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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, May 4, 2026, Vol. 30, No. 124

                            Headlines

15 & 23 VAN: Hires Northgate Real as Real Estate Advisor
2H NY LLC: Seeks Chapter 11 Bankruptcy in New York
30-85 31ST PROPERTY: Hires BFSNG Law Group LLP as Counsel
4US CORP: Court Extends Cash Collateral Access to May 29
590-600 ONE: Hires Goldberg Weprin as Bankruptcy Counsel

923 KENNEDY: Hires Weiss Law Group LLC as Legal Counsel
99 SE MIZNER: Hires Law Office of Harry J. Ross as Counsel
A NEW START: Stephen Barnes Named Subchapter V Trustee
A2Z FIELD: Patricia Fugee Named Subchapter V Trustee
AARONS LANDSCAPING: Hires Devlin Law Firm LLC as Counsel

ABUNDANT LIFE: Gets Interim OK to Use Cash Collateral Until May 7
ACHIEVEABILITY THERAPY: Michael Markham Named Subchapter V Trustee
ADEIA INC: S&P Upgrades ICR to 'BB' on Improved Credit Metrics
ADONAI CONGREGATE: No Patient Complaints, 1st PCO Report Says
ALLIED TELECOM: Plan Exclusivity Period Extended to July 21

ALLSTAR PROPERTIES: Seeks to Sell Motorcycle Collection at Auction
ALLY FINANCIAL: S&P Assigns 'BB-' Rating to $1BB Preferred Notes
ALPHA BEDDING: Hires Taps David P. Leibowitz as Legal Counsel
ALPHA BEDDING: Robert Handler Named Subchapter V Trustee
AMENTUM HOLDINGS: Moody's Rates New Secured First Lien Debt 'Ba2'

AMERICAN AIRLINES: Fitch Affirms 'B+' IDR, Outlook Stable
AMIREPAIR I INC: Scott Sackett Named Subchapter V Trustee
AMIREPAIR INC: Seeks Cash Collateral Access Until July 31
ANR INSULATION: Plan Exclusivity Period Extended to June 5
AP CORE HOLDINGS: S&P Rates Term Loan B and Revolver Facility 'B-'

APPLE TREE: Seeks Court OK for Chapter 11 Counsel Choice
APPLIED ENERGETICS: Ingalls & Snyder Holds 7.7% Equity Stake
ARCHER MOTORSPORTS: Case Summary & 20 Largest Unsecured Creditors
ARCHROCK INC: Fitch Alters Outlook on 'BB' IDR to Positive
ASSOCIATION OF APARTMENT: Gets Extension to Access Cash Collateral

BEASLEY BROADCAST: Debt Exchange Closes With 99.53% Participation
BIO-KEY INTERNATIONAL: Stockholders Green-Light Reverse Split
BLIZE HEALTHCARE: No Patient Care Complaints, 1st PCO Report Says
BOY SCOUTS: Court Urges Trust Factions to Refine Issues
BRIGHTLINE TRAIN: Seeks Lifeline to Avert Bankruptcy

BUMBLE INC: Fitch Affirms & Withdraws 'BB-' IDR, Outlook Negative
C&D TECHNOLOGIES: S&P Downgrades ICR To 'CCC', On Watch Negative
CABLE & WIRELESS: Moody's Affirms 'Ba3' CFR, Outlook Negative
CAPITAL MONETIZATION: 90-Day Extension for Plan Filing Granted
CAREER MATCHING: Court Okays Kirby Aisner's Final Fee Application

CEDAR ARCH: Court OKs Deal on Cash Collateral Access
CELSIUS NETWORK: Mashinsky Ordered to Pay $10MM to FTC
CENTERFIELD MEDIA: S&P Upgrades ICR to 'B-' on Refinancing
CHARLES & COLVARD: Court OKs Van Lang Jewelry as Stalking Horse Bid
CHG HEALTHCARE: Moody's Rates New Senior Secured Term Loan 'B2'

CHS/COMMUNITY HEALTH: Fitch Affirms 'CCC+' LongTerm IDR
CITIUS PHARMACEUTICALS: Closes $5-Mil. Registered Direct Offering
CJ REAL ESTATE: To Sell Redington Shores Property to Soldnow LLC
CNX RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
CONGA CORP: Moody's Cuts CFR to 'B3', Outlook Stable

CORPORATION SERVICE: Fitch Hikes IDR to 'BB+', Outlook Stable
COSMOS HEALTH: Andreas Bovopoulos Holds 8.2% Equity Stake
CPPIB OVM MEMBER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
DEL MONTE: Creditors Challenge Wind-Down Strategy
DETROIT DUMPSTER: Mark Shapiro Named Subchapter V Trustee

DIGGERS EXCAVATION: Gets OK to Use Cash Collateral Until May 20
DIGGERS EXCAVATION: Rebecca Redwine Grow Named Subchapter V Trustee
DOMTAR CORP: S&P Lowers ICR to 'CCC+' on Weak Cash Flow Prospects
EAST JEFFERSON: Fannie Mae Wants Tarantino Properties as Receiver
ECHOSTAR CORP: BlackRock Reports 8.7% Equity Stake

ESOLUTIONS FURNITURE: Receivership Motion Filed for Asset Wind-Down
FAB TECH: Case Summary & 18 Unsecured Creditors
FAIR OFFER: To Sell Dyersburg Property to Larry T. & L.A. Rogers
FAT BRANDS: Names Successful Bidders in Chapter 11 Auction
FAT BRANDS: Spencer Fane Advises Great American Cookie Franchisees

FIRST BRANDS: Bankruptcy Filing Highlights Accounting, Audit Issues
FIRST BRANDS: PBGC Takes Over Three Pension Plans in Bankruptcy
FIRST BRANDS: Seeks to Extend Plan Exclusivity to July 21
FLEXSHOPPER INC: Plan Exclusivity Period Extended to July 20
FLEXSHOPPER INC: Opposes Former CEO's Arbitration Bid

FLIPCAUSE INC: Court Okays Chapter 7 Conversion
FMC CORP: Moody's Lowers Sr. Unsecured Notes to Ba2, Outlook Neg.
FREE SPEECH: Says Onion IP Transaction Would Slash Asset Value
FRESHREALM INC: Commences Chapter 11, Inks Deal w/ Blue Apron
FTAI AVIATION: S&P Affirms 'BB' Rating on Senior Unsecured Notes

FTX TRADING: Delaware S.C. Upholds Dismissal of Claim Deal Suit
FULLERTON DIGITAL: Section 341(a) Meeting of Creditors on May 28
GAM ZU LATOV: Initiates Chapter 11 Bankruptcy in New York
GARNET HEALTH: S&P Affirms 'B-' Rating on Series 2015/2017 Bonds
GENESIS HEALTHCARE: No Decline in Resident Care, PCO Report Says

GENESIS HEALTHCARE: No Resident Care Concern, 4th PCO Report Says
GENESIS HEALTHCARE: Quality of Care Maintained, 4th PCO Report Says
GEORGES REALTY: Hires Kara & Co. Realty as Real Estate Broker
GEORGES REALTY: Hires Realty One Group as Real Estate Broker
GLOBAL ENTERPRISE: Hires Tax Compliance Group as Accountant

GOEASY LTD: Moody's Lowers CFR to B2 & Alters Outlook to Stable
GOOD VIBRATIONS INK 2: Gets Extension to Access Cash Collateral
GREAT OUTDOORS: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
HAWAII BREWERY: Hires Lewis W. Siegel as Legal Counsel
HELIX ENERGY: Fitch Affirms 'BB-' IDR, Outlook Stable

HERBALIFE INTERNATIONAL: Locks in $1.45B Secured Refinancing Deal
HERNANDEZ LOPEZ: Files Emergency Bid to Use Cash Collateral
HOMETOWN CHIROPRACTIC: Michael Abelow Named Subchapter V Trustee
HORACE CITY: Moody's Downgrades Issuer & GOULT Ratings to Ba1
HUMMINGBIRD ELITE: Seeks Chapter 11 Bankruptcy in New York

HYPERION MATERIALS: Moody's Affirms B3 CFR, Outlook Remains Stable
IMPAC MORTGAGE: Deadline for Panel Questionnaires Set for May 4
IMPAC MORTGAGE: Gets Court OK for Stock Sale Notice
IN DUE SEASON: Amy Denton Mayer Named Subchapter V Trustee
INFINITE GLOW: Seeks to Extend Cash Collateral Access

INSPIRED HEALTHCARE: May 5 Deadline for DST Panel Questionnaires
INSPIRED HEALTHCARE: U.S. Trustee Appoints Mairead Painter as PCO
INSPIRED HEALTHCARE: U.S. Trustee Appoints Timothy Hunter as PCO
INSPIREMD INC: CEO Marvin Slosman Holds 5.18% Equity Stake
INSTITUTO MEDICO: Case Summary & 20 Largest Unsecured Creditors

INTERNATIONAL UNION: Soneet Kapila Named Subchapter V Trustee
INTERTRADE HOLDINGS: Case Summary & Nine Unsecured Creditors
J &ST DEV: Case Summary & 20 Largest Unsecured Creditors
JACKSON HOSPITAL: No Patient Care Concern, 7th PCO Report Says
JACQUELINE D MOORE: Case Summary & Nine Unsecured Creditors

JOSHUA CABINETRY: To Sell Condo to T.K. Parkinson & K. L. Parkinson
JW COLE INVESTMENTS: Hires Vanessa Cash Adams as Counsel
KATERRA INC: J.S. Held Updates on Ch.11 Wind-Down Milestone Phase
KKR REAL ESTATE: Fitch Alters Outlook on 'BB-' IDR to Negative
KOOMBEA INC: Cash Collateral Hearing Set for May 6

KOSMOS ENERGY: BlackRock Holds 6.7% Equity Stake
KOSMOS ENERGY: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable
KRCM ASTORIA: Taps Mr. Lagowitz of Triglid IVL LLC as CRO
KROSKOB BROS: Hires Michael Best & Friedrich LLP as Counsel
LINDSLEY EXCAVATING: Court Extends Cash Collateral Access to May 19

LIVEONE INC: Issues 1MM Shares to BMI to Settle Royalty Obligations
LUMENTUM HOLDINGS: S&P Upgrades ICR to 'B+' on AI-Driven Growth
MACROFIT INC: Gregory Jones Named Subchapter V Trustee
MADISON IAQ: S&P Upgrades ICR to 'BB-' on Debt Reduction
MAFIA INC: Gets Interim OK to Use Cash Collateral

MARKUS CORP: Court Allows $11,574.76 in Attorneys' Fees, Costs
MAVIS TIRE: S&P Rates $775MM First-Lien Term Loan 'B-'
MAWSON INFRASTRUCTURE: Board OKs Name Change to Big Digital Energy
MAXUM GENESIS: Hires Spotts Fain PC as Bankruptcy Counsel
MAZAIA HB: Hires eXp Commercial as Real Estate Broker

MAZAIA HB: Hires Law Offices of Robert S. Altagen as Counsel
MG LOGISTICS: Court Extends Cash Collateral Access to June 26
MIC MANAGEMENT: Hires Orantes Law Firm P.C. as Counsel
MII AVIATION: Seeks Cash Collateral Access
MILLENKAMP CATTLE: Judge Slashes O'Melveny & Myers Fee Request

MOHAWK DRIVE: To Sell Leominster Property to New England Wire
NDG NEW: Hires Law Office of David R. Herzog as Counsel
NEP/NCP HOLDCO: Moody's Alters Outlook on 'B3' CFR to Negative
NEWPORT OVERLOOK: Hires Myers Brettholtz & Company as Accountant
NORHART INVEST: Cherry Bekaert LLP Raises Going Concern Doubt

NORTH AMERICAN CONSTRUCTION: DBRS Confirms BB(high) Issuer Rating
NU STYLE: Amends Construction Business Sale to Elevated Landscape
OAK GROVE: Amends Terms of Georgia Properties Sale to Salo Elbaum
OCOEE BOTANICALS: Elisabeth Donnovin Named Subchapter V Trustee
ORBCOMM INC: S&P Withdraws 'B-' Issuer Credit Rating

ORGANON & CO: Moody's Puts 'Ba3' CFR Under Review for Upgrade
OSCAR LUIS ANGELES: Motion to Withdraw Reference Denied as Moot
OSTENDO TECHNOLOGIES: Seeks Cash Collateral Access
OUISI INCORPORATED: Section 341(a) Meeting of Creditors on June 1
OXFORD FINANCE: Fitch Assigns 'BB-(EXP)' Rating on Sr. Unsec Notes

OXFORD FINANCE: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba3'
PAP-R PRODUCTS: Plan Exclusivity Period Extended to June 30
PAREX RESOURCES: S&P Assigns 'B+' ICR, Outlook Stable
PAT MCGRATH: Court Okays Opt-Out Provisions Under Chapter 11 Plan
PENN ENTERTAINMENT: S&P Alters Outlook to Pos., Affirms 'B' ICR

PETER F. DIPAOLO: Case Summary & 20 Largest Unsecured Creditors
PODS LLC: S&P Rates New First‑Lien Term Loan B and Sec. Notes 'B-'
POWER REIT: Bradley & Daytona Holds 6.1% Stake
PREMIUM CUTS: L. Todd Budgen Named Subchapter V Trustee
PRESTIGE HEALTHCARE: Hires Smeed CPA Inc. as Accountant

PROTHODONTICS AND DENTAL: Court Directs U.S. Trustee to Appoint PCO
PURDUE PHARMA: $5.5B Plea Deal Reached Amid Survivor Outcry
QVC GROUP: Preferred Holders Push for Equity Committee in Ch. 11
RAD DIVERSIFIED: Seeks to Sell Idaho Property at Auction
RANA REAL ESTATE: Andrew Layden Named Subchapter V Trustee

RAZIF MANAGEMENT: Seeks Cash Collateral Access Until June 4
RIVERSEDGE ADVANCED: Labor Dept Seeks Receiver over ERISA Breach
ROBLEDO FAMILY: Gets Interim OK to Use Cash Collateral Until May 8
ROGERS HEALY: Scott Seidel Named Subchapter V Trustee
S & H SYSTEMS: Hires Wooley Auctioneers Inc. as Auctioneer

SABERT CORP: S&P Rates Proposed $412MM Term Loan B 'BB-'
SAINT AUGUSTINE'S: Seeks Chapter 11 Bankruptcy with Over $50MM Debt
SAKS GLOBAL: Paul Weiss, Porter Hedges Amend Rule 2019 Statement
SALT HOUSE: Seeks to Extend Plan Exclusivity to July 27
SANTIN AUTO: Trustee Hires Greg T. Murray P.L.L.C. as Accountant

SCV GRAPHIC: Amends Equipment Sale to Parallax Digital
SE COSMOS: S&P Assigns Prelim 'BB+' Rating on Senior Secured Notes
SEDILLO REALTY: Unsecured Creditors Will Get 8.9% of Claims in Plan
SERENADE NEWPORT: Sell Corona del Mar Property to Highest Bid
SERVICE PROPERTIES: Moody's Ups CFR to B3, Outlook Stable

SHAYN REALTY: Seeks to Sell NY Residential Apartments at Auction
SHIFT4 PAYMENTS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
SIBANYE-STILLWATER LIMITED: Fitch Alters Outlook on IDR to Stable
SLEEP NUMBER: Obtains $25MM Term Loan; Revises Credit Deal
SLX - I DRIVE: Case Summary & 20 Largest Unsecured Creditors

SPECIALTY BUILDING: S&P Downgrades ICR to 'B-', Outlook Stable
SPI ENERGY: Seeks Chapter 15 Recognition of Cayman Liquidation
SPIRIT AIRLINES: Lenders Push Back as U.S. Rescue Talks Stall
SPIRIT AVIATION: Vladimir and Angelica Galkin Hold 5% Equity Stake
START TO FINISH: Jill Durkin Named Subchapter V Trustee

STG LOGISTICS: Clears Path to Ch.11 Exit with $1B+ Debt Reduction
STONEYBROOK SPIRITS: Court Extends Cash Collateral Access to May 21
TEHUM CARE: Creditor Groups Target Texas Two-Step Ch. 11 Strategy
TPG RE FINANCE: S&P Assigns 'B+' ICR, Outlook Stable
TRILLION ENERGY: Launches $2M Offering With 5:1 Share Consolidation

TRIWAYS INC: Case Summary & Six Unsecured Creditors
TRIWAYS INC: Commences Chapter 11 Bankruptcy in California
TURNING POINT SCHOOL: S&P Affirms 'BB' Rating on 2024 Revenue Bond
UNIFIED PROTECTIVE: Gregory Jones Named Subchapter V Trustee
VANDERBILT MINERALS: Committee Taps Province as Financial Advisor

VANDERBILT MINERALS: Wins Approval of Global Settlement
VC GB HOLDINGS I: Moody's Affirms 'B2' CFR, Outlook Remains Stable
VIA MIZNER: Seeks to Extend Plan Exclusivity to Aug. 20
VICTORIA'S KITCHEN: Hires Mike Assad P.C. as Legal Counsel
VILLAGE HOMES: To Sell Walsh Property to John & Karen Mittenthal

VOLITIONRX LTD: NYSE Accepts Compliance Plan Through August 2027
WATER OAKS: Gets Court OK to Use Cash Collateral Until May 20
WATER OAKS: Hires Gaskins Hancock Tuttle as Counsel
WEST SEATTLE: Gets Interim OK to Use Cash Collateral Until May 26
WHITE RHINO: Hires Ascendant Law Group LLC as Counsel

WHITE ROCK: No Supply Concerns, PCO Report Says
WIDEOPENWEST FINANCE: Moody's Affirms 'B3' CFR, Outlook Stable
WILLIAM SHOCINSKI: Court Dismisses Chapter 11 Bankruptcy Case
WINE COUNTRY: Gets Interim OK to Use Cash Collateral
WISER SOLUTIONS: Deadline for Panel Questionnaires Set for May 13

WISER SOLUTIONS: Secures Interim Court OK to Tap $34.2MM DIP
WORKHORSE GROUP: Reaches $4.3MM Settlement in Coulomb Suit
[] Fitch Affirms Ratings on Three North American Media Issuers
[] Jerry Levin Joins CriticalPoint as Restructuring MD in New York
[] Lawmakers Push Bill to Curb Chapter 11 in Sex Abuse Cases


                            *********

15 & 23 VAN: Hires Northgate Real as Real Estate Advisor
--------------------------------------------------------
15 & 23 Van Siclen Ave Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Northgate Real Estate Group as real estate advisor.

The firm will market and sell the Debtors real property located at
15 & 23 Van Siclen Avenue, Floral Park, NY 11001.

The firm will be paid 4.5 percent of the gross purchase price of
the Property.

As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Greg Corbin
     Northgate Real Estate Group
     1633 Broadway, 46th Floor
     New York, NY 10019
     Tel: (212) 369-4000

           About 15 & 23 Van Siclen Ave Properties, LLC

15 & 23 Van Siclen Ave Properties, LLC is a single asset real
estate company.

15 & 23 Van Siclen Ave Properties, LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40335) on
January 23, 2026. In its petition, the Debtor reports estimated
assets of $1 million to $10 million and estimated liabilities in
the same range.

Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.

The Debtor is represented by Ilevu Yakubov, Esq., of Jacobs P.C.


2H NY LLC: Seeks Chapter 11 Bankruptcy in New York
--------------------------------------------------
On April 27, 2026, 2H NY LLC filed for Chapter 11 protection in the
U.S. Bankruptcy Court for the Southern District of New York.
According to court filings, the Debtor reports between $1,000,000
and $10,000,000 in debt owed to 1–49 creditors.

                        About 2H NY LLC

2H NY LLC is a limited liability company engaged in business
operations that may include real estate holdings, investments, or
commercial asset management.

2H NY LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. Case No. 26-22421) on April 27, 2026. In its petition,
the Debtor reports estimated assets of $1,000,000 to $10,000,000
and estimated liabilities of $1,000,000 to $10,000,000.

Honorable Bankruptcy Judge Sean H. Lane handles the case.

The Debtor is represented by Charles Wertman, Esq.


30-85 31ST PROPERTY: Hires BFSNG Law Group LLP as Counsel
---------------------------------------------------------
30-85 31st Property LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ BFSNG Law
Group, LLP as counsel.

The firm will render these services:

     a. advise the Debtor's with respect to the powers and duties
of the Debtor-in-Possession in the continued management of its
business and property;

     b. represent the Debtor the Bankruptcy Court and at all
hearings on matters pertaining to its affairs, including
prosecuting and defending litigated matters ad they may rise during
the Chapter 11 case;
   
     c. advise and assist the Debtor in the preparation and
negotiation of a Plan of Reorganization with its creditors;

     d. prepare all necessary or desirable applications, answers,
orders, reports, documents and other legal papers; and

     e. perform all other legal services.

The firm will be paid at these hourly rates:

     Partners           $600 to $725 per hour
     Of Counsel         $550 to $600 per hour
     Associates         $500 to $550 per hour
     Paralegals         $210 per hour

In addition, the firm will seek reimbursement for expenses
incurred.

Prior to the petition date, the Debtor paid a retainer of $18,262
plus $1,738 filing fee in this matter.

Mr. Berger disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:
     
     Heath S. Berger, Esq.
     BFSNG Law Group, LLP
     6901 Jericho Turnpike, Suite 230
     Syosset, NY 11791
     Telephone: (516) 747-1136

              About 30-85 31st Property LLC

30-85 31st Property LLC is a real estate holding company that owns
and operates a multi-story residential and commercial property in
Astoria, Queens, New York. The company derives revenue from leasing
residential units and limited commercial space and operates in the
real estate leasing and property management industry.

30-85 31st Property LLC in College Point, NY, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 26-41058) on March
5, 2026, listing $0 to $50,000 in assets and $1 million to $10
million in liabilities. Bo Lin as managing member, signed the
petition.

Judge Jil Mazer-Marino oversees the case.

BFSNG LAW GROUP, LLP serve as the Debtor's legal counsel.


4US CORP: Court Extends Cash Collateral Access to May 29
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division issued a fourth interim order authorizing 4 US
Corp, Inc. to use cash collateral to fund ordinary business
operations.

Under the fourth interim order, the Debtor is authorized to use
assets considered cash collateral, including $1,000 in a checking
account at Bank of America, $50,000 in accounts receivable, office
equipment valued at $2,000, a fleet of 26 trucks and 30 trailers
valued at about $3,030,000, and a forklift valued at $35,000. These
assets can be used only to pay necessary operating expenses and
only within the limits of a court-approved budget.

The order places restrictions on how the collateral can be used.
Any spending that exceeds a budgeted line item by more than 5%
requires prior written approval from the U.S. Small Business
Administration or additional authorization from the court.

The Debtor is also required to maintain insurance coverage on its
property and assets to protect the collateral while it is being
used during the bankruptcy process.

The authorization to use the cash collateral is temporary and will
expire on May 29 unless the court extends it.

A status hearing regarding the Debtor's continued use of cash
collateral is scheduled for May 26.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/hLYk2 from PacerMonitor.com.

                        About 4US Corp Inc.

4US Corp, Inc. operates as a transportation and logistics company,
providing freight hauling services through ownership of commercial
trucks and trailers, including Freightliner trucks and Wabash,
Dorsey, Mac, Fontaine, Hyundai, and Eagle trailers.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01936) on February 2,
2026. In the petition signed by Eli Malikovsky, president, the
Debtor disclosed $3,118,000 in total assets and $9,253,165 in total
liabilities.

Judge Timothy A. Barnes oversees the case.

David Freydin, Esq., at the Law Offices of David Freydin,
represents the Debtor as bankruptcy counsel.


590-600 ONE: Hires Goldberg Weprin as Bankruptcy Counsel
--------------------------------------------------------
590-600 One Realty Corp. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Goldberg
Weprin Finkel Goldstein LLP as its bankruptcy counsel.

The firm will render these services:

     (a) provide the Debtor with all necessary representation in
connection with these Chapter 11 cases and their responsibilities;

     (b) represent the Debtor in all proceedings before the U.S.
Bankruptcy Court and the Office of the U.S. Trustee;

     (c) review, prepare and file all necessary legal papers as
required in the Chapter 11 cases; and

     (d) provide all other legal services required with respect to
achieving confirmation of a plan of reorganization.

The firm will be paid at these rates:

     Partners       $635 to $865 per hour
     Associates     $495 to $620 per hour

The firm received a retainer payment of $37,000 from the Debtor.

J. Ted Donovan, Esq., a member at Goldberg Weprin Finkel Goldstein,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     J. Ted Donovan, Esq.
     Goldberg Weprin Finkel Goldstein LLP
     125 Park Avenue, 12th Floor
     New York, NY 10017
     Telephone: (212) 221-5700

              About 590-600 One Realty Corp.

590-600 One Realty Corp. owns and operates two multi-family
residential apartment buildings at 71-05 and 71-15 37th Avenue in
Jackson Heights, New York, comprising a total of 106 units. The
properties do not include retail or commercial space.

590-600 One Realty Corp. in Jackson Heights, NY, sought relief
under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No.
26-40722) on Feb. 13, 2026, listing as much as $10 million to $50
million in both assets and liabilities. Karan Singh as vice
president and treasurer, signed the petition.

GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP serve as the Debtor's legal
counsel.


923 KENNEDY: Hires Weiss Law Group LLC as Legal Counsel
-------------------------------------------------------
923 Kennedy Street, NW, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ The Weiss Law Group,
LLC as counsel.

The firm will provide these services:

     (a) provide legal advice with respect to the powers, rights,
and duties of the Debtor;

     (b) provide legal advice and consultation related to the legal
and administrative requirements of this case;

     (c) take appropriate actions to protect and preserve the
estate;

     (d) prepare appropriate documents and pleadings;

     (e) represent the Debtor's interests at the initial debtor
interview, the meeting of creditors, any status conferences, any
disclosure statement hearing, the confirmation hearing, and other
hearings before this Court related to the Debtor;

     (f) assist and advise the Debtor in the formulation,
negotiation, and implementation of a Disclosure Statement and/or
Chapter 11 Plan and all documents related thereto;

     (g) assist and advise the Debtor with respect to negotiation,
documentation, implementation, consummation, and closing of
transactions;

     (h) assist and advise the Debtor with respect to the use of
cash collateral, obtain financing, and negotiate, draft, and seek
approval of any documents related thereto;

     (i) review and analyze claims filed in this case, and advise
and represent the Debtor in connection with objections to such
claims;

     (j) assist and advise the Debtor with respect to executory
contracts and unexpired leases;

     (k) coordinate with other professionals employed in the case;

     (l) review and analyze applications, orders, motions, and
other pleadings and documents filed with the Bankruptcy Court and
advise the Debtor thereon; and

     (m) assist the Debtor in performing such other services as may
be in its interest and the estate and performing all other legal
services it required.

The firm's counsel will be paid at these hourly rates:

     Brett Weiss, Attorney     $695
     Associates                $350
     Paralegals                $195

In addition, the firm will seek reimbursement for expenses
incurred.

Prior to the filing of this case, the Debtor paid the firm a
retainer of $25,000, which included the filing fee of $1,738.

Mr. Weiss disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Brett Weiss, Esq.
     The Weiss Law Group, LLC
     8843 Greenbelt Road, Box 299
     Greenbelt, MD 20770
     Telephone: (301) 924-4400
     Facsimile: (240) 627-4186
     Email: brett@BankruptcyLawMaryland.com

              About 923 Kennedy Street, NW, LLC

923 Kennedy Street, NW, LLC is a real estate entity engaged in the
ownership and management of property assets. The company's
activities typically center on holding and operating real estate
investments, which may include residential or commercial
properties.

923 Kennedy Street, NW, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-00200) on April 22, 2026.
In its petition, the debtor reports estimated assets between $1
million and $10 million and estimated liabilities ranging from
$100,001 to $1,000,000.

Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case.

The debtor is represented by Brett Weiss, Esq. of The Weiss Law
Group, LLC.



99 SE MIZNER: Hires Law Office of Harry J. Ross as Counsel
----------------------------------------------------------
99 SE Mizner Blvd Unit 627 LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ the
Law Office of Harry J. Ross as counsel.

The firm will provide these services:

   a. give advice to the Debtor with respect to its powers and
duties as Debtor in possession and the continued management of its
business operations;

   b. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

   c. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;

   d. protect the interest of the Debtor in all matters pending
before the court; and

   e. represent the Debtor in negotiation with its creditors in the
preparation of a plan.

The firm will be paid at the rate of $675 per hour.

The firm will be paid a retainer in the amount of $15,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In addition, the firm will seek reimbursement for its out-of-pocket
expenses.

Mr. Ross disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Harry J. Ross, Esq.
     Law Office of Harry J. Ross
     6100 Glades Road, Suite 211
     Boca Raton, FL 33434
     Tel: (561) 482-2400
     Fax: (561) 482-2602
     Email: hross@hjrlaw.com

              About 99 SE Mizner Blvd Unit 627 LLC

99 SE Mizner Blvd Unit 627 LLC, filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Fla. Case No. 26-14997-MAM) on April 21,
2026. The Debtor hires the Law Office of Harry J. Ross as counsel.


A NEW START: Stephen Barnes Named Subchapter V Trustee
------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Stephen Barnes as
Subchapter V trustee for A New Start Primary Care, LLC and A New
Start II, LLC.

Mr. Barnes 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. Barnes declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Stephen Barnes
     PO Box 1598
     163 Main Street, Suite 200
     Lexington, KY 40588-1598
     (859) 225-4714 ex. 3025 (tel)
     (859) 685-1188 (direct dial)
     (859) 225-7983 (fax)
     (859) 225-1493 (fax)

                About A New Start Primary Care LLC

Based in Central City, Kentucky, A New Start Primary Care, LLC and
A New Start II, LLC operate affiliated outpatient healthcare
providers focused on substance use disorder treatment and
behavioral health care. The organizations provide
medication-assisted treatment, counseling and case management for
opioid use disorder in an outpatient clinical setting.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Ky. Lead Case No. 26-40292) on April
17, 2026. Timothy Dukes, member, president and chief executive
officer, signed the petitions.

At the time of the filing, A New Start Primary Care disclosed up to
$50,000 in assets and $1 million to $10 million in liabilities
while A New Start II listed $1 million to $10 million in both
assets and liabilities.

Judge Charles R. Merrill presides over the case.

Heather M. Thacker, Esq., at Gartland Thacker DelCotto, PLLC
represents the Debtors as legal counsel.


A2Z FIELD: Patricia Fugee Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of
FisherBroyles, LLP as Subchapter V trustee for A2Z Field Services,
LLC.

Ms. Fugee will be paid an hourly fee of $365 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.  

Ms. Fugee declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Patricia B. Fugee
     FisherBroyles, LLP
     27100 Oakmead Drive #306
     Perrysburg, OH 43551
     Phone: (419) 874-6859
     Email: Patricia.Fugee@FisherBroyles.com

                   About A2Z Field Services LLC

A2Z Field Services, LLC, based in Plain City, Ohio, provides field
services for loan servicers, property owners, asset managers and
government agencies. The company handles property inspection,
preservation, REO work, rehab and repair, rental property
servicing, utility, HOA and VPR management, as well as borrower
contact and eviction services. It uses Compass 360 Enterprise and
the Field Compass mobile app to monitor work in progress and
receive real-time updates from the field, and it is supported by a
nationwide network of vendors and city and community office
representatives across the United States.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-30863) on April 20,
2026, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Amie Spark, managing member, signed the
petition.

Judge Mary Ann Whipple presides over the case.

Eric R. Neuman, Esq. at DILLER AND RICE, LLC represents the Debtor
as legal counsel.


AARONS LANDSCAPING: Hires Devlin Law Firm LLC as Counsel
--------------------------------------------------------
Aarons Landscaping, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ Devlin Law
Firm LLC as counsel.

The firm's services include:

   a. advising the Debtor with respect to its powers and duties as
a debtor-in-possession in the continued operation of its business;

   b. preparing necessary applications, motions, answers, orders,
reports, and other pleadings on behalf of the Debtor;

   c. representing the Debtor in all aspects of this case,
including at the meeting of creditors and any other hearings before
the Court;

   d. assisting in the negotiation, formulation, and confirmation
of a Subchapter V plan of reorganization; and

   e. performing all other legal services for the Debtor that may
be necessary and proper for the administration of this Chapter 11
case.

Christina L. Henry, Esq., the attorney handling the case will be
paid an hourly rate of $550.

Prior to the petition date, the Debtor paid the firm an advance fee
deposit of $10,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In addition, the firm will seek reimbursement for its out-of-pocket
expenses.

Ms. Henry disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Christina L. Henry, Esq.
     6100 219th SW, Ste 480
     Devlin Law Firm LLC
     Mountlake Terrace, WA 98043-2222
     Tel: (206) 319-0077
     Email: chenry@devlinlawfirm.com

              About Aarons Landscaping, LLC

Aarons Landscaping, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Wash. Case No. 26-40864-MJH) on March 27, 2026. The
Debtor hires Devlin Law Firm LLC as counsel.


ABUNDANT LIFE: Gets Interim OK to Use Cash Collateral Until May 7
-----------------------------------------------------------------
Abundant Life HCS Company received interim approval from the U.S.
Bankruptcy Court for the Northern District of Texas, Fort Worth
Division, to use cash collateral to fund operations.

Under the interim order, the Debtor is authorized to use cash
collateral through May 7 to pay the expenses set forth in its
monthly budget, plus 15% per line item and 15% overall.

The Debtor's cash collateral consists of funds subject to liens
held by secured lenders, including C T Corporation System,
Corporation Service Company, Zeuslending.com, and First Corporate
Solutions.

As protection for the Debtor's use of their cash collateral,
lenders will receive post-petition liens on all current and future
assets, matching the scope of their pre-petition liens. In
addition, the Debtor is required to maintain insurance on the
collateral.

The order is available at https://is.gd/eDIIog from
PacerMonitor.com.

The final hearing is scheduled for May 7.

                  About Abundant Life HCS Company

Abundant Life HCS Company, based in Dallas, Texas, provides home
and community-based services, including residential support and
individualized care for consumers and families. It operates a day
habilitation program under the name First Class Dayhab Academy and
offers related services such as employment support and structured
daily programs to clients across multiple Texas locations,
including Mount Pleasant, Paris, and Texarkana.

Abundant Life HCS Company sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-41672) on April
15, 2026, listing up to $50,000 in assets and up to $10 million in
liabilities. Mack Jones, company owner, signed the petition.

Judge Edward L. Morris oversees the case.

Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC,
represents the Debtor as legal counsel.


ACHIEVEABILITY THERAPY: Michael Markham Named Subchapter V Trustee
------------------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Michael Markham,
Esq., as Subchapter V trustee for Achieveability Therapy Services,
P.L.

Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP,
will be paid an hourly fee of $400 for his services as Subchapter V
trustee and will be reimbursed for work-related expenses incurred.


Mr. Markham declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Michael C. Markham, Esq.
     Johnson Pope Bokor Ruppel & Burns, LLP
     401 E. Jackson Street, Suite 3100
     Tampa, FL 33602
     Phone: (727) 480-5118
     Mikem@jpfirm.com  

             About Achieveability Therapy Services P.L.

Achieveability Therapy Services, P.L. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
26-03241) on April 17, 2026, with $100,001 to $500,000 in assets
and $500,001 to $1 million in liabilities.

Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor
as legal counsel.


ADEIA INC: S&P Upgrades ICR to 'BB' on Improved Credit Metrics
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Adeia Inc.,
intellectual property (IP) licensing provider, to 'BB' from 'BB-'
and its rating on its first-lien term loan to 'BB+' from 'BB-'. S&P
revised the recovery rating to '2' from '3', indicating its
expectation of substantial recovery (rounded estimate: 70%, revised
from 65%).

The stable outlook reflects S&P's expectation that credit metrics
will remain steady over the next 12 to 24 months, with leverage
sustained below 2x and annual free cash flow exceeding $140
million.

Adeia continues to deleverage through solid deal momentum and
ongoing debt repayments. As of fiscal 2025, its S&P Global Ratings
adjusted leverage improved to 1.6x, below our 2x upgrade
threshold.

S&P anticipates the company to maintain the leverage at or below
current levels over the next two years, despite some near-term
moderation in revenue and profitability.

The upgrade reflects continued deleveraging below 2x alongside
strong cash generation. Adeia's fiscal 2025 result outperformed our
prior forecast. The record fourth-quarter performance was driven in
part by a litigation settlement with The Walt Disney Co. in
December 2025, which lifted the full-year revenue and
profitability. The company has also remained consistent in
allocating excess cash flow toward debt reduction, paying down $60
million in 2025 alone. As a result, S&P Global Ratings-adjusted
leverage declined to 1.6x at fiscal year-end 2025. Additionally,
the high-margin, capital-light IP licensing model continues to
support strong cash conversion. It generated free operating cash
flow (FOCF) of about $150 million in 2025, with FOCF-to-debt near
35%.

S&P said, "We expect credit metrics to remain broadly stable over
the next 12 -24 months. Management has guided the full-year 2026
revenue of $395 million to $435 million, which incorporates the
roll-off of the nonrecurring Disney settlement. The midpoint of
approximately $415 million, (6%-7% year over year decline) in our
view, represents a more durable baseline for underlying operations.
Margins are expected to moderate, reflecting elevated litigation
activity tied to several large ongoing cases, alongside incremental
investment in research and development and IP acquisitions. We
project S&P Global Ratings-adjusted EBITDA margins will compress to
around 53%, down from the low-60% range in 2025. Correspondingly,
FOCF is expected to modestly decline to about $145 million in 2026.
Given Adeia's demonstrated history of balance sheet improvement -
and explicit prioritization of debt reduction in recent earnings
call – we assume $40 million paydown in 2026 in our base case. We
also incorporate modest share buybacks as the company builds excess
cash. Overall, we anticipate leverage of approximately 1.6x in
fiscal 2026 and 1.5x in fiscal 2027, with FOCF to debt sustained
above 35%."

Business benefits from a growing patent portfolio and semiconductor
momentum, tempered by inherent volatility. Since the separation
from Xperi, Adeia's patent portfolio has scaled materially - to
over 13,750 assets today from 9,500 in 2022 – broadening its
technological reach and optionality around licensing and litigation
across media and semiconductor end markets. The company's IP in
hybrid bonding and advanced process nodes have become increasingly
relevant within the semiconductor value chain, particularly as
demand tied to AI and high-performance compute accelerates. That
said, semiconductors still account for only about 5% of total
revenue, albeit growing quickly and helping offset secular pressure
in legacy pay-TV licensing. Media remains the dominant contributor,
and the business model continues to exhibit inherent lumpiness –
revenue and earnings can swing meaningfully based on the timing of
large multiyear renewals and the resolution of litigation matters.
Ongoing litigation expenses, while generally contained less than
$25 million, introduce an additional layer of volatility. Against
this backdrop, key thing to watch is whether credit metrics retain
adequate cushion to absorb the variability associated with the
company's business profile, particularly through periods of tuck-in
IP acquisitions, elevated litigation negations, or major contract
renewals.

S&P said, "The stable outlook reflects our expectation that despite
revenue normalization and modest EBITDA decline due to growth
investments in 2026, Adeia will continue to generate positive free
cash flow of about $140 million annually and maintain S&P adjusted
debt to EBITDA under 2x. We expect the company will grow through
investing in its IP portfolio and expansion in semiconductor market
over longer term."

S&P could lower its rating on Adeia if:

-- The company fails to effectively monetize its IP portfolio,
leading to revenue declines that reduce free cash flow to debt
below 20%; or

-- While S&P views cash flow generation as the more accurate
indicator of Adeia's performance due to the nature of the IP
licensing business, it sustains S&P Global Ratings-adjusted
leverage above 2.5x.

S&P could consider an upgrade if Adeia:

-- Maintains leverage well below 1.5x and free cash flow to debt
of more than 40% through litigations, acquisitions and major
renewals variability;

-- Minimizes the risk of major contracts expiring over the
following 12-24 months.



ADONAI CONGREGATE: No Patient Complaints, 1st PCO Report Says
-------------------------------------------------------------
Tamar Terzian, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Central District of California her first
interim report regarding the quality of patient care provided by
Adonai Congregate Living, Inc.

In her report, which covers the period from Feb. 10 to April 10,
the PCO conducted an immediate site visit for both homes located in
Van Nuys. Each home is licensed for six patients where there are
two patients to one room.

On March 2, the PCO met with the director Ms. Mnatsakanyan for a
tour of both residences: The first is 17527 Covello Street and the
second is 10215 Lasaine Avenue in Northridge, California. The
residences were clean and had all equipment necessary for the care
of such patients. Each bedroom had a hospital bed, night stand, tv
for entertainment and space for the personal items for each
patient.

The PCO observed and evaluated the systems in place to assess the
Debtors ability to provide the standard of care during the
bankruptcy process. The patient care delivery was evaluated based
on professional standards of good quality care (and, increasingly,
patient-oriented measures of satisfaction). Most importantly, the
PCO was able to directly speak with the patients and staff to
assure the quality of care is continuous.

The PCO cited that each home was overall clean and welcoming. A
staff member sits within visibility of the front door main entrance
to direct any visitors, and there is a sign in sheet available
immediately as you enter each home. Dirty linen, trash, hazardous
waste bins, and trash compactor were audited. PCO checked
biomedical maintenance stickers and found all to be current. No
concerns were noted.

Ms. Terzian reviewed the facility environment of care binder for
fire drills, life safety preventative maintenance, generator
testing, and kitchen maintenance. PCO also assured that the dietary
needs of the patients are met. The staff provides all patient meals
based on the nutritionist's recommendations. There were no patient
complaints for meals provided. There are no changes or
recommendations besides continuing to meet the dietary needs of
each patient.

The PCO requested and reviewed the California Department of Public
Health ("CDPH") records. The CDPH investigates all patient
complaints. The specifics of each case are a matter of public
record and can be found on the CDPH web site. The Debtor has
received no complaints from any patient or with respect to the
caregivers. PCO has received no complaints from the various
patients visited for this interim report.

Moreover, the PCO reviewed summary quality and infection control
data for the patients. No concerns suggesting a decline in patient
quality due to the bankruptcy. Since some patients have recently
been released from the hospital into Debtor's care, PCO reviewed
and found that sepsis protocols are met. PCO observed hand
sanitizers readily available and in the patients' rooms.

The PCO did not observe concerns as contemplated by Section
333(b)(3) of the Bankruptcy Code with potential patient safety
implications.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=A5rpBL from PacerMonitor.com.

The ombudsman may be reached at:

     Tamar Terzian
     Terzian Law Group, APC
     1122 E Green St, # 200,
     Pasadena, CA 91106-2500
     Phone: (818) 242-1100
     Email: tamar@terzlaw.com  

      About Adonai Congregate Living Inc.

Adonai Congregate Living, Inc. operates as a provider of congregate
living and residential care services.

Adonai Congregate Living, Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10098) on
January 20, 2026, with between $100,001 and $500,000 in both assets
and liabilities.

Honorable Bankruptcy Judge Martin R. Barash handles the case.

The Debtor is represented by the Law Offices of Michael Jay Berger.


ALLIED TELECOM: Plan Exclusivity Period Extended to July 21
-----------------------------------------------------------
Judge Elizabeth L. Gunn of the U.S. Bankruptcy Court for the
District of Columbia extended Allied Telecom Group, LLC's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to July 21 and Sept. 19, 2026, respectively.

As shared by Troubled Company Reporter, Debtor explains that the
relevant factors weigh strongly in favor of an extension of the
Exclusivity Periods:

     * First, the outcome of the sale process contemplated by the
Sale Motion will largely dictate the terms of a chapter 11 plan. As
such, the Debtor needs sufficient time to allow for the marketing
and sale process to unfold, develop a plan in light of that result,
and prepare adequate information to allow stakeholders to make an
informed decision regarding such plan.

     * Second, securing consensual use of cash collateral with
milestones agreed to by the Debtor's secured lender and the filing
of the sale motion evinces the Debtor's good faith progress in
prosecuting this Case for the benefit of all stakeholders and
ultimately bringing this Case to a resolution.

     * Third, the Debtor is not seeking to extend the Exclusivity
Period to pressure creditors to accede to its reorganization
demands. The Debtor and its professionals are focusing
substantially all of their time on running a robust marketing and
sale process and have made no reorganization demands. Further, the
Debtor and its primary secured creditor, Quaint Oak Bank, have
proceeded in a largely consensual manner to date in this Case.

     * Fourth, because the outcome of the sale process will largely
dictate the terms of a chapter 11 plan, a significant unresolved
contingency exists which prevents the Debtor from filing and
prosecuting a plan at this time.

