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260501.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, May 1, 2026, Vol. 30, No. 121 Headlines 2H NY LLC: Case Summary & One Unsecured Creditor 3T'S LAWN: Unsecureds Will Get 20% Dividend over 72 Months 74THARTS LLC: Gerard Luckman Named Subchapter V Trustee ACHIEVEABILITY THERAPY: Gets Interim OK to Use Cash Collateral ALL REAL SERVICES: Claims Will be Paid from Property Sale/Refinance ALPHA GROUP: Voluntary Chapter 11 Case Summary AMERICAN HEALTH: Gets Interim OK to Use Cash Collateral API GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable BANNER CHEMICAL: Joseph Schwartz Named Subchapter V Trustee BEELINE HOLDINGS: Sets Q1 2026 Stakeholder Update Call for May 14 BIO-KEY INTERNATIONAL: Receives Nasdaq Notice for Late 10-K Filing BLUE MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors BOXLIGHT CORP: Gets Nasdaq Warning on Minimum Equity Requirement BROADBAND INFRASTRUCTURE: Case Summary & 20 Unsecured Creditors CAMBER ENERGY: VOT Issues $500,000 Note to Accredited Investor CAPSTONE GREEN: Expands 2023 Equity Incentive Plan to 7-Mil. Shares CASA ARIZONA: Unsecured Creditors to be Paid in Full in Plan CATHETER PRECISION: Completes $3.47MM Preferred Stock Offering CHG HEALTHCARE: S&P Rates Proposed First-Lien Term Loan B 'B' CHIRON COMMUNICATION: Gets Interim OK to Use Cash Collateral CIG MM: Seeks Cash Collateral Access CLEAN ENERGY: Faces Nasdaq Notice on Late 2025 Annual Report COCOBOWLZ LLC: W. Harrison Penn Named Subchapter V Trustee COFIX-RX LLC: Case Summary & 16 Unsecured Creditors COMMUNITY HEALTH: CHS Launches $600MM Cash Tender for Secured Notes COMMUNITY HEALTH: Q1 2026 Revenue Falls to $2.97B, Net Loss at $25M CQENS TECHNOLOGIES: CTO Gerard Shudall Discloses 30K Shares CRISP MOMENTUM: Settles $2.9MM Banji Loan via 80MM Share Repurchase DILLING PA: Leona Mogavero Named Subchapter V Trustee ECO-ALPHA ENVIRONMENTAL: Case Summary & 18 Unsecured Creditors EGGSTRODINARY RESTAURANTS: J. Dickey Named Subchapter V Trustee ELIAS & CO: Court OKs Deal to Use Gulf Coast Bank's Cash Collateral ELITE LIMOUSINE: Ongoing Operations & Contribution to Fund Plan ENDRA LIFE: Nasdaq Flags Equity Deficiency, Delisting Risk Looms EVCON RENTALS: Beverly Brister Named Subchapter V Trustee FIREFLY NEUROSCIENCE: Unit Offering Additional Closing Nets $8-Mil. FIT AND FUN: Unsecureds Will Get 25% of Claims over 5 Years FLOURISH RESTAURANTS: Tamara Miles Ogier Named Subchapter V Trustee FORK FOOD: Gets Interim OK for DIP Loan From Fork Food Incubator FORT DEFIANCE: Files Emergency Bid to Use Cash Collateral FORTUNATO'S ITALIAN: Daniel Etlinger Named Subchapter V Trustee FRONTERA ENERGY: S&P Downgrades ICR to 'B', Outlook Stable GAM ZU LATOV: Case Summary & 13 Unsecured Creditors GENTLEMEN'S CAVE: Seeks Cash Collateral Access GRANDE ISLE: Case Summary & Nine Unsecured Creditors GREENWAVE TECHNOLOGY: Receives Nasdaq Notice for Late 10-K Filing HAMILTON PROJECTS: S&P Raises Senior Secured Debt Rating to 'BB' HAWAII BREWERY: Wayne K.T Mau Named Subchapter V Trustee HELIX ENERGY: Hornbeck Transaction No Impact on Moody's 'Ba3' CFR HELIX ENERGY: S&P Places 'B+' ICR on Watch Pos on Announced Merger HRNI HOLDINGS: Fitch Affirms 'B' IDR, Outlook Stable INOTIV INC: Secures Liquidity Covenant Waiver for April Test Dates JAGUAR HEALTH: Stockholders Back All Proposals at Special Meeting JOHN FITZGIBBON: Gets Interim OK to Use Cash Collateral KKR REAL ESTATE: Moody's Cuts CFR to B1, Alters Outlook to Stable KUSTOM ENTERTAINMENT: Reverse Split Cuts Shares to 526K from 2.6MM LEO'S TRIM: Daniel Bruton Named Subchapter V Trustee LIBERTY CARRIERS: Gina Klump Named Subchapter V Trustee LIFE STRIDE: Monique Almy Named Subchapter V Trustee LURIN REAL ESTATE: Affiliate Seeks to Use Cash Collateral M. DELANEY: Resolves Lender Dispute Over Cash Collateral Access MALCOLM PATRICK: Samuel Dawidowicz Named Subchapter V Trustee METICULOUS CLEANING: Voluntary Chapter 11 Case Summary MICHAEL HERZOG: Voluntary Chapter 11 Case Summary MIYOSHI AMERICA: Case Summary & 25 Law Firms with Talc Claims MONEYGRAM INTERNATIONAL: Fitch Lowers LongTerm IDR to 'B-' MSCI INVESTMENTS: Gets Interim OK to Use Cash Collateral MUDARRI MOTORSPORTS: Case Summary & 20 Top Unsecured Creditors NEUROONE MEDICAL: Brian and Barbara Pratt Hold 7.4% Equity Stake NOR-WES INC: Creditors to Get Proceeds From Liquidation NORTHSTAR HOLDINGS: Claims to be Paid From Rental Income OCOEE BOTANICALS: Gets Interim OK to Use Cash Collateral ODYSSEY MARINE: William George Brumder II Cuts Stake to 0.2% PICO-UNION HOUSING: Court OKs Deal on Cash Collateral Access PRIORITY TOWING: Jolene Wee Named Subchapter V Trustee QHSLAB INC: ISP Revenue Surges 127% YoY to $370,000 in Q1 2026 QVC GROUP: Goldman Sachs & Co. Holds 2.97M Preferred Shares REBORN COFFEE: Agrees to Clear Debentures by Sept. 30 REBORN COFFEE: FY25 Net Loss Widens to $9MM Amid Going Concern Risk RICHARD MEYER: Eric Michael Huebscher Named Subchapter V Trustee ROBLEDO FAMILY: Mark Sharf Named Subchapter V Trustee S&P TRUCKING: Case Summary & 20 Largest Unsecured Creditors SHERWOOD LANE: Case Summary & Five Unsecured Creditors SMILEY AESTHETICS: Seeks Cash Collateral Access SVK CAPITAL: Case Summary & Three Unsecured Creditors TCB INVESTMENT: Craig Geno Named Subchapter V Trustee TEXAS AUTO: Case Summary & Nine Unsecured Creditors US NUCLEAR: Board Member Michael Pope Exits to Pursue New Ventures USA MEDICAL: Gets Interim OK to Use Cash Collateral Until May 27 VIEWBIX INC: Becomes Quantum X Labs in Full Corporate Rebrand WOODTOWN SPORTS: Mark Sharf Named Subchapter V Trustee [] BOOK REVIEW: Dangerous Dreamers ********* 2H NY LLC: Case Summary & One Unsecured Creditor ------------------------------------------------ Debtor: 2H NY LLC 140 Remsen Ave Monsey, NY 10952 Business Description: 2H NY LLC is a New-York based real estate holding company whose assets include a 75% interest in the fee holder of an approximately 14-acre vacant lot at 2 Hill Avenue, Highland Mills, identified through tax parcels including Section 219, Block 1, Lot 8 and Section 204, Block 1, Lot 34.2. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-22421 Judge: Hon. Judge Sean H. Lane Debtor's Counsel: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road Suite 304Q Rockville Centre, NY 11570-4807 Tel: (516) 284-0900 E-mail: charles@cwertmanlaw.com Total Assets: $2,000,000 Total Liabilities: $2,100,000 The petition was signed by David Salamon as member. 2H NY LLC identified KBS Hill Ave LLC, care of Kriss & Feuerstein LLP at 360 Lexington Avenue, Suite 1200, New York, New York, as its only unsecured creditor, with a listed claim of $525,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EEAIDDI/2H_NY_LLC__nysbke-26-22421__0001.0.pdf?mcid=tGE4TAMA 3T'S LAWN: Unsecureds Will Get 20% Dividend over 72 Months ---------------------------------------------------------- 3T's Lawn Services, LLC, filed with the U.S. Bankruptcy Court for the Western District of Tennessee an Amended Plan of Reorganization dated April 20, 2026. The Debtor is a Tennessee Limited Liability Company that is owned and managed by one individual. Class 6 consists of the Unsecured Priority Claim of The Department of Treasury. The Department of Treasury holds an Unsecured Priority Claim for Federal Income Taxes from 2023 and 2024 in the amount of $44,963.00. This claim shall be paid in full with a monthly payment of $626.00. Class 7 consists of the General Unsecured Claims. There are six General Unsecured Claims. Creditors in this Class will receive a dividend of twenty Percent over 72 months. Creditor POC Monthly Payment Payout Capital One $5,304.00 14.73 $1,068.80 CNH $15,097.00 41.93 $3,081.96 Home Depot $2,604.00 Lump Sum $520.80 Ondeck $78,229.14 217.30 $15,654.82 Small Business Adm. $500,000.00 1,388.93 $100,015.00 Total Paid to Class 7: $122,496.98 Total Monthly Payments: $1,693.81 The Plan will be funded by: (a) the Cash on hand, that will be transferred to the Reorganized Debtor, on the Effective Date; (b) the weekly income generated by the Debtor through income generated by the commercial landscaping business. The Debtor continues to bid on more contracts and has been provided with subcontractor work from other landscaping companies in the area. The Debtor anticipates being able to replace most of the income prior to confirmation. A full-text copy of the Amended Plan dated April 20, 2026 is available at https://urlcurt.com/u?l=p8LvIL from PacerMonitor.com at no charge. Counsel to the Debtor: John E. Dunlap, Esq. Law Office of John E. Dunlap 3340 Polar Avenue, Suite 320 Memphis, Tennessee 38111 Tel: (901) 320-1603 Fax: (901) 320-6914 Email: jdunlap00@gmail.com About 3T's Lawn Services, LLC 3T's Lawn Services, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-20820) on February 13, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Denise E Barnett presides over the case. John Edward Dunlap, Esq., at The Law Office Of John E. Dunlap, serves as the Debtor's counsel. 74THARTS LLC: Gerard Luckman Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for 74tharts, LLC. Mr. Luckman will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About 74tharts LLC 74tharts, LLC, based in New York, New York, is an arts and culture organization that produces pop-up exhibitions and related cultural events in select cities. The company works with curators, artists, galleries, and partners to stage international, nomadic projects focused on contemporary art and culture. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10824) on April 10, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Rebecca Hoffman-Greenwald, sole member, signed the petition. Adrienne Woods, Esq., at Weinberg Zareh Malkin Price, LLP represents the Debtor as legal counsel. ACHIEVEABILITY THERAPY: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- Achieveability Therapy Services, PL got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for May 27. The Debtor needs access to cash collateral to pay ordinary operating expenses, including payroll, compensation and other business costs as set forth in a detailed budget it filed with the court. The secured creditors that may have interest in the cash collateral include Funding Futures, LLC, Propel Advance, Trust Capital Funding, LLC, ODK Capital, LLC, and Missing Piece Billing & Consulting. These creditors collectively claim approximately $576,778 in secured debt and allegedly hold blanket liens on substantially all of the Debtor's assets, including accounts receivable and cash accounts. The secured creditors' recoverable collateral consists of approximately $103,264 in accounts receivable and $31,661 in cash, totaling about $134,924. The Debtor offers protection to secured creditors through post-petition replacement liens on the same collateral; inspection rights on 48 hours' notice (without disrupting operations); and financial reporting. The Debtor reserves the right to challenge the validity, priority, or extent of such liens. About Achieveability Therapy Services PL Achieveability Therapy Services, PL sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03241) on April 17, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Kimberly Hull, president of Achieveability Therapy Services, signed the petition. Buddy D. Ford, Esq., at Ford & Semach, P.A., represents the Debtor as legal counsel. ALL REAL SERVICES: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------------- All Real Services LLC filed with the U.S. Bankruptcy Court for the District of New Jersey an Original Disclosure Statement describing Plan of Reorganization dated April 21, 2026. The Debtor owns and operates income-producing real property located at 1101–1109 East 2nd Street, Plainfield, New Jersey (the "Property"). The Debtor's business consists primarily of the ownership, management, and operation of the Property. When the Debtor acquired the Property, it was in poor condition and largely uninhabited, with several tenants not paying rent. The Debtor was required to undertake eviction proceedings and perform significant renovations to restore the Property. Over time, the Debtor completed substantial improvements, including mechanical, electrical, and plumbing upgrades, as well as general interior renovations, transforming the Property into a stabilized, income producing asset. The Debtor's Chapter 11 filing was precipitated primarily by a foreclosure action against the Property by its secured lender. The mortgage encumbering the Property was originally executed in 2008 and subsequently assigned multiple times, with the loan ultimately held and/or serviced by Community Loan Servicing, LLC, now known as Silver Hill Capital, LLC. The Debtor filed this Chapter 11 case to preserve and maximize the value of the Property, address secured indebtedness encumbering the Property, and implement a structured process to refinance or sell the Property in an orderly manner. The Plan is not a traditional repayment plan funded by monthly income. Rather, the Plan is structured to allow the Debtor to complete necessary repairs and stabilization of the Property, including through the use of insurance proceeds, continue operating the Property and collecting rents, and pursue a refinancing or sale of the Property. The proceeds of such transaction will be used to satisfy creditor claims. The Plan contemplates that the Debtor will satisfy its secured indebtedness in full through a refinancing or sale of the Property on or before December 31, 2026, subject to extension by agreement or Court approval. All other creditors are proposed to be paid in full under the Plan, and the Debtor's equity holder will retain its ownership interest. Class 5 consists of General Unsecured Claims, including but not limited to the claim of Cellco Partnership d/b/a Verizon Wireless (Claim No. 4) in the approximate amount of $5,149.05, and any unsecured deficiency claims of this class at 0% interest. Holders of allowed general unsecured claims shall be paid in full (100%) on account of their claims from the proceeds of a refinancing or sale of the Property. The Debtor may, at its option, pay such claims in full at any time prior to the consummation of such refinancing or sale. Class 5 is unimpaired. Class 6 consists of Equity Interest Holder Tanisha Bailey (100%). Holders of equity interests shall retain their ownership interests subject to the terms of the Plan. No distributions shall be made on account of equity interests under the Plan. The Debtor shall retain its assets and continue to operate its business following confirmation of the Plan. The Plan shall be funded through the continued operation of the Property, including rental income, together with insurance proceeds to be used for necessary repairs and stabilization of the Property, and the proceeds of a refinancing or sale of the Property. The Debtor shall utilize insurance proceeds, in accordance with orders of the Court, to complete repairs and restoration of the Property. The Debtor shall then pursue a refinancing or sale of the Property for the purpose of satisfying secured claims and funding distributions under the Plan. A full-text copy of the Original Disclosure Statement dated April 21, 2026 is available at https://urlcurt.com/u?l=lbYhQ3 from PacerMonitor.com at no charge. Counsel to the Debtor: Justin M. Gillman, Esq. Gillman Capone LLC 770 Amboy Avenue Edison, NJ 08837 Tel: (732) 661-1664 Fax: (732) 661-1707 Email: ecf@gillmancapone.com About All Real Services LLC All Real Services, LLC owns and operates income-producing real property located at 1101–1109 East 2nd Street, Plainfield, New Jersey (the "Property"). The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 25-19988) on Sept. 24, 2025. In the petition signed by Jevon L. O'Neal, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Stacey L. Meisel oversees the case. The Debtor hires Gillman Capone LLC as counsel. ALPHA GROUP: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Alpha Group, Inc. 228 Riverside Avenue Roseville, CA 95678 Business Description: Alpha Group, Inc. owns and operates income -producing commercial real estate. Chapter 11 Petition Date: April 28, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-22396 Judge: Hon. Christopher D Jaime Debtor's Counsel: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 E-mail: af@farsadlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ahmed Tarek Mohamed Mohieldien as secretary and chief financial officer. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MQFS5QA/Alpha_Group_Inc__caebke-26-22396__0001.0.pdf?mcid=tGE4TAMA AMERICAN HEALTH: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- American Health Associates Holdings, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale 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 through May 22, until a further order, or if a default event occurs such as failure to meet the milestones. The milestones require (i) filing a Chapter 11 reorganization plan and disclosure statement or motion to approve bid procedures within 90 days of the petition date; (ii) court approval of the disclosure statement and the bid motion within 15 days of filing; (iii) an auction within 30 days of approval of the bid motion; (iv) plan confirmation within 30 days of disclosure statement approval; (v) sale approval within five days of the auction; and (vi) closing within 15 days of sale approval. The Debtors listed City National Bank and merchant cash advance lenders, National Biz Capital and Forward Financing, LLC, as the secured creditors with interests in their cash collateral. City National Bank holds a primary secured revolving credit facility of approximately $9.6 million secured by a blanket lien while the MCA lenders claim additional secured interests, which are partly disputed. The Debtors also disclosed $39.6 million in accounts receivable and maintain multiple bank accounts with City National Bank. As protection for the use of cash collateral, secured creditors will retain continuing liens on all pre-petition collateral excluding causes of action and their proceeds, with the same validity, extent, and priority as of the petition date. City National Bank will also receive a superpriority administrative expense claim as additional protection. Secured creditors will be granted replacement liens if the continuing liens are not enough to offset any decrease in the value of their pre-petition collateral. The order is available at https://is.gd/lz0cFb from PacerMonitor.com. A further hearing is scheduled for May 6. About American Health Associates Holdings Inc. Headquartered in Davie, Florida, American Health Associates Holdings, Inc. provides clinical laboratory services, mobile phlebotomy, mobile imaging and care-at-home diagnostic services for the long-term care market. Founded more than 30 years ago by Debbie Martin, a respiratory therapist, American Health Associates Holdings serves skilled nursing facilities, nursing homes, hospitals and physician offices, and operates 16 full-service reference laboratories nationwide. It serves more than 3,000 long-term care facilities across the U.S. American Health Associates Holdings and 12 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 26-14825) on April 17, 2026. In the petition signed by Christopher Martin, president, American Health Associates Holdings disclosed up to $50 million in both assets and liabilities. Judge Scott M. Grossman oversees the cases. Bradley S. Shraiberg, Esq., at Shraiberg Page P.A., represents the Debtors as legal counsel. API GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) for APi Group Corporation and APi Group DE , Inc. (collectively, APi) at 'BB+'. The Rating Outlook is Stable. Fitch has also affirmed APi's senior secured revolver and term loan at 'BBB-' with a Recovery Rating of 'RR1' and APi's senior unsecured bonds at 'BB+'/'RR4'. APi's proposed acquisition of Onyx-Fire Protection Services Inc. and Wtech Fire Group increases APi's exposure to Canadian and European markets and adds to the company's geographic diversity. Fitch is forecasting M&A to increase in 2026, and the higher discretionary spending could lead to higher leverage. Fitch expects the company to manage its Fitch-calculated EBITDA leverage between 3.0x and 3.5x while balancing its growth strategy, including acquisitions, and its capital allocation policies. Fitch forecasts annual FCF in the $500 million-$700 million range and (CFO-capex)/debt in the mid- to high teens range, supporting deleveraging. Key Rating Drivers Essential Business and Stable Demand: APi's ratings reflect its market leadership in fire and life safety, security, elevator and escalator, and specialty services and long-standing relationships with customers with a high degree of repeat business, global geographical diversification and essential regulatory-driven and recurring demand. The acquisition of the Elevated Facility Services Group in 2024 expanded APi's service offerings into the elevator and escalator service space. APi operates in the life safety and security industry, which is highly regulated across the federal, state and local level and deemed to be essential in most instances. Continuous regulatory changes such as mandated building codes and requirements such as testing, inspections, repair, maintenance, and specific retrofits increase APi's demand and recurring revenue. State and local municipalities require significant services that will elevate industry demand over the medium term. Fitch believes this increases recurring revenues and repeat business, as well as helps APi offset and better withstand economic cycles. Acquisition-Driven Growth: Fitch is forecasting M&A to increase in 2026 from 2025 levels, as the company balances its acquisition strategy mainly targeting bolt-on and platform acquisitions with its long-term target net leverage range between 2.5x and 3.0x. The safety services market is highly fragmented, and Fitch expects further acquisitions as the company grows its market share through organic growth and acquisition of smaller, locally focused enterprises and more platforms acquisitions that broaden the company's geographic reach. APi could pursue larger acquisitions but Fitch would expect the company to maintain leverage within its expected leverage. Management has demonstrated a willingness and ability to repay debt to its stated range. Fitch forecasts annual FCF in the $500 million-$700 million range and (CFO-capex)/debt in the mid- to high teens range to support the company's deleveraging capacity. Improving Operating Margins: APi is targeting adjusted EBITDA margins to reach 16% or higher in 2028 from 13% in 2025 through improved service revenue mix, project execution, fleet optimization, SG&A efficiency, and scale and operational leverage. In Fitch's rating case, EBITDA margins are sustained around 13% but EBITDA margins could continue to improve as the company improves its service mix. APi has been able to strategically shift to higher margin, recurring service revenues, and the company has divested lower margin businesses. Forecast Positive FCF: APi has a track record of generating FCF and FCF margins are expected to be sustained in the mid-single-digit range over the forecast period. Management has stated driving strong cash flow as a key strategy with a FCF conversion target to be at least 115% of adjusted net income in 2026. FCF margins could be in the high single digits due to working capital initiatives, deleveraging, business mix improving and M&A. Capital Structure: As of Dec. 31, 2025, APi's debt structure consists of approximately $2.2 billion senior secured debt, about $600 million in senior unsecured bonds and series A preferred stock. A transition toward an unencumbered debt structure, in conjunction with an investment-grade financial policy, could facilitate positive rating momentum. Fitch assigns 100% equity credit to the series A preferred stock as the instruments are senior only to equity and will be mandatorily converted into equity in December 2026. Peer Analysis APi's operating profile is similar to that of SPIE SA (BB+/Positive), a leading business service provider with multi-technical services, with both companies possessing strong market positions and scale, end-market diversification and high revenue visibility. APi Group benefits from essential regulatory-driven and recurring demand, and long-standing customer relations with a high percentage of repeat business. The company's business stability is similar to WEC US Holdings Ltd. (d/b/a Westinghouse Electric; B+/Stable) and other industrial companies with a high proportion of service revenues like GE Vernova Inc. (BBB+/Positive). Fitch expects APi's FCF margins to be sustained in the mid-single-digit range over the forecast period and supports the company's growth strategy. Fitch expects APi to manage its Fitch-calculated EBITDA leverage around 3.0x, consistent with its current 'BB+' rating. Fitch’s Key Rating-Case Assumptions - Revenue grows organically in the low single digits; - EBITDA margins sustained at around 13% over the forecast period; - Capex intensity of around 1.5%; - M&A of about $750 million-$1.3 billion per annum; - Share repurchases between $250 million and $300 million per year. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A shift in financial policy or heightened acquisition activity leading to Fitch-calculated EBITDA leverage sustained above 3.5x or CFO-capex/debt sustained below 7.5%; - A material shift in business mix or competitive landscape that heightens earnings variability through business cycles; - Reduced financial flexibility through a shift in capital allocation policies or capital structure mix. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to a financial policy and capital allocation plan that maintains Fitch-calculated EBITDA leverage below 3.0x; - Demonstration of broad access to capital markets through a shift toward an unsecured debt structure; - Continued execution of M&A policies that enhance the operating profile and improve cash flow risk through the cycle. Liquidity and Debt Structure As of Dec. 31, 2025, APi had total liquidity of $1.7 billion including $912 million in cash and $745 million in revolver availability. The revolving credit facility matures in May 2030 and has total availability of $750 million; the company has outstanding letters of credit of $5 million as of Dec. 31, 2025. APi's debt structure as of Dec. 31, 2025, consists of $2,157 million outstanding on its 2021 term loan that matures in January 2029. The company also has $337 million and $277 million outstanding on 4.125% senior notes due 2029 and 4.75% senior notes due 2029, respectively. Issuer Profile APi Group, headquartered in New Brighton, MN, is a market leader in fire and life safety, security, elevator and escalator, and specialty services. 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 APi Group Corporation and APi Group DE , 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 ----------- ------ -------- ----- APi Group DE, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- APi Group Corporation LT IDR BB+ Affirmed BB+ BANNER CHEMICAL: Joseph Schwartz Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Joseph Schwartz, Esq., at Riker Danzig Scherer Hyland & Perretti, LLP, as Subchapter V trustee for Banner Chemical Corp. Mr. Schwartz will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwartz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph L. Schwartz, Esq. Riker Danzig Scherer Hyland & Perretti, LLP One Speedwell Avenue, Morristown, NJ 07962-1981 Phone: (973) 451-8506 Email: jschwartz@riker.com About Banner Chemical Corp. Banner Chemical Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14051) on April 13, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. The Anthony Sodono, III, Esq., at Mcmanimon, Scotland & Baumann, LLC and Vestcorp, LLC are the Debtor's legal counsel and accountant, respectively. BEELINE HOLDINGS: Sets Q1 2026 Stakeholder Update Call for May 14 ----------------------------------------------------------------- Beeline Holdings, Inc. announced that it will host a stakeholder update call on the results of the first quarter of 2026 on Thursday, May 14, 2026, at 5:00 PM ET. The call will be hosted by Nick Liuzza, Chief Executive Officer, and Chris Moe, Chief Financial Officer, who will review the company's performance and provide updates on ongoing initiatives. Call Details: * Listen-only webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=lhQu88bn * Toll-Free Dial-In (U.S.): 877-317-6789 * International Dial-In: 412-317-6789 About Beeline Holdings Beeline Financial Holdings, Inc. is a mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $70.2 million in total assets, $16.6 million in total liabilities, and $53.6 million in total equity. BIO-KEY INTERNATIONAL: Receives Nasdaq Notice for Late 10-K Filing ------------------------------------------------------------------ BIO-key International, Inc. disclosed in a regulatory filing that it received notice from The Nasdaq Stock Market, LLC indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission, due to the Company's failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2025. The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market. BIO-key is working with its auditors to finalize its Form 10-K which it expects to file next week. About BIO-key Holmdel, N.J.-based BIO-key International, Inc., founded in 1993, is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 23, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $10,113,313 in total assets, $4,068,235 million in total liabilities, and $6,045,078 million in total stockholders' equity. BLUE MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Blue Mountain Construction NW, LLC d/b/a Blue Mountain Construction Group, LLC d/b/a Blue Mountain Construction Group d/b/a Blue Mountain Trenchless 5406 140th Pl SE Everett, WA 98208 Business Description: Blue Mountain Construction NW, LLC, doing business as Blue Mountain Construction Group, Blue Mountain Construction Group, LLC and Blue Mountain Trenchless, is an Everett, Washington-based civil infrastructure contractor that provides sewer repair, replacement and trenchless pipeline rehabilitation services. The company uses sewer inspection, pipeline locating, inversion, wet-out and related equipment to support underground utility projects, including municipal sewer work such as an annual sewer repair and replacement services contract with the City of Shoreline. