose a plan. A plan may provide for a debtor to reorganize by continuing to operate, to liquidate by selling assets of the estate, or a combination of both. The Debtors' Plan here does both and is comprised of the following basic features: * The Debtors will reorganize their business and emerge from bankruptcy as a smaller operation, which the Debtors believe will be more efficient and profitable; * The Debtors will sell certain equipment assets to reduce the Debtors' total debt load and expenses; * The net proceeds of the equipment sales will be used to pay down or satisfy certain Allowed Secured Claims; * The Debtors will obtain $22.5 million in new "Exit Financing" from Secured Creditors and current DIP lenders CFI and CCG; * Approximately $15 million of the Exit Financing will be used to pay off the senior liens on equipment that the Debtors are retaining; * Approximately $7.5 million of the Exit Financing will be used by the Debtors for working capital needs and to pay certain required payments due under the Plan on or near the Effective Date; * Accounts receivable generated prior to confirmation of the Plan will be collected by the Debtors into a lockbox account and used to pay down the Debtors' obligations to CFI under its DIP loan; * A Creditors' Trust will be established for the benefit of unsecured creditors. Creditors will hold beneficial interests in the liquidating trust based on the Allowed amount of their Claims. The Creditors' Trust will receive the following assets: (a) quarterly payments by the Reorganized Debtors over a period of three years totaling $1 million; (b) Avoidance Actions and other Causes of Action that could result in additional funds; and * Current Interest Holders will retain their equity interests in the Reorganized Debtors. Class 44A consists of the General Unsecured Claims against Elite. The Debtors estimate that, after removing duplicative and clearly erroneous claims, the total General Unsecured Claims for Classes 44A through 44F total approximately $19.6 million, not counting (1) any potential deficiency claims resulting from secured creditors that may turn out to be undersecured, (2) claims resulting from the rejection of executory contracts or unexpired leases under the Plan, or (3) claims resulting from the potential avoidance of liens or avoidable transfers. This number also does not account for potential substantive objections to claims that could be brought. On the Effective Date, each Unsecured Creditor, to the extent it has an Allowed General Unsecured Claim, shall receive its pro rata share of the beneficial interests in the Creditors' Trust in full satisfaction, settlement, and in exchange for their Allowed Claims. This Class is impaired. Class 44B consists of General Unsecured Claims against Reliable Construction. The Debtors estimate that, after removing duplicative and clearly erroneous claims, the total General Unsecured Claims for Classes 44A through 44F total approximately $19.6 million, not counting (1) any potential deficiency claims resulting from secured creditors that may turn out to be undersecured, (2) claims resulting from the rejection of executory contracts or unexpired leases under the Plan, or (3) claims resulting from the potential avoidance of liens or avoidable transfers. This number also does not account for potential substantive objections to claims that could be brought. On the Effective Date, each Unsecured Creditor, to the extent it has an Allowed General Unsecured Claim, shall receive its pro rata share of the beneficial interests in the Creditors' Trust in full satisfaction, settlement, and in exchange for their Allowed Claims. This Class is impaired. Class 44C consists of General Unsecured Claims against Reliable Crane. The Debtors estimate that, after removing duplicative and clearly erroneous claims, the total General Unsecured Claims for Classes 44A through 44F total approximately $19.6 million, not counting (1) any potential deficiency claims resulting from secured creditors that may turn out to be undersecured, (2) claims resulting from the rejection of executory contracts or unexpired leases under the Plan, or (3) claims resulting from the potential avoidance of liens or avoidable transfers. This number also does not account for potential substantive objections to claims that could be brought. On the Effective Date, each Unsecured Creditor, to the extent it has an Allowed General Unsecured Claim, shall receive its pro rata share of the beneficial interests in the Creditors' Trust in full satisfaction, settlement, and in exchange for their Allowed Claims. This Class is impaired. Class 44D consists of General Unsecured Claims against Champion Holdings. The Debtors estimate that, after removing duplicative and clearly erroneous claims, the total General Unsecured Claims for Classes 44A through 44F total approximately $19.6 million, not counting (1) any potential deficiency claims resulting from secured creditors that may turn out to be undersecured, (2) claims resulting from the rejection of executory contracts or unexpired leases under the Plan, or (3) claims resulting from the potential avoidance of liens or avoidable transfers. This number also does not account for potential substantive objections to claims that could be brought. On the Effective Date, each Unsecured Creditor, to the extent it has an Allowed General Unsecured Claim, shall receive its pro rata share of the beneficial interests in the Creditors' Trust in full satisfaction, settlement, and in exchange for their Allowed Claims. This Class is impaired. Class 44E consists of General Unsecured Claims against Champion Rental. The Debtors estimate that, after removing duplicative and clearly erroneous claims, the total General Unsecured Claims for Classes 44A through 44F total approximately $19.6 million, not counting (1) any potential deficiency claims resulting from secured creditors that may turn out to be undersecured, (2) claims resulting from the rejection of executory contracts or unexpired leases under the Plan, or (3) claims resulting from the potential avoidance of liens or avoidable transfers. This number also does not account for potential substantive objections to claims that could be brought. On the Effective Date, each Unsecured Creditor, to the extent it has an Allowed General Unsecured Claim, shall receive its pro rata share of the beneficial interests in the Creditors' Trust in full satisfaction, settlement, and in exchange for their Allowed Claims. This Class is impaired. Class 44F consists of General Unsecured Claims against Reliable Phoenix. The Debtors estimate that, after removing duplicative and clearly erroneous claims, the total General Unsecured Claims for Classes 44A through 44F total approximately $19.6 million, not counting (1) any potential deficiency claims resulting from secured creditors that may turn out to be undersecured, (2) claims resulting from the rejection of executory contracts or unexpired leases under the Plan, or (3) claims resulting from the potential avoidance of liens or avoidable transfers. This number also does not account for potential substantive objections to claims that could be brought. On the Effective Date, each Unsecured Creditor, to the extent it has an Allowed General Unsecured Claim, shall receive its pro rata share of the beneficial interests in the Creditors' Trust in full satisfaction, settlement, and in exchange for their Allowed Claims. This Class is impaired. The funding for the distributions and obligations under the Plan and the Reorganized Debtors' working capital needs will be derived in primary part, if not exclusively, from the following: (1) the Debtors' Cash on hand as of the Effective Date; (2) Cash that will be generated from the Reorganized Debtors' operations after the Effective Date; (3) proceeds from the sale of assets; (4) the Exit Financing; and (5) any proceeds of Causes of Action, including Avoidance Actions. To the extent the funds in the Professional Fee Escrow Account are greater than the amount needed to pay Allowed Professional Fee Administrative Claims, such excess funds shall be transferred to the Reorganized Debtors free of any restrictions contained in the Professional Fee Escrow Account agreement or prior order of the Court. The primary funding mechanism for the Plan and the Reorganized Debtors' working capital needs will be from a financing facility in the amount of $22,500,000 to be provided by CFI and CCG (the "Exit Financing"). Approximately $15 million of the proceeds of the Exit Financing will be used to satisfy the Allowed Secured Claims of certain equipment lenders whose Collateral the Reorganized Debtors intend to retain. The remaining approximately $7.5 million of the Exit Financing will be used to make other payments due on or near the Effective Date required by the Plan and for the Reorganized Debtors' working capital needs. A full-text copy of the Disclosure Statement dated April 17, 2026 is available at https://urlcurt.com/u?l=1b0biJ from PacerMonitor.com at no charge. Counsel to the Debtors: James A. Patten, Esq. Molly S. Considine, Esq. PATTEN, PETERMAN, BEKKEDAHL & GREEN PLLC 401 N. 31st Street, Suite 800 P.O. Box 7207 Billings, MT 59103 Telephone: (406) 252-8500 Facsimile: (406) 294-9500 Email: apatten@ppbglaw.com Mconsidine@ppbglaw.com Matthew A. Lesnick (pro hac vice) Christopher E. Prince (pro hac vice) Kaitlyn M. Husar (pro hac vice) Lisa R. Patel (pro hac vice) LESNICK PRINCE PAPPAS & ALVERSON LLP 315 W. Ninth Street, Suite 705 Los Angeles, CA 90015 Telephone: (213) 493-6496 Facsimile: (213) 493-6596 Email: matt@lesnickprince.com cprince@lesnickprince.com khusar@lesnickprince.com lpatel@lesnickprince.com About Elite Equipment Leasing Elite Equipment Leasing LLC is a Billings, Montana-based crane rental group. Elite Equipment Leasing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-10145) on Sept. 7, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million. The Debtors are represented by James A. Patten, Esq. at Patten, Peterman, Bekkedahl & Green, PLLC and Lesnick Prince Pappas & Alverson LLP. Garrett Stiepel Ryder LLP is the Debtors' Special Corporate and Transactional Counsel. Curt Kroll of SierraConstellationPartners LLC is the Debtors' Financial Advisor. Epiq Corporate Restructuring LLC is the Debtors' claims agent. ENVUE MEDICAL: Christian Michael Glibert Holds 6.5% Equity Stake ---------------------------------------------------------------- Christian Michael Glibert, disclosed in a Schedule 13D/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of January 14, 2026, he beneficially owns 240,000 shares of Common Stock, held with sole voting and dispositive power, of ENvue Medical, Inc.'s Common Stock, par value $0.001 per share, representing 6.5% of the 3,700,908 shares of outstanding Common Stock. Mr. Glibert may be reached at: 4001 Green Heron Spring Drive, Carpinteria, CA, 93013 Tel: 740-507-7228 A full-text copy of Glibert Christian Michael's SEC report is available at: https://tinyurl.com/47bssp63 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. 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. 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. ER OF TEXAS: Gets Interim OK to Use Cash Collateral --------------------------------------------------- ER of Texas, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The court entered a third interim order authorizing the Debtors to use cash collateral in accordance with their budget (subject to a 10% variance) through the earlier of (i) entry of a final order, (ii) the termination of the interim order, or (c) the occurrence of so-called termination event. Termination events include the Debtors' failure to comply with any material term of the interim order; actual disbursements exceeding the budget beyond the permitted variance; dismissal or conversion of any Chapter 11 case to Chapter 7; appointment of a trustee or examiner with expanded powers; and modification of the interim order without lender consent. As protection, the pre-bankruptcy secured creditors will be granted replacement liens on all of the Debtors' assets excluding Chapter 5 causes of action. In case of any diminution in the value of their collateral, the secured creditors will receive an allowed superpriority administrative expense claim against the Debtors' estates. Additionally, the Debtors must make monthly payments to Newtek (about $178,493.61 starting May) and cover certain professional fees. The secured creditors are Encore Bank (senior secured lender), Newtek Business Services Holdco 6, Inc. (junior secured lender), and various merchant cash advance lenders, all of which hold liens on most of the Debtors' assets. Encore holds a first-priority lien, Newtek is subordinate to Encore, and the MCA Lenders hold junior or subordinated interests. A final hearing is set for May 18. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Ajon2 from PacerMonitor.com. About ER of Texas LLC ER of Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40606) on February 10, 2026. In the petition signed by Ron Walraven, manager, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Richard Grant, Esq., at CM Law LLP, represents the Debtor as legal counsel. EVONA LLC: Seeks Cash Collateral Access --------------------------------------- Evona, LLC asks the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, for authority to use cash collateral. Evona, which owns a gas station in Wilmington, Mass., plans to use incoming revenue to cover expenses, including mortgage payments to secured creditor, BrightBridge Credit Union. It argues that access to this cash is critical to sustaining business operations, paying employees and expenses, and enabling a successful reorganization under Chapter 11. To maintain operations, Evona proposes a 30-day budget for using cash collateral and offers protection to BrightBridge by granting replacement liens on post-petition assets and continuing regular payments. BrightBridge holds a first mortgage on the property and liens on the business' assets, with an outstanding loan balance of about $640,000. The situation is complicated by a separate loan taken out by a trust connected to Evona's manager, Walid Eldayha, which went into default. BrightBridge claims that this default triggers a cross-default provision, making Evona liable as well, even though Evona disputes this claim and was not directly involved in that loan. A copy of the motion is available at https://urlcurt.com/u?l=7ge66i from PacerMonitor.com. About Evona LLC Evona LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-10699) on March 30, 2026, listing as much as $50,000 in both assets and liabilities. Stephen Gray of Gray & Company, LLC serves as Subchapter V trustee. George J. Nader, Esq., at Riley & Dever, P.C. represents the Debtor as legal counsel. FIRSTCASH INC: S&P Rates New $600MM Senior Unsecured Notes 'BB' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating and '3' recovery rating to FirstCash Inc.'s proposed issuance of $600 million senior secured notes due 2034. FirstCash Inc. is a wholly owned subsidiary of FirstCash Holdings Inc. (BB/Stable/--). The '3' recovery rating indicates its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. S&P said, "We expect the company to use the net proceeds from this issuance to primarily repay outstanding drawings on its senior unsecured U.S. revolving credit facility ($559 million outstanding as of Dec. 31, 2025). Therefore, we view the transaction as leverage neutral. "FirstCash ended 2025 with leverage of 3.0x, which is at our downside threshold. However, we do not expect the proposed transaction to immediately affect our rating or outlook on the company. This is because we expect revenue and EBITDA growth in 2026, owing to higher pawn receivables, favorable gold price, new pawn stores, and stable origination volumes at subsidiary American First Finance Inc., which we believe will support modest deleveraging. Pro forma for the issuance, we expect FirstCash to operate with leverage in the mid- to high-2.0x range in 2026. "We could lower our ratings on the company if leverage exceeds 3.0x on a sustained basis. This could occur if the company draws meaningfully on the revolving credit facility to fund operations or dilutive acquisitions, or if earnings deteriorate because of less favorable market conditions." Issue Ratings--Recovery Analysis Key analytical factors -- A default on the company's debt obligations would most likely be from financial pressures caused by a severe deterioration in U.S. operations because of unexpected regulatory changes or operational issues. -- S&P values the company on a going-concern basis using a 5.0x multiple of our projected emergence EBITDA, which is largely in line with our recovery multiple for other finance company peers. Simulated default assumptions -- Simulated year of default: 2031 -- EBITDA at emergence: $392 million -- EBITDA multiple: 5.0x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.86 billion -- Secured and other priority claims: $116 million -- Total value available to unsecured claims: $1.75 billion -- Senior unsecured debt and pari passu claims: $2.84 billion -- Recovery range: 50%-70% (rounded estimate: 60%) FLOURISH RESTAURANTS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Flourish Restaurants, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral until the next hearing scheduled for May 19 in accordance with an approved budget. The Debtor may modify the line items by no more than 15% and carry over any unused budgeted amount. As adequate protection for any diminution in the value of their collateral, the U.S. Small Business Administration, North State Bank, and WebBank will be granted a replacement lien on all of the Debtor's post-petition assets similar to their pre-petition collateral, with the same validity and priority as their pre-petition lien. The Debtor identifies several potential secured creditors with liens on its assets, including the SBA, North State Bank and WebBank, as well as contractual arrangements involving Toast, Inc. and its affiliate Toast Capital, which process the restaurant's credit card payments. Under a merchant loan agreement with WebBank, a portion of the Debtor's daily sales is withheld, and in the event of default, up to 100% of revenues could be diverted -- an outcome the Debtor argues would be devastating to operations. To address this, the court ordered WebBank, Toast, Inc., Toast Capital and related entities to cease any withholding under the merchant loan agreement. The order is available at https://is.gd/xPpi1R from PacerMonitor.com. About Flourish Restaurants LLC Flourish Restaurants, LLC, doing business as Foundation Social Eatery, is a restaurant in Alpharetta, Georgia that serves dishes rooted in classic French technique and seasonal ingredients. Founded by Chef Mel Toledo and his wife Sandy, it offers handmade pastas, cocktails and mocktails, and includes an open kitchen and chef's table. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55162) on April 17, 2026. In the petition signed by Sandra Toledo, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Jonathan W. Jordan oversees the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC, represents the Debtor as legal counsel. FLOURISH RESTAURANTS: Hires PB&J Strategic Accounting as Accountant ------------------------------------------------------------------- Flourish Restaurants, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Brittany Ferguson, CPA of PB&J Strategic Accounting to serve as accountant. The professional will provide these services: (a) weekly meetings with Debtor's members; (b) review of Debtor's books; and (c) other work done as requested by the Debtor. The firm will charge an hourly rate of $90 for work performed as Debtor's outside comptroller. PB&J Strategic Accounting and Brittany Ferguson, CPA 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: Brittany Ferguson, CPA PB&J Strategic Accounting 1845 Town Center Blvd. Suite #205 Fleming Island, FL 32003 E-mail: info@pbjsa.com About Flourish Restaurants, LLC Flourish Restaurants, LLC, doing business as Foundation Social Eatery, is a restaurant in Alpharetta, Georgia that serves dishes rooted in classic French technique and seasonal ingredients. Founded by Chef Mel Toledo and his wife Sandy, it offers handmade pastas, cocktails and mocktails, and includes an open kitchen and chef's table. Flourish Restaurants, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.D. Ga. Case No. 26-55162-jwj) on April 17, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Jonathan W. Jordan oversees the case. Jones & Walden LLC is Debtor's legal counsel. GENERIC MANUFACTURING: Seeks to Tap Michael Jay Berger as Counsel ----------------------------------------------------------------- Generic Manufacturing Corporation, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Michael Jay Berger, Esq. of the Law Offices of Michael Jay Berger to serve as general bankruptcy counsel. Michael Jay Berger, Esq. will provide these services: (a) representing the Debtor in Chapter 11 proceedings and advising of its legal rights and remedies; (b) negotiating with attorneys for unsecured creditors; (c) negotiating with creditors; (d) representing Debtor at related hearings; (e) assisting Debtor in complying with Office of the United States Trustee rules and regulations; (f) assisting in paperwork preparation to continue and conclude this chapter 11 proceeding; (g) responding to creditor inquiries; (h) reviewing proofs of claims filed in this bankruptcy proceeding; (i) preparing Notices of Automatic Stay in all State Court proceedings in which Debtor is sued during pendency of the bankruptcy; (j) responding to Motions filed in Debtor's bankruptcy; and (k) objecting to inappropriate claims and prepare the Plan of Reorganization. The firm's attorneys will be paid at these hourly rates: Michael Jay Berger $695 Sofya Davtyan $645 Kevin Ronk $595 Laura Portillo $595 Robert Poteete $475 The services of bankruptcy senior paralegals and law clerks will be at billed at $275/hr. and bankruptcy paralegals at $200/hr. The Law Offices of Michael Jay Berger 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: Michael Jay Berger, Esq. Sofya Davtyan, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Blvd. 6th Floor Beverly Hills, CA 90212-2929 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 E-mail: Michael.Berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com About Generic Manufacturing Corporation, Inc. Generic Manufacturing Corporation, Inc. manufactures packaging and bottling machinery serving multiple industries globally. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:26-bk-12720-SY) on April 8, 2026. In the petition signed by Lonnie Belts, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Scott H. Yun oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. GUNTER LAND: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Gunter Land NTX, LLC 4851 LBJ Freeway Suite 350 Dallas,TX 75244 Business Description: Gunter Land NTX, LLC is a Dallas-based real estate company associated with property ownership and land-related activity in North Texas. The company, whose listed address is in Dallas, is linked to property in Van Alstyne, Grayson County, Texas. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-41416 Debtor's Counsel: Eric T. Haitz, Esq. BONDS ELLIS EPPICH SCHAFER JONES LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Tel: 817-405-6900 E-mail: eric.haitz@bondsellis.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Donald Craig Barrow as authorized 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/HW7J2HI/GUNTER_LAND_NTX_LLC__txebke-26-41416__0001.0.pdf?mcid=tGE4TAMA HEXCEL CORP: S&P Rates Proposed $400MM Senior Unsecured Notes 'BB+' ------------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue level rating and '3' recovery rating to Hexcel Corp.'s proposed $400 million senior unsecured notes due in 2031. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate 50%) recovery in the event of a hypothetical default situation. S&P expects Hexcel to use proceeds for repayment of its $400 million, 3.95% senior unsecured notes due in 2027. S&P's 'BB+' issuer credit rating and stable outlook on Hexcel are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- Hexcel's pro forma capital structure consists of a $750 million revolver due in 2031 (not rated), $300 million unsecured notes due in 2035, and the proposed $400 million unsecured notes due in 2031. -- Other default assumptions include SOFR of 3.5% and the revolver 85% drawn at default. Simulated default assumptions -- Year of default: 2031 -- EBITDA at emergence: $150 million -- EBITDA multiple: 5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $788 million -- Obligor/nonobligor split: 53%/47% -- Unsecured debt claims: $1.4 billion -- Collateral value available to unsecured claim: $788 million --Recovery expectations: 50%-70% (rounded estimate: 50%) HONEY DO: Court Says 3-Year Payment Term to Burden Creditors ------------------------------------------------------------ Judge Rachel Ralston Manel of the U.S. Bankruptcy Court for the Eastern District of Tennessee issued a memorandum with respect to the confirmation of Honey Do Franchising Group, Inc.'s plan of reorganization. The debtor Honey Do Franchising Group, Inc., is a franchisor of businesses providing residential and commercial handyman services under the Honey Do trade name. Thomas Bradley Fluke is the corporation's sole shareholder and chief executive officer. His wife, Katharine Irene Fluke, is the corporation's chief operating officer. Together the couple oversee the daily operations of the debtor, with Mrs. Fluke primarily focusing on financial and bookkeeping matters. The debtor seeks confirmation of its plan of reorganization and to assume an unexpired commercial property lease for its place of business. Those efforts are opposed by 5 Talents, Inc., a former owner and operator of Honey Do franchises, and Roland W. Baggott III, who previously represented Honey Do in disputes with 5 Talents. The debtor leases its headquarters location from the Flukes' company Investment Properties Improvements, LLC. The debtor has asked to assume its current lease if its plan is confirmed. Like the present lease, the debtor's former locations were also leased from Mr. or Mrs. Fluke or from companies they owned. 