The Debtor's Counsel:

                  Jennifer E. Wuebker, Esq.
                  Justin F. Paget, Esq.
                  Nicholas S. Monico, Esq.
                  HUNTON ANDREWS KURTH LLP
                  951 E. Byrd Street
                  Richmond VA 23219
                  Tel: (804) 788-8200
                  Fax: (804) 788-8218
                  Email: jwuebker@hunton.com
                         jpaget@hunton.com
                         nmonico@hunton.com

                  About Allied Telecom Group LLC

Allied Telecom Group, LLC provides Internet access and data
transport services to business, nonprofit, educational, and
government customers, focusing on last-mile connectivity, wide area
network transport, and cloud and data center interconnection. The
Washington, D.C.-based company operates as a local exchange carrier
serving the District of Columbia, Maryland, and Virginia, and also
offers managed IT and network security services such as firewall
protection, intrusion detection, network monitoring, and disaster
recovery planning. Allied Telecom Group serves a customer base of
about 1,200 organizations across the public and private sectors,
including federal, state, and local government agencies and
educational institutions.

Allied Telecom Group sought relief under Chapter 11 of the
Bankruptcy Code filed its voluntary petition for Chapter 11
protection (Bankr. D. Colo. Case No. 25-00599) on Dec. 23, 2025,
listing $1 million to $10 million in assets and $10 million to $50
million in liabilities. Ken Williams, as designated officer, signed
the petition.

Judge Elizabeth L. Gunn oversees the case.

Hunton Andrews Kurth, LLP serves as the Debtor's legal counsel.


ALLSTAR PROPERTIES: Seeks to Sell Motorcycle Collection at Auction
------------------------------------------------------------------
Allstar Properties, LLC (ASP) and its affiliates,  Allstar
Properties I, LLC (ASPI), ACH Rental Properties, LLC (ACH), and
Andrew C. Heaner seek permission from the U.S. Bankruptcy Court for
the Northern District of Georgia, Rome Division, to sell Property,
free and clear of liens, claims, interests, and encumbrances.

ASP is a Georgia limited liability company. ASP is a real estate
holding company that owns and/or manages several large pieces of
real property throughout the northwest corner of the State of
Georgia, in Floyd, Haralson and Polk Counties (Investment
Properties). The Investment Properties do not generate revenue
unless and until they are sold, other than occasional timber and
tangential sales.

ASPI is Georgia limited liability company. ASPI owns certain
commercial properties that it rents to business tenants throughout
the northwest corner of the State of Georgia, in Floyd, Haralson
and/or Polk Counties (Commercial Properties). Where applicable,
ASPI collects rent on the Commercial Properties.

ACH is a Georgia limited liability company. ACH owns certain
residential properties that it rents to individual tenants
throughout the northwest corner of the State of Georgia, in Floyd,
Haralson and/or Polk Counties (Residential Properties).

ASPI and ACH were created for the purpose of obtaining and managing
the Commercial and Residential Properties.

Andrew Heaner is the sole member ASP, and the majority member in
ASPI and ACH. Mr. Heaner’s wife, Mary Helen Heaner, and adult
son, Gardner Heaner, are the other minority owners in ASPI and ACH.


Prior to the Heaner Petition Date, Heaner had also acquired
numerous personal property collections (Personal Property
Collections) including but not limited to an extensive motorcycle
collection (Motorcycle Collection).

Debtors are in the process of obtaining title for each motorcycle
in preparation for the auction of the motorcycles. Attached as
Exhibit A is a list of the Motorcycle Collection to be sold, which
in consultation with the proposed auctioneer, Debtors believe to be
worth approximately $350,000 to $450,000, assuming proper marketing
and proper exposure to potential buyers.
https://urlcurt.com/u?l=w3lnSl

In order to maximize the sales prices for the Motorcycle
Collection, Debtors with input from his proposed auctioneer,
proposes to hold an auction proposed to take place within 21 days
of the entry of an Order approving the Motion.

Creditors wishing to be served with the Auction Report detailed
herein shall make a request in writing to Debtors’ counsel by
electronic mail to: Anna M. Humnicky, Esq.,
ahumnicky@smallherrin.com, within 10 days of the entry of an Order
granting the Motion.

Debtors have not identified any liens, claims, encumbrances, or
other interests against the Motorcycle Collection but proposes that
the order approving the Motion provide that all auction sales will
be free and clear of liens, claims, encumbrances, or other
interests.

Debtors propose that the Proposed Auctioneer be entitled to
compensation in the form of a commission in the amount of 10% of
the proceeds of the sale of the Motorcycle Collection, plus $15,000
for marketing expenses, without further notice and an opportunity
to object.

                      About Allstar Properties LLC

Allstar Properties LLC and affiliates are Georgia-based real estate
companies that hold and manage property assets. The Allstar
entities focus on property ownership, while ACH Rental Properties
provides property management and rental services. Collectively,
they operate within the real estate sector across residential and
nonresidential properties in the state.

Allstar Properties LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case.

The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN,
LLP.


ALLY FINANCIAL: S&P Assigns 'BB-' Rating to $1BB Preferred Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' rating to Ally Financial
Inc.'s $1.0 billion offering of preferred stock. S&P expects the
company to use the proceeds to redeem some or all of their Series B
Preferred Stock.

S&P expects Ally will limit operating expenses and maintain
sufficient regulatory capital buffers, particularly given the risk
of potential additional regulatory requirements (such as the future
recognition of accumulated other comprehensive income).

Adjusted net revenue reached $2.2 billion in the first quarter of
2026, up 6% compared with the same period last year, and up 12%
when adjusting for the sale of its credit card business. This
growth reflects the company's strategic refresh to focus on core
businesses and segments. Ally's guidance is for low single-digit
percent revenue growth and approximately 1% expense growth for
full-year 2026.

S&P said, "Our expectation is that Ally's asset quality metrics
will remain relatively stable in 2026, following moderate
improvement in 2025. However, risks to the downside are growing due
to the potential macro impact from the war in the Middle East. In
our view, Ally's aggressive underwriting between late 2021 and
early 2023 led to an early deterioration in asset quality, pushing
it below pre-pandemic levels faster than for some of its peers.

"We think the updated strategy makes Ally even more sensitive to
trends in the auto and auto finance industries. Ally's auto
financing segment accounted for 79% of total on-balance-sheet loans
as of Mar. 31, 2026 (about 81% of which were to retail consumers,
excluding operating lease assets) and an even higher portion of
total net revenue (if auto-related insurance is considered), in the
first quarter of 2026.

"The stable outlook reflects S&P Global Ratings' expectation that
Ally is well positioned to withstand the levels of credit losses
and charge-offs that we've forecasted for the next 12-24 months. We
also expect Ally's earnings to improve slowly, with the cost of
funding improving gradually. We also assume that its capital ratios
will remain adequate (including a risk-adjust capital ratio of
8%-10%)."



ALPHA BEDDING: Hires Taps David P. Leibowitz as Legal Counsel
-------------------------------------------------------------
Alpha Bedding LLC a/k/a Alpha Tekniko seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
The Law Offices of David P. Leibowitz, LLC d/b/a Lakelaw as its
counsel.

The Debtor requires legal counsel to:

     a. advise the Debtor with respect to its powers and duties in
the continued management and operation of its business and
properties;

     b. attend meetings with, and negotiate with, respective
creditors and other parties involved in the Debtor's Chapter 11
case;

     c. advise and consult on the conduct of the case, including
all the legal and administrative requirements of operating in a
Chapter 11 case;

     d. advise the Debtor in connection with real estate and
mortgage-related issues;

     e. advise the Debtor in connection with post-petition
financing arrangements and negotiate and draft documents relating
thereto;

     f. provide advice to the Debtor with respect to legal issues
arising in or relating to its ordinary course of business;

     g. take all necessary actions to protect and preserve the
Debtor's estate;

     h. prepare legal papers;

     i. prepare a plan of reorganization or liquidation and all
related agreements or documents, and take any necessary action on
behalf of the Debtor to obtain confirmation of such plan;

     j. attend meetings with third parties and participate in
negotiations;

     k. appear before the bankruptcy court or other courts and the
Office of the U.S. Trustee; and

     l. perform other necessary services.

The firm will be paid at these rates:

     David Leibowitz, Esq.   $800 per hour
     Linda Green, Esq.       $550 per hour
     Paralegals              $150 per hour

In addition, the firm will seek reimbursement for work-related
expenses incurred.

Prior to filing of the petition, the Debtor paid the firm a
retainer of $20,000.

As disclosed in court filings, the firm and its attorneys are
"disinterested" pursuant to Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     David P. Leibowitz, Esq.
     Law Offices of David P. Leibowitz, LLC
     d/b/a Lakelaw
     3352 N. Sheffield Avenue
     Chicago, IL 60657
     Tel: (312) 662-5750
     Email: dleibowitz@lakelaw.com

              About Alpha Bedding LLC a/k/a Alpha Tekniko

Alpha Bedding LLC, doing business as Alpha Tekniko, is a Lake
Zurich, Illinois-based contract manufacturer that was founded in
2008 and produces medical mattresses, cushions and pads. The
company provides custom support surface design, product
development, prototype creation, design verification and
full-service production, along with consulting services related to
support surfaces. It serves durable medical equipment and
healthcare customers, including medical OEMs, healthcare
distributors, refurbishers, resellers, rental companies and product
developers, and manufactures in a 55,000-square-foot plant.

Alpha Bedding LLC in Lake Zurich, IL, sought relief under Chapter
11 of the Bankruptcy Code filed its voluntary petition for Chapter
11 protection (Bankr. N.D. Ill. Case No. 26-06826) on April 20,
2026, listing $955,771 in assets and $2,104,383 in liabilities.
Theodosius Lazakis as president, signed the petition.

Judge David D Cleary oversees the case.

LAW OFFICES OF DAVID P LEIBOWITZ, LLC serve as the Debtor's legal
counsel.


ALPHA BEDDING: Robert Handler Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 11 appointed Robert Handler of
Commercial Recovery Associates, LLC as Subchapter V trustee for
Alpha Bedding LLC.

Mr. Handler 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. Handler declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Robert P. Handler
     Commercial Recovery Associates, LLC
     205 West Wacker Drive, Suite 918
     Chicago, IL 60606
     Tel: (312) 845-5001 x221
     Email: rhandler@com-rec.com  

                      About Alpha Bedding LLC

Alpha Bedding LLC, doing business as Alpha Tekniko, is a Lake
Zurich, Illinois-based contract manufacturer that was founded in
2008 and produces medical mattresses, cushions and pads. The
company provides custom support surface design, product
development, prototype creation, design verification and
full-service production, along with consulting services related to
support surfaces. It serves durable medical equipment and
healthcare customers, including medical OEMs, healthcare
distributors, refurbishers, resellers, rental companies and product
developers, and manufactures in a 55,000-square-foot plant.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-06826) on April 20,
2026, with $955,771 in assets and $2,104,383 in liabilities.
Theodosius Lazakis, president, signed the petition.

Judge David D. Cleary presides over the case.

David P Leibowitz, Esq. at the LAW OFFICES OF DAVID P LEIBOWITZ,
LLC represents the Debtor as legal counsel.


AMENTUM HOLDINGS: Moody's Rates New Secured First Lien Debt 'Ba2'
-----------------------------------------------------------------
Moody's Ratings assigned a Ba2 rating to Amentum Holdings, Inc.'s
(Amentum) new senior secured first lien bank credit facilities
comprising a term loan A due 2031, revolving credit facility due
2031 and a term loan B due 2031. The Ba3 corporate family rating,
Ba3-PD probability of default rating, B2 rating on senior unsecured
notes, other existing ratings and the stable outlook are unaffected
by the debt issuance.

Amentum will use the net proceeds from the two new term loans to
refinance the company's existing term loan due 2031. The existing
$850 million revolving credit facility will be replaced with a new
$1.0 billion revolving credit facility due 2031.

RATINGS RATIONALE

The Ba3 CFR reflects the company's large scale, strong business
profile, and solid financial metrics following the successful
integration of Jacobs' Critical Mission Solutions and Cyber &
Intelligence businesses in September 2024. The company is now one
of the largest US government services contractors, with FY2025
(ending October 02, 2025) revenue of $14.4 billion. Amentum's
committed backlog of $47 billion provides multi-year revenue
visibility.

The company benefits from broad diversification across defense,
nuclear energy, space systems, and mission-critical engineering.
Roughly 63% of contracts are cost-plus, reducing margin volatility
and risk exposure. Amentum's customer base is primarily US federal
agencies (DoD, DoE, intelligence community), complemented by
international government clients. Strategic positioning toward
technology-enabled solutions, including AI-driven analytics,
nuclear energy, and space infrastructure, underpins long-term
growth prospects.

Moody's expects that debt/EBITDA will continue to decline to below
3.5x by September 30, 2026 from about 3.7x at the end of FY 2025
with the use of free cash flow to prepay debt and incremental
earnings growth. Liquidity is very good with a speculative grade
liquidity rating of SGL-1 supported by good cash balances, an
undrawn revolver and FCF/Debt of about 10%.

The ratings are constrained by Amentum's limited operating history
at its current scale and ongoing integration of sizable
acquisitions. The modest adjusted EBITDA margin of about 7.7%
reflects a competitive market and Amentum's high exposure to
generally less profitable "cost plus" contracts.

The Ba2 ratings on Amentum's new $1.4 billion senior secured first
lien term loan A, $1 billion senior secured first lien revolving
credit facility and $1.591 billion senior secured first lien term
loan B are one notch above the Ba3 corporate family rating. The
unsecured notes are effectively junior to the senior secured credit
facilities.

The stable outlook reflects Moody's expectations that Amentum will
continue to reduce financial leverage while maintaining very good
liquidity over the next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded if debt/EBITDA is sustained below 3.5x,
EBITDA/interest expense is sustained above 5.0 and free cash
flow/debt is sustained above 10.0%.

Ratings could be downgraded if debt/EBITDA increases above 4.5x, or
if either of free cash flow or interest coverage weakens.

Headquartered in Chantilly, VA, Amentum Holdings, Inc. is a global
provider of engineering, project management and solutions
integration and other services. Revenue for fiscal 2025 was $14.4
billion.

The principal methodology used in these ratings was Aerospace and
Defense published in July 2025.


AMERICAN AIRLINES: Fitch Affirms 'B+' IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings of American
Airlines Holdings, Inc. and American Airlines, Inc. at 'B+'. The
Rating Outlook is Stable. Fitch has affirmed American's loyalty
debt at 'BB+' with a Recovery Rating of 'RR1', Tulsa revenue bonds
at 'B+'/'RR4', and other senior secured debt at 'BB'/'RR2'.

Fitch expects American's credit profile to remain weak as higher
jet fuel prices pressure profitability and delay deleveraging. The
Stable Outlook reflects Fitch's expectation that fuel pressure will
be temporary. American's credit profile may improve over time as
margins recover from resilient travel demand, stronger loyalty
revenues, and premium product expansion. American demonstrates
strong financial flexibility, including 1Q26 liquidity of $10.8
billion and over $27 billion of unencumbered assets and secured
borrowing capacity.

American's ratings could come under pressure should margin
improvement fail to materialize, driven by fuel costs or factors
that keep credit metrics outside Fitch's sensitivities beyond
2026.

Key Rating Drivers

Weak Metrics for the Rating: American's credit metrics are
currently weak for the 'B+' rating and will likely remain so at
least through year-end 2026, primarily driven by higher jet fuel
prices. American ended 2025 with gross adjusted debt/EBITDAR at
6.5x, above Fitch's prior expectations as margins were hit by a
soft domestic market, impacts from the government shutdown and
softness following the crash of Flight 5342. Prior to the Iran
conflict Fitch expected American to drive leverage lower, ending
2026 in the mid-4x range within current rating sensitivities, with
further improvement anticipated as the company works to reduce its
total debt burden.

Longer term, Fitch still expects American to exhibit an improving
credit profile as margins strengthen and management takes steps
toward its publicly stated goal of achieving 'BB' credit ratings.
American maintains a goal of reducing total debt plus obligations
to below $35 billion, which it had achieved at the end of 1Q26.
While Fitch expects debt reduction to remain a focus, limited FCF
generation in the near term is expected to constrain the pace of
gross debt reduction compared with recent years.

Rising Jet Fuel Prices: Jet fuel prices will pressure American's
profitability in 2026. Fitch expects the company to offset higher
fuel costs through fare increases given strong demand, though
pressure will grow if oil prices remain elevated. Fitch views
American's ratings as more vulnerable than peers due to thin
margins before the fuel shock, with American generating a 3%
operating margin in 2025 versus about 9% for United Airlines, Inc.
(BB+/Stable) and Delta Air Lines Inc. (BBB-/Positive). Over time,
Fitch expects fuel prices and industry pricing/capacity to adjust,
supporting margin improvement, although credit metrics are likely
to remain weak near term for the 'B+' rating.

Fitch believes American's margin performance relative to peers has
the potential to improve in 2026 based on idiosyncratic factors
including strengthening revenues from the company's renewed
co-branded credit card agreement with Citi, network expansion, and
potential year-over-year improvement in the domestic supply/demand
balance, which has been relatively weak in recent years. Like its
competitors, American is emphasizing premium products and plans to
grow premium seats at twice the rate of economy seats through 2030,
leaning into an area that has been an increasing profit driver for
airlines and supporting the company's margin improvement
trajectory.

Healthy Demand: Concerns from rising jet fuel costs are partly
mitigated by a strong U.S. demand environment, with airlines
reporting record bookings in the first three months of 2026 and
indications that recent fare increases aimed at offsetting fuel
costs are not inhibiting demand. Airlines are projecting high
single-digit or double-digit unit revenue increases for the year,
sufficient to meaningfully, if not fully, offset higher jet fuel
costs. However, consumer health represents a key risk, particularly
if the Iran conflict were to drive a broader macroeconomic slowdown
that undermines travel demand.

Potentially Sustainable Fare Increases: Fitch believes that
industry dynamics may support ability for airlines to sustain
higher fares after fuel prices decline, potentially driving higher
margins thereafter. Persistent losses generated by discount
carriers even prior to the Iran conflict necessitate higher unit
revenues to cover cost inflation experienced in recent years. As
such, these carriers are likely to limit capacity and continue to
lean into premium product offerings, which may support a healthier
pricing environment for the industry in general.

Supportive Financial Flexibility: American's rating remains
supported by solid financial flexibility. Liquidity is healthy,
with American ending 1Q26 with $10.8 billion in cash and available
revolver capacity. The company reports an estimated unencumbered
asset base and existing secured borrowing capacity totaling more
than $27 billion, providing substantial flexibility to raise
capital if needed to support liquidity. Planned capital
expenditures are also manageable in 2026 at around $4 billion,
supporting the company's capacity to navigate near-term fuel cost
pressures while maintaining financial flexibility.

Soft Near-Term FCF: American's FCF will likely remain minimal in
2026 before turning positive in 2027. Fitch previously expected
American to generate low single-digit FCF margins this year, with
the revision driven by fuel prices. American generated negative
$808 million in FCF in 2025, underperforming Fitch's expectations
due to adverse market conditions, including the government
shutdown, which impacted 4Q25 revenue by approximately $325
million. Weak FCF may drive incremental borrowing as American aims
to maintain its liquidity targets, delaying its deleveraging
efforts and extending the timeline for achieving its stated credit
profile improvement goals.

Peer Analysis

American is rated below its network peers United and Air Canada
(BB/Stable). The rating differential reflects lower leverage and
better profit margins for both peers. In the near to intermediate
term, Fitch expects United and Air Canada's adjusted leverage to
remain in the mid-3x range, compared to around 5x-6x for American.
Business profiles are similar for American and United as both
represent large, broadly diversified network airlines.

United has a stronger international presence while American has a
stronger domestic presence. United's international network has been
a strength in recent years but may not always be, as travel trends
vary over time. While Air Canada is smaller and more exposed to
long-haul traffic than its U.S. peers, it benefits from operating
in a largely duopolistic market.

American is rated three notches above JetBlue Airways Corporation
(CCC+). JetBlue's ratings suffer from elevated leverage driven by
weak profitability, along with a more difficult competitive
position as a smaller operator in a consolidated market. American
also has stronger financial flexibility than JetBlue, supported by
its unencumbered asset base and borrowing capacity under existing
first lien debt, along with a stronger fixed charge coverage
ratio.

Fitch’s Key Rating-Case Assumptions

- Mid-single-digit traffic growth in 2026 followed by low
single-digit growth thereafter;

- Mid-single-digit unit revenue growth in 2026 followed by low
single-digit growth thereafter;

- Jet fuel at around $2.80/gallon in 2026 and falling to around
$2.45 thereafter;

- Low single-digit percentage of revenue FCF generation in each of
the next three years;

- Capital expenditures in line with the company's estimates.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics
(bbb-, Moderate), Market and Competitive Positioning (bb+,
Moderate), Diversification and Asset Quality (bbb, Moderate),
Company Operational Characteristics (bb, Moderate), Profitability
(b+, Moderate), Financial Structure (b-, Higher), and Financial
Flexibility (bb, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- 'B+' to 'CC' considerations apply in its analysis and result in
no adjustment.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'b+'.

Recovery Analysis

Fitch's recovery analysis assumes that American would be
reorganized as a going concern (GC) in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim. The GC
EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which it bases the enterprise
valuation. Fitch uses a GC EBITDA estimate of $5.5 billion and a
5.0x multiple generating an estimated GC enterprise valuation (EV)
of $27.5 billion.

The GC EBITDA estimate is reflective of a scenario in which an
American bankruptcy is driven by an untenable capital structure.
Fitch would not anticipate American shrinking in a material way in
a reorganization due to the company's strong position in key hubs
and its young asset base. Fitch's estimate considers a scenario
where margins are structurally lower than historical precedents
potentially due to a combination of higher operating costs (labor,
fuel, etc.) and increasing competition.

An EV multiple of 5.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considered the following factors: historical
bankruptcy case studies with exit multiples for peer companies
ranging from 3.1x to 6.8x. The selection of a multiple toward the
midpoint of the range is supported by American's large scale and
its entrenched position in key hubs.

These assumptions lead to an estimated Recovery Rating of 'RR1' for
American's loyalty program debt and 'RR2' for senior secured debt
positions.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Adjusted debt/EBITDAR sustained above 5x or EBITDAR/gross
interest plus rent trending below 1.5x;

- Total liquidity falling toward or below $8 billion absent a
corresponding decrease in outstanding debt;

- EBITDAR margins deteriorating to the low double-digit range;

- Persistently negative or negligible FCF.

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Continued progress toward American's stated debt reduction goals,
bringing adjusted debt/EBITDAR toward or below 4x;

- EBITDAR/gross interest plus rent trending toward 2.5x;

- Sustained neutral FCF or higher.

Liquidity and Debt Structure

As of March 31, 2026, American held $10.8 billion in liquidity,
consisting of $6.4 billion short-term investments, $903 million in
cash and cash equivalents, and full availability on their $3.5
billion aggregate revolving credit facilities primarily maturing in
2031. Total liquidity, including undrawn revolver capacity, is
equivalent to 19.3% of LTM revenue. American also reported over $27
billion of unencumbered assets and first lien borrowing capacity in
1Q26, supportive of its liquidity position.

Liquidity is further supported by a fuel financing facility put in
place in December 2024, which had an outstanding balance of $360
million as of Mar. 31st. Fitch considers American's liquidity to be
sufficient in the context of expected positive FCF generation over
the next several years.

Debt principal payments are manageable at $3.6 billion and $4.5
billion in 2026 and 2027 respectively. Principal payments step up
to $7.6 billion in 2028 with the maturity of American's 2013 term
loan facility, 7.25% sr. secured notes and its 2021 AAdvantage term
loan facility. Refinancing risks are manageable given American's
de-leveraging path and the attractiveness of the underlying
collateral for its secured financings.

Issuer Profile

American Airlines Group was formed out of the merger between
American Airlines and US Airways in 2013. The company is the
world's second largest airline by available seat miles.

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 2025 revenue-weighted Climate.VS for American for 2035 is 50
out of 100, suggesting elevated exposure to climate-related risks
in that year. This is in line with other airlines and reflects the
gradually growing costs linked to the decarbonization of the
sector, as well as potential for lower demand over time. Currently,
climate transition risks do not have a material influence on
airline ratings, as the potentially disruptive changes due to
energy transition are unlikely to materialize in the next eight to
10 years.

American has announced a target to achieve net zero carbon
emissions by 2050. The company has also announced interim goals to
reduce jet fuel use by 50 million gallons by 2025 from efficiency
initiatives, increase the use of sustainable aviation fuel (SAF) to
10% of its total fuel usage by 2030, and reduce emissions intensity
by 45% by 2035. Achieving its climate goals will come through a
combination of initiatives, with SAF representing the largest
single item.

As with all airlines, American's ability to reduce its carbon
output is largely out of its own control in the near term. Items
such as increasing SAF production and the development and
introduction of next-generation efficient aircraft are longer-term
solutions that require investments from across the industry.

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
   -----------                    ------          --------   -----
American Airlines
Group Inc.                

                            LT IDR B+  Affirmed              B+

American Airlines, Inc.   

                            LT IDR B+  Affirmed              B+
   senior secured           LT     BB  Affirmed    RR2       BB
   senior secured           LT     B+  Affirmed    RR4       B+

AAdvantage Loyalty IP Ltd.

   senior secured           LT     BB+ Affirmed    RR1       BB+


AMIREPAIR I INC: Scott Sackett Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 17 appointed Scott Sackett as
Subchapter V trustee for Amirepair I Inc.

Mr. Sacket 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. Seidel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Scott M. Sackett
     4030 S. Land Park Dr., Suite C
     Sacramento, CA 95822
     Phone: (916) 930-9900
     Email: scott.sackett@efmt.com

                       About Amirepair I Inc.

Amirepair I, Inc., doing business as Precision Automotive Paint &
Collision, is a Nevada-based company operating an automotive
repair, paint, and collision shop in Lake Isabella, California.

Amirepair I filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-11617) on April 10,
2026, with up to $10 million in both assets and liabilities. Ashley
Miller, president of Amirepair I, signed the petition.

Judge Jennifer E. Niemann oversees the case.

Lisa Holder, Esq., at Lisa Noxon Holder, PC, represents the Debtor
as legal counsel.


AMIREPAIR INC: Seeks Cash Collateral Access Until July 31
---------------------------------------------------------
Amirepair I, Inc., dba Precision Automotive Paint & Collision asks
the U.S. Bankruptcy Court for the Eastern District of California,
Fresno Division, for authority to use cash collateral through July
31.

The Debtor identifies Mulligan Funding, LLC as the primary cash
collateral creditor, asserting a perfected security interest in the
debtor’s prepetition accounts receivable and their proceeds.
Hanmi Bank also claims a lien against a tow truck and related
proceeds, although the tow truck is not currently in service and is
intended for sale, meaning it does not materially affect the
requested cash collateral use during the budget period. The court
had previously granted interim emergency authority for the debtor
to use cash collateral to prevent immediate and irreparable harm,
and Mulligan had consented to continued use under a prior
stipulation, though it has expressed concerns about certain budget
components.

A key point of contention involves the proposed inclusion of
payroll for the Debtor's two principals, Ashley and Carolyn Miller,
each of whom is employed full-time in the business and previously
received $10,000 per month in salary prepetition. The Debtor
maintains that these salaries are necessary for ongoing operations
and personal support and therefore remain in the proposed budget
despite creditor concerns. The Debtor asserts that continued use of
cash collateral is essential to maintain operations, service
customers, and preserve the value of its business for all
creditors.

The Debtor proposes a series of adequate protection measures for
Mulligan, including replacement liens on post-petition accounts
receivable and proceeds to the extent of any diminution in value of
its collateral, strict compliance with the proposed budget subject
to limited variance, and ongoing financial reporting such as weekly
budget-to-actual statements and accounts receivable aging reports.
The Debtor also commits to preserving and collecting receivables in
the ordinary course of business and ensuring that no actions impair
Mulligan’s collateral position. It further clarifies that no
relief is sought regarding Hanmi Bank’s collateral during the
budget period.

A copy of the motion is available
at https://urlcurt.com/u?l=72aiAo from PacerMonitor.com.

                       About Amirepair I
Inc.

Amirepair I, Inc., doing business as Precision Automotive Paint &
Collision, is a Nevada-based company operating an automotive
repair, paint, and collision shop in Lake Isabella, California.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-11617) on April 10,
2026. In the petition signed by Ashley Miller, president, the
Debtor disclosed up to $10 million in both assets and liabilities.

Judge Jennifer E. Niemann oversees the case.

Lisa Holder, Esq., at Lisa Noxon Holder, PC, represents the Debtor
as legal counsel.






ANR INSULATION: Plan Exclusivity Period Extended to June 5
----------------------------------------------------------
Judge Brenda K. Martin of the U.S. Bankruptcy Court for the
District of Arizona extended ANR Insulation, LLC's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to June 5 and August 4, 2026, respectively.

As shared by Troubled Company Reporter, the Debtor explains that it
has not yet filed a plan of reorganization yet, but continues to
make progress in good faith toward resolutions with key creditors.
Principals of the Debtor are working to secure capital outside of
the Debtor and are investigating strategic alternatives in the
consolidating insulation industry.

The Debtor claims that it requires additional time to investigate
the viability of these efforts and how they may impact a Plan. The
Debtor, therefore, requests that the Court extend the exclusivity
periods by 60 days to permit the Debtor to continue in its
exploration of strategic options and negotiations toward a
consensual plan.

The Debtor has proceeded in good faith, Debtor continues to make
progress with its key creditors toward a resolution of their claims
and concerns, and has a reasonable prospect of successful
reorganization.

The Debtor's Counsel:

                  Christopher C. Simpson, Esq.
                  OSBORN MALEDON, P.A.
                  2929 N. Central Avenue
                  Suite 2100
                  Phoenix, AZ 85012
                  Tel: 602-640-9349
                  Fax: 602-640-9050
                  Email: csimpson@omlaw.com

                     About ANR Insulation LLC

ANR Insulation, LLC, doing business as King Insulation, provides
thermal and sound insulation materials and services for
residential, commercial, and industrial properties in Arizona.
Since 1981, the Company has supplied insulation solutions that
comply with local building codes and energy efficiency standards,
serving homeowners, contractors, property managers, developers, and
business owners across the state. Its offerings include
installation and re-insulation for projects ranging from small
residential additions to large commercial warehouses.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11784) on December 7,
2025. In the petition signed by Ricardo Caceres, president, the
Debtor disclosed $3,666,410 in assets and $5,566,839 in
liabilities.

Judge Brenda K. Martin oversees the case.

Christopher C. Simpson, Esq., at Osborn Maledon, P.A., represents
the Debtor as legal counsel.


AP CORE HOLDINGS: S&P Rates Term Loan B and Revolver Facility 'B-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to AP Core Holdings II LLC's proposed $900 million
term loan B due 2031 and $150 million revolving credit facility due
2031. The '3' recovery rating indicates its expectation for
meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in
the event of a payment default.

AP Core plans to use proceeds from the transaction to partially
repay its existing term loan Bs maturing in 2027. S&P expects the
company will refinance the remainder of its existing term loan Bs
with additional secured debt in the coming weeks. The revolver will
be undrawn at the close of the transaction.

S&P's 'B-' issuer credit rating and stable ratings outlook on AP
Core and parent company College Parent L.P. remain unchanged
because the transaction is leverage neutral.

Issue Ratings--Recovery Analysis

Key analytical factors

-- AP Core, an operating subsidiary of College Parent, is the
borrower of the company's $360 million ($188 million outstanding as
of Dec. 31, 2025) trade receivables securitization facility (not
rated), $150 million senior secured revolving credit facility due
2031, proposed $900 million senior secured term loan B due 2031,
and $700 million of additional secured debt.

-- Additional unrated debt at College Parent that sits outside the
borrower and collateral group includes a $375 million (outstanding)
delayed-draw term loan due 2028, as well as a $300 million ($126
million outstanding) trade receivables securitization facility.

-- S&P said, "For our recovery analysis, we value AP Core as a
stand-alone entity. Our emergence EBITDA represents only the EBITDA
generated at AP Core and its subsidiaries. AP Core includes College
Parent's consumer properties and search businesses and excludes its
ad tech business. Our emergence EBITDA includes capitalized
software development and labor costs because we view these as
recurring operating expenses."

-- Substantially all of AP Core's current and future direct and
indirect domestic subsidiaries guarantee the debt. The debt has a
secured pledge of all the assets and stock of the eligible
subsidiaries at AP Core. However, the debt is not guaranteed by
College Parent's remaining subsidiaries outside of AP Core.

Simulated default assumptions


-- S&P's simulated default considers intense competition from the
company's better-capitalized peers, pricing pressure, and a sharp
decline in advertising and marketing spending. Eventually, AP
Core's liquidity and capital resources would become strained to the
point that it could not continue to operate absent a default in
2028.

-- S&P assumes AP Core's $150 million revolving credit facility
will be 85% drawn and the trade receivables securitization facility
will be 60% drawn at default.

-- All debt claims include six months of prepetition interest.

-- S&P valued AP Core on a going-concern basis using a 6x multiple
of its projected emergence EBITDA, which is in line with the
multiples S&P uses for most of the other digital marketing and
advertising companies it rates.

Simplified waterfall

-- EBITDA at emergence: $205 million

-- EBITDA multiple: 6x

-- Gross enterprise value: $1.2 billion

-- Net enterprise value (after 5% administrative costs): $1.15
billion

-- Estimated priority debt claims (trade receivable securitization
facility): $220 million

-- Value available for senior secured debt claims: $935 million

-- Estimated senior secured debt claims: $1.8 billion

    --Recovery expectations: 50%-70% (rounded estimate: 50%)


APPLE TREE: Seeks Court OK for Chapter 11 Counsel Choice
--------------------------------------------------------
Vince Sullivan of Law360 Bankruptcy Authority reports that Apple
Tree Life Sciences, a biotechnology-focused venture capital fund,
asked a Delaware bankruptcy judge Tuesday, April 28, 2026, to
approve Quinn Emanuel Urquhart & Sullivan LLP as counsel for the
debtor in its Chapter 11 case.

In its submission, the fund said the firm has the necessary
expertise to handle the legal and restructuring challenges involved
in the proceedings. It emphasized the importance of experienced
counsel in navigating the bankruptcy process.

The court is reviewing the application as part of routine oversight
of professional appointments, with Apple Tree advocating for prompt
approval of the firm's role, the report states.

               About Apple Tree Life Sciences, Inc.

Apple Tree Life Sciences, Inc., legally known as Apple Tree Life
Sciences, Inc., is a life sciences venture capital firm that forms
and invests in healthcare and biotechnology companies from
early-stage concepts through public market offerings. The firm
provides flexible capital and works with venture partners and
entrepreneurs-in-residence to develop research-driven enterprises
in the therapeutics sector. Its activities span company creation at
stages ranging from pre -intellectual-property ideas to asset
spinouts.

Apple Tree Life Sciences, Inc. and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 25-12177) on December 9, 2025. In its petition, the Debtor
reports estimated liabilities between $1 billion and $10 billion
estimated liabilities between $100,000 and $500,000.  

Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.   

The Debtors' General Bankruptcy Co-Counsel is L. Katherine Good,
Esq., of POTTER ANDERSON & CORROON LLP. The Debtors' General
Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP.
The Debtors' Financial & Restructuring Advisor is B. RILEY. The
Debtors' Cayman Law Counsel is WALKERS.


APPLIED ENERGETICS: Ingalls & Snyder Holds 7.7% Equity Stake
------------------------------------------------------------
Ingalls & Snyder LLC, disclosed in a Schedule 13G filed with the
U.S. Securities and Exchange Commission that as of December 31,
2025, it beneficially owns 17,230,596 shares of Applied Energetics,
Inc.'s Common Stock, representing 7.7% of the shares outstanding.

Ingalls & Snyder may be reached through:

     Thomas O. Boucher, Jr., Managing Director
     1 Rockefeller Plaza
     New York, NY 10020
     Tel: 212-269-7800

A full-text copy of INGALLS & SNYDER LLC's SEC report is available
at: https://tinyurl.com/94wa54n8

                      About Applied Energetics

Headquartered in Tucson, Arizona, Applied Energetics, Inc. --
http://www.appliedenergetics.com-- specializes in the development
and manufacture of advanced high-performance lasers and optical
systems, and integrated guided energy systems, for prospective
defense, national security, industrial, biomedical, and scientific
customers worldwide.

Houston, TX-based RBSM LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
30, 2026, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2025, citing that the Company has
suffered recurring losses from operations and will require
additional capital to fund its current operating plan, that raises
substantial doubt about the Company's ability to continue as a
going concern.

As of December 31, 2025, the Company had $9,064,658 in total assets
and $1,504,888 in total liabilities, and total stockholders' equity
of $7,559,770.


ARCHER MOTORSPORTS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Archer Motorsports, Inc.
          d/b/a Archer's Bikes
        6314 E. Beckett Trail
        Prescott Valley, AZ 86314

        Business Description: Archer Motorsports, Inc. DBA Archer's
Bikes is a family-owned, multi-location bicycle shop founded in
2013 and based in Prescott Valley, Arizona, with additional
locations in Salt Lake City, Utah, and Mesa, Arizona. The company
specializes in e-bikes and sells new and used bicycles, e-bikes,
parts, and accessories. Archer's Bikes provides bicycle services
including repairs, bike fitting and setup, e-bike conversions,
suspension repair, warranty services, mobile services, rentals,
trade-ins, and bike purchases. It also supports online, in-store,
curbside, and home-delivery purchasing options.

Chapter 11 Petition Date: April 29, 2026

Court: United States Bankruptcy Court
       District of Arizona

Case No.: 26-04217

Judge: Hon. Madeleine C Wanslee

Debtor's Counsel: Anthony Cali, Esq.
                  ALLEN, JONES & GILES, PLC
                  1850 N. Central Avenue, Suite 1025
                  Phoenix, AZ 85004
                  Tel: 602-256-6000
                  Fax: 602-252-4712
                  Email: acali@bkfirmaz.com

Total Assets as of March 31, 2026: $1,278,519

Total Liabilities as of March 31, 2026: $1,654,209

The petition was signed by Randolph Archer, CFO and 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/JV3ZKOA/ARCHER_MOTORSPORTS_INC__azbke-26-04217__0001.0.pdf?mcid=tGE4TAMA


ARCHROCK INC: Fitch Alters Outlook on 'BB' IDR to Positive
----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Archrock, Inc. (AROC) and its debt issuing subsidiaries
(collectively, Archrock) at 'BB'. Fitch has also affirmed the
senior unsecured notes co-issued by Archrock Partners Finance Corp.
with Archrock Services, L.P. and Archrock Partners, L.P.,
respectively, at 'BB' with a Recovery Rating of 'RR4'. (Archrock,
Inc. and its subsidiaries have a cross-guarantee structure.) The
Rating Outlook has been revised to Positive from Stable.

The Outlook revision reflects Archrock's leverage falling below
Fitch's positive rating sensitivity, driven by strong operating
performance and the successful integration of recent acquisitions.
Fitch expects current compression market dynamics to support free
cash flow (FCF) generation sufficient to fund growth initiatives
and higher shareholder returns, while maintaining EBITDA leverage
below 3.0x. An upgrade depends on management's capital allocation
over the next 12-18 months and leverage remaining below this
threshold.

Key Rating Drivers

EBITDA-Driven Deleveraging: Archrock's EBITDA leverage fell to 2.9x
in 2025, below Fitch's positive leverage sensitivity of 3.0x. The
improvement has been predominantly driven by EBITDA growth
resulting from strong operating performance and successful
integration of recent acquisitions. Fitch expects higher average
working horsepower and continued margin improvement in the contract
operations segment to support further deleveraging in 2026. Fleet
utilization and margins are forecast to soften thereafter, causing
leverage to rise modestly but remain at or below 3.0x throughout
the forecast period.

Compression Market Tightness: Compression market fundamentals are
expected to remain favorable. Demand for contract compression is
underpinned by growing U.S. natural gas production, increasing LNG
exports, and rising natural-gas-fired power generation. However,
new equipment supply remains constrained by manufacturing capacity,
with lead times for new units exceeding 100 weeks. The limited
spare capacity across the industry has supported record fleet
utilization, longer asset deployment and higher contract rates and
longer tenors. Fitch views this combination of high utilization and
strengthened contractual terms as supportive of near-term cash flow
predictability.

Strong Free Cash Flow Generation: Fitch expects Archrock to
generate positive FCF over the forecast horizon, with excess cash
flow directed primarily to growth capital expenditures and higher
shareholder returns. However, the company retains balance sheet
capacity to pursue acquisitions that expand its contract
compression operations or enter adjacent businesses, as leverage is
already below target. Although Archrock has a track record of
funding acquisitions in a credit-friendly manner, an acquisition
that results in a sustained increase in leverage or a meaningful
rise in business risk could cause the Outlook to be revised.

Contracts Provide Cash Flow Visibility: Most of Archrock's EBITDA
is generated from fixed-fee take-or-pay contracts. Fitch views this
contract structure favorably as it reduces direct commodity price
exposure and volumetric risk, providing reasonable visibility into
future cash flows. Archrock's compressors are typically contracted
for an initial term of 12 months to 60 months, depending on the
unit size and application, and transition to month-to-month
thereafter until either party cancels. Archrock's weighted-average
contract life, while typical for contract compression, is short
relative to the broader midstream sector, exposing a meaningful
share of revenue to recontracting risk.

High Month-to-Month Exposure: A significant portion of Archrock's
horsepower operates on month-to-month contracts. Demand is closely
linked to oil and gas production, which has historically supported
relatively stable cash flows across commodity cycles compared to
oilfield service companies. Archrock's increased emphasis on
standardized, large-horsepower units further supports cash flow
stability as they are less susceptible to short-term redeployment
decisions. However, a decline in compression demand could result in
material earnings volatility if Archrock is unable to redeploy a
substantial share of its month-to-month horsepower at similar
rates.

Strategic Arrangements: Archrock has strategic arrangements in
place with several top customers. These bespoke arrangements may
require customers to give Archrock preferential consideration for
their compression needs in exchange for better product availability
and favorable pricing. Although these arrangements mitigate the
company's re-contracting risk, they do not explicitly protect
against earnings volatility from lower utilization.

Financial Policy Supports Credit Profile: Archrock has demonstrated
a commitment to a conservative financial policy focused on balance
sheet strength and financial flexibility. Management has managed
leverage prudently through cycles as evidenced by its willingness
to constrain spending to available FCF and proactively redirect
capital toward outright debt reduction during adverse market
conditions. Fitch believes management would take similar actions in
the future should it be necessary to preserve liquidity and defend
its leverage target, ensuring sufficient flexibility to navigate
potential operational disruptions or periods of market stress.

Blue Chip Customers: Archrock's top 10 customers generate around
two-thirds of the company's revenue, with no single customer
contributing more than 10%. Fitch estimates the weighted-average
credit quality of these customers to be 'BBB+'. Archrock has a
strong track record of contract renewals, evidenced by its
longstanding relationship with its top 10 customers, with an
average relationship length exceeding 20 years.

Growing Geographic Concentration: Archrock's compression fleet is
active in substantially all producing U.S. regions, providing
reasonable protection against regional pressure. Around three
quarters of Archrock's HP is located in the Permian and Eagle Ford
basins. Fitch expects the share of HP in the Permian will continue
growing in the near term, driven by the high proportion of new
build compression being deployed in the region, increasing
concentration risk, albeit in a basin Fitch views favorably.

Peer Analysis

Archrock's closest peers are fellow pure-play compression services
companies Kodiak Gas Services, LLC (KGS; BB/Stable) and USA
Compression Partners, LP (USAC; BB/Stable). All three companies
generate cash flows from fixed-fee, take-or-pay contracts and are
similar in terms of size and counterparty exposure. Differentiating
the three companies are USAC's greater geographic diversity, KGS's
exposure to power generation, and Archrock's higher proportion of
horsepower operating on month-to-month contracts.

Archrock maintains the most conservative financial policy of the
peer group, with a leverage target of between 3.0x and 3.5x through
cycles, compared to 3.5x for KGS and below 4.0x for USAC. The
capital allocation policies of Archrock and KGS are similar with
both committed to limiting capex and return of capital to
shareholders to available free cash flow, whereas USAC has
historically placed greater priority on distributions. Archrock's
capital discipline is reflected in its 2025 year-end leverage of
2.9x, which compares favorably to KGS (3.7x) and USAC (4.2x).

Although Archrock's month-to-month contract exposure introduces
greater risk of cash flow volatility relative to KGS and USAC, its
conservative financial policy and lower leverage, if sustained,
strongly positions the rating relative to peers.

Fitch’s Key Rating-Case Assumptions

- Oil and natural production consistent with Fitch's Price Deck;

- Gradual softening of unit margins and fleet utilization;

- Total capital expenditure in line with recent historical levels;

- Excess FCF is directed towards increasing return of capital to
shareholders;

- Interest rates consistent with Fitch's Global Economic Outlook.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (bb-, Higher), Profitability (bb,
Moderate), Financial Structure (a-, Moderate), and Financial
Flexibility (a-, Lower).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'bb'.