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court Western District of Washington Case No.: 26-11395 Judge: Hon. Timothy W Dore Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com Total Assets: $787,995 Total Liabilities: $1,515,654 The petition was signed by Esther Lee as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TJK7LXI/Blue_Mountain_Construction_NW__wawbke-26-11395__0001.0.pdf?mcid=tGE4TAMA BOXLIGHT CORP: Gets Nasdaq Warning on Minimum Equity Requirement ---------------------------------------------------------------- Boxlight Corporation disclosed in a regulatory filing that it received an expected letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC, notifying the Company that its stockholders' equity as reported in its Annual Report on Form 10-K for the period ending December 31, 2025, did not meet the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires companies listed on the Nasdaq Capital Market to maintain stockholders' equity of at least $2,500,000. In the Company's Form 10-K, the Company reported stockholders' equity of $1,255,000, which is below the minimum stockholders' equity required for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1). Additionally, as of April 23, 2026, the Company does not meet the alternative Nasdaq continued listing standards under Nasdaq Listing Rules. This notice of noncompliance has had no immediate impact on the continued listing or trading of the Company's common stock on The Nasdaq Capital Market, which will continue to be listed and traded on Nasdaq, subject to the Company's compliance with the other continued listing requirements. Nasdaq has given the Company until June 4, 2026, to submit to Nasdaq a plan to regain compliance. If the Company's plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of Nasdaq's letter to evidence compliance. The Company is currently evaluating various courses of action to regain compliance, and plans to timely submit its plan to Nasdaq to regain compliance with the minimum stockholders' equity requirement. The Company is confident that it can regain compliance with Nasdaq's minimum stockholders' equity standard within the compliance period. However, there can be no assurance that the Company's plan will be accepted or that if it is, the Company will be able to regain compliance. If the Company's plan to regain compliance is not accepted, or if it is and the Company does not regain compliance within 180 days from the date of Nasdaq's letter, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq could provide notice that the Company's common stock will become subject to delisting. In such an event, Nasdaq rules would permit the Company to appeal the decision to reject the Company's proposed compliance plan or any delisting determination to a Nasdaq Hearings Panel. About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. Atlanta, Georgia-based Cherry Bekaert LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses and negative cash flows from operations, and may be unable to maintain compliance with financial covenants required by its credit agreement that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $97.5 million in total assets, $996.3 million in total liabilities, and $1.3 million in total stockholders' equity. BROADBAND INFRASTRUCTURE: Case Summary & 20 Unsecured Creditors --------------------------------------------------------------- Debtor: Broadband Infrastructure, Inc. Carolina Underground Solutions, LLC Absolute Technologies, LLC 136 Johns Road Greer, SC 29650 Business Description: Broadband Infrastructure Inc (BbI) is a Greer, SC-based provider of turnkey telecommunications infrastructure solutions. The company provides inside and outside plant telecom/data services, including engineering, construction, design and installation, fiber optic splicing, structured cabling, security/access control, 5G, DAS & Small Cell, and fiber optic construction services. BbI serves the Eastern half of the United States across industrial, telecom, education, government, and healthcare markets, and works with general and electrical contractors. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court District of South Carolina Case No.: 26-01828 Judge: Hon. Helen E Burris Debtor's Counsel: Robert Pohl, Esq. POHL BANKRUPTCY, LLC 8 West McBee Avenue Suite 215 Greenville, SC 29601 Tel: 864-233-6294 Fax: 864-558-5291 E-mail: Robert@Bankruptcy.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Braddock Cunningham as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WWC7IXQ/Broadband_Infrastructure_Inc__scbke-26-01828__0001.0.pdf?mcid=tGE4TAMA CAMBER ENERGY: VOT Issues $500,000 Note to Accredited Investor -------------------------------------------------------------- Camber Energy, Inc. disclosed in a regulatory filing that Viking Ozone Technology, LLC, a majority-owned subsidiary of Viking Energy Group, Inc. (a wholly-owned subsidiary of Camber Energy, Inc.), entered into a loan arrangement with an accredited investor. Pursuant to the transaction, VOT issued the Investor a promissory note in the principal amount of $500,000. The Note bears interest at a fixed rate equal to 10% of the principal amount and matures on the earlier of: (i) April 15, 2027; or (ii) the receipt by the Company of proceeds from the unconditional sale of the Company's VKIN-300 waste treatment unit identified in the Note. The Note, which may be part of a series of other promissory notes in the aggregate principal amount of up to $750,000 (inclusive of the principal amount of the Note), includes customary events of default, such as failure to pay principal or interest when due and certain bankruptcy events. If an event of default occurs, the Note may become immediately due and payable, and interest may accrue at a default rate of 10% per annum. As security for its obligations under the Note, VOT granted the Investor a priority interest (pari passu with other VOT noteholders of the same series) over the net sale proceeds received by VOT from the Unit Sale. Camber Energy, Inc. is not a party to the Note, and the Note does not include any conversion rights or warrant issuances. A full text copy of the Note is available at https://tinyurl.com/vcva8psn About Camber Energy Camber Energy, Inc. is a growth-oriented diversified Company with interests in innovative, industry-changing or industry-leading technologies, as well as an interest in a Company that provides custom energy and power solutions to commercial and industrial clients in North America. Its existing portfolio of innovative technologies includes: (i) a majority interest in an entity with intellectual property rights to a fully developed, patented, proprietary medical and bio-hazard waste treatment system using ozone technology; and (ii) a majority interest in entities with the intellectual property rights to fully developed, patented and patent pending, proprietary electric transmission and distribution broken conductor protection systems, and a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States. Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 30, 2026, citing that the Company expects to continue incurring operating losses and generating negative cash flows from operations for the foreseeable future. Additionally, the Company has a significant working capital deficiency, accumulated deficit and net loss for the year. These conditions raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $19,839,460 in total assets and $63,208,182 in total liabilities, and total stockholders' deficit of $43,368,722. CAPSTONE GREEN: Expands 2023 Equity Incentive Plan to 7-Mil. Shares ------------------------------------------------------------------- Capstone Green Energy Holdings, Inc. disclosed in a regulatory filing that the Board of Directors approved an amendment to the Capstone Green Energy Holdings, Inc. 2023 Equity Incentive Plan. As of the Effective Date, the Equity Incentive Plan shall be amended as follows: 1. Section 4.1 of the Equity Incentive Plan is hereby deleted in its entirety and replaced with the following: a. Subject to adjustment in accordance with Section 14, no more than 7,000,000 shares of Common Stock shall be available for the grant of Awards under the Plan (the "Total Share Reserve"). During the terms of the Awards, the Company shall keep available at all times the number of shares of Common Stock required to satisfy such Awards. 2. Section 4.3 of the Equity Incentive Plan is hereby deleted in its entirety and replaced with the following: a. Subject to adjustment in accordance with Section 14, no more than 7,000,000 shares of Common Stock may be issued in the aggregate pursuant to the exercise of Incentive Stock Options (the "ISO Limit"). 3. Except as expressly amended by the Amendment, the Equity Incentive Plan shall continue in full force and effect in accordance with the provisions thereof. About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $87.7 million in total assets, $80.1 million in total liabilities, $70.9 million in temporary equity (redeemable noncontrolling interests), and a $63.3 million stockholders' deficit. CASA ARIZONA: Unsecured Creditors to be Paid in Full in Plan ------------------------------------------------------------ Casa Arizona Investments, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Chapter 11 Plan dated April 20, 2026. The Debtor was formed in June, 2025 by R Brian Howard. In May, 2013 Maribel Howard was added as a member and in May, 2021 Mr. Howard was removed as the manager of Casa Arizona. Casa Arizona operates in the real estate market by seeking out, purchasing, improving and then selling mostly residential real property. It accesses short term loans for this purpose, paying off said loans upon the sale of a particular property. At the time this Chapter 11 was filed, Casa Arizona was the titled owner to five properties. One property, the property located at 10421 East Cedar Waxwing, Sunk Lakes, Arizona, was the subject of litigation in the Maricopa County Superior Court and was under a State Court Order not to allow the property to be foreclosed. At that time, the lender, Capital Fund REIT, LLC had scheduled a Trustee Sale of the property. Upon the conversion of the case from Chapter 7 to Chapter 11, the Debtor began looking at various options as it relates to maintaining or selling its various properties. Within thirty days of converting to the Chapter 11 the Debtor determined that at least three properties should be listed for sale. On December 30, 2025, an Application to employ a real estate agent was filed and on January 5, 2026 the Court entered an Order authorizing the employment of Brady Gora. Mr. Gora was tasked with marketing and selling the following properties: 2662 South Howard Drive, Sun Lakes, Arizona, 85248; 10421 East Cedar Waxwing Court, Sun Lakes, Arizona, 85248; and 3 83 8 South Verbena Road, Casa Grande, Arizona, 85193. The funds needed to comply with the Debtor's Plan of Reorganization shall come from the liquidation of some of the Debtor's assets and contributions by the Debtor's principal. The Debtor has continued to operate its business and has successfully sold and/or refinanced some of its properties. Class 10 consists of General Unsecured Claims. All allowed and approved claims under this Class shall be paid in full from all funds available for distribution. Interest in this Class shall not be paid unless required by law. It is anticipated that payments under this Class shall begin in month 25 of the Plan. This Class is impaired. The allowed unsecured claims total $43,885.30. This Class will receive a distribution of $43,885.30. Equity Holder shall retain its shareholder/membership interest in the Debtor and the Debtor shall retain all legal and equitable interest in assets of this estate as all reconciliation issues have been met. Post Confirmation ownership and control shall remain with the Equity Security Holder, Maribel Howard. The funds necessary for the satisfaction of all approved and allowed claims will be derived from the Debtor's income from its operations and the sale of certain real property. The Debtor reserves the right to accelerate payment under the Plan from financing obtained either from third party financing or in the event that is revenues permit it to do so. Debtor believes that by value of the Plan that it will have the ability to pay all allowed and approved claims pursuant to the Plan of Reorganization. A full-text copy of the Disclosure Statement dated April 20, 2026 is available at https://urlcurt.com/u?l=hkleTM from PacerMonitor.com at no charge. Counsel to the Debtor: Allan D. NewDelman, Esq. ALLAN D. NEWDELMAN, P.C. 80 East Columbus A venue Phoenix, Arizona 85012 (602) 264-4550 Email: anewdelman@adnlaw.net About Casa Arizona Investments LLC Casa Arizona Investments, LLC, is a single assets real estate company. Casa Arizona Investments sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-10178) on October 24, 2025, listing estimated assets under $100,000 and estimated liabilities between $100,001 and $1 million. On Nov. 25, 2025, the case was converted to one under Chapter 11. Bankruptcy Judge Brenda K. Martin handles the case. Allan D. NewDelman, P.C., is the Debtor's legal counsel. CATHETER PRECISION: Completes $3.47MM Preferred Stock Offering -------------------------------------------------------------- Catheter Precision, Inc. disclosed in a regulatory filing that it consummated the closing of its previously disclosed sale and issuance of an aggregate of 3,470 shares of the Company's newly designated Series C-2 Convertible Preferred Stock, par value $0.0001 per share and stated value of $1,000 per share, for aggregate gross proceeds of $3,470,000. The Series C-2 Preferred Stock was issued pursuant to: (i) the Securities Purchase Agreement, dated February 6, 2026, by and among the Company and the purchasers signatory thereto (ii) the Securities Purchase Agreement, dated March 6, 2026, by and among the Company and the additional purchasers signatory thereto The Series C-2 Closing was subject to the satisfaction of customary closing conditions, including the receipt of stockholder approval under Section 713 of the NYSE American LLC Company Guide of, among other things, the issuance of shares of the Company's common stock, par value $0.0001 per share, upon conversion of the Series C-2 Preferred Stock. The Stockholder Approval was obtained at a Special Meeting of Stockholders of the Company held on April 15, 2026, as reported in the Company's Current Report on Form 8-K filed with the SEC on April 16, 2026. The shares of Series C-2 Preferred Stock are convertible, at the option of a holder, into shares of Common Stock at an initial conversion price of $0.883 per share, subject to a floor price of $0.35 per share (which the Company may waive in its sole discretion) and customary anti-dilution adjustments for stock splits, stock dividends, recapitalizations and similar transactions. Conversion is also subject to a beneficial ownership limitation, initially set at 4.99% of the outstanding shares of Common Stock (which may be increased by a holder, on 61 days' prior written notice to the Company, to a maximum of 9.99%). The other terms of the Series C-2 Preferred Stock are set forth in the Certificate of Designation of Preferences, Rights and Limitations of Series C-2 Convertible Preferred Stock, which was filed by the Company with the Secretary of State of the State of Delaware on April 17, 2026. A copy of the Series C-2 Certificate of Designation is available at https://tinyurl.com/6jds7s7b Issuance of Series D Convertible Preferred Stock On April 20, 2026, in connection with the Company's previously disclosed acquisition of Fly Flyte, Inc., a Delaware corporation, the Company issued an aggregate of 11,028 shares of its newly designated Series D Convertible Preferred Stock, par value $0.0001 per share and stated value of $1,000 per share, as follows: * 5,250 shares of Series D Preferred Stock to SEG Jets LLC as consideration for SEG Jets' transfer to the Company of common stock of Flyte representing 19.98% of the issued and outstanding equity interests of Flyte, pursuant to that certain Securities Purchase Agreement, dated February 6, 2026, by and between the Company and SEG Jets; and * 5,778 shares of Series D Preferred Stock to Creatd, Inc. as partial consideration for Creatd's transfer to the Company of the remaining 80.02% of the issued and outstanding equity interests of Flyte, pursuant to that certain Securities Purchase Agreement, dated March 9, 2026, by and between the Company and Creatd. The shares of Series D Preferred Stock are convertible, at the option of a holder, into shares of Common Stock at an initial conversion price of $1.1038 per share; provided, however, that following the date on which the Registration Statement (as defined in the Series D Certificate of Designation) is first declared effective by the SEC, the conversion price shall be reduced to equal the lower of: (i) the conversion price in effect on the Trading Day immediately prior to the Effective Date and (ii) the Applicable Price (as defined in the Series D Certificate of Designation) on the Effective Date, in each case subject to a floor price of $0.35 per share (which the Company may waive in its sole discretion) and customary anti-dilution adjustments for stock splits, stock dividends, recapitalizations and similar transactions. Conversion is also subject to a beneficial ownership limitation, initially set at 4.99% of the outstanding shares of Common Stock (which may be increased by a holder, on 61 days' prior written notice to the Company, to a maximum of 9.99%). The other terms of the Series D Preferred Stock are set forth in the Certificate of Designation of Preferences, Rights and Limitations of Series D Convertible Preferred Stock, which was filed by the Company with the Secretary of State of the State of Delaware on April 17, 2026. A copy of the Series D Certificate of Designation is available at https://tinyurl.com/5n92wk5u Placement Agent Dawson James Securities, Inc. acted as placement agent for the Company in connection with the Series C-2 Closing. The Company paid Dawson James customary placement agent fees and expenses in connection therewith. Use of Proceeds The Company intends to use the net proceeds from the Series C-2 Closing for working capital and general corporate purposes. Exemption from Registration The Series C-2 Preferred Stock and the Series D Preferred Stock were issued, and any shares of Common Stock issuable upon conversion thereof will be issued, in transactions exempt from the registration requirements of the Securities Act of 1933, as amended, in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder, as transactions by an Company not involving any public offering. The Company has concluded that the foregoing exemption is available based on the representations made by the purchasers, including that each purchaser is an "accredited investor" as defined in Rule 501 of Regulation D and acquired the securities for investment only and not with a view to, or for sale in connection with, any distribution thereof. The offerings did not involve any general solicitation or general advertising, and appropriate transfer restrictions and customary restrictive legends have been imposed on the securities. About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operations, and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $15.9 million in total assets, $9.2 million in total liabilities, and $6.7 million in total stockholders' CHG HEALTHCARE: S&P Rates Proposed First-Lien Term Loan B 'B' ------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to CHG Healthcare Services Inc.'s proposed $2.44 billion first-lien term loan B and $150 million revolving credit facility due 2031. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The transaction is part of a three-year extension of the company's existing $2.4 billion term loan B and $150 million revolving credit facility. All its existing ratings on CHG are unchanged. S&P said, "The transaction will be leverage neutral because we do not expect any changes to the size or pricing of the facilities. That said, we view the transaction as incrementally credit positive because it will improve the company's debt maturity profile. "Our ratings on CHG continue to reflect the narrow scope of its business (providing locum tenens [temporary physicians] primarily to hospitals), the limited barriers to competition in its industry, as well as its high debt leverage and financial-sponsor ownership. The company's leading position (over 20% market share) in the market for locum tenens and the diversity of medical specialties among its locums only partially offset these risks. In contrast with physician groups that provide services at hospitals (like anesthesiology or emergency medicine), the company's temporary staffing business model is not directly exposed to adverse changes in government reimbursement because it is paid by the facility. Moreover, CHG's cost structure is highly variable because it only compensates its physicians for hours worked. That said, we believe there has been some market pressure given an uptick in competition, including from companies in the nurse staffing business who are experiencing unfavorable market conditions and seeking more attractive opportunities. "Given CHG's financial-sponsor ownership and tolerance for an aggressive financial policy, we assume it will use the majority of its free operating cash flow to invest in technology or pay dividends to its sponsors, rather than for permanent debt reduction. Therefore, we expect the company's S&P Global Ratings-adjusted leverage will remain above 5x." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- CHG's pro forma capital structure comprises a $150 million first-lien revolver due March 2031 and a $2.44 billion first-lien term loan due September 2031. -- S&P assumes the revolver would be 85% drawn and anticipate its margin rises following a covenant breach. -- S&P's simulated default scenario considers a default in 2029, most likely due to a large reduction in the company's EBITDA stemming from contract losses and a significant erosion in its margins. -- S&P valued the company on a going-concern basis using a 6x multiple of its projected emergence EBITDA, which is consistent with its treatment of its similar peers. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $231 million -- EBITDA multiple: 6.0x Simplified waterfall -- Net enterprise valuation (after 5% administrative costs): $1.32 billion -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to first-lien creditors: $1.32 billion -- Secured first-lien debt: $2.5 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) CHIRON COMMUNICATION: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Chiron Communication Services, 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 in accordance with an approved budget pending the final hearing on May 20. The 90-day budget covers operations through July 31 and outlines projected revenues and expenses necessary to sustain the business during the early stages of the bankruptcy case. The Debtor's cash collateral consists primarily of accounts receivable and cash proceeds subject to liens held by JPMorgan Chase Bank, N.A., which provided a $150,000 line of credit secured by substantially all business assets including cash, accounts, and general intangibles. As of the petition date, JPMorgan's collateral included approximately $1,000 in cash and about $180,000 in accounts receivable, with an estimated $140,000 considered collectible. JPMorgan's lien is perfected through a long-standing UCC-1 filing and has first priority over the debtor’s personal property, excluding certain titled assets. In addition to JPMorgan, the Debtor owes secured obligations to the U.S. Small Business Administration under both an EIDL loan (approximately $150,000 balance) and a Disaster loan (approximately $198,000 balance). These SBA loans are also secured by substantially the same categories of collateral but are junior to JPMorgan's lien. As adequate protection, both lenders will be granted replacement liens on all of the Debtor's post-petition assets (with the exception of titled vehicles and equipment), in the same order of priority as their pre-petition liens. The order is available at https://is.gd/VLnire from PacerMonitor.com. JPMorgan is represented by: Richard G. Dafoe, Esq. Waddell Serafino Geary Rechner Jenevein, PC 1717 Main Street, 25th Floor Dallas, TX 75201 Telephone: 214-979-7400 / 214-979-7427 Fax: 214-979-7402 About Chiron Communication Services LLC Chiron Communication Services, LLC is a telecommunications infrastructure contractor based in Humble, Texas, founded in 2006. The company specializes in fiber optic and copper network installation, structured cabling, and outside plant engineering services for commercial, government, and institutional clients. It provides end-to-end deployment services, including splicing, testing, underground and aerial construction, and maintenance of communications networks, supporting large-scale connectivity projects across the U.S. In the petition signed by Courtney McMaster, president, the Debtor disclosed up to $10 million in both assets and liabilities. Matthew Hoffman, Esq., at Hoffman & Saweris, P.C., represents the Debtor as legal counsel. CIG MM: Seeks Cash Collateral Access ------------------------------------ CIG MM, LLC and MSUR MM, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. Under the court order, the Debtors are authorized to use cash collateral in accordance with an approved budget from April 29 until the occurrence of so-called termination events. Termination events include the Debtors' failure to comply with the budget; dismissal or conversion of the Debtors' Chapter 11 cases; appointment of a Chapter 11 trustee or an examiner with expanded powers; and the reversal, modification or stay of the interim order materially adverse to Federal National Mortgage Association (Fannie Mae) without the lender's prior consent. The Debtors' cash collateral consists primarily of post-petition rental income from a 70-unit apartment complex in Monticello, New York. The property is jointly owned under a tenant-in-common arrangement and is valued at about $8 million, compared to a mortgage debt of approximately $4.36 million, plus interest owed to Fannie Mae. The Debtors intend to use roughly $90,000 in monthly rent to cover about $58,150 in operating expenses. As protection for any diminution in the value of its collateral, Fannie Mae will be granted first-priority security interests in and liens on the Debtors' real and personal property, including avoidance actions and the proceeds thereof. In addition, Fannie Mae will receive principal and interest payments due on the Debtors' pre-petition obligations at the default contract rate of interest set forth in their loan agreement. The order is available at https://is.gd/ZGckoH from PacerMonitor.com. The final hearing is set for May 19, with objections due by May 12. About CIG Mm LLC CIG MM, LLC operates as a business entity that initiated Chapter 11 proceedings to reorganize its financial structure and liabilities. CIG MM sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-35306) on March 24, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and liabilities in the same range. Honorable Bankruptcy Judge Kyu Young Paek presides over the case. The Debtor is represented by J. Ted Donovan, Esq., at Goldberg Weprin Finkel Goldstein, LLP. CLEAN ENERGY: Faces Nasdaq Notice on Late 2025 Annual Report ------------------------------------------------------------ Clean Energy Technologies, Inc. disclosed in a regulatory filing that it received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market indicating that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The Rule requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission. The Notice has no immediate effect on the listing or trading of the Company's securities. However, if the Company fails to timely regain compliance with the Rule, the Company's securities will be subject to delisting from Nasdaq. Under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-K, or until October 12, 2026, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company's plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel. The Company is working diligently to complete and file the Annual Report and regain compliance with the Rule. However, if the Company's common stock ultimately were to be delisted for any reason, it could negatively impact the Company by: (i) reducing the liquidity and market price of the Company's common stock; (ii) reducing the number of investors willing to hold or acquire the Company's common stock, which could negatively impact the Company's ability to raise equity financing; (iii) limiting the Company's ability to use a registration statement to offer and sell freely tradable securities, thereby preventing the Company from accessing the public capital markets; and (iv) impairing the Company's ability to provide equity incentives to its employees. About Clean Energy Headquartered in Irvine, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- develops renewable energy products and solutions and establishes partnerships in renewable energy that make environmental and economic sense. The Company's mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. The Company targets sustainable energy solutions that are profitable for it, profitable for its customers, and represent the future of global energy production. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has an accumulated deficit and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $14,798,895 in total assets, $7,703,762 in total liabilities, and $7,095,133 in total stockholders' equity. COCOBOWLZ LLC: W. Harrison Penn Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed W. Harrison Penn as Subchapter V trustee for Cocobowlz, LLC. Mr. Penn will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Penn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: W. Harrison Penn PO Box 11332 Columbia, SC 29201-1332 Phone: (803) 771-8836 Email: hpenn@pennlawsc.com About Cocobowlz LLC Cocobowlz, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 26-01678) on April 16, 2026, with $500,001 to $1 million in assets and liabilities. Robert A. Pohl, Esq., at Pohl, P.A. represents the Debtor as legal counsel. COFIX-RX LLC: Case Summary & 16 Unsecured Creditors --------------------------------------------------- Debtor: CoFix-Rx LLC 27280 Haggerty Road, Ste. C-1 Farmington, MI 48331 Business Description: CoFix-Rx LLC is a Farmington, Michigan-based company that produces hygiene products in the USA. The company offers CofixRX nasal solution and throat spray products for use in nasal passage, throat, and body hygiene routines. Chapter 11 Petition Date: April 29, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-44926 Judge: Hon. Lisa S Gretchko 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: $2,485,751 Total Liabilities: $3,281,674 The petition was signed by Ryan Tobias as member or manager. A copy of the Debtor's list of its 16 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TKULUBI/CoFix-Rx_LLC__miebke-26-44926__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TCCBQSA/CoFix-Rx_LLC__miebke-26-44926__0001.0.pdf?mcid=tGE4TAMA COMMUNITY HEALTH: CHS Launches $600MM Cash Tender for Secured Notes ------------------------------------------------------------------- Community Health Systems, Inc. announced that its wholly-owned subsidiary, CHS/Community Health Systems, Inc. has commenced a tender offer to purchase for cash up to $600,000,000 aggregate purchase price (exclusive of accrued and unpaid interest) (as such aggregate purchase price may be increased or decreased by the Company, the "Aggregate Maximum Purchase Amount") of its outstanding Notes of the two series listed in the table below; provided that the Company will only accept for purchase: (i) its 4.750% Senior Secured Notes due 2031 having an aggregate purchase price of up to $350,000,000 (exclusive of accrued and unpaid interest) (as such aggregate purchase price for such 2031 Notes may be increased or decreased by the Company, the "2031 Tender Cap") and (ii) its 10.875% Senior Secured Notes due 2032 having an aggregate purchase price of up to $250,000,000 (exclusive of accrued and unpaid interest) (as such aggregate purchase price for such 2032 Notes may be increased or decreased by the Company, the "2032 Tender Cap"). The Tender Offer will be financed by cash on hand. The Tender Offer is being made pursuant to an Offer to Purchase dated April 22, 2026. Summary of certain payment terms for the Tender Offer: I. 4.750% Senior Secured Notes due 2031 * CUSIP / ISIN (144A): 12543D BK5 / US12543DBK54 * CUSIP / ISIN (Reg S): U17127 AU2 / USU17127AU25 * Principal Amount Outstanding: $1,057,710,000 * Tender Cap: $350,000,000 * Acceptance Priority Level(4): 1 * Tender Offer Consideration(1)(2): $900.00 * Early Tender Payment(1): $50.00 * Total Consideration(1)(2)(3): $950.00 II. 10.875% Senior Secured Notes due 2032 * CUSIP / ISIN (144A): 12543D BN9 / US12543DBN93 * CUSIP / ISIN (Reg S): U17127 AX6 / USU17127AX63 * Principal Amount Outstanding: $1,780,000,000 * Tender Cap: $250,000,000 * Acceptance Priority Level(4): 2 * Tender Offer Consideration(1)(2): $1,032.50 * Early Tender Payment(1): $50.00 * Total Consideration(1)(2)(3): $1,082.50 NOTES: (1) Per $1,000 principal amount of Notes accepted for purchase. (2) Excludes accrued and unpaid interest, which will be paid in addition to the Tender Offer Consideration or the Total Consideration, as applicable. (3) Includes the applicable Early Tender Payment. (4) The Acceptance Priority Level will be applied separately at the Early Tender Date and at the Expiration Date. The Tender Offer will expire at 5:00 p.m. New York City time, on May 20, 2026 unless extended or earlier terminated (such date and time, including as extended or earlier terminated, the "Expiration Date"). Registered holders of the Notes must validly tender their Notes at or before 5:00 p.m., New York City time, on May 5, 2026 (such date and time, including as extended or earlier terminated, the "Early Tender Date") in order to be eligible to receive the Early Tender Payment in addition to the Tender Offer Consideration. Tenders of the Notes may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on May 5, 2026, unless extended or earlier terminated, and not thereafter, except in certain limited circumstances where withdrawal rights are required by applicable law. The Notes will be purchased in accordance with the "Acceptance Priority Level" (in numerical priority order), with Acceptance Priority Level 1 being the higher and Acceptance Priority Level 2 being the lower, with possible proration of the Notes on the Early Settlement Date or the Final Settlement Date (as defined below) determined in accordance with the terms of the Tender Offer; provided that notwithstanding the Acceptance Priority Level for the Notes, the amount of either series of Notes that will be accepted in the Tender Offer is limited by the 2031 Tender Cap and the 2032 Tender Cap; and provided further that Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date will be accepted for purchase in priority to Notes tendered after the Early Tender Date, even if such Notes tendered after the Early Tender Date have a higher Acceptance Priority Level than Notes tendered at or prior to the Early Tender Date. Accordingly, if the aggregate total purchase price payable for the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase equals or exceeds the Aggregate Maximum Purchase Amount, then Holders who validly tender Notes after the Early Tender Date will not have any such Notes accepted for payment regardless of the Acceptance Priority Level of such Notes (unless the terms of the Tender Offer are amended by the Company in its sole and absolute discretion). If, on the Early Settlement Date or Final Settlement Date, as applicable, only a portion of the tendered Notes of a series of Notes may be accepted for purchase, the aggregate principal amount of such series of Notes accepted for purchase will be prorated based upon the aggregate principal amount of that series of Notes that have been validly tendered and not yet accepted for purchase in the Tender Offer, such that the Aggregate Maximum Purchase Amount, the 2031 Tender Cap (with respect to the 4.750% Senior Secured Notes due 2031) and the 2032 Tender Cap (with respect to the 10.875% Senior Secured Notes due 2032) will not be exceeded. The Total Consideration includes, in each case, an early tender payment (the "Early Tender Payment") of $50.00 for each $1,000 principal amount of the Notes, which Early Tender Payment is in addition to, in each case, the applicable Tender Offer Consideration (as defined below). Subject to purchase in accordance with the Acceptance Priority Levels, the Aggregate Maximum Purchase Amount, the 2031 Tender Cap, the 2032 Tender Cap and possible proration, Holders validly tendering Notes (that have not been validly withdrawn) at or prior to the Early Tender Date will be eligible to receive the applicable Total Consideration listed in the table above, which includes the Early Tender Payment, on the "Early Settlement Date", which is expected to be May 7, 2026, but that may change without notice. Holders validly tendering Notes after the Early Tender Date but at or prior to the Expiration Date will only be eligible to receive the applicable "Tender Offer Consideration" listed in the table on the "Final Settlement Date". The Final Settlement Date is expected to be the second business day after the Expiration Date, which means that the Final Settlement Date is expected to be May 22, 2026, but that may change without notice. In addition to the Total Consideration or Tender Offer Consideration, Holders whose Notes are accepted for purchase will also receive accrued and unpaid interest from the last interest payment date to, but not including the applicable settlement date. The obligation of the Company to accept for purchase, and to pay for, Notes validly tendered pursuant to the Tender Offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions as set forth in the Offer to Purchase, in the sole and absolute discretion of the Company. None of the Company, the trustee for the Notes, the agents under the respective indentures for the Notes, the dealer manager, the information and tender agent, any of their respective subsidiaries or affiliates or any of its or their respective directors, officers, employees or representatives makes any recommendation to Holders as to whether or not to tender all or any portion of their Notes, and none of the foregoing has authorized any person to make any such recommendation. Holders must decide whether to tender Notes, and if tendering, the amount of Notes to tender. All of the Notes are held in book-entry form. If you hold Notes through a broker, dealer, commercial bank, trust company or other nominee, you must contact such broker, dealer, commercial bank, trust company or other nominee if you wish to tender Notes pursuant to the Tender Offer. You should check with such broker, dealer, commercial bank, trust company or other nominee to determine whether they will charge you a fee for tendering Notes on your behalf. You should also confirm with the broker, dealer, bank, trust company or other nominee any deadlines by which you must provide your tender instructions, because the relevant deadline set by such nominee may be earlier than the deadlines set forth herein. The Company has retained UBS Investment Bank to serve as dealer manager for the Tender Offer. The Company has retained Global Bondholder Services Corporation to act as the information and tender agent in respect of the Tender Offer. For additional information regarding the terms of the Tender Offer, please contact UBS Investment Bank at (212) 882-5723 (Collect), (833) 690-0971 (Toll-Free) or by email at americas-lm@ubs.com. Copies of the Offer to Purchase may be obtained by contacting Global Bondholder Services Corporation at (855) 654 2014 or by email at contact@gbsc-usa.com. About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of March 31, 2026, the Company had $13.2 billion in total assets, $14.1 billion in total liabilities, $260 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * In April 2026, S&P Global Ratings affirmed its 'CCC+' rating on Community Health Systems Inc. and revised its outlook to positive from negative. At the same time, S&P Global affirmed its issue-level ratings on Community Health's 'B-'- rated senior secured as well as its 'CCC-' rated junior secured and senior unsecured debt. The positive outlook reflects the potential for continued operating improvement, resulting in more consistent, improved cash flow generation and further deleveraging. Combined with decreased risk of further distressed exchanges, S&P Global said that it could raise the rating over the next year. COMMUNITY HEALTH: Q1 2026 Revenue Falls to $2.97B, Net Loss at $25M ------------------------------------------------------------------- Community Health Systems, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2026 Net operating revenues decreased from $3.159 billion for the three months ended March 31, 2025 to $2.965 billion for the three months ended March 31, 2026. On a same-store basis, net operating revenues for the three months ended March 31, 2026 increased $88 million compared to the same period in 2025. The Company had a net loss of $25 million during the three months ended March 31, 2026, compared to net income of $25 million for the same period in 2025. Net loss for the three months ended March 31, 2026 included the following: * an after-tax charge of $8 million for loss from early extinguishment of debt, and * an after-tax benefit of $15 million resulting primarily from a gain from the divestiture of its controlling interest in a hospital, partially offset by: (i) an impairment charge to adjust the carrying value of long-lived assets at hospitals that were divested at a price below carrying value and (ii) an impairment charge recorded to reduce the carrying value of a hospital that was deemed held-for-sale based on the difference between the carrying value of the hospital disposal group compared to the estimated fair value less the costs to sell. Net income for the three months ended March 31, 2025 included the following: * an after-tax charge of $7 million for expense related to costs associated with our multi-year initiative to modernize and consolidate technology platforms and associated processes, and * an after-tax charge of $2 million resulting from a gain related to the sale of two hospitals, partially offset by a loss on the sale of its 50% ownership interest in one hospital and the impairment of certain long-lived assets that were idled, disposed or held-for-sale as well as divestiture related costs. Liquidity and Capital Resources Net cash provided by operating activities changed by $417 million, from approximately $120 million of cash provided by operating activities for the three months ended March 31, 2025, to cash used in operating activities of approximately $297 million for the three months ended March 31, 2026. The decrease in cash provided by operating activities is primarily due to a decrease in accounts payable, an increase in patient accounts receivable and the receipt of a larger tax refund during the three months ended March 31, 2025, compared to the same period in 2026. Cash paid for interest was $261 million during the three months ended March 31, 2026, compared to $229 million for the same period in 2025. Cash paid for income taxes, net of refunds received, resulted in a net refund of less than $1 million and $80 million during the three months ended March 31, 2026 and 2025, respectively. Net cash provided by investing activities was approximately $1.0 billion for the three months ended March 31, 2026, compared to approximately $444 million for the same period in 2025. Net cash provided by investing activities during the three months ended March 31, 2026 was impacted by an increase of $545 million in cash proceeds from dispositions of hospitals and other ancillary operations and a decrease in cash used for other investments of $28 million. The Company's net cash used in financing activities was approximately $274 million for the three months ended March 31, 2026, compared to approximately $170 million for the same period in 2025, a change of $104 million. This was primarily due to the net impact of the Company's debt borrowings and repayments during the three months ended March 31, 2026, compared to the same period in 2025. Liquidity Net working capital was approximately $1.2 billion at March 31, 2026 and approximately $1.0 billion at December 31, 2025. Net working capital increased by approximately $180 million between December 31, 2025 and March 31, 2026. The increase is primarily due to increases in cash, patient accounts receivable, prepaid expenses and other current assets and decreases in accounts payable, accrued liabilities for employee compensation and accrued interest during the three months ended March 31, 2026, partially offset by decreases in supplies and increases in income tax payable and other current liabilities. In addition to cash flows from operations, available sources of capital include amounts available under the asset-based loan credit agreement, or the ABL Credit Agreement, and anticipated access to public and private debt markets as well as proceeds from the disposition of hospitals or other investments such as the Company's minority equity interests in various businesses, as applicable. Pursuant to the ABL Credit Agreement, the lenders have extended to CHS/Community Health Systems, Inc. (a wholly-owned subsidiary of the Parent Company), or CHS, a revolving asset-based loan facility, or ABL Facility. The maximum aggregate amount under the ABL Facility is $1.0 billion, subject to borrowing base capacity. At March 31, 2026, the Company had no outstanding borrowings and approximately $824 million of additional borrowing capacity (after taking into consideration $32 million of outstanding letters of credit) under the ABL Facility. Letters of credit were reduced during the three months ended March 31, 2026 by $2 million, primarily due to a reduction in collateral for a construction-related bond. The issued letters of credit were primarily in support of potential insurance-related claims and certain bonds. Principal amounts outstanding under the ABL Facility, if any, will be due and payable in full on June 5, 2029. 2026 Financing Activity On February 2, 2026, the Company exercised a special call provision to redeem 10% of the original principal amount, or approximately $223 million, of the 10.875% Senior Secured Notes due 2032, at a redemption price of 103% of the principal amount, plus accrued and unpaid interest. A pre-tax loss from early extinguishment of debt of approximately $8 million was recognized associated with this financing activity during the three months ended March 31, 2026. Additional Liquidity Information The Company's ability to meet the restricted covenants and financial ratios and tests in the ABL Facility and the indentures governing its outstanding notes can be affected by events beyond the Company's control, and the Company cannot assure you that it will meet those tests. A breach of any of these covenants could result in a default under the ABL Facility and/or the indentures that govern its outstanding notes. Upon the occurrence of an event of default under the ABL Facility or indentures that govern its outstanding notes, all amounts outstanding under the ABL Facility and the indentures that govern its outstanding notes may become immediately due and payable and all commitments under the ABL Facility to extend further credit may be terminated. As of March 31, 2026, approximately $29 million of the Company's outstanding debt of approximately $10.2 billion is due within the next 12 months. Net proceeds from divestitures, if any, are expected to be used for general corporate purposes (including potential debt repayments and/or debt repurchases) and capital expenditures. The Company believes that its current levels of cash, internally generated cash flows and current levels of availability for additional borrowing under the ABL Facility, its anticipated continued access to the capital markets, and the use of proceeds from any potential future dispositions as noted above, will be sufficient to finance acquisitions, capital expenditures, working capital requirements, and any debt repurchases or other debt repayments the Company may elect to make or be required to make through the next 12 months and the foreseeable future thereafter. However, ongoing negative economic conditions (including in relation to inflationary pressures, elevated interest rate levels, impacts from the imposition of, or changes in, tariffs, and geopolitical uncertainties) have resulted in, and may continue to result in, significant disruptions of financial and capital markets, which could reduce the Company's ability to access capital and negatively affect its liquidity in the future. As of March 31, 2026, the Company had $13.2 billion in total assets, $14.1 billion in total liabilities, $260 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/55ate7ef About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. * * * In April 2026, S&P Global Ratings affirmed its 'CCC+' rating on Community Health Systems Inc. and revised its outlook to positive from negative. At the same time, S&P Global affirmed its issue-level ratings on Community Health's 'B-'- rated senior secured as well as its 'CCC-' rated junior secured and senior unsecured debt. The positive outlook reflects the potential for continued operating improvement, resulting in more consistent, improved cash flow generation and further deleveraging. Combined with decreased risk of further distressed exchanges, S&P Global said that it could raise the rating over the next year. CQENS TECHNOLOGIES: CTO Gerard Shudall Discloses 30K Shares ----------------------------------------------------------- Gerard Shudall, Chief Technology Officer of CQENS Technologies Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of March 5, 2026, he beneficially owns 10,000 shares of Common Stock held directly, as well as stock options (right to buy) covering 20,000 shares of Common Stock at an exercise price of $10.00 per share, exercisable from October 21, 2022 through October 20, 2027, also held directly and fully vested -- bringing his total beneficial ownership to securities representing up to 30,000 shares of Common Stock. A full text copy of Mr. Shudall's SEC Report is available at https://tinyurl.com/ye9prr58 About CQENS Technologies Inc. CQENS Technologies Inc. is a technology company that designs and develops innovative methods to heat plant-based and/or medicant-infused formulations to produce aerosols for the efficient and efficacious inhalation of the plant and medicant constituents contained therein. As of September 30, 2025, the Company had $13,327,153 in total assets, $1,502,989 in total liabilities, and $11,824,164 in total stockholders' equity. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. CRISP MOMENTUM: Settles $2.9MM Banji Loan via 80MM Share Repurchase ------------------------------------------------------------------- Crisp Momentum Inc. disclosed in a regulatory filing that it entered into a Loan Settlement and Share Repurchase Agreement with Banji Step K.K., a Japanese company, and Motoko Yorozu, a Japanese citizen. The Settlement Agreement relates to the settlement of all outstanding obligations under that certain Convertible Loan Agreement, dated as of September 16, 2025, as amended, pursuant to which the Company made a loan to Banji in the original principal amount of $2,900,000. Under the Loan Agreement, the Guarantor unconditionally guaranteed all obligations of Banji until conversion or full repayment of the Loan. As previously disclosed in the Company's Current Report on Form 8-K filed with the SEC on November 20, 2025, on November 14, 2025, the Company entered into three separate purchase agreements with Banji: (i) an Asset Purchase Agreement for the TaleOn online short-form content distribution platform, with a purchase price of $750,000; (ii) an Asset Purchase Agreement for the TopReels online short-form content distribution platform, with a purchase price of $1,750,000; and (iii) a Share Purchase Agreement for a 25% equity interest in Carpenstream Inc., with a purchase price of $400,000. The consideration for each of these agreements was to be satisfied by application of a setoff and credit against amounts outstanding under the Loan Agreement. Of the three transactions contemplated, the TaleOn APA closed, with the Company receiving the TaleOn Assets in partial satisfaction of the Banji Parties' obligations under the Loan Agreement. The transactions contemplated by the TopReels APA and the Carpenstream SPA did not close as originally contemplated, and the underlying assets (the TopReels Assets and the 25% equity interest in Carpenstream Inc.) were not transferred to the Company. Pursuant to the terms of the Settlement Agreement, in lieu of the Banji Parties' obligations to transfer the Retained Assets to the Company, at the closing under the Settlement Agreement, the Banji Parties will transfer to the Company 80,000,000 shares of the Company's common stock, par value $0.0001 per share, which shares are currently held by Banji, in full satisfaction of all remaining amounts owed under the Loan Agreement, including all outstanding principal and accrued interest. The Repurchased Shares will be held by the Company as treasury shares unless the Company elects to retire such shares. The Company expects that the transactions contemplated by the Settlement Agreement will simplify its balance sheet by eliminating the outstanding loan receivable and reducing its issued and outstanding share capital. Upon closing, the Company will release and discharge the Banji Parties from all obligations under the Loan Agreement, and all pledges, security interests, liens and other encumbrances granted in connection with the Loan Agreement will be terminated. Each party has agreed to mutual releases with respect to claims arising out of or relating to the Loan Agreement. The consummation of the transaction is subject to customary closing conditions, including due diligence and the absence of any material adverse change. The Settlement Agreement may be terminated by mutual written agreement or by either party if the closing conditions are not satisfied by May 31, 2026. The Settlement Agreement contains customary representations and warranties of the parties, including representations by Banji that it owns the Repurchased Shares free and clear of encumbrances. The Settlement Agreement also contains customary indemnification provisions. A full text copy of the Settlement Agreement is available at https://tinyurl.com/9whkcxzh About Crisp Momentum Inc. Crisp Momentum Inc. is a U.S.-based global media and technology company focused on the creation, acquisition, and monetization of short-form scripted video content known as Duanju or "microdramas. Crisp develops and distributes professionally produced, high-quality short-form series through the Crisp platform as well as through third-party digital distribution partners worldwide. In its Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2025, the Company disclosed that it has incurred significant losses since its inception and has not demonstrated an ability to generate sufficient revenues to achieve profitable operations. These and other factors create substantial doubt about the Company's ability to continue as a going concern within the next 12 months. As of October 31, 2025, the Company had $5,624,132 in total assets, $729,298 in total liabilities, and $4,894,834 in total stockholders' equity. DILLING PA: Leona Mogavero Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for Dilling PA, LLC. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About Dilling PA LLC Dilling PA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11548) on April 13, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M. Mayer presides over the case. Maggie S. Soboleski, Esq., represents the Debtor as legal counsel. ECO-ALPHA ENVIRONMENTAL: Case Summary & 18 Unsecured Creditors -------------------------------------------------------------- Debtor: Eco-Alpha Environmental and Engineering Services, Inc. 117 East Colorado Blvd., Suite 600 Pasadena, CA 91105 Business Description: Eco-Alpha Environmental and Engineering Services, Inc. provides environmental, facilities, training, and engineering services, including regulatory compliance, site assessments, project management, operations and maintenance, decommissioning, environmental assessment, and remediation. Established in 2013, the company is headquartered in Sacramento, California, with additional offices in Pasadena, California, and Chicago, and works on projects throughout the United States. Eco-Alpha serves commercial real estate, sports and entertainment venues, government entities, cities, businesses, communities, and organizations seeking environmental, engineering, and facilities-management support. Chapter 11 Petition Date: April 29, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-14197 Judge: Hon. Neil W Bason Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 E-mail: matt@rhmfirm.com Total Assets: $122,344 Total Liabilities: $4,593,943 The petition was signed by Uzoma Okoro as chief operations officer. A copy of the Debtor's list of its 18 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SDU6I7Y/Eco-Alpha_Environmental_and_Engineering__cacbke-26-14197__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SHCXRHQ/Eco-Alpha_Environmental_and_Engineering__cacbke-26-14197__0001.0.pdf?mcid=tGE4TAMA EGGSTRODINARY RESTAURANTS: J. Dickey Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Eggstrodinary Restaurants Leetsdale, LLC. Mr. Dickey will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey, Esq. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Eggstrodinary Restaurants Leetsdale Eggstrodinary Restaurants Sheridan LLC, Eggstrodinary Restaurants Leetsdale LLC, Eggstrodinary Restaurants TC LLC, and Eggstrodinary Restaurants - CR7th LLC operate casual dining restaurants using the Morning Story brand, specializing in breakfast and brunch offerings across Colorado and Iowa. The restaurants provide American-style breakfast dishes and cafe-style lunch menus across locations in Denver, Arvada, Englewood, and Marion. Up Early PBM, LLC operates Bluebird Cafe in Thornton, Colorado, as a full-service casual dining restaurant offering breakfast and brunch items including benedicts, hashes, waffles, and other daytime menu selections for local customers. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Lead Case No. 26-12490) on April 14, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. James Gregory, manager, signed the petition. Judge Joseph G. Rosania Jr. presides over the case. Aaron J. Conrardy, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. ELIAS & CO: Court OKs Deal to Use Gulf Coast Bank's Cash Collateral ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Riverside Division, approved a stipulation between Elias & Company Management, Inc. and Gulf Coast Bank and Trust Company regarding the use of cash collateral. Under the court order, the Debtor may use cash collateral only to fund payroll and no other expenses may be paid until it files a motion seeking authority to continue post-petition sales of receivables to Gulf Coast Bank and Trust. As protection for the Debtor's use of its cash collateral, Gulf Coast Bank and Trust will be granted replacement liens on the Debtor's post-petition cash collateral, with the same validity, extent, and priority as its pre-petition liens. The stipulation incorporates the court's prior cash collateral ruling as modified, is binding on the parties, and cannot be amended without mutual written consent. Since 2016, the Debtor has relied on Gulf Coast Bank and Trust under a factoring arrangement in which the bank purchases the Debtor's accounts receivable, advances roughly 92% of invoice value, and is repaid when customers remit payment within 30 to 45 days. The bank holds a perfected security interest in the Debtor's assets through a UCC-1 filing and is identified as the only lienholder. After filing an emergency motion to use cash collateral, the Debtor sought authority to use such funds from April 13 through July 31 to fund operations under a budget and requested interim approval to prevent immediate harm to the estate. The court granted interim relief on April 16, allowing use of cash collateral subject to conditions including a 15% line-item budget variance cap, replacement liens in favor of the bank for any collateral used, a requirement to file weekly budgets, and scheduling of a final hearing on May 7. Following negotiations, the parties further agreed to narrow the permitted use of cash collateral. Specifically, they stipulated that until the Debtor files a separate motion to continue post-petition receivables factoring, cash collateral may only be used to fund payroll, and no other operating expenses may be paid. The order is available at https://is.gd/HtEinQ from PacerMonitor.com. The stipulation is available at https://urlcurt.com/u?l=QzV9rE from PacerMonitor.com. About Elias & Company Management Inc. Elias & Company Management, Inc. is a business management and administrative services provider based in California. The company specializes in supporting corporate clients with operational oversight and organizational management functions. Elias & Company Management, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12850) on April 13, 2026. In its petition, the debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by James Lee Tenner, Esq. of the Law Offices of James Tenner. Gulf Coast Bank and Trust Company, as secured creditor, is represented by Chad P. Morrow, Esq., at Sher Garner Cahill Richter Klein & Hilbert, LLC. ELITE LIMOUSINE: Ongoing Operations & Contribution to Fund Plan --------------------------------------------------------------- Elite Limousine Plus, Inc., and Dispatch Support Services LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Reorganization dated April 21, 2026. Elite is a privately owned corporation established in 1986, which provides personal and corporate transportation services primarily in the New York City metropolitan area. Elite's principal place of business is 3272 Gale Avenue, Long Island City, New York 11101. Dispatch is a privately owned New York limited liability company established in 2016. The Dispatch's principal place of business is also 3272 Gale Avenue, Long Island City, New York 11101. Dispatch's business operations include corporate and personal transportation primarily in the New York City metropolitan area. Elite is the sole member of Dispatch. Elite and Dispatch are fully integrated into one business. Dispatch performs the same transportation services as Elite, just on a smaller scale. The majority of the Debtors' business is serving the transportation needs of executive and office workers in the greater NYC area. Since the Chapter 11 filing, the Debtors stabilized their business. In addition to the Debtors obtaining critical relief in the Bankruptcy Court concerning "first day motions" to gain their footing in Chapter 11, immediately after the filing, the Debtors were also fortunately able to negotiate and resume revolver financing with R&R as their DIP lender. This financing served as the lifeblood of the Debtors to continue as going concerns. Elite is the lessee of a lease (the "Lease") for its business premises (the "Premises") located at 3272 Gale Avenue, Long Island City, New York. The landlord (the "Landlord") of the Lease is Gale Avenue LLC, which is an insider of the Debtors. The Lease was entered into as of January 1, 2023 and terminates on December 31, 2027. Annual base rent is $442,000, paid in equal monthly installments of $36,833.33. Elite is current with payment of postpetition rent. Class 5 Claims consist of Allowed General Unsecured Claims. General unsecured pre-petition claims as filed against the Debtors' estates are in the approximate aggregate sum of $8.85 million. Upon and after the Effective Date, and after the date upon which all objections to Class 5 General Unsecured Claims have been resolved or adjudicated by the Bankruptcy Court, each holder of an Allowed Class 5 Claim shall receive payment on account of its Allowed General Unsecured Claim, as follows: * in monthly installments, its pro rata share of 10% of such Allowed Claim; plus * its pro rata share of any sums from the (i) New Value Contribution, after payment of any unpaid Allowed Professional Administrative Expenses (except as otherwise agreed with the holders of such Allowed Professional Administrative Expenses), and (ii) net recoveries from the Affirmative Claims, except as otherwise agreed with each holder of such Claims. Class 6 Interests consist of the interests of the Debtors. Upon the Effective Date, Class 6 Interests shall be retained. In order to retain such interests, Shafquat Chaudhary shall make, on or before the Confirmation Date, a new value capital contribution to the Debtors in the sum of $100,000.00 (the "New Value Contribution") in order to facilitate the Debtors' reorganization. Class 6 Interests are unimpaired, and therefore Class 6 Interests are deemed to have voted to accept the Plan. Distributions to Allowed Claimants in accordance with and under the Plan will be funded from available funds in connection with (a) ongoing business operations, (b) the New Value Contribution of the Class 6 Interests, and (c) the net recoveries realized from the Affirmative Claims. The substantive consolidation of the Debtors' estates will be sought by separate motion simultaneous with Plan confirmation. A full-text copy of the Disclosure Statement dated April 21, 2026 is available at https://urlcurt.com/u?l=UxxmlD from PacerMonitor.com at no charge. Elite Limousine Plus, Inc. and Dispatch Support Services LLC are represented by: Adam P. Wofse, Esq. Melanie A. FitzGerald, Esq. LAMONICA HERBST & MANISCALCO, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Tel: (516) 826-6500 About Elite Limousine Plus Elite Limousine Plus, Inc., is part of the taxi and limousine service industry. Elite Limousine Plus sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-43088) on Aug. 29, 2023. In the petition signed by Shafquat Chaudhary, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jil Mazer-Marino oversees the case. Salvatore LaMonica, Esq., at Lamonica Herbst & Maniscalco, LLP, is the Debtor's legal counsel. ENDRA LIFE: Nasdaq Flags Equity Deficiency, Delisting Risk Looms ---------------------------------------------------------------- ENDRA Life Sciences Inc. previously reported, on May 27, 2025, that it received a notification letter from The Nasdaq Stock Market LLC Listing Qualifications Staff notifying the Company that its stockholders' equity had fallen below the $2,500,000 required minimum for continued listing set forth in Nasdaq Listing Rule 5550(b)(1). The notification letter stated that the Company had until July 11, 2025 to provide Nasdaq with a specific plan to achieve and sustain compliance. The Company submitted its plan to regain compliance on July 11, 2025 and subsequently provided the Staff with additional materials. On October 31, 2025, the Company received written notice that, based on review of the compliance plan and additional materials, the Staff had granted the Company an extension to November 24, 2025 to regain compliance with the Minimum Stockholders' Equity Requirement. Subsequently, on November 18, 2025, based on the Staff's review of the Company's Form 8-K, dated November 14, 2025, the Staff determined that the Company regained compliance with Minimum Stockholders' Equity Requirement, subject to Nasdaq's continued monitoring of the Company's ongoing compliance with the Minimum Stockholders' Equity Requirement. Under such monitoring, if at the time of the Company's periodic report following having regained compliance, the Company did not evidence continued compliance, it may be subject to delisting. On April 20, 2026, the Staff issued a letter to the Company indicating that, because the Company's stockholders' equity as reported in its Annual Report on Form 10-K for the year ended December 31, 2025 was $2,260,120, the Company is no longer in compliance with Minimum Stockholders' Equity Requirement. The Staff's letter indicated that the Company's non-compliance would result in the delisting of the Company's securities from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel. The Company intends to timely request a hearing before the Panel, which request will stay any further action by Nasdaq pending the issuance of a decision by the Panel and the expiration of any extension the Panel may grant to the Company following the hearing. The Company intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and remain listed on Nasdaq. The Company is currently evaluating its available options to resolve the deficiency and regain compliance with the Minimum Stockholders' Equity Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Stockholders' Equity Requirement, maintain compliance with the other Nasdaq listing requirements or be successful in appealing the delisting determination. About ENDRA Life ENDRA Life Sciences Inc., headquartered in Ann Arbor, Michigan, develops thermo-acoustic medical devices for accurate liver fat measurement to support metabolic disease detection, management, and GLP-1 therapy eligibility. The Company's technology platform, Thermo-Acoustic Enhanced Ultrasound (TAEUS), targets pharmaceutical companies, clinical research organizations, high-end primary care clinics, bariatric and metabolic clinics, and broader primary and internal medicine markets through a subscription-based model and traditional product sales. Incorporated in Delaware in 2007, ENDRA plans to seek regulatory approvals for its applications in the United States and European Union. Houston, Texas-based RBSM LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has an accumulated deficit and has stated that substantial doubt exists about Company's ability to continue as a going concern. As of December 31, 2025, the Company had $3,853,797 in total assets, $1,593,677in total liabilities, and $2,260,120 million in total stockholders' equity. EVCON RENTALS: Beverly Brister Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Beverly Brister, Esq., a practicing attorney in Benton, Ark., as Subchapter V trustee for Evcon Rentals, Corporation. Ms. Brister will be paid an hourly fee of $360 for her services as Subchapter V trustee. Should travel be required outside of Saline or Pulaski Counties, the Subchapter V trustee will seek a compensation rate of $100 per hour for actual travel time incurred. Ms. Brister declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Beverly I. Brister, Esq. Attorney at Law 212 W. Sevier Benton, AR 72015 Phone: 501-778-2100 Email: bibristerlaw@gmail.com About Evcon Rentals Corporation Evcon Rentals, Corporation is a Hot Springs, Arkansas-based equipment rental company that rents industrial, construction, and lawn and garden equipment. It serves contractors and DIY customers and offers delivery and pick-up services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-70738) on April 17, 2026, with $1 million to $10 million in assets and liabilities. Michael Evans, president, signed the petition. Judge Richard D. Taylor presides over the case. Marc Honey, Esq., at Honey Law Firm, P.A. represents the Debtor as bankruptcy counsel. FIREFLY NEUROSCIENCE: Unit Offering Additional Closing Nets $8-Mil. ------------------------------------------------------------------- Firefly Neuroscience, Inc. previously entered into a Securities Purchase Agreement, dated as of March 8, 2026, with certain accredited investors (the "Initial Investors"), pursuant to which the Company agreed to issue and sell units at a purchase price of $1.50 per Unit. Under the Purchase Agreement, the Initial Investors were granted the right, but not the obligation, to purchase in the aggregate up to $18,000,000 of Units in one or more subsequent closings (each, an "Additional Closing") within thirty (30) days following the initial closing date. On April 16, 2026, the Company consummated an Additional Closing under the Purchase Agreement, pursuant to which the Company issued 5,333,333 Units to an accredited investor (the "Additional Investor", together with the Initial Investors, the "Investors") at a total purchase price of $8,000,000. The Units were issued on the same terms and conditions as described in the Prior 8-K, including the price of $1.50 per Unit. The Company and each Investor entered into an Amended and Restated Lock-Up Agreement, dated as of April 16, 2026, which amended and restated the Lock-Up Agreement. Under the A&R Lock-Up Agreement, each Investor has agreed not to transfer any Lock-Up Securities during a thirty (30) day period ending on May 16, 2026. Upon expiration of the Lock-Up Period, all Lock-Up Securities will be fully released from the transfer restrictions. The A&R Lock-Up Agreement otherwise contains substantially the same terms as the original Lock-Up Agreement. The A&R Lock-Up Agreement will automatically terminate upon the earlier of: (i) the expiration of the Lock-Up Period (i.e., May 16, 2026) or (ii) the termination of the Purchase Agreement prior to any Closing. In connection with the Additional Closing, the Investors have also agreed to extend the deadline for the Company to file the Registration Statement with the SEC to May 21, 2026. The Company will use its best efforts to cause the Registration Statement to become effective: (i) within 45 calendar days after filing if the SEC does not review the Registration Statement, or (ii) within 90 calendar days after filing if the SEC reviews the Registration Statement. A full text copy of the A&R Lock-Up Agreement is available at https://tinyurl.com/3n7r7k7k About Firefly Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario-based CBIZ Canada LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred significant losses and accumulated deficit and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $10,477,000 in total assets, $2,840,000 million in total liabilities, and $7,637,000 in total stockholders' equity FIT AND FUN: Unsecureds Will Get 25% of Claims over 5 Years ----------------------------------------------------------- Fit and Fun Playscapes, LLC, filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Chapter 11 Plan dated April 20, 2026. The Debtor was formed in 2011 and operates in the design and manufacture of printed graphics for schools and businesses with the goal of inspiring daily movement. Fit and Fun promotes movement concepts to create inclusive indoor, outdoor, and portable solutions that engage people of all ages and abilities. Fit and Fun is located at 220 Overocker Road, Poughkeepsie (Dutchess County), New York. Between 2019 and 2023, Fit and Fun was subjected to a long intellectual property infringement case involving the protection of Fit and Fun's copyrighted works and the infringer that countersued Fit and Fun for trademark infringement. This litigation cost Fit and Fun approximately $1million dollars. In addition to bearing the debt resultant from this litigation, throughout 2024, Fit and Fun's sales were adversely impacted by federal changes to its primary customer base, to wit: education, not-for-profits, nutritional programs and government agencies. Since the Chapter 11 filing, the Debtor's sales have leveled and the Debtor has remained current on its post-petition obligations. The Chapter 11 reorganization has provided Fit and Fun a bona-fide second chance. Class 5 consists of General Unsecured Claims. Unless otherwise agreed by the applicable holder of an Allowed Claim in this Class to accept different and less favorable treatment, each holder of an Allowed Unsecured Claim shall be entitled receive a twenty-five percent pro rata distribution of its claim over a period of five years. The amount of the Class 5 claims total the sum of $192,387.40. The annual distribution to Class 5 claims will be approximately $9,619.00. Class 6 consists of the interest of the shareholder of the Debtor, Pamela Gunther. Pamela Gunther shall retain one hundred percent of her ownership interest in each of the reorganized Debtor, but shall not receive any dividends or payments under the Plan. Said individual noted owns one hundred percent of the outstanding shares of the Debtor, and is an insider as defined by the Bankruptcy Code. The Debtor's Plan will be implemented by revenues generated and received in the ordinary course and operations of the business of the Debtor. As of the Effective Date, and except as otherwise provided in this Plan, pursuant to the provisions of Bankruptcy Code Section 1141(b) and (c), all assets shall vest in the reorganized Debtor free and clear of all Claims, liens, encumbrances, charges, membership interests and other interests, subject to the terms and conditions of this Plan and the Confirmation Order. Upon confirmation, the reorganized Debtor shall be entitled to manage his affairs for window purposes without further Order of this Court. A full-text copy of the Disclosure Statement dated April 20, 2026 is available at https://urlcurt.com/u?l=wiV9Lh from PacerMonitor.com at no charge. Attorneys for the Debtor: GENOVA, MALIN & TRIER, LLP Andrea B. Malin, Esq. Michelle L. Trier, Esq. Hampton Business Center 1136 Route 9 Wappingers Falls, New York 12590 (845) 298-1600 About Casa Arizona Investments LLC Casa Arizona Investments, LLC, is a single assets real estate company. Casa Arizona Investments sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-10178) on October 24, 2025, listing estimated assets under $100,000 and estimated liabilities between $100,001 and $1 million. On Nov. 25, 2025, the case was converted to one under Chapter 11. Bankruptcy Judge Brenda K. Martin handles the case. Allan D. NewDelman, P.C., is the Debtor's legal counsel. FLOURISH RESTAURANTS: Tamara Miles Ogier Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Flourish Restaurants, LLC. Ms. Ogier will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 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, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Sandra Toledo, manager, signed the petition. Judge Jonathan W. Jordan presides over the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. FORK FOOD: Gets Interim OK for DIP Loan From Fork Food Incubator ---------------------------------------------------------------- Fork Food Lab received interim approval from the U.S. Bankruptcy Court for the District of Maine to obtain debtor-in-possession financing to get through bankruptcy. The lender, Fork Food Incubator, L3C has committed to provide up to $250,000 in DIP financing, including a $50,000 pre-petition advance treated as part of the DIP facility. The financing is structured as a short-term working capital facility maturing on the earlier of August 31 or plan confirmation, with interest tied to the prime rate (floor 4.5%) and no origination or exit fees, though reasonable legal fees are reimbursable. The DIP loan would be secured by junior liens on substantially all of the Debtor's assets, subordinate to existing secured creditors, and would also receive a superpriority administrative claim under 11 U.S.C. section 364(c)(1). The financing includes a strict budget with a 110% spending variance cap and requires compliance with negotiated case milestones under a restructuring support agreement involving key stakeholders. The Debtor also received approval, on an interim basis, to use cash collateral, defined as cash and proceeds subject to creditor interests, to fund urgent expenses such as payroll, utilities, and operational costs. Pre-petition secured creditors include Machias Savings Bank (about $37,916 secured mainly by accounts receivable), Cooperative Fund of the Northeast (about $777,469 secured by broader business assets), and the Elmina B. Sewall Foundation (about $805,924 secured with third-priority interest in receivables). These creditors would receive adequate protection through replacement liens on post-petition assets and potential administrative claims under 11 U.S.C. section 507(b) if their collateral value declines. The order also establishes a carve-out for professional fees and restructuring costs (including Debtor counsel, a chief restructuring officer, and a Subchapter V trustee), which take priority over lender liens. The interim DIP order is available at https://is.gd/mbH8JH from PacerMonitor.com. The final hearing is set for May 21. The deadline for filing objections is on May 19. About Fork Food Lab Fork Food Lab sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 26-20104) on April 21, 2026. In the petition signed by Jason Mills, chief restructuring officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Peter G. Cary oversees the case. Adam R. Prescott, Esq., at Bernstein Shur Sawyer & Nelson, P.A., represents the Debtor as legal counsel. Fork Food Incubator, as DIP lender, is represented by: Kellie W. Fisher, Esq. Drummond Woodsum 84 Marginal Way, Suite 600 Portland, ME 04101-2480 Telephone: (207) 772-1941 kfisher@dwmlaw.com FORT DEFIANCE: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Fort Defiance Housing Corporation asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral to continue operating its housing portfolio while reorganizing. The Debtor owns and manages 662 housing units across 12 projects on the Navajo Nation in Arizona and New Mexico, most of which are single-family homes, with a smaller number of duplex and apartment-style units. It operates under multiple federal housing programs, including USDA Section 515 and Section 538 and HUD Section 8, and maintains strict separation of accounts between projects as required by federal regulations. The Debtor intends to use rental income, which constitutes cash collateral, generated by the properties to fund ongoing operations, including maintenance, utilities, insurance, and mortgage payments. FDHC has three main secured creditor groups: Bank of New York, Shellpoint Mortgage Servicing, and the USDA. All loans are current, properly insured, and not cross-collateralized. The Debtor outlines each lender's collateral and payment structure, noting that USDA loans include both subsidized rental housing financing and deferred-payment arrangements tied to surplus cash calculations. As protection, the Debtor proposes to continue making regular monthly payments to lenders and provide adequate protection through replacement liens on post-petition rental income, maintaining insurance coverage, and preserving existing payment structures. The Debtor argues that adequate protection is appropriate because secured creditors are over-secured and will not be harmed by continued operations. A court hearing is set for May 5. About Fort Defiance Housing Corporation Fort Defiance Housing Corporation, doing business as Sandstone Housing Corp., is an Albuquerque, New Mexico-based nonprofit housing organization that owns, manages and operates affordable housing projects on the Navajo Nation in Arizona and New Mexico. Organized in the late 1960s, it serves low-and moderate-income families and works with HUD, USDA and NAHASDA programs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-03754) on April 17, 2026. In the petition signed by Shelby Garcia, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Paul Sala oversees the case. Frederick J. Petersen, Esq., at Mesch Clark Rothschild, represents the Debtor as legal counsel. FORTUNATO'S ITALIAN: Daniel Etlinger Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Daniel Etlinger of Underwood Murray, P.A. as Subchapter V trustee for Fortunato's Italian Restaurant, Inc. Mr. Etlinger will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Etlinger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel E. Etlinger Underwood Murray, P.A. 100 N. Tampa Street, Suite 2325 Tampa Florida 33602 (813) 540-8401 Email: detlinger@underwoodmurray.com About Fortunato's Italian Restaurant Inc. Fortunato's Italian Restaurant, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03180) on April 16, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Luis Ernesto Rivera II presides over the case. Buddy D Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. FRONTERA ENERGY: S&P Downgrades ICR to 'B', Outlook Stable ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit and issue-level ratings on Frontera Energy Corp. to 'B' from 'B+'. The stable outlook reflects S&P's expectation that the company will maintain stable credit metrics consistent with its current 'B' credit profile. Frontera Energy Corp.'s reserve replacement ratio (RRR) of near 60%, below 100% for second consecutive year, and lower proved developed producing reserves have weakened the company's business risk profile and ratings. While capital expenditure (capex) in 2025 was geared toward exploring new wells to increase the company's 1P reserves, lower international oil prices and softer demand last year have prevented Frontera's reserve base from recovering. The downgrade reflects Frontera's weaker business profile, as its reserve base hasn't improved. Despite stable production during 2025, nearly 40,000 barrels of oil equivalent per day (boe/d), capital expenditure (capex) was about $200 million, compared with S&P's expectations of nearly $270 million. The drop in the Brent reference average price to about $68/boe in 2025 from near $80/boe in 2024 and softer demand have curtailed the company's drilling investments. The latter has prevented the recovery in Frontera's reserve base for the second consecutive year. At the end of 2025, the company reported its 1P reserve of 94 million boe, down about 6% from the 2024 level, which translates into the RRR of near 60%. The RRR was 45% in 2024, prompting S&P to revise the outlook to negative in 2025. In S&P's view, the RRR of below 100% again this year reflects a weaker business risk profile. The narrower future production growth and the lack of geographical diversification (all of production is in Colombia) limit Frontera's business scale and competitive advantage. The company kept its S&P Global Ratings-adjusted gross leverage below 3.0x, in line with its financial risk profile. In addition, its liquidity remained adequate, given the 2028 maturity for its senior unsecured notes of about $310 million and cash balance of $230.5 million as of Dec. 31, 2025. S&P said, "We expect the company to keep its credit metrics in line with its 'B' credit profile following the Parex transaction. As previously announced, in March 2026, Frontera agreed to sell its Colombian oil and gas exploration and production (E&P) business to Parex for up to $525 million, consisting of $500 million payable upon closing of the transaction and a $25 million contingent payment. The company expects to complete the transaction in the second quarter of 2026, subject to customary closing conditions including, the approval by two-third of Frontera's shareholders and regulatory approvals in Canada and Colombia. "We anticipate Frontera's 'b' stand-alone credit profile (SACP) to remain stable following the divestiture of E&P assets and a focus solely on its infrastructure business. The latter consists of a 35% equity interest in a oil pipeline, Oleoducto de los Llanos Orientales (ODL), which transports approximately 30% of Colombia's total oil production, and Puerto Bahía, a multipurpose port maritime terminal in the bay of Cartagena. The completion of the transaction with Parex would result in a more compact and streamlined company with an estimated annual distributable cash flow of approximately $75 million (around $60 million ODL net dividends and $15 million Puerto Bahía EBITDA). This restructured business would also benefit from reduced exposure to the inherent volatility of oil and gas commodity prices. Currently, Frontera's total debt mostly consists of a $310 million bond due 2028 and roughly $170 million in long-term bank loans. As part of the E&P asset acquisition, the $310 million bond will be transferred to Parex, while $170 million in bank loans will remain at Frontera, along with its infrastructure assets. We expect this revised debt structure, with $170 million in bank loans, to gradually decrease over time due to its natural amortization schedule. Additionally, ODL's dividends payable to Frontera, will be applied against debt in current credit contract. As a result, we expect the company's leverage metrics to remain stable and consistent with the 'B' credit rating. "Our stable outlook on Frontera reflects our view that it will maintain stable credit metrics, consistent with its current credit profile. This should be reflected in adjusted gross leverage metrics below 3.5x, while Frontera's liquidity position remains adequate. This should stem from broadly stable debt level and consistent EBITDA generation. "We could lower the ratings in the next 12 months if the company's leverage metrics weaken, with gross debt to EBITDA above 3.5x on a consistent basis due to unexpected significant rise in debt, or Frontera's operating cash burn is higher than we expect for the next 12 months, pressuring its liquidity position. This could result from a weakened revenue generation or unexpected volatility that could erode the company's margins and therefore, its EBITDA. "We could revise our outlook on Frontera or raise our ratings if the company substantially improves its cash flow through its infrastructure business, while strengthening its business profile through wider geographic or asset diversification, and maintains gross debt to EBITDA below 2.5x on a consistent basis and adequate liquidity." GAM ZU LATOV: Case Summary & 13 Unsecured Creditors --------------------------------------------------- Debtor: Gam Zu Latov Inc. 5308 13th Ave Brooklyn, NY 11219-5198 Business Description: Gam Zu Latov Inc. is a Brooklyn, New York-based supplier of disposable food-service and kitchen packaging products, including towel rolls, wooden coffee stirrers, paper bags, wax bags and paper bowls. The company, which is connected to the Culinware brand, provides paper and related goods used by food-service, catering, retail and household customers. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42029 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road Suite 304W Rockville Centre NY 11570-4807 Tel: (516) 284-0900 Email: charles@cwertmanlaw.com Total Assets: $78,025 Total Liabilities: $1,624,805 The petition was signed by Chana Ausch as shareholder. 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/XH5I5QI/Gam_Zu_Latov_Inc__nyebke-26-42029__0001.0.pdf?mcid=tGE4TAMA GENTLEMEN'S CAVE: Seeks Cash Collateral Access ----------------------------------------------- The Gentlemen's Cave Luxury Barber Lounge asks the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, for authority to use cash collateral. The Debtor needs access to cash collateral to pay operating expenses and administrative costs associated with the bankruptcy case, consistent with an approved budget. The Debtor is a multi-member LLC operating a luxury barbershop and lounge in Ohio, founded in 2018. It has outstanding secured debt of approximately $383,766 owed to lenders under promissory notes. These lenders hold security interests in substantially all of the Debtor's assets, including cash, deposit accounts and receivables, making current revenues and cash proceeds cash collateral under section 363(a). The secured lenders that may have interest in the cash collateral include Huntington Bank, Boostra, Stripe Capital, Expansion Capital, and Fratello Capital Bank. The Debtor argues that no additional adequate protection is currently necessary but expresses willingness to negotiate payments if the secured creditors request them. It proposes that all cash collateral used will be limited to necessary operational and case administration expenses intended to preserve the business as a going concern. A copy of the motion is available at https://urlcurt.com/u?l=AUCiMB from PacerMonitor.com. About The Gentlemen's Cave Luxury Barber Lounge The Gentlemen's Cave Luxury Barber Lounge sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10854) on March 2, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Jessica E. Price Smith presides over the case. Charles Tyler, Sr., Esq. represents the Debtor as legal counsel. GRANDE ISLE: Case Summary & Nine Unsecured Creditors ---------------------------------------------------- Debtor: Grande Isle Towers I & II Condominium Association, Inc. 3313-3321 Sunset Key Circle Punta Gorda, FL 33955 Business Description: Grande Isle Towers I & II Condominium Association, Inc. operates a condominium association for Grande Isle Towers, a waterfront condominium community in Punta Gorda, Florida. The not-for-profit association, incorporated in 2004, manages property at the Grande Isle Towers condominium complex in the Burnt Store Marina area. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00951 Debtor's Counsel: Kris Aungst, Esq. PARAGON LAW, LLC 2665 S. Bayshore Drive Suite 220-10 Miami FL 33133 Tel: (305) 812-5443 E-mail: ka@paragonlaw.miami Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by Leroy Munster as president of the Board. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EER5EWA/Grande_Isle_Towers_I__II_Condominium__flmbke-26-00951__0001.0.pdf?mcid=tGE4TAMA GREENWAVE TECHNOLOGY: Receives Nasdaq Notice for Late 10-K Filing ----------------------------------------------------------------- Greenwave Technology Solutions, Inc. disclosed in a regulatory filing that it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC notifying that because it has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission, Nasdaq has determined that the Company no longer complies with the filing requirement set forth in Nasdaq Listing Rule 5250(c)(1). The Staff informed the Company that is has 60 calendar days from April 20, 2026, to submit a plan to regain compliance with the Rule. If the Staff accepts the Company's plan to regain compliance, then it may grant the Company an exception of up to 180 calendar days from the 2025 Form 10-K's due date, or until October 12, 2026, to regain compliance. The Company, by filing Form 8-K, discloses its receipt of the notification from Nasdaq in accordance with Nasdaq Listing Rule 5810(b). Neither the Notice nor the Company's non-compliance with the Rule has an immediate effect on the listing or trading of the Company's securities on Nasdaq, which will continue to trade on The Nasdaq Capital Market under the symbol "GWAV." The Company continues to work diligently to complete and file the 2025 Form 10-K with the SEC and thereby regain compliance with the Rule as soon as practicable. About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $59,850,782 in total assets, $27,178,210 in total liabilities, and $32,672,572 in total stockholders' equity. HAMILTON PROJECTS: S&P Raises Senior Secured Debt Rating to 'BB' ---------------------------------------------------------------- S&P Global Ratings raised its issue-level rating to 'BB' from 'BB-' on Hamilton Projects Acquiror LLC's (Hamilton) $955 million senior secured term loan B (TLB) with a seven-year term that matures in 2031. S&P also revised the recovery rating to '1+' (100%), indicating its expectation for full recovery in a default scenario. The stable outlook reflects S&P's expectation that Hamilton will sustain a minimum S&P Global Ratings-adjusted debt service coverage ratio (DSCR) of 2.46x, with a median DSCR of 2.65x. Hamilton has a solid track record of financial and operating performance. In addition, the outlook for competitive thermal assets improved on rising digitalization-driven demand and a renewed market focus on dispatchable and reliable generation as renewable intermittency increases and baseload supply remains constrained. Hamilton is a two-asset, combined-cycle gas turbine power portfolio with about 1,705 megawatts (MW) of nameplate capacity in northeastern Pennsylvania. It comprises the Liberty power project in Bradford County with a rated winter capacity of 848 MW and the Patriot power project in Lycoming County with a rated winter capacity of 857 MW. The units entered commercial operation in mid-2016 and sell power into Pennsylvania-New-Jersey-Maryland Interconnection's (PJM) Penelec zone and Pennsylvania Power and Light zone, respectively. Liberty and Patriot are in the eastern portion of the Marcellus shale gas play with access to reliable natural gas supply. Tennessee Gas Pipeline Zone 4 Leg 300 and Transco Leidy are the two closest gas hubs for Liberty and Patriot, respectively. Hamilton's historical operating and financial performance was in line with our expectations.In 2025, Hamilton realized a spark spread of approximately $19 per megawatt hour (/MWh). The project's overall capacity factor was about 81%, which was lower compared with historical periods mainly due to planned outages. Hamilton's reported EBITDA was $257 million. The DSCR for compliance purposes, based on the trailing 12 months, was 4.16x for 2025. The project paid down $73.5 million of its TLB during 2025, bringing the outstanding balance of the TLB to $921.5 million as of the end of 2025. Hamilton has maintained a solid performance track record since 2022, realizing annual EBITDA of $240 million-$260 million with a capacity factor above 85%. The DSCRs for compliance purposes were 3.5x-4.5x. Forecast DSCRs improved due to capacity market momentum, which is driven by data center demand and supply constraints. Our forecast DSCRs are now at least 2.46x, primarily due to capacity market tailwinds. The most recently cleared capacity auction for 2027-2028 cleared at $333.44 per megawatt day (/MW-day). This increase was driven by coal retirements, rising electricity demand, and the implementation of new market rules. The current cap and floor on prices, which are expected to remain, provide some level of cash flow visibility. The cleared price of $333.44/MW-day highlights the current tightness in the market. Demand continues to grow mainly due to data centers; however, the PJM capacity market remains structurally tight. S&P expects capacity prices to stay elevated through the end of this decade before moderating thereafter as new generation enters the market. Near-term prices are supported by persistent supply-demand tightness driven by rapid large load growth, long development and interconnection timelines, and gas supply chain constraints. While underlying market fundamentals would imply materially higher prices, regulatory interventions, such as extended capacity caps and the proposed reliability backstop auction, are expected to suppress extreme outcomes. S&P said, "Over the longer term, we assume capacity prices will moderate as incremental supply enabled by longer-term contracting comes online, though we expect prices to remain above historical pre-AI averages. Therefore, our forecasted capacity prices for PJM MAAC are $325/MW-day for the next two auctions, gradually declining to $175/MW-day. "As a result, we expect the project to generate a minimum DSCR of 2.46x over the asset life, which is stronger than our previous review. This improvement, combined with Hamilton's solid performance track record, support the debt rating. "The stable outlook reflects our expectation that Hamilton will sustain a minimum S&P Global Ratings-adjusted DSCR of at least 2.46x in all years. We expect Liberty and Patriot will maintain high availability and dispatch at capacity factors of 85%-90% in the near term. Under current market conditions in PJM, we project realized spark spreads of approximately $20/MWh over the next 12 months. We anticipate the outstanding TLB balance at maturity will be approximately $315 million. "We could consider a negative rating action if expected DSCRs fall below 1.80x on a sustained basis in either the TLB period or the post-refinancing period." This could occur if: -- The project experiences weaker realized spark spreads, lower PJM capacity prices, and unplanned outages that substantially affect generation. -- Economic factors cause the power plants to dispatch materially less than S&P's base-case expectation; or -- The project's excess cash flows do not translate into expected debt paydowns, leading to a higher-than-expected debt balance at maturity. Additionally, S&P could take a negative rating action on Hamilton if leverage increases materially in a way that weakens our current view of the project's credit quality. Although unlikely in the near term, S&P could raise its rating if: -- S&P expects the project will maintain a minimum base-case DSCR well above 3.0x in all years, including the post refinancing period; and -- S&P believes it could rate the project 'BB+' on a qualitative basis, given its single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk. HAWAII BREWERY: Wayne K.T Mau Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed Wayne K.T. Mau as Subchapter V trustee for Hawaii Brewery Development Co., Inc. Mr. Wayne will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wayne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Wayne K.T. Mau 1003 Bishop Street Pauahi Tower, Suite 320 Honolulu, Hawaii 96813 E-mail: wayne@wmaulaw.com Office: (808) 380-8498 Cell: (808) 781-8494 About Hawaii Brewery Development Co. Inc. Hawaii Brewery Development Co., Inc. is a beverage industry development company engaged in brewery-related real estate, infrastructure, and commercial operations. Hawaii Brewery Development Co., Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Haw. Case No. 26-00311) on April 16, 2026. In its petition, the Debtor reports estimated assets in the range of $10 million to $50 million and estimated liabilities in the range of $1 million to $10 million. Honorable Bankruptcy Judge Robert J. Faris handles the case. The Debtor is represented by Lars Peterson, Esq. HELIX ENERGY: Hornbeck Transaction No Impact on Moody's 'Ba3' CFR ----------------------------------------------------------------- Moody's Ratings commented that Helix Energy Solutions Group, Inc.'s (Helix, Ba3 stable) proposed merger with Hornbeck Offshore Services, Inc. (Hornbeck, unrated) raises credit uncertainties, but does not currently affect Helix's ratings, including its Ba3 Corporate Family Rating and B1 senior unsecured notes rating, or its stable outlook. While the combination increases earnings scale and is largely leverage neutral, the combined entity will have increased exposure to the highly cyclical and largely commoditized offshore marine services industry. At the same time, significant uncertainties remain regarding the combined company's future capital structure, growth strategy and financial policies. The proposed transaction is structured as an all-stock reverse merger, where Helix shareholders will own 45% of the combined company at close, and Hornbeck shareholders 55%. The combined company will continue to be publicly traded, and led by Hornbeck's CEO with the seven member board of directors including three members from Helix and four members from Hornbeck. The proposed merger has been approved by the board of directors of both companies and is expected to close in the second half of 2026, subject to the approval of Helix's shareholders and regulatory approvals. The proposed combination will expose Helix to a more cyclical and largely commoditized industry. While the combined entity will benefit from larger scale, Hornbeck's offshore support vessels operate in a highly cyclical, fragmented, and competitive market, which typically offers limited revenue visibility beyond 12 months. There is inherent execution risk related to the anticipated synergies of $75 million per year within three years of closing, and the scope of the synergies is limited because there is not much direct business overlap between the two companies. The combination is largely leverage neutral, with pro forma Moody's adjusted debt to EBITDA anticipated to be around 2.0x at close based on the details disclosed to date. However, Moody's notes that Hornbeck's senior secured term loan raises notching implications for Helix's senior unsecured notes (currently rated B1) depending on the final capital structure. There is also limited information regarding the combined company's future growth strategy and financial policies. As more details are provided regarding these and other matters Moody's will take more definitive rating actions as warranted. Helix Energy Solutions Group, Inc. is a publicly traded offshore oil and gas services company specializing in well intervention, shallow water decommissioning, and subsea robotics. The company is headquartered in Houston, Texas and operates in key offshore oil and gas markets including the US Gulf of America, Brazil, the North Sea, Asia Pacific and West Africa. Headquartered in Covington, Louisiana, Hornbeck Offshore Services, Inc. is a privately-held company providing offshore service vessels to the energy industry primarily in the Gulf of America and Latin America, as well as to the US government, offshore wind and other non-oilfield customers. HELIX ENERGY: S&P Places 'B+' ICR on Watch Pos on Announced Merger ------------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on Houston-based offshore services provider Helix Energy Solutions Group Inc. and placed the 'B+' issuer credit rating on CreditWatch with positive implications. The CreditWatch reflects the likelihood S&P will affirm or raise the rating one notch following close, which S&P anticipates in the second half of 2026, and it has additional information on pro forma operating plans and financial policy. On April 23, 2026, Helix Energy (B+/Stable/--) announced it agreed to merge with offshore supply vessel operator Hornbeck Offshore Services Inc. (unrated) in an all-stock transaction. S&P said, "We expect Helix will benefit from a larger operating scale and additional operating areas and services while maintaining a moderate leverage profile of around 2x. "We believe the proposed transaction will expand scale and diversity. We will, however, need additional clarity on the combined company's operating plans including utilization figures, day rate estimates, and capital investment plans to confirm our view of the pro forma entity's stronger competitive position." The combined company will have expanded services, with a fleet of offshore support vessels combined with Helix's well intervention, subsea robotic, and deepwater construction services. While the combined company remains entirely exposed to offshore markets, about 20% of future revenue will be from non-oil and gas related markets, including renewables and defense. It will also be more geographically diversified than stand-alone Helix and have a stronger presence in the Americas, including the high-growth Brazilian offshore market. Earnings could benefit from economies of scale and additional operating flexibility from additional geographies. The pro forma company targets $75 million of annual synergies within three years from cross-selling, integrated solutions, fleet optimizations, and operating efficiencies. S&P said, "We await information on the combined company's capital structure and financial policy. An upgrade will depend not only on the pro forma leverage of the combined entity, but also on how much equity will be owned by Hornbeck's previous financial sponsors. Our rating on Helix reflects its moderate financial policy, including S&P Global Ratings-adjusted leverage of 1.8x-2x over our forecast period. The CreditWatch positive placement reflects our view that pro forma leverage should remain relatively aligned with our current expectations, based on public disclosures citing a strong balance sheet and low leverage. "Our assessment of financial risk will also incorporate our view financial sponsor ownership, if any. While the ownership structure of Hornbeck is confidential, Ares Management holds a significant portion of shares. We believe companies controlled by financial sponsors tend to follow more aggressive financial policies to achieve desired returns over a typically finite holding period. We typically cap the financial risk assessment of financial sponsor owned companies--nonfinancial corporate entities in which one or more sponsors own at least 40% of common equity or retain most of the voting rights and control through preference shares, and we consider that the sponsors exercise control of the company either solely or jointly. "We could affirm the rating on the combined company if leverage is meaningfully higher than our expectation or financial sponsor control over the combined company that offsets expected business improvement, in our view, and likely result in no rating change. "We placed our issuer credit rating on Helix on CreditWatch with positive implications to reflect the likelihood we will affirm or raise the rating one notch following close of the merger with Hornbeck, which we anticipate in the second half of 2026, and we have additional information on pro forma operating plans, capital structure, and financial policy." HRNI HOLDINGS: Fitch Affirms 'B' IDR, Outlook Stable ---------------------------------------------------- Fitch Ratings has affirmed HRNI Holdings, LLC's (HRNI) Issuer Default Rating at 'B' and its secured term loan B (TLB) at 'BB-' with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. HRNI's IDR reflects its single-site operations, which constrain geographic diversification, moderate EBITDA leverage in the 4.5x-5.0x range, and medium-term competitive challenges at its Chicagoland property. The Stable Outlook reflects its expectation that HRNI may face some operational softness over the medium term as the nearby Wind Creek Chicago Southland continues to ramp up, Bally's permanent casino in Chicago comes online, and the two riverboats converted to land-based operations attract some customers. HRNI's IDR reflects its 'b' Standalone Credit Profile (SCP). Fitch recognizes HRNI's relationship with its majority shareholder, Seminole Hard Rock Entertainment, Inc. (SHRE; BBB/Stable), but assesses HRNI on a standalone basis due to SHRE's low legal incentive and strategic and operational incentive to support HRNI. Key Rating Drivers Leverage Expected to Moderate: HRNI's Fitch-defined EBITDA leverage of 5.2x in 2025 deteriorated from 4.2x from the prior year due to competitive pressures from the continued ramp of the nearby Wind Creek Chicago Southland, owned by Poarch Band of Creek Indians, and increased gaming taxes under Indiana's progressive tax system from the company's transition of a two-license to a one-license structure midyear. Fitch expects EBITDA leverage to moderate to about 4.5x over the medium term, supported by mandatory annual 5% (or $20.8 million) amortization under its TLB. EBITDA will be relatively flat as HRNI navigates the potential competition from the opening of Bally's permanent Chicago casino in 2027, the recent attempt to legalize Video Gaming Terminals (VGTs) in Chicago, the conversion of two PENN Entertainment riverboat casinos to land-based facilities (Hollywood Casino Joliet and Hollywood Casino Aurora) in Illinois, and higher costs from the recently ratified labor contract. Competitive Pressure: Wind Creek Chicago Southland, near the Illinois-Indiana border and about 15 miles from HRNI, has taken some share of the latter's players since its phased opening in late-2024 due to strong marketing initiatives. However, HRNI has mostly weathered the challenges by focusing on its operational profitability. Fitch expects limited impact from marketing efforts of another nearby competitor, Horseshoe Hammond, especially as the operator appears to be less promotional. Bally's permanent casino is farther away and may have minimal impact on HRNI as core regional gaming customers generally prefer a suburban facility over one downtown The potential legalization of VGTs in Chicago could poach some HRNI customers. However, Fitch does not currently assume any material impact on HRNI as they have already been legal in the rest of Illinois. Similarly, the impact of the conversion of the two riverboat casinos to land-based operations may be mostly manageable. Fitch expects the conversion of one of the two unused racino licenses into a casino license in Indiana, if the bill passes the vote in Allen, DeKalb or Steuben counties in November 2026, to not materially affect HRNI due to their distance from Gary County. Lack of Diversification: HRNI operates a single property in Chicagoland's competitive market, but it is subject to new supply risk, limiting rating upside over the medium term as future cash flow generation can be challenged. Fitch rates most single-site operators in the single-'B' category unless unique end-market dynamics support a higher rating. These dynamics include a monopolistic position, clear market leadership, or a conservative balance sheet. HRNI's high geographic concentration is offset by moderate leverage and satisfactory operating fundamentals. Strong Market Position: HRNI has taken market share from each of its three nearby participants in Indiana - Ameristar, Horseshoe Hammond, and Blue Chip - since its opening in 2021, benefitting from its brand recognition, quality of offerings, and proximity to the highway. This has resulted in win-per-day metrics above area averages. Fitch expects HRNI to largely maintain its position in the Chicagoland market as Wind Creek Chicago Southland's marketing normalizes, the two converted riverboat casinos in Joliet and Aurora pose a nominal threat due to their location and distance, and Bally's permanent casino mostly attracts city-dwelling patrons. Stable Regional Gaming Outlook: Fitch expects overall regional gaming in 2026 to grow by the low-single digits, supported by property upgrades, new openings, a rational promotional environment, and resilient consumer demand from an older and more loyal customer base than that of Las Vegas properties. Regional casinos are typically less volatile due to a higher share of slot play than tables, albeit partially offset by higher gaming taxes. However, Illinois and Indiana are expected to face competition from new supply growth and Fitch's base case does not contemplate a large increase to the markets, thereby assuming some cannibalization. SHRE Relationship: SHRE, the owner and operator of Hard Rock-branded casinos, hotels, and cafés, controls most of HRNI's board. It increased its majority stake from 74% to about 85% recently. The two entities share executive management, but the latter does not provide downstream guarantees for HRNI's debt. HRNI's financial contribution to and operational synergies with SHRE are also low. Fitch applies its stronger parent/weaker subsidiary path under its "Parent and Subsidiary Linkage Rating Criteria" to HRNI and assesses it on a standalone basis due to low legal incentive and strategic and operational incentive for SHRE to support the subsidiary. Peer Analysis HRNI's IDR is consistent with low-diversification gaming operators such as Mohegan Tribal Gaming Authority (B/Rating Watch Positive), a federally recognized Native American tribe, that operates two land-based properties in Connecticut and Pennsylvania, two casinos in Canada along and a digital gaming business. Its rating also reflects the potential impact of the opening of New York City casinos, Mohegan Sun casino's leading market position, growing digital results, and positive FCF generation. The Rating Watch Positive reflects Fitch's expectation of leverage reduction from the sale proceeds of the WNBA Connecticut Sun basketball team. HRNI is rated one-notch higher than Bally's Corporation (B-/Stable), a U.S. regional gaming operator diversified across about 19 casinos in a dozen states, an iGaming business in North America, and a 58% interest in Intralot S. A. (B+/Negative). Bally's has high EBITDAR leverage, limited debt market access, and relies on its Chicago casino's construction and execution, which constrain its rating. Fitch’s Key Rating-Case Assumptions - Total revenues improve marginally in 2026 as HRNI recovers from the competitive ramp of PCI Wind Creek Chicago Southland. Sales remain relatively flat in 2027 largely due to some potential pressures from the opening of Bally's permanent casino and roll-out of VGTs in Chicago. Subsequently, revenues climb in the low single digits. - EBITDA margin settles around 15% over the rating horizon and incorporates increased labor expenses associated with a newly ratified contract, along with higher-than-historical gaming taxes associated with the transition from a two-license to a one-license structure in mid-2025; - Annual capex as a percentage of revenue hovers in the 3.5%-4% range, largely driven by maintenance capex. Fitch does not currently model in the construction of a hotel and convention space in its base case over the near to medium term; - Debt remains tied to the revolver and TLB, with debt repayments assumed to be associated with mandatory amortization under the term loan; - No shareholder distributions or acquisitions assumed; - Base interest rates assumptions reflect the current SOFR curve. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (b, Moderate), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (bb, Lower), Profitability (bb+, Moderate), Financial Structure (bb-, Moderate), 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 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'. - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a standalone approach. - Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. Recovery Analysis The recovery analysis assumes HRNI would be reorganized as a going concern in bankruptcy rather than be liquidated. Fitch has assumed a 10% administrative claim and full draw on the $35 million priority revolver. A going concern EBITDA of $45 million, down from its previous estimate of $50 million, reflects the permanent impact of competitiveness stemming from new openings and a sustainable level of operating performance following a restructuring scenario. Its going concern EBITDA assumes a level of win per unit per day of slots and tables, which is well below the current average in the Chicagoland market and below where the casino is currently trending. Fitch expects non-gaming revenue to remain at about 10% of total property revenue. Fitch applies a 6.0x enterprise value/EBITDA multiple, which reflects the competitiveness of the Chicagoland market and new supply risk as well as the property's limited operating record. It also reflects the single-site limitations of the credit. The quality of the property and its performance help to offset these concerns. The 6.0x multiple is aligned with Fitch's 5.0x-7.0x recovery multiples band for the U.S. gaming industry. Fitch forecasts a post-reorganization enterprise value of $270 million. After adjusting for administrative claims, the remaining value is allocated first to the revolver, which has stated priority over the TLB, resulting in an 'RR1' recovery, and then to the term loan, which results in an 'RR2' recovery. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FCF approaching breakeven; - EBITDA leverage sustained above 6.0x; - EBITDA fixed-charge coverage below 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Greater degree of confidence that EBITDA leverage will remain below 5.0x and the FCF margin will approach 10% amid the competitive pressures in the greater Chicago area; - An increase in rating linkage with SHRE; - HRNI's lack of diversification may limit its ability to be upgraded. Liquidity and Debt Structure At Dec. 31, 2025, HRNI had about $47 million in cash and $27 million available under its $35 million revolver due December 2026. Fitch expects HRNI to generate sufficient cash flow to pay its scheduled annual debt amortization of 5% under its TLB and nominal capex requirements. Fitch expects the average FCF margin to be in the low-single digits over the forecast horizon as HRNI faces some competitive challenges. Issuer Profile Hard Rock Northern Indiana Holdings, LLC (HRNI, formerly known as Spectacle Gary Holdings, LLC) is the owner and operator of the Hard Rock Casino Northern Indiana, a casino development in Gary, IN focused on the greater Chicagoland and northern Indiana gaming markets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for HRNI Holdings, 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 ----------- ------ -------- ----- HRNI Holdings, LLC LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- INOTIV INC: Secures Liquidity Covenant Waiver for April Test Dates ------------------------------------------------------------------ Inotiv, Inc. disclosed in a regulatory filing that the lenders under its Credit Agreement, dated as of November 5, 2021 granted a waiver of the minimum liquidity covenant under the Credit Agreement for the April 17, 2026 liquidity test date and the April 24, 2026 liquidity test date. The waiver was limited to such liquidity covenant for the indicated test dates, and none of the provisions of the Credit Agreement were amended thereby. About Inotiv Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Indiana-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. As of December 31, 2025, the Company had $734.3 million in total assets, $625.3 million in total liabilities, and $109 in total equity. JAGUAR HEALTH: Stockholders Back All Proposals at Special Meeting ----------------------------------------------------------------- Jaguar Health, Inc. disclosed the voting results of the Company's Special Meeting of Stockholders. Five proposals were submitted to and approved by the stockholders of the Company at the Special Meeting. The final results for the votes regarding each proposal are: 1. Proposal to approve an amendment to the Company's Third Amended and Restated Certificate of Incorporation, as amended (the "COI"), to increase the number of authorized shares of the Company's voting Common Stock from 298,000,000 shares to 500,000,000 shares and a corresponding increase in the total number of shares the Company is authorized to issue from 352,475,074 shares to 554,475,074 shares The votes regarding this proposal were as follows: For: 6,031,263 Against: 1,129,451 Abstained: 21,053 Broker Non-Votes: 0 Pursuant to the authority granted by the Company's stockholders, the Company's board of directors approved the Authorized Share Increase and the filing of the Tenth Amendment to effectuate the Authorized Share Increase. On April 20, 2026, the Company filed the Tenth Amendment with the Secretary of State of the State of Delaware, and the Authorized Share Increase became effective in accordance with the terms of the Tenth Amendment immediately upon filing with the DE Secretary of State. The full text of the Tenth Amendment is available at https://tinyurl.com/5hfa6n4m 2. Proposal to approve an amendment to the Company's COI to effect, if approved and effected at all, a reverse stock split of the Company's issued and outstanding shares of Common Stock at a ratio not less than 1-for-15 and not greater than 1-for-150. The exact ratio, if approved and effected at all, will be set within that range at the discretion of the Company's board of directors and publicly announced by the Company on or before the one-year anniversary of the approval of this proposal, without further approval or authorization of the Company's stockholders. The votes regarding this proposal were as follows: For: 6,534,230 Against: 629,671 Abstained: 17,866 Broker Non-Votes: 0 Proposal 2 was approved by the affirmative vote of a majority in voting power of the shares of Common Stock outstanding as of the Record Date. 3. Proposal to approve an amendment to the Company's COI to effect, if approved and effected at all, a reverse stock split of the issued and outstanding shares of Common Stock at a ratio not less than 1-for-15 and not greater than 1-for-150. The exact ratio, if approved and effected at all, will be set within that range at the discretion of the Company's board of directors and publicly announced by the Company on or after the date of the effectiveness of the First Reverse Stock Split and on or before the one-year anniversary of the approval of this proposal, without further approval or authorization of the Company's stockholders. The votes regarding this proposal were as follows: For: 6,519,022 Against: 644,867 Abstained: 17,878 Broker Non-Votes: 0 Proposal 3 was approved by the affirmative vote of a majority in voting power of the shares of Common Stock outstanding as of the Record Date. 4. Proposal to approve, for purposes of Nasdaq Listing Rule 5635(d), the issuance of shares of our Common Stock issuable upon exchange of that certain secured promissory note in the original principal amount of $10,810,000 issued by the Company to Streeterville Capital, LLC on November 12, 2025, as amended on March 6, 2026, pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended. The votes regarding this proposal were as follows: For: 4,020,240 Against: 331,148 Abstained: 8,968 Broker Non-Votes: 2,821,411 5. Proposal to approve one or more adjournments of the Special Meeting, if necessary, to solicit additional proxies in the event that there are not sufficient votes at the time of the Special Meeting to approve Proposals 1, 2, 3 and 4. The votes regarding this proposal were as follows: For: 6,119,840 Against: 1,049,331 Abstained: 12,596 Broker Non-Votes: 0 About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. RBSM LLP, the Company's auditor since 2022, issued a going concern qualification in its report dated April 7, 2026, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $38.3 million in total assets, $57 million in total liabilities, and $18.7 million in total stockholders' deficit. JOHN FITZGIBBON: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- John Fitzgibbon Memorial Hospital, Inc. and Fitzgibbon Health Services received interim approval from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral. Under the interim order, the Debtors are authorized to use cash collateral in accordance with an approved budget, subject to a variance of 15% on an aggregate, carry-forward basis. The Debtors need to use cash collateral to continue operating their rural healthcare system during the early stages of the restructuring. The Debtors operate a 60-bed acute care hospital, a 99-bed skilled nursing and memory care facility known as The Living Center, and additional outpatient clinics and medical office services across rural Missouri, all of which depend on uninterrupted funding to maintain patient care. At the time of filing, the Debtors had outstanding secured debt of approximately $21.7 million and significant additional unsecured liabilities, with multiple bondholders and lenders asserting liens over substantially all operating assets, including accounts receivable, inventory, deposit accounts, and cash proceeds. Because these pledged revenues constitute cash collateral under the Bankruptcy Code, the Debtors cannot use them without court approval. As adequate protection for any diminution in the value of their cash collateral, pre-petition secured creditors will be granted replacement liens on all assets of the Debtors' estates, with the same extent, validity, and priority as their pre-petition liens; and subordinate and subject to any valid liens existing as of the petition date that are senior to the pre-petition secured creditors' liens. The pre-petition secured creditors include AmerisourceBergen and the holders of the 2010 Series Bonds and the 2016 Series Bonds. The next hearing is set for May 6, with objections due by May 4. The order is available at https://is.gd/glLDWq from PacerMonitor.com. About John Fitzgibbon Memorial Hospital, Inc. John Fitzgibbon Memorial Hospital, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40689) on April 21, 2026. In the petition signed by Angela P. Littrell, president and chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Cynthia A. Norton oversees the case. Zachary R.G. Fairlie, Esq., at Spencer Fane, represents the Debtor as legal counsel. KKR REAL ESTATE: Moody's Cuts CFR to B1, Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has downgraded KKR Real Estate Finance Trust Inc.'s (KREF) corporate family rating and KREF Holdings X LLC's senior secured bank credit facility rating to B1 from Ba3. Additionally, the outlook was changed to stable from negative for both entities. RATINGS RATIONALE The downgrade reflects further deterioration in KREF's asset quality, continuing net losses and weakening capitalization. KREF reported a $61.9 million loss in first-quarter of 2026, driven largely by a $73.5 million provision for credit losses. Loans rated 4 and 5 - the company's weakest internal risk categories - increased to 5% and 14% of the portfolio, respectively, as of March 31, 2026, and are concentrated in office, multifamily, and life science properties. The company's current expected credit loss (CECL) allowance rose to $260 million, or 5.1% of gross loans. KREF also reported $471 million of real estate owned, held either for investment or for sale. KREF's capitalization, as measured by tangible common equity to tangible managed assets (TCE/TMA), declined to 15.8% as of March 31, 2026 from 18.1% as of December 31, 2025. In response to the continued losses, KREF is lowering its quarterly dividend to $0.10 per share from $0.25 per share. However, the company believes that meaningful share buybacks are in the best interests of shareholder value creation, and the company's board authorized a new $75 million share repurchase program. KREF's management expects the next 12 months to be a transitional period, with an accelerated push to resolve remaining real estate owned (REO) assets, watch list loans, and select office exposures, most of which are positioned for monetization during 2026. These asset sales, modifications, and resolutions are intended to clean up the portfolio, but they are likely to pressure near-term earnings until the process is largely complete. At the same time, Moody's expects loan repayments to support the company's liquidity as the portfolio resets toward newer originations. The B1 CFR reflects limited near-term corporate debt maturities, capitalization that is adequate but below peers, and a strong competitive position supported by its affiliation with KKR & Co. Inc., its external manager. The ratings are constrained by rising problem loans, which have led to provision-driven operating losses, concentrated exposure to commercial real estate lending, and a high reliance on confidence-sensitive secured funding. The B1 senior secured bank credit facility rating is reflective of the notes' priority ranking in KREF's capital structure. The stable outlook reflects Moody's views that despite expected weakening in asset quality and profitability, KREF's capital position and funding profile will remain stable and supportive of the company's credit profile over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS KREF's ratings could be upgraded if the company: 1) reduces its problem loans and exposure to office properties without increasing portfolio risk; 2) strengthens its capital position; 3) reduces its ratio of secured debt to total assets below 70%; and 4) demonstrates predictable profitability and asset quality that compares favorably with peers. KREF's ratings could be downgraded if the company: 1) experiences a continued sizable deterioration in asset quality, leading to outsized losses; 2) further weakens its capitalization; or 3) shrinks the amount of funding available under secured borrowing facilities, its primary liquidity source. The principal methodology used in these ratings was Finance Companies published in July 2024. 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. KUSTOM ENTERTAINMENT: Reverse Split Cuts Shares to 526K from 2.6MM ------------------------------------------------------------------ Kustom Entertainment, Inc. disclosed in a regulatory filing that effective as of April 22, 2026, it filed a Certificate of Change to its Articles of Incorporation, as amended adopted by the Board of Directors and filed with the Secretary of State of the State of Nevada on April 21, 2026, to effect a reverse stock split at a ratio of one-for-five (1-for-5), such that every five shares of the Company's common stock, par value $0.001 issued and outstanding would be converted and exchanged into one (1) share of Common Stock and proportionately reduce the number of shares of Common Stock authorized. The record date for determining the holders of Common Stock entitled to receive shares of Common Stock following the effectiveness of the Reverse Stock Split was April 7, 2026. The Reverse Stock Split and Capital Stock Reduction became effective on April 22, 2026, and began trading on the Nasdaq Capital Market on a split-adjusted basis at the start of trading on April 22, 2026. The number of outstanding shares of Common Stock prior to the Reverse Stock Split was 2,633,063 and the number of outstanding shares of Common Stock following the Reverse Stock Split is 526,613 subject to adjustment for the rounding up of fractional shares to the nearest whole share. The new CUSIP number for the Common Stock is 25382T606. The number of authorized shares of Common Stock prior to the Capital Stock Reduction was 66,666,666. The number of authorized shares of Common Stock following the Capital Stock Reduction is 13,333,333. A full text copy of the Certificate of Change is available at https://tinyurl.com/yukj5kxk About Kustom Entertainment, Inc. Kustom Entertainment, Inc. is a leader in live event production and ticketing technology, specializing in large-scale music festivals and end-to-end event management. Its flagship event, Country Stampede, is held annually during June at the Azura Amphitheater in Bonner Springs, Kansas. The Company also maintains a legacy segment engaged in video solution technology (in-car and body-worn cameras) for law enforcement and security, currently integrating artificial intelligence to enhance its specialized product lines. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 10, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company incurred substantial operating losses in the years ended December 31, 2025. The Company incurred operating losses of approximately $10,882,421 for the year ended December 31, 2025, and had an accumulated deficit of $144,184,436 as of December 31, 2025. As of December 31, 2025, the Company had $19,328,527 in total assets, $16,958,571 million in total liabilities, and $2,369,956 in total stockholders' equity. LEO'S TRIM: Daniel Bruton Named Subchapter V Trustee ---------------------------------------------------- John Paul H. Cournoyer, the U.S. Bankruptcy Administrator for the Middle District of North Carolina, appointed Daniel Bruton as Subchapter V trustee for Leo's Trim, LLC. Mr. Bruton will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bruton declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Leo's Trim LLC Leo's Trim, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-10273) on April 15, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Samantha K. Brumbaugh, Esq., at Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel. LIBERTY CARRIERS: Gina Klump Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Liberty Carriers, Inc. Ms. Klump will be paid an hourly fee of $535 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Liberty Carriers Inc. Liberty Carriers, Inc. is a dump truck service business based in Livermore, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40730) on April 8, 2026. In the petition signed by Gurmit Singh, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Charles Novak oversees the case. Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc., represents the Debtor as bankruptcy counsel. LIFE STRIDE: Monique Almy Named Subchapter V Trustee ---------------------------------------------------- Matthew Cheney, the Acting U.S. Trustee for Region 4, appointed Monique Almy, Esq., as Subchapter V trustee for Life Stride, Inc. Ms. Almy, a partner at Crowell & Moring, LLP, will be paid an hourly fee of $800 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Almy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Monique D. Almy, Esq. Crowell & Moring, LLP 1001 Pennsylvania Avenue, NW Washington, DC 20004 Phone: (202) 624-2935 malmy@crowell.com 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. Life Stride, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. District of Columbia Case No. 26-00183) on April 15, 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 Elizabeth L Gunn oversees the case. The Belmont Firm is the Debtor's legal counsel. LURIN REAL ESTATE: Affiliate Seeks to Use Cash Collateral --------------------------------------------------------- Lurin Real Estate Holdings LXIV, LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral. The Debtor, an affiliate of Lurin Real Estate Holdings XXI, LLC, is requesting immediate access to rental income, which constitutes cash collateral to fund essential operating expenses. The primary secured lender is BDS V REIT LLC, owed approximately $43 million under a mortgage loan secured by the property, which is valued at about $54.7 million -- creating an asserted equity cushion of roughly 25%. The Debtor proposes adequate protection through replacement liens and superpriority claims to offset any potential decline in collateral value. The Debtor notes pre-petition defaults due to missed loan payments and plans to conduct a 150-day marketing and sale process for the property. A copy of the motion is available at https://urlcurt.com/u?l=TdCEQB from PacerMonitor.com. About Lurin Real Estate Holdings XXI Lurin Real Estate Holdings XXI, LLC is a real estate investment and development company focused on commercial and residential property holdings across multiple U.S. markets. Lurin Real Estate Holdings XXI sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90344) on March 2, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $50 million to $100 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Joshua W. Wolfshohl, Esq., at Porter Hedges, LLP. M. DELANEY: Resolves Lender Dispute Over Cash Collateral Access --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, entered a consent order resolving BayVanguard Bank's motion to prohibit M. Delaney, LLC from using its cash collateral. Under the court order, the Debtor is required to make "adequate protection" payments to BayVanguard directly as follows: (i) interest in the amount of $2,074.42 per month; plus (ii) escrow in the amount of $1,282.00 per month. The Debtor may use BayVanguard's cash collateral to make such payments. If the Debtor's bankruptcy case is converted, dismissed, or refiled, the consent order still applies and remains fully effective. The order is available at https://is.gd/OMuwiG from PacerMonitor.com. BayVanguard holds a valid, perfected, and enforceable security interest in substantially all of the Debtor's property, including the real estate, business personal property, liquor license, accounts, rents, and all proceeds generated from the operation of the business. The Lender's claim arises from a $350,000 loan secured by a purchase money deed of trust, assignment of leases and rents, a UCC financing statement, and a liquor license agreement executed in 2021. The Debtor defaulted on the loan by failing to make required payments, leading the lender to initiate foreclosure proceedings in Maryland state court. A foreclosure sale was scheduled for April 10 but was automatically stayed when the Debtor filed for Chapter 11 relief just before the sale occurred. As of April 9, the total amount owed under the loan documents was approximately $348,291, including principal, accrued interest, late fees, foreclosure costs, appraisal fees, and a prepayment penalty, with interest continuing to accrue. The lender alleged in its motion that after the bankruptcy filing, the Debtor has continued operating the business and collecting revenues that constitute cash collateral. The lender said that these funds are subject to its lien and must either be segregated or used only with court approval and adequate protection. It further alleged that the Debtor has improperly used cash collateral post-petition without authorization and has failed to account for or remit the lender's share of the proceeds. About M. Delaney LLC M. Delaney LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-13770) on April 8, 2026. In the petition signed by Malcolm Delaney, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Robert B. Scarlett, Esq., at Scarlett & Croll, P.A., represents the Debtor as legal counsel. BayVanguard Bank, as lender, is represented by: Bob Van Galoubandi, Esq. The Commerce Center 1777 Reisterstown Road, Suite 375 Baltimore, MD 21208 Phone: (410) 739-4562 bgaloubandi@gmail.com MALCOLM PATRICK: Samuel Dawidowicz Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for Malcolm Patrick Corporation. Mr. Dawidowicz will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About Malcolm Patrick Corporation Malcolm Patrick Corporation, based in New Rochelle, New York, operates as a construction contractor providing site development and specialty construction services including excavation, demolition, concrete work, fencing and railing installation, scaffolding, and metal fabrication for commercial and institutional projects across the New York metropolitan area. Founded in 2004, the company operates as a privately held entity and holds Minority Business Enterprise (MBE) and Disadvantaged Business Enterprise (DBE) certifications, with a client base that includes government agencies, general contractors, and private-sector developers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22371) on April 13, 2026, with $162,500 in assets and $1,381,302 in liabilities. Deighton C. Taylor, president, signed the petition. Judge Sean H. Lane presides over the case. Robert J Spence, Esq. at SPENCE LAW OFFICE, P.C. represents the Debtor as legal counsel. METICULOUS CLEANING: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Meticulous Cleaning Services, Inc. 406 Highland Ave Wyckoff NJ 07481 Business Description: Meticulous Cleaning Services, Inc. is a Waldwick, New Jersey-based cleaning company founded in 2006 and locally owned by founder Zerlinda Rodriguez. The company provides residential, commercial, industrial, post-construction, special event, house cleaning, and maid services. Its commercial cleaning work includes trash removal, paper and toiletry restocking, glass spot-cleaning, and hallway vacuuming. Meticulous Cleaning serves residential, commercial and industrial customers in New Jersey, including communities in the Bergen County area. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-14629 Debtor's Counsel: Karina Lucid, Esq. KARINA PIA LUCID, ESQ. LLC 1065 Rte 22 West Suite 2B Bridgewater NJ 08807 Tel: 908-350-7505 E-mail: klucid@karinalucidlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Zerlinda Rodriguez as owner. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZYDCPXQ/Meticulous_Cleaning_Services_Inc__njbke-26-14629__0001.0.pdf?mcid=tGE4TAMA MICHAEL HERZOG: Voluntary Chapter 11 Case Summary ------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Michael Herzog LLC 26-10691 706 Princeton Avenue Lakewood, NJ 08701 David Herzog LLC 26-10962 1466 Parkside Drive Lakewood, NJ 08701 Business Description: David Herzog LLC and Michael Herzog LLC jointly own a four-story mixed-use property at 57 West 86th Street in New York, New York. The property includes 12 residential apartments and one commercial tenant and is fully occupied, with a combined monthly rent roll of $83,853. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Philip Bentley Debtors' Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Michael Herzog LLC's Total Assets: $0 Michael Herzog LLC's Total Liabilities: $6,600,000 David Herzog LLC's Total Assets: $2,000 David Herzog LLC's Total Liabilities: $6,600,000 The petitions were signed by Pearl Herzog as manager. The petitions were filed without the Debtors' lists of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/7ZFOGGY/Michael_Herzog_LLC__nysbke-26-10961__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/4BNH7KQ/David_Herzog_LLC__nysbke-26-10962__0001.0.pdf?mcid=tGE4TAMA MIYOSHI AMERICA: Case Summary & 25 Law Firms with Talc Claims ------------------------------------------------------------- Debtor: Miyoshi America, Inc. 110 Louisa Viens Drive Dayville, CT 06241 Business Description: Miyoshi America, Inc. is a Texas-incorporated company founded in 1985 and primarily operating from its headquarters in Dayville, Connecticut. The company processes, treats, manufactures, and sells specialized ingredients, including pigments, composites, substrates, and sunscreen ingredients, for cosmetics manufacturers. It also maintains a lab and sales office in Valley Cottage, New York. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-90522 Judge: Hon. Christopher M Lopez Debtor's General Bankruptcy Counsel: Charles S. Kelley, Esq. MAYER BROWN LLP 700 Louisiana Street, Suite 3400 Houston TX 77002-2730 Tel: (713) 238-3000 Email: ckelley@mayerbrown.com Debtor's Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: SMITH GOFFMAN PARTNERS Debtor's Claims, Noticing, Solicitation & Balloting Agent: STRETTO, INC. Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Edward Houlihan as vice president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OQBFEEY/Miyoshi_America_Inc__txsbke-26-90522__0001.0.pdf?mcid=tGE4TAMA List of Lead Law Firms with Pending Talc Personal Injury Claims Against the Debtor: Entity Nature of Claim Claim Amount 1. Maune Raichle Hartley Talc Personal Unliquidated French & Mudd, LLC Injury Claims 1015 Locust Street Suite 1200 St. Louis, MO 63101 Marcus Raichle Email: mraichle@mrhfmlaw.com Tel: (314) 822 - 0930 Fax: (314) 621 - 5990 2. Simon Greenstone Talc Personal Unliquidated Panatier, P.C Injury Claims 901 Main Street Suite 5900 Dallas, TX 75202 Leah Kagan Email: lkagan@sgptrial.com Tel: (214) 276 - 7680 Fax: (214) 276 - 7699 3. Meirowitz & Wasserberg, LLP Talc Personal Unliquidated 1040 6th Ave Injury Claims 10th Floor New York, NY 10018 Justine Delaney Email: jdelaney@mwinjurylaw.com Tel: (516) 680 - 9442 Fax: (646) 432 - 6887 4. SWMW Law, LLC Talc Personal Unliquidated 701 Market Street Injury Claims Suite 1000 St. Louis, MO 63101 Lauren Williams Email: lauren@swmwlaw.com Tel: (636) 614 - 5464 Fax: (314) 932 - 1566 5. Dean Omar Branham Shirley, LLP Talc Personal Unliquidated 1801 N. Lamar Street Injury Claims Suite 300 Dallas, TX 75202 Trey Branham Email: tbranham@dobslegal.com Tel: (214) 722 - 5990 Fax: (214) 722 - 5991 6. Levy Konigsberg, LLP Talc Personal Unliquidated 605 Third Avenue Injury Claims 33rd Floor New York, NY 10158 Audrey Raphael Email: araphael@levylaw.com Tel: (914) 923 - 0586 Fax: (212) 605 - 6290 7. Belluck Law, LLP Talc Personal Unliquidated 546 5th Avenue Injury Claims 5th Floor New York, NY 10036 Joseph Belluck Email: jbelluck@bellucklaw.com Tel: (646) 956 - 4658 Fax: (212) 681 - 1574 8. Simmons Hanly Conroy LLP Talc Personal Unliquidated 112 Madison Avenue Injury Claims 7th Floor New York, NY 10016 Lisa Busch Email: lbusch@simmonsfirm.com Tel: (212) 257 - 8482 Fax: (212) 213 - 5949 9. Menges Law LLC Talc Personal Unliquidated 6400 West Main Street Injury Claims Suite 1G Belleville, IL 62223 Carson C. Menges Email: cmenges@mengesfirm.com Tel: (618) 424 - 4450 Fax: (618) 277 - 6649 10. Bailey Cowan Heckaman PLLC Talc Personal Unliquidated 1360 Post Oak Blvd. Injury Claims Suite 2300 Houston, TX 77056 Megan L. Roper Email: mroper@bchlaw.com Tel: (281) 484 - 4884 Fax: (713) 425 - 7101 11. Cohen, Placitella & Roth, P.C. Talc Personal Unliquidated 127 Maple Avenue Injury Claims Red Bank, NJ 07701 Jared M. Placitella Email: jmplacitella@cprlaw.com Tel: (215) 567 - 3500 Fax: (215) 567 - 6019 12. The Deaton Law Firm Talc Personal Unliquidated 450 North Broadway Injury Claims East Providence, RI 02914 John Deaton Email: all-deaton@deatonlawfirm.com Tel: (401) 369 - 6967 Fax: (401) 351 - 6401 13. Brown Kiely LLP Talc Personal Unliquidated 479 Jumpers Hole Road Injury Claims Suite 103 Severna Park, MD 21146 Matthew Kiely Email: mkiely@brownkielylaw.com Tel: (240) 220 - 9923 Fax: (301) 718 - 8037 14. Deblase Brown Eyerly LLP Talc Personal Unliquidated 680 South Santa Fe Avenue Injury Claims Los Angeles, CA 90021 Eric Brown Email: brown@dbelegal.com Tel: (310) 575 - 9955 Fax: (310) 575 - 9919 15. Duffy Law LLC Talc Personal Unliquidated 70 Washington Street Injury Claims Suite 405 Salem, MA 01970 Chris Duffy Email: duffy@cpduffylaw.com Phone: (978) 414 - 5714 16. Early, Lucarelli, Talc Personal Unliquidated Sweeney, Meisenkothen, LLC Injury Claims One Century Tower 265 Church Street 11th Floor New Haven, CT 06510 Brian P. Kenney Email: bkenney@elslaw.com Tel: (203) 777 - 7799 Fax: (203) 785 - 1671 17. Goldberg, Persky, & White Talc Personal Unliquidated 11 Stanwix Street Injury Claims Suite 1800 Pittsburgh, PA 15222 Leif J. Ocheltree Email: locheltree@gpwlaw.com Tel: (724) 493 - 2356 Fax: (412) 471 - 8308 18. Kazan, Mcclain, Talc Personal Unliquidated Satterley, & Greenwood Injury Claims 55 Harrison Street Suite 400 Oakland, CA 94607 Michael Stewart Email: mstewart@kazanlaw.com Tel: (888) 887 - 1238 Fax: (510) 835 - 4913 19. Landry & Swarr, LLC Talc Personal Unliquidated Energy Centre Injury Claims 1100 Poydras Street Suite 2000 New Orleans, LA 70112 Mickey P. Landry Email: mlandry@landryswarr.com Tel: (504) 482 - 5750 Fax: (504) 299 - 1215 20. Mcdermott & Hickey, LLC Talc Personal Unliquidated 20525 Center Ridge Road Injury Claims Suite 200 Rocky River, OH 44116 Christopher Hickey Email: chip@mcdermontthickeylaw.com Tel: (216) 712 - 7452 Fax: (216) 916 - 9238 21. Phillips & Paolicelli, LLP Talc Personal Unliquidated 747 Third Avenue Injury Claims 6th Floor New York, NY 10022 Daniel J. Woodard Email: dwoodard@p2law.com Tel: (646) 581 - 9223 Fax: (212) 388 - 5200 22. Shepard O'Donnell, P.C Talc Personal Unliquidated 160 Federal Street Injury Claims Boston, MA 02110 Michael Shepard Email: mshepard@shepardlawfirm.com Phone: (617) 451 - 9191 23. The Ferraro Law Firm Talc Personal Unliquidated 600 Brickell Avenue Injury Claims Suite 3800 Miami, FL 33131 Marc P. Kunen Email: mpk@ferrarolaw.com Tel: (833) 497 - 4225 Fax: (305) 379 - 6222 24. Thornton Law Firm LLP Talc Personal Unliquidated 84 State Street Injury Claims 4th Floor Boston, MA 02109 Leslie-Anne Taylor Email: ltaylor@tenlaw.com Tel: (888) 491 - 9726 Fax: (617) 720 - 2445 25. Weitz & Luxenberg Talc Personal Unliquidated 700 Broadway Injury Claims New York, NY 10003 Gary Klein Email: gklein@weitzlux.com Tel: (212) 558 - 5500 Fax: (212) 344 - 5461 MONEYGRAM INTERNATIONAL: Fitch Lowers LongTerm IDR to 'B-' ---------------------------------------------------------- Fitch Ratings has downgraded MoneyGram International, Inc.'s Long-Term Issuer Default Rating (IDR) to 'B-' from 'B' and the company's revolver, term loan and 1L secured bonds to 'B' with a Recovery Rating of 'RR3' from 'B+'/'RR3'. The Rating Outlook is Stable. The downgrades reflect Fitch's expectation that MoneyGram will continue to operate outside the EBITDA leverage negative sensitivity as its revenues are expected to remain pressured amid declining retail and digital payments segments. The rating also reflects its greater reliance on money transfer services relative to more diversified and higher-rated fintech peers, its smaller scale, and lower cash flow profitability. MoneyGram's ratings also reflect the company's established position in retail cross-border money transfers and its expanding digital business. Key Rating Drivers Financial Underperformance: MoneyGram's revenue declined 11% in FY2025, primarily due to money transfer restrictions in one of its Middle East markets and lower interest income. About 55% of the company's revenue is generated through its retail channel, which has been under pressure as consumers increasingly migrate to digital money transfer services across the fintech sector. Rising competition has also weighed on take rates. In addition, tighter U.S. immigration policies and stronger enforcement actions, including deportations, could further pressure transaction volumes in key high-volume corridors. Fitch expects revenue to remain flat or grow only modestly over the forecast period. High Leverage: Fitch forecasts EBITDA leverage to remain in the mid-5.0x range through 2027, despite projected gradual improvement in EBITDA margins. Leverage metrics could improve with the success of the company's cost initiatives and its ability to expand digital services revenue under its omnichannel strategy. However, the timing and extent of recovery are uncertain, with the company facing challenges due to a potentially volatile macroeconomic landscape, and intense competition. Competitive Industry: The money transfer industry remains highly competitive, with tech-focused platforms such as Venmo, Xoom, Remitly and Wise PLC (BBB/Stable) challenging MoneyGram across multiple global corridors. Fitch views slower digital adoption in certain international markets as supporting the value of MoneyGram's extensive agent network, particularly for cash send and receive transactions. However, MoneyGram was initially slow to transition to digital transfers, enabling newer entrants to gain market share. The company is now investing in expanding its digital capabilities, including mobile wallets and online and mobile deposit channels. Digital Supports Longer-Term Growth: MoneyGram continues to face pressure as customers shift from physical locations to digital channels. While MoneyGram has built a digital presence, profitability remains pressured by lower take rates in its digital partners channel amid intense competition and modest growth in its proprietary MoneyGram Online platform. Fitch expects the digital segment to expand in the coming years, which could offset pressure in the retail cash transfer business and support margin improvement. Growth in digital capabilities and integration of the retail network are central to MoneyGram's omnichannel strategy. Regulatory Risk: MoneyGram is subject to a broad range of laws and regulations, including requirements related to anti-money laundering, consumer privacy and data security. Beginning in 2012, the company operated under a deferred prosecution agreement with the U.S. Department of Justice, which increased compliance costs and resulted in significant settlement payments related to consumer fraud. The agreement ended in 2023. While the conclusion of the investigation does not eliminate fraud and litigation risk, Fitch believes MoneyGram is better positioned to manage these exposures. Peer Analysis MoneyGram is smaller than the investment-grade issuers in this sector such as PayPal Holdings, Inc. (A-/Stable), Euronet Worldwide, Inc. (BBB/Stable) and Wise, PLC (BBB/Stable). The company is also less diversified, with more than 90% of its revenue derived from money transfer services, and its key metrics of scale, EBITDA margin and leverage, position the company below its investment-grade peers. Low-cost cross-border digital payments company Wise has grown faster than MoneyGram and is several times larger. Fitch expects Wise to maintain strong financial flexibility, with pre-dividend FCF in the mid-teens and a conservative balance sheet. Fitch’s Key Rating-Case Assumptions - Modest revenue declines in 2026, reflecting lower interest income. Soft economic conditions are expected to result in flat to low single-digit revenue growth through the forecast; - EBITDA projected to gradually improve through the forecast horizon driven by cost savings and rising digital revenue; - Capital expenditure in the 3% to 4% range of revenue; - SOFR assumed at 3.6% through the forecast. 