5 Talents' business relationship with the debtor began in 2019 when 5 Talents purchased three existing Honey Do franchises covering the regions of Kingsport, Tennessee, Johnson City, Tennessee, and Bristol, Tennessee/Virginia. The debtor and 5 Talents entered into new franchise agreements in 2020 that consolidated the agreement terms for these separate locations and added the region of Abingdon, Virginia. The relationship turned acrimonious to such a degree that in January 2022, 5 Talents filed a lawsuit in the Chancery Court for Sullivan County, Tennessee, against the debtor, Mr. Fluke, and Freedom Enterprize, Inc., a company owned by Mr. Fluke that was a party to 5 Talents' purchase of the Bristol franchise. Among other relief sought in the state court action, 5 Talents requested a declaration that each of the franchise agreements and the asset purchase agreement for the Bristol franchise were void. The following month the debtor terminated 5 Talents' franchise agreements and, along with Mr. Fluke and Freedom Enterprize, instituted an arbitration proceeding for resolution of the parties' dispute. The state court granted the debtor's motion to compel arbitration of the issues raised in the state court litigation. The debtor also filed a lawsuit against 5 Talents in the United States District Court for the Western District of Virginia seeking to enjoin 5 Talents' use of the Honey Do mark and related items. The parties agreed to the entry of a permanent injunction that resolved the district court litigation. An eight-day arbitration hearing was conducted in May and June of 2023 in Washington, D.C., after which the arbitrator found that the debtor had breached the franchise agreements by terminating them without an opportunity for cure, and that Mr. Fluke on behalf of the debtor had engaged in competitive activities causing a breach of the Bristol franchise asset purchase agreement An interim award in favor of 5 Talents was entered against the debtor in September 2023 in the gross amount of $1,123,086. After deducting $344,086.68 that 5 Talents owed under the Bristol asset purchase agreement, the interim award was reduced to $778,999.32. However, the final arbitration award in February 2024 adding 5 Talents' costs and attorney fees of $573,911.33 brought the total up to $1,352,910.65. The following month the United States District Court for the Western District of Virginia confirmed the award and entered judgment for 5 Talents against the debtor in that amount plus interest at the judgment rate. Concerned that 5 Talents would begin execution of the judgment, the debtor filed a chapter 11 bankruptcy petition on June 14, 2024, seeking to reorganize under subchapter V. Talents, by far the largest creditor of the debtor, filed an unsecured claim in the amount of $1,382,796.82. Baggott filed an unsecured claim in the amount of $58,181.94 for legal fees in representing the debtor in the state and federal actions and in the arbitration proceedings. Four other law firms also filed unsecured claims for representation of the debtor totaling $82,567.87. The Tennessee Department of Revenue and Regions Bank were the only other creditors to file unsecured claims. The Department of Revenue's claim of $35.67 is for penalty and interest associated with sales and use tax of which $1.82 is a priority claim. The Bank's claim for $53,563.75 arises from a line of credit. According to the plan, the other unsecured debts are those scheduled by the debtor for Barry Knepper CPA, Trinity Valuation Consulting Group, PLC, and Mr. Fluke in the respective amounts of $1,500, $18,523, and $78,583.91. Regarding the debt owed to Mr. Fluke, the parties' joint prehearing statement filed on April 22, 2025, stipulates that "Thomas Bradley Fluke, the sole shareholder of the Debtor, holds a general unsecured claim in the amount of $78,583.91 that is not included in the total general unsecured claims pool amount." From this stipulation the court concludes that the unsecured debt owed to Mr. Fluke will be subordinated to the remaining unsecured claims, and Mr. Fluke will not receive any payment on that indebtedness during the term of the plan. Excluding the debt to Mr. Fluke from the pool, the unsecured debt addressed by the debtor's plan totals $1,597,169.05. The debtor's only secured creditor is the United States Small Business Administration whose proof of claim in the amount of $512,708.66 states that it is fully secured by all the debtor's property. The debtor filed its plan of reorganization and motion to assume its lease on September 12, 2024. The plan divides non-priority unsecured claims into two classes -- one for 5 Talents and one for all the others -- and proposes to use all the debtor's disposable income to pay the claims pro rata over a 3-year term. Both 5 Talents and Baggott challenge the debtor's liquidation analysis and insist that the plan has not been proposed in good faith. On the latter issue, Baggott maintains that the debtor hid assets by not scheduling values for intangibles, and 5 Talents asserts that the debtor filed bankruptcy only to evade paying the judgment. 5 Talents and Baggott contend the debtor breached its fiduciary duty to maximize the estate, respectively, in not avoiding prepetition transfers and in failing to timely update its FDD. 5 Talents objects to its separate classification in the plan, questions the accuracy of the debtor's projected disposable income and expenses, and insists the plan is not fair and equitable in the treatment of 5 Talents' claim because the debtor is not paying projected disposable income over a maximum 5-year term. The debtor's request to assume the lease at 1600 West State Street is made contingent on the plan being confirmed. 5 Talents, the only party to object to the debtor's assumption of the lease, does so on the basis that Mr. Fluke owns the lessor Investment Properties Improvements, LLC. 5 Talents points out that the debtor currently pays $1,935 per month in rent, significantly more than the $800 per month rent at its previous location, and that the debtor's disposable income projections show the rent increasing to $3,800 per month. 5 Talents states that such self-dealing on the part of the Debtor appears contrary to the Debtor's obligations as a fiduciary to its creditors and beneficial only to the Debtor's insiders. 5 Talents' position is that the debtor's actions over the course of its business relationship with 5 Talents, then after the arbitrator's initial award, and now during this bankruptcy case demonstrate that the plan was not proposed in good faith. 5 Talents next asserts the debtor's exploration of bankruptcy before the final judgment was entered and the debtor's failure to make a reasonable offer of settlement after the final judgment was entered also prove that the purpose of the bankruptcy is only to evade the judgment. According to the court, there was nothing improper by the debtor considering the option of reorganization during the course of the parties' dispute or thereafter. Because the debtor had no means of paying the judgment of more than $1.3 million either from its assets or as a going concern, the debtor had little choice but to file chapter 11. That the debtor could have managed all its debts other than the judgment outside of bankruptcy does not prove the debtor has not proposed its plan in good faith. One of the primary purposes of chapter 11 is to preserve the business as a going concern, and that is being served by the debtor's bankruptcy filing and proposed plan of reorganization. Concerning maximization of the estate, the other primary purpose of chapter 11, 5 Talents and Baggott respectively assert the debtor breached its fiduciary duty by not avoiding prepetition transfers and by not updating its franchise disclosure document ("FDD"). 5 Talents points to the debtor's payment of all litigation and arbitration fees as an instance of the Flukes inappropriately benefitting at the creditors' expense. The court finds the debtor's motives in formulating the plan appear to be a sincere attempt of reorganization to preserve the company that will fairly achieve a result consistent with the objectives and purposes of the Bankruptcy Code. The evidence establishes that the debtor must be reorganized to sustain its business, and reorganization is the most effective way to create value for creditors. Concerning its fiduciary duty to maximize the estate for the benefit of creditors, the court finds no breach. 5 Talents' assertion that the SBA's secured status may be avoided to increase the estate has not been foreclosed. The court concludes that considering the totality of the circumstances and as required by Sec. 1129(a)(3), the plan has been proposed in good faith and not by any means forbidden by law. 5 Talents and Baggott assert that they will not receive under the plan what they otherwise would if the debtor were liquated in a chapter 7 case. According to the court, if the case were converted to chapter 7 and an appointed trustee sought to avoid the perfection of the SBA's lien, the trustee would immediately be faced with an illiquid estate and the daunting tasks of both funding the operation of the business and litigation with the SBA. On the claims side, with the inclusion of the $512,708.66 unsecured claim of the SBA and the $78,538.91 unsecured claim of Mr. Fluke, the hypothetical chapter 7 unsecured creditor pool would swell from $1,597,169.05 to $2,188,416.62. 5 Talents' claim would then be 63% of the pool and Baggott's claim 2.6% of the pool. To exceed the amounts of $32,607.49 and $1,362.61 that 5 Talents and Baggott will be paid under the plan, the hypothetical chapter 7 trustee would have to distribute more than $51,757.92 to creditors. Neither a sale as a going concern nor a sale of the assets individually will generate such a distribution in chapter 7. The court finds the debtor has met its burden under 11 U.S.C. Sec. 1129(a)(7). The plan separately classifies the SBA's allowed secured claim and 5 Talents' allowed unsecured claim. Section 1122(a) requires separate classification because the claims are not substantially similar. Because the two classes are dissimilar, the plan does not discriminate unfairly between the treatment of the SBA's class and that of 5 Talents. The court agrees with the debtor that its financial projections are reasonable and soundly based on historical performance. Accordingly, the plan is distributing all the debtor's projected disposable income. The remaining question is whether the period of distribution be the 3-year term the debtor has proposed or a greater term. According to the court, 5 Talents correctly points out that under a 3-year plan the $230,000 projected expense over that term for lead generation and the FDD is being borne by the unsecured creditors with little to no benefit for them in net revenue. While the court does not question the debtor's business judgment for the amount it has allocated, the significant increase does reinforce 5 Talents' position that the creditors are now having to bear a much greater burden under the projection of expenses than the debtor was incurring prior its bankruptcy filing. Unlike a 3- year term, a 5-year term may likely result in shifting some of the benefit from the sales of new franchises to unsecured creditors. In determining whether the plan is fair and equitable, the court first concluded that the plan as proposed provides that all the debtor's projected disposable income received in a 3-year period is being applied to make payments under the plan and now secondly concludes the plan must extend for a maximum 5-year term. The dilemma then is how the court may confirm the debtor's plan for a 5-year term without evidence of projected disposable income for the final two years. One means is to fashion a provision for payments over years 4 and 5 satisfying the disposable-income requirement of Sec. 1191(c)(2)(A) that the debtor can choose to accept. The court found that all the debtor's projected net disposable income in the 3-year period is being applied to make payments under the plan. Those yearly projected amounts are $11,393, $8,297, and $17,963. An average of those projections, $12,551, will set a baseline or minimum projection of net disposable income for each of the final two years. The actual net disposable income exceeding the baseline during those last two years must also be put into the plan to be distributed to unsecured creditors. As with the first three years, the court concludes there is a reasonable likelihood that the debtor will be able to make these payments over the course of the two additional years. Accordingly, if the debtor decides to accept this provision along with the other amendments previously mentioned, the plan is confirmable. The court says the plan will be confirmed and the debtor's motion to assume the commercial lease will be granted if the debtor accepts the changes to the plan, the most significant being a 5-year term. If the debtor does not accept the court's suggested changes to the plan, both confirmation of the plan and the motion to assume the commercial lease will be denied. A copy of the Court's Memorandum dated April 17, 2026, is available at https://urlcurt.com/u?l=bQ1Nf3 from PacerMonitor.com. About Honey Do Franchising Group Honey Do Franchising Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-50596) on June 14, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Thomas Brad Fluke, chief executive officer, signed the petition. Judge Rachel Ralston Mancl presides over the case. Brenda G. Brooks, Esq., at Moore & Brooks represents the Debtor as legal counsel. HYPERION MATERIALS: S&P Rates Proposed First-Lien Term Loan 'B-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to Hyperion Materials & Technologies Inc.'s proposed $486 million first-lien senior secured term loan due 2031. The '3' recovery rating indicates S&P's expectations for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The company plans to use the proceeds to repay its existing $515 million first-lien term loan due August 2028 ($485 million outstanding as of Dec. 31, 2025). The new term loan will rank pari-passu with the company's existing $75 million revolving credit facility due 2028. All S&P's ratings on Hyperion, including our 'B-' issuer credit rating, are unchanged. The negative outlook reflects heightened uncertainty around Hyperion's earnings and cash flow following recent raw material cost increases. This could elevate leverage and constrict liquidity if the company cannot successfully maintain its margin profile. Issue Ratings--Recovery Analysis Key analytical factors -- S&P assigned its 'B-' issue level rating and '3' recovery rating to Hyperion's proposed $486 million first-lien term loan due 2031. The '3' recovery rating indicates its expectations for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. -- S&P's simulated default assumes an unexpected economic downturn and sustained weakness in the industrial and automotive markets, which decreases sales volumes. The challenges in these markets also lead to margin compression and strained cash flow. -- S&P values the company on a going-concern basis using a 5x multiple of its projected emergence EBITDA of about $75 million. The 5x multiple reflects Hyperion's small niche market position and respectable end-market and product diversity. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA multiple: 5x -- EBITDA at emergence: $75 million -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $358 million -- Valuation split (obligors/nonobligors): 89%/11% -- Priority claims (accounts receivable securitization facility): $46 million -- Total value available to first-lien claims: $300 million -- Total first-lien debt claims: $562 million --Recovery expectations: 50%-70% (rounded estimate: 50%) S&P said, " Debt amounts include six months of accrued interest we assume will be owed at default. Collateral value includes asset pledges from obligors (after priority claims) plus equity pledges in nonobligors. We generally assume usage of 85% for cash flow revolvers at default." HYSE INDUSTRIES: Seeks to Tap Iwama Law Firm as Legal Counsel ------------------------------------------------------------- Hyse Industries Inc seeks approval from the U.S. Bankruptcy Court for the Western District of Washington at Tacoma to hire Masafumi Iwama, Esq. of Iwama Law Firm as bankruptcy legal counsel in its Chapter 11 Subchapter V case. The firm will provide these services: (a) advising the Debtor regarding its duties and obligations as debtor in possession; (b) preparing and filing of pleadings, schedules, statements, and a plan of reorganization; (c) representing the Debtor in contested matters and adversary proceedings; (d) evaluating and prosecuting claims relating to the Debtor's business operations, including efforts to restore access to operational systems and enforce contractual rights; (e) negotiating with creditors and parties in interest; and (f) providing such other legal services as may be necessary in this case. Mr. Iwama will receive an hourly rate of $550 for attorney services, and $200 for paralegal and legal assistant services. The Debtor also deposited a $5,000 advance fee retainer held in the firm's trust account, subject to court approval under 11 U.S.C. Secs. 330 and 331. Iwama Law Firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and does not hold any interest adverse to the estate. The Office of the United States Trustee reviewed the application and indicated no objection. The firm can be reached at: Masafumi Iwama, Esq. IWAMA LAW FIRM 333 5th Ave. S. Kent, WA 98032 Telephone: (253) 520-7671 Facsimile: (206) 737-7844 E-mail: matt@iwamalaw.com About Hyse Industries Inc Hyse Industries Inc sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Washington at Tacoma Case No. 26-40804) on March 22, 2026. At the time of the filing, Debtor had not disclosed estimated assets or liabilities in the provided record. Iwama Law Firm is Debtor's legal counsel. IN DUE SEASON: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- In Due Season, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral to fund operations and set a further hearing for May 27. The Debtor's cash collateral primarily consists of approximately $450 in cash, $6,853 in frozen insurance receivables, $365,754 in accounts receivable, and $2,500 in inventory. The secured creditors that may assert liens on the Debtor's assets include the U.S. Small Business Administration, with a $30,000 claim; Celtic Bank Corporation, with a $350,000 claim and a mortgage lien on real property; and additional creditors such as JRG Funding LLC and LG Funding LLC, bringing the total asserted secured debt exposure to $432,957. As adequate protection, the Debtor offers granting post-petition replacement liens on the same assets and to the same extent and priority as existed pre-petition, along with inspection rights and periodic financial reporting. The Debtor reserves the right to challenge the validity, priority, and extent of all claimed liens and security interests. About In Due Season LLC In Due Season LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03193) on April 16, 2026. In the petition signed by Lucie Bryant, manager, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Buddy D. Ford, Esq, at Ford & Semach, P.A., represents the Debtor as legal counsel. INDITEX VENTURES: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division granted IndiTex Ventures, LLC final authority to use cash collateral to continue operations. Under the final order, the Debtor is authorized to use LendingClub's cash collateral strictly in accordance with an approved budget. Spending is limited to specified categories and amounts, with a cap of 120% per line item unless prior consent from LendingClub or court approval is obtained. Any additional expenditures require notice to LendingClub, which is deemed approved if not rejected within two business days. As adequate protection, LendingClub is granted replacement liens on all postpetition assets and superpriority administrative claims, maintaining the same priority as its prepetition liens. These protections apply to the extent of any diminution in value of collateral. The Debtor must also make monthly adequate protection payments, initially about $2,500 and then $8,000 starting April, continuing until plan confirmation or a termination event. The Order imposes strict compliance requirements, including detailed financial reporting, budget updates, and timely filing of a Chapter 11 plan by June 1, with confirmation by August 31. Failure to comply or other specified events will terminate the Debtor's authority to use cash collateral. The Debtor is also restricted from paying prepetition debts without court approval, and LendingClub retains all rights and remedies under applicable law. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/p54nt from PacerMonitor.com. LendingClub, as secured creditor, is represented by: Patrick J. Schurr, Esq. Scheef & Stone, LLP 2600 Network Boulevard Suite 400 Frisco, TX 75034 Telephone: 214.472.2100 Telecopier: 214.472.2150 Patrick.schurr@solidcounsel.com About IndiTex Ventures LLC IndiTex Ventures LLC operates a Pet Supplies Plus franchise in Houston, Texas, providing retail pet products and groomingservices. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-31376) on March 1, 2026. In the petition signed by Leticia Hess, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Jeffrey P. Norman oversees the case. William Haddock, Esq., at Pendergraft & Simon LLP, represents the Debtor as legal counsel. INTERACTIVE GOVERNMENT: Case Summary & Seven Unsecured Creditors ---------------------------------------------------------------- Debtor: Interactive Government Holdings Inc. 7426 Alban Station Blvd. Springfield, VA 22150 Business Description: Interactive Government Holdings Inc. provides program, acquisition, and administrative management services, as well as secure IT, systems engineering and integration, and global operations and sustainment support. The company was established in 2006 and is headquartered in Springfield, Virginia. It holds ISO 9001:2015 certification and is classified under NAICS code 541611, with socioeconomic designations including 8(a), SDVOSB, VOSB, SDB, Hispanic American Owned, and Minority Owned. Its prime contract vehicles include GSA 8(a) STARS III, GSA Multiple Award Schedule - 00Corp, and SeaPort-NxG. Chapter 11 Petition Date: April 24, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00214 Judge: Hon. Elizabeth L. Gunn Debtor's Counsel: Daniel Staeven, Esq. FROST LAW 839 Bestgate Rd. Suite 400 Annapolis MD 21401 Tel: (410) 497-5947 E-mail: daniel.staeven@frosttaxlaw.com Total Assets: $293,133 Total Liabilities: $2,844,120 The petition was signed by Michael V. Sanders as chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JZFOO6I/Interactive_Government_Holdings__dcbke-26-00214__0001.0.pdf?mcid=tGE4TAMA JOHN KNOX: Fitch Affirms 'BB+' IDR, Outlook Stable -------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to John Knox Village (JKV), MO's series 2026A, series 2026B-1, series 2026B-2, and series 2026 B-3 revenue bonds to be issued by The Industrial Development Authority of the City of Lee's Summit, Missouri (IDACLSM) on behalf of JKV. Fitch has also affirmed JKV's Issuer Default Rating (IDR), outstanding revenue bonds, and outstanding parity debt issued by IDACLSM at 'BB+'. The Rating Outlook is Stable. The bonds are expected to price via negotiated sale on May 14, 2026. Entity/Debt Rating Prior ----------- ------ ----- John Knox Village (MO) LT IDR BB+ Affirmed BB+ John Knox Village (MO) /General Revenues/1 LT LT BB+ Affirmed BB+ The 'BB+' rating reflects JKV's strong independent living occupancy, broad service platform, and track record of successfully executing redevelopment projects. The rating also reflects pressure from salaries and benefits and the additional debt tied to the 2026 issuance. The Stable Outlook reflects Fitch's expectation that JKV will sustain favorable operating results as management focuses on expense control, strong occupancy, and redevelopment execution. SECURITY Debt payments are secured by a pledge of the unrestricted gross revenue of the obligated group, a first-mortgage lien on all the real property constituting JKV's core campus (excluding property south of NW O'Brien Road), and a debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Strong Occupancy in a Stable Market JKV's revenue defensibility is supported by its large scale, broad service platform, and consistently solid occupancy across the campus. The community is one of the largest single-site senior living providers in the country. Occupancy through 3Q26 remained favorable across all care levels, including about 89% in independent living, 98% in assisted living and 95% in skilled nursing. Management continues to redevelop older units into larger, higher-end units through its Villa Initiative to meet service area demand. JKV also supports resident retention through a broad continuum of care and community-based services. Demand indicators remain favorable, including a total lead list of over 4,000 prospective residents across all unit types. Demand for the updated Meadows style and new villas is strong with a waitlist of 90 prospective residents out of the total. JKV increased fees in April 2026. Fitch expects favorable local demographics, area affluence, and JKV's location in a growing Kansas City suburb to support stable demand for repositioned and newly developed units. Operating Risk - 'bb' Improving Operations Operating risk is weak for a type-B contract life plan community (LPC) but adequate for the rating. Historical performance has been pressured, but recent results improved as occupancy remained strong and recent projects became accretive. Through 3Q26, the operating ratio improved to 91.3%, the strongest level in the last five fiscal years. Labor and benefit pressures remain a risk, particularly in overtime, agency use, and healthcare claims. Fitch expects performance to remain supported by strong demand, continued fill-up of redevelopment projects, and a higher mix of entrance-fee products. Capital spending remains high and is a key operating risk consideration, but Fitch views this spending as part of JKV's longer-term repositioning strategy. Management has a solid execution record, including full occupancy at recent villa phases and early repayment of temporary debt for Courtyard E. Management plans to build additional ILUs with the Meadows North and Country Club Estates (CCE) expansion projects, funded with the series 2026A, B-1, B-2 and B-3 bonds. Fitch views execution risk as manageable given JKV's record of successful fill-up. Fitch expects planned projects to improve marketability, support operating resilience, and increase the mix of entrance-fee contracts over time. Financial Profile - 'bb' Improved Financial Cushion JKV's unrestricted cash and investments improved to about $54 million at FYE25, equivalent to 50% cash-to-adjusted debt and 263 days cash on hand. The financial profile is characterized by adequate liquidity, which Fitch believes provides enough cushion for JKV to absorb the construction and fill-up risk associated with the series 2026 expansion projects and remain at the 'BB+' rating. Fitch's base case incorporates the planned Series 2026 financing, which adds $47.8 million in total debt consisting of $18.6 million of long-term debt and $29.2 million of temporary debt to fund the Meadows North and CCE expansion project. Base case leverage rises with the new financing and then moderates as initial entrance fees support repayment of temporary debt and operations continue to generate positive LPC net available. Fitch's stress case also incorporates the 2026 issuance and applies operating performance and portfolio pressure during the buildout period, resulting in lower liquidity than the base case. In this stress case, cash-to-adjusted debt weakens to the mid-30% range. Stress metrics recover thereafter as entrance fees are received and debt amortizes. Pro-forma MADS coverage recovers to almost 3x in the stress case, indicating capacity to absorb the project. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fill-up and construction of the new projects fall short of Fitch's expectations, increasing operating expenses and deferring cash flow generation to satisfy pro-forma aggregate debt service and repayment of associated short-term debt; - Deterioration in operating performance decreases operating ratios and capital-related metrics or results in sustained DCOH below 200 days. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is unlikely pending completion of JKV's repositioning projects. Over time, improved, sustained operating performance that results in a five-year average operating ratio of about 100% and net operating margin-adjusted (NOMA) of 13%-20%; - While Fitch believes this would take several years, reaching 100% cash-to-adjusted debt in the stress case. PROFILE JKV (Lee's Summit, MO) is a large single-site LPC. JKV has 1,038 ILUs, 180 ALUs and 121 SNF beds. Non-OG operations include home-health, hospice, ambulance and foundation activities. JKV offers rental and entrance fee contracts. FY25 total operating revenue was $84.7 million. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data 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. KB3 2275: To Employ Perez & Associates as Real Estate Appraiser --------------------------------------------------------------- KB3 2275 Century, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Hector Perez of Perez & Associates to serve as real estate appraiser. Mr. Perez will provide these services: (a) appraising real property of Debtor, including all types of structures, improvements, location, income stream, and any other tangible as well as intangible features of said holdings; (b) assistance in valuing assets as part of Debtor reorganization, for sale or collateral value for the purposes of the Chapter 11 bankruptcy case; and (c) assistance in appraising the real property for bankruptcy purposes. Mr. Perez will receive a flat fee of $550.00 for appraisal services. Mr. Perez is a "disinterested party" and does not have any connection with the Debtor, its creditors or any other party in interest, its respective attorneys and accountants, the United States Trustee, or any person employed in the office of the United States Trustee, according to court filings. The firm can be reached at: Hector M. Perez PEREZ & ASSOCIATES REAL PROPERTY APPRAISERS 15025 Whittier Blvd Ste A Whittier, CA 90603 Telephone: (626) 926-4838 E-mail: perezappraisals@hotmail.com About KB3 2275 Century LLC KB3 2275 Century, LLC a Los Angeles-based real estate company operating from Avalon Boulevard. KB3 2275 Century filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10237) on January 13, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Neil W. Bason handles the case. The Debtor is represented by Onyinye N. Anyama, at Anyama Law Firm. LA GEOTHERMAL: Unsecured Creditors to Split $45K over 60 Months --------------------------------------------------------------- LA Geothermal Energy Corp., filed with the U.S. Bankruptcy Court for the Central District of California a Subchapter V Plan dated April 17, 2026. The Debtor is a California corporation incorporated on August 2, 2021, and is owned and operated by Cornelius Rogers. The Debtor maintains its principal office at 3245 Conestoga Canyon Road, Suite A, Palmdale, California 93550, and is engaged in industrial management consulting with a focus on supporting real estate and construction-related projects, including consulting services aimed at restoring value to distressed residential properties and preparing foreclosed properties for resale. The Debtor filed its voluntary petition for relief under Chapter 11, Subchapter V, on January 21, 2026, to restructure its debt obligations and preserve its business as a going concern. The Debtor has continued to operate as debtor-in-possession pursuant to Sections 1184 and 1107 of the Bankruptcy Code. The Debtor's financial projections reflect anticipated revenues and expenses based on the nature and scope of the Debtor's consulting operations and the Debtor's reasonable expectations regarding the resumption of consulting engagements. The projections demonstrate that the Debtor's anticipated income is sufficient to fund all payments required under this Plan while continuing to meet its ordinary course operating expenses. All payments required under this Plan will be funded from the Debtor's ongoing business operations. Based on the nature of the Debtor's consulting business and the financial projections attached hereto, the Debtor believes that this Plan is feasible and that confirmation will not likely be followed by liquidation or the need for further financial reorganization. This Plan provides for the following: * treatment of allowed secured claims; * payment in full of all allowed Chapter 11 administrative expenses and priority claims, including professional fees and costs approved by the Bankruptcy Court; and * pro rata distributions to holders of allowed general unsecured claims from the Debtor's projected disposable income and ongoing business operations. Class 3 consists of all allowed general unsecured claims against the Debtor that are not otherwise classified under this Plan, including the unsecured portion of Newtek Bank's compromised Loan 1 claim as described in Class 2, and the wholly unsecured claims of creditors holding UCC-1 financing statements whose liens are subordinate to senior secured claims and therefore receive no value under the Debtor's liquidation analysis. Holders of allowed Class 3 claims shall receive aggregate monthly payments of $750.00 for sixty consecutive months, for total projected distributions of $45,000.00, distributed pro rata based on the amount of their respective allowed claims, as summarized in Section III.D of this Plan. Distributions to Class 3 shall be funded from the Debtor's disposable income and regular business operations. The allowed unsecured claims total $762,300.56. Class 3 is impaired under this Plan. Class 4 consists of all equity interests in the Debtor. On the Effective Date, the holder of Class 4 interests, Cornelius Rogers, shall retain his ownership interests in the Debtor. All payments required under this Plan shall be funded from the Debtor's cash on hand and from income generated from the Debtor's ongoing business operations, as reflected in the financial projections. A full-text copy of the Subchapter V Plan dated April 17, 2026 is available at https://urlcurt.com/u?l=tztR7w from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin Tang, Esq. Tang & Associates 17011 Beach Blvd., Suite 900 Huntington Beach, CA 92647 Tel: (714) 594-7022 Fax: (714) 421-4439 Email: kevin@tang-associates.com About LA Geothermal Energy Corp. LA Geothermal Energy Corp. provides industrial management consulting services with a focus on restoring value to distressed real estate properties in the United States. LA Geothermal Energy Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Fla. Case No. 26-10518) on January 21, 2026, listing $144,556 in assets and $1,369,633 in liabilities. The petition was signed by Cornelius Rogers as managing member. Judge Deborah J Saltzman presides over the case. Kevin Tang, Esq., at Tang & Associates, is the Debtor's legal counsel. Newtek Bank, N.A., as lender, is represented by Angela N. Gill, Esq., at HEMAR, ROUSSO & HEALD, LLP. LBM ACQUISITION: Fitch Lowers LongTerm IDR to B-, Outlook Negative ------------------------------------------------------------------ Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of LBM Acquisition, LLC (LBM) and BCPE Ulysses Intermediate, Inc. (BCPE) to 'B-' from 'B'. Fitch has also downgraded the issue ratings on LBM's ABL facility to 'BB-' with a Recovery Rating of 'RR1' from 'BB'/'RR1', the senior secured term loan B and senior secured notes to 'B-'/'RR4' from 'B'/'RR4' and the unsecured notes to 'CCC'/'RR6' from 'CCC+'/'RR6'. The Rating Outlook is Negative. LBM's 'B-' IDR reflects its strong market position in building product distribution, modestly positive FCF, solid liquidity and limited near-term refinancing risk, with debt maturities starting in 2029. These strengths are offset by elevated leverage, lower margins, cyclical end-market exposure, and the sponsors' aggressive financial policy. The Negative Outlook reflects Fitch's expectation that leverage will remain elevated amid a subdued demand, constraining financial flexibility and increasing downgrade risk absent sustained deleveraging and continued positive FCF. Key Rating Drivers Elevated Leverage: Fitch-calculated EBITDA leverage was 11.2x at YE 2025. Fitch expects EBITDA leverage to increase to around 11.5x by YE 2026, reflecting lower volumes and modestly weaker margins in a softer demand environment before declining to below 9.5x by YE 2027, supported by margin improvement and SG&A cost optimization. (CFO-capex)/debt is expected to remain weak at around 1% in 2026, staying in the low single digits in 2027. Absent a meaningful improvement in operating performance, deleveraging is likely to remain constrained. In addition, a further decline in EBITDA margins or a sharp, sustained fall in lumber prices could result in leverage remaining above Fitch's rating case and could pressure the IDR. Subdued Demand Environment: Fitch's rating case assumes a low single-digit revenue decline this year, with lumber prices averaging $425-$475 per thousand board feet. Fitch expects revenue and volumes to grow by low single digits in 2027 as construction activity improves. Fitch forecasts new housing activity to remain flat in 2026, with single-family starts down in the low single digits and multifamily starts up in the mid-single digits. The Iran conflict threatens this outlook through multiple channels. Higher oil prices are fueling renewed inflation risks. This could potentially delay Federal Reserve rate cuts and keep 30-year mortgage rates above 6%, compared to Fitch's previous expectations of 6% by the end of 2026. This elevated mortgage rate stickiness and volatility, combined with deteriorating consumer confidence, could undermine buyer sentiment during the critical spring selling season. Adequate Financial Flexibility: LBM's liquidity is solid, supported by Fitch's expectation of modestly positive FCF over the forecast period, assuming no shareholder distributions and significant availability under its $1.75 billion ABL facility. Elevated leverage continues to constrain funding flexibility and limit capital market access. The company's variable cost structure, ability to adjust SG&A, and active working capital management should support modestly positive FCF through a moderate construction downturn. Low EBITDA Margins: Fitch expects EBITDA margins to remain compressed at 5.5%-6.5% in 2026, below its previous expectation of 8%-9% and broadly in line with the 5.8% margin reported in 2025. The downward revision reflects a weaker demand environment, which is likely to result in modest gross margin pressure and limited operating leverage. EBITDA margins are projected to improve to 6.5%-7.5% in 2027 as the housing market recovers modestly and lumber prices remain stable. Highly Cyclical End Markets: Most of LBM's sales are to highly cyclical end markets, and its substantial exposure to new construction weighs negatively on the credit profile. Management estimates that about 68% of 2024 sales were to new home construction and 12% to commercial new construction and other end markets. The remaining 20% of sales were to the repair and remodel end markets, which Fitch views as less cyclical than new construction. Fitch expects the company's high exposure to the new residential construction and lumber sales to result in more volatile earnings and credit metrics. Broad Offering Supports Market Position: LBM offers a comprehensive range of products including structural, interior and exterior building products. LBM also offers installation services and light manufacturing, positioning the company as a one-stop shop for residential and commercial construction needs. This broad product breadth provides LBM a competitive advantage over smaller distributors and supports supplier diversification. However, LBM's competitive position is weaker than investment-grade building product manufacturer peers due to the highly fragmented nature of the distribution industry and its exposure to commoditized product offerings. Aggressive Capital Allocation: Fitch expects Bain Capital and Platinum Equity to manage LBM's balance sheet aggressively through further debt-financed acquisitions and occasional shareholder distributions. Fitch believes the sponsors have a high tolerance for leverage, including debt-financed acquisitions. The company made $650 million of shareholder distributions in 2022 and $500 million in 2023 but has not made any distributions since then. Fitch does not expect meaningful acquisitions or distributions in 2026 as leverage remains elevated. Peer Analysis LBM's market position and scale are credit strength relative to other 'B' category building products distributor and manufacturer peers, such as Park River Holdings, Inc. (B-/Stable), Doman Building Materials Group Ltd. (Doman; B+/Stable) and Chariot Buyer LLC (d/b/a Chamberlain Group; B-/Stable). However, LBM has meaningfully weaker profitability and higher leverage than Chamberlain Group and Park River. Doman has margins similar to LBM's but significantly lower leverage. LBM is also more exposed to the cyclical new construction market than these peers. Overall, financial flexibility across this peer group is comparable, with no material debt maturities in the near to intermediate term. Fitch’s Key Rating-Case Assumptions - Revenue declines by low single digits in 2026 and increases by low single digits in 2027; - EBITDA margins of 5.5%-6.5% in 2026 and 6.5%-7.5% in 2027; - EBITDA leverage is around 11.0x to 12.0x in 2026 and 8.5x to 9.5x in 2027; - Capex of 1.0% to 1.4% of revenues in 2026 and 2027; - FCF margins of neutral to 1% in 2026 and 0.5% to 1.5% in 2027; - No shareholder distributions and acquisitions in 2026 and 2027; - Average SOFR of 3.75% in 2026 and 3.25% in 2027. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (bb-, Lower), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb, Moderate), Profitability (b, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (b-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 40% for the forecast year 2026, 40% for the forecast year 2027 and 10% for the forecast year 2028. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'B-'. Recovery Analysis The recovery analysis assumes that LBM would be considered a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim and a 3% concession payment from LBM's secured lenders to LBM's unsecured bondholders in the analysis. Fitch's GC EBITDA estimate of $500 million estimates a post-restructuring sustainable EBITDA. The GC EBITDA is based on Fitch's assumption that distress would result from a weakening housing market combined with sustained competitive pressures and poor operating performance. Fitch estimates that annual revenues to be about 10% below pro forma 2025 levels, and a Fitch-adjusted EBITDA margins around 8.0%, reflecting the company's lower revenue base after emerging from a housing downturn and a sustainable margin profile post right-sizing. This results in Fitch's $500 million GC EBITDA assumption. Fitch applies a 6.0x GC EBITDA multiple to calculate the enterprise value (EV) in a recovery scenario. This multiple is comparable to that used for Park River Holdings, Inc., which has higher margins, but is considerably smaller than LBM. The 6.0x multiple is higher than the 5.5x multiple utilized for New AMI I, LLC (B/Stable) and Doman Building Products Group (B+/Stable), both of which are smaller in scale and have narrower product offerings than LBM. Conversely, LBM's GC EBITDA multiple is lower than Chamberlain Group's at 6.5x, reflecting Chamberlain's leading market position and meaningfully stronger profitability metrics through the cycle compared to LBM. In a recovery scenario, Fitch assumes that the borrowing base under the company's $1.75 billion ABL revolver would shrink as inventory and receivable balances decline due to lower revenue and EBITDA. Fitch estimates that the ABL revolver would have $1.2 billion outstanding at recovery, accounting for potential reductions in the borrowing base resulting from deflating lumber prices and reduced volumes. This revolver would hold prior-ranking claims over the senior secured term loan B and senior secured notes in the recovery analysis. The analysis results in a Recovery Rating of 'RR1' for the $1.75 billion ABL and 'RR4' for LBM's $2.6 billion senior secured term loan B and $950 million senior secured notes. LBM's unsecured debt receives a Recovery Rating of 'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - (CFO-capex)/debt sustained below 1%; - FCF generation consistently turns negative, weakening liquidity and increasing refinancing risk as debt maturities approach; - EBITDA interest coverage sustained below 1.5x; - Any shareholder-friendly activity, while leverage remains elevated. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could revise the Outlook to Stable if the EBITDA leverage approaches and is sustained below 7.0x; - EBITDA leverage sustained below 6.5x; - (CFO-capex)/debt sustained above 2.5%; - The company maintains a strong liquidity position with no material short-term debt maturities; - EBITDA interest coverage sustained above 2.5x. Liquidity and Debt Structure LBM had $2.8 million of cash as of Dec. 31, 2025, and about $688 million of borrowing availability under its $1.75 billion ABL facility with a $100 million tranche maturing in May 2027 and the remaining balance in June 2029. The company's near-term debt maturities are limited to 1% term loan amortization per year until the maturity of its $726 million senior notes in January 2029 and its ABL facility in June 2029. Fitch expects the company to refinance these maturities ahead of their due dates and any increase in refinancing risk would have negative implications for the ratings. Fitch expects EBITDA interest coverage to be sustained between 1.0x and 1.5x over the intermediate term. Issuer Profile LBM is one of the largest U.S. pro building products distributors by annual revenues in the highly fragmented distribution industry. The company offers a broad suite of product offerings to homebuilders, commercial construction customers, and repair and remodel professionals. Summary of Financial Adjustments Fitch adds back nonrecurring transaction expenses, stock-based compensation and inventory step-up charges to Fitch-adjusted EBITDA. 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 LBM Acquisition, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- LBM Acquisition, LLC LT IDR B- Downgrade B senior unsecured LT CCC Downgrade RR6 CCC+ senior secured LT BB- Downgrade RR1 BB senior secured LT B- Downgrade RR4 B BCPE Ulysses Intermediate, Inc. LT IDR B- Downgrade B LIFE STRIDE: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Life Stride, Inc. got the green light from the U.S. Bankruptcy Court for the District of Columbia 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 June 10. Life Stride, a mental health care provider, derives its revenues from patient services and accounts receivable, which may constitute cash collateral of the U.S. Small Business Administration. The Debtor offers to protect the SBA by granting replacement liens on post-petition assets similar to its pre-petition collateral, including receivables and their proceeds, and by operating under a court-approved budget with up to a 35% variance. The Debtor believes that the value of the SBA's collateral depends on continued business operations and access to cash collateral is necessary to prevent operational disruption. About Life Stride Inc. Life Stride, Inc., based in Washington, D.C., operates group homes and provides mental health care services, including psychiatric treatment, counseling, group therapy, case management, housing support, day programs, substance abuse services, and supported employment. A DC Department of Behavioral Health-certified community service provider, the company serves consumers seeking recovery-focused care and related residential support. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00183) on April 15, 2026. In the petition signed by Leonard Lucas, agent, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth L. Gunn oversees the case. Christianna Cathcart, Esq., at The Belmont Firm, represents the Debtor as legal counsel. LSF 12 PILLAR: S&P Assigns Preliminary 'B+' ICR, Outlook Stable --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' preliminary long-term issuer credit rating to LSF 12 Pillar Investments (US) Inc. S&P also assigned its 'B+' preliminary issue-level ratings to the group's senior secured term loan B (TLB) and notes due 2033. S&P said, "The stable outlook reflects our view that Capsugel should be able to benefit from solid organic revenue growth prospects in the next two years, with S&P Global Ratings-adjusted EBITDA margins expanding toward 27.5%. We also anticipate smooth carve-out process from Lonza, which will remain invested in the business." In March 2026, financial sponsor Lone Star signed an agreement to acquire Capsugel from Lonza Group AG. In connection with the transaction, Lonza will reinvest about 40% of the equity, with Lone Star holding the remaining stake. LSF 12 Pillar Investments (US) Inc., Capsugel's new parent entity, intends to raise senior secured notes and a term loan B (TLB) equivalent to Swiss franc (CHF) 1.38 billion to support the acquisition. With reported revenue of about CHF1.1 billion and estimated EBITDA of about CHF275 million, Capsugel is a global leader in the hard empty capsule and liquid-filled capsule markets, with a smaller, but highly profitable and cash-generative, health ingredients business. S&P said, "We forecast annual revenue growth of 7%-8% in 2026-2027 with average S&P Global Ratings-adjusted EBITDA margins of about 27.5%. Free operating cash flow (FOCF) will be constrained by investments but still positive at or over CHF20 million, enabling adjusted debt to EBITDA of about 4x. "We expect the group will be able to capitalize on growth opportunities in end markets. This should support S&P Global Ratings-adjusted (gross) debt to EBITDA of about 4x and positive FOCF in the context of high growth capital spending (capex) and infrastructure investments in the next 12-24 months. We forecast overall revenue growth of 7%-8% in 2026-2027, a marked acceleration from the decline in the past three years. This is notably supported by the recent (January 2026) announcement from the U.S. Department of Commerce imposing antidumping measures on low-cost hard empty capsules importers (notably from Brazil, China, Vietnam, and India). The group is already seeing lower imports following the announcement, which will allow it to regain market share following losses in recent years. At the same time, it will benefit from higher prices, and from the resolution of the destocking issues that have weighed on its pharmaceutical customer segment since 2023, and ramp-up of the customer portfolio in the dosage formulation solutions portfolio. Strong revenue growth will translate into improving S&P Global Ratings-adjusted EBITDA margins toward an average of about 27.5% over 2026-2027, from an estimated 23% in 2024 and about 25% in 2025. In our calculations we factor in about CHF56 million cumulative one-off costs in the next 24 months linked to IT infrastructure and sales force investments, as well as net transition services agreement (TSA) costs to Lonza as part of the carve-out process. FOCF will be temporarily depressed at about CHF20 million-CHF30 million (after lease capex) in 2026, improving toward CHF35 million-CHF45 million, affected by planned acceleration in capex and the infrastructure investments. We forecast annual capex of CHF150 million-CHF160 million in 2026-2027 (from CHF84 million-CHF95 million in the past three years), particularly linked to planned production capacity investments in Asia and more efficient new machine technology systems. Assuming focus on operational investments and organic growth, we therefore forecast broadly stable S&P Global Ratings-adjusted (gross) debt to EBITDA of about 4.2x-4.3x." The group has leading market positions in each of its business segments across end markets in a growing industry. Within its core hard empty capsules market (about 67% of total revenue in 2025) Capsugel has an estimated global volume market share of 27%, comfortably ahead of the next two competitors. In the Americas (mostly the U.S.) its share stands at about 31%, while in Europe, the Middle East, and Africa (EMEA) at 40%, and 18% in Asia-Pacific. In hard empty capsules, Capsugel is the most diversified global player across the different polymers (gelatin and plant-based) used in the production of the capsules, as well as across relevant applications. In the dosage form solutions segment (about 18% of total revenue in 2025), it focuses primarily on the semi-liquid hard capsule filling capability and the world's largest market--the U.S.