To derive the IDR:

- No adjustments were made to SCP, resulting in an IDR of 'BB'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage expected to be sustained above 4.5x;

- An acquisition that significantly increases business risk;

- Material growth capital expenditure for compression units without
contractual support;

- A shift in financial policy toward material, debt-funded
shareholder returns.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDA leverage sustained below 3.0x;

- A material increase in the average contract life in conjunction
with a significant increase in the percentage of assets operating
under term contracts longer than one month.

Liquidity and Debt Structure

As of Dec. 31, 2025, Archrock had $1.6 million in cash on hand and
$579 million of available borrowing capacity on its $1.5 billion
asset-backed revolving credit facility. Fitch does not expect the
borrowing base to restrict the company's borrowing capacity during
the forecast period. The revolving credit facility matures May
2028.

Financial covenants require Archrock maintain a minimum interest
coverage of 2.50x, maximum senior secured leverage of 3.00x and
maximum total leverage of 5.25x. Total leverage may increase to
5.50x temporarily if an acquisition occurs. Archrock was compliant
with these covenants as of Dec. 31, 2025, and Fitch expects the
company to remain in compliance over the forecast period.

Issuer Profile

Archrock, Inc. is a publicly traded company (NYSE: AROC) that
provides compression services to upstream and midstream companies
in the United States. Archrock specializes in contracting,
operating, and maintaining large horsepower compression equipment
critical to producing, transporting and processing natural gas.

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 Archrock, 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
   -----------                   ------           --------   -----
Archrock Partners
Finance Corp.

    senior unsecured       LT     BB  Affirmed     RR4       BB

Archrock Partners, L.P.    LT IDR BB  Affirmed               BB

    senior unsecured       LT     BB  Affirmed     RR4       BB
  
Archrock Services, L.P.    LT IDR BB  Affirmed               BB

    senior unsecured       LT     BB  Affirmed     RR4       BB

Archrock, Inc.             LT IDR BB  Affirmed               BB


ASSOCIATION OF APARTMENT: Gets Extension to Access Cash Collateral
------------------------------------------------------------------
The Association of Apartment Owners of Kauai Beach Villas received
another extension from the U.S. Bankruptcy Court for the District
of Hawaii to use the cash collateral of Bank of Hawaii to fund
operations.

The court issued a fourth interim order allowing the Debtor to use
the lender's cash collateral until the next hearing to cover
operating expenses under an approved budget. The Debtor is
permitted to exceed the budget by up to 20% on a cumulative basis
during the budget period.

As protection, the Debtor is required to make monthly debt service
payments of $13,030 to Bank of Hawaii, and grant replacement liens
on its assets. Additionally, the Debtor is required to maintain a
minimum cash balance of $450,000 in its DIP account with Bank of
Hawaii to further protect the lender's interests.

The authorization to use cash collateral is temporary and expires
at the end of the current budget period (August 31) or upon payment
default.

A further hearing is scheduled for August 17.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/XuVrd from PacerMonitor.com.

Bank of Hawaii, as secured creditor, is represented by:

   Cuyler Shaw, Esq.
   Ellen A. Swick, Esq.
   Ashford & Wriston, LLP
   999 Bishop Street, Suite 1400
   Honolulu, HI 96813
   Telephone: (808) 539-0400
   Telecopier: (808) 533-4945
   cshaw@awlaw.com  
   eswick@awlaw.com

                  About Association of Apartment
                   Owners of Kauai Beach Villas

Association of Apartment Owners of Kauai Beach Villas sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Hawaii Case No. 25-01103) on December 5, 2025, with up to $10
million in both assets and liabilities. Wayne K.T. Mau serves as
Subchapter V trustee.

Judge Robert J. Faris oversees the case.

Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal
counsel.


BEASLEY BROADCAST: Debt Exchange Closes With 99.53% Participation
-----------------------------------------------------------------
Beasley Broadcast Group, Inc. announced the expiration and final
results of its previously announced offers including:

  (i) an exchange offer of the Company's existing 9.200% Senior
Secured Second Lien Notes due 2028,

(ii) an offer to purchase for cash up to $15,899,000 aggregate
principal amount of 11.000% Senior Secured First Lien Notes due
2028 at a purchase price of 100% and

(iii) the solicitation of consents of the terms and conditions set
forth in the Confidential Offering Memorandum and Solicitation
Statement.

On March 30, 2026, the Company completed the purchase of $15.9
million aggregate principal amount of Existing First Lien Notes
pursuant to the Tender Offer, and $15.0 million aggregate principal
amount of Existing First Lien Notes remain outstanding.

In the Exchange Offer, holders of the Existing Second Lien Notes
had the opportunity to exchange their holdings into newly issued
10.000% Senior Secured Second Lien PIK Notes due 2027 at an
exchange ratio of 50.0% of the aggregate principal amount (or $500
per $1,000 of principal amount) of the Existing Second Lien Notes
tendered for exchange, pursuant to the terms and conditions
described in the Exchange Offer Memorandum.

Holders of approximately 98.7% of the Existing First Lien Notes and
76.5% of the Existing Second Lien Notes previously entered into a
transaction support agreement to support the Offers and Consent
Solicitations, subject to certain customary conditions, including a
minimum participation condition requiring 100% of Existing Second
Lien Noteholders to participate in the Exchange Offer. The
Supporting Holder of the Existing Second Lien Notes waived the TSA
Minimum Participation Condition on April 28, 2026.

The following describes the final results as of the expiration of
the Exchange Offer and the Tender Offer at 5:00pm, New York City
time, on April 28, 2026 in more detail:

Tender Offer

   * Aggregate Principal Amount of Existing First Lien Notes
Validly Accepted: $15,899,000

   * Percentage of Existing First Lien Noteholders Validly
Consenting to Proposed Amendments to Existing First Lien Notes
Indenture: 100%

   * Aggregate Principal Amount of Existing Second Lien Notes
Validly Tendered and Accepted: N/A

   * Percentage of Existing Second Lien Notes Validly Tendered and
Accepted: N/A

Exchange Offer

   * Aggregate Principal Amount of Existing First Lien Notes
Validly Accepted: N/A

   * Percentage of Existing First Lien Noteholders Validly
Consenting to Proposed Amendments to Existing First Lien Notes
Indenture: N/A

   * Aggregate Principal Amount of Existing Second Lien Notes
Validly Tendered and Accepted: $184,056,000

   * Percentage of Existing Second Lien Notes Validly Tendered and
Accepted: 99.53%

Total

   * Aggregate Principal Amount of Existing First Lien Notes
Validly Accepted: $15,899,000

   * Percentage of Existing First Lien Noteholders Validly
Consenting to Proposed Amendments to Existing First Lien Notes
Indenture: 100%

   * Aggregate Principal Amount of Existing Second Lien Notes
Validly Tendered and Accepted: $184,056,000

   * Percentage of Existing Second Lien Notes Validly Tendered and
Accepted: 99.53%

The Company further announces the expiration and completion of its
Consent Solicitations of the terms and conditions set forth in the
Exchange Offer Memorandum from holders of the Existing Notes. The
Company received the requisite consents from holders of the
Existing Notes to adopt the proposed amendments to the indentures
governing the Existing Notes. For additional details on the Offers
and the Consent Solicitations, including the anticipated
consideration to be received by holders upon settlement of the
Offers, please refer to the Company's Current Report on Form 8-K
filed with the U.S. Securities and Exchange Commission on March 20,
2026.

This press release is neither an offer to purchase nor a
solicitation of an offer to buy any notes in the Offers.

The 2027 PIK Notes have not been and will not be registered under
the federal securities laws or the securities laws of any state or
any other jurisdiction. We are not required to register the 2027
PIK Notes for resale under the U.S. Securities Act of 1933, as
amended, or the securities laws of any other jurisdiction and are
not required to exchange the Existing Second Lien Notes for notes
registered under the Securities Act or the securities laws of any
other jurisdiction and we have no present intention to do so. The
offering was made in reliance on the exemption provided by Section
4(a)(2) of the Securities Act, only to persons who are (i)
reasonably believed to be "qualified institutional buyers" (as
defined in Rule 144A under the Securities Act) or (ii) not "U.S.
persons" (as defined in Rule 902 under the Securities Act) and are
in compliance with Regulation S under the Securities Act. We refer
to the holders of Existing Notes who have certified that they are
eligible to participate in the Offers and Consent Solicitations
pursuant to at least one of the foregoing conditions as "Eligible
Holders."

Latham & Watkins LLP served as legal counsel to the Company.

                         About Beasley

Naples, Florida-based Beasley Broadcast Group, Inc. was founded in
1961 and owns 61 AM and FM stations in 14 large- and mid-size
markets in the United States. Beasley reaches approximately 29
million unique consumers weekly over the air, online, and on
smartphones and tablets, and millions regularly engage with the
Company's brands and personalities through digital platforms such
as Facebook, Twitter, text, apps, and email.

                           *     *     *

The Troubled Company Reporter reported on Sept. 30, 2024, that S&P
Global Ratings withdrew all of its ratings on Beasley Broadcast
Group Inc., including the 'CC' issuer credit rating, at the
issuer's request. At the time of the withdrawal, S&P outlook on the
company was negative.


BIO-KEY INTERNATIONAL: Stockholders Green-Light Reverse Split
-------------------------------------------------------------
BIO-key International, Inc. held a special meeting of stockholders.
As of the close of business on March 9, 2026, the record date for
the Special Meeting, there were 10,849,618 shares of the Company's
common stock, par value $0.0001 per share, outstanding and entitled
to vote at the Special Meeting. Each share of Common Stock was
entitled to one vote. Stockholders holding an aggregate of
5,600,692 shares of Common Stock entitled to vote at the Special
Meeting, representing 51.62% of the outstanding shares of Common
Stock as of the record date, and which constituted a quorum
thereof, were present in person or represented by proxy at the
Special Meeting.

At the Special Meeting, the Company's stockholders considered one
proposal. The results of the stockholder vote on the proposal
brought before the Special Meeting were as follows:

Proposal 1. The proposed amendment to the Company's Certificate of
Incorporation, as amended, to effect a reverse split of the
Company's issued and outstanding Common Stock at a ratio between
1-for-2 and 1-for-10, with the final decision of whether to proceed
with the reverse stock split and the exact ratio and timing of the
reverse split to be determined by the Board of Directors, in its
discretion, following stockholder approval, but no later than May
6, 2026, was approved by the following final voting results:

     Votes For: 4,209,160

     Votes Against: 1,361,166

     Abstentions: 30,366

     Broker Non-Votes: 0

                          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.


BLIZE HEALTHCARE: No Patient Care Complaints, 1st PCO Report Says
-----------------------------------------------------------------
Tamar Terzian, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Northern District of California her first
report regarding the quality of patient care provided by Blize
Healthcare California Inc.  

The Debtor provides home health care for only adult patients. The
patients are referred primarily from private doctors or local
hospital or skilled nursing facility. The offices are located in
Hercules, California, but the Registered Nurses ("RNs") and
Licensed Vocational Nurse ("LVNs") are sent to the homes of
patients.

The PCO spoke with human resources. The PCO had discussions with
the CEO, UK Elendu as well as requested a confidential form to be
completed for PCO records. PCO met virtually with the RNs or LVNs
as well as the various patients. Each RN or LVN is assigned a set
of patients.

The PCO observed the RNs at the patients' homes. Each RN visits
about 10 patients per month. The family provides a plan of care
stated by the doctors depending on the situation.

The PCO found that the patients are well monitored, and the nurses
had knowledge of the patients' needs. The patients visited one hour
of care per visit which is normally two to three times a week. PCO
interviewed patients and was able to confirm the continued standard
of care.

The PCO's observation of the RN and LVN in charge was positive as
they are fully trained by the Debtor to assure the patients are
safe and have the proper medication or medical equipment based on
each patient's needs. The LVN is trained for emergency issues and
assist the families in the daily care of the patients. Through the
efforts of the LVN patient remains in stable and improve in their
condition with the daily therapy received.

Moreover, the Debtor has received no complaints from any patient or
with respect to the caregivers. The PCO has received no complaints
from the various patients visited for this interim report. The
families of the patient had no complaints with the level of care
provided by the LVN.  

The PCO finds that all care provided to the patients by the Debtor
is well within the standard of care.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=LiwES6 from PacerMonitor.com.

The ombudsman may be reached at:

     Tamar Terzian
     Terzian Law Group, APC
     1122 E Green St, # 200,
     Pasadena, CA 91106-2500
     Phone: (818) 242-1100
     Email: tamar@terzlaw.com

              About Blize Healthcare California Inc.

Blize Healthcare California, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-42377)
on December 18, 2025, listing between $100,001 and $500,000 in
assets and between $1 million and $10 million in liabilities. The
petition was signed by Ukeje Elendu as chief executive officer.

The Debtor is represented by Michael Jay Berger, Esq., at the Law
Offices of Michael Jay Berger.


BOY SCOUTS: Court Urges Trust Factions to Refine Issues
-------------------------------------------------------
Ben Zigterman of Law360 Bankruptcy Authority reports that tensions
persist between the future claimants' representative and the
settlement trust advisory committee overseeing the Boy Scouts of
America abuse claims trust, with both sides clashing over how the
compensation process should be handled.

The disagreement involves differing views on trust operations and
decision-making authority, with each side advocating for changes
they say are necessary to protect the interests of claimants and
ensure fairness in payouts, the report states.

The court has encouraged the parties to streamline their dispute
and focus on resolving outstanding issues, stressing the need to
move forward with administering the trust and delivering
compensation, according to Law360.

              About Boy Scouts of America

The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.

The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.

Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.

The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC, as financial advisor. Omni
Agent Solutions is the claims agent.

The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.

The Debtors obtained confirmation of their Third Modified Fifth
Amended Chapter 11 Plan of Reorganization (with Technical
Modifications) on September 8, 2022. The Order was affirmed on
March 28, 2023. The Plan was declared effective on April 19, 2023.

The Hon. Barbara J. House (Ret.) has been appointed as trustee of
the BSA Settlement Trust.


BRIGHTLINE TRAIN: Seeks Lifeline to Avert Bankruptcy
----------------------------------------------------
Eliza Ronalds-Hannon and Reshmi Basu of Bloomberg News report that
Florida's Brightline is pursuing options to tackle its heavy debt
load without resorting to bankruptcy. The company is supported by
Fortress Investment Group.

Brightline has resumed outreach to potential investors in hopes of
securing additional funding. However, sources indicated that if
these efforts fail, the company could turn to Chapter 11 as a
fallback option, the report relays.

The rail operator has also begun discussions with creditors about
restructuring its roughly $5.5 billion in outstanding debt.
Advisers have been brought in to assist with negotiations and
explore possible solutions, including refinancing or debt
exchanges, Bloomberg reports.

Whether Brightline can avoid bankruptcy will hinge on its ability
to finalize a deal with lenders or bring in new capital. Absent
that, a court-led restructuring may be required to address its
financial challenges, the report cites.

            About Brightline Train Florida

Brightline offers high-speed rail between Miami, Fort Lauderdale,
and Orlando.


BUMBLE INC: Fitch Affirms & Withdraws 'BB-' IDR, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Bumble Inc.'s and Buzz Finco LLC's
(collectively Bumble) Long-Term Issuer Default Ratings (IDRs) at
'BB-.' Fitch has also affirmed Buzz Finco LLC's senior secured debt
at 'BB+' with a Recovery Rating of 'RR1'. The Rating Outlook is
Negative.

The Negative Outlook reflects significant execution risks from
Bumble's strategic product refresh, which is likely to result in
revenue and EBITDA declines over the next six to 12 months.

The IDR incorporates Bumble's strong liquidity and FCF generation,
supported by conservative leverage and high interest coverage.
However, the company's reliance on its core apps, coupled with
intense sector competition, underscores the risks associated with
its limited product diversification and potential vulnerability to
market shifts.

Fitch has subsequently withdrawn all ratings due to commercial
reasons.

Key Rating Drivers

Execution Risks: The Negative Outlook reflects heightened execution
risks from Bumble's planned product refresh, which Fitch expects to
drive revenue and EBITDA declines in the near term. The refresh
aligns with Bumble's broader strategy aimed at strengthening the
long-term health of its user ecosystem. Fitch expects revenue to
decline over the next six to 12 months, with stabilization likely
by fiscal 2027, followed by low- to mid-single-digit growth
thereafter.

Lower Near-Term EBITDA: Fitch expects EBITDA in fiscal 2026-fiscal
2027 to fall below fiscal 2025, reflecting continued revenue
pressure as Bumble works through its member-base "quality reset."
Fitch also expects higher operating expenses as the company
accelerates product innovation and member experience enhancements,
including embedding AI into the platform and operations. Fitch
expects these investments to support engagement and monetization
over time but weigh on profitability in the near term. Fitch also
expects EBITDA to improve as revenue stabilizes and product-refresh
costs normalize, with EBITDA margins rising to about 33% by fiscal
2028.

Strong Credit Metrics: Bumble's recently announced refinancing
transaction significantly reduces refinancing risks.
Fitch-calculated leverage is projected to remain steady around 1.9x
in fiscal 2026 and remain in the 1.5-2x range over the rating
horizon, reflecting lower total debt and marginal improvement in
EBITDA over the medium term. Interest coverage will remain around
5.5x. The company's leverage and coverage metrics remain strong for
'BB' category issuers in the technology sector, offset by product
refresh uncertainty and high levels of churn compared to software
peers.

Significant Level of Competition: Bumble operates in a highly
competitive industry. Match Group, the owner of Tinder and Hinge,
is its main competitor. Fitch believes multiple competitors can
coexist successfully, as users often engage with and pay for
several apps simultaneously. While Bumble's emphasis on female
empowerment and safety may offer a competitive advantage, Fitch
questions the long-term sustainability of the advantage against
competitors with substantial financial resources and similar
initiatives.

Limited Product Diversification: Bumble generates all its revenue
from the Bumble app and Badoo. This creates concentration risks, as
any operational or reputational issues could materially affect
revenue. The company sold the Fruitz app and discontinued the
Official app in fiscal 2025, which will have a $12 million impact
on top-line revenue (approximately 1% of fiscal 2025 revenue). This
aligns with Bumble's broader objective of focusing on its core
dating platforms.

Industry Dynamics' Impact on Growth: Fitch believes the online
dating industry's emphasis on scale and monetization reduces user
engagement and satisfaction. Users have raised concerns about
platform safety, participant quality, and a perceived mismatch
between subscription prices and tiers. Bumble's product refresh
initiatives address these concerns through new revenue
architecture, which may boost user engagement, drive revenue growth
and expand margins over the long term.

Consistent Capital Allocation Policies: Fitch expects Bumble to
maintain its current capital allocation priorities of returning
capital to shareholders via share repurchases, investments for
organic growth, and opportunistic M&A. Fitch expects Bumble to have
moderate share repurchases compared to prior expectations due to
the early tax receivable agreement (TRA) payment.

Moderate Recurring Revenue: Bumble primarily generates revenue via
recurring subscription payments and a la carte purchases on its
apps. Due to the nature of the dating industry, there is an
inherent level of expected recurring revenue churn if dating apps
achieve their desired target. Near-term revenue and cash flow
visibility is strong but not as predictive in the long term as
other businesses with similarly high levels of recurring revenue.

Consumer Discretionary Spending Exposure: Fitch forecasts broadly
stable U.S. GDP growth in 2026 and 2027. However, a sustained oil
shock and tariff uncertainty could weaken consumer confidence and
spending. Fitch believes this may affect Bumble's revenues if
consumers pull back on discretionary spending.

Peer Analysis

Bumble's scale is similar to LendingTree, Inc. (B+/Stable), an
online marketplace that matches consumers to lenders and earns
performance marketing fees. Bumble has lower EBITDA leverage,
higher interest coverage, and stronger EBITDA and FCF margins.
Bumble's recurring subscription model provides more revenue
visibility than LendingTree's performance marketing fees. Both are
exposed to broader macroeconomic conditions.

Relative to Quartz AcquireCo, LLC (BB-/Stable), a company
specializing in enterprise experience management software, Bumble
has similar scale, lower leverage, and substantially stronger
EBITDA and FCF margins. RingCentral, Inc. (BB+/Stable) provides
cloud-based business communication solutions. It is larger than
Bumble with higher FCF margins, while Bumble has higher EBITDA
margins and lower EBITDA leverage.

These companies are not direct peers of Bumble, as many serve
enterprise customers and offer mission-critical software, which can
support stickier revenue. Bumble is more exposed to consumer
discretionary spending.

Fitch’s Key Rating-Case Assumptions

- Continued revenue declines in fiscal 2026, reflecting the loss of
paying users on the Bumble app due to product and platform
improvements. Fitch expects flat to low-single-digit growth for the
remainder of the rating horizon, reflecting uncertainty about the
Bumble app's return to revenue growth and a continued decline in
Badoo's revenue base;

- EBITDA margins were elevated in fiscal 2025 due to lower
marketing and headcount-related costs; Fitch expects margins to
contract by approximately 250bps in fiscal 2026, mainly reflecting
product innovation expenses and investments in AI features. Margins
remain in the low 30% range over the rating horizon;

- Moderate share buybacks over the rating horizon as Fitch expects
Bumble to prioritize shareholder returns following product refresh
investments;

- Base interest rates applicable to the company's secured debt,
reflecting the current SOFR forward 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
(bb, Higher), Market and Competitive Positioning (b+, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (b-, Moderate), Profitability (bbb,
Moderate), Financial Structure (a, Lower), and Financial
Flexibility (bb+, Lower).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'bb-'.

RATING SENSITIVITIES

Rating sensitivities are not applicable as the ratings have been
withdrawn.

Liquidity and Debt Structure

Bumble's liquidity comprises $175 million in cash and equivalents
as of YE 2025 and full availability under its new $50 million RCF,
which matures in January 2030. Liquidity is supported by the
company's history of positive FCF generation. The new credit
facilities include a minimum liquidity covenant of $25 million
through the first five months following closing and $50 million
thereafter.

On April 24, 2026, Bumble completed its refinancing, replacing its
prior capital structure with a new $475 million senior secured term
loan maturing in April 2030 and the new $50 million super priority
RCF. The company used proceeds from the new term loan, together
with cash on hand, to fully repay and terminate its prior credit
agreement, including the term loan previously due in January 2027.
The new term loan includes scheduled amortization, mandatory
prepayment requirements, and a quarterly total leverage covenant
that starts at 3.0x and steps down over time.

Issuer Profile

Bumble builds and operates dating and social networking mobile
applications, notably Bumble and Badoo, which are two of the top
five dating apps globally. Bumble has more than 42 million monthly
active users across its operated apps.

Summary of Financial Adjustments

Fitch has adjusted EBITDA to reflect reported non-cash stock-based
compensation expenses and other non-recurring charges, including
estimated distributions to non-controlling interests.

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 Bumble Inc..

ESG Considerations

Bumble Inc. has an ESG Relevance Score of '4' [+] for Exposure to
Social Impacts due to its position as a female-friendly dating
application seeking to mitigate harassment or abusive language
frequently experienced by women on dating applications. This has a
positive impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

Bumble Inc. has an ESG Relevance Score of '4' for Governance
Structure due to shareholder concentration which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
Bumble Inc.        

                      LT IDR BB- Affirmed               BB-
                      LT IDR WD  Withdrawn

Buzz Finco L.L.C.    

                      LT IDR BB- Affirmed               BB-
                      LT IDR WD  Withdrawn
   senior secured     LT     BB+ Affirmed     RR1       BB+
   senior secured     LT     WD  Withdrawn


C&D TECHNOLOGIES: S&P Downgrades ICR To 'CCC', On Watch Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on C&D
Technologies Inc. to 'CCC' from 'B-' and its issue level-rating on
the first-lien term loan to 'CCC' from 'B-'. The '3' recovery
rating remains unchanged.

Simultaneously, S&P placed all its ratings on C&D Technologies on
CreditWatch with developing implications.

S&P said, "The CreditWatch development placement reflects that we
could lower our ratings on C&D Technologies within the next couple
of months if it does not successfully address its upcoming debt
maturities. Alternatively, we could raise our ratings if it
refinances or extends the maturity on its term loan in a manner
that we do not view as tantamount to a credit default."

C&D Technologies Inc.'s $400 million first-lien term loan term
($373 million outstanding as of Sept. 30, 2025) matures on Dec. 20,
2026, and its $180 million asset-based lending (ABL) credit
facility ($95 million drawn as of Sept. 30, 2025) contains a
maturity covenant that springs 91 days prior to the maturity of the
term loan.

In addition, C&D Technologies has yet to receive its second 45X
credit, filed for the 2024 operating year. The company is required
to offer $125 million of proceeds from the credit to pay down the
principal balance on its term loan.

S&P Global Ratings believes the company faces heighted risk of a
payment default within the next 12 months if it does not
successfully refinance its capital structure in a manner that
alleviates the near-term liquidity deficit caused by the upcoming
maturities.

C&D Technologies faces heightened default risk as the time to
maturity on its debt obligations shortens. The company's $400
million first-lien term loan, with $373 million outstanding as of
Sept. 30, 2025, matures on Dec. 20, 2026. In addition, while its
ABL facility is not due until May 2027, it features a springing
maturity covenant 91 days prior to the term loan if the term loan
is not refinanced or extended, therefore causing its entire capital
structure to be due in less than 12 months.

Uncertainty also remains around the timing of the 45X credit
payout. C&D Technologies has yet to receive the payout of its
second 45X credit, amounting to approximately $225 million-$250
million, that was filed for the 2024 operating year and originally
anticipated in mid-2025. Once the credit is received, the company
will be required to use a minimum of $125 million of the proceeds
to pay down a portion of its outstanding term loan balance.

While there has been no publicly stated change in policy
surrounding the scope or duration of these credits, there is no
clearly defined timing for the payout from the U.S. IRS. The longer
C&D Technologies waits to refinance, the greater the risk of
uncertainty in capital market conditions, limiting the company's
options and putting more pressure on a successful refinancing. Our
rating and CreditWatch placement incorporate the rising financial
and liquidity risks as the time to maturity shortens.

S&P said, "We expect battery demand and higher prices to support
2%-4% total sales growth in 2026, despite declining volumes in the
Motive segment. Sales in the Motive segment declined through the
first nine months of 2025 due to golf cart original equipment
manufacturers shifting away from domestic production to cheaper
foreign alternatives. While we expect this trend to continue for
the next several quarters, it should be offset by rebounding
telecom markets and the booming buildout of data centers requiring
backup power generation.

"In addition, we continue to forecast moderately improving EBITDA
margins in 2026 as costs associated with the lithium business
abate, price/cost dynamics improve, and new product launches in
Motive lead to a gradual recovery in that segment. However, EBITDA
margins, excluding the 45X credit, have remained materially lower
since 2023 due to lower volumes and lithium buildout costs, and the
company's earnings could deteriorate further if it is unable to
execute on its operating plan.

"We placed all our ratings on C&D Technologies on CreditWatch with
developing implications. The placement reflects the uncertainty of
the timing surrounding C&D Technologies' refinancing of its term
loan due Dec. 20, 2026. We will look to resolve our placement of
the ratings on CreditWatch once we have more information regarding
the timing of a refinancing or maturity extension.

"More specifically, we could lower our ratings on the company
within the next couple of months if it does not successfully
address its upcoming debt maturities. Alternatively, we could raise
our ratings if it refinances or extends the maturity on its term
loan in a manner that we do not view as tantamount to a credit
default."



CABLE & WIRELESS: Moody's Affirms 'Ba3' CFR, Outlook Negative
-------------------------------------------------------------
Moody's Ratings has affirmed the corporate family rating of Cable &
Wireless Communications Limited (CWC) at Ba3. Moody's also affirmed
the Ba3 backed senior secured bank credit facility ratings of
Coral-US Co-Borrower LLC (Coral-US) and the Ba3 backed senior
secured notes and Ba3 backed senior secured bank credit facilities
of Sable International Finance Limited (SIFL), and the B2 backed
senior unsecured ratings of C&W Senior Finance Limited. The outlook
remains negative.

The affirmation of CWC's ratings reflects the company's integrated
operating model, strong market positions, and improving
profitability across its business lines, including C&W Caribbean,
CWC Panama, and Liberty Networks. Continued cost-efficiency
initiatives, consolidation in the mobile market in Panama, and
expanding projects at Liberty Networks support operating
performance and cash generation.

The ratings also reflect CWC's solid liquidity profile, supported
by a well-managed debt maturity schedule and ongoing positive free
cash flow (FCF) generation. Moody's expects the company to maintain
cash balances around current levels and continue benefiting from
committed revolving credit facilities with extended maturities.

The negative outlook reflects Moody's expectations that leverage
will remain elevated, above 4.0x times over the next 12–18
months, following the impact of Hurricane Melissa in Jamaica. This
event will continue constraining the company's capacity for further
deleveraging. Although operating performance in Panama and Liberty
Networks has improved materially, the lingering effects of the
hurricane—including lower broadband RGUs, higher credit losses,
and incremental opex and capital expenditures—are expected to
delay a more pronounced reduction in leverage.

RATINGS RATIONALE

Leverage (as adjusted by Moody's) at 4.8x for the last twelve
months ended December 2025, remains high for the Ba3 category but
it has improved from its 5.2x peak in 2022, supported by margin
expansion and operating discipline. Leverage reduction in 2026
could be challenging as the company announced that it expects an
impact of around $100 million (including opex and capex) in 2026
related to hurricane Melissa.

Cable & Wireless' 4.8x leverage remains above the 4.4x median for
Ba3 rated entities. Moody's expects further deleveraging towards
4.0x times by 2027, particularly as the company executes additional
cost savings initiatives and completes Liberty Networks projects.

The company's consolidated EBITDA margin (as adjusted by Moody's)
improved to 41.2% of revenues in 2025 from 37.5% in 2022, and
Moody's expects further improvements towards 45% supported by cost
reduction initiatives at Cable & Wireless, ongoing consolidation in
Panama's mobile market, and incremental contributions from new
projects at Liberty Networks in 2027 and 2028.

Markets in the Caribbean remain supportive of high profitability,
given the market structure with predominantly two-player markets.
In Panama, Digicel Holdings (Bermuda) Limited (B2 positive)'s exit
from the market, combined with the government's inability to secure
a third mobile operator, has resulted in a near duopoly for
Telecomunicaciones Digitales, S.A. (Ba2 stable) and Cable &
Wireless, supporting pricing discipline and margin stability.
Liberty Networks' cash generation and profitability is expected to
strengthen further, driven by ongoing project in the El Salvador
build out and the ramp up of the Manta project beginning in late
2027 and extending into early 2028.

Moody's expects CWC' liquidity to remain solid, supported by around
$508 million of cash as of December 2025 and positive FCF
generation, even after dividend payments. This expectation reflects
Moody's assumptions that the company will maintain cash balances
broadly in line with current levels.

Moody's considers the ownership structure under LLA to entail
certain risks, as Liberty Latin America Ltd. (LLA) is a holding
company with no operating activities and may rely on upstreaming
cash from its subsidiaries to fund acquisitions or support other
credit pools. However, these risks are mitigated by the current
scope of LLA's credit pools. Liberty Telecomunicaciones de Costa
Rica LY (B1 stable) has strong liquidity and a comfortable debt
maturity profile, reducing the likelihood of material cash
requirements. In addition, in 2025, LLA announced its intention to
spin off Liberty Communications PR Holding LP (Caa1 stable), and
Moody's believes that the likelihood of LLA providing cash support
to this entity is low. Furthermore, LLA no longer has debt at the
holding-company level.

Environmental, social, and governance (ESG) considerations are a
key driver of this rating action. Governance considerations remain
relevant in Moody's assessments, reflecting the company's tolerance
for relatively high leverage despite strong cash generation. It
also reflect the company's financial policy, including
distributions to its parent. Environmental considerations,
including exposure to physical climate risks such as hurricanes in
the Caribbean, are mitigated by geographic diversification and the
company's parametric insurance coverage.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the negative outlook an upgrade is unlikely; however, Moody's
could change the outlook to stable if the company's Moody's
adjusted leverage (debt/EBITDA) approaches to 4x in the near term
either by operational improvements or by debt repayments using its
own cash. EBITDA margins should remain at or above 40%. At the same
time, the company needs to demonstrate a sustained positive FCF
generation.

An upgrade would need Moody's adjusted leverage (debt/EBITDA) below
3.5x, RCF / net debt above 20% and interest coverage measured as
EBITDA-capex / interest expense above 2.0x.

Conversely, a downgrade could occur if liquidity weakens
materially, particularly as a result of large distributions to the
parent company with RCF / Net debt below to 10%.  Leverage above
4.0x without a clear reduction path, would also exert pressure on
the ratings.

LIST OF AFFECTED RATINGS

Issuer: Cable & Wireless Communications Limited

Affirmations:

LT Corporate Family Ratings, Affirmed Ba3

Outlook Actions:

Outlook, Remains Negative

Issuer: C&W Senior Finance Limited

Affirmations:

Backed Senior Unsecured, Affirmed B2

Outlook Actions:

Outlook, Remains Negative

Issuer: Coral-US Co-Borrower LLC

Affirmations:

Backed Senior Secured Bank Credit Facility, Affirmed Ba3

Outlook Actions:

Outlook, Remains Negative

Issuer: Sable International Finance Limited

Affirmations:

Backed Senior Secured Bank Credit Facility, Affirmed Ba3

Backed Senior Secured, Affirmed Ba3

Outlook Actions:

Outlook, Remains Negative

The principal methodology used in these ratings was
Telecommunications Service Providers published in December 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


CAPITAL MONETIZATION: 90-Day Extension for Plan Filing Granted
--------------------------------------------------------------
Judge Mark J. Conway of the U.S. Bankruptcy Court for the Middle
District of Pennsylvania extended Capital Monetization Management,
LLC's exclusive period to file a Chapter 11 plan and disclosure
statement for additional ninety days.

As shared by Troubled Company Reporter, the Debtor explains that it
is attempting to negotiate a consensual plan with its secured
creditor, U.S. Bank Trust National Association. The Debtor requires
a short period of time to ascertain restructuring terms, valuation,
and the treatment U.S. Bank is willing to accept for a plan of
reorganization.

The Debtor states that it submitted a loss mitigation to U.S.
Bank/Fay Servicing on Feb. 13, 2026.

The Debtor claims that it requires an additional ninety days to
allow U.S. Bank/Fay Servicing to review and consider the loss
mitigation package and to propose a feasible Chapter 11 plan and
Disclosure Statement.

Capital Monetization Management is represented by:

     Tullio DeLuca, Esq.
     Law Office of Tullio DeLuca
     4113 Birney Avenue, Suite 2
     Moosic, PA 18507
     Phone: (570) 347-7764
     Email: tullio.deluca@verizon.net

                About Capital Monetization Management

Capital Monetization Management, LLC, sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No.
25-03091) on Oct. 29, 2025.  The Debtor engaged the Law Office of
Tullio DeLuca as counsel.


CAREER MATCHING: Court Okays Kirby Aisner's Final Fee Application
-----------------------------------------------------------------
Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of New York approved the final application for
allowance of professional compensation of reimbursement of expenses
of Kirby Aisner & Curley, LLP, attorneys for Career Matching
Platform.

Kirby Aisner & Curley, LLC seeks entry of an order seeking final
approval and allowance of professional fees pursuant to Bankruptcy
Code Sections 330 and 503(b), covering services rendered by the
firm to the Debtor from May 7, 2024 through August 9, 2024,
consisting of fees in the amount of $18,670.00 plus reimbursement
of actual and necessary expenses incurred by KAC during the Fee
Period in the amount of $ 1,851.95.  KAC requests that the Court
permit it to apply the balance of its $17,745.00 retainer to its
billing, which is inclusive of the $1,738 filing fee KAC paid on
the Debtor's behalf. Although the KAC Application request exceeds
the retainer by $2,776.95, KAC offered to the Debtor to voluntarily
reduce the request by that amount.

On August 28, 2024, the Debtor filed an objection to the KAC
Application through its new counsel, Certilman Balin Adler & Hyman,
LLP. The Objection asserts that KAC failed to communicate with
secured creditor Goodman Capital Finance, which had a pre-petition
factoring agreement with the Debtor. The Debtor asserts that KAC
failed to communicate concerning cash collateral issues, putting
the Debtor in an unfavorable position with Goodman that caused the
Debtor to lose a $2 million dollar credit facility.

The Debtor finds KAC's fees unreasonable.  

Judge Glenn holds, "While the relationship between the Debtors and
KAC broke down to the point that the Debtor sought new counsel, the
Debtor does not get a free pass on services rendered by counsel
where counsel performed the services and fees are reasonable. Here,
KAC has adequately shown they were engaged in cash collateral
communications with Debtor and with Goodman. The scope of duties
performed over the period of fifty-six billable hours appears
reasonable. Additionally, the Debtor has not pursued claims against
KAC and remains free to do so."

The Court overrules the Debtor's objection and approves the fees.
The Court approves the final fees and expenses requested and allows
KAC to apply the balance of its $17,745.00 retainer to its billing.


A copy of the Court's Memorandum Opinion and Order dated April 27,
2026, is available at https://urlcurt.com/u?l=BF9ZCV from
PacerMonitor.com.

                About Career Matching Platform

Career Matching Platform is an online career platform helping job
seekers find their next career without ads, misleading links or any
spam emails or text.

Career Matching Platform, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 24-10792) on May 7, 2024, listing $402,899 in assets and
$1,926,406 in liabilities. The petition was signed by Boris Rozman
as managing member.

Judge Martin Glenn presides over the case.

Dawn Kirby, Esq., at KIRBY AISNER & CURLEY LLP, was originally
hired as the Debtor's counsel.  It was later replaced by Certilman
Balin Adler & Hyman, LLP.


CEDAR ARCH: Court OKs Deal on Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Idaho approved on a
final basis the stipulation between Cedar Arch Dairies, LLC and its
primary secured creditor, Rabo Agri Finance, LLC regarding the use
of cash collateral.

The Debtor filed for Chapter 11 relief on March 23 shortly after
which the court authorized interim use of cash collateral and later
scheduled a final hearing. RAF holds a comprehensive,
cross-collateralized secured position arising from a series of
loans and credit facilities originating in 2017 and repeatedly
amended, extended, and increased over time. These obligations are
documented through multiple notes, facility agreements, mortgages,
and UCC filings securing nearly all of the Debtor's real and
personal property, including farm assets, equipment, water rights,
crops, and related business assets.

The Debtor defaulted on several loans by failing to make payments
by extended maturity dates in 2024, which triggered acceleration
clauses and led RAF to file a foreclosure action in Idaho state
court. That litigation resulted in an October 24, 2025 judgment in
RAF's favor exceeding $13.6 million, later acknowledged by the
Debtor as growing to approximately $14.2 million with continuing
interest and fees. Although a sheriff's sale had not yet occurred
when the bankruptcy was filed, RAF's secured claim remained fully
perfected and enforceable. In the stipulation, the Debtor expressly
acknowledges the validity, amount, and enforceability of RAF's debt
and waives any ability to challenge it, while also confirming RAF's
first-priority lien position.

The agreement permits the debtor to continue operating and using
cash collateral, provided that all revenue is deposited into a
segregated trust account and used strictly according to an approved
budget.

In exchange, RAF receives multiple forms of adequate protection,
including replacement liens on post-petition assets, ongoing
payments, and preservation of its secured position.

The Debtor must also provide monthly financial reporting, maintain
covenants, and restrict asset sales without consent. The
stipulation further requires the Debtor to confirm a Chapter 11
plan by October 30, providing full payment of RAF's debt within
twelve months of confirmation. Failure to comply with the cash
collateral terms could result in termination of the Debtor's
authority to use such funds.

A copy of the order is available at https://is.gd/NMwRgX from
PacerMonitor.com.

                    About Cedar Arch Dairies LLC

Cedar Arch Dairies, LLC is a dairy farming operation headquartered
in Firth, Idaho, focused on milk production and livestock
management. The company oversees approximately 1,400 dairy cows on
a 222-acre property.

Cedar Arch Dairies, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 26-40154) on March
23, 2026. In the petition signed by Jeremy Clayson, president, the
Debtor disclosed up to $50 million in both assets and liabilities.

Matthew Grimshaw, Esq., at Grimshaw Law Group, P.C., represents the
Debtor as legal counsel.

Rabo AgriFinance, LLC, as lender, is represented by Sheila R.
Schwager, Esq., at Hawley Troxell Ennis & Hawley LLP.


CELSIUS NETWORK: Mashinsky Ordered to Pay $10MM to FTC
------------------------------------------------------
Bonnie Eslinger of Law360 reports that on Tuesday, April 28, 2026,
Celsius Network co-founder Alex Mashinsky was ordered by a
Manhattan federal judge to pay $10 million to the Federal Trade
Commission to settle allegations that he made false statements
about the cryptocurrency lender’s operations and safeguards.

The FTC claimed Mashinsky misrepresented the safety and stability
of Celsius, which later filed for bankruptcy amid financial turmoil
in the crypto sector. The case was part of regulatory scrutiny
following the platform's collapse, the report relays.

In addition to the monetary penalty, the judge said she would stay
a $4.7 billion judgment against Mashinsky, provided he continues
cooperating with federal investigators, according to Law360.

                  About Celsius Network

Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.

Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.

The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).

Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.

New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.

The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.

Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as
special counsel; Centerview Partners, LLC as investment banker; and
Alvarez & Marsal North America, LLC as financial advisor. Stretto
is the claims agent and administrative advisor.

On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.

Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC, serve as the examiner's legal counsel and financial
advisor, respectively.

                        *     *     *

On November 9, 2023, the Bankruptcy Court entered the Findings of
Fact, Conclusions of Law, and Order Confirming the Modified Joint
Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates.
The Effective Date of the Plan occurred January 31, 2024.


CENTERFIELD MEDIA: S&P Upgrades ICR to 'B-' on Refinancing
----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating to 'B-' from
'CCC+' on Centerfield Media Parent Inc.

Following the upgrade, S&P subsequently withdrew the rating at the
issuer's request.

Centerfield recently refinanced its capital structure with a new
$550 million term loan and $200 million of new equity.

The company's performance has also materially improved over the
last few quarters such that S&P expects positive free cash flow
going forward.

As a result, S&P no longer view the capital structure as
unsustainable.

Centerfield successfully refinanced its capital structure,
eliminating near-term default risk. The company repaid its existing
senior secured notes and issued a new $550 million term loan along
with $200 million of equity. It also upsized its revolving credit
facility to $150 million from $75 million. Given the refinancing
and the company's strong operational improvement over the last few
quarters--including a return to positive free cash flow
generation—S&P no longer view the capital structure as
unsustainable.

Following the upgrade, S&P withdrew its issuer credit rating on
Centerfield at the issuer's request. At the time of the withdrawal,
the outlook was stable.



CHARLES & COLVARD: Court OKs Van Lang Jewelry as Stalking Horse Bid
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, has permitted Charles & Colvard, Ltd.
to sell Property, free and clear of liens, claims, interests, and
encumbrances.

The Debtor is a North Carolina corporation founded in 1995 and
headquartered in Morrisville, North Carolina. The Debtor was
founded as C3 Diamante, Inc., and changed its name to C3, Inc. by
Articles of Amendment filed on April 10, 1996. The Debtor
subsequently changed its name to Charles & Colvard, Ltd. by
Articles of Amendment filed on May 17, 2000.

The Debtor is a globally recognized fine jewelry company
specializing in lab created gemstones. Its common stock is quoted
on the OTC Experts Market under the symbol "CTHR." The Debtor
manufactures, markets, and distributes Charles & Colvard Created
Moissanite® including its premium moissanite gemstone brand,
Forever One, as well as  Caydia, its brand of premium lab-grown
diamonds. The Debtor offers gemstones and finished jewelry
featuring its proprietary moissanite jewels, premium lab-grown
diamonds, created color gemstones, and most recently, lab-grown
diamonds in color, for sale in the worldwide fine jewelry market
through two operating segments: its Online Channels segment, which
encompasses its digital properties components, comprised of its
charlesandcolvard.com, moissaniteoutlet.com,
charlesandcolvarddirect.com, and madenetwork.com websites;
ecommerce outlets, including marketplaces, drop-ship customers, and
other pure-play, exclusively e-commerce customers; and its
Traditional segment, which consists of domestic and international
distributors and retail customers, including end-consumers through
its first Charles & Colvard Signature Showroom, which opened in
October 2022.

The Debtor owns certain jewelry, precious metals, loose jewels,
jewelry production equipment, office furniture and equipment,
intangibles, and other personal property. The Debtor does not own
any real property.

The Debtor received an offer submitted by Van Lang Jewelry LLC to
purchase substantially all of the Debtor’s and its  affiliates'
operating assets for the purchase price of $1,500,000.00.

The Court has authorized the Debtor to accept buyer Van Lang
Jewelry LLC (or its assignee) to serve as the Stalking Horse Bidder
for the sale of the Assets.

The Stalking Horse Bidder is authorized to credit bid all or any
portion of the outstanding DIP Obligations under the DIP Facility
as part of the Purchase Price, and to increase such Credit Bid at
any auction conducted pursuant to the Bidding Procedures, up to the
full amount of the DIP Obligations outstanding as of the closing of
the sale transaction.