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 (b+, Moderate), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Lower), Profitability (b, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - '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 'a+' results in no adjustment. - The SCP is 'b-'. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV), (ii) estimating creditor claims, and (iii) distribution of value. Fitch assumed MoneyGram would emerge from a default scenario under the going concern (GC) approach versus liquidation. Key assumptions used in the recovery analysis are as follows: - A $125 million GC EBITDA, which is a depressed yet realistic estimate driven by macro issues and/or share loss given increasing competition; - Fitch assumes an EV/EBITDA multiple of 5.5x upon emergence from bankruptcy. This multiple is validated based upon comparable public company trading multiples (current and historical), industry M&A and comparable reorganization multiples Fitch has witnessed in the past; - Fully drawn $150 million revolver; - 10% administrative claim. This results in a recovery of 'RR3' and a 'B' issue-level rating for its revolver, term loan and notes, in line with MoneyGram's IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Any revenue contraction or erosion of operating performance, leading to margin contraction or negative FCF; - EBITDA leverage above 6.5x for a sustained period; -(CFO-capex)/debt sustained at or below 0%; - Any material fraud or related litigation and regulatory actions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated material diversification by achieving scale in one or more adjacent financial products and continued strong growth from the company's online offerings; - EBITDA leverage sustained below 5.0x. Liquidity and Debt Structure MoneyGram's liquidity is supported by a $174 million cash balance and an undrawn $150 million revolving credit facility as of Dec. 31, 2025. Fitch expects modestly positive FCF over the coming years, which should alleviate the company's moderate FCF volatility. The company does not have significant debt maturities over the next several years. Fitch forecasts EBITDA interest coverage in the 2.0x-2.5x range. MoneyGram's capital structure includes senior secured debt comprising $391 million in term loans and $495 million in notes, both set to mature in 2030. In addition, the company has a $150 million senior secured revolving credit facility due in 2028, which is undrawn. Fitch also includes $109 million of secured debt at a holding company outside the restricted group of MoneyGram's secured debt. The holding company debt is serviced by MoneyGram's operational cash flow and is due in 2028, before the rated debt. It is partially paid in cash and has a PIK feature. Issuer Profile MoneyGram is a global leader in cross-border peer-to-peer payments and money transfers. Its transactions can be sent or received through any one of its more than 480,000 agent locations around the globe or through digital means. 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 MoneyGram International, 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 ----------- ------ -------- ----- MoneyGram International, Inc. LT IDR B- Downgrade B senior secured LT B Downgrade RR3 B+ MSCI INVESTMENTS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- MSCI Investments, 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 on May 12 in accordance with its budget, subject to a 15% variance. The Debtor's budget projects total monthly expenses of $80,390. Secured lenders including the U.S. Small Business Administration, Advantage Leasing Corporation, Westbury Bank, Johnson Bank, North Shore Bank, and Associated Bank claim liens on the Debtor's cash and accounts receivable, which constitute cash collateral. As protection, secured lenders will be granted replacement liens on assets acquired by the Debtor after the bankruptcy filing, including accounts receivables and their proceeds. The order is available at https://is.gd/zmlA1Y from PacerMonitor.com. About MSCI Investments Inc. MSCI Investments, Inc. is a Texas-based financial services firm specializing in investment management and advisory services. MSCI Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 26-41318) on April 15, 2026, with up to $10 million in both assets and liabilities. Mitchell Cook, president of MSCI Investments, signed the petition. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as bankruptcy counsel. MUDARRI MOTORSPORTS: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Mudarri Motorsports Co Championship Motors Northwest Water Sports 13657 NE 126th Place Kirkland, WA 98034 Business Description: Mudarri Motorsports is a Kirkland, Washington-based used-vehicle dealership that sells pre-owned cars, trucks, and SUVs. The dealership provides related financing, maintenance-plan, concierge, and buy-back services, and markets a low-pressure car-buying process. Mudarri Motorsports serves retail vehicle buyers as well as customers seeking trade-in or resale support. Chapter 11 Petition Date: April 28, 2026 Court: United States Bankruptcy Court Western District of Washington Case No.: 26-11413 Judge: Hon. Christopher M Alston Debtor's Counsel: Steven M. Palmer, Esq. CAIRNCROSS & HEMPELMANN, P.S. 524 Second Avenue Suite 500 Seattle, WA 98104 Tel: 206-578-0700 Fax: 206-587-2308 E-mail: spalmer@cairncross.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Maximillian Mudarri as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NCPRCBI/Mudarri_Motorsports_Co__wawbke-26-11413__0001.0.pdf?mcid=tGE4TAMA NEUROONE MEDICAL: Brian and Barbara Pratt Hold 7.4% Equity Stake ---------------------------------------------------------------- Brian Pratt and Barbara Pratt, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of April 14, 2026, they each beneficially own 627,344 shares of common stock, par value $0.001 per share, held jointly in a shared account as spouses, of NeuroOne Medical Technologies Corporation's Common Stock, representing 7.4% of the 8,420,999 shares of Common Stock outstanding following a 1-for-6 reverse stock split effective April 15, 2026. The Pratts may be reached at: Brian Pratt / Barbara Pratt 5950 Berkshire Lane, Ste. 800 Dallas, Texas 75225 A full-text copy of Brian Pratt's SEC report is available at: https://tinyurl.com/3r4xvzn9 About NeuroOne Medical Technologies Headquartered in Eden Prairie, Minnesota, NeuroOne Medical Technologies Corporation -- https://nmtc1.com/ -- is a medical technology company focused on (i) diagnostic, ablation and deep brain stimulation technology for brain related conditions such as epilepsy and Parkinson's disease; (ii) ablation and stimulation for pain management throughout the body; and (iii) drug delivery including diagnostic and stimulation capabilities. The Company is developing and commercializing thin film electrode technology for continuous electroencephalogram ("cEEG") and stereoelectrocencephalography ("sEEG"), spinal cord stimulation, brain stimulation, drug delivery and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other pain-related neurological disorders. The Company is also developing the capability to use its sEEG electrode technology to deliver drugs or gene therapy while being able to record brain activity before, during, and after delivery. Additionally, the Company is investigating the potential applications of its technology associated with artificial intelligence. Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that had recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital. These are the reasons that raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $8.6 million in total assets, $2.2 million in total liabilities, and $6.4 million in total stockholders' equity. NOR-WES INC: Creditors to Get Proceeds From Liquidation ------------------------------------------------------- Nor-Wes, Inc., filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Disclosure Statement to accompany Chapter 11 Liquidating Plan dated April 20, 2026. The Debtor is a privately held corporation organized under the laws of the State of Louisiana on June 28, 1950. The Debtor's issued and outstanding stock is owned equally by Tommy A. Ellett and Cathy M. Ellett, each holding a fifty percent ownership interest. The Debtor was formed for the purpose of providing aerial application services (commonly referred to as crop-dusting). The Debtor's operational facilities are located at 4550 Wallenburg Drive, Natchitoches, Louisiana, and 1611 Fabens Road, Fabens, Texas. The Debtor's principal offices are located at 1037 Hawn Avenue, Shreveport, Louisiana. On January 27, 2026, the Debtor filed a motion seeking authority to employ Palouse Ag Leasing LLC, whose managing member and principal is Jared Segebartt, to market the Debtor's fleet of aircraft. The Court entered an order approving such employment. As a result of the broker's efforts, and pursuant to a Final Order entered on February 27, 2026, the Debtor was authorized to sell, and did sell, two of its aerial application aircraft: * a Thrush T660, Registration No. N710NW, and * an Air Tractor AT-502XP, Registration No. N502XP, for a combined gross purchase price of $2,215,000.00. The available net proceeds from these sales were applied to the Debtor’s obligations to its primary secured creditor, Delta Bank, substantially reducing its secured indebtedness. The Debtor continues to market and sell its remaining assets, including its aircraft fleet, its two airport operational facilities, and its business goodwill, with the objective of maximizing recoveries to creditors. The Plan is a plan of liquidation, not a plan of reorganization. The Plan provides for the orderly, Debtor-controlled liquidation of the Debtor's assets during a defined Wind-Down Period, with distributions to creditors in accordance with the priority scheme established by the Bankruptcy Code. Under the Plan: * Secured claims will be satisfied from the proceeds of their collateral; * Priority claims will be paid in accordance with the Bankruptcy Code; * General unsecured creditors will receive pro rata distributions from any remaining proceeds, if available; and * Claims covered by, or asserted by the claimant to be covered by, applicable insurance shall be satisfied solely from such insurance proceeds, and the holder of such Claim shall not receive any distribution from the Debtor or property of the Estate. Class 5 consists of all Allowed General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive pro rata distributions from funds remaining after payment of secured and priority claims, if any. The Debtor anticipates that recoveries to this Class will depend upon the success of the liquidation of assets, including the realization of value from real property, equipment, and goodwill. The Debtor shall make distributions to this Class as proceeds become available during and after the Wind-Down Period; however, the Debtor currently anticipates that recoveries to this Class may be minimal or nonexistent. Class 5 is impaired and entitled to vote. Class 6 consists of all equity interests in the Debtor. Holders of equity interests shall not receive any distribution under this Plan unless all Claims are paid in full. The primary purpose of this Plan is to implement an orderly liquidation of the Debtor's assets in a manner designed to maximize value for creditors. The Plan contemplates the continuation of the Debtor's business operations on a limited and reduced basis for a defined period following confirmation in order to preserve going-concern value, maintain customer relationships, and facilitate the orderly marketing and sale of the Debtor's assets, including aircraft, equipment, and real property. All proceeds realized from the liquidation of assets shall be distributed in accordance with the priority scheme established by the Bankruptcy Code and the provisions of this Plan. The Plan is proposed in good faith and for the legitimate purpose of maximizing value and distributing proceeds in accordance with the Bankruptcy Code. A full-text copy of the Disclosure Statement dated April 20, 2026 is available at https://urlcurt.com/u?l=ztbEOa from PacerMonitor.com at no charge. Counsel to the Debtor: Robert W. Raley, Esq. 290 Benton Spur Road Bossier City, LA 71111 Telephone: (318) 747-2230 Email: bankruptcy@robertraleylaw.com About Nor-Wes Inc. Nor-Wes, Inc., based in Shreveport, Louisiana, provides aerial application and aviation services for the agricultural sector, including crop dusting, and operates aircraft maintenance and management across several U.S. states for commercial agricultural customers. Nor-Wes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11534) on December 19, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Bankruptcy Judge John S. Hodge handles the case. The Debtor is represented by Robert W. Raley, Esq. NORTHSTAR HOLDINGS: Claims to be Paid From Rental Income -------------------------------------------------------- Northstar Holdings, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Plan of Reorganization dated April 21, 2026. The Debtor, Northstar, is a company that owns property located at 6239 Red Cedar Circle, Greenacres, FL 33463 (the "Property"). The principal, Ron Bornstein (the "principal"), inherited the Property. Since the acquisition of the Property, the principal has been attempting to repair and modernize the Property to prepare it for rental. During the process of improving the Property, the homeowners' association dues got in arrears. It is expected that all improvements will be completed prior to the start of the season in which those living in the north visit or stay in Florida, or the beginning of October. The Buttonwood West Association, Inc. (the "Association") began the foreclosure process and obtained a final judgment of foreclosure. At the time of the filing, Northstar owed the Association $29,945.17. The bankruptcy case was filed prior to the sale date, stopping the sale. To fund this the plan of reorganization, the Principal will make all payments proposed until such time as the Property is rented and generates income. The principal of Northstar is an attorney who has the means to make the payments proposed. It is expected that the Property will be able to be rented for $2,900.00 per month and Northstar will be able to cure the arrears to the Association and keep the mortgage current. The mortgage payment includes escrows for taxes and insurance. The Debtor's ability to fully fund the plan and make payments is dependent on both the Principal being able to make the initial payments and then the Property generating sufficient rent the sale of its ability to rent the Property and pay its obligations. It is expected that Debtor will generate $2,900.00 per month. The owners of the Debtor shall retain all property of the estate. The plan will be funded by the income of the Debtor. The Plan of Reorganization is deemed by the Debtor to be feasible. A full-text copy of the Disclosure Statement dated April 21, 2026 is available at https://urlcurt.com/u?l=8xTdK8 from PacerMonitor.com at no charge. Counsel to the Debtor: Brian K. McMahon, Esq. Brian K. McMahon, P.A. 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 E-mail: brian@bkmbankruptcy.com About Northstar Holdings, LLC Northstar Holdings, LLC is a company that owns property located at 6239 Red Cedar Circle, Greenacres, FL 33463 (the "Property"). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Fla. Case No. 26-12102) on Feb. 20, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Judge Madeleine C. Wanslee oversees the case. Brian K. McMahon, P.A., is the Debtor's legal counsel. OCOEE BOTANICALS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Ocoee Botanicals, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Cattanooga Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a final/further hearing for May 28. The Debtor intends to use its cash collateral to cover ordinary expenses under a budget, with a 10% variance. The Debtor acknowledges that certain merchant cash advance lenders may assert security interests in its cash receipts and accounts, although it does not concede the validity or extent of those liens. It estimates that it previously held at least $500,000 in assets and believes a similar asset base still exists, though liquidity is now constrained. To protect any secured creditors, the Debtor offers granting replacement liens on post-petition cash and assets under 11 U.S.C. sections 361 and 552, with the same priority as existing pre-petition liens. Ocoee's business was severely disrupted due to prior litigation and a disputed real estate transaction that allegedly led to an improper eviction, forcing it to scale back operations to primarily e-commerce sales while seeking reorganization in bankruptcy. About Ocoee Botanicals LLC Ocoee Botanicals, LLC operates a tourism-focused storefront in Ocoee, Tennessee, offering outdoor apparel, lifestyle goods, a coffee bar, and related products tied to the local rafting tourism economy. The Debtor sought protection under U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 1:26-bk-11036-NWW) on April 21, 2026. In the petition signed by Holly Hackler, owner, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Nicholas W. Whittenburg oversees the case. Roy Michael Roman, Esq., at RMR Legal PLLC, represents the Debtor as legal counsel. ODYSSEY MARINE: William George Brumder II Cuts Stake to 0.2% ------------------------------------------------------------ William George Brumder, II disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, he beneficially owns 100,000 shares of Common Stock ($0.0001 par value), with sole voting and dispositive power over all shares (no shared voting or dispositive power) of Odyssey Marine Exploration Inc.'s Common Stock, representing 0.2% of the 58,368,659 shares outstanding as of April 6, 2026. William George Brumder II may be reached through: HoganTaylor LLP 1225 N. Broadway Ave., Ste. 200 Oklahoma City, OK 73103 A full-text copy of William George Brumder II's SEC report is available at: https://tinyurl.com/4epdyscd About Odyssey Marine Odyssey Marine Exploration, Inc. and its subsidiaries are engaged in deep-ocean exploration. Their innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. The corporate headquarters are in Tampa, Florida. Tampa, Florida-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company incurred a net loss of $48.5 million during the year ended December 31, 2025, and as of that date, the Company's current liabilities exceeded its current assets by $7.3 million, and its total liabilities exceeded its total assets by $75.5 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $15.8 million in total assets, $91.4 million in total liabilities, and $75.5 million in total stockholders' deficit. PICO-UNION HOUSING: Court OKs Deal on Cash Collateral Access ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles, Division, approved a stipulation between Pico-Union Housing Corporation and Bank of Hope regarding the use of cash collateral. The Debtor previously borrowed approximately $1.55 million under a 2021 loan agreement secured by a deed of trust on multiple properties and their rental income streams, with a remaining balance of about $1.47 million as of the March 12, 2026 petition date. After filing for Chapter 11 protection and continuing operations without a trustee or creditors' committee, the Debtor sought court approval to use cash collateral to maintain and operate the properties, which resulted in an interim order and ongoing negotiations with the lender. Under the stipulation, the Debtor is permitted to use cash collateral strictly in accordance with an approved budget, including payment of ordinary operating expenses, taxes, insurance, and monthly mortgage obligations to Bank of Hope, with required payments beginning April 2026. The Debtor may deviate from the budget by up to 10 percent, and unused funds may roll forward to the next month. As adequate protection for the lender's interest, the Debtor grants Bank of Hope replacement liens of equal validity and priority on post-petition property and proceeds, limited to any diminution in collateral value. The agreement also establishes strict reporting obligations through monthly operating reports and allows the lender to monitor financial performance. The stipulation includes detailed default provisions, giving the lender the right to terminate cash collateral usage upon certain events, such as missed payments, reporting failures, or inaccurate financial disclosures, with a five-business-day cure period following notice in most cases. Certain events, including case dismissal, trustee appointment, or stay relief, trigger automatic termination. A copy of the stipulation is available at https://urlcurt.com/u?l=8ePeMg from PacerMonitor.com. About Pico-Union Housing Corporation Pico-Union Housing Corporation is a Los Angeles-based nonprofit housing developer and property manager that develops, preserves, and operates affordable housing for low-and very-low-income households, primarily in the Pico-Union neighborhood and other areas of the city. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12372 on March 12, 2026. In the petition signed by Gloria Farias, executive director, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Vincent P. Zurzolo oversees the case. The Debtor tapped David M. Goodrich, Esq., at Golden Goodrich LLP as counsel and Joshua R. Teeple, CPA, at Grobstein Teeple LLP as financial advisor. Bank of Hope, as lender, is represented by J. Alexandra Rhim Esq., at Levison Arshonsky Kurtz & Komsky, LLP. PRIORITY TOWING: Jolene Wee Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for Priority Towing and Recovery, Inc. Ms. Wee will be compensated at $660 per hour for work performed in 2026. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About Priority Towing and Recovery Inc. Priority Towing and Recovery Inc. is a Columbia, Maryland-based towing and roadside assistance company founded in 2014. It offers 24/7 highway towing service, including light-duty, medium-duty and heavy-duty towing, and serves Baltimore and surrounding areas in Maryland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-14108) on April 17, 2026, with $1,040,648 in assets and $3,394,828 in liabilities. Steve Palmer, owner, signed the petition. Judge Nancy V. Alquist presides over the case. Daniel Staeven, Esq. at Frost Law represents the Debtor as bankruptcy counsel. QHSLAB INC: ISP Revenue Surges 127% YoY to $370,000 in Q1 2026 -------------------------------------------------------------- QHSLab, Inc. provided an early second quarter 2026 update to shareholders, highlighting continued growth in its Integrated Service Program (ISP) and the launch of its Q-Connect anti-obesity medications (AOMs) and GLP-1 Support Assessment and Personalized Health Journeys Program. For the first quarter of 2026, the Company generated unaudited ISP revenue of approximately $370,000, compared to $163,000 for the same period in 2025, representing an increase of $207,000, or 127% year-over-year growth. The increase reflects continued adoption of the Company's recurring digital care model across its growing base of provider practices. The ISP platform enables practices to identify, monitor, and support patients across multiple conditions through digital assessments, structured reporting, and ongoing engagement outside the traditional office visit. The Company believes this model aligns clinical care with existing reimbursement pathways while reducing workflow burden for providers. "This level of growth reflects what we are seeing in the field every day," said Troy Grogan, Chief Executive Officer of QHSLab. "Practices are looking for practical ways to deliver better care, document what they are already doing, and be appropriately reimbursed. Our platform is designed to fit into that reality without adding complexity." As part of its continued platform expansion, QHSLab also announced the launch of Q-Connect GLP-1, a new assessment and health journeys program designed to support patients using anti-obesity medications (AOMs), including GLP-1 therapies, as well as individuals seeking to improve overall cardiometabolic health, quality of life and daily functioning. "GLP-1 medications are an important tool, but they are only one part of the equation," said Dr. Marcos Sanchez-Gonzalez, Vice President of Scientific and Medical Affairs at QHSLab. "Patients experience changes that go beyond weight, including sleep, mood, stress, daily habits and cardiometabolic. Q-Connect GLP-1 helps patients understand and manage those changes in a structured and scalable way." "From an endocrinology perspective, anti-obesity medications (AOMs), including GLP-1 therapies, are most effective when supported by consistent patient engagement and behavioral insight," said Reza Yavari, MD, Board Certified in Endocrinology, Diabetes and Metabolism. "Research consistently shows that patients who receive structured lifestyle support achieve better outcomes over time. What is often missing in clinical practice is a structured way to monitor how patients are adapting to treatment day-to-day. Q-Connect helps close that gap by bringing visibility to factors like sleep, stress, appetite changes, and adherence, which ultimately influence outcomes." The assessment is designed to integrate into existing clinical workflows and can be deployed before visits, during care, or as part of ongoing population health strategies. Q-Connect also extends beyond GLP-1 use, supporting broader patient populations interested in improving lifestyle behaviors and long-term health outcomes. "With Q-Connect, we continue to build on our core infrastructure approach," added Grogan. "This is about helping practices deliver consistent, measurement-based care across conditions, while creating a better experience for patients and providers." The Q-Connect GLP-1 Support Assessment and Personalized Health Journeys Program is now available to QHSLab partner practices nationwide. Additional information, including the Company's latest corporate presentation is available at QHSLab's investor relations website at https://www.qhslab.com/for-investors About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Tampa, Florida-based Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 30, 2026, citing that the Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $2,171,006 in total assets and $546,078 in total liabilities, and total stockholders' equity of $1,624,928. QVC GROUP: Goldman Sachs & Co. Holds 2.97M Preferred Shares ----------------------------------------------------------- The Goldman Sachs Group, Inc., a 10% Owner of QVC Group, Inc. (QVCGP), disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of April 17, 2026, it beneficially owns, indirectly, 2,966,150 shares of 8.0% Series A Cumulative Redeemable Preferred Stock, 10,277 shares of Series A Common Stock, and 16 shares of Series B Common Stock -- all held indirectly through its wholly-owned subsidiary, Goldman Sachs & Co. LLC, which directly holds the securities. The filing was made jointly by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC (together, the "Reporting Persons"), following an increase in their beneficial ownership of QVC Group, Inc.'s 8.0% Series A Cumulative Redeemable Preferred Stock to above 10% of the outstanding shares of that class on April 17, 2026. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of their pecuniary interest therein. A full text copy of The Goldman Sachs Group, Inc.'s SEC Report is available at https://tinyurl.com/4jvf3xmz 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. REBORN COFFEE: Agrees to Clear Debentures by Sept. 30 ----------------------------------------------------- Reborn Coffee, Inc. disclosed in a regulatory filing that the Company and the Arena Investors entered into an Amended and Restated Forbearance Agreement, which amended and restated the Forbearance Agreement in certain respects. Pursuant to the A&R Forbearance Agreement, the Company and the Arena Investors agreed to amend and restate the plan for repayment of the Debentures in its entirety, as follows: (i) the Company agreed to, on or before April 30, 2026, make payment of $400,000 to the Arena Investors and $25,000 to counsel for the Arena Investors for the Arena Investors' expenses incurred in connection with the A&R Forbearance Agreement; (ii) the Company agreed to, beginning on May 30, 2026, make payments of $400,000 to the Arena Investors on the 30th day of each calendar month toward the outstanding amounts due under the Debentures; (iii) the Company agreed to pay to the Arena Investors all remaining amounts then outstanding under the Debentures on or before September 30, 2026 (subject to prior repayment or conversion); and (iv) the Company agreed to, within three business days following receipt of funds from any sale of the Company's securities, pay to the Arena Investors towards the amounts then outstanding under the Debentures the lesser of (x) 70% of the cash proceeds from such sale and (y) the amount outstanding under the Debentures. In addition, pursuant to the A&R Forbearance Agreement, the Company agreed to use commercially reasonable efforts to file a registration statement no later than 20 business days following the filing of the Company's Annual Report on Form 10-K covering the shares underlying the common stock purchase warrants issued to the Arena Investors in connection with the Forbearance Agreement and other common stock purchase warrants issued to the Arena Investors on December 31, 2025. The full text copy of the A&R Forbearance Agreement is available at https://tinyurl.com/5xt78n56 About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) -- https://www.reborncoffee.com/ -- is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 22, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $13.2 million in total assets, $8.5 million in total liabilities, and $4.6 million in total stockholders' equity. REBORN COFFEE: FY25 Net Loss Widens to $9MM Amid Going Concern Risk ------------------------------------------------------------------- Reborn Coffee, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $9 million for the year ended December 31, 2025, compared to a net loss of $4.8 million for the year ended December 31, 2024. Total net revenues for the year ended December 31, 2025 increased to $8.1 million, compared to $5.9 million in the prior period. Liquidity and Capital Resources The Company has a history of operating losses and negative cash flow in operating activities. The Company has incurred recurring net losses, including net losses from operations before income taxes of $8.9 million and $4.8 million for the years ended December 31, 2025 and 2024, respectively. The Company used $6.5 million and $3.5 million cash for operating activities during the years ended December 31, 2025 and 2024, respectively. These factors raise substantial doubt as to the Company's ability to continue as a going concern, and the Company's independent registered public accounting firm has included a going concern explanatory paragraph in its audit report for 2025. BCRG Group, cited that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. On February 6, 2025, the Company entered into a Debenture Purchase Agreement with the purchasers named therein. Under the Debenture Purchase Agreement, the Company agreed to issue 10% original issue discount secured convertible debentures in a principal amount of up to $10,000,000, divided into up to four separate tranches that are each subject to certain closing conditions. The conversion price per share of each Debenture, subject to adjustment as provided therein, is equal to 92.5% of the lowest daily VWAP (as defined in the Debentures) of the Company's shares of common stock during the five trading day period ending on the trading day immediately prior to delivery or deemed delivery of the applicable Conversion Notice (as defined in the Debentures). The Debentures accrue interest at a rate of 10% per annum paid in kind, unless there is an event of default in which case the Debentures will accrue interest at a default rate. Upon the consummation of the closing of each tranche, the Company also agreed to issue common stock purchase warrants to each Debenture Investor who participates in such closing. The Debenture Warrants will: (i) provide for the purchase by the applicable Debenture Investor of a number of shares of common stock equal to 20% of the total principal amount of the related Debenture purchased by the Debenture Investor on the applicable closing date divided by 92.5% of the lowest daily VWAP of common stock for the five consecutive trading day period ended on the last trading day immediately preceding such closing date and (ii) be exercisable at an exercise price equal to 92.5% of the average of the lowest daily VWAP of the common stock over the consecutive trading days immediately preceding the delivery of the applicable Notice of Exercise (as defined in the Debenture Warrants). As April 22, 2026, the Company has conducted four closings pursuant to the Debenture Purchase Agreement and sold Debentures in the aggregate principal amount of $4,166,665 for a purchase price of $3,750,000, representing an original issue discount of 10%. The Company also issued to the Debenture Investors 1,041,667 Debenture Warrants in connection with the closings. In addition, on March 31, 2026, the Company issued an additional 250,000 common stock purchase warrants to the Debenture Investor, which have an exercise price of $2.00 per share, in exchange for waiver and forbearance of certain terms under the Debentures, the details of which are set forth on Forms 8-K filed by the Company on April 6, 2026 and April 21, 2026. In addition, the Company entered into an ELOC Purchase Agreement with Arena whereby the Company may, subject to various terms and conditions, including, without limitation that the Company maintain an effective registration statement covering shares issuable pursuant to the ELOC Agreement, at its discretion, direct Arena to purchase up to $50.0 million of shares of the Company's common stock under the ELOC Agreement from time-to-time. The purchase price per share for the shares of common stock that the Company may elect to sell to Arena under the ELOC Agreement will fluctuate based on the market prices of the Company's common stock for each purchase made pursuant to the ELOC Agreement, if any. Accordingly, it is not currently possible to predict the number of shares that will be sold to Arena, the actual purchase price per share to be paid by Arena for those shares, if any, or the actual gross proceeds to be raised in connection with those sales. As of the date hereof, the Company has not drawn down on the ELOC Purchase Agreement. The extent to which the Company relies on Arena and/or the Debenture Investors as a source of funding will depend on a number of factors including, the prevailing market price of the Company's common stock and the extent to which the Company is able to secure working and other capital from other sources. If obtaining sufficient funding from the ELOC Agreement were to prove unavailable or prohibitively dilutive, the Company may need to secure another source of funding in order to satisfy its working and other capital needs. Even if the Company were to sell to Arena all of the shares of common stock available for sale to Arena under the ELOC Agreement and conduct the remaining closings pursuant to the Debenture Purchase Agreement, the Company may still need additional capital to fully implement its business, operating and development plans. Should the financing the Company requires to sustain its working capital needs be unavailable or prohibitively expensive when required, the consequences may be a material adverse effect on its business, operating results, financial condition and prospects. The Company's cash needs will depend on numerous factors, including its revenues, completion of its product development activities, customer and market acceptance of its product, and its ability to reduce and control costs. The Company expects to devote substantial capital resources to, among other things, fund operations and continue development plans. To support its existing and planned business model, the Company needs to raise additional capital to fund its future operations. The Company has not experienced any difficulty in raising funds through loans and has not experienced any liquidity problems in settling payables in the normal course of business and repaying loans when they fall due. Successful renewal of its loans, however, is subject to numerous risks and uncertainties. In addition, the increasingly competitive industry conditions under which the Company operates may negatively impact its results of operations and cash flows. Additional financing is anticipated to fund the Company's operations in the near future. However, other than the ELOC Agreement and the Arena Debenture Transaction, there are no current agreements or understandings with regard to the form, time or amount of such financing and there is no assurance that any of these financing can be obtained or that the Company can continue as a going concern. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/3225wyuu About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) -- https://www.reborncoffee.com/ -- is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. As of December 31, 2025, the Company had $13.2 million in total assets, $8.5 million in total liabilities, and $4.6 million in total stockholders' equity. RICHARD MEYER: Eric Michael Huebscher Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Eric Huebscher of Huebscher & Co. as Subchapter V trustee for Richard Meyer Gallery, Inc. Mr. Huebscher will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Huebscher declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Eric Huebscher Huebscher & Co. 301 E 87th St. - 20E New York, NY 10128 Phone: 917-763-3891 Email: ehuebscher@huebscherconsulting.com About Richard Meyer Gallery Inc. Richard Meyer Gallery, Inc., doing business as Beads of Paradise, is a New York City-based retail and online specialty store operating from Manhattan that sells beads, gemstones, and jewelry-making materials sourced globally, including Africa, India, Southeast Asia, the Middle East, and Latin America. Founded in the late 1980s, the company also operates a showroom offering finished jewelry, trade beads, and decorative artifacts, along with services such as custom jewelry design, repair work, and instructional beadwork classes. Its customers primarily include independent jewelry designers, collectors, artisans, and craft enthusiasts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10842) on April 13, 2026, with $18,036 in assets and $1,014,927 in liabilities. Brian Kenner, president, signed the petition. Judge John P. Mastando III presides over the case. Adrienne Woods, Esq., at WZMP Weinberg Zareh Malkin Price, LLP represents the Debtor as legal counsel. ROBLEDO FAMILY: Mark Sharf Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Robledo Family Winery, Inc. Mr. Sharf will charge $740 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Robledo Family Winery Inc. Robledo Family Winery, Inc., based in Sonoma, California, produces and sells wine, olive oil, merchandise, and related products through its tasting room and events operations. Founded by the Robledo family, the winery began commercial wine production in 1997 from estate grapes and serves visitors in Sonoma Valley through its tasting room on Bonness Road. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-10229) on April 8, 2026, with $1 million to $10 million in both assets and liabilities. Everardo Robledo, chief executive officer, signed the petition. Judge Charles Novack presides over the case. Douglas B. Provencher, Esq., at Embolden Law, PC represents the Debtor as bankruptcy counsel. S&P TRUCKING: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: S&P Trucking LLC 3570 Northwest Foxtrotter Lane Mountain Home, ID 83647 Business Description: S&P Trucking LLC is a Mountain Home, Idaho-based interstate freight carrier that provides truckload transportation services, including hauling grain, feed, hay and dry bulk commodities. The company, incorporated in 2011, operates as an authorized property carrier serving shippers requiring regional and interstate freight transportation. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court District of Idaho Case No.: 26-00359 Judge: Hon. Noah G Hillen Debtor's Counsel: Patrick J. Geile, Esq. FOLEY FREEMAN, PLLC 953 S. Industry Way Meridian, ID 83642 Tel: (208) 888-9111 Fax: (208) 888-5130 E-mail: pgeile@foleyfreeman.com Total Assets: $1,482,225 Total Liabilities: $2,009,996 The petition was signed by Samuel Lewis Adams as owner. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YI4A5IA/SP_Trucking_LLC__idbke-26-00359__0001.0.pdf?mcid=tGE4TAMA SHERWOOD LANE: Case Summary & Five Unsecured Creditors ------------------------------------------------------ Debtor: Sherwood Lane Development, LLC 2500 Sherwood Lane Juneau, AK 99801 Business Description: Sherwood Lane Development, LLC is a single-asset real estate company that owns and manages real property located at 2500 Sherwood Lane in Juneau, Alaska. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-00099 Judge: Hon. Gary Spraker Debtor's Counsel: Michael Heiser, Esq. MICHAEL HEISER 300 Mill Street Suite 20 Ketchikan, AK 99901 Tel: (907) 225-1910 Fax: (907) 247-1810 Email: mphesq@kpunet.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Timothy A. Miller as managing member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VQRVWEQ/Sherwood_Lane_Development_LLC__akbke-26-00099__0001.0.pdf?mcid=tGE4TAMA SMILEY AESTHETICS: Seeks Cash Collateral Access ----------------------------------------------- Smiley Aesthetics HoldCo, LLC and Smiley Aesthetics of Tennessee, LLC ask the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, for authority to use cash collateral and provide adequate protection. The Debtors operate a multi-channel medical aesthetics platform that includes treatment locations, provider education, and support services, generating multiple revenue streams. Following their Chapter 11 filing, they continue operating as debtors-in-possession and have requested expedited relief because they require immediate access to operating funds to avoid disruption to payroll, patient services, rent, utilities, insurance, and other essential expenses necessary to maintain business continuity and preserve going-concern value. The Debtors have recently restructured their cash management system, moving away from certain affiliate-level processing arrangements and consolidating most non-Gallatin and non-Bowling Green Stripe payment receipts into a debtor-controlled bank account. However, some affiliate entities continue operating under separate ownership structures and remit management fees and reimbursements to HoldCo in the ordinary course. The Debtors request authority to access and use all such funds to the extent they constitute estate property or cash collateral, subject to court approval, and emphasize that the relief is limited strictly to post-petition operational expenses set forth in a 90-day budget. They expressly state they are not seeking authority to pay prepetition unsecured debts. A preliminary lien review suggests that multiple creditors may assert security interests in the Debtors' cash collateral, including banks, equipment financiers, and funding entities with UCC filings covering varying scopes of collateral. These include broad liens asserted by lenders such as Old National Bank (formerly CapStar Bank), Dext Capital, and Morris Trade Solutions, as well as more equipment-specific liens held by other financing parties. While the Debtors do not concede the validity, extent, or priority of any asserted liens, they seek interim authority to use cash collateral to prevent operational disruption, while preserving all rights to challenge those liens later in the case. To protect any secured creditors' interests, the Debtors propose a limited form of adequate protection. This includes maintaining a positive balance in the debtor-in-possession bank account at all times and granting replacement liens on post-petition assets of the same type and priority as any valid prepetition liens, but only to the extent such liens are ultimately determined to exist. The Debtors explicitly reject more burdensome protections such as cash payments, roll-ups of prepetition debt, cross-collateralization, or superpriority claims. They also propose no waiver of estate claims or defenses. A court hearing is set for May 12. The deadline for filing objections is on May 8. A copy of the motion is available at https://urlcurt.com/u?l=6L7yuZ from PacerMonitor.com. About Smiley Aesthetics HoldCo LLC Smiley Aesthetics HoldCo, LLC operates a multi-channel medical aesthetics platform that includes treatment locations, provider education, and support services, generating multiple revenue streams. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 3:26-bk-01834) on April 20, 2026. In the petition signed by Carla Pierson, chief of business and operations, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. SVK CAPITAL: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: SVK Capital, LLC 513 Monument Court Fremont, CA 94536 Business Description: SVK Capital, LLC is a Fremont, California-based real estate holding company whose principal assets are located at 9645 Folsom Blvd. in Sacramento, California. Chapter 11 Petition Date: April 27, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-40874 Judge: Hon. William J Lafferty Debtor's Counsel: Chris Kuhner, Esq. KORNFIELD, NYBERG, BENDES, KUHNER & LITTLE P.C. 1970 Broadway, Ste 600 Oakland, CA 94612 Tel: 510-763-1000 Fax: 510-273-8669 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Srinivas Battu as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KWXQX4Y/SVK_Capital_LLC__canbke-26-40874__0001.0.pdf?mcid=tGE4TAMA TCB INVESTMENT: Craig Geno Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Craig Geno, Esq., at the Law Offices of Craig M. Geno, PLLC, as Subchapter V trustee for TCB Investment, LLC. Mr. Geno will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geno declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com About TCB Investment LLC TCB Investment LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 26-11354) on April 16, 2026, with $0 to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Jason D. Woodard presides over the case. Robert Gambrell, Esq. at Gambrell & Associates, PLLC represents the Debtor as legal counsel. TEXAS AUTO: Case Summary & Nine Unsecured Creditors --------------------------------------------------- Debtor: Texas Auto Save LLC c/o Alex Sinno 9410 Old Tezel Rd San Antonio, TX 78254 Business Description: Texas Auto Save LLC is a used car dealership based in San Antonio, Texas. The company sells pre-owned vehicles and provides buy-here-pay-here and in-house financing, along with extended warranty options. It also offers online inventory access, quote requests, test drive scheduling, and financing pre-approval applications, serving customers in San Antonio and nearby Texas communities. Chapter 11 Petition Date: April 25, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-51089 Judge: Hon. Aubrey L Thomas Debtor's Counsel: Ronald Smeberg, Esq. THE SMEBERG LAW FIRM 4 Imperial Oaks San Antonio TX 78248-1609 Tel: (210) 695-6684 Email: ron@smeberg.com Total Assets: $2,122,888 Total Liabilities: $13,800,382 The petition was signed by Alex Sinno as managing member. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FGN26IQ/Texas_Auto_Save_LLC__txwbke-26-51089__0001.0.pdf?mcid=tGE4TAMA US NUCLEAR: Board Member Michael Pope Exits to Pursue New Ventures ------------------------------------------------------------------ US Nuclear Corp. disclosed in a regulatory filing that Michael Pope resigned as a member of the Board of Directors, effective immediately. Mr. Pope's decision to resign was to pursue other opportunities and did not result from any disagreement with the Company regarding any matter relating to our operations, policies, or practices. About US Nuclear US Nuclear Corp. is engaged in developing, manufacturing, and selling radiation detection and measuring equipment. The Company markets and sells its products to consumers throughout the world. As of September 30, 2025, the Company had $2,537,709 in total assets, $2,391,319 in total liabilities, and $146,390 in total stockholders' equity. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 24, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has an accumulated deficit and net losses. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. USA MEDICAL: Gets Interim OK to Use Cash Collateral Until May 27 ---------------------------------------------------------------- USA Medical Care, LLC got the green light from the U.S. Bankruptcy Court for the District of Florida, Orlando Division, to use cash collateral through May 27. 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, at 1:30 p.m. The Debtor plans to use its cash collateral, including deposit accounts and accounts receivable, to pay operating expenses and other costs necessary to preserve the going-concern value of its business. It reported $33,283 in cash on hand and $28,475 in accounts receivable. The Debtor lists the U.S. Small Business Administration as a secured creditor with a lien of approximately $440,000. North Mill Equipment Financing, LLC is noted as a judgment creditor but the Debtor disputes any valid or perfected lien on cash collateral and reserves all objections. USA Medical Care offers the SBA a replacement lien to protect against any post-petition decline in collateral value while asserting that North Mill is not entitled to protection unless the court first finds it holds a valid lien. About USA Medical Care LLC USA Medical Care, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01786) on March 13, 2026. At the time of the filing, the Debtor reported up to $50,000 in assets and between $500,001 and $1 million in liabilities. Andrew Layden serves as Subchapter V trustee. The Debtor is represented by Andres Robles Cruz, Esq. at Robles Cruz Law, P.A. VIEWBIX INC: Becomes Quantum X Labs in Full Corporate Rebrand ------------------------------------------------------------- Viewbix Inc. announced a comprehensive corporate rebranding to Quantum X Labs Inc. The rebranding represents the Company's evolution toward a leading company that develops and owns quantum computing technology as well as a quantum error correction solution, quantum simulations and quantum sensing technologies, while continuing its legacy digital advertising activities as a business segment. The Company changed its name to Quantum X Labs Inc. and its ticker symbol to "QXL", effective April 30th, 2026. The new name and brand aims to position Quantum X Labs as a leading company to research, develop, and potentially commercialize innovative quantum solutions across key sectors, including navigation, precision timing, quantum algorithms, quantum error correction, drug discovery, biomedicine, nuclear simulation, transportation, and quantum cybersecurity. At the heart of this evolution is the Company's wholly-owned subsidiary, Quantum X Labs Ltd., which the Company acquired in March 2026. This subsidiary operates as a dynamic quantum technology company that hires top quantum experts with a robust proprietary intellectual property portfolio, including a pioneering pending patent for AI-Quantum Error Correction and an active ecosystem of portfolio companies advancing breakthrough quantum applications. Quantum X Labs Ltd.'s portfolio companies include: * Quantum Gyro: developing quantum-based gyroscope chip technology for unjammable, high-precision navigation systems designed to operate in GPS-denied environments. Quantum Gyro is a 40%-owned subsidiary of Quantum X Labs Ltd. * Quantum Atom Accuracy: advancing next-generation atomic clocks based on novel light-modulation schemes to deliver ultra-high accuracy, robustness, and enhanced coherence for precision timing solutions. Quantum Atom Accuracy is a wholly-owned subsidiary of Nuclear Quantum. * Nuclear Quantum: progressing quantum-powered simulation algorithms targeted at nuclear and engineering industries, with recent milestones moving toward commercial engagement with leading simulation providers. Nuclear Quantum is a 40%-owned subsidiary of Quantum X Labs. * QunatumQ Security: working on protecting assets by using quantum based cybersecurity. QuantumQ Security is a wholly-owned subsidiary of Quantum Gyro. * Quantum Transportation: developing transformer-based quantum decoder technology for advanced quantum error correction, including cloud-deployed neural decoders and IP licensing from Ramot at Tel Aviv University, with applications in transportation and secure systems. Quantum Transportation is a 30%-owned subsidiary of Quantum X Labs. * CliniQuantum: applying quantum-enhanced methods (such as Markov Chain Monte Carlo) to drug discovery, clinical trial optimization, logistics, biomedicine, and security sectors. CliniQuantum is a 46%-owned subsidiary of Quantum X Labs. This rebranding builds on a series of technical milestones achieved by its portfolio companies in recent months, including patent filings, prototype breakthroughs in quantum gyroscopes and atomic clocks, and progress in quantum simulation and error-correction algorithms. While advancing its quantum innovation, the Company will continue to support its legacy business of digital advertising and AI-driven computing solutions, through its subsidiaries Gix Media Ltd. and Metagramm Software Ltd., which complement its expanding quantum portfolio. About Quantum X Labs Quantum X Labs is an Israel-based multi-disciplinary quantum technology company focused on the research, development, and commercialization of advanced quantum technologies and intellectual property. The company operates across a broad range of domains, including quantum computing, quantum sensing, navigation systems, atomic clocks, and quantum algorithms, with applications spanning defense, aerospace, transportation, cybersecurity, and life sciences. About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 27, 2026, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of the financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $10.8 million in total assets and $5.8 million ($4.1 million in current + $1.7 million noncurrent) in total liabilities, and $5 million in total equity WOODTOWN SPORTS: Mark Sharf Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Woodtown Sports, LLC. Mr. Sharf will charge $740 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Woodtown Sports LLC Woodtown Sports, LLC is a sports and recreation-focused business entity involved in operating athletic facilities, sporting programs, and related recreational services. Woodtown Sports, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30316) on April 13, 2026. In its petition, the Debtor reports total assets of $138,727 and total liabilities of $1,685,299. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by Brent D. Meyer, Esq. of Meyer Law Group, LLP. [] BOOK REVIEW: Dangerous Dreamers ---------------------------------- Dangerous Dreamers: The Financial Innovators from Charles Merrill to Michael Milken Author: Robert Sobel Publisher: Beard Books Softcover: 271 pages List Price: $34.95 Order your own personal copy at http://www.beardbooks.com/beardbooks/dangerous_dreamers.html "For the rest of his life, Milken will be accused of crimes for which he was not charged and to which he did not plead guilty." Milken is -- as anyone familiar with junk bonds and the scandals surrounding them in the 1980s knows -- Michael Milken of the Drexel Burnham banking and investment firm. In this book, noted business writer Robert Sobel analyzes the Milken criminal case and the many other phenomena of the period that lay the basis for the modern-day financial industry. However, the author's perspective is broader than the sensationalistic excesses and purported crimes of Milken and his like. Sobel is interested in the individuals and businesses that introduced and developed financial concepts, vehicles, and transactions that increased the wealth of millions of average persons. Sobel's examination of the byplay between financial chicanery and economic revitalization extends back to the Gilded Age of the latter 1800s and early 1900s. This was a time when Jim Fisk, Jay Gould, and others were making fortunes through skulduggery and manipulation of the financial markets, while Cornelius Vanderbilt and others were building the "world's finest railroad system." Later, in the "Junk Decade of the 1980s," as Ivan Boesky and others were reaping fortunes from "dubious" transactions, financial firms such as Forstmann Little and Kohlberg Kravis Roberts "played major positive roles in the largest restructuring of American industry since the turn of the century." While Sobel does not try to defend the excesses and illegalities of individuals and companies, he basically sees the Milkens of the world as "vehicles through which the phenomena of junk finance and leveraged buyouts played themselves out." This was the "Conglomerate Era." Mergers and acquisitions were at the center of financial and economic activity, and CEOs at major corporations were in competition to grow their corporations. Milken, Boesky, and others provided the means for this end. However, it is important to note that they did not originate the mergers and acquisition phenomenon. At first, Milken et al. were much appreciated by major corporations and the financial industry. However, when mergers and acquisition excesses began to bear sour fruit, Milken and his company Drexel Burnham took the brunt of public indignation. The government's search for villains then began. Sobel examines the ripple effects of financial innovators who became financial pariahs. Milken's journey, for example, cannot be unraveled from that of a company such as Beatrice. Starting in 1960, the food company Beatrice started making large-scale acquisitions. CEO Williams Karnes, who "ran a tight, lean ship, with a small office staff," was succeeded by corporate heads who brought in corporate jets and limousines, greatly increased staff, and moved into regal office space. James Dutt of Beatrice is singled out as symptomatic of the heedless mindset that crept into corporate America in the 1980s. Sobol's tale of the complexities and ambivalence of this transitional period is bolstered by memorable portraits of key players and companies. In so doing, he demonstrates once more why he has long been recognized as one of the country's most important business writers. About the Author Robert Sobel was born in 1931 and died in 1999. He was a prolific historian of American business life, writing or editing more than 50 books and hundreds of articles and corporate profiles. He was a professor of business at Hofstra University for 43 years and held a Ph.D. from New York University. Besides producing books, articles, book reviews, scripts for television and audiotapes, he was a weekly columnist for Newsday from 1972 to 1988. At the time of his death he was a contributing editor to Barron's Magazine. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***