--where it is also the No.1 player. In this space, Capsugel is the leading provider combining advanced liquid-filling capabilities and hard empty capsules expertise at commercial scale, with liquid caps as leading and proprietary technology for leak-proof sealing. Moreover, it is the only provider with manufacturing capabilities in EMEA, Asia-Pacific, and the Americas (including the U.S.). In the smallest of its three segments, health ingredients (about 15% of total revenue in 2025), Capsugel focuses on ingredients used in joint health, metabolism, and weight management applications. It is the No. 2 player in L-Carnitine manufacturing globally by volumes, and the No. 1 player in undenatured type II collagen (UC-II), with a 40% market share. Capsugel's growth prospects are underpinned by a projected constant adjusted growth rate of about 5% globally across its business segments by 2030. This is driven by ongoing mega trends including an ageing population and associated demand for medications, growing health awareness (particularly impacting nutraceutical customers), and innovation. Growth is mainly volume driven, although price is expected to be a positive contributor in the U.S. after the antidumping measures on low-cost importers. From an innovation standpoint, S&P believes the company is well positioned to capitalize on some opportunities linked to strongly growing therapeutic areas, notably obesity where oral formulations innovation is gathering pace, such as those from incumbent players Eli Lilly and Novo Nordisk. This is expected to drive strong sales growth in the dosage form solutions segment from 2028 onward. Under the majority ownership of Lone Star, the group is looking to reinvigorate its growth prospects with refreshed strategy centered around achieving cost leadership and commercial excellence. This reflects the fact that Capsugel was noncore to the wider Lonza Group and has been somewhat de-prioritized since being acquired in 2017. Most recently, after the COVID-19 pandemic, the business has suffered a slowdown in revenue (constant currency decline of about 6.6% in 2024 and 2.4% in 2023) due to destocking across both its nutraceutical and pharmaceutical customer groups, and heightened competition in capsules from low-cost manufacturers, notably in the U.S. Lonza was slow to respond to the threat from emerging market competitors and opted to maintain its premium prices to protect margins, but competitors ended up gaining significant market share by engaging in strong price competition. Lonza was also slow to invest in production capacities in other regions, thus preventing Capsugel from properly competing in other key regions--notably Asia-Pacific and Europe. The group's refreshed strategy is centered around achieving commercial excellence and cost leadership that is aimed at regaining competitiveness in key regions. Regarding commercial excellence, S&P understands the strategy entails boosting the sales force, comprising mostly relocating staff internally toward front-office roles in key areas. Management is also taking a broader solutions-focused sales approach with customers that is aimed at unlocking potential cross-selling opportunities between its divisions (notably hard empty capsules and dosage form solutions), and enhancing the group's role in its customers' value chain. On the cost leadership side of the strategy, S&P notes the planned increase in capacity investments in Asia-Pacific (notably India and China), new more efficient proprietary capsule manufacturing technology (D90), and a number of projects aimed at automating certain manufacturing processes. The aforementioned strengths of the group's business are balanced by the relatively narrow technology focus and competition in a volume-driven market. S&P notes that the hard empty capsules market is a fraction of the overall oral solutions market, which is estimated at about CHF16.2 billion, and that includes other formats such as tablets, powders, gummies, chewable preparations, soft gels, and others. There is not only diversity in formats per se, but also in some markets there is prevalence of certain formats over others (e.g., tablets are more prevalent in Asia-Pacific), which could constrain growth to some extent. Similarly, in the dosage form solutions segment, the extended addressable market is about CHF4 billion, if the broader soft capsule segment is included. In Health ingredients, with its UC-II asset, Capsugel is exposed to an overall CHF2.1 billion joint health market alone that includes alternatives--although UC-II is playing in one of the fastest categories, alongside collagen peptides. With regard to the hard empty capsules and dosage form solutions segments and the overall range of pharmaceutical dosage forms, Capsugel's capabilities are solely within oral doses--a segment which is seldom the first resort for new breakthrough therapies, given injectables and transfusions are usually favored. Capsules are often higher-performing than tablets in a patient setting, but this benefit is not always recognized adequately through pricing. Although quality and reliability are strong factors when selecting suppliers in pharma, there is price sensitivity, especially when more suppliers are added to the supply chain, and S&P believes this is true across both pharmaceutical and nutraceutical end markets. The overall market is also fragmented, with intense competition from local players. For example, in the hard empty capsules segment, the five top players account for about 58% of total revenue with the remainder (42%) being largely local. Following a period of price increases in 2021-2022, the market is exhibiting price sensitivity again, and growth is largely volume driven, which could create margin pressures. S&P said, "We think the carve-out process from Lonza should be manageable with focus on operational execution and no acquisitions. Lonza will remain invested in the group, which we view as credit positive. This reflects the fact that Capsugel was never fully consolidated within Lonza in key areas, including the manufacturing footprint and commercial matters. The group currently operates nine manufacturing facilities (three in the U.S., two in Europe, one in Mexico, one in India, one in China, and one in Japan), eight of which will remain with Capsugel, excluding the one in China. In China, the group manufactures L-Carnitine, which will be supplied by Lonza through a supply agreement that will be in place after the separation. We note that Capsugel operates a dedicated sales force that is responsible for managing own customer contracts. In our view, this significantly de-risks the overall carve-out process, which will center around human resources, finance, and IT functions. In our base case, we believe the group will focus on managing the separation process with no acquisitions, despite overall fragmented market offering avenues for inorganic expansion. We also believe Lonza will remain invested in the group for at least the next two to three years, following which we think it may contemplate an exit, although no such exit plan has been communicated. "The final ratings will depend on our receipt and satisfactory review of all final transaction documentation. The preliminary ratings should not be construed as evidence of final ratings. If S&P Global Ratings does not receive final documentation within a reasonable time frame, or if final documentation departs from materials reviewed, we reserve the right to withdraw or revise our ratings. Potential changes include, but are not limited to, use of loan proceeds, maturity, size and conditions of the loans, financial and other covenants, security, and ranking. "The stable outlook reflects our view that Capsugel should be able to benefit from solid organic revenue growth prospects in the next two years and manage smoothly the carveout process from Lonza. We forecast improving S&P Global Ratings-adjusted EBITDA margins toward an average of about 27.5% and FOCF toward CHF35 million-CHF45 million by the end of 2027, enabling broadly stable adjusted debt to EBITDA of about 4x. "We could lower the rating on the group if we observe a material negative deviation from our base case, such that adjusted debt to EBITDA increased to 6x with no prospects for rapid improvement, likely translating into negative FOCF." This would occur under the following scenarios: -- The company is unable to execute under its commercial strategy with heightened competitive pressures continuing to persist across key markets; or -- If, contrary to our current expectations, the carveout process from Lonza turns out to be more complex, resulting in strong additional cost increase. S&P said, "Alternatively, we could also lower the rating on the group, if we observe a more aggressive stance on discretionary spending, notably acquisitions, given the degree of end-market fragmentation. "We could consider raising the rating on the group if we have visibility that it will maintain strong credit metrics, notably adjusted debt to EBITDA comfortably at 4x-5x, coupled with improving FOCF to debt at 5%-10%." This would occur if the company successfully executes under its commercial strategy, outperforming market growth rates and recapturing some market share lost since the COVID-19 era, while managing smoothly the carve-out process from the wider Lonza Group. Under such a scenario, an upgrade would hinge on a commitment by management and owners to maintain strong metrics. MAPLE BEAR: Seeks to Hire Law Offices of Mickler as Legal Counsel ----------------------------------------------------------------- Maple Bear St Johns Early Learning Center LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Bryan K. Mickler, Esq. of Law Offices of Mickler & Mickler LLP to serve as its legal counsel. Mr. Mickler will provide these services: (a) general representation of the applicant in this proceeding; and (b) performance of all legal services for the applicant which may be necessary herein. Mr. Mickler will receive compensation at hourly rates ranging from $300 to $400, subject to Court approval and payment from the estate. Bryan K. Mickler 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: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler LLP 5452 Arlington Expressway Jacksonville, FL 32211 Telephone: (904) 725-0822 Facsimile: (904) 725-0855 E-mail: bkmickler@planlaw.com About Maple Bear St Johns Early Learning Center LLC Maple Bear St Johns Early Learning Center LLC is an early learning center in St. Johns, Florida, that operates under a franchise agreement with Maple Bear USA. The center provides early education programs, including preschool instruction and infant care through Bear Care. Its curriculum includes bilingual instruction for young children. Maple Bear St Johns Early Learning Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:26-bk-01769) on April 22, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. The case is pending in the United States Bankruptcy Court, Middle District of Florida, Jacksonville Division. Judge Jacob A. Brown oversees the case. Law Offices of Mickler & Mickler LLP is Debtor's legal counsel. MAPLE TREE: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ Maple Tree Metalworks, LLC asks the U.S. Bankruptcy Court for the Middle District of Alabama for authority to use cash collateral and provide adequate protection. The Debtor, a specialty metal fabrication business, filed for bankruptcy primarily due to collection pressures from vendors, including merchant cash advance lenders. As a debtor-in-possession, it continues to operate its business but requires immediate access to its cash and receivables to meet essential obligations such as payroll, taxes, fuel, supplies, insurance, and other operational costs. At the time of filing, the Debtor had approximately $8,800 in cash and about $23,465 in accounts receivable, with projected monthly income ranging between $75,000 and $100,000. The Debtor also identified several entities with potential security interests in its assets, including filings by CT Corporation System, the Alabama Department of Revenue, and Fenix Capital Funding, though it reserves the right to challenge the validity and extent of those claims. As adequate protection, the Debtor proposes granting replacement liens on post-petition receivables and future cash flow, thereby preserving the creditors' economic position. A copy of the motion is available at https://urlcurt.com/u?l=ppbf3n from PacerMonitor.com. About Maple Tree Metalworks LLC Maple Tree Metalworks, LLC is a specialty metal fabrication business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-10441) on April 16, 2026. In the petition signed by Marcus Carroll, member, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Christopher L. Hawkins oversees the case. Anthony Brian Bush, Esq., at The Bush Law Firm, LLC, represents the Debtor as legal counsel. MILE HIGH: Seeks Court Approval to Hire Wadsworth Garber as Counsel ------------------------------------------------------------------- Mile High Recovery Center, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. to serve as bankruptcy counsel. The firm will provide these services: (a) preparation on behalf of the Debtor all necessary reports, orders, and other legal papers required in this Chapter 11 proceeding; (b) performance of all legal services for the Debtor as a debtor-in-possession which may become necessary herein; (c) representation of the Debtor in any litigation which the Debtor determines is in the best interest of the estate whether in state or federal court(s); and (d) assistance tp the Debtor in all matters necessary to fully administer the Chapter 11 case. WGWC will receive compensation at these hourly rates: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Hallie Cooper $225 paralegals $125 The firm also received a $30,000 prepetition retainer and was paid $6,697.50 in fees and $1,738 in costs from that retainer. Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor, according to court filings. The firm can be reached at: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 E-mail: agarber@wgwc-law.com About Mile High Recovery Center, LLC Mile High Recovery Center LLC, based in Denver, Colorado, operates an addiction treatment and behavioral health facility providing a continuum of care that includes residential treatment, partial hospitalization, intensive outpatient programs, outpatient therapy, and recovery housing support. Founded in 2016, the company expanded from early sober living services into a broader clinical treatment model addressing substance use disorders and co-occurring mental health conditions. Its operations are centered on evidence-based therapies, including cognitive behavioral therapy and trauma-informed care, supported by structured recovery programming and alumni services, and it primarily serves adults seeking treatment for drug and alcohol dependency in the Denver metropolitan area. Mile High Recovery Center, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colorado Case No. 26-12796) on April 23, 2026. At the time of filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. Judge Michael E. Romero oversees the case. Wadsworth Garber Warner Conrardy, P.C. is the Debtor’s proposed bankruptcy counsel. MSCI INVESTMENTS: Seeks to Hire Lindauer & Vaughn as Counsel ------------------------------------------------------------ MSCI Investments, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Lindauer & Vaughn to serve as legal counsel. The firm will provide these services: (a) analysis of the debtor's financial situation, and rendering advice to the debtor in determining whether to file a petition in bankruptcy; (b) preparation and filing of any petition, schedules, statements of affairs and plan which may be required; and (c) representation of the debtor at the meeting of creditors and confirmation hearing, and any adjourned hearings thereof; The firm will be paid at these hourly rates: Joyce W. Lindauer $625 Paul B. Geilich $595 paralegals $250 The firm has been paid a retainer of $26,738, which included the filing fee of $1,738, and which was paid by the Debtor. Lindauer & Vaughn 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: Joyce W. Lindauer, Esq. Paul B. Geilich, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About MSCI Investments, Inc. MSCI Investments, Inc. is an investment-focused corporation engaged in financial and asset management activities. The company sought Chapter 11 protection to restructure its liabilities while maintaining operations. MSCI Investments, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41318) on April 15, 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 Joyce W. Lindauer, Esq. of Joyce W. Lindauer Attorney, PLLC. NORTHSTAR GROUP: S&P Affirms 'B' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on NorthStar Group Services Inc. S&P said, "We also affirm our 'B+' issue-level rating on the senior secured debt. The recovery rating is '2', indicating our expectation for substantial recovery (70%-90%; rounded estimate 70%) in the event of default. "The stable outlook reflects our view that the company will strengthen credit metrics from 2025 year-end levels and maintain levels appropriate for the current ratings on a weighted average basis." S&P Global Ratings expects nuclear decommissioning, commercial building deconstruction, and diversified environmental services provider NorthStar Group Services Inc's earnings to improve in 2026 and support the current ratings after earnings declined in 2025 due to lower activity across business segments and project delays. Credit metrics will remain appropriate for the rating. NorthStar's operating performance deteriorated in 2025 with project delays and slower activity in the commercial and industrial deconstruction (C&I) segment. The CVN-65 project work for decommissioning of USS Enterprise, which was supposed to start in second half of 2025, has run into hurdles, necessitating a new bidding process. Furthermore, there were fewer project additions in the C&I space to offset lower earnings from the completion of couple of larger decommissioning projects. This caused its S&P Global Ratings-adjusted debt to EBITDA to rise to upper end of the 6.5x to 7.0x range in 2025 though on a weighted average basis it continues to remain within the 4.5x to 6.5x range. Our credit metrics value the nuclear decommissioning trust (NDT) funds against the asset retirement obligations for the company. S&P said, "We anticipate modest earnings improvement in 2026 as a result of contribution from contracted projects in the C&I segment and expanded scope of work in its environmental services segment. This will help the company gradually reduce its debt leverage and, on a weighted average basis, remain within the 4.5x-6.5x range. Additionally, we continue to assess NorthStar's liquidity as adequate, supported by our expectations of positive free cash flow generation, ample revolving credit availability, and no imminent maturity." Company's environmental services segment is holding up well. While the earnings across all other segments for NorthStar took a hit in 2025, environmental services earnings improved significantly with support from its robust backlog. The Trans-Ash business within the environmental services segment continues to be the key driver in the segment performance, contributing to a substantial portion of the segment's earnings. Company's project backlog remains strong. NorthStar's project backlog is over $3 billion sans the backlog from CVN-65 project. The backlog is predominantly within its environmental services segment. In 2025, the company finalized decommissioning agreement of the Vallecitos Nuclear Center, which positions the company for an additional four to five years of substantial project backlog just as the Vermont Yankee project reaches completion in 2026. S&P foresees the company securing bids for similar projects, thereby ensuring a strong project backlog for the long term. Financial sponsor ownership of NorthStar presents potential for aggressive financial policies. NorthStar has been owned and controlled by affiliates of financial sponsor J.F. Lehman & Co. since 2017, which presents inherent risk of potential for financial policies that prioritize returns to equity holders. This could manifest as increased leverage to fund acquisitions or distributions, including shareholder dividends or share repurchases, potentially at the expense of long-term debt reduction or reinvestment in the business. S&P continues to monitor NorthStar's financial strategy and capital allocation decisions and its impact on the company's credit profile, particularly given the inherent cost and execution risks associated with nuclear decommissioning projects. Rise in priority claims has resulted in lower recovery value for senior secured term loan facility but recovery rating remains unchanged: Reduced residual value from collateral backing ABL facility and equipment financing puts a downward pressure on the senior secured term loan recovery which reduces the recovery estimate to 70% but the recovery rating remains at '2', indicating our expectation for substantial recovery in the event of default. S&P said, "The stable outlook on NorthStar reflects our view that NorthStar will be able to generate sufficient S&P Global Ratings-adjusted EBITDA. This will help maintain S&P Global Ratings-adjusted weighted average debt to EBITDA between 4.5x and 6.5x, which we see as appropriate for the current ratings. We base this on our view of projects currently underway and the company's project backlog. Our base-case scenario also incorporates S&P Global Ratings-adjusted weighted average EBITDA to interest coverage to remain above 1.5x with liquidity remaining adequate. "The outlook also reflects our assumption that financial policies by the financial-sponsor J.F. Lehman will remain supportive of the current rating." S&P could consider a negative rating action on NorthStar within the next 12 months if: -- Operating environment in the demolition and nuclear decommissioning sectors worsens such that its weighted average S&P Global Ratings-adjusted debt leverage exceeds 6.5x; -- Project delays, loss of projects, cost overruns and integration risk compress margins and weaken the company's credit metrics; -- It undertakes more aggressive financial policies (e.g., additional dividend payouts or engaging in an unexpectedly large debt-financed acquisition) that push its S&P Global Ratings-adjusted leverage above 6.5x with no clear prospects of recovery. S&P sees the likelihood of an upgrade within the next 12 months as remote, because it does not believe NorthStar's financial policies would support it. However, S&P could consider a modest uplift in the ratings if: -- S&P believes J.F. Lehman's (or any financial sponsor's) control of the company will diminish to and remain below 40%; and -- NorthStar maintains S&P Global Ratings-adjusted debt leverage below 4.5x on a sustained basis; and -- The company maintains a record of abiding by conservative financial policies with a low risk of releveraging; and -- The company reduces the potential for volatility in earnings and cash flows. NUWELLIS INC: To Pay E.F. Hutton $204,000 to Settle Suit -------------------------------------------------------- Nuwellis Inc. agreed April 24 to pay E.F. Hutton & Co. $204,000 to settle a New York lawsuit over an engagement letter for securities offerings. Hutton had filed a complaint against the Eden Prairie, Minnesota-based medical device company in the Supreme Court of the State of New York, alleging Nuwellis breached an agreement naming Hutton as exclusive placement agent for one or more registered securities offerings. The complaint sought compensatory damages, punitive damages, interest, costs and attorneys' fees. Under the settlement agreement, Nuwellis must pay the settlement amount within five days of execution. The agreement includes no admission of liability and provides for a mutual release of all claims. Hutton agreed to file a stipulation of dismissal with prejudice within two days after receiving the settlement payment. About Nuwellis Nuwellis, based in Eden Prairie, Minnesota, develops, manufactures and commercializes medical devices used in ultrafiltration therapy, including the Aquadex System. The company focuses on cardiorenal care and fluid management for patients. Its Aquadex SmartFlow system is indicated for temporary or extended use in adult and pediatric patients weighing 20 kilograms or more whose fluid overload is unresponsive to medical management, including diuretics. Fluid overload, also known as hypervolemia, occurs when too much fluid builds up in the blood, vital organs and interstitial space. Baker Tilly US LLP issued a going-concern qualification in its March 11, 2026, audit report, citing Nuwellis' recurring operating losses, accumulated deficit, expected future losses and need for additional working capital. Nuwellis reported a net loss of $17.52 million for the year ended Dec. 31, 2025, compared with a net loss of $11.17 million for 2024. As of Dec. 31, 2025, the company had $6.12 million in total assets, $3.49 million in total liabilities and $2.62 million in total stockholders' equity. Nuwellis had an accumulated deficit of $316.3 million as of Dec. 31, 2025. The company said it expects to incur losses in the immediate future and has funded itself to date through equity financings. OFFICE PROPERTIES: Court Confirms Chapter 11 Reorganization Plan ---------------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas confirmed the Fourth Amended Joint Chapter 11 Plan of Reorganization of Office Properties Income