The Stalking Horse Bidder is authorized to assign any or all of its
rights under the Purchase Agreement, including without limitation
the right to credit bid the DIP Obligations.

Payment of a break-up fee in the amount of 3% of the Purchase Price
shall be paid to the Stalking Horse Bidder from the sales proceeds
at closing, in the event the Stalking Horse Bidder is not the
successful bidder.

The Break-Up Fee in the amount of $45,000.00 and the Expense
Reimbursement in an amount not to exceed $45,000.00.

The minimum overbid shall be in an amount equal to 5% of the
proposed Purchase Price, resulting in a minimum overbid from other
potential bidders in an amount of at least $1,575,000.00.

The Purchase Agreement shall be subject to an Overbid Period
through and including June 6, 2026, to allow Qualified Bidders to
submit a qualifying bid to counsel for the Debtor.

If one or more Qualified Bidders submit a qualifying overbid, the
Assets will be auctioned at 10:00a.m EST on June 22, 2026 in the
United States Bankruptcy Court, 3rd Floor Courtroom in Raleigh,
North Carolina.

Regardless of whether any qualifying overbids are submitted, a
Final Sale Hearing shall be held before this Court at 11:00a.m. EST
on June 22, 2026 in the United States Bankruptcy Court, 3rd Floor
Courtroom in Raleigh, North Carolina.

             About Charles & Colvard Ltd.

Charles & Colvard Ltd. is a jewelry manufacturer known for its
lab-grown moissanite gemstones.

Charles & Colvard Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-00969 on March 2,
2026. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Judge David M Warren oversees the case.

The Debtor is represented by Rebecca Redwine Grow, Esq. and Jason
L. Hendren, Esq. of Hendren Redwine & Malone, PLLC.


CHG HEALTHCARE: Moody's Rates New Senior Secured Term Loan 'B2'
---------------------------------------------------------------
Moody's Ratings assigned B2 ratings to the proposed senior secured
term loan and proposed senior secured revolving credit facility
issued by CHG Healthcare Services Inc. ("CHG"). There are no
changes to CHG's existing ratings, including the B2 corporate
family rating, B2-PD probability of default rating, existing B2
ratings of the term loan and senior secured bank credit facility.
The outlook remains stable.

CHG will use the net proceeds from $2,446 million senior secured
term loan due 2031 to repay existing $2,446 senior secured term
loan due in 2028. The company is also replacing its existing $150
million senior secured revolving credit facility expiring in March
2028 with a new $150 million senior secured revolving credit
facility expiring in March 2031. The transaction is leverage
neutral. Moody's expects pro forma of this transaction, CHG
debt/EBITDA will be at 6.5x in 2025.

RATINGS RATIONALE

CHG Healthcare Services Inc.'s B2 CFR reflects its moderately high
leverage and niche focus in the locum tenens (temporary physician
staffing) business. The rating is constrained by governance
considerations including a track record of paying substantial
shareholder dividends, which are largely funded by incremental
debt.

CHG's rating is supported by its demonstrated track record of good
cash flow generation and earnings growth. CHG benefits from its
substantial scale and leading position in the fragmented locum
tenens market, positive long-term demand trends for locum tenens
services, diversification within physician specialties and minimal
concentration across customers.

Moody's expects that CHG will maintain very good liquidity over the
next 12 to 18 months. Moody's anticipates about $170-200 million of
cash flow from operations over the next 12 months, more than enough
to cover $90-$100 million in Capex. CHG's free cash flow will
depend on its dividend payment strategy. The company paid material
dividends in 2023 and 2024 and Moody's expects dividend payments to
continue going forward. Liquidity is further supported by $99
million of cash pro forma for the transaction and approximately
$110 million of availability (net of letters of credit) under the
company's $150 million proposed revolving credit facility.

The stable outlook reflects Moody's expectations that demand for
CHG's services will remain strong and the company will maintain
reasonable ability to pass on rising labor cost to its customers.
Moody's expects CHG to maintain debt/EBITDA in the high 5.0x to low
6.0x range and to sustain good liquidity over the next 12–18
months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company sustains its organic
revenue growth. Quantitatively, if the company's debt to EBITDA was
sustained below 5.0 times, along with consistent positive free cash
flow and good liquidity, the ratings could be upgraded.

The ratings could be downgraded if the company experiences reduced
demand for its services and/or reduced supply of locum tenens
physicians on a sustained basis. Adoption of a more aggressive
financial policy would also be viewed negatively. Quantitatively,
ratings could be downgraded if debt to EBITDA is expected to be
sustained above 6.0 times for an extended period of time.

CHG Healthcare Services Inc. is a provider of temporary healthcare
staffing services to hospitals, physician practices and other
healthcare settings in the United States. CHG derives the majority
of its revenue from temporary physician staffing but also provides
allied health and permanent placement services. CHG reported $2.9
billion of revenue for 2025. The company is owned by private equity
investors Leonard Green & Partners, L.P., Ares Management LLC, GIC
Private Ltd., current and former management.

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.


CHS/COMMUNITY HEALTH: Fitch Affirms 'CCC+' LongTerm IDR
-------------------------------------------------------
Fitch Ratings has affirmed CHS/Community Health Systems, Inc.'s
(CHS) and its parent, Community Health Systems, Inc's. (CYH)
Long-term Issuer Default Ratings (IDRs) at 'CCC+'. Fitch has also
affirmed the asset-based revolver at 'B+' with a Recovery Rating of
'RR1', first lien secured notes at 'B'/'RR2', second lien secured
notes at 'CCC-'/'RR6' and senior unsecured notes at 'CC'/'RR6'.

The IDRs reflect Fitch's expectation that leverage will remain at
7.5x-8.0x in the near term, despite CYH's use of significant
proceeds from 2025-2026 divestitures to reduce debt. The company
may generate negative FCF in 2026, and only modest positive FCF
thereafter, assuming it maintains strong operating discipline. CYH
has proactively managed its debt maturities, and no significant
debt comes due until its $2.5 billion of second lien bonds mature
in 2029-2030.

Key Rating Drivers

Further Deleveraging Increasingly Challenging: Fitch forecasts
EBITDA leverage (net of distributions to non-controlling interests)
between 7.5x-8.0x in the near term vs. 7.7x at YE 2025, 8.3x at YE
2024 and higher levels previously. This progress reflects debt
reduction facilitated by significant divestiture proceeds and
several years of solid industry conditions. However, conditions may
be shifting amid adverse recent government reimbursement
developments and weakened consumer confidence. After weak 1Q26
results, Fitch expects 2026 EBITDA, as reported, at the low end of
CYH's EBITDA guidance range. and revenue just below CYH's revenue
guidance range.

Fitch's forecast assumes CYH repays debt in 1H 2026 using about 90%
of $1.1 billion in divestiture proceeds from 1Q26. It also assumes
no divestiture announcements thereafter, though further
transactions are possible. Fitch still expects CYH to refinance all
$2.5 billion of its second lien notes due in 2029-2030, but strong
operational execution will be crucial amid tougher conditions.
These include Medicaid cuts under P.L. 119-21 of 2025, the "One Big
Beautiful Bill Act (OBBBA), and the YE 2025 expiry of certain
enhanced subsidies for Affordable Care Act (ACA) health plans.
Risks include distressed debt exchanges (DDEs) and high-rate
refinancings that could curb FCF.

Profitability Remains Modest: Fitch forecasts operating EBITDA
margins (before distributions to non-controlling interests) at
11.25%-11.50% over the near term. This is up only about 100 bps
from its labor-inflation lows of 10.4% in 2022 and down from 12.1%
in 2024. CYH's operating EBITDA margin is well below those of its
for-profit peers, with and its improvement also lagged peer levels
when industry volumes rebounded sharply and temporary staffing
costs normalized in 2024.

Fitch's forecast reflects its expectation of moderate expense
growth across categories, including other medical specialist
expense, which was above expectations in 1Q26. Its margin forecast
assumes 3%-4% same-facility revenue growth, with volumes flat in
2026 and up 1% annually thereafter, and mix-adjusted pricing upside
of 2%-3% annually, with the lower end allowing for projected
Medicaid reimbursement reductions in the later years of its
forecast. Should margins exceed its estimates, greater FCF and
deleveraging would be likely.

Still Seeking Sustained Positive FCF: Positive momentum in the
'CCC+' IDR will depend on CYH sustainably generating meaningful
positive FCF while sustainably deleveraging below 7.5x. While CYH
resumed generating modest positive FCF in 2025, totaling 0.3% of
revenue per Fitch calculations, Fitch expects moderate negative FCF
in 2026 after a sizeable 1Q26 cash flow shortfall, due to various
factors. Thereafter, Fitch forecasts positive FCF at about 0.5% of
revenue. Fitch also forecasts cash flow from operations less capex
of 0.6% after negative levels in 2026. Capex at 3.0%-3.2% of
revenue, however, may constrain growth over time.

Deteriorating Government Reimbursement Outlook: CYH expects $20
million-$30 million of EBITDA downside in 2026 as payor mix weakens
after the YE 2025 expiry of certain enhanced ACA health plan
subsidies. The OBBBA will reduce beneficiary eligibility and cap
certain Medicaid payments, with the main effects beginning in 2028.
The impact will rise over time, and $20 million-$40 million of
EBITDA may initially be at risk. In a potential offset, however,
Fitch's preliminary estimates suggest that the foregoing EBITDA
reductions could be partially or fully offset by incremental EBITDA
from the 2026-2030 Rural Health Transformation Program established
under the OBBBA.

Proactive Balance Sheet Management: CHS has actively managed its
debt with refinancings and by repayments using divestiture
proceeds. While divestitures are likely to slow, they generated
cash of $1.3 billion in 2025 and $1.1 billion in 1Q26, with $0.1
billion more likely in 2Q26. In the past year, CYH has also
refinanced all $700 million of its 8.000% first lien notes due
2027, tendered for $0.6 billion of its 6.875% senior notes due 2028
using divestiture proceeds, refinanced all $1.8 billion of its
5.625% first lien notes due 2027 and, just last week, tendered for
up to $0.6 billion of its 4.750% first lien notes due 2031 and
10.875% first lien notes due 2032.

Peer Analysis

CYH's 'CCC+' IDR reflects leverage well above that of peers Tenet
Healthcare Corporation (THC; BB/Stable) and Universal Health
Services, Inc. (UHS; BB+/Stable). CYH debt entails higher risk of
DDEs, given EBITDA leverage exceeding 7.5x at YE 2025 and Fitch's
forecast for EBITDA leverage in the 7.5x-8.0x over the near term. A
refinancing of CYH's $2.5 billion of second-lien notes due in
2029-2030, if completed, would mark a significant milestone in
reducing its refinancing risk.

CYH has a weaker operating profile than its closest peers, with
assets located in smaller urban, suburban or non-urban markets. Its
EBITDA margins are well below those of its peers, and its growth
prospects appear less robust.

The 'CCC+' IDR also reflects financial flexibility that is more
constrained than that of its higher-rated peers. This includes
lower interest coverage, reflecting the burden of a highly
leveraged capital structure, and shortfalls in FCF generation,
especially relative to the considerable FCF generated by its
closest peers, despite rising volumes and moderating labor costs
since 2022.

Fitch’s Key Rating-Case Assumptions

- Revenue growth of -7% and +1% in 2026 and 2027, respectively (+3%
and +4%, respectively, excluding divestitures), followed by +3% in
2028, with volume growth improving gradually from nil in 2026 to
+2% in 2029, and the rest driven by mix-adjusted pricing.

- EBITDA margin (before distributions to non-controlling interest
or 'NCI') declines by 60 bp in 2026 and by 10 bp annually in 2027
and 2028. Includes provision for pressure on (a) payor mix from the
YE25 expiration of enhanced subsidies for buyers of ACA exchange
plans and (b) Medicaid payments, commencing largely after 2027,
from the 2025 Tax and Budget Law. Excludes any upside from new
Medicaid supplemental payment program approvals. Further reflects
modest increases across expense categories slightly ahead of
revenue growth.

- FCF turning modestly positive at about 0.5% of revenue after
negative FCF estimated at about $100 million in 2026; reflects
capex at $350 million in 2026, then $375 million in 2027 and 2028.

- EBITDA leverage (after NCI distributions) up modestly from 7.7x
at YE 2025 to 8.0x at YE 2026 and then declining within the 7.5x
and 8.0x range in 2027 and 2028.

- Net debt reduction of about $0.8 billion in 2026 and $0.2 billion
in 2027, primarily using cash proceeds from divestitures through
2026, with only insignificant debt reduction thereafter. Fitch
assumes in 2027 that $1.9 billion of first lien notes are
refinanced well ahead of maturity using the proceeds of $1.7
billion of new first lien notes, and that CYH, in 2028, refinances
$1.0 billion of first lien notes well ahead of maturity and $1.2
billion of second lien notes one year ahead of maturity, both using
the proceeds of $2.2 billion of new first lien notes.

- Secured overnight financing rate (SOFR) at 3.75% in 2026, 3.63%
in 2027 and 3.50% thereafter.

Corporate Rating Tool Inputs and Scores

Fitch scores CYH as follows, using its Corporate Rating Tool (CRT),
to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb, Lower), Sector Characteristics (b+,
Higher), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb-, Lower), Profitability (b,
Moderate), Financial Structure (ccc, Higher), and Financial
Flexibility (b+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'ccc+' and the IDR is 'ccc+'.

Recovery Analysis

Fitch estimates an enterprise value (EV) for CHS on a
post-reorganization going-concern (GC) basis of $6.7 billion (down
from $7.9 billion last), which is based on GC EBITDA (deducts
distributions to NCI) of $1.1 billion (was previously $1.2 billion)
and a 7.0x EV/EBITDA multiple (unchanged from last estimate), less
10% for administrative claims. The multiple is slightly higher than
the median observed in Fitch's Bankruptcy Case Studies for
healthcare companies.

Fitch's GC EBITDA estimate reflects its view that if EBITDA remains
at GC EBITDA levels (potentially due to adverse operating
fundamentals), it could signal a restructuring. Fitch assumes that
any restructuring would focus on the liabilities rather than
material operational improvements. Therefore the $1.1 billion GC
EBITDA assumption is unchanged from the levels at which CHS may
need to restructure and compares to Fitch's $1.2 billion forecast
for EBITDA net of NCI distributions for 2026 and was changed from
prior reviews to reflect recent dispositions. No further reduction
to GC EBITDA or debt claims was assumed despite Fitch's expectation
that at least some further divestiture proceeds could be used to
reduce debt in the near term, as sensitivity testing revealed that
notching would remain unchanged.

Fitch's recovery analysis assumes about $0.7 billion would be drawn
on the $1.0 billion ABL revolver prior to a restructuring, which
reflects its understanding that nearly $0.2 billion of the revolver
is unavailable due to borrowing base limitations and outstanding
letters of credit, and its assumption that the last $95 million of
ABL availability is likely to be inaccessible before a
restructuring due to an inability to comply with its fixed-charge
covenant.

Fitch allocates the distributable EV first to the ABL revolver
claim and $42 million of other debt, which Fitch treats as
structurally senior, then to $6.9 billion of first lien bonds, with
only a 1% concession payment to $2.5 billion of second lien notes.
The small amount of senior unsecured notes, which also recover in
the 'RR6' range, are notched down three levels to 'CC'/'RR6' to
further reflect their structural subordination relative to the
higher-ranking second lien notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- An expectation for a near-term DDE (as defined by Fitch) or that
a default, bankruptcy or restructuring is increasingly likely as
the company's nearest term debt maturities approach;

- Accelerating negative CFO less capex/debt.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An expectation for Fitch-defined EBITDA leverage to be sustained
at 7.5x or below;

- CFO-capex/debt turning positive, sustained at levels above 1.5%.

Liquidity and Debt Structure

As of the end of 1Q26, pro forma for CYH's $0.6 billion debt tender
announced in April and the expected 2Q26 closing of a single $0.1
billion hospital sale, liquidity was $1.0 billion, including $0.8
billion available under its $1.0 billion revolver and $0.2 billion
in cash on hand. Fitch views this as ample liquidity to withstand
foreseeable stresses through at least 2027, but a refinancing of
its second lien senior secured notes maturing in 2029-2030 will
further require solid access to the debt capital markets. The ABL
revolver has no financial maintenance covenants except for a
fixed-charge coverage covenant applicable only if availability
falls below $95 million.

CYH is the parent of, and filer of financial statements for, CHS,
which owns all operating subsidiaries, is the wholly owned
subsidiary of CYH, and is the borrower and issuer of all rated
debt. Fitch equalizes the IDRs of a parent and subsidiary,
including CYH and CHS, where the parent has no material assets or
liabilities other than its ownership of the subsidiary, and there
are no material impediments to the parent accessing the assets of
the subsidiary.

Issuer Profile

CYH is a leading for-profit operator of U.S. healthcare delivery
systems, with over 900 sites of care in 33 non-urban and smaller
urban markets across 13 states and including 64 general acute care
hospitals with over 9,000 beds, as of March 31, 2026.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Community Health Systems, Inc..

ESG Considerations

Community Health Systems, Inc. has an ESG Relevance Score of '4'
for Exposure to Social Impacts due to societal and regulatory
pressure to curb growth in healthcare spending in the U.S., which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------  
-----CHS/Community
Health Systems, Inc.

                        LT IDR CCC+ Affirmed              CCC+
   senior unsecured     LT     CC   Affirmed    RR6       CC
   super senior         LT     B+   Affirmed    RR1       B+
   sr sec 2nd lien      LT     CCC- Affirmed    RR6       CCC-
   senior secured       LT     B    Affirmed    RR2       B

Community Health
Systems, Inc.           

                        LT IDR CCC+ Affirmed              CCC+


CITIUS PHARMACEUTICALS: Closes $5-Mil. Registered Direct Offering
-----------------------------------------------------------------
Citius Pharmaceuticals, Inc. disclosed in a regulatory filing that
it entered into a Securities Purchase Agreement with certain
institutional investors for the issuance and sale, in a registered
direct offering by the Company, of 4,730,457 shares of the
Company's common stock, par value $0.001 per share, and pre-funded
warrants to purchase up to 345,686 shares of common stock at an
offering price of $0.985 and $0.9849, respectively.

In a concurrent private placement, the Company also agreed to sell
to the institutional investors warrants to purchase up to 5,076,143
shares of common stock, with an exercise price of $0.86 per share
of our common stock, which are exercisable upon immediately and
have a term of five years from the effective date of the
registration statement providing for the resale of the common
shares issuable upon exercise of the Common Warrants. The Common
Warrants were sold and issued without registration under the
Securities Act of 1933 in reliance on the exemption provided by
Section 4(a)(2) of the Securities Act as transactions not involving
a public offering, and in reliance on similar exemptions under
applicable state laws.

The Pre-funded Warrants are exercisable immediately, at an exercise
price of $0.0001 per share, and will remain valid and exercisable
until all the Pre-Funded Warrants are exercised in full.

The exercise price and number of shares of common stock issuable
upon exercise of the Common Warrants are subject to appropriate
adjustment in the event of stock dividends, stock splits,
reorganizations or similar events affecting the common stock and
the exercise price. If there is no effective registration statement
for the resale of the shares issuable upon exercise of the Common
Warrants, holders of Common Warrants may elect a "cashless"
exercise, whereby they would receive the net number of shares of
common stock determined according to a formula set forth in the
Common Warrants. On the expiration date of the Common Warrants, any
Common Warrants outstanding and unexercised will be automatically
exercised via cashless exercise.

A holder of a Pre-funded Warrant or Common Warrant will not have
the right to exercise any portion of its warrants if the holder,
together with its affiliates, would beneficially own in excess of
4.99% (or 9.99% at the election of the holder prior to the date of
issuance) of the number of shares of common stock outstanding
immediately after giving effect to such exercise; provided,
however, that upon 61 days' prior notice to the Company, the holder
may increase or decrease the Beneficial Ownership Limitation,
provided that in no event shall the Beneficial Ownership Limitation
exceed 9.99%. The exercise price and number of shares of common
stock issuable upon exercise are subject to appropriate adjustment
in the event of stock dividends, stock splits, reorganizations or
similar events affecting the common stock and the exercise price.

H.C. Wainwright and Co., LLC acted as the Company's exclusive
placement agent in connection with the Offering and private
placement. In connection with the Offering and private placement,
the Company agreed to pay Wainwright a cash fee of 7.0% of the
gross proceeds the Company received in the Offering and private
placement. The Company agreed to also reimburse Wainwright up to
$50,000 for fees and expenses of legal counsel, $35,000 for
non-accountable expenses and $15,950 for a clearing fee. In
addition, the Company granted placement agent warrants to
Wainwright, or its designees, to purchase up to 355,330 shares of
the common stock. The terms of the Placement Agent Warrants are
substantially the same as the terms of the Common Warrants, except
that the exercise price is $1.2313 per share and the expiration
date will be five years after the commencement of sales of the
Offering and private placement. The Placement Agent Warrants were
sold and issued without registration in reliance on the exemptions
provided by Section 4(a)(2) of the Securities Act, and in reliance
on similar exemptions under applicable state laws.

The gross proceeds to the Company from the Offering and private
placement were approximately $5.0 million. Net proceeds are
expected to be approximately $4.5 million, after deducting
placement agent fees and other offering expenses payable by the
Company. The Company anticipates using the net proceeds to support
the ongoing commercialization of LYMPHIR(TM), including milestone,
regulatory and other payments, development initiatives for all of
its product candidates and general corporate purposes.

Pursuant to the Purchase Agreement, the Company agreed for a period
of 45 days following the closing of the Offering and private
placement not to issue, enter into an agreement to issue or
announce the issuance or proposed issuance of the shares or any
other securities convertible into, or exercisable or exchangeable
for, shares of common stock, subject to certain exceptions.

The Offering was made pursuant to the Company's effective
registration statement on Form S-3 (File No. 333-277319), which was
previously declared effective by the Securities and Exchange
Commission on March 1, 2024, including a prospectus supplement
filed with the SEC on April 24, 2026.

The Purchase Agreement contains customary representations and
warranties and agreements of the Company and the investors and
customary indemnification rights and obligations of the parties.
The representations, warranties and covenants contained in the
Purchase Agreement were made solely for the benefit of the parties
to the Purchase Agreement and may be subject to limitations agreed
upon by the contracting parties. Accordingly, the Purchase
Agreement is incorporated herein by reference only to provide
investors with information regarding the terms of the Purchase
Agreement, and not to provide investors with any other factual
information regarding the Company or its business, and should be
read in conjunction with the disclosures in the Company's periodic
reports and other filings with the SEC.

Full text copies of the forms of the Purchase Agreement, the Common
Warrants, the Pre-Funded Warrants and the Placement Agent Warrants,
are available at https://tinyurl.com/y7aj943d,
https://tinyurl.com/26x4trn8, https://tinyurl.com/yc3urhkv and
https://tinyurl.com/4d3d9fz7, respectively. A copy of the opinion
of Wyrick Robbins Yates & Ponton LLP relating to the legality of
the issuance and sale of the Shares, the Pre-funded Warrants and
the Placement Agent Warrants in the Offering is available at
https://tinyurl.com/mddc77a2.

                    About Citius Pharmaceuticals

Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a
biopharmaceutical company dedicated to the development and
commercialization of first-in-class critical care products. The
Company's goal generally is to achieve leading market positions by
providing therapeutic products that address unmet medical needs yet
have a lower development risk than usually is associated with new
chemical entities. New formulations of previously approved drugs
with substantial existing safety and efficacy data are a core
focus. The Company seeks to reduce development and clinical risks
associated with drug development yet still focus on innovative
applications.

Boston, Massachusetts-based Wolf & Company, P.C., the Company's
auditor since 2014, issued a "going concern" qualification in its
report dated December 23, 2025, attached to the Company's Annual
Report on Form 10-K for the fiscal year ended September 30, 2025.
The auditor cited that the Company has suffered recurring losses
and has a working capital deficit as of September 30, 2025. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

As of December 31, 2025, the Company had $140,391,730 in total
assets, $46,923,760 in total liabilities, and $93,467,970 in total
equity.


CJ REAL ESTATE: To Sell Redington Shores Property to Soldnow LLC
----------------------------------------------------------------
CJ Real Estate Partners LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division, to sell
Property at auction, free and clear of liens, claims, interests,
and encumbrances.

The Debtor's Property is located at 17814 Gulf Boulevard and 153,
155, and 157 Coral Avenue, Redington Shores,
Florida 33708 and, potentially, its furniture and equipment.

The Debtor receives an offer from Soldnow LLC dba Tranzon Driggers
under the terms of the bidding procedures.

The Debtor is the owner of the Real Property.

The lienholders of the Property are NewTek Small Business Finance,
Beach B LLC, and the the Pinellas County Tax Collector.

The proposed auction of the Real Property and Personal Property is
not in the ordinary course of business. The Debtor proposes to
auction the Subject Property free and clear of liens.

The Subject Property shall be sold at auction by Tranzon as soon as
reasonably practicable. The exact date of the auction may be
changed by mutual agreement of the parties.

Tranzon has drafted bidding procedures to govern the auction (the
Bidding Procedures ) which have been approved by the Debtor and
NewTek.

The Debtor also requests that the Court schedule a hearing three
days after the conclusion of the auction to approve the results of
the auction and consider whether the purchaser at the auction is a
good faith purchaser and entitled to the protection.

            About CJ Real Estate Partners LLC

CJ Real Estate Partners, LLC, doing business as Coco Wood Grill,
operates a full-service restaurant offering American-style cuisine,
including seafood, handhelds and specialty dinner items, along with
wine, beer and cocktails. The restaurant also offers themed and
specialized menus such as anAuthentic Taco Tuesday menu, a Vintage
Restaurant menu and a gluten-free menu.

CJ Real Estate Partners filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-09646) on December 22, 2025, listing between $1 million and $10
million in assets and liabilities.

Judge Catherine Peek Mcewen presides over the case.

Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor
as legal counsel.


CNX RESOURCES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed CNX Resources Corp.'s (CNX) 'BB+'
Long-Term Issuer Default Rating (IDR). The Rating Outlook is
Stable. Fitch has affirmed the 'BBB-' rating with a Recovery Rating
of 'RR1' on the secured revolver and the 'BB+'/'RR4' rating on the
senior notes.

CNX's rating reflects its material generation of FCF. The rating
also reflects a robust hedging program, a lack of near-term
maturities and material liquidity. These factors are offset by
CNX's relatively small scale for the rating.

Key Rating Drivers

Material FCF Generation: CNX's ability to consistently generate
positive FCF is supportive to its credit quality. FCF is driven by
the company's low-cost operating structure, reduced finding and
development costs, strong hedging program that locks in future
revenues and modest production growth. CNX's strong hedging program
increases certainty in projected cash flow despite the volatility
of natural gas prices. Fitch anticipates continued positive FCF,
which will be applied primarily to stock buybacks over the forecast
horizon.

Robust Hedging Program: Fitch views CNX's hedging strategy as a
credit positive. The company has one of the strongest hedging
positions in the industry. CNX has about 79%, 66% and 32% of its
expected 2026, 2027, and 2028 gas production hedged at an average
of $2.74 per thousand cubic feet (mcf), $3.28/mcf, and $3.25/mcf,
respectively. CNX will attempt to match New York Mercantile
Exchange (NYMEX) hedges and basis hedges for the next 12 months of
production.

Fitch believes CNX has a thoughtful hedging program that locks in
expected returns and reduces cash flow volatility, while extensive
basis hedging protects from potential disruptions in the
Appalachian Basin. CNX's hedge program, combined with a low-cost
structure, allows for capital allocation flexibility for its future
development program.

Production Scale and Inventory: Fitch believes scale is important
as it can reduce operating and capital costs per unit and provides
the ability to enhance liquidity. CNX is significantly smaller in
terms of production than other 'BB' rated issuers, such as Ascent
Resources Utica Holdings, LLC (Ascent; BB/Stable). CNX's low-cost
position and focus on in-basin sales of gas are offset by a robust
basis hedging strategy. This allows the company to avoid costly
long-term transportation and gathering costs.

Single Basin Risk: CNX's operations are primarily in Appalachia,
which exposes the company to significant basis risk due to takeaway
constraints, although differentials improved as new pipeline
capacity was installed. CNX resisted signing into long-term,
takeaway contracts to avoid entering firm transportation
commitments that could have resulted in expensive long-term
obligations. Instead, the company used hedges to mitigate pricing
risk.

Peer Analysis

CNX's production profile of 1.7 billion cubic feet equivalent per
day (bcfed) in 2025 is below that of Appalachian peers such as
Antero Resources Corporation (Antero; BBB-/Stable) at 3.4 bcfed,
Ascent at 2.2 bcfed, Expand Energy Corporation (Expand;
BBB-/Stable) at 7.2 bcfed, and EQT Corporation (EQT; BBB/Stable) at
6.5 bcfed. CNX's Fitch-calculated unit production expenses are
$1.00 per thousand cubic feet of natural gas equivalent (mcfe) for
2025, which is below peers except for EQT at $0.87/mcfe. The
remaining peers range from $1.29/mcfe at Expand to $2.65/mcfe for
Antero.

Midcycle leverage in the 1.5x to 2.0x area is in line with 'BB'
rated peers. The Fitch-calculated unhedged cash netback margin of
58%, as of YE 2025, was toward the high end of the range, with
Antero at 31%, Ascent at 46%, Expand at 57% and EQT at 67%.

CNX has a more comprehensive and consistent hedging policy than
most peers. CNX attempts to match its NYMEX hedge with basis
hedges, which provides significantly more price protection than
peers. Fitch believes a strong hedge program is important given the
volatility of natural gas prices. CNX's low-cost position and
consistent hedging allows for strong stress case performance
relative to peers.

Fitch’s Key Rating-Case Assumptions

- Floating rate debt using the three-month secured overnight
financing rate (SOFR) forward curve;

- Henry Hub natural gas prices of $3.50/mcf in 2025, $3.50/mcf in
2026, $3.00 in 2027 and $2.75/mcf thereafter;

- West Texas Intermediate oil prices of $64 per barrel (bbl) in
2025, $58/bbl in 2026 and 2027, and $57/bbl thereafter;

- Production increasing by around 15% in 2025, down low single
digits in 2026 and flat thereafter;

- Capital expenditure (capex) of $500 million to $580 million
annually throughout the forecast period;

- Convertible notes repaid in 2026;

- FCF used for share repurchases.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bbb, Higher), Company
Operational Characteristics (bbb-, Moderate), Profitability (bb-,
Higher), Financial Structure (a-, Lower), and Financial Flexibility
(bbb-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 10% for the forecast year
2027, 15% for the forecast year 2028 and 55% for the forecast year
2029.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'bb+'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Inability to replace reserves or a material reduction in net
production;

- Mid-cycle EBITDA leverage above 2.5x;

- Material reduction in FCF or reduced credit metrics from
weakening of unit cost profile or allocation of FCF to
shareholder-friendly actions;

- Deviation from stated financial policy, including a material
reduction in hedging.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Production scale approaching 2.5 bcfed combined with a
significant sustained increase in mid-cycle EBITDA;

- Proved reserves approaching 20 trillion cubic feet;

- An increase in diversification of upstream operations;

- Mid-cycle EBITDA leverage approaching 1.5x.

Liquidity and Debt Structure

CNX has $0.8 million of consolidated cash on hand and $1.172
billion of borrowing capacity on its revolver as of Dec. 31, 2025,
after consideration for letters of credit (LOCs). Borrowing base
and revolver commitments were $2.4 billion and $1.4 billion,
respectively, as of year-end 2025, and maturity is in May 2029.
There is a maximum net leverage ratio of no greater than 3.5 to
1.0, which is based on net debt. CNX must also maintain a minimum
current ratio of no less than 1.0 to 1.0.

CNX Midstream Partners LP has its own revolving credit facility not
guaranteed by CNX. The facility has $600 million in commitments and
had $32.8 million of borrowings outstanding, leaving availability
at $567.3 million after consideration for LOCs, as of Dec. 31,
2025.

Fitch considers CNX's maturity schedule manageable, with the next
maturity being the senior unsecured convertible notes in 2026.
Fitch believes near-term liquidity should be sufficient, given the
ability to generate material FCF, which benefits from a high degree
of certainty through the hedge program and low-cost structure.

Issuer Profile

CNX is an independent oil and gas company focused on the
exploration, development, production, gathering, processing and
acquisition of natural gas properties primarily in the Appalachian
Basin. It focuses on unconventional shale formations, primarily in
the Marcellus and Utica shales.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The revenue-weighted Climate.VS for CNX for 2035 is 52 out of 100,
suggesting elevated exposure to climate-related risks. Key
transition risks arise from potential reductions in demand driven
by policies aimed at decreasing oil and gas usage in the global
economy. In the shorter term, risks arise from policies designed to
limit greenhouse gas emissions from oil and gas production.
Currently, these risks do not have a material influence on the
rating given the very long-term nature of the transition,
uncertainty regarding the extent and nature of changes, and the
potential reaction of markets and companies to them.

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
   -----------             ------           --------   -----
CNX Resources Corporation    LT IDR BB+  Affirmed    BB+

   senior secured            LT     BBB-  Affirmed   RR1    BBB-

   senior unsecured          LT      BB+  Affirmed   RR4   BB+


CONGA CORP: Moody's Cuts CFR to 'B3', Outlook Stable
----------------------------------------------------
Moody's Ratings downgraded Conga Corporation's (Conga) corporate
family rating to B3 from B2, the probability of default rating to
B3-PD from P2-PD, and the senior secured first lien credit facility
rating to B3 from B2. The outlook is stable.

The downgrade reflects the lack of progress refinancing the
existing senior secured first lien term loan due in May 2028 as
expected as part of the acquisition of PROS Holding, Inc. (PROS)
due to challenging market conditions that limited the company's
access to debt markets. The company closed a new $625 million first
lien senior secured term loan due 2033 that was used to fund the
PROS purchase, but the debt was not fully syndicated to investors.
Moody's expects the company to continue to work to refinance the
existing term loan due in May 2028 but the high leverage levels pro
forma for the acquisition and reduced investor appetite for
software company debt are likely to remain a challenge.

The company had planned to pursue an amendment which would extend
the maturity of the existing term loan to 2033 and provide for a
new incremental term loan with the same maturity date. The
incremental term loan in addition to cash from the balance sheet
was used to fund the B2B business of PROS from certain investments
funds affiliated with Thoma Bravo. In September 2025, Thoma Bravo
entered into an agreement to take PROS private for about $1.4
billion. In October 2025, Conga, agreed to acquire the PROS B2B
business from the sponsor, while the travel business of PROS will
be run by Thoma Bravo. The size of the revolver was increased to
$125 million and the maturity extended to 2031.

Governance was a factor in the rating due to the significant
increase in debt from the acquisition and the lack of progress
extending the 2028 debt maturities.

The transaction led to an increase in debt of $625 million and
raised pro forma leverage to about 6.8x from 3.8x as of Q3 2026
(including Moody's standard adjustments). Leverage levels are
likely to decline modestly in FY 2027 (Conga's 2026 FY ended in
January 2026) due to modest revenue and EBITDA growth. While the
acquisition of the PROS B2B business led to elevated leverage, the
transaction also increased the scale, product offering, and growth
outlook of the combined entity. Moody's expects Conga to benefit
from an improved competitive business offering with the potential
for additional cross sell opportunities.

RATINGS RATIONALE

Conga's B3 CFR reflects the company's high pro forma leverage
levels (including Moody's standard adjustments) which is likely to
remain at elevated levels for the next two years. Free cash flow
(FCF) as a percentage of debt will decrease toward the 5% range
from 12% as of Q3 2026 (including Moody's standard adjustments) as
a result of the more than doubling in existing debt and near term
cash costs to achieve anticipated cost savings. While the PROS B2B
business acquisition will increase Conga's AI enabled service
offerings, the use of AI by both competitors and customers are
likely to present challenges to Conga and the industry as a whole.

The company has an enhanced, but still modest scale that is
partially offset by the company's leading position as a provider of
revenue operations software for enterprise customers. The pro forma
company will have a product offering in document automation,
contract lifecycle management (CLM) and configure-price-quote (CPQ)
with enhanced AI capabilities. The profile is supported by good
recognition in the Salesforce CRM ecosystem, as well as the
well-entrenched historical relationship with Salesforce as a
partner and reseller of key Conga products. Conga should benefit
from the Salesforce relationship as well as product expansion
within existing customers. While there is partner concentration to
Salesforce, Conga continues to diversify into alternate revenue
operations platforms and the PROS B2B acquisition increases the
company's exposure to Microsoft.

Conga's liquidity position is good and benefits from its pro forma
cash balance of nearly $125 million in addition to access to an
undrawn $125 million revolver due in 2031 that was upsized from $50
million previously. Moody's expects FCF as a percentage of debt to
be above 5% in FY 2027 (including Moody's standard adjustments)
despite higher interest expense from the additional debt and
improve over time as cost savings are achieved.

The term loans are covenant lite. The revolver is subject to a
maximum first lien net leverage covenant of 9.25x with no step
downs. Moody's expects the company to remain well within compliance
with the covenant.

The stable outlook reflects Moody's expectations of low single
digit revenue growth in FY 2027 as initiatives enacted by the new
management team take hold. Moody's expects leverage to decrease
slightly in FY 2027, but remain at high levels (including Moody's
standard adjustments) over the next two years. While the outlook is
stable, negative rating pressure could occur if the company is
unable to extend near term debt maturities in a timely manner.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Conga's ratings could be upgraded if the company sustains organic
revenue growth of about 5%. Leverage would need to be maintained
below 6x (including Moody's standard adjustments) with FCF to debt
greater than 5% and no near term debt maturities.

Conga's ratings could be downgraded if the company is unable to
address debt maturities in a timely manner of if leverage was
sustained above 7.5x for an extended period (including Moody's
standard adjustments) due to weak operating performance or loss of
market share. A deterioration in liquidity could also lead to
negative rating pressure.

Conga is a software provider that offers digital revenue operation
services to facilitate digital document processing, managing of
customer contracts and related sales and finance activity by
integrating with an organization's customer relationship management
(CRM) systems. Thoma Bravo acquired Apttus Corporation in 2018,
which subsequently acquired AppExtremes LLC (dba Conga) in 2020.
Apttus Corporation changed its name to Conga Corporation in May
2024.

The principal methodology used in these ratings was Software
published in December 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


CORPORATION SERVICE: Fitch Hikes IDR to 'BB+', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) of Corporation Service Company (CSC) and WMB Holdings, Inc.
to 'BB+' from 'BB'. The Rating Outlook is Stable. Fitch also
affirmed CSC's senior secured term loan B at 'BBB-' and revised its
Recovery Rating to 'RR2' from 'RR1'.

The revision of the Recovery Rating corrects an analytical error.
Fitch previously treated CSC's senior secured term loan B as
Category 1 and assigned it an 'RR1' Recovery Rating after
inadvertently excluding the accounts receivable (A/R) facility from
the recovery analysis. After incorporating the A/R facility, Fitch
now treats the senior secured term loan B as Category 2 and
considers 'RR2' the appropriate Recovery Rating.

The upgrade reflects Fitch's expectation that CSC will reduce debt,
with leverage falling below 3.5x over the forecast period and
EBITDA approaching $750 million by 2026. The ratings also reflect
high recurring revenue, a strong U.S. market position, high
profitability, and solid FCF generation, partly offset by a
relatively smaller scale than other Fitch-rated business services
firms.

Key Rating Drivers

Declining Leverage: CSC has materially reduced leverage following
the Intertrust acquisition, from the low-5.0x range in 2023 to the
high-3.0x range at FYE 2025. Fitch expects leverage to decline
further to the mid-3.0x range by 2026. Fitch expects CSC to
continue paying down debt, supported by its track record of
voluntary deleveraging following M&A transactions. However, a shift
toward an aggressive financial policy, including debt-funded
shareholder distributions and/or increased capital returns to
shareholders, could pressure credit metrics and negatively affect
the ratings.

Solid Profitability: Fitch expects CSC to maintain strong EBITDA
margins in the low-30% range on gross revenue, or the high-30%
range on net revenue. CSC's historically strong profitability
reflects the niche nature of its services and its leading market
positions in the segments in which it competes, particularly
registered agent and Uniform Commercial Code (UCC) services.
Profitability is further supported by CSC's market leadership in
digital brand & cyber risk solutions and corporate tax software
used by U.S. corporations.

EBITDA margins improved in 2025 following completion of CSC's
remediation process related to the Intertrust acquisition in 2022.
Margins had been moderately pressured in 2023 and remained flat in
2024 due to elevated employee-related costs, partly driven by
remediation efforts. With these costs abating, EBITDA generation
has strengthened, supporting the company's improving credit profile
and deleveraging trajectory.

Strong Market Presence: Fitch believes CSC has a strong global
market position in the corporate business services segments in
which it competes, serving corporates, law firms, funds, and
financial market participants. The company is a market leader in
North America and maintains a strong competitive position across
EMEA and APAC. CSC's corporate client base includes more than 90%
of the Fortune 500 and over 75% of the Private Equity International
300. In addition, more than 50% of the Fortune 500 use CSC's tax
software, and the company is the largest manager of internet
domains for corporate clients.

High Mix of Recurring Revenues: Fitch views CSC's high proportion
of recurring revenue as a positive rating factor. The company
generates more than 80% of its revenue from recurring sources, with
a significant share derived from annual and multi-year contracts.
In addition, the niche nature of CSC's services and its strong
market position have historically supported high customer
retention.

Consistent FCF Generation: Fitch expects CSC to continue to benefit
from a stable and predictable business model that supports
meaningful FCF margins in the low-double-digit range. Dividends
represented less than 30% of cash flow from operations in 2025, and
Fitch expects the company to continue paying dividends. The
majority of these distributions are shareholder tax distributions,
reflecting CSC's S corporation status, under which shareholders are
taxed individually.

Peer Analysis

Fitch compares CSC's business profile and financial metrics with
those of various rated issuers in the business services and fintech
sectors.

CSC competes directly with Apex Structured Intermediate Holdings
Limited (B/Positive) in certain regions and service lines. Apex is
moderately smaller and significantly more leveraged, partly
reflecting its acquisitive strategy. Apex's Positive Outlook
reflects Fitch's expectation that EBITDA leverage could decline
below 6.0x over the forecast period.

Other 'BB' category services issuers include WEX Inc. (BB+/Stable),
Shift4 Payments, Inc. (BB/Stable), and NCR Atleos Corporation
(BB-/Rating Watch Positive). Compared with CSC, WEX has higher
EBITDA and FCF margins. Fitch expects WEX's deconsolidated leverage
to decline to the 3.5x-4.0x range in 2026 and 2027. Shift4
Payments, Inc. (FOUR; BB/Stable) is larger than CSC by revenue and
EBITDA but maintains higher leverage.

NCR Atleos is likewise larger in scale than CSC and has been placed
on Rating Watch Positive following the announcement that it will be
acquired by The Brink's Company (BCO). However, CSC has higher FCF
and EBITDA margins.

Fitch’s Key Rating-Case Assumptions

- Revenue grows by mid-single digits.

- EBITDA margins expand in 2026 on various cost efficiencies
implemented in 2025.

- Capex in the 4.0% to 5.0% of revenue range.

- Working capital will remain a moderate use of cash throughout the
forecast.

- Capital allocation priorities include modest dividend growth and
debt reduction.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (a,
Lower), Financial Structure (bb, Higher), and Financial Flexibility
(bb, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'bb+'.

- No adjustments made to SCP, resulting in an IDR of 'BB+'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDA leverage sustained above 4.0x;

- Margin degradation, prolonged debt reduction plans and/or cash
flow challenges;

- (CFO - capex) to total debt sustained below 7.5%;

- Shift to a more aggressive financial policy including
debt-financed M&A and/or greater shareholder capital returns.

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;

- Increased market share, growth in scale and/or geographic
diversification while maintaining its revenue growth model and
consistent EBITDA margins.

Liquidity and Debt Structure

CSC has adequate liquidity, supported by $175 million of cash on
balance sheet as of Dec. 31, 2025, $499 million of availability
under its recently upsized $500 million senior secured revolving
credit facility (RCF), and positive FCF generation. The company's
highly recurring revenue base, limited capital intensity, and low
working capital requirements support steady FCF generation.

In September 2025, the company refinanced its term loan with a
EUR660 million Term Loan A and a $325 million Term Loan A. The
company's capital structure comprises $2.6 billion of senior
secured term loans, including approximately $1.1 billion of Term
Loan A maturing in September 2030 and $1.5 billion in Term Loan B
maturing in November 2029, as well as a $500 million senior secured
RCF maturing in September 2030. Fitch also treats $140 million
(depending on seasonal availability limits) under an accounts
receivable securitization facility as debt in its ratio
calculations.

Issuer Profile

CSC provides various global business administration and compliance
solutions including specialized services for alternative asset
managers, capital markets transactions, and domain management along
with digital brand and fraud protection, and corporate tax
software.

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 WMB Holdings, Inc..

ESG Considerations

Corporation Service Company has an ESG Relevance Score of '4' for
Governance Structure due to its private concentrated ownership
which has a negative impact on the credit profile, and is relevant
to the rating[s] in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
Corporation Service
Company             

                        LT IDR BB+  Upgrade               BB
   senior secured       LT     BBB- Affirmed    RR2       BBB-

WMB Holdings, Inc.

                        LT IDR BB+  Upgrade               BB


COSMOS HEALTH: Andreas Bovopoulos Holds 8.2% Equity Stake
---------------------------------------------------------
Andreas Bovopoulos disclosed in a Schedule 13G (Amendment No. 3)
filed with the U.S. Securities and Exchange Commission that as of
April 24, 2026, he beneficially owns 4,143,007.21 shares of Cosmos
Health Inc.'s Common Stock, representing 8.2% (approximately
8.152%) of the approximately 50,824,657 shares of common stock
outstanding as of April 14, 2026.

Andreas Bovopoulos may be reached at:

     15413 Lone Hill Road
     Los Gatos, CA 95032

A full-text copy of Andreas Bovopoulos's SEC report is available
at: https://tinyurl.com/4zt4b2zu

                       About Cosmos Health

Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada,
is a diversified, vertically integrated global healthcare group.
The Company owns a portfolio of proprietary pharmaceutical and
nutraceutical brands, including Sky Premium Life, Mediterranation,
bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories
S.A., which is licensed under European Good Manufacturing Practices
(GMP) and certified by the European Medicines Agency, it
manufactures pharmaceuticals, food supplements, cosmetics,
biocides, and medical devices within the European Union.

RBSM LLP issued a "going concern" qualification in its report dated
April 15, 2026, attached to the Company's Annual Report for the
fiscal year ended December 31, 2025, citing that the Company has
incurred substantial operating losses and will require additional
capital to continue as a going concern.

As of December 31, 2025, the Company had $65,477,518 in total
assets, $47,052,889 in total liabilities, and $18,424,629 in total
stockholders' equity.


CPPIB OVM MEMBER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed CPPIB OVM Member U.S. LLC's (Holdco)
Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also
affirmed the term loan at 'BB' with a Recovery Rating of 'RR3'. The
Rating Outlook is Stable.

The ratings of Holdco are based on its ownership stake in Ohio
Valley Midstream LLC (JV Opco). This stake provides Holdco (an
investee of Canadian Pension Plan Investment Board [CPPIB]) with
steady distributions, underpinned by fee-based revenue that are
largely protected by acreage dedications contracts in the favorably
viewed Appalachian basin. These strengths are balanced by the
company's small size and scale, and volumetric exposure.

The Stable Outlook is reflective of Holdco's continued expected
strong leverage profile and favorable production dynamics in the
Utica, supporting JV Opco's steady volumes.

Key Rating Drivers

Holding Company Metrics: Holdco's only asset is its ownership stake
in JV Opco and is, therefore, structurally subordinated to JV
Opco's expenses. Fitch expect Holdco to service its interest
expense and the 1% scheduled amortization using distributions from
JV Opco. Fitch expects the solid performance of the underlying JV
Opco to lead to a slight increase in distributions in 2026. This
top-line reduction in leverage performance is slightly offset by
the refinancing and upsizing of the term loan earlier in the year.
Fitch expects proportionately consolidated leverage to remain below
4.5x on a sustained basis.

Holdco maintains a track record of dividend recapitalization,
having completed three within the last 18 months. Without
additional expansions, Fitch expects small dividend
recapitalizations at Holdco, maintaining standalone leverage around
5.0x over the forecast period. This places it in a relatively
strong position for its rating category. There are additional legal
protections at JV Opco that prevent unilateral additions of debt at
JV Opco, limiting the risk of increased proportionately
consolidated leverage at Holdco due to additional debt at the JV
Opco.

Small Size, Single Basin Exposure: JV Opco is a fully integrated
midstream services company. Holdco's ratings reflect the company's
small size, as measured by its annual EBITDA. Fitch expects
Holdco's EBITDA to remain around $150 million over the forecast
period. Fitch considers the risks associated with only operating in
the Appalachian basin to be moderate. Fitch views single-basin
focused midstream service providers with high geographic, customer
and business line concentration as relatively high risk.

This risk is somewhat offset in the Appalachian basin as it is
North America's largest natural gas producing basin, and the basin
benefits from some of the lowest breakeven and the best expertise
and in the world. The Appalachian basin and JV Opco's assets in
particular are well situated on offtake pipes to provide
hydrocarbons to the Northeast and Midwest markets that maintain a
steady base of demand.

Mature Operations with Acreage Dedications: JV Opco has been
operating its entire network for about seven years. The strong,
stable volume performance over the four years indicates that these
operations are mature. This recent volume strength is supplemented
by acreage dedications that customers provide to JV Opco as part of
their standard service contracts. This can help during downturns or
times of strong competition. Furthermore, the issuer substantially
built-out pipeline network supports continued strong FCF.

Fixed fee, Volume exposed: JV Opco operates 100% fixed-fee
contracts, eliminating direct commodity price exposure. However it
continues to be volumetrically exposed. The JV benefits from
acreage dedication with limited minimum volume commitments (MVCs),
though not materially significant as to affect the credit profile.
Fitch expects volume growth to be flat in the near term as takeaway
capacity in the basin limits growth opportunities.

Customer Concentration: Fitch expects three companies to provide,
in aggregate, a significant amount of JV Opco's revenues. Following
the acquisition of Encino (WD) by EOG Resources (EOG; not rated),
all three customers are large investment-grade entities with
operations in multiple basins in the U.S. The concentration to
these issuers heightens JV Opco's the recontracting risk. Fitch
will continue to monitor the company's recontracting efforts.

Peer Analysis

Oryx Midstream Services Permian Basin LLC (Oryx; BB-/Stable) is a
peer of Holdco. Both companies have a large minority non-operating
stake in a gathering and processing company with a partner with at
least a decade of experience operating the assets owned by the JV
entity. Both Oryx's JV and JV Opco are gathering and processing
companies located in premier single basins. Oryx maintains better
diversity of counterparties. However, JV Opco maintains fewer, but
stronger counterparties.

Fitch expects Oryx's standalone leverage to be around 6.0x over the
forecast period. Fitch expects Holdco's leverage to be at least a
turn stronger. Based on forecasted dividends received by Oryx and
Holdco, Oryx is approximately twice as large. Oryx is forecasted to
have higher proportionately consolidated leverage than to Holdco.
In the near term, Oryx is weakly positioned for its rating
category, while Holdco is strongly positioned however the two are
converging on slight improvements in Oryx's metrics and continued
dividend recapitalizations from Holdco.

Fitch’s Key Rating-Case Assumptions

- Fitch Price Deck for Oil and Gas;

- SOFR at the forecast of the Fitch Global Economic Outlook;

- Processing volumes show a slight material decline from the
2024-2025 run-rate;

- JV Opco will remain unlevered;

- Capex levels slightly elevated compared to recent history;

- Continued recapitalization to maintain standalone leverage around
5.0x.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb, Moderate), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (b, Higher),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (bb,
Moderate), Financial Structure (bb, Higher), and Financial
Flexibility (bb, Lower).

- Assessments of the quantitative financial subfactors include
bespoke calculations.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'bb-'.

To derive the IDR:

- No adjustments were made to the SCP, resulting in an IDR of
'BB-'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- An expectation that proportionately consolidated EBITDA leverage
will be above 4.5x;

- Projected standalone EBITDA leverage above 6.5x;

- Projected standalone EBITDA interest coverage below 2.0x;

- An increase in business risk, such as replacing 100% fee-based
status with a meaningful amount of commodity-sensitive revenues

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Standalone EBITDA leverage below 4.5x on a sustained basis;

- Increase in size, as evidenced by a significant increase in size
of distribution inflows to Holdco (with such growth not being
debt-financed).

Liquidity and Debt Structure

Holdco maintains adequate liquidity. As part of its Credit
Agreement, HoldCo has a requirement to maintain a debt service
reserve account equal to the next six months' worth of interest and
amortization. The JV OpCo is unlevered, and substantially all
cashflows are distributed to the owners. Fitch expects HoldCo to
receive distributions to comfortably remain above its 1.10x debt
service coverage ratio (DSCR).

The credit agreement has a tiered cash flow sweep that comes into
effect when distributions are made to CPPIB and consolidated
leverage is greater than 4.0x when proportionately consolidated.

Issuer Profile

CPPIB OVM Member U.S. LLC (Holdco) owns 35% of JV Opco. JV Opco is
a joint venture of Holdco (owned by Canadian Pension Plan
Investment Board (CPPIB) and The Williams Companies, Inc (Williams;
BBB/Positive).

Summary of Financial Adjustments

Fitch calculates standalone EBITDA leverage using the loan borrowed
by Holdco as the numerator and the distributions received by Holdco
as the denominator. Fitch calculates proportionately consolidated
EBITDA leverage using the loan borrowed by Holdco (the partners in
JV Opco have no plans for JV Opco debt) as the numerator, and the
denominator is Holdco's 35% share of JV Opco's EBITDA.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The revenue-weighted Climate.VS for Holdco in 2035 is 47 out of
100, suggesting moderate exposure to climate-related risks in that
year. Major transition risks arise from potential demand
destruction driven by policies aimed at reducing fossil fuel use
and, in the shorter term, from policies targeting greenhouse gas
emissions reduction. These risks do not have a material influence
on the rating, given the extended timeframe of the energy
transition, the uncertainty surrounding future policy changes and
how companies might respond to them.

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
   -----------                     ------         --------   -----
CPPIB OVM Member U.S. LLC    LT IDR BB- Affirmed             BB-

   senior secured            LT     BB  Affirmed   RR3       BB


DEL MONTE: Creditors Challenge Wind-Down Strategy
-------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that a group of
minority lenders and the Department of Justice's bankruptcy monitor
have challenged Del Monte Foods Corp.'s proposed Chapter 11 plan,
arguing that it contains defects in both its voting mechanics and
its release provisions.

According to an objection filed in New Jersey bankruptcy court, the
lenders say the plan undervalues their secured claims and fails to
deliver the benefit of their collateral. They also raised concerns
that the voting process does not comply with bankruptcy
requirements.

Del Monte entered Chapter 11 last July as part of an effort to
restructure through asset sales and an orderly wind-down of
operations. The company subsequently secured support from certain
stakeholders for its liquidation strategy, the eport states.

The dispute highlights tensions among creditor groups and could
complicate confirmation of the plan, particularly as the court
evaluates whether the proposed structure meets statutory standards,
the report relays.

             About Del Monte Foods Corporation II Inc.

Founded in 1886 and headquartered in Walnut Creek, California, the
Del Monte business has been a cornerstone of American grocery
stores for more than 130 years. Del Monte Foods has been driven by
its mission to nourish families with earth's goodness. As the
original plant-based food company, Del Monte is always innovating
to make nutritious and delicious foods more accessible to consumers
across its portfolio of beloved brands, including Del Monte,
Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics
and S&W.  On the Web: http://www.delmontefoods.com/or
http://www.joyba.com/      

On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17
affiliated debtors filed voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead
Case No. 25-16984) to address $1.235 billion in funded debt
obligations. At the time of the filing, the Debtors listed $1
billion to $10 billion in both assets and liabilities.

Judge Michael B. Kaplan presides over the case.

The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and
Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing
director at Alvarez & Marsal North America, LLC, as chief
restructuring officer; and Stretto, Inc. as claims and noticing
agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors. The committee hired
Morrison & Foerster LLP as counsel; Province, LLC as financial
advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel,
Nicolaus & Co., Inc. as investment banker.


DETROIT DUMPSTER: Mark Shapiro Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Mark Shapiro of
Steinberg, Shapiro & Clark as Subchapter V trustee for Detroit
Dumpster Depot, LLC.

Mr. Shapiro will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.  

Mr. Shapiro 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 H. Shapiro
     Steinberg, Shapiro & Clark
     25925 Telegraph Rd., Ste. 203
     Southfield, MI 48033
     Phone: (248) 352-4700
     Email: shapiro@steinbergshapiro.com

                  About Detroit Dumpster Depot LLC

Detroit Dumpster Depot, LLC is a Detroit, Michigan-based company
founded in 2018 that provides dumpster rental and non-hazardous
waste transportation and disposal services across Michigan. It
serves residential, commercial, industrial and construction-related
customers, and also offers dumpster delivery, pickup and debris
removal for clean-outs, board-ups and site cleanup. The company
owns and operates rubber wheel dumpster trailers and leases and
rents equipment to other contractors.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-44476) on April 21,
2026, with $0 to $50,000 in assets and $1 million to $10 million in
liabilities. Raymond Canty, managing member, signed the petition.

Judge Thomas J. Tucker presides over the case.

C. Jason Cardasis, Esq. at the B.O.C. LAW GROUP, P.C. represents
the Debtor as legal counsel.


DIGGERS EXCAVATION: Gets OK to Use Cash Collateral Until May 20
---------------------------------------------------------------
Diggers Excavation and Grading, Inc. got the green light from the
U.S. Bankruptcy Court for the Eastern District of North Carolina,
New Bern Division, to use cash collateral.

Under the court order, the Debtor is authorized to use cash
collateral in line with its budget, subject to a 10% variance per
line item. The budget covers the period from
April 20 to May 20.

The Debtor's cash collateral includes pre-petition bank balances
and accounts receivable subject to security interests held by
creditors based on UCC-1 financing statements filed with the North
Carolina Secretary of State. These creditors include the U.S. Small
Business Administration, which filed and continued its lien, and
John Deere Construction & Forestry Company, which filed and amended
multiple UCC-1 filings covering equipment and related collateral.

As protection, the liens held by secured creditors on the
collateral extend to the Debtor's post-petition assets.

The court order remains in full force and effect until May 20; the
termination of the order for cause, including breach of its terms
and conditions; or the entry of a further cash collateral order,
whichever occurs first.

The order is available at https://is.gd/fpKyas from
PacerMonitor.com.

A final hearing will be held on May 19.

              About Diggers Excavation and Grading Inc.

Diggers Excavation and Grading Inc is a construction services
company engaged in excavation, grading, and demolition for
residential and commercial projects.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-01783-5-PWM) on April
21, 2026. In the petition signed by Bobbie Lisa Ayala, president,
the Debtor disclosed up to $500,000 in assets and up to $1 million
in liabilities.

Judge Pamela W. McAfee oversees the case.

George Mason Oliver, Esq., at the Law Offices of George Oliver,
PLLC, represents the Debtor as legal counsel.


DIGGERS EXCAVATION: Rebecca Redwine Grow Named Subchapter V Trustee
-------------------------------------------------------------------
Brian Behr, the U.S. Bankruptcy Administrator for the Eastern
District of North Carolina, appointed Rebecca Redwine Grow as
Subchapter V trustee for Diggers Excavation and Grading Inc.

The Subchapter V trustee will receive an hourly fee of $375 and
reimbursement for work-related expenses.

Ms. Redwine disclosed in an affidavit that she is "disinterested"
according to Section 101(14) of the Bankruptcy Code.

             About Diggers Excavation and Grading Inc.

Diggers Excavation and Grading Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01783)
on April 21, 2026, with $100,001 to $500,000 in assets and $500,001
to $1 million in liabilities.

Judge Pamela W. Mcafee presides over the case.

George M. Oliver, Esq. The Law Offices Of George Oliver, PLLC
represents the Debtor as legal counsel.


DOMTAR CORP: S&P Lowers ICR to 'CCC+' on Weak Cash Flow Prospects
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Domtar Corp.
to 'CCC+' from 'B'.

S&P said, "We also lowered our issue-level ratings on the company's
senior secured term loans and notes to 'CCC+' from 'B' and lowered
our senior unsecured notes to 'CCC' from 'B-'.
The negative outlook reflects our expectation for Domtar to
generate negative FOCF ahead of a significant debt maturity wall in
2028 that we believe increases the possibility of another
downgrade.

"The downgrade to 'CCC+' reflects our view that Domtar's capital
structure is unsustainable. This is because we assume the company's
annual EBITDA generation of less than $500 million will be
insufficient to cover its annual maintenance capital expenditure
(capex) of about $250 million and finance costs on the company's
$2.8 billion of debt outstanding, of which about $1.9 billion is
due in 2028. In our view, Domtar's weak cash flow prospects and
significant upcoming maturity wall increases refinancing risks and
increases the likelihood of a distressed exchange or restructuring
in the event of weaker-than-expected market or operating
conditions."

Ongoing weakness in pulp and lumber markets had led to substantial
underperformance in its credit metrics over the last three
consecutive years, including S&P Global Ratings-adjusted debt to
EBITDA that has averaged just above 8x with persistent negative
FOCF generation (about $800 million over the period). In 2025, the
company also faced challenges including weaker demand from
uncertain macroeconomic conditions and higher unit cash costs,
which led to a decline in adjusted EBITDA of 40% and a FOCF deficit
of about $250 million. These were well below S&P's prior estimates
despite the company's capex near maintenance levels.

S&P said, "We assume consolidated adjusted EBITDA will increase to
$460 million-$470 million by 2027 stemming from higher paper and
packaging prices. This is in response to industry supply
curtailment along with the company disposing of unprofitable
operations. Still, our 2027 EBITDA assumption is about 30% lower
than what we had projected this time last year, reflecting
negative-to-modestly positive EBITDA contribution from the
company's pulp and lumber operations over the next few years. This
reflects our expectation for continued weakness in these segments
due to challenging macroeconomic conditions including higher duties
and tariffs on Canadian softwood lumber shipments to the U.S.,
higher fibre costs and weaker demand environment."

Domtar faces significant refinancing risk related to its 2028
maturities. As of Dec. 31, 2025, Domtar had about $1.9 billion of
its debt maturing in 2028, or about two-thirds of its debt
outstanding. This includes $595 million drawn under its asset-based
lending (ABL) revolving credit facility due March 1, 2028, $642
million of senior secured notes maturing Oct. 1, 2028, and $700
million of term loans maturing Nov. 30, 2028. S&P said, "In our
view, these maturities make Domtar more dependent on favorable
business and market conditions to improve its prospective earnings
and refinance its 2028 maturities at terms that support positive
FOCF generation. It also leaves Domtar with less time to improve
its earnings and cash flow or manage potential business setbacks.
If the company's financial performance does not exceed our
estimates, we think Domtar could enter into a transaction that we
consider tantamount to default, potentially including a distressed
exchange offer or subpar debt repurchase."

Domtar issued much of its outstanding existing debt when it had a
stronger credit profile, contributing to effective interest rates
that are likely lower than what the company would incur in a
refinancing scenario as evident by the pricing of its notes. S&P
said, "As a result, absent a restructuring event, the interest
burden following a refinancing of its 2028 maturities could be
higher than we currently estimate, potentially resulting in larger
FOCF deficits. Furthermore, with about two-thirds of the company's
debt outstanding incurring interest based on a variable rate, we
consider the company's cash flows sensitive to changes in
short-term interest rates. We assume short-term interest rates will
decline by up to 130 basis points (bps) over the next three years
leading to lower cash interest payments. We estimate interest costs
could be about $20 million higher or lower per year for every
100-basis-point increase or decrease in interest rates from what we
assume."

S&P said, "We consider Domtar Corp. as part of the Kalta Halten
B.V. group. This group also includes Paper Excellence Canada
Investment Corp. (PECI) and its subsidiaries. The group credit
profile is primarily driven by credit measures at Domtar Corp.,
which we understand is where most of the debt, earnings, and
operating cash flows reside. In our view, Domtar's ownership and
larger group structure is complex and comprises extensive
cross-ownership ties that could lead to additional credit risk.

"The negative outlook reflects our expectation for Domtar to
generate negative FOCF ahead of a significant debt maturity wall in
2028 that we believe increases the possibility of another
downgrade.

"We could lower our ratings on Domtar within the next 12 months if
we think the company is likely to consider a distressed exchange
offer or subpar debt repurchase in the near term. This could occur
if the company continued to generate cash flow deficits such that
its liquidity and refinancing prospects deteriorate.

"We could revise our outlook to stable or upgrade Domtar within the
next 12 months if the company's earnings and operating cash flows
trend well above our forecast. In this scenario, we could consider
the company to be more likely able to address its upcoming debt
maturities without entering a transaction we would consider
tantamount to a default."


EAST JEFFERSON: Fannie Mae Wants Tarantino Properties as Receiver
-----------------------------------------------------------------
Federal National Mortgage Association a/k/a Fannie Mae, filed a
motion with the U.S. District Court for the Eastern District of
Michigan, Southern Division, seeking the appointment of Sal Thomas
of Tarantino Properties as receiver for East Jefferson LLC.

Fannie Mae also seeks entry of a temporary restraining order and
preliminary injunction appointing a receiver to enforce the
covenants under a mortgage and to manage and control the
multi-tenant buildings owned by East Jefferson LLC, located at:

     -- 8905 E. Jefferson Ave, Detroit, MI 48214;
     -- 8925 E. Jefferson Ave., Detroit, MI 48214; and
     -- 1050 Hibbard Street, Detroit, MI 48214.

Fannie Mae holds a mortgage on the subject property, as well as a
security interest in the Personalty.

Congress chartered Fannie Mae to facilitate the nationwide
secondary residential mortgage market. The Housing and Economic
Recovery Act of 2008 (HERA) established the Federal Housing Finance
Agency (FHFA or Conservator) as Fannie Mae's primary regulator.

On September 6, 2008, pursuant to HERA, the Director of FHFA placed
Fannie Mae into conservatorship, where it remains to this day. As
Conservator, FHFA succeeded to all of Fannie Mae's rights, titles,
powers, privileges, and assets. FHFA, as The Conservator, is
statutorily empowered to preserve and conserve Fannie Mae's assets
and property, to operate Fannie Mae, to perform all of Fannie Mae's
functions in Fannie Mae's name, and to collect all obligations and
money due to Fannie Mae.

Congress also mandated that no court may take any action to
restrain or affect the exercise of powers or functions as a
conservator.

FHFA supports the appointment of a receiver on the terms outlined
in the proposed Order accompanying Fannie Mae's receivership
request. However, FHFA reserved its rights as to any other or
different terms for the appointment of a receiver that have not
been approved by FHFA in advance.

HERA provides that no property of Conservator shall be subject to
levy, attachment, garnishment, foreclosure, or sale without the
consent of Conservator, nor shall any involuntary lien attach to
the property of Conservator. Therefore, federal law prohibits any
action by a third-party that affects Fannie Mae's interest in the
loan agreement, note, or deed of trust owned by Fannie Mae or under
which Fannie Mae is beneficiary.

East Jefferson LLC is the mortgagor for the Property. Borrower
and/or its agent are currently in complete control of the Property.
Fannie Mae seeks to have this Court appoint a neutral third-party
professional who is experienced in operating properties in these
circumstances, to operate the Property and protect it because
Borrower is currently not able to do so.

Fannie Mae says Borrower has defaulted under the Loan Documents by
failing to pay the required Monthly Debt Services Payment on July
1, 2025, and for all subsequent months. Furthermore, Borrower has
replaced the property manager without the express approval of
Fannie Mae.

Borrower is still in control of the Property. Fannie Mae asserts
that if a receiver is not appointed to manage the Property,
Borrower will continue to dissipate the rents and income from the
Property. If this happens, then Plaintiff will forever lose its
ability to exercise its rights to those revenues from the Property.
Moreover, Borrower has shown a complete disregard for its
obligations under the Loan Documents to comply with the
requirements of the Loan Documents, putting the Property at risk.
The value of Fannie Mae's collateral will continue to be negatively
impacted as well. The Loan Documents provide Plaintiff with a broad
right to the assignment of rents and profits from the Property upon
default. Plaintiff also has the right to a receiver in connection
with Borrower's breaches of contract, including breaches of the
covenants in the mortgage, to preserve and protect the Property.
The relief requested is necessary and appropriate in this matter
and is authorized under federal and Michigan law.

Plaintiff requests that Sal Thomas of Tarantino Properties be
appointed as the receiver. Sal Thomas has acted as receiver for
numerous distressed properties throughout the nation and in
Michigan.

On September 11, 2019, Hunt Mortgage Capital, LLC made a $7,500,000
loan to Borrower, which is evidenced by a note and secured by a
mortgage. Borrower has defaulted on the Loan. The subject real
estate securing the Loan is a 131-unit residential building in
Detroit, Michigan. Borrower consented in the mortgage to the ex
parte appointment of a receiver by the court in the event of
default.

Plaintiff incorporates by reference its recitation of the Loan
Documents and the definitions outlined in the Verified Complaint.
Hereinafter, the Mortgage, Note, Loan Agreement, and Assignment to
Fannie Mae are referred to collectively, where appropriate, as the
Loan Documents.

To secure repayment of the indebtedness evidenced in the Note and
performance of all covenants and conditions contained therein,
Borrower also executed a Multifamily Mortgage dated September 11,
2019 in the amount of $7,500,000 in favor of Original Lender, which
was duly recorded in the Wayne County Register of Deeds on
September 12, 2019, which granted Plaintiff a security interest in
the Property, including the Mortgaged Property.

Borrower also assigned to Original Lender all of Borrower's right,
title, and interest in and to all rents, issues, and profits that
may arise or be had from the Property, and other property rights,
interests, and estates as more particularly set out in the
Mortgage.

Borrower has defaulted under the Loan Documents by failing to pay
the required Monthly Debt Services Payment on July 1, 2025, and for
all subsequent months. Furthermore, Borrower has replaced the
property manager without the express consent of Fannie Mae.

On September 16, 2025, counsel for Plaintiff sent a Notice of
Default and Demand to Borrower, informing that an Event of Default
had occurred due to, among other defaults, Borrower:

     -- failing to make the required Monthly Debt Services Payment
on July 1, 2025, and for all subsequent months; and

     -- replacing the property manager without Fannie Mae's
consent.

The unpaid principal balance as of March 13, 2026, is approximately
$6,801,969.69, and note rate interest has accrued on said unpaid
principal of $203,044.46 through March 13, 2026, and default rate
interest has accrued on said unpaid principal of $135,283.62
through March 13, 2026. The total amount due as principal and
interest, along with reserves, late fees, and other charges, as of
March 13, 2026, is $7,175,778.10, subject to any setoffs for
reserve funds. In addition, Borrower is liable for attorneys' fees
and costs

Fannie Mae asserts that Borrower expressly consented in the
Mortgage to the appointment of a receiver upon an Event of Default,
which is defined in the Loan Agreement to include any failure by
Borrower to pay or deposit when due any amount required by the
Note, Loan Agreement or any other Loan Document, and the existence
of such condition or event, or such failure to perform or default
in performance for a period of 30 business days after written
notice by Lender to Borrower of the existence of such condition or
event.

Plaintiff has been damaged and is entitled to the appointment of a
receiver to preserve and protect the Property. Borrower continues
to control the Property but has failed to pay all amounts due under
the Loan Documents and failed to comply with its obligations under
the Loan Documents, despite receiving rental income. Plaintiff is
justifiably concerned regarding the condition of the Property in
light of Borrower's failure to pay all amounts due.

Also, in September 2025, Fannie Mae released $62,862.60 held in
reserve/escrow to allow Borrower to replace a boiler. Further, on
January 12, 2026, Borrower advised Fannie Mae of safety concerns
relating to stone falling off the facade of one of the buildings
comprising the Property. To date, the facade has not been repaired,
and it continues to present a safety issue.

Fannie Mae contends Michigan's Uniform Assignment of Rents Act
expressly authorizes the appointment of a receiver in such cases
where there exists an assignment of rents and profits in mortgaged
properties. MUARA expressly provides that an assignment of rents
creates a presently effective security interest in all accrued and
unaccrued rents arising from the real property and the security
interest in rents is separate and distinct from any security
interest held by the assignee in the real property.

Fannie Mae also contends the Michigan Receivership Act expressly
grants Michigan courts the authority to appoint a receiver when
necessary to protect the property from waste and loss and when the
mortgagor has agreed in a signed record to the appointment of a
receiver.

Plaintiff is entitled to the appointment of a receiver to collect
income derived from the Property, and use such income to preserve
and maintain its collateral. Rents and profits are necessary to
ensure that the Property is maintained and protected - something
that is not occurring. It would be inequitable to allow Borrower to
collect and divert the income from the Property in further breach
of its obligations.

                About East Jefferson LLC

East Jefferson LLC owns multi-tenant buildings located at 8905 E.
Jefferson Ave, Detroit, Michigan 48214; 8925 E. Jefferson Ave.,
Detroit, Michigan 48214; and 1050 Hibbard Street, Detroit, Michigan
48214.

East Jefferson is facing a receivership case captioned as Federal
National Mortgage Association v. East Jefferson LLC, Case No.
2:26-cv-11274 (E.D. Mich.), before the Hon. Jonathan J.C. Grey. The
case was filed on April 17, 2026.

Attorneys for East Jefferson LLC are:

Ann Marie Uetz, Esq.
Tamar N. Dolcourt, Esq.
FOLEY & LARDNER LLP
500 Woodward Avenue, Suite 2700
Detroit, MI 48226
Tel: (313) 234-7100
E-mail: auetz@foley.com
        tdolcourt@foley.com

     - and -

Jill Nicholson, Esq.
Shannon Shin, Esq.
DENTONS US LLP
233 S. Wacker Dr., #5900
Chicago, IL 60606
Tel: (312) 876-8000
E-mail: jill.nicholson@dentons.com
        shannon.shin@dentons.com


ECHOSTAR CORP: BlackRock Reports 8.7% Equity Stake
--------------------------------------------------
BlackRock, Inc. disclosed in a Schedule 13G (Amendment No. 8) filed
with the U.S. Securities and Exchange Commission that as of March
31, 2026, it beneficially owns 13,736,010 shares of EchoStar Corp's
Class A Stock, representing 8.7% of the shares outstanding.

This Schedule 13G reflects the securities beneficially owned, or
deemed to be beneficially owned, by certain business units of
BlackRock, Inc. and its subsidiaries and affiliates, and does not
include securities, if any, beneficially owned by other business
units whose beneficial ownership of securities are disaggregated
from that of the Reporting Business Units in accordance with SEC
Release No. 34-39538 (January 12, 1998).

Various persons have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of the
common stock of EchoStar Corp, though no one person's interest is
more than five percent of the total outstanding common shares.

BlackRock, Inc. may be reached through:

     Spencer Fleming, Managing Director
     50 Hudson Yards
     New York, NY 10001
     Phone: (212) 810-5800

A full-text copy of BlackRock's SEC report is available at:
https://tinyurl.com/49p6zt6v

                    About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a
provider of technology, networking services, television
entertainment, and connectivity, offering consumer, enterprise,
operator, and government solutions worldwide under its EchoStar,
Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet,
HughesON, and JUPITER brands. In Europe, EchoStar operates under
its EchoStar Mobile Limited subsidiary, and in Australia, the
Company operates as EchoStar Global Australia.

As of December 31, 2025, the Company had $43 billion in total
assets and $37.2 billion in total liabilities, and total
stockholders' equity of $5.8 billion.

                           *     *     *

In Sept. 2025, S&P Global Ratings placed its 'CCC+' Company credit
rating on Echostar Corp. and all subsidiaries on CreditWatch with
positive implications. S&P also placed the issue-level ratings on
Echostar and all its subsidiaries' secured and unsecured debt on
CreditWatch with positive implications.

S&P plans to resolve the CreditWatch following close of the
transaction, expected in mid-2026.


ESOLUTIONS FURNITURE: Receivership Motion Filed for Asset Wind-Down
-------------------------------------------------------------------
eSolutions Furniture Group, including Bush Business Furniture, Bush
Furniture, and Bestar, announced that the Federation des caisses
Desjardins du Quebec, as lender and as administrative agent for the
Company's lending syndicate, is expected to present a motion on May
4, 2026 before the Superior Court of Quebec under the Bankruptcy
and Insolvency Act (Canada) to appoint PricewaterhouseCoopers Inc.
as receiver over the Company's assets.

The Company has ceased manufacturing operations, effective
immediately. Subject to court approval, the Receiver would oversee
the orderly wind-down of the Company, namely the sale of the
Company's assets through a court-supervised process.

The wind-down will result in job losses across the Company, with
some roles ending immediately and others over the coming weeks.
eSolutions recognizes the significant impact of this decision on
employees, their families and the communities where it operates.

Over an extended period, the Company and its lenders explored
multiple alternatives, including restructuring or selling the
business. Despite significant efforts, and the support of lenders
and advisors, no viable solution was identified that would allow
eSolutions to continue operating or sell the business.

The Company's financial position has worsened significantly since
2021. The business has faced additional pressure since 2024 due to
the imposition of tariffs by the U.S. government, post-pandemic
reductions in consumer demand, increased competition from offshore
competitors, and ongoing cash constraints.

The Company has been unable to make any interest payments to its
lenders for over a year. The lenders will incur a very significant
loss as part of this process. In this context, the winding down of
the Company's business and the sale of its assets is the only
viable option to maximize the value of the Company's assets, and
the appointment of the Receiver will allow for the implementation
of this option.

eSolutions' focus is now on supporting affected employees,
cooperating with the lenders and the proposed Receiver, and helping
ensure fair and equitable treatment of stakeholders and clear and
ongoing communication throughout the process.

Impact on Employees

Employment terminations will occur in stages, with some employees
leaving immediately and others remaining temporarily to support the
process.

All employees will receive payment for wages earned up to the date
of termination of their employment. Employees will receive further
information in the coming days or weeks regarding final pay and
other entitlements, Records of Employment, access to government
support programs, and other applicable matters.

Canadian employees will receive information regarding the Wage
Earner Protection Program Act. Subject to its appointment, the
Receiver would provide the relevant information. Employees in the
United States will be provided with information regarding
applicable processes and protections.

The lenders have agreed to fund certain employee-related payments
as part of the process. Subject to its appointment, the Receiver
would oversee employee-related matters and provide further
information to employees as appropriate.

Customers, Suppliers and Creditors

The Company has ceased manufacturing and purchasing activities, but
will continue limited operations during the wind-down process.

Customers with outstanding orders or claims should contact the
Receiver, subject to its appointment.

Suppliers should not ship additional goods or provide services
unless specifically authorized by the Receiver, subject to its
appointment. All supplier claims will be addressed through the
formal court-supervised process as part of the orderly wind-down.

The Bankruptcy and Insolvency Act (Canada) process is intended to
provide a fair and transparent framework for addressing creditor
claims. The objective of the orderly wind-down and asset sale
process is to maximize recoveries for creditors, to the extent
possible, in accordance with the law. At this stage, it appears
unlikely that the process will provide for a distribution to
unsecured creditors.

Proposed Receivership Process

In these circumstances, a court-supervised receivership process is
necessary to preserve value and ensure an orderly and transparent
process.

The Company is cooperating with the lenders, the proposed Receiver
and other stakeholders to support an orderly process.

Subject to its appointment, the Receiver would oversee the orderly
wind-down and asset realization process in accordance with the
Bankruptcy and Insolvency Act (Canada). This is expected to include
taking possession of the Company's assets and distributing proceeds
in accordance with statutory priorities.

The Receiver would operate independently and under court
supervision. Further information would be provided directly to
stakeholders by the Receiver as appropriate, subject to its
appointment.

     About eSolutions Furniture

Founded in 2021 and headquartered in Sherbrooke, Quebec, eSolutions
Furniture is a North American e-commerce solution for residential
and commercial furniture. The Company's family of brands includes
Bestar, Bush Furniture and Bush Business Furniture (BBF), bringing
together the legacy of Bestar, founded in 1948, and Bush
Industries, founded in 1959. Through its portfolio of established
furniture brands, eSolutions Furniture offers residential and
commercial furniture designed to support customers from online
shopping through delivery, assembly and product enjoyment. For more
information, visit esolutionsfurniture.com.


FAB TECH: Case Summary & 18 Unsecured Creditors
-----------------------------------------------
Debtor: Fab Tech Wastewater Solutions LLC
        820 O'Fallon Rd
        Saint Charles, MO 63304

        Business Description: Fab Tech Wastewater Solutions LLC
provides water and wastewater project services for municipal and
industrial customers. The company's services include clarifier
repair and rehabilitation, weir and baffle replacement, flocculator
installation, aeration basin repair and replacement, chain and
scraper work, drive rebuilds, and gate-related upgrades. Fab Tech
is headquartered in Weldon Spring, Missouri, with an office in
Pewaukee, Wisconsin.

Chapter 11 Petition Date: April 29, 2026

Court: United States Bankruptcy Court
       Eastern District of Missouri

Case No.: 26-41832

Debtor's Counsel: William H Ridings Jr., Esq.
                  RIDINGS LAW FIRM
                  2510 S Brentwood Blvd
                  Saint Louis, MO 63144
                  Tel: 314-968-1313
                  Fax: 314-968-1302
                  Email: ridingslaw2003@yahoo.com

Total Assets: $6,704,858

Total Liabilities: $920,620

The petition was signed by Roger Roderick as owner.

A full-text copy of the petition, which includes a list of the
Debtor's 18 unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/OQJ56XA/Fab_Tech_Wastewater_Solutions__moebke-26-41832__0001.0.pdf?mcid=tGE4TAMA


FAIR OFFER: To Sell Dyersburg Property to Larry T. & L.A. Rogers
----------------------------------------------------------------
Robert J. Mendes, Chapter 11 Trustee of Fair Offer Cash Now, Inc.,
seeks permission from the U.S. Bankruptcy Court for the Middle
District of Tennessee, Nashville Division, to sell Property, free
and clear of liens, claims, interests, and encumbrances.

The Debtor owns real property located at 689 Welch Road, Dyersburg,
Tennessee 38024.

The Trustee previously has received permission from the Court to
sell multiple properties via auction. The Property was included in
the Assets to be sold pursuant to the Order Setting Sales
Procedures. However, after reviewing the title work associated with
the Property, the Auctioneer and the Ch. 11 Trustee both believe
the Property should be removed from the scheduled auction and sold
separately.

Beginning in approximately the 1950s, the Property (approximately 1
acre) was part of a larger 50-acre parcel. In the late 1970s, the
Property was conveyed to a family member. This conveyance was
recorded. The Debtor’s rights in the Property derive from the
1970s conveyance and the property description associated with that
conveyance.

Despite this, the Property was conveyed again – to different
family members –as part of the original 50-acre property
description in the 2010s. This creates a competing claim of
ownership that remains unresolved and constitutes a cloud on title.
As a practical matter, this cloud on title is believed to prevent a
purchaser from obtaining title insurance absent a quiet title
action.

In addition, this property is believed to have been vacant for
several years and is in substandard condition. These factors
materially limit the pool of potential purchasers and impair the
effectiveness of an auction process.

The Trustee has entered into a purchase and sale agreement with
Larry Tyler Rogers and Lauren Ann Rogers for the purchase of the
Property for $100,000, subject to Court approval.

The Buyer is part of the family with the competing interest in the
Property. The Buyer is uniquely positioned to
acquire the Property and resolve the title issues without
litigation.

The proposed sale avoids litigation costs and delay and represents
a reasonable recovery for the estate. The Trustee is not aware of
any higher or better offers for the Property.

The Trustee has exercised sound business judgment in determining
that the proposed sale is in the best interest of the estate.

             About Fair Offer Cash Now Inc.

Fair Offer Cash Now owns 27 properties all located in Alabama,
Kentucky, Missouri, Tennessee, Georgia and Mississippi having a
total current value of $4.94 million.

Fair Offer Cash Now, Inc. in Murfreesboro, Tenn., sought relief
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
24-03495) on Sept. 11, 2024, listing $4,942,400 in assets and
$4,783,400 in liabilities. Bradley Smotherman, president, signed
the petition.

Judge Charles M. Walker oversees the case.

Lefkovitz & Lefkovitz serves as the Debtor's legal counsel.

Robert Mendes was appointed as trustee appointed in this Chapter 11
case. He tapped Robert J. Mendes, Esq., at Epstein Becker & Green,
PC as counsel.


FAT BRANDS: Names Successful Bidders in Chapter 11 Auction
----------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that Fat
Brands Inc. has secured bids totaling $10.5 million for two
restaurant chains in a Chapter 11 auction, while its other 16
brands were claimed through credit bids by lenders, according to
bankruptcy filings.

The auction process drew both cash offers and credit bids, allowing
secured creditors to offset outstanding debt in exchange for
ownership of certain assets. The strategy reflects a broader effort
to resolve liabilities and streamline the company's brand
portfolio, the report relays.

The transactions now await bankruptcy court approval, where the
judge will assess the fairness and overall value of the proposed
deals, according to Law360.

            About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a
global franchising company that strategically acquires, markets,
and develops fast casual, quick-service, casual dining, and
polished casual dining concepts around the world. The Company
currently owns 18 restaurant brands: Round Table Pizza, Fatburger,
Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great
American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe
& Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger,
Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza
Steakhouses. FAT Brands franchises and owns over 2,200 units
worldwide.

Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on
Jan. 26, 2026.  In its petition, Fat Brands listed estimated assets
and liabilities more than $1 billion.

The Honorable Bankruptcy Judge Alfredo R. Perez handles the case.

Latham & Watkins LLP is serving as legal counsel to the Company.
GLC Advisors & Co., LLC is serving as investment banker, and Huron
Consulting Services LLC is serving as financial advisor. Omni Agent
Solutions, Inc., is serving as claims, noticing and solicitation
agent.

White & Case LLP is representing the Ad Hoc Group of Securitization
Noteholders.

Greenberg Traurig, LLP represents UMB Bank, National Association,
solely in its capacity as Trustee to certain series of notes.


FAT BRANDS: Spencer Fane Advises Great American Cookie Franchisees
------------------------------------------------------------------
FAT BRANDS: Spencer Fane Advises Great American Cookie Franchisees

In the Chapter 11 bankruptcy cases of FAT Brands Inc. and its
debtor-affiliates, Spencer Fane LLP filed with the United States
Bankruptcy Court for the Southern District of Texas, Houston
Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to
inform the Court that the firm represents The Association of GACC
Franchisees, Inc. along with numerous Great American Cookie
franchisees.

Dady & Gardner, P.A. serves as co-counsel to the Association and
the franchisees.

According to the Verified Statement:

     1. The Association engaged SF to represent the Association in
connection with the Chapter 11 case.

     2. Numerous Great American Cookie franchisees, in addition to
the Association, have engaged SF to represent the franchisees in
connection with the Chapter 11 Case.

     3. As of the date of this Statement, SF represents only the
Franchisees and does not represent or purport to represent any
entities other than the Franchisees in connection with the Chapter
11 Case, except that SF represents landlords KRG Lansing Eastwood,
LLC and KRG Prestonwood Place, LLC on unrelated issues.

     4. Upon information and belief formed after due inquiry, SF
does not hold any claims against, or interest in, the Debtors or
their estate.

     5. The franchisees or members of the Association may hold
claims, contractual rights, or other disclosable economic interests
(as defined in Bankruptcy Rule 2019(a)(2)) arising under franchise
agreements and related agreements, and applicable state statutory
law and common law principles, including pre- and post-petition
claims, in a presently undetermined amount.

     6. SF submits the information contained in this Statement out
of an abundance of caution, and nothing herein should be construed
as an admission that the requirements of Bankruptcy Rule 2019 apply
to SF's representation of the Franchisees.

     7. Nothing contained in this Statement should be construed as


        A. a waiver or release of any claims against the Debtors by
the Franchisees,

        B. an admission with respect to any fact or legal theory,
or

        C. a limitation upon, or waiver of, the Franchisees' right
to file and/or amend a proof of claim in accordance with applicable
law and any orders entered in this case establishing procedures for
filing proofs of claim or interests.

A copy of the Verified Statement and list of the franchisees is
available at https://urlcurt.com/u?l=qIyQSn

The firms may be reached at:

Misty A. Segura, Esq.
SPENCER FANE LLP
3040 Post Oak Boulevard, Suite 1400
Houston, TX 77056
Tel: (713) 552-1234
Fax: (713) 963-0859
E-mail: msegura@spencerfane.com

     - and -

James A. Lodoen, Esq.
SPENCER FANE LLP
100 South Fifth Street, Suite 2500
Minneapolis, MN 55402
Tel: (612) 268-7000
Fax: (612) 268-7001
E-mail: jlodoen@spencerfane.com

     - and -

Camber Jones, Esq.
SPENCER FANE LLP
1000 Walnut Street, Suite 1400
Kansas City, MO 64106
Tel: (816) 474-8100
Fax: (816) 474-3216
E-mail: cjones@spencerfane.com

     - and -

J. Michael Dady, Esq.
Rachel D. Zaiger, Esq.
Samuel L. Agostini, Esq.
DADY & GARDNER, P.A.
5100 IDS Center
80 South Eighth Street
Minneapolis, MN 55402
Tel: (612) 359-9000
Fax: (612) 359-3507
E-mail: jmdady@dadygardner.com
        rzaiger@dadygardner.com
        sagostini@dadygardner.com

                  About FAT Brands, Inc.