Trust and its Debtor Affiliates. The Plan has been proposed in good faith and not by any means forbidden by law. In so finding, this Court has considered the totality of the circumstances of the Chapter 11 Cases, and found that all constituencies acted in good faith. The Plan is the result of extensive, good faith, arm's length negotiations among the Debtors and their principal constituencies. The record in these Chapter 11 Cases further supports that the Debtors' directors, officers, managers, and/or trustees as of the Petition Date: (i) were integral to the restructuring; (ii) exercised their reasonable business judgment after thorough diligence in their decision-making; and (iii) fully satisfied their applicable fiduciary duties in connection with these Chapter 11 Cases. The Plan and each of its provisions are confirmed pursuant to section 1129 of the Bankruptcy Code. Any and all objections to Confirmation of the Plan that have not been resolved, withdrawn, waived, or settled and all reservations of rights included therein, are overruled on the merits and denied for the reasons set forth on the record at the Confirmation Hearing. As shared by the Troubled Company Reporter, Office Properties Income Trust and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement describing Joint Plan of Reorganization dated January 9, 2026. OPI is a real estate investment trust, or REIT, formed in 2009 under Maryland law. The Company owns and leases high-quality office and mixed-use properties in select, growth-oriented U.S. markets. OPI was initially a wholly owned subsidiary of HRPT Properties Trust (subsequently known as CommonWealth REIT) ("HRPT"). With 29 majority-government-leased properties at its inception, OPI, initially a subsidiary of HRPT, completed its initial public offering in June 2009, becoming a separate, publicly owned company. HRPT (then known as CommonWealth REIT) was the Company's largest shareholder until March 2013, when CommonWealth REIT sold all of the OPI common shares it held in a public offering. After evaluating various competing restructuring and financing proposals, these negotiations culminated in the Debtors and the Consenting Creditors, together with RMR, entering into a restructuring support agreement, dated as of October 30, 2025 (including any amendments, modifications and joinders thereto, the "Restructuring Support Agreement"). Under the terms of the Restructuring Support Agreement, the Consenting Creditors have agreed, subject to the terms and conditions of the Restructuring Support Agreement, to support a restructuring of the Debtors' existing capital structure and operations in chapter 11 and to vote to accept the Plan. Following the commencement of the Chapter 11 Cases, the Debtors and the Ad Hoc Groups reengaged in negotiations pursuant to a Bankruptcy Court-ordered mediation (the "First Mediation"), presided over by the Honorable Marvin Isgur, as mediator, to reach a comprehensive global restructuring settlement. Despite good faith negotiations over the course of several weeks, the parties to the First Mediation were unable to reach agreement and, accordingly, the First Mediation terminated on December 22, 2025. Despite the termination of the First Mediation, the Debtors, the September 2029 Ad Hoc Group, the Unsecured Notes Ad Hoc Group, and the Official Committee of Unsecured Creditors (the "Committee") agreed that a further, separate mediation (the "Second Mediation") would be beneficial to aid discussions on remaining issues among them and facilitate consensus with respect to the Debtors' proposed Restructuring. The Second Mediation commenced on January 5, 2026, and the Honorable Marvin Isgur again agreed to serve as mediator. The Second Mediation is ongoing and the parties thereto continue to engage in good-faith negotiations. However, as a settlement may not materialize, the Debtors seek to implement the transactions contemplated by the Plan, as they believe the Restructuring contemplated by the Plan and the Restructuring Support Agreement provides the Debtors with a viable path forward and a framework to successfully exit chapter 11 in a timely fashion. The proposed Restructuring will leave the Debtors' business intact and significantly deleverage the Debtors' capital structure, as its total funded indebtedness will be reduced from approximately $2.4 billion to approximately $1.3 billion, an approximately 46% debt reduction relative to the debt balance as of the Petition Date. This deleveraging will enhance the Debtors' position in a challenging real estate financing market and allow the Debtors to emerge from chapter 11 with a healthier balance sheet and the ability to continue owning and leasing office properties to high-credit quality tenants in markets throughout the United States. The Plan contemplates certain transactions, including, without limitation, the following transactions: * The Chapter 11 Cases are being financed by a $125 million non-priming, secured debtor-in-possession term loan facility funded by certain holders of the September 2029 Senior Secured Notes (the "DIP Facility"). * To fund certain recoveries under the Plan, OPI will issue secured notes (the "Secured Exit Notes") on the effective date of the Plan (the "Effective Date"), in the aggregate principal amount of up to $420 million. The Secured Exit Notes will generally be guaranteed by the same entities that guaranteed the September 2029 Senior Secured Notes and secured by the same collateral that secures the September 2029 Senior Secured Notes, subject to a customary intercreditor agreement, and the DIP Facility, subject to certain limitations. The Secured Exit Notes will bear interest at 10% annually, payable in cash, with a maturity date of five years from the Effective Date. * The Debtors will conduct certain equity rights offerings (the "Equity Rights Offerings"), which all Eligible Holders of Allowed Unsecured Notes Claims, Allowed 2027 Unsecured Claims, and Allowed September 2029 Unsecured Claims will be entitled to participate in. The Equity Rights Offerings comprise two offerings "ERO A," open to Allowed Unsecured Notes Claims, Allowed 2027 Unsecured Claims, and Allowed September 2029 Unsecured Claims, with proceeds being used to pay exit costs, and "ERO B," open to Allowed Unsecured Notes Claims, with proceeds to be used to pay down DIP Facility claims in cash. Class 10 consists of Unsecured Notes Claims. On or as soon as reasonably practicable after the Effective Date, except to the extent that a Holder of an Unsecured Notes Claim agrees to less favorable treatment of its Allowed Unsecured Notes Claim, in full and final satisfaction, settlement, release, and discharge and in exchange for each Allowed Unsecured Notes Claim, each Holder of an Allowed Unsecured Notes Claim shall receive, at the option of the Debtors or Reorganized Debtors (as applicable) with the consent of the Required September 2029 Senior Secured Noteholders: * its Pro Rata Share of the Parent Equity Pool in a manner consistent with the provisions of section 1129(a)(7) of the Bankruptcy Code; and * to the extent such Holder is an Eligible Offeree as of the Applicable Times and Equity Rights Offerings are solicited, ERO A Subscription Rights and ERO B Subscription Rights in accordance with the Equity Rights Offering Documents and the Plan and subject to the Equity Rights Offering Procedures. Class 11 consists of Parent General Unsecured Claims. On or as soon as reasonably practicable after the Effective Date, except to the extent that a Holder of a Parent General Unsecured Claim agrees to less favorable treatment of its Allowed Parent General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge and in exchange for each Allowed Parent General Unsecured Claim, each Holder of such Allowed Parent General Unsecured Claim shall receive treatment in a manner consistent with the provisions of Section 1129(a)(7) of the Bankruptcy Code. Class 12 consists of Subsidiary General Unsecured Claims. On or as soon as reasonably practicable after the Effective Date, except to the extent that a Holder of a Subsidiary General Unsecured Claim agrees to less favorable treatment of its Allowed Subsidiary General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge and in exchange for each Allowed Subsidiary General Unsecured Claim, each Holder of such Allowed Subsidiary General Unsecured Claim shall receive its Pro Rata Share of the Priority Guarantee Equity Pool up to its Pro Rata Share of the Subsidiary General Unsecured Claim Distributable Value at the applicable Subsidiary Debtor. The Disclosure Statement still has blanks as to the estimated allowed amount and percentage recovery for holders of unsecured claims. Pursuant to sections 363 and 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distribution, releases, and other benefits provided under this Plan, upon the Effective Date, the provisions of this Plan shall constitute a good faith compromise and settlement of all Claims, Interests, and controversies relating to the contractual, legal, and subordination rights that a Claim or an Interest Holder may have with respect to any Allowed Claim or Allowed Interest or any distribution to be made on account of such Allowed Claim or Allowed Interest, including pursuant to the transactions set forth in the Transaction Steps Exhibit, if any. Based upon such Financial Projections, the Debtors conclude they will have sufficient resources to make all payments required pursuant to the Plan and that confirmation of the Plan is not likely to be followed by liquidation or the need for further reorganization. The Financial Projections assume that the Plan will be consummated in accordance with its terms and that all transactions contemplated by the Plan will be consummated on or prior to an Effective Date of May 3, 2026. A full-text copy of the Disclosure Statement dated January 9, 2026 is available at https://urlcurt.com/u?l=68ODsx from PacerMonitor.com at no charge. A copy of the Court's Order dated April 22, 2026, is available at https://urlcurt.com/u?l=B0xcfT from PacerMonitor.com. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and $2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. ONYX BUSINESS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The United States Bankruptcy Court for the Middle District of Florida, Tampa Division, issued a second interim order allowing Onyx Business Solutions of Florida, LLC to use cash collateral. The authorization allows the Debtor to continue operating its business while the Chapter 11 Subchapter V case proceeds. Under the second interim order, the Debtor may use cash collateral strictly to pay ordinary and necessary business expenses in accordance with an approved monthly budget. As adequate protection, secured creditors will be granted automatically perfected post-petition liens on cash collateral, maintaining the same validity and priority as their prepetition interests. The Debtor must comply with all duties under the Bankruptcy Code, including maintaining appropriate insurance coverage and adhering to U.S. Trustee guidelines. As adequate protection, the Debtor must make payments of $7,700 to Bank of Tampa on May 1 and June 1. The order also preserves creditors' rights to seek additional protections or object to improper use of funds at a later stage. The order remains effective until key events such as plan confirmation and dismissal or conversion of the Debtor's Chapter 11 case. A continued hearing is scheduled for June 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/QoXwD from PacerMonitor.com. About Onyx Business Solutions of Florida Inc. Headquartered in Tampa, Onyx Business Solutions of Florida, Inc. provides printing and document management solutions across Florida, including Jacksonville, Orlando, Naples, Miami, and Fort Lauderdale. It offers high-speed inkjet and laser printers, duplicators, paper handling equipment, and document management software, supported by local sales, technical service, and supply management. Its operations focus on delivering cost-effective, high-volume printing solutions and related equipment to organizations printing between 500 and 5 million copies per month. Onyx sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01104) on February 12, 2026, with $416,740 in assets and $1,631,766 in liabilities. Onyx President Stephen Craig signed the petition. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as legal counsel. Bank of Tampa, as creditor, is represented by: Steven F. Thompson, Esq. Tyler J. Caron, Esq. Thompson Commercial Law Group 615 W. De Leon Street Tampa, Florida 33606 Telephone: (813) 387-1821 Telecopier: (813) 387-1824 Email: sthompson@thompsonclg.com tcaron@thompsonclg.com OXFORD FINANCE: S&P Rates New $500MM Senior Unsecured Notes 'B' --------------------------------------------------------------- S&P Global Ratings t assigned its 'B' debt rating to Oxford Finance LLC's proposed $500 million senior unsecured notes. S&P expects Oxford will use the proceeds to repay its 6.375% $400 million senior unsecured debt due 2027 and for general corporate purposes, including a temporary $90 million reduction in its senior secured debt held at its funding vehicles. S&P's rating on Oxford's senior unsecured notes is two notches below the 'BB-' issuer credit rating on the company, based on the large amount of debt (above 30% of adjusted assets) that is senior to Oxford's unsecured notes and on its ratio of unencumbered assets to unsecured debt, which is typically well below 1.0x. Following the issuance, Oxford's balance sheet will remain highly encumbered with senior secured debt at over 85% of total debt. As of March 31, 2026, the company had a $5.7 billion loan portfolio across 157 borrowers. About $187 million (or 3.3% of the total loan portfolio) was on nonaccrual, marginally up from $178 million (or 3.2%) at year-end 2025. Net charge-offs also remained manageable in 2025 at $43 million, or 0.84% of average gross receivables, in line with historical performance of below 1%. Because the transaction is leverage neutral, Oxford's leverage, measured as debt to adjusted total equity (ATE), will remain well below our 4.0x downside threshold at 3.1x, pro forma for the issuance as of year-end 2025. Oxford's leverage was 2.6x in 2024, and the increase last year stemmed primarily from a higher debt balance to fund loan originations. S&P said, "The stable outlook reflects S&P Global Ratings' expectation that Oxford will operate with debt to ATE of 2.75x-4.00x in the next 12 months, although our base-case assumption is 3.0x-3.5x. We also expect prudent underwriting will support minimal realized credit losses and sound profitability for the next 12 months, while the company ensures that its funding vehicles remain compliant with its financial covenants." PAUL J. MASSEY: Gets OK to Employ Compass Greater NY as Broker -------------------------------------------------------------- Judge Janet E. Bostwick of the United States Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order granting the application filed by Paul J. Massey Jr. to employ Mary Gail Barry and Compass Greater NY LLC as broker in the bankruptcy case. Pursuant to Section 327 of the Code, the broker may not represent a buyer, since the interests of a buyer are adverse to the Debtor. Any provisions permitting dual agency or designated agents in the Listing Agreement are stricken and not approved. Payment of compensation is subject to final court approval in the context of approval of a sale. Paul J. Massey, Jr. filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 26-10363) on February 23, 2026, listing under $1 million in both assets and liabilities. The Debtor is represented by David Madoff, Esq., at Madoff & Khoury LLP. PITTS AVE: To Employ McClain Law Group as Legal Counsel ------------------------------------------------------- Pitts Ave Self Storage, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ McClain Law Group, PLLC as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued operations and management of its property; (b) take all necessary action to protect and preserve the Debtor's estate, including prosecution and defense of actions, litigation negotiations, and objections to claims; (c) prepare on behalf of the Debtor all necessary motions, answers, orders, reports, and other legal papers in connection with administration of the estate; 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 the Chapter 11 plan. McClain Law Group, PLLC will be compensated through a pre-petition retainer arrangement. According to filings, the firm received $7,863 as a retainer, of which $1,738 was used for the filing fee, $2,905 was applied to prepetition legal fees, and $3,220 is being held in trust for future services. No additional fee-sharing arrangements have been disclosed. McClain Law Group, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and represents that it holds no adverse interest to the Debtor or its estate. The firm can be reached at: Michael W. McClain, Esq. McCLAIN LAW GROUP, PLLC 6008 Brownsboro Boulevard, Ste. G Louisville, KY 40207 Telephone: (502) 589-1004 Facsimile: (888) 210-0145 E-mail: mmcclain@mcclainlawgroup.com About Pitts Ave Self Storage, LLC Pitts Ave Self Storage, LLC, based in Bowling Green, Kentucky, operates a self-storage property. Pitts Ave Self Storage, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-10375) on April 23, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. McClain Law Group, PLLC is Debtor's legal counsel. PPL CORP: Unit Incurred $8MM in Remediation Costs for Sites at Q4 ----------------------------------------------------------------- PPL Electric had a recorded liability of US$8,000,000 representing its best estimate of the probable loss incurred to remediate at certain sites, at December 31, 2025, according to PPL Corporation's Form 10-K filing with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025. PPL Electric is a potentially responsible party for a share of clean-up costs at certain sites. Cleanup actions have been or are being undertaken at these sites as requested by governmental agencies, the costs of which have not been and are not expected to be significant to PPL Electric. PPL Corporation, formerly known as PP&L or Pennsylvania Power and Light, is an energy company headquartered in Allentown, Pennsylvania, USA. The Company delivers electricity and natural gas to the customers. The Company generates electricity from power plants in the northeastern, northwestern and southeastern United States. The Company's subsidiaries include PPL Energy Supply, LLC; PPL Electric Utilities Corporation; LG&E and KU Energy LLC (LKE); Louisville Gas and Electric Company (LG&E); and Kentucky Utilities Company (KU). PR RNO PROPERTY: S&P Assigns (P) 'BB' Rating on Sr. Secured Notes ----------------------------------------------------------------- S&P Global Ratings assigned a preliminary 'BB' rating to PR RNO Property Owner LLC's (the issuer or project) senior secured notes. The recovery rating is '2', indicating a substantial likelihood of recovery in the event of default. The stable outlook reflects S&P's expectation that the construction budget and contracted completion schedule are achievable and that the risk profile during operations will allow the project to repay debt in full within the initial lease term, given the triple-net lease with a highly creditworthy counterparty. PR RNO Property Owner LLC (the issuer or project) is raising $4.539 billion, 144A senior secured notes due 2031. The notes, along with $492 million in equity contributed at financial close and $112 million of revenue expected during construction (note that this is based on the coupon assumed in S&P's base case and is subject to final pricing), will fund a $5.1 billion, 200-megawatt (MW) critical IT capacity data center project and substation in Storey County, Nevada, including other associated costs. The project's construction risk reflects the relatively low complexity of the works and the early stages of development with a guaranteed maximum price yet to be determined. The operating risk profile reflects stable cash flows underpinned by a 16.4-year triple net lease with an investment-grade rated tenant with more than $3 trillion market cap, partially offset by refinancing risk and structural features that allow the project more latitude than is customary for project finance transactions. During operations, S&P anticipates a minimum DSCR of 1.11x under its base case, which includes a refinancing interest rate of 7.5% and assumes commencement of operation based on the contracted utility schedule. Fleet Data Centers I LP, an investment vehicle managed by Tract Capital Management LP, created special purpose entity PR RNO Property Owner 1 LLC to develop a 230-MW utility capacity, build-to-suit AI training data center on a 517-acre site in Storey County, Nevada, about 13 miles east of Reno. The project will support 200 MW of critical IT capacity and is 100% preleased to the tenant under a 16.4-year, triple-net lease with two 10-year renewal options. The project includes design, construction, and fit-out of 200-MW critical IT data center, consisting of 20 data halls, each providing 10 MW of capacity. Design of the data center is ongoing. Although the issuer has entered into a construction contract with Clark Construction Group (not rated), the guaranteed maximum price will not be determined until summer 2026. The project will receive 200 MW of power from Sierra Pacific Power Co. (dba NV Energy; A-/Stable/A-2) under an energy supply agreement. The project is scheduled to deliver the first 100 MW by April 2029 under the lease with the tenant and contracted completion is scheduled for July 2030. However, the issuer has agreed to undertake to accelerate each milestone and complete the project by April 2028, supported with behind-the-meter (BTM) power. There are no penalties to the project for failure to achieve the accelerated schedule. Our base case assumes the contracted utility schedule and not the accelerated completion. A triple-net lease with a highly rated tenant and credit-supportive provisions back the debt service obligations. The tenant will pay base rent based on 9.5% of actual capex and reimburse all operating expenses (including taxes, insurance premiums, utility bills, and property management fees) and maintenance costs. Rent is paid in advance, reducing working capital needs, and the base rent will escalate annually at a rate equal to the greater of the U.S. Consumer Price Index (CPI) or 3.25% (subject to the cap of 3.5%; however if CPI exceeds 7%, the base rent will be adjusted by the sum of 3.5% and the difference between the CPI and 7%), higher than other data center transactions. While the project does include a service-level agreement--if breached, it can result in rent credits--the lenders' technical advisor (LTA) believes that the related key performance indicators are suitable and unlikely to be breached. Unlike other data center transactions, the tenant cannot terminate the lease for failure to maintain service level agreements, which S&P views as a positive feature. Termination rights during operations are limited to condemnation, resulting in a total taking; casualty where the project cannot be reinstated within five years; casualty if the reinstatement period exceeds 180 days during the last three years; and prohibited sale of the facilities. The tenant cannot terminate the lease for convenience. Contingency and lease protections reduce construction risk. Construction of the data center campus and associated infrastructure, including the substation, is straightforward. However, the level 5 commissioning requirement (integrated system testing under full tenant load) is more stringent than typical for rated data center transactions, which introduces complexity. This risk is compounded by Fleet's unique design and a relatively low targeted average and peak power usage effectiveness (PUE) ratio. In other large data center projects, S&P frequently observes level 3 commissioning, which entails confirmation that individual components in isolation are properly installed and operational, with PUE ratios well in excess of 1.1x. The project design is in progress, and a guaranteed maximum price with experienced contractor, Clark Construction, is not yet finalized, exposing it to potential delays and cost escalations. These concerns are largely offset by strong protections. The project has a reasonable schedule and buffer; limited delay penalties; pass-through of certain construction cost increases to the tenant; contingencies built into the initial financing including development fees; and a broad definition of force majeure that protects the project. Refinancing may expose the project to higher-than-expected rates eroding the debt service coverage cushion. The 144A notes mature in 2031, exposing lenders to refinancing risk. The triple-net lease will run for an initial term of 197 months from when the first 10 MW are delivered and will mature in 2044. The lease term greatly mitigates refinancing risk because the debt outstanding at maturity can be amortized prior to the expiry of initial lease term, insulating lenders from market risk related to reletting or lease renewal. Unless the interest is worse than we expect at refinancing, S&P anticipates a debt service coverage ratio (DSCR) of around 1.11x (using its refinancing interest rate assumption of 7.5%) based on our assumption of the commencement of operation based on the contracted utility schedule. Structural features and debt covenants are weaker than traditional project finance structures. In particular, the issuer can: -- Raise additional debt without maintaining minimum DSCR or rating agency confirmation tests from the agencies then rating the debt (that said, the additional debt issuance is constrained by net operating income and loan-to-cost thresholds); -- Make distributions without a requirement to meet minimum DSCR threshold (e.g., permitted tax distributions, distribution of unused contingency without forward looking DSCR threshold); and -- Merge, consolidate, and make investments in joint ventures, with some restrictions. Any of these features could introduce new risks that weaken the credit profile. Overall, the project rating is constrained by these weaker structural features. Security over physical assets is a key