FAT Brands (OTCMKTS: FATAQ) -- http://www.fatbrands.com/-- is a
global franchising company that strategically acquires, markets,
and develops fast casual, quick-service, casual dining, and
polished casual dining concepts around the world. The Company owns
restaurant brands Round Table Pizza, Fatburger, Marble Slab
Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American
Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe &
Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger,
Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza
Steakhouses. FAT Brands franchises and owns over 2,200 units
worldwide.

FAT Brands Inc. and 181 affiliated debtors sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 26-90126) on Jan. 26, 2026.  In its petition, Fat Brands listed
more than $1 billion in both assets and liabilities.

Judge Alfredo R. Perez handles the cases.

The Debtors tapped Latham & Watkins, LLP as legal counsel, GLC
Advisors & Co., LLC as investment banker and Huron Consulting
Services, LLC as financial advisor. Omni Agent Solutions, Inc.
serves as claims, noticing and solicitation agent.

White & Case, LLP, represents the Ad Hoc Group of Securitization
Noteholders.

Greenberg Traurig, LLP represents UMB Bank, National Association,
solely in its capacity as trustee to a certain series of notes.

The Ad Hoc Group of Twin Peaks Franchisees is represented by
Orrick, Herrington & Sutcliffe LLP; and Bradley Arant Boult
Cummings LLP.



FIRST BRANDS: Bankruptcy Filing Highlights Accounting, Audit Issues
-------------------------------------------------------------------
Amanda Iacone of Bloomberg Law reports that a court-appointed
examiner reported that First Brands Group LLC paid bonuses linked
to accounting adjustments that boosted margins and selected an
outside auditor in a way that enabled the company to exercise
significant control over its financial reporting.

The report, filed in the U.S. Bankruptcy Court in Houston,
highlights concerns about the company's accounting methods and its
relationship with auditor BDO USA PC, noting that further
investigation is warranted.

First Brands filed for Chapter 11 bankruptcy as it sought to
address financial pressures tied to its debt and financing
arrangements. The company continues to operate during the
restructuring process, the report states.

The examiner's initial findings suggest potential governance and
reporting concerns, with additional analysis expected to provide
greater clarity on the company's accounting practices and
oversight, according to Bloomberg.

                About First Brands Group

Rochester Hills, Mich.-based First Brands Group, LLC is a global
supplier of aftermarket automotive parts.

On September 24, 2025, the Company's non-operational special
purpose entities, Global Assets LLC, Global Lease Assets Holdings,
LLC, Carnaby Capital Holdings, LLC, Broad Street Financial
Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II,
LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III,
LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC,
Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and
Starlight Inventory Holdings I, LLC each filed a voluntary petition
for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of Texas.

Commencing on September 28, 2025, First Brands Group, LLC and 98
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the Southern District of Texas. In its petition, First Brands
Group listed $1 billion to $10 billion in estimated assets and $10
billion to $50 billion in estimated liabilities.

The cases are pending before the Hon. Christopher M. Lopez, and are
jointly administered under Case No. 25-90399, and consolidated for
procedural purposes only.

The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel;
Lazard Freres & Co. as investment banker; Alvarez & Marsal North
America, LLC as financial advisor; and C Street Advisory Group as
strategic communications advisor. Kroll Restructuring
Administration, LLC is the Debtors' claims, noticing and
solicitation agent.

Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group
of Lenders' legal counsel and investment banker, respectively.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.


FIRST BRANDS: PBGC Takes Over Three Pension Plans in Bankruptcy
---------------------------------------------------------------
The Pension Benefit Guaranty Corporation (PBGC) announced that it
is taking action to assume responsibility for three pension plans
sponsored by affiliates of First Brands Group, LLC (First Brands).

First Brands is a supplier of aftermarket automotive parts
headquartered in Cleveland, Ohio. As of September 28, 2025, First
Brands and over 100 of its affiliates had filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Texas.

PBGC is taking this action because First Brands is liquidating in
bankruptcy, leaving no entity to support these pension plans. PBGC
has stepped in to terminate the pension plans and become statutory
trustee to protect the interests of the participants.

The termination of the three impacted pension plans is effective as
of April 30, 2026.

The three pension plans are the:

   (1) Retirement Plan for Bargaining Unit Employees of Fostoria
and Greenville (FRAM Plan),

   (2) Cardone Industries, Inc. Union Employees' Pension Plan
(Cardone Plan), and

   (3) Dalton Corporation, Warsaw Manufacturing Facility Pension
Plan (Dalton Plan). In total, these plans cover 1,630 current and
future retirees.

Retirees will continue to receive benefits without interruption,
and future retirees can apply for benefits as soon as they are
eligible.

Until PBGC assumes responsibility for the pension plans,
participants with questions about their benefits should contact the
pension plans.

For additional information, see Questions and Answers for
Participants for the FRAM Plan, Cardone Plan and Dalton Plan.

About PBGC

PBGC protects the retirement security of about 30 million American
workers, retirees, and beneficiaries in both single-employer and
multiemployer private sector pension plans. The agency's two
insurance programs are legally separate and operationally and
financially independent. PBGC is directly responsible for the
benefits of nearly 1.4 million participants and beneficiaries in
failed single-employer pension plans. The Single-Employer Program
is financed by insurance premiums, investment income, and assets
and recoveries from failed single-employer plans. The Multiemployer
Program is financed by insurance premiums and investment income.
Special financial assistance for financially troubled multiemployer
plans is financed by general taxpayer monies.

               About First Brands Group

Rochester Hills, Mich.-based First Brands Group, LLC is a global
supplier of aftermarket automotive parts.

On September 24, 2025, the Company's non-operational special
purpose entities, Global Assets LLC, Global Lease Assets Holdings,
LLC, Carnaby Capital Holdings, LLC, Broad Street Financial
Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II,
LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III,
LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC,
Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and
Starlight Inventory Holdings I, LLC each filed a voluntary petition
for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of Texas.

Commencing on September 28, 2025, First Brands Group, LLC and 98
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the Southern District of Texas. In its petition, First Brands
Group listed $1 billion to $10 billion in estimated assets and $10
billion to $50 billion in estimated liabilities.

The cases are pending before the Hon. Christopher M. Lopez, and are
jointly administered under Case No. 25-90399, and consolidated for
procedural purposes only.

The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel;
Lazard Freres & Co. as investment banker; Alvarez & Marsal North
America, LLC as financial advisor; and C Street Advisory Group as
strategic communications advisor. Kroll Restructuring
Administration, LLC is the Debtors' claims, noticing and
solicitation agent.

Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group
of Lenders' legal counsel and investment banker, respectively.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.


FIRST BRANDS: Seeks to Extend Plan Exclusivity to July 21
---------------------------------------------------------
First Brands Group, LLC and affiliates asked the U.S. Bankruptcy
Court for the Southern District of Texas to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to July 21 and Sept. 21, 2026, respectively.

This is the Debtors' second request to extend the Exclusive
Periods, and it comes approximately seven months after the
commencement of these cases. Considering the nature and magnitude
of these chapter 11 cases, relatively little time has elapsed.

Since filing the First Exclusivity Motion, the Debtors' primary
focus has been on pursuing going-concern sales and a comprehensive
resolution of these chapter 11 cases. After months of participating
in mediation, the Debtors, the Ad Hoc Group, and the Creditors'
Committee agreed to a comprehensive settlement and are finalizing a
restructuring support agreement, which will pave the way for the
Debtors to file a chapter 11 plan and disclosure statement.

In addition to the Settlement and sales, the Debtors have taken
numerous other critical steps to advance these chapter 11 cases and
maximize value for all stakeholders. Notwithstanding the
substantial progress made in these chapter 11 cases, additional
work remains. The Debtors still need to negotiate the definitive
documents implementing the Plan and also intend on engaging in
negotiations with other key stakeholders, including the ABL Lenders
and other stakeholders, to build as much consensus in support of
the Plan as possible.

The Debtors explain that the size and complexity of the Debtors'
businesses and the complexity of these chapter 11 cases also
support an extension of the Exclusive Periods. As set forth in
greater detail in the First Exclusivity Motion, the Debtors are
comprised of 112 entities. Their prepetition businesses included a
global network of manufacturing and distribution centers that
spanned 5 continents. As of the commencement of these cases, First
Brands employed 26,000 individuals globally, including almost 6,000
employees in the United States.

The Debtors claim that they have reached an agreement, after
extensive mediation led by Judge Isgur, with their key creditor
groups, including the Ad Hoc Group and the Creditors' Committee, on
a chapter 11 plan, and anticipate filing the Plan and Disclosure
Statement in the coming weeks. The Debtors will then turn their
focus to seeking approval of the Disclosure Statement and
confirmation of the Plan.

The Debtors assert that an extension of the Exclusive Periods will
not prejudice any of the Debtors' stakeholders. On the contrary, an
extension of the Exclusive Periods will enable the Debtors to
finalize the Plan and Disclosure Statement, seek approval of their
Disclosure Statement, commence solicitation of the Plan supported
by key stakeholder groups, and move forward with confirmation and
implementation of the Plan.

The Debtors further assert that to terminate exclusivity now and
allow for a competing plan process at this juncture in these
chapter 11 cases would jeopardize or otherwise undermine the
Debtors' efforts to date and adversely impact their ability to
achieve a consensual chapter 11 plan. Thus, the Debtors believe
that an extension of the Exclusive Periods is in the best interest
of the Debtors and their stakeholders.

Additionally, the Debtors' relationship with their key economic
stakeholders, including the Ad Hoc Group, the Creditors' Committee,
and the ABL Lenders, is transparent, cooperative, and constructive.
The request for extending the Exclusive Periods is not a
negotiation tactic, but rather reflects that the Debtors require
additional time in these immensely complex chapter 11 cases to
finalize the definitive documents that will implement the
Settlement achieved in mediation and pursue confirmation of the
Plan.

The Debtors' Counsel:

                  Clifford W. Carlson, Esq.
                  Gabriel A. Morgan, Esq.
                  WEIL, GOTSHAL & MANGES LLP
                  700 Louisiana Street, Suite 3700
                  Houston, Texas 77002
                  Tel: (713) 546-5000
                  Fax: (713) 224-9511
                  Email: clifford.carlson@weil.com
                         gabe.morgan@weil.com

                       - and -

                  Matthew S. Barr, Esq.
                  Sunny Singh, Esq.
                  Andriana Georgallas, Esq.
                  Kevin Bostel, Esq.
                  Jason H. George, Esq.
                  WEIL, GOTSHAL & MANGES LLP  
                  767 Fifth Avenue
                  New York, New York 10153
                  Tel: (212) 310-8000
                  Fax: (212) 310-8007
                  Email: matt.barr@weil.com
                         sunny.singh@weil.com
                         andriana.georgallas@weil.com
                         kevin.bostel@weil.com
                         jason.george@weil.com

                     About First Brands Group

First Brands Group, LLC, is a global supplier of aftermarket
automotive parts, based in Rochester Hills, Michigan.

On September 24, 2025, the Company's non-operational special
purpose entities, Global Assets LLC, Global Lease Assets Holdings,
LLC, Carnaby Capital Holdings, LLC, Broad Street Financial
Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II,
LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III,
LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC,
Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and
Starlight Inventory Holdings I, LLC each filed a voluntary petition
for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of Texas.

Commencing on Sept. 28, 2025, First Brands Group, LLC and 98
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the Southern District of Texas.  In its petition, First Brands
Group listed $1 billion to $10 billion in estimated assets and $10
billion to $50 billion in estimated liabilities.

The cases are pending before the Hon. Christopher M. Lopez, and are
jointly administered under Case No. 25-90399, and consolidated for
procedural purposes only.

The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel;
Lazard Freres & Co. as investment banker; Alvarez & Marsal North
America, LLC as financial advisor; and C Street Advisory Group as
strategic communications advisor. Kroll Restructuring
Administration, LLC is the Debtors' claims, noticing and
solicitation agent.

Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group
of Lenders' legal counsel and investment banker, respectively.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
Committee has hired M3 Advisory Partners, LP, as Financial Advisor;
Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick
LLP as Co-Counsel.

The U.S. Trustee has proposed Martin De Luca, Esq., at Boies
Schiller Flexner LLP as Chapter 11 examiner.


FLEXSHOPPER INC: Plan Exclusivity Period Extended to July 20
------------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware extended FlexShopper, Inc. and its
affiliates' exclusive periods to file a plan of reorganization and
obtain acceptance thereof to July 20 and Sept. 21, 2026,
respectively.

As shared by Troubled Company Reporter, the Debtors explain that
they are making substantial progress in these chapter 11 cases.
Notwithstanding that less than four months have passed since the
Petition Date, the Debtors have made substantial progress in these
chapter 11 cases. Among other things, the Debtors have:

     * secured critical first- and second-day relief on a
consensual basis, including authority to pay certain prepetition
claims and access to debtor-in-possession financing;

     * communicated with the Committee and other creditors and
interested parties, including by reaching certain settlements with
some constituents; and

     * prepared and filed their Schedules of Assets and Liabilities
and Statements of Financial Affairs and conducted a section 341
meeting of creditors with the U.S. Trustee.

The Debtors assert that their request to extend the Exclusive
Periods is not intended to exert leverage over creditors or any
other party affected by these chapter 11 cases. The Debtors
continue to work closely with key stakeholders to develop a
consensual resolution of these chapter 11 cases that will maximize
the value of the Debtors' estates. The Debtors seek an extension
out of an abundance of caution.

The Debtors further assert that termination of the Exclusive
Periods would adversely impact the Debtors' efforts to preserve and
maximize the value of their estates and the progress of these
chapter 11 cases. Opening these chapter 11 cases up to a competing
plan process would benefit neither the Debtors nor their creditors
or stakeholders. Termination of the Exclusive Periods would disrupt
the critical work that has been done and the efforts of the Debtors
to wind down their estates.

Moreover, it would substantially increase the costs of
administering these chapter 11 cases for no attendant benefit. The
Debtors are the best situated and most effective party to manage
the plan process and the wind-down of their estates for the benefit
of all stakeholders.

Counsel to the Debtors:

     Robert J. Dehney, Sr., Esq.
     Matthew O. Talmo, Esq.
     Sophie Rogers Churchill, Esq.
     Luke Brzozowski, Esq.
     Liam Davis, Esq.
     1201 N. Market Street, 16th Floor
     Wilmington, Delaware 19801
     Telephone: (302) 658-9200
     Facsimile: (302) 658-3989
     Email: rdehney@morrisnichols.com
            mtalmo@morrisnichols.com
            srchurchill@morrisnichols.com
            lbrzozowski@morrisnichols.com
            ldavis@morrisnichols.com

                      About FlexShopper, Inc.

FlexShopper, Inc. provides consumer financing services focused on
lease-to-own and lending products, enabling consumers to obtain
durable goods such as electronics and home furnishings through its
e-commerce marketplace. It operates as an intermediary by approving
consumers through a proprietary underwriting model, purchasing
goods from merchant and other supply partners, and leasing them to
end users, while also offering consumer loan products through
affiliated platforms and third-party arrangements.

FlexShopper and its affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No. 25-12254) on
Dec. 22, 2025.  In the petition signed by CRO Matthew Doheny,
FlexShopper listed $50 million to $100 million in assets and $100
million to $500 million in liabilities.  

The Honorable Bankruptcy Judge Laurie Selber Silverstein handles
the cases.

The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel;
Glassratner Advisory & Capital Group, LLC as financial advisor; Two
Roads Advisors LLC as investment banker; and Epiq Corporate
Restructuring LLC as claims and noticing agent.


FLEXSHOPPER INC: Opposes Former CEO's Arbitration Bid
------------------------------------------------------
James Nani of Bloomberg Law reports that FlexShopper Inc.,
currently in bankruptcy, has joined forces with its creditors to
oppose efforts by former chief executive Harold Russell Heiser Jr.
to fast-track arbitration over his dismissal-related claims. The
company argues that the timing and forum of the dispute are
inappropriate given its ongoing restructuring.

In submissions to Judge Laurie Selber Silverstein, FlexShopper said
that moving forward with arbitration would breach the automatic
stay, a fundamental protection in bankruptcy cases. The company
also cautioned that defending such claims outside the court would
strain its already limited financial resources. Creditors echoed
these concerns in a joint objection.

The filings further allege that Heiser engaged in fraudulent
conduct prior to his termination, including fabricating loan
agreements and inflating asset values. FlexShopper claims these
actions materially contributed to its financial collapse and
eventual bankruptcy filing, Bloomberg reports.

By halting the arbitration effort, FlexShopper and its creditors
aim to ensure that all disputes are handled within the bankruptcy
court. They argue this approach preserves estate assets, avoids
duplicative litigation, and supports a more efficient path toward
reorganization, the report states.

                   About FlexShopper Inc.

FlexShopper Inc. is a a publicly traded lease-to-own financing
company for appliances, electronics, and other consumer goods.

FlexShopper Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-12254) on December 22,
2025. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities up to $50,000.

Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.

The Debtor is represented by Robert J. Dehney, Esq. and Sophie
Rogers Churchill, Esq. of Morris, Nichols, Arsht & Tunnell.


FLIPCAUSE INC: Court Okays Chapter 7 Conversion
-----------------------------------------------
Clara Geoghegan of Law360 reports that Flipcause's bankruptcy will
proceed under Chapter 7 after a Delaware judge on Tuesday, April
28, 2026, approved converting the case from Chapter 11, following
asset sales and a settlement with creditors.

The Chapter 11 trustee reported that the company's assets had been
fully administered and that agreements with creditors had been
reached, eliminating the need for further reorganization efforts,
the report states.

With the conversion, the case moves into liquidation, enabling the
estate to distribute proceeds and complete the wind-down process,
according to Law360.

                   About Flipcause Inc.

Flipcause Inc. is a technology company that provides a nonprofit
fundraising platform and payment-processing services. The
company’s software enables small and medium-sized nonprofit
organizations to manage online donations, donor engagement, and
fundraising campaigns.

Flipcause Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-12246) on December 19,
2025. In its petition, the Debtor reports estimated assets and
liabilities of at least $10 million each.

Honorable Bankruptcy Judge Thomas M. Horan handles the case.

The Debtor is represented by Ronald S. Gellert, Esq. of Gellert
Seitz Busenkell & Brown, LLC.


FMC CORP: Moody's Lowers Sr. Unsecured Notes to Ba2, Outlook Neg.
-----------------------------------------------------------------
Moody's Ratings affirmed FMC Corporation's (FMC's) Ba1 corporate
family rating, Not Prime commercial paper rating, and its Ba1-PD
Probability of Default Rating. Moody's also downgraded its senior
unsecured notes to Ba2 from Ba1, its backed industrial revenue
bonds (issued by Power County Industrial Development Corp.) to Ba2
from Ba1 and subordinated notes rating to Ba3 from Ba2. These
actions are a result of the company providing security to its bank
lenders in its latest amendment dated April 16, 2026. FMC's
speculative grade liquidity rating was also lowered to SGL-3 from
SGL-2. The outlook remains negative.

"The company provided security to its bank lenders and needs to
refinance notes maturing in October 2026. This likely indicates
that it will issue secured notes to refinance the upcoming
maturity," stated John Rogers, Senior Vice President at Moody's
Ratings and lead analyst on FMC Corporation.

RATINGS RATIONALE

The affirmation reflects FMC's sizable portfolio of off-patent
agricultural chemicals, new patented products that are expected to
generate meaningful sales and earnings over the next 3-5 years, and
it low capital intensity. The rating is stressed by weak credit
metrics resulting from a material decline in profits due to the
loss of patent protection for Rynaxypyr®, the high cost structure
of some of the products in its legacy portfolio (off-patent
products) and weak end market conditions due to relatively low crop
prices. As of December 31, 2025, LTM Net Debt/EBITDA is roughly
4.5x and Retained Cash Flow/Net Debt is 9%.

Management has largely completed the process to rightsize its cost
structure for Rynaxypyr® and is now focusing on improving the cost
structure for its legacy portfolio. They have not disclosed the
precise cost or timing to complete this process, but it will likely
extend well into 2027 due to the required regulatory approvals.
Additionally, management believes it can generate $1 billion in
proceeds in 2026 from the sale of its India business, licensing
agreements for its new products and free cash flow. The company is
also exploring strategic options, which includes the potential sale
of the company.

The downgrade of the unsecured and subordinated notes ratings
reflects their subordination to the $2 billion secured revolver.
The facility has liens on working capital, intellectual property
and certain other assets. The liens are limited by the indentures
for the unsecured notes that limit liens on fixed assets to 10% of
consolidated net tangible assets.

Management is taking appropriate steps to reduce debt and return
credit metrics to levels that could limit further downside to the
rating. However, uncertainties over more aggressive competition in
generic crop protection chemicals, the timing and proceeds from
asset sales and licensing agreements, and the slow ramp up in
profits from new patent protected products, make it difficult to
forecast a quick return of credit metrics to levels that would
fully support the Ba1 rating. Additionally, actions to improve its
cost profile, in order to compete more effectively with generic
competition, are likely to take more than one year to fully
implement.

OUTLOOK

The negative outlook reflects (i) the competitive challenges the
company is facing in crop protection chemicals; (ii) uncertainty
over timing and proceeds from assets sales and licensing
agreements; and (iii) event risk related to the company decision to
explore strategic alternatives.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The rating could be downgraded if the company fails to make
progress on significantly reducing debt in 2026. If Net Debt/EBITDA
remains above 4.0x at the end of 2026 and the company's EBITDA is
expected to remain near $700 million in 2027, Moody's would likely
lower the rating. The Ba1 CFR incorporates the expectation that
FMC's leverage will be below 3.5x, most of the time. Any event or
transaction that would weaken credit metrics would also likely
result in a downgrade.

An upgrade of the rating is highly unlikely at the current time due
to the company's weak credit metrics. However, an upgrade would be
considered if Moody's adjusted Debt/EBITDA were to decline below
3.0x on a sustained basis and Retained Cash Flow/Debt were to
remain above 20%. In addition any upgrade would be contingent on
the success of FMC's new product portfolio and a significant
increase in earnings from patent protected products.

LIQUIDITY

FMC's speculative grade liquidity rating of SGL-3 reflects the
company's sizable cash balance of $584 million, over $1.1 billion
of availability under its unrated $2 billion unsecured credit
facility maturing in December 2028. FMC had $645 million
outstanding under the revolver, no commercial paper and roughly
$200 million of letters of credit at the end of the year. It also
had less than $80 million outstanding under international
facilities. The latest amendment also provided greater covenant
relief through 2028. In addition, the company needs to refinance
$500 million of unsecured debt maturing in October 2026.

Headquartered in Philadelphia, Pennsylvania, FMC Corporation is an
agricultural chemicals producer with 21 production sites globally,
including five in North America, six in EMEA, nine in Asia and one
in Latin America. The company has active ingredient manufacturing
in Denmark, India, China and the US the company had LTM revenues of
$3.5 billion as of December 31, 2025.

The principal methodology used in these ratings was Chemicals
published in February 2026.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


FREE SPEECH: Says Onion IP Transaction Would Slash Asset Value
--------------------------------------------------------------
Aaron Keller of Law360 Bankruptcy Authority reports that the
operator of Infowars, Free Speech, founded by Alex Jones, has filed
an emergency request with a Texas appeals court seeking to block a
receiver from leasing the site's intellectual property and domain
for $81,000 per month.

The dispute centers on whether the receiver has the authority to
enter into agreements involving the platform's core digital assets.
The company argues that the lease would improperly transfer control
to a third party during ongoing proceedings, the report states.

The court is being asked to pause the transaction while it reviews
the scope of the receiver's powers and the legality of the proposed
lease, according to Law360.

                About Free Speech Systems

Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public. Free Speech Systems is a family-run business
founded by Alex Jones.

FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet. Today, FSS
produces Alex Jones' syndicated news/talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the internet through websites including Infowars.com.

Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online spaces. Shunning
from financial institutions and banning Jones and FSS from major
tech companies began in 2018.

Conspiracy theorist Alex Jones has been sued by victims' family
members over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.

Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.


FRESHREALM INC: Commences Chapter 11, Inks Deal w/ Blue Apron
-------------------------------------------------------------
Michael Sin of Bloomberg News reports that FreshRealm has commenced
Chapter 11 proceedings in the U.S. Bankruptcy Court for the
District of New Jersey, listing assets and liabilities in the range
of $100 million to $500 million. The filing is part of a broader
effort to restructure the company and explore strategic
alternatives.

In connection with the case, FreshRealm reached an agreement with
Blue Apron to address contractual matters and transition certain
operations. Blue Apron will exit its existing commercial
arrangement, with the affected business shifting to a new
operational structure, the report relays.

The company said the transition will allow the underlying business
to continue operating while resolving legacy obligations between
the parties. The agreement is intended to streamline operations and
reduce complexity as FreshRealm moves through Chapter 11.

FreshRealm also plans to market its remaining assets and operations
through a court-supervised sale process. It has obtained a
commitment for debtor-in-possession financing to fund ongoing
operations during the restructuring, according to Bloomberg.

               About FreshRealm Inc.

FreshRealm, Inc. is a food technology company focused on producing
and distributing fresh meal kits and ready-to-eat meals for
retailers and consumer brands.

FreshRealm, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 26-14656) on April 27,
2026. In its petition, the Debtor reports estimated assets and
liabilities in the range of $100 million to $500 million.

Honorable Bankruptcy Judge Mark Edward Hall handles the case.

The Debtor is represented by Warren A. Usatine, Esq. and Michael D.
Sirota, Esq. of Cole Schotz P.C.


FTAI AVIATION: S&P Affirms 'BB' Rating on Senior Unsecured Notes
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issue-level rating on FTAI
Aviation Ltd.'s senior unsecured notes and revised the recovery
rating to '4' from '3'. The '4' recovery rating indicates its
expectation for average (30%-50%; rounded estimate: 30%) recovery
in the event of a default.

FTAI upsized its revolving credit facility to $2.025 billion from
$400 million and extended the maturity to 2031 from 2027. S&P
doesn't expect the company to immediately utilize more of its
revolver, so it views the change as leverage neutral.

S&P's 'BB' issuer credit rating with a stable outlook on FTAI is
unchanged.

Issue Ratings--Recovery Analysis

Key analytical factors

-- The proposed capital structure includes a $2.025 billion
revolver due 2031 and about $3.5 billion of senior unsecured notes
with maturity dates from 2028 to 2032. S&P does not rate the
revolver but do rate all the notes.

-- S&P is lowering the recovery rating on the notes to '4 (30%)'
from '3 (55%)' as the upsized revolver creates a larger priority
claim, leaving less collateral available for the notes. Its
analysis assumes that the revolver is 85% drawn under a
hypothetical default scenario. The 'BB' issue-level rating on the
notes is unchanged.

-- The higher enterprise valuation from S&P's previous review
accounts for the possibility that the utilization of the larger
revolver would involve new acquisitions.

Simulated default assumptions

-- Default year: 2031
-- EBITDA at emergence: $609 million
-- Enterprise value multiple: 5x

Simplified waterfall

-- Net enterprise value after administrative expenses (5%): $2.9
billion

-- Obligor/nonobligor valuation split: 100%/0%

-- Value available for senior claims (not rated): $2.9 billion

-- Estimated secured claims: $1.8 billion

-- Total value available to unsecured claims: $1.1 billion

-- Estimated unsecured debt claims (including deficiency claims):
$3.6 billion

    --Recovery expectations: 30%-50% (rounded estimate: 30%)



FTX TRADING: Delaware S.C. Upholds Dismissal of Claim Deal Suit
---------------------------------------------------------------
Jarek Rutz of Law360 reports that Delaware's highest court has
affirmed the dismissal of a lawsuit over a failed deal to purchase
a multimillion-dollar claim tied to the FTX collapse, ruling that
the dispute should not be heard in Delaware.

The litigation arose after a proposed acquisition of a bankruptcy
claim unraveled, prompting one party to file suit. A lower court
found that the case did not meet jurisdictional requirements and
dismissed it accordingly, the report states.

The Delaware Supreme Court agreed, concluding that the dispute
lacked the necessary connection to the state and should instead be
litigated elsewhere, according to Law360.

                 About FTX Trading Ltd.

FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases. White
collar crime specialist Mark S. Cohen has reportedly been hired to
represent SBF in litigation. Lawyers at Paul Weiss previously
represented SBF but later renounced representing the entrepreneur
due to a conflict of interest.


FULLERTON DIGITAL: Section 341(a) Meeting of Creditors on May 28
----------------------------------------------------------------
On April 28, 2026, Fullerton Digital Print & Display Inc filed for
Chapter 7 protection in the U.S. Bankruptcy Court for the Central
District of California. According to court filings, the Debtor
reports between $100,001 and $1,000,000 in debt owed to 1–49
creditors.

A meeting of creditors under Section 341(a) to be held on May 28,
2026 at 09:00 AM via Zoom - Kosmala: Meeting ID 698 547 1254,
Passcode 2419141007, Phone 1 657 222 4631.

             About Fullerton Digital Print & Display Inc

Fullerton Digital Print & Display Inc is a printing and visual
display services company providing digital print production and
display solutions for commercial clients.

Fullerton Digital Print & Display Inc sought relief under Chapter 7
of the U.S. Bankruptcy Code (Bankr. Case No. 26-11310) on April 28,
2026. In its petition, the Debtor reports estimated assets of $0 to
$100,000 and estimated liabilities of $100,001 to $1,000,000.

Honorable Bankruptcy Judge Scott C. Clarkson handles the case.

The Debtor is represented by Ethan Kiwhan Chin, Esq. of Ethan Chin
Law.


GAM ZU LATOV: Initiates Chapter 11 Bankruptcy in New York
---------------------------------------------------------
On April 27, 2026, Gam Zu Latov Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District of
New York. According to court filings, the Debtor reports between
$1,000,000 and $10,000,000 in debt owed to 1–49 creditors.

                 About Gam Zu Latov Inc.

Gam Zu Latov Inc. is a corporate entity engaged in business
operations that may include commercial services, investments, or
related activities.

Gam Zu Latov Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-42029) on April 27, 2026. In
its petition, the Debtor reports estimated assets of $0 to $100,000
and estimated liabilities of $1,000,000 to $10,000,000.

The Debtor is represented by Charles Wertman, Esq. of The Law
Offices of Charles Wertman P.C.


GARNET HEALTH: S&P Affirms 'B-' Rating on Series 2015/2017 Bonds
----------------------------------------------------------------
S&P Global Ratings revised its outlook to developing from negative
and affirmed its 'B-' rating on the Dormitory Authority of the
State of New York's (DASNY) series 2015 and series 2017 bonds,
issued for Garnet Health Medical Center (GHMC), N.Y.
GHMC and two hospitals operated as Catskills (GHMC-C) are
subsidiaries of Garnet Health (GH).

S&P said, "The outlook revision reflects the potential for a
positive rating action based on our Group Rating Methodology (GRM)
criteria should the proposed affiliation with Montefiore Health
System (MHS; BBB-/Negative) be completed, and possible negative
pressure if the affiliation fails to materialize. GH and MHS
entered into a member substitution agreement on April 3, 2026. The
transaction remains subject to approval by federal and state
regulators, a review process that is expected to take several
months.
NEW YORK (S&P Global Ratings) April 29, 2026

S&P Global Ratings revised its outlook to developing from negative
and affirmed its 'B-' rating on the Dormitory Authority of the
State of New York's (DASNY) series 2015 and series 2017 bonds,
issued for Garnet Health Medical Center (GHMC), N.Y.
GHMC and two hospitals operated as Catskills (GHMC-C) are
subsidiaries of Garnet Health (GH).

S&P said, "The outlook revision reflects the potential for a
positive rating action based on our Group Rating Methodology (GRM)
criteria should the proposed affiliation with Montefiore Health
System (MHS; BBB-/Negative) be completed, and possible negative
pressure if the affiliation fails to materialize. GH and MHS
entered into a member substitution agreement on April 3, 2026. The
transaction remains subject to approval by federal and state
regulators, a review process that is expected to take several
months.

Elevated labor and salary pressures have constrained GH's margins
and increased its exposure to human capital-related social risks in
our credit analysis. Furthermore, with approximately 80% of
employees represented by unions, the organization has limited
flexibility to implement rapid cost-containment measures.

In addition, S&P views management and governance risk as elevated
because of very limited liquidity to manage any unexpected events.

"We have analyzed GH's exposure to environmental factors and view
them as neutral.

"The developing outlook reflects our view of management's dedicated
efforts to identify a large partner capable of supporting the
organization's long-term viability that have culminated in a
definitive agreement with MHS. Any upward potential for the rating
on GH would be contingent on the effective closing of the
transaction, our assessment of the relationship with and support
from MHS--including for GH's outstanding debt--and the application
of our GRM.

"Should the affiliation with MHS not materialize, we could revise
the outlook to negative or lower the rating if GH fails to
meaningfully reduce the scale of its operating losses while
sustaining sufficient unrestricted reserves, or if it breaches the
requirements of the forbearance agreement. Given GH's already
elevated leverage, any additional debt issuance would likely
pressure the rating. In addition, any negative changes to GH's
market share or competitive position could also result in a
downgrade.

"Should the transaction with MHS close, we believe there is
potential for a positive rating action through the application of
our GRM. The extent of any uplift will be dependent on the details
of the final arrangement and our ultimate view of the pro forma
combined MHS and GH system credit profile."



GENESIS HEALTHCARE: No Decline in Resident Care, PCO Report Says
----------------------------------------------------------------
Susan Goodman, acting as the patient care ombudsman (PCO),
submitted her fourth report to the U.S. Bankruptcy Court for the
Northern District of Texas. The report assessed the quality of
resident care at facilities run by Genesis Healthcare, Inc. and its
affiliates in New Mexico, West Virginia, California, and Washington
State.

During this reporting period, the PCO visited 11 facilities,
engaged with staff and stakeholders, and assessed operations
through tours, care observations, and reviews of supplies,
equipment, documentation, and processes.

The PCO reported that leadership and staff denied any supply
shortages, noting adequate availability of care items, medications,
food, and cleaning supplies, as well as properly serviced patient
care equipment.

The PCO received one complaint from the West Virginia ombudsman
regarding a refund and missing personal medical equipment; it was
promptly resolved with the facility team.

Ms. Goodman reported notable maintenance leadership turnover, with
five of 11 facilities experiencing departures and two additional
team member exits; the PCO will more closely monitor this trend.

The PCO reported growing staff unease over limited information on
the sale transition; while communication may be constrained by
bankruptcy requirements, continued uncertainty risks increasing
turnover and affecting patient/resident care.

The PCO found no evidence of care compromise under Section 333 of
the Bankruptcy Code, noted active leadership engagement and
recognition efforts, but expressed ongoing concern about continued
facility and regional turnover.

Moreover, Staff also reported uncertainty about sale timing,
transition logistics, and personal impacts. The PCO will continue
calls and site visits to assess morale and monitor turnover beyond
NHA and DON roles.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=NaPLdP from Epiq Corporate Restructuring,
LLC, claims agent.

The ombudsman may be reached at:

     Susan N. Goodman
     Pivot Health Law
     P.O. Box 69734
     Oro Valley, AZ 85737
     Phone: 520-744-7061
     Email: sgoodman@pivothealthaz.com

                     About Genesis Healthcare Inc.

Based in Culver City, Calif., Genesis Healthcare Inc. is a medical
group that provides physician services in Southern California.
Genesis Healthcare has operated under the names Daehan Prospect
Medical Group and Prospect Genesis Healthcare.

Genesis Healthcare Inc. and several affiliated debtors sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis
Healthcare Inc. listed between $1 billion and $10 billion in
estimated assets and liabilities.

The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly
administered cases.

The Debtors employed McDermott Will & Schulte LLP as counsel;
Jefferies LLC as investment banker; and Ankura Consulting Group,
LLC, as restructuring advisors, and designated Louis E. Robichaux
IV and Russell A. Perry as co-chief restructuring officers. Katten
Muchin Rosenman LLP serves as special counsel at the sole direction
of Jonathan Foster and Elizabeth LaPuma in their capacity as
independent directors and members of the special investigation
committee.

The U.S. Trustee appointed an official committee of unsecured
creditors in the Chapter 11 cases of Genesis Healthcare Inc. and
affiliates. The committee retained Proskauer Rose LLP and Stinson
LLP as its co-counsel; FTI Consulting, Inc., as its financial
advisors; and Houlihan Lokey Capital, Inc. as its investment
banker.


GENESIS HEALTHCARE: No Resident Care Concern, 4th PCO Report Says
-----------------------------------------------------------------
Melanie Cyganowski, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Northern District of Texas her fourth
report regarding the quality of resident care provided at the
facilities operated by Genesis Healthcare, Inc. and affiliates in
Massachusetts, Maine, New Hampshire, New Jersey, Rhode Island, and
Vermont.

For the Feb. 14–April 14 reporting period, the PCO conducted
virtual site visits with facilities in Rhode Island, New Jersey,
New Hampshire, and Maine.

The PCO observed continued turnover during the reporting period,
especially among leadership staff; however, administrators reported
managing staffing gaps effectively without operational issues.

The PCO noted generally stable census levels, with no unusual
declines reported or link to the cases; any lower-than-average
census was attributed to market changes or lingering COVID-19
effects.

Ms. Cyganowski received one complaint from a resident's family
regarding a New Hampshire facility, relayed it to leadership, and
discussed steps taken to address it, while advising the family to
use standard reporting channels.

During the fourth reporting period, the PCO observed no change in
care quality at assigned facilities; issues that arose were
unrelated to the cases and were resolved routinely, with some
improvements noted.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=GrbzI3 from Epiq Corporate Restructuring,
LLC, claims agent.

The ombudsman may be reached at:

     Melanie Cyganowski
     Otterbourg, PC
     230 Park Avenue
     New York, NY 10169-0075
     Tel: 212-661-9100
     Email: mcyganowski@otterbourg.com

                   About Genesis Healthcare Inc.

Based in Culver City, Calif., Genesis Healthcare Inc. is a medical
group that provides physician services in Southern California.
Genesis Healthcare has operated under the names Daehan Prospect
Medical Group and Prospect Genesis Healthcare.

Genesis Healthcare Inc. and several affiliated debtors sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis
Healthcare Inc. listed between $1 billion and $10 billion in
estimated assets and liabilities.

The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly
administered cases.

The Debtors employed McDermott Will & Schulte LLP as counsel;
Jefferies LLC as investment banker; and Ankura Consulting Group,
LLC, as restructuring advisors, and designated Louis E. Robichaux
IV and Russell A. Perry as co-chief restructuring officers. Katten
Muchin Rosenman LLP serves as special counsel at the sole direction
of Jonathan Foster and Elizabeth LaPuma in their capacity as
independent directors and members of the special investigation
committee.

The U.S. Trustee appointed an official committee of unsecured
creditors in the Chapter 11 cases of Genesis Healthcare Inc. and
affiliates. The committee retained Proskauer Rose LLP and Stinson
LLP as its co-counsel; FTI Consulting, Inc., as its financial
advisors; and Houlihan Lokey Capital, Inc. as its investment
banker.


GENESIS HEALTHCARE: Quality of Care Maintained, 4th PCO Report Says
-------------------------------------------------------------------
Suzanne Koenig, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Northern District of Texas her fourth
report regarding the quality of resident care provided at
facilities operated by Genesis Healthcare, Inc. and affiliates in
Alabama, Delaware, Maryland, North Carolina, Tennessee, Virginia,
and Pennsylvania.

For the Feb. 14–April 14 reporting period, the PCO used a
standardized approach for consistent reporting, including meetings
with leadership, facility tours, and interviews with staff and
residents during in-person or virtual visits.

During the reporting period, the ombudsman identified no immediate
health or safety threats requiring court action; ongoing issues
such as staffing, survey findings, and infection control were being
addressed through corrective measures and regulatory coordination.

Moreover, the ombudsman observed no immediate safety threats at SFF
or SFF-C facilities, which were instead focused on corrective
actions, leadership improvements, and gradual compliance progress.

During facility visits, the ombudsman found no ongoing abuse risks
or systemic threats to residents, with prior issues addressed
through retraining, improved reporting, and increased monitoring.
During these visits, the ombudsman observed adequate staffing
across shifts with no signs of widespread neglect, and noted active
leadership engagement in operations, monitoring, and timely
response to issues.

Ms. Koenig reported generally adequate supplies, environment, and
facility maintenance, with only isolated equipment or systems
issues that did not present immediate resident risk.

Moreover, facilities addressed equipment issues through repairs or
replacements and contingency planning; kitchens remained clean and
compliant with food safety standards, with generally positive meal
satisfaction and only occasional temperature concerns.

The PCO noted that resident census trends varied across
communities, with increases in some due to marketing, staffing, and
quality improvements, and declines in others linked to surveys or
market factors; however, residents generally reported attentive,
safe, and dignified care.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=YtP9ip from Epiq Corporate Restructuring,
LLC, claims agent.

The ombudsman may be reached at:

     Suzanne Koenig, CEO
     SAK Healthcare
     300 Saunders Road, Suite 300
     Riverwoods, IL 60015
     Phone: 847-446-8400
     Email: skoenig@sakhealthcare.com

                     About Genesis Healthcare Inc.

Based in Culver City, Calif., Genesis Healthcare Inc. is a medical
group that provides physician services in Southern California.
Genesis Healthcare has operated under the names Daehan Prospect
Medical Group and Prospect Genesis Healthcare.

Genesis Healthcare Inc. and several affiliated debtors sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis
Healthcare Inc. listed between $1 billion and $10 billion in
estimated assets and liabilities.

The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly
administered cases.

The Debtors employed McDermott Will & Schulte LLP as counsel;
Jefferies LLC as investment banker; and Ankura Consulting Group,
LLC, as restructuring advisors, and designated Louis E. Robichaux
IV and Russell A. Perry as co-chief restructuring officers. Katten
Muchin Rosenman LLP serves as special counsel at the sole direction
of Jonathan Foster and Elizabeth LaPuma in their capacity as
independent directors and members of the special investigation
committee.

The U.S. Trustee appointed an official committee of unsecured
creditors in the Chapter 11 cases of Genesis Healthcare Inc. and
affiliates. The committee retained Proskauer Rose LLP and Stinson
LLP as its co-counsel; FTI Consulting, Inc., as its financial
advisors; and Houlihan Lokey Capital, Inc. as its investment
banker.


GEORGES REALTY: Hires Kara & Co. Realty as Real Estate Broker
-------------------------------------------------------------
Georges Realty, LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Hampshire to employ Kara & Co Realty
Powered by REAL NH, LLC as real estate broker.

The firm will market and sell the Debtor's real property known as
32 Old Bedford Road, Bedford, NH.

The firm will be paid a commission of 2 percent of the net contract
price paid by a buyer or 4 percent if a buyer is unrepresented. The
Debtor will pay an additional 2 percent to a firm working in any
capacity with a buyer.

As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Mauri Spencer
     Kara & Co Realty Powered by REAL NH, LLC
     900 Hanover Street
     Manchester, NH 03104
     Tel: (603) 665-0025

              About Georges Realty, LLC

Georges Realty, LLC manages and leases real estate properties
across multiple locations and is classified under NAICS 5311.

Georges Realty sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.H. Case No. 25-10779) on November 4,
2025, listing between $1 million and $10 million in assets and
liabilities.

William S. Gannon, Esq. at William S. Gannon PLLC represents the
Debtor as legal counsel.


GEORGES REALTY: Hires Realty One Group as Real Estate Broker
------------------------------------------------------------
Georges Realty, LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Hampshire to employ Realty One Group Next
Level as real estate broker.

The firm will market and sell the Debtor's real property known as
1618 Lovell Lake Road, Wakefield, NH 03872.

The firm will be paid a commission of 3 percent of the net contract
price paid by a buyer or 4 percent if a buyer is unrepresented.
Debtor will pay an additional 2 percent to a firm working in any
capacity with a buyer.

As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Jojo Koszalka
     Realty ONE Group Next Level
     40 Harvey Rd
     Bedford, NH 03110
     Tel: (603) 867-0033
     Email: Jojo.Koszalka@rognextlevel.com

              About Georges Realty, LLC

Georges Realty, LLC manages and leases real estate properties
across multiple locations and is classified under NAICS 5311.

Georges Realty sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.H. Case No. 25-10779) on November 4,
2025, listing between $1 million and $10 million in assets and
liabilities.

William S. Gannon, Esq. at William S. Gannon PLLC represents the
Debtor as legal counsel.


GLOBAL ENTERPRISE: Hires Tax Compliance Group as Accountant
-----------------------------------------------------------
Global Enterprise of South Florida, Inc. d/b/a Global Enterprise
Disaster Restoration seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Tax Compliance
Group, LLC as accountant.

The firm's services include:

   a. Monthly & Quarterly Accounting Services; General Ledger
Maintenance; Payroll & Sales Tax Guidance; W2 & 1099 Preparation;
Compilation, Final Review and Annual Report Service;

   b. Financial Statement Analysis; Strategic Planning; Process
Development, Implementation, Monitoring; Advice regarding Software
Solutions;

   c. Sales and Local Tax Services (SALT);

   d. Tax Planning.

The firm will be paid $400 per month for the services rendered.

Mr. Sherman disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Matthew J. Sherman
     Tax Compliance Group, LLC
     150 East Palmetto Park Rd., Suite 800
     Boca Raton, FL 33432
     Telephone: (561) 861-0920
     Facsimile: (866) 511-2384
     Email: MSherman@taxcompliancegroup.com

              About Global Enterprise of South Florida, Inc.

Global Enterprise of South Florida, Inc., doing business as Global
Enterprise Disaster Restoration, based in Pompano Beach, Florida,
provides disaster restoration services for commercial and
residential properties affected by fire, smoke, water, storm and
mold damage. The company also offers emergency response, safety and
cleaning, personal effects removal, and property reconstruction and
restoration services. It has more than 10 years of
construction-industry experience and works with insurance
representatives during the restoration process.

Global Enterprise of South Florida, Inc. d/b/a Global Enterprise
Disaster Restoration in Pompano Beach, FL, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. S.D. Fla. Case No. 26-14885) on April
17, 2026, listing $500,000 to $1 million in assets and $1 million
to $10 million in liabilities. Tivadar Bodorlo as president, signed
the petition.

Judge Scott M Grossman oversees the case.

TAX WORKOUT GROUP, P.A. serve as the Debtor's legal counsel.


GOEASY LTD: Moody's Lowers CFR to B2 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Ratings has downgraded goeasy Ltd.'s (goeasy) corporate
family rating and senior unsecured rating to B2 from B1. The
outlook was changed to stable from ratings under review.
Previously, the ratings were on review for downgrade.

RATINGS RATIONALE

The downgrade of the company's CFR to B2 reflects Moody's views
that goeasy's asset quality will continue to deteriorate over the
next 12 months, which will drive weak profitability and weigh on
the company's capitalization. During the fourth quarter of 2025,
the company reported net charge-offs on gross consumer loans
receivable of CAD331 million (up from CAD104 million a year
before), which drove its reported net charge-off rate for the full
year in 2025 up to 12.9% from 9.2% in 2024. The material increase
in the company's net charge-offs was primarily driven by loan
losses in the company's LendCare segment, which reflected
management's conclusion that further recovery on certain late-stage
delinquent receivables was unlikely; this also led to goeasy also
writing down all of the goodwill associated with its 2021
acquisition of LendCare. Due to the increase in increase in net
charge-offs and impairment of goodwill, goeasy reported a net loss
of CAD178 million for 2025.

As a result of the company's weak financial performance, goeasy
breached compliance with respect to the maximum consolidated
leverage ratio, and the minimum consolidated fixed charge coverage
ratio covenants on its secured borrowing facilities. While the
company was able to get temporary waivers on the covenant
non-compliance and amend the terms of the agreement to facilitate
future compliance, the company will not be able to draw on its
revolving credit facility until July 01, 2026, or its revolving
securitization warehouse facility I until the parties have
transitioned to a new backup servicer and a satisfactory audit with
respect to the facility is completed for the quarter ended March
31, 2026. That said, goeasy remains highly cash generative with the
company reporting cash flow from operations before net principal
written of around CAD2.1 billion in 2025, which will support
near-term liquidity requirements as the company scales back its
originations. Additionally, beyond goeasy's upcoming CAD89 million
senior note maturity on May 01, 2026, the company's next senior
note maturity is not until December 01, 2028, which helps to offset
near-term refinancing and liquidity risk.

goeasy's balance sheet remains highly unencumbered, with the
company reporting a secured debt to tangible assets ratio of 15% as
of December 31, 2025. That said, under the terms of the company's
amended credit agreement, goeasy's LendCare receivables will no
longer be considered as eligible collateral on the company's
revolving credit facility or its revolving securitization warehouse
facility I. Given LendCare loans made up around 43% of goeasy's
gross consumer receivables as of December 31, 2025, Moody's
believes the company's ability to generate liquidity from its
unencumbered asset base will be materially lower going forward.

Moody's expects that goeasy's asset quality will continue to
deteriorate in 2026, with the company guiding towards a net-charge
off ratio in the mid-teens for the full year, which will likely
result in very weak profitability. Furthermore, Moody's believes
further downside risks are elevated given that consumer
insolvencies in Canada are currently exceeding 10-year pre-pandemic
average levels, with trade-induced uncertainty driving slow
macroeconomic growth. Moody's also notes that as of December 31,
2025, goeasy's allowance for credit losses represented 9.9% of
gross receivables, which is well below its expected mid-teen
charge-off rate over the next 12 months. As a result of the
company's thin allowance coverage of net charge-offs, and Moody's
expectations of weak profitability, Moody's believes goeasy's
capitalization could face further downward pressure. That said, the
company has indefinitely suspended its dividends and share
repurchases, which should support organic capital generation once
profitability improves.

The stable outlook reflects Moody's expectations that will maintain
sufficient liquidity to support its operations over the next 12-18
months, with low near-term refinancing risks. It also incorporates
Moody's expectations of weak profitability and asset quality
metrics, but still solid capitalization, which should provide a
buffer to absorb unexpected losses.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

goeasy's ratings could be upgraded if the company is able improve
its asset quality and profitability metrics, while organically
building capital.

goeasy's ratings could be downgraded should significant new risk
management failures become apparent. The ratings could also be
downgraded if the company's asset quality and profitability do not
improve over the outlook period, or if liquidity and refinancing
risks become elevated.

The principal methodology used in these ratings was Finance
Companies published in July 2024.

goeasy's "Assigned Standalone Assessment" adjusted score of b2 is
set five notches below the "Financial Profile Score" of Baa3 to
reflect the operational and regulatory risk associated with the
company's concentration in subprime consumer lending, as well as
Moody's forward looking views on the company's key metrics.


GOOD VIBRATIONS INK 2: Gets Extension to Access Cash Collateral
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division issued a third interim order authorizing Good
Vibrations Ink 2, LLC, to use cash collateral.

Under the third interim order, the Debtor may use cash collateral
to pay court-approved expenses, payments to the Subchapter V
trustee, and necessary operating expenses listed in the approved
budget, which projects total monthly operational expenses of
$40,957. The Debtor may exceed individual budget line items by up
to 10%, and any additional expenditures require written approval
from the secured creditors.

The authorization remains effective through May 27 though the
parties may jointly agree to extend the period by submitting an
agreed order.

As adequate protection, secured creditors will receive replacement
liens on post-petition cash collateral, which carry the same
validity and priority as their pre-petition liens.

Good Vibrations Ink 2 must also comply with all duties of a
debtor-in-possession under the Bankruptcy Code and maintain
insurance coverage on its property according to its loan and
security agreements.

The order preserves the rights of all parties to request additional
protections or restrictions on the use of cash collateral.

The next hearing is scheduled for May 27.

The order is available at https://shorturl.at/YCxZ5 from
PacerMonitor.com.

                  About Good Vibrations Ink 2 LLC

Good Vibrations Ink 2, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
26-00194) on January 13, 2026, with up to $50,000 in assets and
$500,001 to $1 million in liabilities. L. Todd Budgen, Esq., a
practicing attorney in Longwood, Fla., serves as Subchapter V
trustee.

Judge Lori V. Vaughan oversees the case.

Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP
represents the Debtor as legal counsel.


GREAT OUTDOORS: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Springfield,
Missouri-based retailer Great Outdoors Group LLC to stable from
negative and affirmed all its ratings on the company, including the
'BB-' issuer credit rating.

The stable outlook reflects S&P's expectation that Great Outdoors'
S&P Global Ratings-adjusted leverage will remain below 5x,
supported by improving EBITDA margins. Additionally, it expects the
company will generate consistent free operating cash flow (FOCF)
over the next 12 months.

S&P said, "Our outlook reflects our expectation for operating
performance improvement over the next 12 months. Great Outdoors
increased revenue in the mid-single-digit percent area in the first
quarter (ended March 28, 2026) compared with the prior-year quarter
due to improving customer demand for core product offerings, such
as its fishing segment. Although we expect discretionary
spending--particularly among lower-income consumers--will remain
soft through the end of 2026, we forecast full-year sales expansion
in the low-single-digit percent area due to new store openings and
improving sales momentum across all segments.

"We forecast S&P Global Ratings-adjusted leverage will decline to
roughly 4.4x in fiscal 2026, compared with 4.9x in fiscal 2025,
driven by EBITDA growth, debt amortization, and balance sheet cash.
We expect S&P Global Ratings-adjusted EBITDA margins to improve
modestly by about 40 basis points in fiscal 2026, supported by
disciplined cost management and higher year-over-year manufacturing
margins. Easing tariff pressures over the next year should provide
an additional, albeit modest, tailwind to margins, given the
company's exposure to imported merchandise and components. Lower
duties will likely reduce input cost pressure and support some
recovery in gross margins, particularly where prior increases were
only partially passed through to customers. Additionally, the
company's balance sheet strength remains a key driver of
deleveraging. We expect the company to hold meaningful cash by the
end of 2026, which we net against adjusted debt in our
calculations.

"We assess business risk as fair due to the company's competitive
position. Great Outdoors generates roughly $8 billion in sales
annually, with more than 170 large-format retail stores. It
benefits from a vertically integrated operating model that combines
retail banners such as Bass Pro Shops and Cabela's with owned-brand
products and a portfolio of destination retail and hospitality
assets. This structure supports differentiated customer engagement
and brand loyalty, particularly in core categories such as hunting,
fishing, and boating, while enabling greater control over
merchandising, pricing, and the end-to-end customer experience
relative to more traditional sporting goods retailers. However, we
believe the fair assessment reflects our longstanding view of the
company's addressable market as more limited and potentially
volatile relative to other retailers. Additionally, we consider the
company's EBITDA margins to be broadly in-line with peers that are
assessed as fair within our ratings universe.

"We expect Great Outdoors will maintain ample balance sheet cash
over the next 12 months, while relying minimally on its asset-based
lending (ABL) facility and generating consistent positive FOCF. As
of March 28, 2026, the company reported combined cash and ABL
availability of approximately $1.9 billion. While not incorporated
into our base case, potential tariff reimbursements could provide
an incremental tailwind to liquidity, enhancing financial
flexibility to support growth initiatives.

"Although inventory appeared relatively tight as of the end of the
first quarter of 2026, we expect Great Outdoors to build inventory
in the near term to support upcoming seasonal demand, while
managing product mix and purchasing. This should mitigate stockout
risk, although it may temporarily increase working capital needs
and weigh on FOCF generation. That said, the company's efforts to
right-size its inventory over the last year, particularly within
boating, will likely improve working capital efficiency and cash
flow.

"Great Outdoors faces no near-term debt maturities. Its $1.2
billion ABL facility matures in 2030, and its $4.915 billion senior
secured term loan matures in 2032. Given this maturity profile and
adequate liquidity position, we do not anticipate incremental debt
issuance over the next 12 months. In addition, we view near-term
acquisition activity as unlikely, as management remains focused on
improving profitability within existing business lines, including
its White River Marine segment.

"We expect steady growth in loyalty memberships and credit card
sign-ups. In our view, Great Outdoors' credit card and loyalty
program provides a modest benefit to revenue visibility and
customer retention, particularly given the company's discretionary
product offering. Through the program, customers earn points on
purchases that can be redeemed for future discounts, alongside
access to targeted promotions and offers, which supports customer
engagement and drives repeat traffic across channels. The credit
card business represents a small portion of total consolidated
revenue, but it contributes a higher share of profitability. Thus,
it provides a recurring, higher-margin income stream while also
supporting customer retention and indirectly benefiting core retail
sales.

"The stable outlook reflects our expectation that Great Outdoors'
S&P Global Ratings-adjusted leverage will remain below 5x,
supported by improving EBITDA margins. Additionally, we expect the
company will generate consistent FOCF over the next 12 months."

S&P could downgrade the company if it forecasts S&P Global
Ratings-adjusted leverage will remain above 5x. This could occur
if:

-- The company cannot mitigate cost pressures such as tariffs,
deteriorating profitability;

-- Operating performance falls below our expectations because of
weaker consumer demand or market share loss; or

-- It pursues a more aggressive financial policy.

S&P could upgrade Great Outdoors if it demonstrates a track record
of managing leverage under 4x. This could occur if:

-- S&P views the company's competitive standing more favorably,
with a track record of sales growth and improved margins; and

-- The company improves its profitability or uses cash flow to
permanently reduce its debt balance, lowering sustained leverage.



HAWAII BREWERY: Hires Lewis W. Siegel as Legal Counsel
------------------------------------------------------
Hawaii Brewery Development Co. Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Hawaii to employ Lewis W.
Siegel, Esq., an attorney serving in White Plains, New York as its
legal counsel.

Mr. Siegel will advise the Debtor regarding its obligations under
the Chapter 11 of the Bankruptcy Code, and assist the Debtor in
formulating an appropriate strategy to resolve issues.

Mr. Siegel's billing rate is $600 per hour.

Mr. Siegel assured the court that he represents no interest
actually adverse to the estate in the matters upon which he is to
be engaged.

Mr. Siegel can be reached at:

     Lewis W. Siegel, Esq.
     60 East 42nd Street, Suite 4000
     New York, NY 10165
     Telephone: (212) 286-0010
     FaCsimile: (212) 884-9586
     Email: Info@LWSEsq.com

              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: Fitch Affirms 'BB-' IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Helix Energy Solutions Group, Inc.'s
(Helix) Issuer Default Rating (IDR) at 'BB-' following the merger
announcement with Hornbeck Offshore Services. Fitch has also
affirmed the unsecured notes at 'BB-' rating with a Recovery Rating
of 'RR4'. The Rating Outlook is Stable. The transaction would lead
to increased scale and diversification, but would be modestly
leveraging, with mid-cycle leverage forecast at 1.5x.

The ratings reflect Helix's low leverage, strong liquidity, and
continued positive FCF. These strengths are offset by the inherent
oil and gas activity volatility and Helix's relatively small scale.
The Stable Rating Outlook reflects Fitch's expectation that the
credit profile of the combined company will remain within the
current rating sensitivities. It also reflects its expectation that
Helix's ratings will not change if the transaction does not close.

Fitch does not have information regarding the final corporate
structure. At closing, Fitch may incorporate the Parent and
Subsidiary Linkage (PSL) criteria into the analysis.

Key Rating Drivers

Scale and Diversification Enhancing Transaction: The proposed
transaction would significantly increase the scale of the company
by doubling EBITDA and would create a market-leading integrated
deepwater offshore services platform with a combined fleet of over
100 vessels. The backlog for the combined company would increase to
$2 billion as of YE 2025. The merger also expands service offerings
and increases customer and geographic diversification, with around
50% of revenue likely to come from North America.

Management also expects to achieve $75 million of annual revenue
and cost synergies within the first three years following
transaction close. It expects the synergies to be driven by
expanded services to existing customers, integrated service
offerings, reduced reliance on third-party vessels, economies of
scale, and reduced SG&A costs.

Modestly Leveraging Transaction: Fitch expects Helix's leverage to
increase slightly following the merger with Hornbeck. Fitch
forecasts mid-cycle leverage for the combined company at 1.5x.
Helix's credit quality has been supported by a conservative
financial strategy. The company has a strong track record of
disciplined capital spending and funding. Fitch does not have
insight into the financial policy for the combined company, but
expects management to focus on increased scale, balance sheet
strength, and FCF generation.

Consistent FCF Generation: Helix has a track record of consistent
positive FCF throughout the cycle and Fitch views the continuation
of this trend as a credit positive. Fitch forecasts consistent
positive FCF through the forecast, even with elevated capex. Fitch
expects FCF to be used for opportunistic growth spending, along
with maintenance of strong liquidity.

Exposure to Industry Downturns: Helix remains exposed to volatile
oil and gas production activity. Declines in oil and gas commodity
prices typically lead to significantly decreased spending by
operators. This volatility is more focused on development and
growth spending, but it affects expenditure focused on production
and production enhancement. The company's exposure to renewables
and the new defense segment that would be added through the merger
with Hornbeck provides opportunities for less-cyclical revenue
streams.

Offshore Well Intervention Leader: Fitch views Helix's position as
a leader in the offshore well intervention market as a credit
strength. Historically, most offshore well intervention was
executed by offshore drill rigs or drillships. Helix leads in the
development of purpose-built well intervention vessels and
specializes in these services. The purpose-built design and
specialization allow Helix to execute well production enhancement
more quickly and efficiently, as well as at a lower cost than a
drilling contractor. However, Helix has a significantly smaller
scale than more diversified oilfield services peers.

Decommissioning Backlog: Fitch views Helix's revenue composition,
with around 50% derived from decommissioning activities, as a
credit positive. Fitch expects global offshore decommissioning
expenditures to grow due to aging infrastructure, declining
resources, and increasing regulatory pressure. The decommissioning
of offshore wells will be an important step in the process of
energy transition. Fitch believes Helix is well-positioned to
benefit from this spending.

Growing Renewables Exposure: Helix's increased exposure to the
renewables industry is a credit positive. The percentage of revenue
generated from renewables projects in 2025 was approximately 12%
and the expected growth in this segment diversifies the company
away from the oil and gas industry. While most of Helix's revenue
is generated from the oil and gas sector, the compatibility of its
services with the offshore renewables sector provides a credible
path forward through energy transition.

Peer Analysis

Helix's peers include Weatherford International Public Limited
Company (Weatherford; BB/Stable), Noble Corporation plc (Noble;
BB-/Stable), Superior Energy Services, Inc. (Superior; BB-/Stable),
and Tidewater Inc. (B+/Stable). Helix's pro forma scale remains
smaller than those of its peers through the forecast but is much
more comparable than its standalone EBITDA of $277 million at YE
2025. Helix exhibits lower volatility than Noble, which is
drilling-focused. At current and forecast levels, Helix's pro forma
EBITDA margins are higher than Weatherford's, but lower than the
rest of the peer group.

Helix's pro forma leverage is lower than Noble's and comparable to
the rest of the peer group's at around 1.5x. Helix has a consistent
track record of generating positive FCF, even during downturns when
peers have negative FCF. The company's ability to manage this and
maintain a solid balance sheet without resorting to bankruptcy
differentiates it from many of its oilfield services peers.

Fitch’s Key Rating-Case Assumptions

- Brent oil price is $70 per barrel (bbl) in 2026, $63/bbl in 2027,
and $60/bbl thereafter;

- Hornbeck and Helix merger is completed in 2H26;

- Capex is in line with management expectations;

- Floating-rate debt uses three-month secured overnight financing
rate (SOFR) forward 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 (bbb, Lower), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (b+, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb-, Higher), Profitability (bb,
Moderate), Financial Structure (a-, Lower), and Financial
Flexibility (bbb-, Moderate).

- Assessments of the quantitative financial subfactors include
bespoke calculations.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'a' results in no
adjustment.

- The SCP is 'bb-'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Deterioration in market fundamentals that leads to decreased
utilization and reduced margins on assets;

- Sustained negative FCF or deviation from conservative financial
policies;

- Midcycle EBITDA leverage above 2.5x.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Increased scale with midcycle EBITDA that exceeds $500 million
while maintaining generally positive FCF;

- Sustainably stronger offshore drilling market or increased
revenue share derived from renewables customers;

- Midcycle EBITDA leverage below 1.5x.

Liquidity and Debt Structure

As of March 31, 2026, Helix had approximately $501 million in cash
and $113 million in availability under its RCF. The company has
modest debt amortization until the notes mature in 2029. Fitch
views Helix's liquidity as sufficient and refinancing risk as
manageable.

Issuer Profile

Helix is a leading international offshore energy services company
that provides specialty services to the offshore energy industry
with a focus on well intervention, robotics, and full-field
decommissioning operations.

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 Climate.VS for 2035 for Helix Energy Solutions Group, Inc. is
58. This is consistent with the oilfield services industry.
Offshore drilling operations, like their onshore counterparts, face
the risk of regulatory scrutiny and environmental regulations.
Additionally, oilfield services companies encounter risks related
to emission production, personnel safety, environmental disasters
and other catastrophic events. Helix's diverse operational basins
offer a degree of geographical diversification, which may minimize
localized regulatory impacts. Furthermore, its exposure to the
renewables industry offers diversification away from oil and gas.

Key transition risks arise from potential reductions in demand for
oil and gas, as well as the related demand for oilfield services,
driven by policies designed to reduce the use of oil and gas in the
global economy. In the shorter term, these risks also stem from
policies designed to limit greenhouse gas emissions from oil and
gas production. Currently, these risks do not have a material
influence on the rating, given the very long-term time frame over
which the transition may occur and the uncertainty regarding the
extent and nature of changes, as well as the response of markets
and companies.

Helix's vessels offer benefits to its customers in the context of
energy transition risks. In 2021, a sustainability consultant
determined that Helix vessels were 31% more efficient compared to
conventional drilling vessels. They also reduced the time to
complete the same well intervention by almost 50%, which equated to
a 60% decrease in emissions when using a Helix vessel instead of a
drillship.

Helix has set targets to reduce Scope 1 and 2 carbon dioxide
equivalent emissions per day under charter by 10% by 2024 (from the
2019 baseline level) and to reduce Scope 3 carbon dioxide
equivalent emissions by 5% by 2024. The company has achieved an 8%
decrease in Scope 1 emissions, a 30% decrease in Scope 2 emissions
and a 43% decrease in Scope 3 emissions since 2019. Helix has
numerous specific initiatives and projects in place to meet and
exceed its targets.

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
   -----------                 ------          --------   -----
Helix Energy
Solutions Group, Inc.  

                         LT IDR BB- Affirmed              BB-

   senior unsecured      LT     BB- Affirmed    RR4       BB-


HERBALIFE INTERNATIONAL: Locks in $1.45B Secured Refinancing Deal
-----------------------------------------------------------------
Dale Quinn of Bloomberg News reports that Herbalife Ltd. finalized
a $1.45 billion senior secured refinancing that is projected to
reduce annual cash interest costs by approximately $45 million. The
move forms part of the company’s broader debt management
strategy.

The transaction features $800 million of 7.750% senior secured
notes maturing in 2033, along with an amended credit facility that
includes a $225 million term loan and a $425 million revolving
credit line. The notes include a three-year non-call period and
semi-annual interest payments, according to report.

Proceeds were directed toward repaying existing debt, notably $800
million in 12.250% senior notes. The refinancing replaces
higher-cost obligations with more favorable long-term financing,
the report states.

Post-transaction, the company had roughly $200 million outstanding
under its revolving credit facility, maintaining access to
additional liquidity under the revised terms, Bloomberg cites.

           About Herbalife International of America, Inc.

Herbalife International of America, Inc., is a Nevada corporation
with its principal place of business in Los Angeles. Herbalife
International of America, Inc., was a wholly-owned subsidiary of
Herbalife International, Inc. and an indirect, wholly-owned
subsidiary of Herbalife, Ltd.  The Individual Defendants are among
Herbalife's top earning distributors.


HERNANDEZ LOPEZ: Files Emergency Bid to Use Cash Collateral
-----------------------------------------------------------
Hernandez Lopez & Sons, Inc. asks the U.S. Bankruptcy Court for the
Southern District of Texas, Laredo Division, for authority to use
cash collateral and provide adequate protection.

At the time of filing, the Debtor had approximately $3,034 in cash
on hand and expected up to $7,000 in aging, low-value accounts
receivable, which it believes are difficult and uneconomical to
collect. The Debtor operates essentially as a cash-based business
where customers typically pay in advance or at the time services
are rendered through insurance proceeds, loans, or direct payment
and, therefore, relies heavily on immediate cash flow to sustain
operations.

Kapitus LLC asserts, though not yet through a filed proof of claim,
a first-priority security interest in the Debtor's accounts
receivable, which the Debtor initially scheduled as an unsecured
obligation of approximately $81,882. The Debtor disputes the extent
of Kapitus's lien, particularly as it relates to post-petition
receivables, and seeks a judicial determination of the scope and
validity of any such security interest. The Debtor further argues
that immediate use of cash collateral is necessary to avoid
irreparable harm, including the shutdown of operations, loss of
customers, termination of service arrangements, and destruction of
going-concern value. The Debtor states it has no alternative
financing available and therefore must rely on cash collateral to
fund ongoing expenses.

In support of the request, the Debtor submits a proposed budget
detailing essential operating costs and requests interim authority
to use up to $88,898 in cash collateral for a 21-day period, with a
variance allowance of 10% between budget line items but no increase
in the total without court approval. It also seeks long-term
authority to use cash collateral throughout the Chapter 11 case
subject to further court orders.

As adequate protection, the Debtor proposes monthly payments to
Kapitus equal to 1.25% of the value of its collateral, once the
Court determines that value, asserting this structure sufficiently
protects any diminution in the creditor's interest.

A court hearing is scheduled for May 14.

A copy of the motion is available at https://urlcurt.com/u?l=KB6yiG
from PacerMonitor.com.

             About Hernandez Lopez & Sons, Inc.

Hernandez Lopez & Sons, Inc. operates a funeral and cremation
services business in Laredo, Texas.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 26-50020) on April 20,
2026. In the petition signed by Ernesto Lopez Sr., president, the
Debtor disclosed up to $50,000 in both assets and liabilities.

Judge Jeffrey P. Norman oversees the case.

Carl M. Barto, Esq., at Law Office of Carl M. Barto, represents the
Debtor as legal counsel.


HOMETOWN CHIROPRACTIC: Michael Abelow Named Subchapter V Trustee
----------------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Michael Abelow,
Esq., at Sherrard Roe Voigt & Harbison, PLC, as Subchapter V
trustee for Hometown Chiropractic LLC.

Mr. Abelow 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. Abelow declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Michael G. Abelow, Esq.
     Sherrard Roe Voigt & Harbison, PLC
     150 3rd Ave. South, Suite 1100
     Nashville TN 37201
     Phone: (615) 742-4532
     Email: mabelow@srvhlaw.com

                  About Hometown Chiropractic LLC

Hometown Chiropractic, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-01799) on
April 17, 2026. In the petition signed by Anne Peters, manager, the
Debtor disclosed up to $50,000 in assets and up to $1 million in
liabilities.

Judge Charles M. Walker oversees the case.

Michelle L. Spezia, Esq., at Johnson & Spezia, PLLC, represents the
Debtor as legal counsel.


HORACE CITY: Moody's Downgrades Issuer & GOULT Ratings to Ba1
-------------------------------------------------------------
Moody's Ratings has downgraded the City of Horace, ND's issuer
rating and outstanding general obligation unlimited tax (GOULT)
ratings to Ba1 from Baa3. Concurrently, Moody's have assigned a Ba1
rating to the city's Refunding Improvement Bonds, Series 2026B,
with an estimated par amount of $35.5 million. Following the sale,
the city will have approximately $242 million in total debt
outstanding.

The downgrade to Ba1 reflects the city's elevated long term
liabilities ratio, which is expected to remain near 900% of
revenues given current debt levels and moderating revenue growth.
Governance is a key consideration incorporated into the rating
through the city's debt issuance practices, which have resulted in
leverage levels that are highly dependent on continued revenue
growth.

RATINGS RATIONALE

The Ba1 issuer rating reflects the city's elevated leverage profile
balanced against its strong and growing economy and solid financial
position. Long-term liabilities are currently estimated at
approximately 850% of fiscal 2025 revenues, and expected to remain
near 900% as revenue growth moderates. The rating incorporates
heightened sensitivity to future revenue growth given the scale of
outstanding debt. Governance is a key consideration reflected in
debt issuance practices that have contributed to growth of
outstanding debt that has outpaced expansion of the city's full
equalized value and population. The city's ability to sustain its
current credit profile is closely linked to continued economic
development and revenue growth.

Debt issuance over the past five years has primarily funded
infrastructure supporting residential development. The city has
grown due to the amount of buildable land in Horace, which is one
of the few dry areas in a region that has experienced periodic
flooding of the Red River of the North. Growth in the city's
taxable full value and population are expected to moderate over the
medium term; completion of the Fargo Moorhead Flood Diversion
Project is expected to expand regional development options, which
could slow future growth in Horace. Management reports an expected
decline in building permits in 2026 relative to recent years.

The city benefits from a strong resident income profile and high
full value per capita, at 208% of the national median and
approximately $193,000, respectively. Financial flexibility remains
adequate, but more narrow than peers, with fiscal 2024 available
fund balance equal to 16% of revenues. Liquidity was stronger, with
cash equal to 209% of revenues, reflecting restricted funds for
capital and debt service purposes. Fiscal 2025 operations were
balanced. Management expects fiscal 2026 revenues will be above
budget due to special assessment prepayments.

The Refunding Improvement Bonds are primarily supported by special
assessments on benefited properties and are additionally secured by
the city's GOULT pledge. The Ba1 rating on the GOULT debt is the
same level as the issuer rating, reflecting the city's full faith
and credit pledge and ability to levy a property tax without
limitation on rate or amount.

RATING OUTLOOK

Moody's do not assign outlooks to local governments with this
amount of debt outstanding.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- Reduction in leverage resulting in long term liabilities below
700% of revenues

-- Fixed costs ratio sustained below 35%

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Additional debt issuance that increases leverage

-- Sustained slowing in population or tax base growth

PROFILE

The City of Horace is located in Cass County in east-central North
Dakota immediately south of the City of Fargo. The city provides
public safety, street maintenance, water, sewer, and other
governmental services to over 4,000 residents.

METHODOLOGY

The principal methodology used in these ratings was US Cities and
Counties published in December 2025.


HUMMINGBIRD ELITE: Seeks Chapter 11 Bankruptcy in New York
----------------------------------------------------------
On April 27, 2026, Hummingbird Elite Real Estate Holdings LLC filed
for Chapter 11 protection in the U.S. Bankruptcy Court for the
Eastern District of New York. According to court filings, the
Debtor reports between $0 and $100,000 in debt owed to 1–49
creditors.

A meeting of creditors under Section 341(a) to be held on June 1,
2026 at 09:15 AM at USA Toll-Free (888) 330-1716, USA Caller
Paid/International Toll (713) 353-7024, Access Code 8185618.

          About Hummingbird Elite Real Estate Holdings LLC

Hummingbird Elite Real Estate Holdings LLC is a limited liability
company engaged in real estate investment and property holding
activities.

Hummingbird Elite Real Estate Holdings LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42013)
on April 27, 2026. In its petition, the Debtor reports estimated
assets of $0 to $100,000 and estimated liabilities of $0 to
$100,000.

Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.

The Debtor is represented by Narissa A. Joseph, Esq.


HYPERION MATERIALS: Moody's Affirms B3 CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings affirmed Hyperion Materials & Technologies, Inc.'s
(Hyperion) corporate family rating at B3, probability of default
rating at B3-PD, and senior secured bank credit facility ratings at
B3. Additionally, Moody's assigned a B3 rating to its proposed
senior secured first lien bank credit facility, including the $486
million amended and extended senior secured first lien term loan
due August 2031 and senior secured first lien revolving credit
facility expiring July 2030, with Hyperion Materials &
Technologies, Inc. and Snowbird Holdings (Germany) GmbH as
co-borrowers. The outlook is maintained at stable.

Proceeds from the new first lien term loan, along with a $120
million common equity investment from the company's financial
sponsor, KKR, will be used to repay the outstanding balance on the
existing term loan, to fund working capital investment, to fund the
purchase price of multiple acquisitions expected to close in 2026,
and to pay related fees and expenses. Moody's expects to withdraw
the B3 rating on the existing senior secured bank credit facility
following the close of the transaction.

The affirmation of Hyperion's ratings reflects Moody's expectations
that the company will grow earnings as demand recovers, especially
in industrial, aerospace and electronics end markets. Moody's
expectations of ongoing capital investment into the business to
support organic growth is also incorporated into the ratings
affirmation. Moody's also expects KKR's equity investment to allow
Hyperion to preserve adequate liquidity as the company navigates
significant increases in input costs from recent Chinese export
controls that will impact the global price of tungsten, the main
input to Hyperion's products. While Chinese restrictions will
impact the global price, approximately 85% of Hyperion's tungsten
inputs are sourced from North America and Europe, supporting its
ability to reliably source necessary inputs even in a dynamic
environment.

RATINGS RATIONALE

Hyperion's B3 CFR reflects its small revenue base against larger
competitors, some of which are public companies, and a high
concentration of sales in cyclical end markets including
automotive, oil and gas, aerospace and general industrials, among
others. The company maintains a steady pace of tuck-in acquisitions
to support growth, which still entail integration risk. The company
will need to continue to invest in R&D to maintain its margins and
competitive position.

The rating is supported by the company's specialized product
portfolio manufactured from hard and super hard materials based on
carbide and synthetic diamond technologies. About 90% of Hyperion's
revenue is generated from products with a finite useful life,
providing stability and a recurring base of business. The company
serves diversified end markets across both industrials and
consumables, with a global sales presence.

Moody's expects Hyperion to maintain adequate liquidity over the
next 12 to 18 months, supported by about $13 million of cash on the
balance sheet and only $3 million drawn on the $75 million
revolving credit facility as of December 31, 2025. Moody's expects
Hyperion to generate sufficient cash flow to cover fixed charges,
including maintenance capital investment, cash interest & taxes,
and debt amortization, but further cash usage may require continued
reliance on the $45 million trade receivables facility, of which
$44 million was drawn at year end, or the revolver. Moody's do not
expect Hyperion to trigger or violate the springing covenant on the
revolving credit facility.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade the ratings if the company maintains adjusted
debt/EBITDA below 6.0x and adjusted EBITA/interest expense above
2.0x. Moody's could also upgrade the ratings if the company attains
good liquidity and further improves its profitability.

Moody's could downgrade the ratings if adjusted debt/EBITDA remains
above 7.0x and adjusted EBITA/interest expense remains near 1.0x. A
deterioration in liquidity including sustained negative free cash
flow or an aggressive acquisition with additional debt could result
in downward ratings pressure.

The principal methodology used in these ratings was Manufacturing
published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Headquartered in Worthington, Ohio, Hyperion develops, produces and
sells hard and super-hard materials based on carbide and synthetic
diamond technologies. Hyperion has been a portfolio company of KKR
since July 2018. The company generated approximately $573 million
of revenue for the last 12 months ended December 31, 2025.


IMPAC MORTGAGE: Deadline for Panel Questionnaires Set for May 4
---------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of Impac Mortgage
Holdings, Inc., et al.
       
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://www.justice.gov/ust/media/1438376/dl?inline
and return by email it to Benjamin Hackman --
Benjamin.A.Hackman@usdoj.gov -- at the Office of the United States
Trustee so that it is received no later than Monday, May 4, 2026 at
4:00 p.m.
       
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.

                About Impac Mortgage Holdings, Inc.

Impac Mortgage Holdings, Inc. is a financial services company
primarily engaged in mortgage lending, servicing, and related real
estate activities in the United States.

Impac Mortgage Holdings, Inc. and 12 of its affiliates sought
relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del., Case No. 26-10593) on April
26, 2026.  In its petition, the Debtor reported estimated assets of
$10 million to $50 million and estimated liabilities of $100
million to $500 million.  The petitions were signed by George A.
Mangiaracina as chief
executive officer.

The Hon. Craig T Goldblatt presides over the cases.

The Debtors' general bankruptcy counsel is Dentons US LLP, and
their local Delaware counsel is Pachulski Stang Ziehl & Jones LLP.
The Debtors' financial advisor is Development Specialist, Inc. and
their claims agent is Kurtzman Carson Consultants, LLC dab Verita
Global.


IMPAC MORTGAGE: Gets Court OK for Stock Sale Notice
---------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge
ruled Tuesday, April 28, 2026, that Impac Mortgage can continue
managing the sale of its stock, even after millions of dollars in
trades were executed following a court-imposed restriction on
trading.

The emergency order, issued Monday, April 27, 2026, was intended to
curb stock transactions during the company's bankruptcy case.
Despite that directive, substantial trading activity reportedly
occurred, raising concerns among parties about adherence to the
court's order, the report states.

The judge ultimately allowed the company to maintain oversight of
its stock sale process, signaling that further review of the
trading activity may follow as the case proceeds, according to
Law360.

                 About Impac Mortgage Holdings, Inc.

Impac Mortgage Holdings, Inc. is a financial services company
primarily engaged in mortgage lending, servicing, and related real
estate activities in the United States.

Impac Mortgage Holdings, Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-10593) on April 26, 2026.
In its petition, the Debtor reports estimated assets and
liabilities each ranging from $10 million to $50 million.


IN DUE SEASON: Amy Denton Mayer Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Amy Denton Mayer of
Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for
In Due Season, LLC.

Ms. Mayer will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.  

Ms. Mayer declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Amy Denton Mayer
     Stichter Riedel Blain & Postler P.A.
     110 East Madison Street, Suite 200
     Tampa, FL 33602
     Phone: (813)229-0144
     Email: amayer@subvtrustee.com  

                       About In Due Season LLC

In Due Season LLC, doing business as In Due Season Birth Center &
Family Wellness, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla., Case No. 26--03193) on April 16,
2026.

At the time of the filing, the Debtor had estimated assets of
between $500,001 and $1 million and liabilities of between $100,001
and $500,000.

Ford & Semach, P.A. is Debtor's legal counsel.


INFINITE GLOW: Seeks to Extend Cash Collateral Access
-----------------------------------------------------
Infinite Glow, LLC asks the U.S. Bankruptcy Code for the Northern
District of California, San Jose Division, for authority to use
cash collateral beyond the current authorization period, which
expires on May 8.

The Debtor explains that a plan confirmation hearing is scheduled
for May 7 but there may be a delay between confirmation and the
plan's effective date, or the hearing itself may be continued, so
the supplement is filed out of caution to ensure uninterrupted
funding for operations.

The Debtor seeks approval to use cash collateral from May 9 through
November 1 consistent with its budget projection and continue to
operate under previously approved nine-term stipulations with
JPMorgan Chase Bank, which holds the senior deed of trust on the
property and receives monthly adequate protection payments of
$14,841.

Chase will continue receiving monthly payments for the proposed
period and will retain a replacement lien on post-petition cash
collateral and proceeds, with the same validity and priority as its
prepetition lien.

For the proposed period, the Debtor forecasts approximately
$209,082 in income against $199,975 in expenses, resulting in
projected net income of $9,107.

The Debtor's financial distress stems primarily from the COVID-19
pandemic and prolonged eviction and rent moratoriums imposed by
Alameda County and the City of Oakland, which prevented rent
collection for more than three and a half years and resulted in
substantial arrears, ongoing eviction proceedings, and sustained
cash flow disruption.

Although conditions have improved, the Debtor continues to
stabilize operations by renting additional units, pursuing eviction
actions, and maintaining litigation against Chase for declaratory
relief. Since filing, the Debtor has repeatedly obtained authority
to use cash collateral and has complied with all court-ordered
adequate protection requirements. Mr. Singhal has also contributed
significant personal funds, including approximately $637,000 placed
into a trust account to support reorganization efforts.

A hearing on the matter is set for May 26.

A copy of the motion is available at https://urlcurt.com/u?l=N54BBz
from PacerMonitor.com.

JPMorgan is represented by:

   Mia S. Blackler, Esq.
   Lubin Olson & Niewiadomski LLP
   The Transamerica Pyramid
   600 Montgomery Street, 14th Floor
   San Francisco, CA 94111
   Telephone: (415) 981-0550
   Facsimile: (415) 981-4343
   mblackler@lubinolson.com

                      About Infinite Glow
LLC

Infinite Glow, LLC has an equitable interest in the property
situated at 2912 14th Ave., Oakland, Calif., which is valued at
$4.7 million.

Infinite Glow filed Chapter 11 petition (Bankr. N.D. Calif. Case
No. 25-50253) on February 27, 2025, listing between $1 million and
$10 million in both assets and liabilities.

Judge Stephen L. Johnson handles the case.

The Debtor is represented by Steven Robert Fox, Esq. at Law Offices
of Steven R. Fox.


INSPIRED HEALTHCARE: May 5 Deadline for DST Panel Questionnaires
----------------------------------------------------------------
The United States Trustee is soliciting members for a committee of
Delaware statutory trust (DST) investors in the bankruptcy cases of
Inspired Healthcare Capital Holdings, LLC, et al.

If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/45xt87xb and return by email it to
Susan Hersh and Joseph Schlotzhauer -- susan.hersh@usdoj.gov and
joseph.schlotzhauer@usdoj.gov -- at the Office of the United States
Trustee so that it is received no later than 12:00 p.m. Central
Standard Time, on Tuesday, May 5, 2026.
       
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
       
                   About Inspired Healthcare

Inspired Healthcare Capital Holdings, LLC, owns senior living
communities across the U.S. that provide independent living,
assisted living and memory care services. It operates in the senior
housing and healthcare real estate sector, with day-to-day
community operations managed by third-party operators under
management agreements, while the Company retains control over
non-community business functions.

Inspired Healthcare Capital Holdings sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case
No. 26-90004) on Feb. 2, 2026. In the petition signed by M.
Benjamin Jones, chief restructuring officer, Inspired Healthcare
Capital Holdings reported between $1 billion and $10 billion in
both assets and liabilities.

Judge Mark X. Mullin oversees the cases.

The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy
counsel; Ankura Consulting Group, LLC as financial advisor; Raymond
James & Associates, Inc., as an investment banker, and Epiq
Corporate Restructuring, LLC as claims, noticing, and solicitation
agent.

On Feb. 25, 2026, the Office of the United States Trustee for the
Northern District of Texas appointed an official committee of
unsecured creditors in these Chapter 11 cases. The committee tapped
Greenberg Traurig, LLP as counsel and Berkeley Research Group, LLC
as financial advisor.


INSPIRED HEALTHCARE: U.S. Trustee Appoints Mairead Painter as PCO
-----------------------------------------------------------------
Lisa Lambert, the U.S. Trustee for Region 6, appointed Mairead
Painter as patient care ombudsman at Connecticut senior living
facility operated by Inspired Healthcare Capital Holdings, LLC and
affiliates.

To the best of the U.S. Trustee's knowledge and based on the
verified statement provided, Ms. Painter has no connections with
Inspired Healthcare, creditors and other parties-in-interest in the
bankruptcy case.

The ombudsman may be reached at:

     Ms. Mairead Painter
     State LTC Ombudsman
     Office of the Long-Term Care Ombudsman
     (ADS) Department of Aging and Disability Services
     55 Farmington Ave
     Hartford, CT 06105
     Phone: (860) 424-5239
     Fax: 860-772-1704
     Email: Mairead.painter@ct.gov

            About Inspired Healthcare Capital Holdings

Inspired Healthcare Capital Holdings, LLC, owns senior living
communities across the U.S. that provide independent living,
assisted living and memory care services. It operates in the senior
housing and healthcare real estate sector, with day-to-day
community operations managed by third-party operators under
management agreements, while the Company retains control over
non-community business functions.

Inspired Healthcare Capital Holdings sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case
No. 26-90004) on Feb. 2, 2026.  In the petition signed by M.
Benjamin Jones, chief restructuring officer, Inspired Healthcare
Capital Holdings reported between $1 billion and $10 billion in
both assets and liabilities.

Judge Mark X Mullin oversees the cases.

The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy
counsel; Ankura Consulting Group, LLC as financial advisor; Raymond
James & Associates, Inc., as an investment banker, and Epiq
Corporate Restructuring, LLC as claims, noticing, and solicitation
agent.


INSPIRED HEALTHCARE: U.S. Trustee Appoints Timothy Hunter as PCO
----------------------------------------------------------------
Lisa Lambert, the U.S. Trustee for Region 6, appointed Timothy
Hunter as patient care ombudsman at Minnesota senior living
facility operated by Inspired Healthcare Capital Holdings, LLC and
affiliates.

To the best of the U.S. Trustee's knowledge and based on the
verified statement provided, Mr. Hunter has no connections with
Inspired Healthcare, creditors and other parties-in-interest in the
bankruptcy case.

The ombudsman may be reached at:

     Timothy Hunter
     Office of Ombudsman for Long-Term Care
     P.O. Box 64971
     St. Paul, MN 55155
     (651) 431-6878
     Email: timothy.hunter@state.mn.us

            About Inspired Healthcare Capital Holdings

Inspired Healthcare Capital Holdings, LLC, owns senior living
communities across the U.S. that provide independent living,
assisted living and memory care services. It operates in the senior
housing and healthcare real estate sector, with day-to-day
community operations managed by third-party operators under
management agreements, while the Company retains control over
non-community business functions.

Inspired Healthcare Capital Holdings sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case
No. 26-90004) on Feb. 2, 2026.  In the petition signed by M.
Benjamin Jones, chief restructuring officer, Inspired Healthcare
Capital Holdings reported between $1 billion and $10 billion in
both assets and liabilities.

Judge Mark X Mullin oversees the cases.

The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy
counsel; Ankura Consulting Group, LLC as financial advisor; Raymond
James & Associates, Inc., as an investment banker, and Epiq
Corporate Restructuring, LLC as claims, noticing, and solicitation
agent.