component of S&P's project finance rating methodology. The issuer has the right to release certain project assets from the security package; however release of these assets from the security net is neutral to the credit as the project can operate in accordance with the terms of the lease without them. Finally, mortgages on real property were not delivered at financial close. The finance documents allow for 180 days (or longer if the issuer is using commercially reasonable efforts) for delivery, but the issuer can waive certain requirements if the cost outweighs the practical benefits. S&P said, "We will convert the preliminary rating on the notes to a final rating when we have received documentation (along with other executed project documents) indicating a perfected security interest over substantially all the issuer's assets including real assets. "The stable outlook reflects our expectation that the construction budget and contracted completion schedule are achievable. The cash contingency (including development fees) in the issuer's construction budget and the ability to rent out a further 8% in cost overruns mitigate budget risk given that the guaranteed maximum price will not be known as of financial close. "During operations, we anticipate a minimum DSCR of 1.11x under our refinancing assumptions, given the triple-net lease with a highly creditworthy counterparty and the ability to fully repay debt within the initial lease term. "We could lower the rating if cost overruns or delays, in our view, would not be covered by the contingency in the budget or passed on to the tenant. During construction, we could also lower the rating if our view of the construction contractors' creditworthiness deteriorates. We could also downgrade the project debt to 'BB-' if DSCRs are below 1.1x during operations." A downgrade could occur if: -- Refinancing rates increase beyond our expectations; -- The project incurs additional debt; or -- Unused contingency during construction is distributed without regarding DSCRs after the refinancing. S&P is unlikely to raise the rating until: -- Construction and refinancing of the debt are complete; and -- The project has a track record of prudent financial management such that incurring additional debt or other events do not impair its credit profile. PREMIER DATACOM: Court Sets May 18 Administrative Expense Bar Date ------------------------------------------------------------------ Judge Shad M. Robinson of the U.S. Bankruptcy Court for the Western District of Texas entered an order establishing May 18, 2026, as the deadline for filing of requests for payment of certain administrative expenses in the bankruptcy case of Premier Datacom, Inc. The holders of the following types of claims are not required to file administrative expense requests on or before the administrative expense bar date: (i) administrative expenses of professional persons, as that term is used in sections 327, 328, 330, 331, 503(b)(2) and 1103 of the Bankruptcy Code, retained pursuant to a final order of the Court; (ii) administrative expenses held by the United States Trustee for the Western District of Texas that arise under 28 U.S.C. Sec. 1930(a)(6); Requests for payment of administrative expenses must be filed so as to be actually received on or before the administrative expense bar date by hand delivery, overnight mail, air courier service, CM/ECF, or first-class mail to: Jennifer F. Wertz Beau H. Butler Jackson Walker LLP 100 Congress Avenue, Suite 1100 Austin, TX 78701 Any holder of a claim for administrative expense against the Debtor that is required, but does not file an administrative expense request on or before the administrative expense bar date will (i) be forever barred, estopped, and enjoined from asserting any administrative expense against the Reorganized Debtor or the Reorganized Debtor's estate, and the Reorganized Debtor and the Reorganized Debtor's estate will be deemed forever discharged from any and all indebtedness or liability with respect to such administrative expense and (ii) not be entitled to receive further notices regarding such administrative expenses. A copy of the Court's Order dated April 13, 2026, is available at https://urlcurt.com/u?l=oOqz0A from PacerMonitor.com. About Premier Datacom, Inc. Premier Datacom, Inc. is a technology construction services company specializing in low voltage cabling systems and components, data transmission, and security systems. Premier Datacom sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10097) on January 24, 2025. In the petition signed by Glenn Ryan Willis, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad Robinson oversees the case. Jennifer F. Wertz, Esq., at Jackson Walker LLP represents the Debtor as counsel. QVC GROUP: Court Stays Kramer Case vs HSN Due to Bankruptcy ----------------------------------------------------------- Judge Jeannette A. Vargas of the U.S. District Court for the Southern District of New York stayed the case captioned as BETH KRAMER, on behalf of herself and all others similarly situated, Plaintiff, -v- HSN, INC., Defendant, Case No. 26-cv-00367-JAV (S.D.N.Y.) pursuant to Section 362(a) of the Bankruptcy Code. On April 20, 2026, a Suggestion of Bankruptcy was filed in this case, advising that on April 16, 2026, Defendant HSN, Inc. filed a voluntary petition for relief pursuant to Chapter 11, Title 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas. 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=Ck588L from PacerMonitor.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. QVC GROUP: Court Stays Lascala Case Due to Bankruptcy ----------------------------------------------------- Judge Philip M. Halpern of the U.S. District Court for the Southern District of New York stayed the case captioned as MADELYN LaSCALA, Plaintiff, -against- QVC INC. and MATSUNICHI DIGITAL USA INC., Defendants, Case No. 25-cv-04303-PMH (S.D.N.Y.). On April 20, 2026, Defendant QVC, Inc. filed a Suggestion of Bankruptcy upon the record, noting that it and certain of its affiliates filed voluntary petitions for relief under chapter 11 of the title 11 of the Bankruptcy Code. The claims in this case against QVC, therefore, have been stayed pursuant to 11 U.S.C. Sec. 362. The Court will issue an order administratively closing this case without prejudice to reopen within 30 days of the conclusion of the bankruptcy proceedings unless, by April 28, 2026, the parties advise the Court by letter filed via ECF why this stayed case should remain open and active. A copy of the Court's Order dated April 21, 2026, is available at https://urlcurt.com/u?l=yhvf0o from PacerMonitor.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. QVC GROUP: Plan Confirmation Hearing Scheduled for May 26 --------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas granted the motion of QVC Group, Inc. and its affiliated debtors for entry of an order: (a) scheduling the Combined Hearing; (b) establishing the Confirmation Schedule and related procedures; (c) approving the form and manner of the Combined Hearing Notice; (d) approving the Solicitation Procedures; (e) waiving the requirement to mail Solicitation Packages to the Non-Voting Classes; (f) allowing the notice period for the Disclosure Statement and the Combined Hearing to run simultaneously; (g) directing the U.S. Trustee to not convene a Creditors' Meeting and conditionally waiving (1) such Creditors' Meeting and (2) the deadline to file Schedules and SOFAs and Rule 2015.3 Financial Reports; and (h) granting related relief, all as more fully set forth in the Motion. Any objections to the entry of this Order, to the extent not withdrawn or settled, are overruled. The following Confirmation Schedule is approved. Voting Record Date - April 13, 2026 Solicitation Launch Date - April 16, 2026 Petition Date - April 16, 2026 Initial Plan Supplement Deadline - May 11, 2026, at 4:00 p.m., prevailing Central Time Voting Deadline Opt-Out / Opt-In Deadline - May 19, 2026, at 11:59 p.m., prevailing Central Time Objection Deadline - May 19, 2026, at 11:59 p.m., prevailing Central Time Deadline to File Confirmation Brief, Reply, and Voting Report - 4 days before the Combined Hearing Combined Hearing - May 26, 2026, or such other date as the Court may direct Occurrence of Effective Date - June 8, 2026, or as soon as practicable thereafter The Combined Hearing, at which time this Court will consider, among other things, final approval of the adequacy of the Disclosure Statement and confirmation of the Plan, shall be held on May 26, 2026 at 9:00 a.m., prevailing Central Time. The Combined Hearing may be continued from time to time by the Court, without further notice, other than adjournments announced in open court or in the filing of a notice of reset hearing in these chapter 11 cases. The adjourned date or dates will be available on the electronic case filing docket and the Claims and Noticing Agent's website at: https://restructuring.ra.kroll.com/QVC. The Disclosure Statement (including all applicable exhibits thereto) provides Holders of Claims, Holders of Interests, and other parties in interest with sufficient notice of the injunction, exculpation, and release provisions contained in Article VIII of the Plan, in satisfaction of the requirements of Bankruptcy Rules 2002(c)(3) and 3016(b) and (c). Any objections to adequacy of the Disclosure Statement and confirmation of the Plan must be filed on or before May 19, 2026 at 11:59 p.m., prevailing Central Time. As shared by the Troubled Company Reporter, on April 16, 2026, QVC Group, together with certain of its direct and indirect subsidiaries, entered into a Restructuring Support Agreement with majority lender support. Pursuant to the RSA, QVC Group's principal amount of debt (as of December 31, 2025) will be reduced from approximately $6.6 billion to $1.3 billion, and the newly deleveraged company will emerge as Reorganized QVC, Inc. QVC Group's subsidiaries and entities outside of the U.S. are not included in the court-supervised process underway in the U.S. The only exception is a non-operating subsidiary in Luxembourg that has no team members, customers, vendors or business partners. The Company's global business operations are continuing as normal -- including customer-facing operations in the UK, Germany, Japan, and Italy -- and they are paying vendors and suppliers as usual across all of these geographies. Due to the prepackaged nature of the financial restructuring, the Company expects to complete this process on an expedited basis and, pursuant to the RSA, is targeting emergence within approximately 90 days. The Company had over $1 billion in domestic cash and cash equivalents as of December 31, 2025. Together with cash generated from ongoing operations, QVC Group has ample liquidity to meet its business obligations during the U.S. court-supervised process. Under the terms of the RSA, all third-party general unsecured creditors will be unimpaired, with their claims to be paid in full or reinstated. The Company and QVC, Inc. have filed a number of customary motions with the Bankruptcy Court to support its operations during this process, including the continued payment of U.S. employee wages and benefits without interruption. The Company expects to receive Bankruptcy Court approval for these requests shortly. Additional information regarding the court-supervised financial restructuring process is available at forward.qvcgrp.com. Bankruptcy Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims agent, Kroll, at https://restructuring.ra.kroll.com/QVC; by calling Kroll representatives toll-free at (888) 575-5337, or +1 (347) 292-4386 for calls originating outside of the U.S. or Canada; or by emailing QVCinfo@ra.kroll.com. Advisors Kirkland & Ellis LLP and Gray Reed are serving as legal counsel, Evercore Group L.L.C. is serving as financial advisor, AlixPartners, LLP is serving as restructuring advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC, Inc. A copy of the Court's Order dated April 17, 2026, is available at https://urlcurt.com/u?l=GlwVEj from PacerMonitor.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: S&P Assigns 'B' Rating on Senior Unsecured Notes ------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '2' recovery rating to Qwest Corp.'s proposed $977.5 million, 6.5% senior unsecured notes due in 2056 and $660 million, 6.75% of senior unsecured notes due in 2057. S&P said, "These notes will replace existing notes in the Qwest capital structure. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default. While our analysis suggests full recovery, we cap our recovery rating at '2' on debt issued by companies rated in the 'B' category to reflect the heightened risk that they may change their capital structures in ways that impair unsecured recovery prospects. "The new notes will be exchanged for the old notes, with the only difference being that the new notes have a downstream guarantee from parent Lumen Technologies Inc. We do not believe the transaction will affect recovery ratings given the large EBITDA contribution and value at Qwest. "Our ratings on Lumen, including the 'B-' issuer credit rating, are unchanged because we do not expect the transaction to affect credit metrics. We continue to forecast S&P Global Ratings-adjusted leverage in the mid-6x area in 2026 due to one-time expenses before improving to the high-4x area in 2027. This includes the $5.75 billion sale of its fiber-to-the-home broadband business to AT&T Inc." RSKT HOLDING: Gets Final OK to Use Cash Collateral -------------------------------------------------- The United States Bankruptcy Court for the District of New Jersey granted RSKT Holding, LLC authorization to use cash collateral on an final basis. Under the final order, the Debtor is authorized to use cash collateral, including rents and revenues from its property, strictly in accordance with an approved budget. Permitted uses include operating expenses such as payroll, maintenance, utilities, insurance, inventory purchases, and professional fees. The Debtor is allowed a 10% variance per budget line item and overall, but any use outside these limits requires lender consent. The authorization continues unless a default or event of default occurs. As protection for the Debtor's use of its cash collateral, M&T Bank will be granted a replacement lien on post-petition assets and their proceeds, with the same priority and extent as its pre-bankruptcy lien, along with monthly payments of approximately $4,098.95. These liens maintain priority and are automatically perfected. A carve-out is established (up to $20,000 plus certain additional amounts) to ensure payment of professional fees, trustee expenses, and statutory fees, with separate escrow requirements for such costs. The order imposes strict compliance obligations, including financial reporting, maintaining insurance, and adhering to loan covenants. The Debtor is restricted from incurring new debt, selling assets outside the ordinary course, or challenging the lender's liens. Upon default, and after notice, the lender may terminate cash collateral use and seek relief from the automatic stay. The lender retains all rights and remedies, and the Court maintains jurisdiction over enforcement of the Order. The order is available at https://shorturl.at/MBJsy from PacerMonitor.com. About RSKT Holding LLC RSKT Holding LLC is a Syracuse, New York-based real estate property management company operating under NAICS code 531312, managing nonresidential real estate assets. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-11661) on February 13, 2026. In the petition signed by Saurabh Tripathi, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Donald F. Campbell, Jr., Esq., at Giordano, Halleran & Ciesla, P.C. represents the Debtor as legal counsel. RYERSON HOLDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Ryerson Holding Corporation's and Joseph T. Ryerson & Son, Inc.'s (together, Ryerson) Long-Term Issuer Default Ratings (IDRs) at 'BB'. Fitch also affirmed the company's first lien secured asset-based lending (ABL) credit facility at 'BBB-' with a Recovery Rating of 'RR1'. The Rating Outlook is Stable. Ryerson's ratings reflect its large size and scale within the industry, strong working capital management, product diversification, the counter-cyclical cash generating ability of its business model and Fitch's expectation that EBITDA leverage will trend to 3.0x or below beginning in 2027. The Stable Outlook reflects Fitch's expectation that EBITDA margins will improve to above 5% through 2028. Key Rating Drivers Olympic Adds Size/Scale: Ryerson is currently the second largest metals service center company in North America, with annual shipments of about two million tons and 106 processing facilities, prior to its acquisition of Olympic Steel, Inc. on Feb. 13, 2026. Olympic increases shipments by nearly one million tons per year and adds about 50 facilities. Fitch believes Olympic bolsters Ryerson's market position, providing additional purchasing power and operating leverage. The acquisition increases Ryerson's product diversification with higher return specialty metals and tubular products. The integration of Olympic's facilities should provide opportunities to improve overall efficiency and logistics, potentially allowing market share gains over time. Fitch expects the integration to provide synergy opportunities and margin enhancement. Deleveraging Capacity: Fitch expects deleveraging from higher earnings in 2026 and 2027, and from debt repayment beginning in 2028. In addition to earnings gains from the integration of Olympic operations, Ryerson undertook restructuring activities in 2025 to improve productivity at its operations. Fitch calculated EBITDA margins at a cyclical low of 1.2% in 2025 were impacted by trade disruptions from the increase in steel and aluminum tariffs. Fitch sees these as normalizing beginning in 2026. Fitch expects EBITDA margins to recover to about 3.25% in 2026, and to about 4.5% in 2027 and over 5% longer term. Prior period investments at Ryerson and Olympic should result in higher value-added services and lower capex requirements. Fitch expects average annual capex of about $75 million. Deleveraging should be a priority, while the company's calculated leverage ratio is above its 0.5 to 2.0x target, through the cycle. Fitch expects EBITDA leverage to drop to about 4.5x by YE 2026 and below 3.0x longer term. Countercyclical Cash Generation: Ryerson has solid financial flexibility, supported by its ability to generate cash in periods of weak demand by managing its footprint and inventories. Ryerson has a history of strong working capital management, which enables it to generate cash during periods of falling prices and shipments. The company generated $120.4 million and $69.4 million in 2024 and 2025, respectively, primarily through working capital liquidation. Fitch expects some working capital build in 2026 from stronger demand. Credit Conscious M&A: The highly fragmented nature of the industry provides acquisition growth opportunities, supporting Fitch's expectation that Ryerson will continue to be a consolidator. The acquisition of Olympic is the company's largest acquisition to date and was funded with more equity than assumed debt. Fitch believes Ryerson will remain selective in mergers and acquisitions (M&A) and execute acquisitions in a credit-conscious manner, focusing on companies that enhance its diversification with an emphasis on higher margin specialty products and value-added processing capabilities. Peer Analysis Ryerson's operational profile closely compares to metals service center company Reliance, Inc. (BBB+/Stable). Both have leading market shares within the highly fragmented U.S. metals service center industry, similar underlying volumetric risk given their exposure to cyclical end markets, relatively stable gross margins, and low annual capex requirements. Ryerson is considerably smaller and has lower margins and higher EBITDA leverage than Reliance. Ryerson's EBITDA size is expected to be similar to metals coating provider AZZ Inc. (BB/Positive) and aluminum fabricator Kaiser Aluminum Corporation (BB-/Stable). However, Ryerson's margins are significantly lower, reflecting its role as a distributor. Ryerson's current EBITDA leverage is elevated but should revert to below 4.0x in 2027 and to 3.0 or below longer term. Fitch’s Key Rating-Case Assumptions - Shipment growth at 1% per year on average; - Modest improvement in average selling prices in 2026 and flat, thereafter; - Synergies from the Olympic Steel, Inc. acquisition at half of company's expectations of $120 million per year phasing in between 2027 and 2028. Cost to complete assumed to occur in 2026 and 2027; - EBITDA margins improve to around 5% by 2028; - Capex of around $75 million per year on average; - Debt repayment prioritized after capex and maintenance of dividends; - Modest opportunistic share repurchases. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b, Moderate), Financial Structure (bb-, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% 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 - EBITDA leverage sustained above 4.0x; - EBITDA margins sustained below 5%; - Sustained negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA margins sustainably at or above 7%, driven by increasing levels of value-added processing; - EBITDA leverage sustained below 3.0x; - Increase in size and scale. Liquidity and Debt Structure As of Dec. 31, 2025, Ryerson had cash and cash equivalents of approximately $27 million and $428 million available under its $1.3 billion asset-based lending (ABL) credit facility due 2027 after $463 million borrowed and $1 million letters of credit. The company used the facility to repay debt at Olympic Steel, Inc. following the acquisition closed Feb.13, 2026. At that time, the company obtained an amendment to the facility to increase the amount to $1.8 billion and extend the maturity date to 2031. Ryerson must maintain a fixed-charge coverage ratio of 1.0x when availability under the ABL credit facility is less than the greater of a) 10% of aggregate commitments and b) $80 million. Issuer Profile Ryerson is the second largest metals service center in North America with about 160 operating facilities. 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 Ryerson Holding Corporation. 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 ----------- ------ -------- ----- Joseph T. Ryerson & Son, Inc. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Ryerson Holding Corporation LT IDR BB Affirmed BB SAKS GLOBAL: Retains Ernst & Young as Valuation Services Provider ----------------------------------------------------------------- Saks Global Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division to retain Ernst & Young LLP to serve as tax, consulting, accounting, and valuation services provider in its Chapter 11 cases. The firm will provide these services: (a) assist the Debtors with general and technical accounting matters, including tax accounting support, financial reporting, and preparation of financial statements and accounting policies in connection with Chapter 11 proceedings and fresh-start accounting under ASC 852; (b) provide valuation services, including impairment testing support, fair value recommendations for reporting units and intangible assets, and assistance with third-party valuation analysis; (c) provide tax ROCA advisory services, including responses to tax technical questions, preparation of technical memos, transactional tax support, and assistance with tax authorities; (d) prepare tax compliance filings including Forms 1065, 1120-F, 5471, 8858, 8865, and various state and international tax returns for multiple entities; and (e) provide financial due diligence services including preparation of a diligence databook, financial analysis, evaluation of cost structure and profitability, and historical financial trend analysis and reconciliation. EY LLP's compensation includes hourly rates ranging from $225 to $850 depending on professional level, a fixed fee of $46,120 for certain tax compliance services, and an estimated range of $263,461 to $390,782 for additional compliance services, plus reimbursement of expenses. EY LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtors’ estates, according to court filings. The firm can be reached at: Ernst & Young LLP 1 Manhattan West New York, NY 10001 Telephone: (212) 773-3000 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 to an 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. SEALED AIR: Moody's Withdraws 'Ba1' CFR Following CD&R Deal ----------------------------------------------------------- Moody's Ratings has withdrawn the ratings of Sealed Air Corporation, including its Ba1 corporate family rating, Ba1-PD probability of default rating, and SGL-1 speculative grade liquidity rating (SGL) following the completion of the company's acquisition by CD&R and the repayment or extinguishment of the majority of its rated debt. Concurrently, Moody's have withdrawn the ratings on most of Sealed Air Corporation's outstanding rated debt instruments (except the senior unsecured notes due 2033), the Baa2 senior secured bank credit facility ratings, and the Baa2 rating on Sealed Air Limited's senior secured term loan A. Previously the CFR, PDR, and senior secured bank credit facility ratings were on review for downgrade. The outlook prior to the withdrawal was rating under review. At the same time, Moody's have downgraded Sword Purchaser, LLC's $450 million senior unsecured notes due 2033 to B1 from Ba2, previously under review for downgrade and issued by Sealed Air Corporation. While these notes are issued out of Sealed Air Corporation, they now benefit from the same security, equally and ratably, as Sword Purchaser, LLC's B1 rated senior secured notes and senior secured credit facilities, and rank pari passu. Sword Purchaser, LLC's ratings including the B1 corporate family rating, B1 senior secured notes and bank credit facilities ratings and B3 senior unsecured notes rating are unaffected by the rating action. These rating actions conclude Moody's reviews for downgrade initiated on November 19, 2025 with regard to the November 17, 2025 announcement that Sealed Air entered into a definitive agreement to be acquired by funds affiliated with CD&R. Furthermore, the rating withdrawals reflect the repayment, cancellation, or assumption of the affected obligations in connection with the transaction and Moody's determinations that the withdrawn ratings are no longer relevant. RATINGS RATIONALE The B1 rating on the $450 million senior unsecured notes due 2033 and issued by Sealed Air Corporation reflects that the 2033 notes are now secured, equally and ratably, with the B1 rated senior secured debt of Sword Purchaser, LLC. Sealed Air Corporation was purchased by CD&R in April 2026. Upon closing of the transaction and repayment of outstanding Sealed Air Corporation debt, Moody's are now withdrawing all ratings pertaining to Sealed Air Corporation except for the existing 2033 senior unsecured notes that have been rolled into the capital structure of the acquiring entity, Sword Purchaser, LLC. The 2033 notes benefit from the same subsidiary guarantees as the Sword Purchaser, LLC issued debt. However, there is not a downstream parent guarantee from Sword Purchaser, LLC. The stable outlook reflects Moody's expectations that Sword Purchaser will generate material amounts of free cash flow, maintain good liquidity and will focus on debt reduction, bringing leverage down toward 6x debt/EBITDA in the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if debt-to-EBITDA is sustained well below 5.0x and free cash flow generation is applied towards material debt reduction. Other upgrade considerations include preservation of good liquidity and a reduction in private ownership and influence, including predictable financial policies regarding capital deployment. Moody's could downgrade the ratings if debt-to-EBITDA remains above 6.0x and EBITDA-to-interest expense below 2.5x. Other considerations include a deteriorating liquidity profile, negative free cash flow and aggressive acquisitions or shareholder return initiatives. COMPANY PROFILE Headquartered in Charlotte, North Carolina, Sword Purchaser, LLC (d/b/a Sealed Air),is a global manufacturer of automated packaging equipment services and sustainable materials for various food, e-commerce, and industrial applications. The company reported revenue of $5.4 billion in 2025. Sword Purchaser, LLC is the holding company and Sealed Air Corporation is a wholly owned subsidiary of Sword Purchaser, LLC. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. SONOMA PHARMACEUTICALS: Signs Kenvue Supply Agreement ----------------------------------------------------- Sonoma Pharmaceuticals Inc. entered into a manufacturing and supply agreement with Kenvue Brands LLC for Microcyn technology-based products in the United States, according to a Form 8-K filing with the Securities and Exchange Commission. The agreement covers the manufacture and supply of products based on Sonoma's Microcyn technology. It is effective from Oct. 24, 2026, through March 2027, with up to two additional one-year terms if both companies agree in writing. Kenvue Brands LLC, a Delaware limited liability company, is the buyer under the agreement. Sonoma Pharmaceuticals is the manufacturer. The agreement defines the territory as the United States, its possessions and territories. It also outlines provisions for product specifications, raw materials, transportation costs, regulatory approvals, quality standards and current good manufacturing practices. Products covered by the agreement must be manufactured and packaged according to agreed specifications and quality requirements. A full-text copy of the Agreement is available for free at: https://www.sec.gov/Archives/edgar/data/1367083/000168316826002761/sonoma_ex1001.htm About Sonoma Pharmaceuticals Sonoma Pharmaceuticals Inc. is a Boulder, Colorado-based health care company that develops and produces stabilized hypochlorous acid products for wound care, eye care, oral care, dermatology, podiatry, animal health care and disinfectant uses. The company was incorporated in 1999 as Micromed Laboratories Inc. and later changed its name to Sonoma Pharmaceuticals Inc. in 2016. In a June 17, 2025, audit report, Frazier & Deeter LLC issued a going concern qualification, citing significant losses, negative operating cash flows and the need for additional funding. As of Dec. 31, 2025, Sonoma reported $13.62 million in total assets, $10.19 million in total liabilities and $3.43 million in total stockholders' equity. The company said in its quarterly report for the period ended Dec. 31, 2025, it may seek additional capital through public or private equity offerings, debt financings, corporate collaborations or other means. It added there is no assurance that financing will be available on commercially acceptable terms. SQA MAHADEV: Gets Interim OK to Use Cash Collateral Until June 10 ----------------------------------------------------------------- SQA Mahadev, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral to fund operations through June 10. The Debtor operates a hotel and convention center business, which relies heavily on daily cash flow generated from room rentals and event bookings. The Debtor's cash collateral includes rental income from hotel rooms and convention center events, which Bank of Texas claims as collateral under a security interest in those proceeds. The validity, extent, and enforceability of the Bank of Texas's liens have not yet been fully reviewed. Bank of Texas is protected through replacement liens and substantial equity in the collateral, according to the Debtor. About SQA Mahadev LLC SQA Mahadev, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-21282) on March 6, 2026, with between $1 million and $10 million in both assets and liabilities. The Honorable Bankruptcy Judge Denise E. Barnett handles the case. The Debtor is represented by John Edward Dunlap, Esq., at The Law Office of John E. Dunlap. State Bank of Texas, as lender, is represented by Michael P. Coury, Esq., at Glanker Brown, PLLC. START TO FINISH: Taps Cunningham Chernicoff & Warshawsky as Counsel ------------------------------------------------------------------- Start to Finish Installations, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Cunningham, Chernicoff & Warshawsky, P.C. to serve as counsel. The firm will provide these services: (a) give the Debtor legal advice regarding its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; (b) prepare and file on behalf of the Debtor, as Debtor-in-Possession, the original Petition and Schedules, and all necessary applications, complaints, answers, orders, reports and other legal papers; and (c) perform all other legal services for the Debtor, as Debtor-in-Possession, which may be necessary. The firm will receive compensation based on standard hourly billing rates: $500 for Robert E. Chernicoff $450 to $500 for partners $225 to $450 for associate attorneys, and $100 to $175 for paralegals. The Debtor paid $5,617.50 prior to filing, plus a $1,738.00 filing fee, and provided a pre-petition retainer of $4,382.50. Cunningham, Chernicoff & Warshawsky, P.C. is a "disinterested person" and has no connection with the Debtor or its creditors, according to court filings. The firm can be reached at: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY, P.C. 2320 North Second Street P. O. Box 60457 Harrisburg, PA 17106-0457 Telephone: (717) 238-6570 About Start to Finish Installations, LLC Start to Finish Installations LLC is a corporation with 1-49 creditors. It operates as a small business with debts primarily related to business activities and is classified under "Other" for its nature of business. Start to Finish Installations, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Pa. Case No. 4:26-bk-01055) on Apr 17, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $500,001 to $1 million. Cunningham, Chernicoff & Warshawsky, P.C. is Debtor's legal counsel. SUPERNOVA MANAGEMENT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ SuperNova Management, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. Under the interim order, the Debtors are authorized to use cash collateral in accordance with an approved budget until the final hearing scheduled for May 18. The Debtors' cash collateral is subject to security interests held by several lenders, including financial institutions and funding entities with liens on their assets such as inventory, accounts and real property. As adequate protection, lenders retain the same liens and security interests they held prior to the Debtors' bankruptcy filing on post-petition cash collateral and its proceeds. Additionally, the Debtors must maintain insurance coverage on all collateral and provide budget reconciliations and updated financial projections if requested by any lender. The Debtors must also keep collateral free from new liens, except certain permitted obligations like taxes. However, the Debtors are not restricted from seeking additional financing under Bankruptcy Code section 364. The interim order establishes a carveout, giving priority payment for court fees, U.S. Trustee fees, and professional fees. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/pmJvm from PacerMonitor.com. About SuperNova Management Inc. SuperNova Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32616) on April 14, 2026. In the petition signed by Martin Abrahams, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. TASTE OF BELGIUM: Employs Howard Nunn & Bloom as CPA ---------------------------------------------------- Taste of Belgium at the Banks, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Howard, Nunn & Bloom, Inc. as its certified public accountant. The firm will provide these services: (a) prepare financial statements; (b) prepare monthly operating reports; (c) prepare tax returns; and (d) assist in preparing monthly operating statements and financial reports. The firm's discounted rates for this engagement are $275/hour for partner, $235/hour for manager and $210/hour for senior associate. The firm also requires a $2,500 upfront retainer. Hours will be tracked weekly and fees reduced against this retainer. Howard, Nunn & Bloom, Inc. is represented in court filings as a disinterested professional within the meaning of Section 101(14) of the Bankruptcy Code, with no adverse interests to the Debtor’s estate or other parties in interest. The firm can be reached at: Bryan Bloom HOWARD, NUNN & BLOOM, INC. 7655 Five Mile Road, Suite 115 Cincinnati, OH 45230 About Taste of Belgium at the Banks, LLC Taste of Belgium at the Banks, LLC operates a Belgian-inspired brasserie in Cincinnati, Ohio, offering brunch, lunch, and dinner with a focus on European-style dishes including waffles, mussels, and a selection of beers and cocktails. The Company serves customers in its full-service dining area in the downtown "The Banks" district, near major sports and entertainment venues, and is part of the broader Taste of Belgium group, which operates multiple restaurant locations in Ohio. Taste of Belgium at the Banks, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-10011) on January 6, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. Judge Beth A. Buchanan oversees the case. Eric W. Goering, Esq. at Goering & Goering, LLC represents the case. TEAM SERVICES: Fitch Rates 1st Lien Instruments 'B' --------------------------------------------------- Fitch Ratings has assigned TEAM Services Holding, Inc.'s (TEAM) $250 million secured revolving credit facility, $700 million term loan, and $675 million secured note final ratings of 'B' with Recovery Ratings of 'RR4'. The final ratings reflect the closing of the transactions with documentation that is in line with Fitch's assumptions that drove the 'B'/'RR4' expected rating assignments in January 2026. TEAM's B Issuer Default Rating (IDR) reflects its relatively high EBITDA leverage following the General Atlantic acquisition. Fitch expects TEAM's good profitability metrics to support positive FCF over the rating horizon, enabling the company to pursue additional bolt-on M&A activity without raising significant debt. Limited business line diversity and payor concentration with Medicaid are relative credit weaknesses. These risks are partially mitigated by TEAM's diversity across states and good long-term growth potential, supported by favorable demographic trends and its position as a lower-cost provider compared to institutional settings. Key Rating Drivers Manageable Financial Structure: TEAM's EBITDA leverage (defined as Fitch-adjusted EBITDA minus dividends to minorities/gross debt) was 5.4x following the close of the General Atlantic acquisition based on EBITDA through the LTM ending Q3 2025. Fitch expects leverage to decline to 5.0x at YE26 and could decline further to below 5.0x thereafter depending on capital allocation. Fitch's forecast incorporates the expectation that the company will use FCF to pursue acquisitions rather than voluntarily reduce debt. EBITDA contributions from forecasted acquired entities and improving operating leverage support deleveraging modestly through EBITDA growth. Medicaid Reimbursement Uncertainty: TEAM's business is exposed to changes in federal Medicaid funding. The Congressional Budget Office (CBO) expects the recent U.S. tax and spending bill to lower federal Medicaid funding by over $1 trillion over the next 10 years. About 89% of company EBITDA is generated from public payors, the vast majority of which are from Medicaid or Medicaid Managed Care Organization (MCO) payors. Fitch assumes Medicaid funding changes could modestly pressure gross margins over the next several years if pressure on state Medicaid budgets causes reimbursement to under-pace wage inflation. Fitch's rating case forecast incorporates this risk by assuming gross margins decline, driving EBITDA margins toward 10% beyond FY26 versus 11.0% in its FY26 forecast. Fitch's rating case does not assume that states cut optional personal care services (PCS) program coverage, and Fitch would revisit its assumptions if that occurs. Changes to state-level coverage in large states like New York and California would affect credit metrics and could pressure ratings. Reimbursement risks are partially mitigated by TEAM's presence in 34 states and position as a lower-cost provider compared to institutional settings, incentivizing states to maintain reimbursement growth and coverage. Weak Payor Mix and Diversification: Substantially all company revenues are generated from known caregiver PCS. This concentration exposes the company to risk associated with payor concentration and external factors that drive market demand. TEAM's largest individual payor comprises 12% of revenue, but Fitch considers the high proportion of Medicaid and MCO payor sources (comprising about 89% of EBITDA) concentrated. Risks associated with payor concentration are partially mitigated by its position as a low-cost provider, demographic tailwinds, and some exposure to private payors (11% of EBITDA). Well Positioned for Growth: TEAM's credit profile benefits from its position within the known caregiver PCS industry, which Fitch expects will continue to grow. Growth is supported by demographic trends (an aging population), TEAM's lower-cost position versus nursing facilities and institutional settings, and increasing consumer preference for at-home care. TEAM's organic revenue has grown at a 16% CAGR since 2015, driven by patient volume increases and improved reimbursement. Fitch expects the pace to moderate primarily due to Medicaid funding pressures, though patient and caregiver demand should remain strong. Good Profitability and FCF: Fitch views TEAM's profitability metrics as a relative credit strength and supportive of positive FCF generation. Reported EBITDA margins have been around 10%, and Fitch expects margins to remain in the 10%-11% range over the rating horizon. FCF has historically been near breakeven, primarily due to a high interest burden relative to reported EBITDA. A lower relative interest burden under the new capital structure should support positive FCF generation and provide financial flexibility to pursue bolt-on M&A activity without raising significant debt. Financial Flexibility and Policy: Fitch expects liquidity to remain adequate over the rating horizon, supported by the $250 million first lien senior secured revolver and approximately $25 million in cash. Fitch expects EBITDA interest coverage to sustain in the mid-2x range. FCF generation over the rating horizon should be supportive of the liquidity position and be sufficient to make required term loan amortization payments. Fitch anticipates that the company will maintain a relatively high leverage tolerance under General Atlantic ownership and pursue further bolt-on M&A in lieu of material debt reduction over the rating horizon. Parent and Subsidiary Linkage: Fitch applies the weaker parent, stronger subsidiary path in its Parent and Subsidiary Linkage Rating Criteria to derive IDRs for RMS Holding Company, LLC (subsidiary) and TEAM Services Holding, Inc. (parent). Fitch views the subsidiary as having the stronger credit profile, given it has no outstanding debt and shares the parent's consolidated business profile. Legal ring-fencing and access & control are open, because both entities are within the same restricted group and the parent directly owns the subsidiary. As a result, both entities are rated at the parent's consolidated profile of 'B'. Peer Analysis TEAM's closest peer within Fitch's public U.S. healthcare provider coverage is Aveanna Healthcare Holdings Inc. (Aveanna; B-/Positive). TEAM and Aveanna are similarly exposed to Medicaid reimbursement and operate at similar revenue and EBITDA scale. Both issuers have similar profitability metrics and FCF generating ability. Fitch expects TEAM to maintain slightly lower leverage, at 4.5x-5.0x versus Aveanna's 5.0x-5.5x over the rating horizons. TEAM is slightly less diversified by business line and payor than Aveanna, but TEAM's historically lower profitability volatility partially mitigates this risk. Higher-rated peers such as Universal Health Services, Inc. (BB+/Stable), Tenet Healthcare Corporation (BB/Stable) and AMN Healthcare Services, Inc. (BB/Negative) have stronger leverage metrics and greater scale, better business line diversity, and stronger geographic diversity than TEAM. Fitch’s Key Rating-Case Assumptions - Total pro forma revenue of about $2.4 billion in FY25 with organic growth in the low- to mid-single digit percentages in FY26 through FY28, driven by continued patient census growth but partially constrained by Fitch's expectation that Medicaid reimbursement will slow in the later years of the forecast. - Fitch-adjusted EBITDA margins of approximately 11.0% in FY25 and FY26. The rating case assumes EBITDA margins to decline to around 10.0%-10.5% in FY27-FY28 to account for potential Medicaid reimbursement headwinds which could negatively impact gross margins. - FCF sustained in the 3%-5% of revenue range, primarily driven by significant EBITDA improvement anticipated in the forecast versus historic levels, when FCF was near breakeven. - Bolt-on acquisition activity resuming in FY27, funded with FCF and available liquidity. 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+, Lower), Sector Characteristics (b, Moderate), Market and Competitive Positioning (b-, Moderate), Diversification and Asset Quality (bb-, Lower), Company Operational Characteristics (b-, Higher), Profitability (bb-, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb-, 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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. Recovery Analysis - The recovery analysis assumes that TEAM Services Group would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. - Fitch applies a $140 million GC EBITDA assumption and 6.0x enterprise value (EV) multiple for a total EV of $840 million. Recoverable value is reduced to $756 million, assuming 10% administrative claims in bankruptcy. - Fitch assumes that the $250 million first lien senior secured revolver is fully drawn at the time of default. GC EBITDA Rationale Fitch applies a $140 million GC EBITDA assumption to the recovery analysis, which reflects Fitch's view of a sustainable post-reorganization EBITDA level upon which Fitch bases the EV. The GC EBITDA assumption is below LTM 3Q25 Fitch EBITDA of $256 million. The decline in GC EBITDA versus LTM EBITDA reflects assumed depletion of the current operating position that could cause a level of distress to provoke a default plus a level of corrective action assumed to occur during restructuring. Fitch identifies heightened payment pressure from Medicaid funding cuts, changes in state-level optional Medicaid coverage for PCS, or competitive pressures as the most likely causes of operational stress. In order to provoke default, these factors in combination would likely drive EBITDA to levels below Fitch's $140 million GC EBITDA estimate for a period leading up to default. Fitch's GC EBITDA estimate assumes that corrective actions would occur during a bankruptcy process, such as exiting underperforming states where the company has limited scale or right sizing corporate SG&A to levels appropriate to the pro forma footprint. Fitch estimates that this would improve EBITDA from trough levels but remain considerably below the long-term rating case forecast levels, translating to Fitch's GC EBITDA estimate of $140 million. EV Multiple Rationale The GC multiple of 6.0x reflects the company's overall moderate scale in a fragmented market and its capacity to generate average EBITDA margins compared to healthcare provider peers. Strong industry demand for at-home health services supports the distressed multiple, but this is offset by the business's relatively limited intangible value and low barriers to entry. The 6.0x GC EBITDA multiple compares to the General Atlantic purchase price at approximately 11.5x Fitch-adjusted EBITDA and historical bankruptcy case study exit multiples for peer companies in the healthcare industry of 6.3x. Recovery Waterfall The $250 million first lien senior secured revolver (assumed fully drawn at the time of default), $700 million first lien senior secured term loan, and $675 million of other first lien senior secured debt rank pari passu and rank equally in right of payment. The $756 million of recoverable value is distributed pro rata to each instrument, translating to a 'RR4' Recovery Rating for the first lien senior secured revolver and term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation that EBITDA leverage will be sustained above 5.5x; - Fitch's expectation that EBITDA interest coverage will be sustained below 2.0x; - Fitch's expectation that FCF margins will be consistently breakeven or lower; - Greater-than-expected effects from Medicaid funding and eligibility changes in the U.S. Tax and Spending Bill of 2025 that reduce profitability and push credit metrics to Fitch's negative sensitivity triggers. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage will be sustained below 4.5x, supported by clear indications from states, industry participants, and/or management that Medicaid funding changes will not significantly affect EBITDA generation, together with sustainable deleveraging actions; - Fitch's expectation that EBITDA interest coverage will be sustained above 3.0x. Liquidity and Debt Structure TEAM has sufficient liquidity. Total cash was approximately $25 million following the close of the General Atlantic acquisition with near full availability under its $250 million first lien senior secured revolver expiring in 2031. Fitch expects liquidity to remain adequate through the rating horizon, as modestly positive FCF should support a stable liquidity profile. The company's term loan and note will mature in 2033. Until then, debt due is limited to $7 million of annual term loan amortization. Issuer Profile TEAM Services Holding, Inc. is a leading provider of PCS and related household employment services (HES) via known caregivers for seniors and individuals with disabilities. Summary of Financial Adjustments Fitch adjusted EBITDA to add back non-recurring and non-operational expenses including transaction expenses, integration expenses, and stock-based compensation to Fitch-adjusted EBITDA. 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 TEAM Services Holding, 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 ----------- ------ -------- ----- TEAM Services Holding, Inc. senior secured LT B New Rating RR4 B(EXP) TEMSCO INC: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Temsco, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral until the final hearing scheduled for May 12 to pay the expenses set forth in its monthly budget (plus 15% per line item and 15% overall). The Debtor's cash collateral consists of funds that may be subject to security interests held by the Internal Revenue Service and Advantage Leasing Corporation, both of which claim liens on its cash and accounts receivable. As adequate protection for any diminution in value of their collateral, both lenders will be granted replacement liens on and security interests on post-petition assets of the Debtor co-extensive with their pre-petition liens. The order is available at https://is.gd/neeL40 from PacerMonitor.com. Advantage Leasing is represented by: Mark W. Stout, Esq. Owen C. Babcock, Esq. Jessica N. Alt, Esq. Padfield & Stout, LLP 100 Throckmorton Street, Suite 700 Fort Worth, TX 76102 Phone: 817-338-1616 Fax: 817-338-1610 abp@padfieldstout.com obabcock@padfieldstout.com jalt@padfieldstout.com About Temsco Inc. Temsco, Inc. is a Texas-based corporation that provides energy management solutions for commercial buildings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-41319) on April 15, 2026. In the petition signed by Mitchell Cook, president, the Debtor disclosed up to $10 million in both assets and liabilities. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as legal counsel. TEMSCO INC: Seeks Approval to Hire Lindauer & Vaughn as Counsel --------------------------------------------------------------- TEMSCO, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Joyce W. Lindauer of Lindauer & Vaughn to serve as legal counsel. The firm will provide these services: (a) analysis of the debtor' s financial situation, and rendering advice to the debtor in determining whether to file a petition in bankruptcy; (b) preparation and filing of any petition, schedules, statements of affairs and plan which may be required; and (c) representation of the debtor at the meeting of creditors and confirmation hearing, and any adjourned hearings thereof; The firm will be paid at these hourly rates: Joyce W. Lindauer $625 Paul B. Geilich $595 paralegals $250 The firm has been paid a retainer of $16,738, which includes the filing fee of $1,738. Lindauer & Vaughn 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: Joyce W. Lindauer, Esq. Paul B. Geilich, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About TEMSCO, Inc. TEMSCO, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. E.D. Tex. Case No. 26-41319) on April 15, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Lindauer & Vaughn is Debtor's legal counsel. TRIPLE STICKS: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Triple Sticks Foods, LLC asks the U.S. Bankruptcy Court for the Southern District of Illinois for authority to use cash collateral and provide adequate protection. The Debtor needs to use its cash collateral -- primarily accounts receivable -- to continue operating its food manufacturing and supply business while it restructures or pursues a sale of its assets. Triple Sticks Foods remains in control of its operations as a debtor-in-possession and aims to maintain business continuity, fulfill existing orders, complete ongoing production, and ultimately maximize value for creditors through a potential going-concern sale. The Debtor listed the U.S. Small Business Administration and several merchant cash advance lenders as entities with potential security interests in its receivables. The SBA is owed approximately $385,880 and holds a lien on pre-petition receivables (as well as inventory and equipment) while the MCA lenders are owed about $129,500 and may also claim liens on receivables. Despite these obligations, the Debtor asserts that these creditors are oversecured, as the value of receivables (approximately $585,000) exceeds the total secured debt, and additional receivables are expected to be generated through ongoing operations. To protect these creditors' interests, the Debtor offers monthly interest payments to the SBA and replacement liens on post-petition receivables. Meanwhile, MCA lenders are protected by an existing equity cushion. The use of cash collateral would continue until key milestones occur such as dismissal of the Debtor's Chapter 11 case, conversion to Chapter 7, confirmation of a reorganization plan, or completion of a sale of substantially all assets. A copy of the motion is available at https://urlcurt.com/u?l=0zno0H from PacerMonitor.com. About Triple Sticks Foods LLC Triple Sticks Foods, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 26-30341-mel) on April 16, 2026. In the petition signed by Joseph Trover, principal, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mary E. Lopinot oversees the case. Eric C. Peterson, Esq., at Spencer Fane, LLP and Dawi Consulting, LLC serve as the Debtor's legal counsel and financial advisor, respectively. TRM NRE: Deadline for Panel Questionnaires Set for May 1 -------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of TRM NRE Holding LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/3s3y4d38 and return by email it to Linda Casey -- Linda.Casey@usdoj.gov –- at the Office of the United States Trustee so that it is received no than Friday, May 1, 2026 at 4:00 p.m. (E.T.). If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About TRM NRE 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. TRM NRE Holding LLC and TRM NRE Acquisition LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No 26-10568) on April 21, 2026. The petitions were signed by Shaun Karn as authorized signatory. Each Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The Hon. Karen B. Owens presides over the cases. The Debtors are represented by DLA Piper LLP. Bayard, P.A. serves as bankruptcy co-counsel to the Debtors. Stretto, Inc. is the Debtors' claims and noticing agent. TROYZ TOWING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Troyz Towing & Storage, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The Debtor is permitted to use such funds to cover court-approved expenses, U.S. Trustee fees, and necessary operating costs outlined in an approved budget, with up to a 10% variance per line item. Additional expenditures may be allowed if approved by the secured creditor (the U.S. Small Business Administration), and the authorization remains in effect until further court order. The Debtor projects total monthly operational expenses of $77,146.95. As adequate protection, the Debtor must make monthly payments of $550 to the U.S. Small Business Administration, due on the first of each month (considered late after the 10th). The SBA also retains oversight rights, including access to the Debtor's books, records, and premises upon reasonable notice. The Debtor must continue fulfilling all obligations required under bankruptcy law. The Court granted replacement liens to secured creditors, ensuring their post-petition liens on cash collateral maintain the same validity, priority, and enforceability as their prepetition liens without requiring additional filings. The Debtor is also required to maintain appropriate insurance coverage on its assets in accordance with loan agreements. The order preserves all rights of creditors and other parties, including the ability to seek modified protections or challenge liens. A continued hearing is scheduled for August 10. About Troyz Towing & Storage Inc. Troyz Towing & Storage Inc., a company based in Jacksonville, Florida, provides towing, roadside assistance, and vehicle storage services. The Company operates 24/7 and offers light, medium, and heavy-duty towing, flatbed transport, diesel truck repair, and related automotive support. It serves the Jacksonville area through its main facility on Old Kings Road. Troyz Towing & Storage sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02906) on August 23, 2025. In its petition, the Debtor reported total assets of $2,125,617 and total liabilities of $2,043,87. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Rehan N. Khawaja, Esq., at Nassau Bankruptcy Lawyers, P.A. VANDERBILT MINERALS: Can't Retain Jones Day as Bankruptcy Counsel ----------------------------------------------------------------- Judge Wendy A. Kinsella of the U.S. Bankruptcy Court for the Northern District of New York sustained the objection of the United States Trustee to Vanderbilt Minerals, LLC's application to employ Jones Day as proposed counsel under 11 U.S.C. Secs. 327(a) and 330 for the Debtor in the bankruptcy case. The Debtor's bid to hire Jones Day is denied. The United States Trustee and the Official Committee of Unsecured Creditors filed objections to the Jones Day Retention Application. The timeline of events and current posture of the case are critical to the analysis. Beginning in 2011, Jones Day represented R.T. Vanderbilt Co. and subsequently assisted in a corporate restructuring transaction that led RTVC to split into several entities, including the Debtor and the Debtor's parent, R.T. Vanderbilt Holding Company Inc. After that restructuring, Jones Day represented the Debtor, Holdings, and certain of its non-debtor affiliates in connection with corporate and corporate governance matters. In addition to Jones Day's historic representation of Holdings and its affiliates, the Firm represented those companies on two specific projects leading up to the current filing. In October 2024, the Firm was retained by the Debtor, Holdings and Vanderbilt Chemicals, LLC in connection with a potential transfer of the VEEGUM(R) processing facility from Chemicals to the Debtor. That "restructuring of ownership of the VEEGUM(R) Facility" never occurred. Thereafter, in the spring of 2025, Jones Day represented the Debtor and various affiliates in a historical global netting process -- Global Netting -- which resulted in a $127,292,745 due from Holdings to the Debtor to be reconciled and offset against other balances owed by the Debtor to various affiliates. Throughout the time of its involvement with Jones Day, the Debtor had been managing talc litigation and claims until a $12.5 million verdict was rendered against it in August 2025. In September 2025, Jones Day was engaged by the Debtor as bankruptcy counsel and its representation of Holdings and the non-debtor affiliates concluded. At that time, the Debtor was facing more than 1,400 cases, with over 150 cases scheduled for trial in 2026. On February 16, 2026, a Settlement Motion was filed by Ben Pickering, the Independent Manager and Sole Member of the Independent Special Committee of the Debtor, who was engaged by the Debtor to act as a fiduciary, with Katten Muchin Rosenblum LLC serving as his counsel. The Settlement Motion seeks approval of a global settlement, wherein the Debtor gives broad releases of certain intercompany claims against Holdings and other affiliates in exchange for their transfer of various assets to the Debtor to facilitate a sale of the Debtor's assets as a going concern under section 363 of the Bankruptcy Code. The Objections assert that in light of the timeline and Jones Day's prior relationships with Holdings and the other non-debtor affiliates, the Firm has extensive knowledge and bias about the settlement and may have divided loyalties, thereby disqualifying the Firm from representing the Debtor under section 327(a). The UST contends the appearance of a conflict is undeniable given the prior relationship Jones Day had with Holdings. The UCC also objects to the Debtor's retention of Jones Day as counsel, sharing the same concerns of the UST. Arguing that the receipt of releases for Holdings is a (if not the) central objective of this bankruptcy, the UCC alleges that Jones Day has a current and ongoing conflict of interest as it was entangled in the very matter that the Settlement Motion contemplates, and in which the Debtor now finds itself directly adverse to Holdings. The UCC further argues that the Firm's prior representation of Holdings results in disqualification due to a lack of disinterestedness. Jones Day counters that the Debtor is entitled to retain counsel of its choice. It argues the Firm's representation of Holdings and the non-debtor affiliates concluded September 1, 2025, and it has represented only the Debtor since that time. Jones Day contends the disinterestedness requirement only relates to the personal interests of the proposed professional and prior representations do not impact that analysis. Therefore, its prior representation of Holdings and the other settlement parties does not warrant disqualification. Jones Day also clarified only the Debtor made payments to the Firm in connection with this case. It maintains the Retention Objections should be overruled. According to Judge Kinsella, "Jones Day is so intertwined with the Debtor's affiliates that it creates a clear appearance of impropriety and divided loyalties. If retained as counsel, there would be continuous doubts about whether Jones Day possessed a predisposition that rendered a bias against the estate and whether the Firm could carry out its fiduciary duty to maximize the Debtor's recovery for the benefit of the estate and its creditors, thereby undermining the Firm's ability to perform as faithful bankruptcy counsel. Indeed, approving the retention would compromise the integrity of the bankruptcy process, which the Court is not willing to do." A copy of the Court's Memorandum Decision and Order dated April 27, 2026, is available at https://urlcurt.com/u?l=GNpfBs from PacerMonitor.com. About Vanderbilt Minerals LLC Vanderbilt Minerals, LLC supplies mineral and chemical products. The Company offers ceramics, clay binders, mineral fillers, floor finishes, paints, concrete, and lubricants. Vanderbilt Minerals serves rubber, plastics, petroleum, paper, pharmaceutical, agricultural, ceramics, adhesives, wire and cable, and cosmetics industries worldwide. Vanderbilt Minerals sought sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60110 (WAK)) on February 16, 2026) Charles J. Sullivan at Bond, Schoeneck & King, PLLC represents the Debtor as legal counsel. Kurtzman Carson Consultants, LLC (operating as Verita Global, LLC) serves as claims agent. R.T. Vanderbilt Holding Company, Inc. is the sole equity holder, owning 100% of the company. VC GB HOLDINGS: S&P Affirms 'B' ICR, Outlook Negative ----------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on VC GB Holdings I Corp. (operating as Visual Comfort & Co.). S&P said, "We also affirmed our 'B' issue-level rating on the company's senior secured first-lien term loan, including the $100 million term loan add-on. The recovery rating remains '3', reflecting our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. "The negative outlook reflects the potential for a lower rating if operating performance weakens due to ongoing macroeconomic pressures or more aggressive financial policies such that we expect it will sustain leverage above 6.5x. "We expect Visual Comfort's performance will be pressured in the first half of fiscal 2026. The company finished fiscal 2025 with S&P Global Ratings-adjusted EBITDA growth of 5% and solid cash flow generation. As a result of the healthy profit expansion, S&P Global Ratings-adjusted leverage was lower than we previously expected at about 6x but this was partly due to a timing benefit, as the company raised prices in the second half of the year in response to high tariffs. The company was negatively impacted in the first quarter from supply chain disruptions and inventory shortages of certain products stemming from the implementation of tariffs in 2025, as well as shipping disruptions following its recent ERP implementation. "We expect operating performance will be softer in the first half of 2026 as the company sells through fully tariffed inventory and demand remains challenged by unfavorable macroeconomic conditions, including pressured consumer discretionary spending, high interest rates, and subdued home remodeling and improvement expenditures." The company could benefit after the U.S. Supreme Court ruled tariffs imposed under the International Economic Emergency Powers Act unlawful and the subsequent implementation of 10% tariffs under section 122 of the Trade Act of 1974. However, the environment remains highly uncertain and potential fallout from the conflict in the Middle East, including higher oil prices that could increase input and transportation costs and further pressure consumer spending, is a key downside risk to our forecast. S&P said, "We expect Visual Comfort will continue to prioritize growth investments, including through acquisitions, under financial-sponsor ownership. The company has been primarily growing through same-store sales and by expanding its showroom footprint, growing to 63 showrooms in 2025 from 25 showrooms in 2021. However, it has also made small acquisitions in the past, and we believe it will continue to add brands or incremental capabilities within existing categories to drive long-term growth." To that end, the company raised a $100 million add-on to fund the acquisition of a UK-based decorative lighting brand. S&P's base case assumes pro forma leverage will weaken to slightly above 6.5x (from about 6x as of the end of fiscal 2025) in the first half of 2026, before modestly improving in the second half to the low-6x area. However, credit measures could deteriorate if the company fails to rectify its ERP implementation and supply chain disruptions or demand weakens due to a worsening macroeconomic environment caused by an escalating Middle East conflict. S&P said, "We expect Visual Comfort will continue to generate positive cash flow. Visual Comfort generated more than $75 million in FOCF in fiscal 2025, in part because of a working capital benefit due to a pause on inventory shipments following tariffs in the middle of year. We expect free operating cash flow (FOCF) will weaken in 2026 as the company looks to rebuild inventories of now-higher-cost (tariffed) products. We also expect capital expenditure (capex) to remain elevated, as it continues to invest its showroom expansion. Nevertheless, we forecast FOCF will remain positive in 2026 at about $15 million. We expect the company will maintain sufficient liquidity as the company maintained an undrawn asset-based revolver (ABL) and nearly $44 million in cash, pro forma for the recently completed acquisition." The negative outlook reflects the potential for a lower rating if Visual Comfort's credit measures weaken because of pressured operating performance or more aggressive financial policies. S&P could lower its ratings over the next 12 months on the company if we expect it will sustain leverage above 6.5x or negative FOCF. This could occur if: -- Transportation and input costs increase, potentially because of a prolonged war in the Middle East, which the company cannot mitigate; -- Consumer demand softens due to weak macroeconomic conditions or increased competition; -- The company fails to rectify recent supply chain and ERP implementation disruptions; or -- The company pursues more aggressive growth investments or engages in large, debt-financed acquisitions or shareholder returns. S&P could revise our outlook to stable if it expects Visual Comfort will sustain leverage below 6.5x and positive FOCF. This could occur if: -- Consumer demand does not materially weaken in response to still-soft macroeconomic conditions and the company's price increase; -- Conditions in the Middle East stabilize, with a muted impact on the economic environment; -- The company's price increases, supply chain shifts, and cost reduction actions remain sufficient to offset tariffs; and -- It sustains or grows market share. VISTAGEN THERAPEUTICS: Grants Retention Options to Employees, Execs ------------------------------------------------------------------- Vistagen Therapeutics Inc. approved retention stock option awards for all employees, including five executives, on April 7, according to a filing with the Securities and Exchange Commission. The South San Francisco, California-based biopharmaceutical company said the awards were approved by the compensation committee of its board of directors in consultation with its independent compensation consultant. President and Chief Executive Officer Shawn K. Singh, Chief Legal Officer Reid G. Adler, Chief Corporate Development Officer Elissa S. Cote, Chief Operating Officer Joshua S. Prince and Chief Financial Officer Nick B. Tressler each received options to buy up to 75,000 shares of common stock. The options were issued under Vistagen's amended and restated 2019 Omnibus Equity Incentive Plan and have an exercise price of 53.58 cents per share. The company said 25% of the options will vest six months after the April 7 grant date. The remaining options will vest in additional 25% installments every six months, becoming fully vested on the two-year anniversary of the grant date. About Vistagen Therapeutics Inc. Vistagen Therapeutics Inc. is a late clinical-stage biopharmaceutical company based in South San Francisco, California. The company is developing intranasal product candidates called pherines for neuroscience indications. Its most advanced candidate, fasedienol, is being investigated in the PALISADE Program for the acute treatment of social anxiety disorder. KPMG LLP issued a going concern qualification in a June 17, 2025, audit report, citing recurring losses, negative cash flows from operations and an accumulated deficit that raised substantial doubt about Vistagen's ability to continue as a going concern. Vistagen reported a net loss of $51.42 million on $486,000 in total revenue for the year ended March 31, 2025, compared with a net loss of $29.36 million on $1.06 million in total revenue a year earlier. As of Dec. 31, 2025, Vistagen had $65.06 million in total assets, $14.14 million in total liabilities and $50.92 million in total stockholders' equity. WABNO HOSPITALITIES: Wins Interim Cash Collateral Access -------------------------------------------------------- The United States Bankruptcy Court for the Southern District of New York, Poughkeepsie Division, issued a second interim order allowing Wabno Hospitalities, Inc. to use cash collateral. The Debtor is authorized to use cash collateral in the ordinary course of business through May 20 in accordance with an attached budget. This authorization is based on HVCU's consent, though the creditor reserves its rights. The interim nature of the order means further review is required before final approval. As adequate protection, HVCU is granted replacement liens on the Debtor’s postpetition assets, maintaining the same validity, priority, and enforceability as its prepetition liens. These liens cover assets such as real property, equipment, and rents, and remain enforceable even in the event of case conversion or dismissal. Additionally, the Debtor must make an interim adequate protection payment of $10,000 to HVCU by April 30. The Court has scheduled a further hearing on May 19 to consider continued or final authorization of cash collateral use. About Wabno Hospitalities Inc. Wabno Hospitalities, Inc., doing business as Newburgh Inn & Suites, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-35202-kyp) on February 27, 2026. In the petition signed by Asif Javaid, vice president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Kyu Young Paek oversees the case. Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP, represents the Debtor as legal counsel. WIDEOPENWEST FINANCE: S&P Affirms 'B-' ICR, Outlook Negative ------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.-based cable overbuilder WideOpenWest Finance LLC (WOW). In addition, S&P lowered the issue-level rating on WOW's first-lien, second-out (FL2O) debt to 'B-' from 'B' and revised the recovery rating on the debt to '3' from '2' due to the recent $125 million add-on to its first-lien, first-out (FL1O) term loan due 2028. The '3' recovery rating indicates our expectation for meaningful (50%-70%) recovery in the event of payment default. At the same time, S&P affirmed its 'B+' issue-level rating on the company's FL1O debt. The recovery rating remains '1'. The negative outlook reflects that we could lower our rating on WOW if it experiences operational missteps related to its fiber expansion and fails to improve its leverage over the intermediate term such that we conclude its capital structure is unsustainable. WOW will generate negative free operating cash flow (FOCF) over the next few years because of elevated capital expenditure (capex) to support fiber builds and network upgrades. Despite its expectation for substantial FOCF deficits, S&P believes DigitalBridge Investments LLC and Crestview Partners will likely support WOW with capital infusions if the company is able to successfully execute its capital investment strategy. S&P said, "The affirmation reflects our expectation for ongoing capital contributions from the sponsor. DigitalBridge and Crestview have invested $397 million of equity into the business, most recently with a $60 million cash infusion in the quarter ended March 31, 2026. We believe the sponsors will continue to support WOW with additional capital infusions over the near to intermediate term if the company successfully executes its capital investment strategy. The proceeds from WOW's recent $125 million add-on to its FL1O term loan will also support near-term liquidity as it executes its growth strategy. If WOW pulled back on its capital expansion plans, FOCF would improve substantially over the near term. However, we view these capital investments as the primary source of the company's longer-term revenue growth and FOCF prospects. "We expect FOCF to be negative through at least 2029 because of elevated capex to support fiber builds and network upgrades. Our base case assumes FOCF deficits widen to $250 million-$280 million in 2026 from about $61 million in 2025 due to a roughly 55% increase in capex on lower earnings. We expect capex to increase to about $300 million in 2026 from about $194 million in 2025, as the company targets 50,000-60,000 fiber passings in 2026. In 2027, despite our forecast for earnings growth, we expect capex will remain elevated, resulting in negative FOCF of $180 million-$200 million. We expect WOW will draw most of its $250 million revolver over the next two years to offset anticipated FOCF deficits. "We believe S&P Global Ratings-adjusted leverage will increase to about 9x this year, up from 5.5x in 2025. In 2026, we expect earnings to decline 30% primarily because of elevated nonrecurring expenses including severance and integration costs driven by the company's restructuring efforts following the take-private transaction that closed on Dec. 31. 2025. In 2027, we believe earnings will grow roughly 50% on considerably lower restructuring costs and the continued realization of operational efficiencies, such that leverage declines to the low-6x area. Longer term, we believe the company potentially can generate healthy FOCF due to improved operating leverage and as capex winds down, which should result in further leverage reduction. "The negative outlook reflects that we could lower our rating on WOW if it experiences operational missteps related to its fiber expansion and fails to improve its leverage over the intermediate term, such that we conclude its capital structure is unsustainable." S&P could lower its rating on WOW if it concludes that its capital structure is unsustainable or its liquidity deteriorates. This could occur if: -- have insufficient liquidity to support its future business needs and financial commitments; or -- The company is unable to expand its broadband customer base and revenue, such that we do not believe it will deleverage and generate positive FOCF over the longer term, which could potentially hinder sponsor support and the company's ability to refinance its 2028 debt maturities. S&P could revise its outlook on WOW to stable if: -- The company establishes a track record of meeting or exceeding S&P's revenue and EBITDA expectations; -- S&P believes there is a near-term path to breakeven FOCF; and -- S&P believes the company will refinance its 2028 debt maturities at rates that would not materially pressure FOCF. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. 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