INSPIREMD INC: CEO Marvin Slosman Holds 5.18% Equity Stake
----------------------------------------------------------
Marvin Slosman disclosed in a Schedule 13D filed with the U.S.
Securities and Exchange Commission that as of January 22, 2026, he
beneficially owns 2,556,760 shares of InspireMD, Inc.'s Common
Stock, $0.0001 par value per share, representing 5.18% of the
46,838,962 shares issued and outstanding as of the date hereof. The
2,556,760 shares consist of:

     (i) 16,722 shares of common stock;

    (ii) 12,159 restricted stock units granted outside the
Company's equity incentive plans that are currently exercisable or
exercisable within 60 days;

   (iii) 78,352 restricted stock units granted under the InspireMD,
Inc. Long-Term Incentive Plan that are currently exercisable or
exercisable within 60 days;

    (iv) 1,753,522 restricted stock units granted under the
InspireMD Inc. 2021 Equity Compensation Plan that are currently
exercisable or exercisable within 60 days; and

     (v) 696,005 shares issuable upon exercise of options granted
under the 2021 Equity Incentive Plan that are currently exercisable
or exercisable within 60 days.

Marvin Slosman may be reached through:

     Marvin Slosman, Chief Executive Officer
     InspireMD, Inc.
     6303 Waterford District Drive, Suite 215
     Miami, FL 33126
     Tel: (888) 776-6804

A full-text copy of Marvin Slosman's SEC report is available at:
https://tinyurl.com/42re9b3c

                          About InspireMD

Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com/-- is a medical device company focusing
on the development and commercialization of its proprietary
MicroNet stent platform technology for the treatment of complex
vascular and coronary disease. A stent is an expandable
"scaffold-like" device, usually constructed of a metallic material,
that is inserted into an artery to expand the inside passage and
improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped
over a stent to provide embolic protection in stenting procedures.

Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 18, 2026, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2025, citing that the
Company has suffered recurring losses from operations and cash
outflows from operating activities that raise substantial doubt
about its ability to continue as a going concern.

As of December 31, 2025, the Company had $69.4 million in total
assets and $14.2 million in total liabilities, and total
stockholders' equity of $55.2 million.


INSTITUTO MEDICO: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Instituto Medico Del Norte Inc
           Hospital Wilma N. Vazquez
           Centro Medico Wilma N. Vazquez
           Skilled Nursing Facility Wilma N. Vazquez
         Carr 2 KM 39.5
         Bo Algarrobo
         Vega Baja, PR 00693

         Business Description: Instituto Medico del Norte Inc.,
operating as Centro Medico Wilma N. Vazquez, provides hospital and
health-care services in Vega Baja, Puerto Rico. The company's Wilma
N. Vazquez health system offers emergency care, skilled nursing,
primary care, imaging, clinical laboratory, wound-care, pediatric
and infusion services, serving adults, children and patients
requiring acute, specialty or transitional medical care.

Chapter 11 Petition Date: April 28, 2026

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 26-01886

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Jesus Enrique Batista Sanchez, Esq.
                  THE BATISTA LAW GROUP, PSC
                  239 Ave Arterial Hostos Ste 206
                  San Juan PR 00918-1475
                  Tel: (787) 620-2856
                  Email: jeb@batistasanchez.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Orlando Pabon Quinones 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/OJ2TFIA/INSTITUTO_MEDICO_DEL_NORTE_INC__prbke-26-01886__0001.0.pdf?mcid=tGE4TAMA


INTERNATIONAL UNION: Soneet Kapila Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Soneet Kapila of
Kapila Mukamal as Subchapter V trustee for International Union of
Police Associations Local 6020.

Mr. Kapila 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. Kapila declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Soneet R. Kapila
     Kapila Mukamal
     1000 South Federal Highway, Suite 200
     Fort Lauderdale, FL 33316
     Tel: (954) 761-1011
     Email: skapila@kapilamukamal.com

          About International Union of Police Associations

International Union of Police Associations Local 6020 sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Fla. Case No. 26-14757) on April 16, 2026, with $50,001 to
$100,000 in assets and $500,001 to $1 million in liabilities.

Chad T. Van Horn, Esq., represents the Debtor as legal counsel.


INTERTRADE HOLDINGS: Case Summary & Nine Unsecured Creditors
------------------------------------------------------------
Debtor: Intertrade Holdings Inc.
        2114 N. Flamingo Rd. #142
        Pembroke Pines, FL 33028

        Business Description: Intertrade Holdings Inc. is a
Pembroke Pines, Florida-based food distribution and
product-development company that supplies retail and food-service
customers. The company provides distribution, brokerage,
manufacturing and product-development services and serves as the
exclusive distributor of Margaritaville Empanadas, including beef,
chicken, corn and Jamaican-style empanada products.

Chapter 11 Petition Date: April 28, 2026

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 26-15399

Debtor's Counsel: Brian S. Behar, Esq.
                  BEHAR, GUTT & GLAZER, P.A.
                  DCOTA, Suite A-350
                  1855 Griffin Road
                  Fort Lauderdale, FL 33004
                  Tel: 954-266-3710
                  Email: bsb@bgglaw.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Perry Burk as CEO.

A copy of the Debtor's list of its nine unsecured creditors is
available for free on PacerMonitor at:

https://www.pacermonitor.com/view/MHK6FDA/Intertrade_Holdings_Inc__flsbke-26-15399__0002.0.pdf?mcid=tGE4TAMA

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/PYMDFTY/Intertrade_Holdings_Inc__flsbke-26-15399__0001.0.pdf?mcid=tGE4TAMA


J &ST DEV: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: J &ST Dev., LLC
           d/b/a Tony M's Restaurant & Banquet Center
           d/b/a Tony M's Party Store & Del
        3420 S. Creyts Rd.
        Lansing, MI 48917

        Business Description: J &ST Dev., LLC operates as Tony M's
Restaurant & Banquet Center and Tony M's Party Store & Del in
Lansing, Michigan. Founded by the Migaldi family and operating
since 1981, the company provides Italian-American restaurant
dining, pre-ordering, pickup, delivery, catering, banquet room
services, event venue space, and deli and party store services. Its
menu includes items such as pizza, pasta, subs, salads, burgers,
breakfast items, desserts, and beverages, and its facilities
support meetings, parties, family celebrations, corporate events,
live music, trivia nights, and community events.

Chapter 11 Petition Date: April 28, 2026

Court: United States Bankruptcy Court
       Western District of Michigan

Case No.: 26-01366

Judge: Hon. John T Gregg

Debtor's Counsel: George E. Jacobs, Esq.
                  BANKRUPTCY LAW OFFICES
                  2425 S. Linden Rd., Suite C
                  Flint, MI 48532
                  Tel: (810) 720-4333
                  E-mail: george@bklawoffice.com

Total Assets: $95,605

Total Liabilities: $1,117,359

The petition was signed by Tamara Farrell 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/CB4I3DA/J_ST_Dev_LLC__miwbke-26-01366__0001.0.pdf?mcid=tGE4TAMA


JACKSON HOSPITAL: No Patient Care Concern, 7th PCO Report Says
--------------------------------------------------------------
Suzanne Koenig, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Middle District of Alabama her seventh
report regarding the quality of patient care provided by Jackson
Hospital & Clinic, Inc. and affiliates.

In the report which covers the period Feb. 16 to April 17, the
ombudsman representatives met with the chief operating officer and
the chief nursing officer during the two unannounced visit to
Jackson Hospital.

The PCO representative found the kitchen clean and organized, with
staff preparing meals for approximately 160 patients. The Director
reported that there are several menu updates in progress and that
staff have been participating in taste testing.

During a tour of 6 North medical surgical unit, both medication
rooms were evaluated. Both were clean and orderly with adequate
supplies. No expired product was noted in either medication room.
The clean utility room appeared well stocked, and no outdated items
were noted. The intravenous supply room was well stocked. The dirty
utility room was orderly and was free from malodor.

During a patient interview, the patient stated that the staff at 6
East medical surgical unit have been wonderful. The patient
commented that he used his call button multiple times during the
night and that the staff were extremely responsive. hey stated that
they were pleased with the care and concern shown to their
husband/father as he recovers from a difficult surgery.

Meanwhile, the ombudsman reported that the 5 West medical surgical
unit medication room was clean. The medication room was orderly,
and supply bins were stocked. The code cart had been checked daily
per hospital policy. Oxygen tanks were available and secured per
hospital policy. Clinical equipment on the unit had current
preventative maintenance stickers.

Ms. Koenig did not observe any significant concerns during this
report period.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=8fTgx8 from PacerMonitor.com.

The PCO can be reached at:

     Suzanne Koenig
     SAK Healthcare
     300 Saunders Road, Suite 300
     Riverwoods, IL 60015
     Phone: 847-446-8400
     Fax: 847-446-8432
     skoenig@sakhealthcare.com

               About Jackson Hospital & Clinic Inc.

Jackson Hospital & Clinic, Inc. is a non-membership, non-profit
corporation based in Alabama. JHC is the direct or indirect parent
company of JHC Pharmacy, LLC, an Alabama limited liability company
that provides pharmacy services to JHC patients. JHC owns 100% of
JHC Pharmacy. Additionally, JHC is a direct or indirect parent
company of certain other entities that have not filed for
bankruptcy.

JHC operates a 344-bed healthcare facility in Montgomery, Ala.,
with a rich history dating back to 1894. Since its official opening
in 1946, JHC has grown into one of the largest hospitals in
Alabama, offering specialized services in cardiac care, cancer
treatment, neurosciences, orthopedics, women's care, and emergency
services. JHC's service area includes 16 counties across central
Alabama.

JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala.
Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC
reported between $100 million and $500 million in both assets and
liabilities.

Judge Christopher L. Hawkins handles the cases.

The Debtors are represented by Derek F. Meek, Esq. at Burr &
Forman, LLP.

Suzanne Koenig serves as patient care ombudsman.


JACQUELINE D MOORE: Case Summary & Nine Unsecured Creditors
-----------------------------------------------------------
Debtor: Jacqueline D Moore PLLC
           d/b/a Comprehensive Surgery Specialists
           d/b/a Comprehensive Surgical Specialists of Stone Ridge
        24560 Southpoint Dr., Suite 300
        Aldie, VA 20105-3504

        Business Description: Jacqueline D Moore PLLC, doing
business as Comprehensive Surgery Specialists and Comprehensive
Surgical Specialists of Stone Ridge, is a surgical practice located
in Aldie, Virginia. The practice provides minimally invasive
surgical procedures and robotic surgery, including colon, breast
cancer, acid reflux, hernia, gallbladder, and abdominal cancer
procedures. It also treats conditions including appendix pain,
cysts, diverticulitis, hemorrhoids, hidradenitis suppurativa,
lipomas, moles, painful leg veins, skin cancer, and skin tags. The
practice serves communities including Aldie, Fairfax, Chantilly,
Ashburn, South Riding, Dulles, Annandale, Springfield, and Burke.

Chapter 11 Petition Date: April 29, 2026

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania

Case No.: 26-11018

Debtor's Counsel: Steven B. Ramsdell, Esq.
                  TYLER, BARTL & RAMSDELL, PLC
                  300 N. Washington St.
                  Suite 310
                  Alexandria, VA 22314
                  Tel: (703) 549-5000
                  Fax: (703) 549-5011
                  Email: sramsdell@tbrclaw.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jacqueline D. Moore, MD, as sole
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/NH4KZRQ/Jacqueline_D_Moore_PLLC__vaebke-26-11018__0001.0.pdf?mcid=tGE4TAMA


JOSHUA CABINETRY: To Sell Condo to T.K. Parkinson & K. L. Parkinson
-------------------------------------------------------------------
Joshua Cabinetry LLC and its affiliates, Joshua David Ellis and
Karen Te Ellis, seek approval from the U.S. Bankruptcy Court for
the Northern District of Georgia, Atlanta Division, to sell
condominium unit, free and clear of liens, claims, interest, and
encumbrances.

Karen Te Ellis owns a one fourth interests in Condominium Unit
#313, 885 Seascape Drive, Miramar Beach, Florida 32550. The other
co-owners of the Property are family members of the Debtor. The
owners have been marketing the Property for sale in order to
generate funds with which to pay creditors.

The Debtors enter into a certain Purchase and Sale Agreement with
Tiffany Kris Parkinson and Kevin Lynn Parkinson and/or assigns for
the sale of the Property. The Debtor does not have a pre-existing
relationship with the Buyer.

The gross purchase price is $530,000. The sale is a cash
transaction with no financing contingency. The sale is "As Is". The
escrow agent Customers First Title Company is holding the earnest
money in the amount of $5,300.

The Closing Date is May 14, 2026.

The Debtors' real estate broker is the Premier Property Group,
which is to receive a commission in the amount of 5% of the total
purchase price upon the closing of the sale of the Property.

The Seller's Broker is to offer to the buyer's broker compensation
in the amount of 2.5% of the total purchase price to be epaid from
the commission otherwise due to the Seller's Broker.

Onity Mortgage holds the first priority mortgage on the Property
with a payoff in the approximate amount of $282,693.65 and Newtek
Small Business Finance LLC holds a second priority deed to secure
debt on the Property in the approximate amount of $1,046,257.51.

            About Joshua Cabinetry LLC

Joshua Cabinetry LLC, headquartered in Georgia, provides expert
cabinetry and woodworking services with a focus on customization
and craftsmanship. The firm designs and installs superior-quality
cabinets for residential and commercial projects, offering
solutions such as kitchen and bathroom cabinetry, built-in
furnishings, and other tailored wood creations.

Joshua Cabinetry LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62270) on October 23,
2025. In its petition, the Debtor reports estimated assets up to
$100,000 and estimated liabilities between $1 million and $10
million.

The Debtor is represented by Paul Reece Marr, Esq. of Paul Reece
Marr, PC.

Newtek Small Business Finance, LLC, as lender, is represented by
Beth E. Rogers, Esq., at ROGERS LAW OFFICES, in Atlanta, Georgia.


JW COLE INVESTMENTS: Hires Vanessa Cash Adams as Counsel
--------------------------------------------------------
JW Cole Investments, LLC and affiliates seek approval from the U.S.
Bankruptcy Court for the Eastern District of Arkansas to employ Law
Offices of Vanessa Cash Adams, Inc. to serve as legal counsel.

The firm will provide these services:

   (a) give Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession of its organization and management
of the property;

   (b) prepare on behalf of Debtor, as Debtor in Possession, a
Petition, Schedules, Statement of Financial Affairs, any necessary
deficient schedules and other documents, applications, answers,
orders, reports, complaints, motions, etc. file such required
documents, and to appear before this Court and any other court in
reference thereto; and

   (c) perform all other legal services for Debtor in Possession
that may be necessary to effectuate a reorganization of Debtor's
financial affairs.

The firm will be paid at these rates:

     Vanessa Cash Adams, Esq.     $310 per hour
     Paralegal/Legal Assistants   $100 per hour

Ms. Adams disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Vanessa Cash Adams, Esq.
     Law Office of Vanessa Cash Adams, Inc
     PO Box 250056
     Little Rock, AR 72225
     Telephone: (501) 400-7395
     Facsimile: (501) 500-6072
     E-mail: vanessa@vanessacash.org

              About JW Cole Investments, LLC

JW Cole Investments, LLC, based in Kensett, Arkansas, provides
funeral home and crematory services under the names Ascension
Crematory, Sullivan Funeral Care, and Cole Funeral Home &
Crematory, LLC. The company offers burial and cremation services,
immediate-need arrangements, and veteran services. It serves
families in White County and surrounding areas.

JW Cole Investments, LLC in Kensett, AR, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. E.D. Ark. Case No. 26-11591) on April
21, 2026, listing as much as $1 million to $10 million in both
assets and liabilities. James Wesley Cole as member, signed the
petition.

Judge Bianca M Rucker oversees the case.

LAW OFFICE OF VANESSA CASH ADAMS INC. serve as the Debtor's legal
counsel.



KATERRA INC: J.S. Held Updates on Ch.11 Wind-Down Milestone Phase
-----------------------------------------------------------------
As the Katerra, Inc., Chapter 11 proceedings reach a milestone
phase, global consulting firm J.S. Held, along with Plan
Administrator Daniel R. Williams, CPA, CTP, shares an update on the
wind-down of the multi-billion-dollar construction company.
Katerra's 2021 bankruptcy filing stands as one of the largest and
most complex construction industry bankruptcies on record.
Following a competitive selection process among several nationally
recognized advisory firms, J.S. Held was selected to serve as both
the Plan Administrator and the Financial Advisor to the Bankruptcy
Estate.

"Katerra required more than administration; it required
orchestration. This was a global, multi‑year wind-down with
active construction, complex litigation, foreign assets, and
staggering volumes of data moving all at once," said Daniel R.
Williams, CPA, CTP, Senior Managing Director at J.S. Held and
court‑appointed Plan Administrator for Katerra. "What made J.S.
Held effective was the integration of every discipline into a
single execution model, enabling informed decisions and coordinated
action under intense scrutiny at every stage."

Over the years, the matter evolved into a highly complex,
multi-jurisdictional engagement involving thousands of creditors,
dozens of subsidiaries, foreign assets, and substantial claims
litigation. The bankruptcy required the wind-down of 34 domestic
entities, the dissolution of multiple foreign non-debtor
affiliates, asset sales across multiple countries including Saudi
Arabia, India, and China, and oversight of remaining active
construction projects. The scope also included reconciliation of
secured, priority, and unsecured claims, evaluation of insolvency
drivers, resolution of accounting and intercompany issues, and
administration of distributions under the confirmed Plan.

"The complexity existed at the intersection of construction
performance, surety exposure, financial analysis, and bankruptcy
procedure," said Richard Sexton, Executive Vice President and
Surety Practice Lead at J.S. Held. "Bringing those perspectives
together in real time enabled the identification of revenue
opportunities, validation of claims, and a more holistic approach
to risk management. That level of coordination mattered for a case
of this scale."

To address this breadth of challenges, J.S. Held assembled an
integrated team of seasoned professionals with deep experience in
bankruptcy administration, operational execution, financial
analysis, investigations, and large‑scale digital evidence
management.

"A bankruptcy of this magnitude required consistent technical rigor
across borders," said Mark Cohen, Senior Managing Director and
Construction Advisory Practice Lead at J.S. Held. "Our Construction
Advisory team deployed specialists across the US, Europe, the
Middle East, and APAC, providing on‑the‑ground insight while
maintaining a unified analytical standard. That global execution
capability was critical to supporting decisions across projects,
jurisdictions, and stakeholders."

Data preservation, reduction, and analysis became a defining
component of the engagement, as the estate required retention and
review of vast volumes of fragmented information across systems,
geographies, and stakeholders. J.S. Held implemented custom
workflows to preserve data, reduce volume, and accelerate review
while maintaining precision and defensibility.

"Managing more than 100 terabytes of fragmented data was not just a
technical challenge; it directly shaped how quickly and confidently
decisions could be made," said Mike Gaudet, Senior Managing
Director of Digital Investigations and Discovery at J.S. Held. "We
built custom workflows to preserve, reduce, and analyze data in
parallel, using advanced analytics and GenAI to accelerate insight
while maintaining precision. That capability transformed
overwhelming information into actionable intelligence for counsel,
investigators, and the Plan Administrator."

In high-stakes legal, regulatory, and financial matters, clients of
J.S. Held benefit from an integrated approach that supports
disciplined expert teams to integrate fiduciary oversight,
operational execution, financial and technical analysis,
investigations, and advanced data capabilities to support
disciplined action in environments shaped by competing priorities,
regulatory oversight, and court scrutiny.

About J.S. Held

J.S. Held is a global consulting firm that combines technical,
scientific, financial, and strategic expertise to advise clients
seeking to realize value and mitigate risk. Our professionals serve
as trusted advisors to organizations facing high stakes matters
demanding urgent attention, staunch integrity, proven experience,
clear-cut analysis, and an understanding of both tangible and
intangible assets. The firm provides a comprehensive suite of
services, products, and data that enable clients to navigate
complex, contentious, and often catastrophic situations.

More than 1,500 professionals serve organizations across six
continents, including 84% of the Global 200 Law Firms, 75% of the
Forbes Top 20 Insurance Companies (90% of the NAIC Top 50 Property
& Casualty Insurers), and 71% of Fortune 100 Companies.

J.S. Held, its affiliates and subsidiaries are not certified public
accounting firm(s) and do not provide audit, attest, or any other
public accounting services. J.S. Held is not a law firm and does
not provide legal advice. Securities offered through PM Securities,
LLC, d/b/a Phoenix IB or Ocean Tomo Investments, a part of J.S.
Held, member FINRA/SIPC. All rights reserved.

                       About Katerra Inc.

Based in Menlo Park, Calif., Katerra Inc. is a Japanese-funded,
American technology-driven offsite construction company. Katerra
was founded in 2015 by Michael Marks, former chief executive
officer of Flextronics and former Tesla interim CEO, along with
Fritz Wolff, the executive chairman of The Wolff Co. It offers
technology-driven design, manufacturing, and assembly solution for
bathroom pods, door and window, furniture, and modular utility
systems.

Katerra and its affiliates sought Chapter 11 protection (Bankr.
S.D. Tex. Lead Case No. 21-31861) on June 6, 2021. In its petition,
Katerra disclosed assets of between $500 million and $1 billion and
liabilities of between $1 billion and $10 billion.

Judge David R. Jones oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsel; Houlihan Lokey Capital, Inc. as investment
banker; Alvarez & Marsal North America, LLC as financial and
restructuring advisor; and KPMG, LLP as a tax consultant. Prime
Clerk LLC is the claims and noticing agent.

The official committee of unsecured creditors tapped Fox
Rothschild, LLP, as counsel; and FTI Consulting, Inc., as financial
advisor.

Weil, Gotshal & Manges LLP is counsel for SB Investment Advisers
(UK) Limited, DIP lender.

                            *    *    *

Katerra in early August 2021 won court approval to sell factories
in Washington State and California for a total of $71 million. Blue
Varsity LLC, a wholly-owned subsidiary of Mercer International
Inc., purchased Katerra's cross-laminated timber factory in
Spokane, Wash. Volumetric Building Companies, a Philadelphia-based
construction company, agreed to buy Katerra's two-year-old factory
in Tracy, Calif.


KKR REAL ESTATE: Fitch Alters Outlook on 'BB-' IDR to Negative
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of KKR Real Estate Finance Trust Inc. (KREF) and its wholly
owned operating subsidiary KKR Real Estate Finance Holdings L.P. at
'BB-'. Fitch also affirmed the senior secured debt assigned to the
Term Loan B issued by finance subsidiary KREF Holdings X LLC at
'BB-'. The Rating Outlook has been revised to Negative from
Stable.

Key Rating Drivers

Deteriorating Asset Quality Metrics: The Outlook revision reflects
meaningful deterioration in KREF's asset quality as evidenced by an
up-tick in impaired loans. The Negative Outlook also reflects
Fitch's expectations for earnings pressure from the rise in credit
provisions and non-accrual loans, the potential for leverage to
increase above the firm's targeted range, and the expectation that
distributable earnings (DE) coverage of dividends will remain
adversely impacted as the firm resolves problem loans.

KREF's impairment ratio was 13.7% at 1Q26, up from 10.7% at YE 2025
and 6.4% a year earlier. Fitch defines the ratio as risk-rated five
loans to gross loans, based on outstanding principal. On KREF's
scale of one to five, one is the lowest risk. Fitch uses risk-rated
five loans in the impairment ratio, although risk-rated five loans
include both impaired loans and loans where KREF expects losses but
they are not necessarily impaired. In addition, 5.5% of outstanding
principal was risk-rated four at 1Q26. These loans reflect
potential realized principal losses. This share was above the rated
peer averages as of Dec. 31, 2025.

The company announced an aggressive asset resolution plan for 2026
and views the next 12 months as a transitional period. Management
intends to focus on resolving watch list loans and monetizing real
estate owned assets. Fitch expects these actions to improve
portfolio quality over time; however, impaired loans are likely to
remain elevated in the near term with the potential for higher
losses that could continue to pressure earnings. Successful
execution of this plan, while containing losses, could result in
the Outlook being revised to Stable.

Platform Affiliation Benefits: The affirmation of KREF's ratings
reflects its relationship with KKR & Co. (KKR; A/Stable) and its
external manager, KKR Real Estate Finance Manager LLC, which
provides the firm with investment and asset management resources,
risk management tools and bank relationships as part of one of the
largest global real estate platforms. The rating also reflects
KREF's experienced management team and adequate liquidity given
limited near-term corporate maturities.

Challenging Sector Conditions: KREF's ratings are constrained by
its fully secured funding profile and narrow focus on the
commercial real estate (CRE) market. The firm has above-average
loan exposures to office properties, which has resulted in elevated
impaired loans, higher leverage relative to peers and earnings
pressure. The firm's rating is also constrained by its real estate
investment trust (REIT) status, which requires distributions,
limiting its ability to retain capital.

Profitability Challenged: KREF reported a pretax loss of $102.1
million for the TTM ended March 31, 2026, compared with pretax
income of $32.2 million during the TTM ended March 31, 2025. This
was primarily due to lower net interest income (NII), lower SOFR,
portfolio contraction from repayments and additional loans moving
to nonaccrual. Fitch expects further earnings weaken further in the
near term as the firm addresses problem loans. It expects earnings
to improve over the longer term as it redeploys capital into
higher-yielding assets.

Weakening Dividend Coverage: As a REIT, KREF is required to
distribute at least 90% of annual net taxable income to
shareholders. This limits capital generation and constrains Fitch's
liquidity assessment. DE coverage of its dividend weakened with
asset quality deterioration, averaging 20% in 2022-2025, or 33%
cumulatively. Coverage was negative in 1Q26. KREF cut its dividend
to $0.10 per share starting in 2Q26 from $0.25 in 1Q26, which may
improve coverage. Fitch expects coverage to remain below 100% while
the firm works through problem loans. Significant realized credit
losses or weak DE coverage could lead to a downgrade.

Losses Could Impact Leverage: KREF's leverage, measured as gross
debt to tangible equity, including nonrecourse securitizations and
with 50% equity credit for preferred shares, was 5.2x at March 31,
2026. KREF targets net leverage of 3.5x-4.0x, excluding
unrestricted cash. On this basis, leverage was 3.9x at 1Q26.
Leverage could rise above the firm's target range if problem loans
result in realized losses. Failure to sustain leverage within the
firm's target range could result in a rating downgrade.

Fully Secured Funding Profile: As of 1Q26, KREF had a fully secured
funding profile, which Fitch believes constrains funding, liquidity
and coverage assessments, as a high proportion of encumbered assets
reduces financial flexibility, particularly in times of stress.

Sufficient Liquidity: At 1Q26, KREF had $135.4 million of cash and
equivalents and $518.0 million of available borrowing capacity on
its funding lines, which Fitch believes is sufficient to address
funding needs, including loan funding commitments in the near term.
KREF has no near-term corporate maturities with the next maturity
in 2030, when the corporate revolver is due.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- An inability to execute on the stated plan resulting in further
deterioration in credit performance, whereby impaired loans and
NPLs remain elevated and result in elevated provisioning expense
and meaningful realized credit losses, adversely affecting cash
earnings;

- A weakening of the company's market position;

- An inability to improve or enhance the consistency of earnings;

- A sustained increase in company-calculated leverage above 4.0x
and/or sustained increase in Fitch-calculated total leverage above
7.0x;

- A sustained inability to cover dividend distributions with DE;

- An inability to maintain sufficient liquidity relative to debt
maturities, unfunded commitments and margin call potential
associated with collateral loan nonperformance or material credit
deterioration.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A revision of the Outlook back to Stable could result from
successful execution of management's asset resolution plan,
resulting in a material decline in impaired loans without the
recognition of meaningful realized losses. A revision to Stable
would also depend on leverage maintenance within the target range,
a return to positive earnings, improved dividend DE coverage and
maintenance of sufficient liquidity.

Positive rating momentum is limited over the near term given the
recent deterioration in credit metrics. Over time these would
include following:

- Addition of an unsecured funding component approaching 10% of
total debt;

- Ability to resolve problem loans and other real estate owned
without recognizing substantial losses;

- Consistent core earnings performance with pretax ROAA in excess
of 2.0%;

- Maintenance of DE coverage of the dividend at-or-above 100%;

- Sustained maintenance of Fitch-calculated total leverage at or
below 5.0x;

- Maintenance of a strong liquidity profile relative to near-term
debt maturities and unfunded commitments.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The rating on the secured debt is equalized with the Long-Term IDR
of KKR Real Estate Finance Holdings L.P., given that the debt
issued by KREF Holdings X LLC benefits from a corporate guarantee
from KKR Real Estate Finance Holdings L.P. and indicating Fitch's
expectation for average recovery prospects.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The secured debt rating is sensitive to changes in KREF's Long-Term
IDR, as well as changes in the firm's funding mix and collateral
coverage for secured debt. Stronger collateral coverage that
improves recovery prospects could result in the upward notching of
the secured debt ratings relative to the Long-Term IDR.

SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES

The rating of KKR Real Estate Finance Trust Inc. is equalized with
that of KREF and is expected to move in tandem.

ADJUSTMENTS

The Standalone Credit Profile (SCP) has been assigned in line with
the implied SCP.

The Asset Quality score has been assigned below the implied score
due to the following adjustment reasons: Historical and future
metrics (negative), Risk profile and business model (negative).

The Earnings and Profitability score has been assigned above the
implied score due to the following adjustment reason: Historical
and future metrics (positive).

The Funding, Liquidity & Coverage score has been assigned below the
implied score due to the following adjustment reason: Divergent
Benchmarks (negative).

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           Prior
   -----------                  ------           -----
KKR Real Estate
Finance Holdings L.P.   

                         LT IDR BB- Affirmed     BB-

KREF Holdings X LLC
   
   senior secured        LT     BB- Affirmed     BB-

KKR Real Estate
Finance Trust Inc.   

                         LT IDR BB- Affirmed     BB-


KOOMBEA INC: Cash Collateral Hearing Set for May 6
--------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Fort
Myers Division, is set to hold a hearing on May 6 to consider
extending Koombea Inc.'s authority to use cash collateral.

The Debtor's authority to use cash collateral under the court's
April 21 agreed fifth order expires on May 6.

The fifth order approved the payment of expenses from the cash
collateral in accordance with the Debtor's budget and granted
secured creditors -- Commercial Finance Partners LLC and Breakout
Finance, LLC -- replacement liens on the Debtor's post-petition
assets, with the same validity, priority and extent as their
pre-petition liens.

Based on the Debtor's review of the UCC 1 financing statements and
its internal books and records, only Breakout Capital and
Commercial Finance Partners are owed money from the Debtor and,
therefore, will assert secured claims. Specifically, the Debtor's
records indicate that Breakout Capital and Commercial Finance
Partners are owed $590,162 and $121,490, respectively.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/kIB2p from PacerMonitor.com.

                        About Koombea Inc.

Koombea Inc., a company based in Miami, Florida, is a digital
product development company that designs and develops mobile and
web applications for startups and established enterprises,
leveraging custom Agile methodologies and artificial intelligence
to enhance innovation, efficiency, and digital presence.

Koombea filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02556) on December
22, 2025, listing between $500,001 and $1 million in assets and
between $1 million and $10 million in liabilities.

Judge Luis Ernesto Rivera II presides over the case.

Michael R. Dal Lago, Esq. represents the Debtor as legal counsel.


KOSMOS ENERGY: BlackRock Holds 6.7% Equity Stake
------------------------------------------------
BlackRock, Inc. disclosed in a Schedule 13G (Amendment No. 10)
filed with the U.S. Securities and Exchange Commission that as of
March 31, 2026, it beneficially owns 39,807,154 shares of Kosmos
Energy Ltd's Common Stock, representing 6.7% of the shares
outstanding.

This Schedule 13G reflects the securities beneficially owned, or
deemed to be beneficially owned, by certain business units of
BlackRock, Inc. and its subsidiaries and affiliates, and does not
include securities, if any, beneficially owned by other business
units whose beneficial ownership of securities are disaggregated
from that of the Reporting Business Units in accordance with SEC
Release No. 34-39538 (January 12, 1998).

Various persons have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of the
common stock of Kosmos Energy Ltd, though no one person's interest
is more than five percent of the total outstanding common shares.

BlackRock, Inc. may be reached through:

     Spencer Fleming, Managing Director
     50 Hudson Yards
     New York, NY 10001
     Phone: (212) 810-5800

A full-text copy of BlackRock's SEC report is available at:
https://tinyurl.com/mcbb4995

                     About Kosmos Energy Ltd.

Kosmos Energy Ltd. is a Dallas, Texas based publicly traded
exploration and production company with the main producing assets
offshore West Africa, as well as assets in the US Gulf of America.


As of December 31, 2025, the Company had $4.7 billion in total
assets and $3.6 billion in total long-term liabilities, $572.3
million in total current liabilities, and total stockholders'
equity of $528.6 million.

                           *     *     *

In December 2025, Fitch Ratings has downgraded Kosmos Energy Ltd.'s
Long-Term Company Default Rating (IDR) and senior unsecured ratings
to 'CCC+' from 'B-' and removed them from Rating Watch Negative
(RWN). The Recovery Rating is 'RR4'.

The downgrade reflects increasing risk that Kosmos is unlikely to
meet its financial covenants under the reserve-based lending (RBL)
facility in its March 2026 test. Failure to meet financial
covenants under the RBL facility constitutes an event of default.
Fitch said, "We cannot fully rule out lender acceleration even
though we consider it to be unlikely. We also believe refinancing
risk is still significant for Kosmos despite its recently signed
secured debt funding."


KOSMOS ENERGY: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Kosmos Energy Ltd.'s Long-Term Issuer
Default Rating (IDR) to 'B-' from 'CCC+' and its senior unsecured
rating to 'B-' from 'CCC'. The Outlook on the Long-term IDR is
Stable. Fitch has revised Kosmos's Recovery Rating to 'RR4' from
'RR5'.

The upgrade reflects recent financing, portfolio and operational
measures that have improved the company's near-term liquidity and
debt management. Kosmos has also obtained temporary covenant relief
from lenders and is targeting lower operating costs. Fitch believes
these actions will improve financial flexibility, although leverage
remains high and execution on production growth and free cash flow
(FCF) generation will remain vital considerations. Fitch also
assumes the reserve-based lending (RBL) will be successfully reset
in 2026, extending the amortisation beyond 2027.

Kosmos's rating is constrained by its small scale, limited
geographic diversification, with the Jubilee field in Ghana
remaining its main cash flow contributor, and fairly high
leverage.

Key Rating Drivers

Nordic Bond Extends Maturities: Kosmos issued a USD350 million
senior secured bond in the Nordic market in January 2026. The
proceeds were used to repurchase part of its 2027 senior unsecured
notes and to repay USD100 million under its RBL. Fitch views the
Nordic bond as extending Kosmos's debt maturity profile and
reducing near-term refinancing pressure. Separately, the company
also redeemed its remaining 2026 senior unsecured notes using
proceeds from a Shell term facility.

Equity Raise Supports Liquidity: Kosmos also issued USD206 million
of new shares, net of transaction costs, in March 2026. The company
used the proceeds to repay borrowings under its commercial debt
facility and other debt, while also supporting liquidity ahead of
the amortisation of the Shell term loan starting in mid-2026. Fitch
views the equity raise as positive for the credit profile by
providing additional loss-absorbing capital and supporting
liquidity.

Equatorial Guinea Sale Aids Deleveraging: In February 2026, Kosmos
agreed to sell the subsidiary holding its interest in the Ceiba
Field and Okume Complex in Equatorial Guinea for up to USD220
million. The consideration includes USD180 million upfront, subject
to adjustments, plus contingent payments linked to field
performance, oil prices and production thresholds. The transaction
has been approved by the Equatorial Guinea government and is
expected to close around mid-2026. Fitch views the disposal as
supportive of deleveraging and liquidity.

RBL Reduction Plan: Kosmos has outlined a clear plan to reduce the
RBL balance over 2026 to about USD850 million once the planned
repayments are completed and the Equatorial Guinea assets are
disposed of. Fitch views these plans as supportive of the company's
credit profile. Fitch also assumes that the RBL will be
successfully reset, thereby postponing the amortisation currently
scheduled to begin in 2027.

Banks Provide Temporary Covenant Relief: Kosmos received lender
approval in February 2026 for an amended debt cover ratio under the
RBL for the next two scheduled test dates. The change reflects
higher start-up operating costs at the Greater Tortue Ahmeyim LNG
project and the effect of those costs on leverage calculations.
Fitch views this as easing near-term covenant pressure and reducing
refinancing risk.

Cost Reduction Remains Priority: Lower operating costs are a vital
part of Kosmos's plan to improve credit metrics in 2026. The
company is targeting about 40% year-on-year reduction in operating
costs per barrel on the back of higher gas production and lower
costs at the Greater Tortue Ahmeyim (GTA) LNG project, disposal of
the EG assets and the acquisition of TEN FPSO. Fitch views lower
costs as important to supporting cash flow and deleveraging.

Jubilee Underpins 2026 Production Growth: The Jubilee field in
Ghana is central to Kosmos's production growth plan in 2026. The
second producer well in the 2025/2026 drilling plan came online in
January 2026 and is producing about 13,000 barrels of oil per day
(boe/d), helping lift gross Jubilee production to above 70,000
boe/d. The J75 well has been drilled and went online in late 1Q26,
with further four wells planned to come online in 2026, including
three producers and one water injector. Fitch views the Jubilee
programme as supportive of production growth and cash flow, but it
also underscores the continued need to invest in the field to
maintain production.

Leverage Trending Down: EBITDA net leverage rose to 5.6x in 2025,
driven by lower Jubilee production, negative EBITDA from GTA, and
weaker oil prices. However, Fitch forecasts that operational
improvements will allow Kosmos to reduce and maintain EBITDA net
leverage below 4.0x, supporting the rating upgrade. Fitch forecasts
EBITDA net leverage of 2.9x in 2026 and assume leverage could
temporarily increase again in 2028, due to higher investment in the
US and Mauritania/Senegal. However, Fitch assumes some capex could
be deferred if needed, while the additional investment should
support stronger EBITDA generation from 2029.

Country Ceiling May Be Pierced: Fitch does not expect cash flows
from US operations to be adequate to cover hard currency gross
interest payments beyond 2026 under Fitch's mid-cycle oil and gas
price assumptions. As a result, the applicable Country Ceiling for
Kosmos is Ghana's Country Ceiling of 'B-'. Fitch assesses that
Kosmos' hard currency debt service coverage ratio is sufficient to
rate Kosmos one notch above the Country Ceiling once the company
strengthens its business and financial profiles.

Peer Analysis

Energean Plc (BB-/Stable) is rated higher than Kosmos due to its
much stronger liquidity and credit metrics, much higher projected
production (peaking at 150,000-160,000boe/d in 2025 following
divestments) and reserves and a large share of contracted sales
under long-term take-or-pay agreements that provide more visibility
to its cash flow.

Seplat Energy Plc's (B/Stable) production should significantly
increase following its acquisition of Mobil Producing Nigeria
Unlimited, exceeding that of Kosmos. However, Seplat's rating is
constrained by Nigeria's 'B' Country Ceiling due to the
concentration of its assets and export funds flows in the country.

Fitch’s Key Rating-Case Assumptions

- Brent crude oil prices of USD70/barrel (bbl) in 2026, USD63/bbl
in 2027 and USD60/bbl thereafter

- Henry hub prices of USD3.5/thousand cubic feet (mcf) in 2026,
USD3.25/mcf in 2027, USD3/mcf in 2028 and USD2.75/mcf thereafter

- Production growing to 72 kboe/d in 2026, assuming mid-year EG
sale close, before declining to about 66 kboe/d in 2027-2028 on
asset disposals and natural decline. The growth will resume to over
70 kboe/d in 2029 on domestic gas sales in Mauritania and Senegal

- Production costs averaging USD22/bbl over 2026-2028, before
declining to about USD17/bbl in 2029 as domestic gas production in
Mauritania and Senegal ramps up

- Capex averaging about USD365 million a year over 2026-2028,
before moderating to USD250 million in 2029

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (b-, Higher), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (b+, Moderate),
Diversification and Asset Quality (b, Moderate), Company
Operational Characteristics (b, Lower), Profitability (b,
Moderate), Financial Structure (b, Moderate), and Financial
Flexibility (b-, Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 30% for the forecast year
2027, 30% for the forecast year 2028 and 20% for the forecast year
2029.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

- The Operating Environment assessment of 'bbb-' results in no
adjustment.

- The SCP is 'b-'.

To derive the IDR:

- Country Ceiling considerations apply and result in an adjustment
of 0 notch(es).

Recovery Analysis

Its recovery analysis is based on a going-concern (GC) approach,
which implies that Kosmos will be reorganised rather than
liquidated in a bankruptcy.

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level, on which Fitch bases the
enterprise valuation. Kosmos's GC EBITDA of USD620 million includes
the company's full consolidation scope.

Fitch used a distressed enterprise valuation multiple of 4.0x,
which reflects Kosmos's moderate size with some growth prospects,
and the company's exposure to country risk.

Kosmos's senior unsecured notes are subordinated to its RBL and
USD0.5 billion secured debt (following 2026 amortisation payments).
Fitch also reflected in its analysis that the unsecured notes due
2026 and USD250 million of notes maturing 2027 were tendered.

Its analysis, after deducting 10% for administrative claims,
generated a waterfall-generated recovery computation for Kosmos's
senior unsecured notes in the 'RR4' band, indicating a 'B-'
instrument rating.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA net leverage above 4.0x on a sustained basis

- Worse-than-expected operational performance

- Inability to refinance upcoming maturities

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Upgrade of the Country Ceiling of Ghana, hard currency debt
service coverage ratio above 1.0x on a sustained basis or
application of the US Country Ceiling

- Greater operational diversification and lower cost base

- EBITDA net leverage below 2.0x on a sustained basis

- Sustainable improvement in liquidity profile

Liquidity and Debt Structure

Cash balance at end-2025 amounted to USD92 million against
short-term debt of USD132 million. Liquidity was further supported
by the USD350 million Nordic bond issue and USD206 million equity
placement in 1Q26. Fitch further assumes that Kosmos will be able
to extend the RBL, removing the amortisation of the loan starting
in 2027. Cash flow is currently supported by high oil prices due to
the Iran war.

Issuer Profile

Kosmos is a small, full-cycle deep-water independent oil and gas
exploration and production company.

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 2025 revenue-weighted Climate.VS for Kosmos is 55 for 2035,
which is similar to other oil and gas upstream producers. It
reflects transition risks for oil and gas production arising from
potential reductions in demand, driven by policies designed to
reduce consumption, and, in the shorter term, from policies
designed to limit greenhouse gas emissions from hydrocarbon
production. Energy transition risk is not an immediate downside
risk to the rating, given the long-term horizon of the transition
as well as uncertainty regarding the pace and form of the
regulatory and market dynamics that will govern it.

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
   -----------               ------         --------   -----
Kosmos Energy Ltd.   

                       LT IDR B-  Upgrade              CCC+

   senior unsecured    LT     B-  Upgrade    RR4       CCC


KRCM ASTORIA: Taps Mr. Lagowitz of Triglid IVL LLC as CRO
---------------------------------------------------------
KRCM Astoria Portfolio Corp. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ Ian
Lagowitz of Trigild IVL, LLC as chief restructuring officer.

The firm will provide these services:

   (i) oversee day-to-day operations of the Properties, including
property management, collection of rents, authorization of
expenditures and other administrative tasks;

   (ii) operate the debtor-in-possession operating account and
direct closing of any other operating accounts;

   (iii) direct all repairs over the Properties, including the
determination of what repairs, assessments, or other evaluations
are needed and the implementation thereof;

   (iv) assist in preparing cash requirements, cash forecasts and
financial projections;

   (v) formulate and execute cash conservation strategies;

   (vi) provide advice on the formulation, and, if requested,
execution of the overall strategy relating to pursuit of sale
opportunities the Debtor is contemplating;

   (vii) assist with such other matters as may be requested that
fall within Trigild's expertise and pursuant to the direction of
the Debtor and the Court; and

   (viii) prepare monthly operating reports and other financial
reports or statements required by the Bankruptcy Court, the U.S.
Trustee, the Bankruptcy Code and/or the Bankruptcy Rules.

The firm will be paid at the rate of $350 per hour, or a monthly
minimum of $10,000.

In addition, the firm will seek reimbursement for its out-of-pocket
expenses.

Mr. Lagowitz disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Ian Lagowitz
     Trigild IVL, LLC
     8111 Douglas Ave., Suite 600
     Dallas, TX 75225
     Tel: (214) 766-9272
     Fax: (858) 242-1205

              About KRCM Astoria Portfolio Corp.

KRCM Astoria Portfolio Corp. is a real estate company.

KRCM Astoria Portfolio Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44859) on October
8, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.

The Debtor is represented by J Ted Donovan, Esq. of Goldberg Weprin
Finkel Goldstein LLP.


KROSKOB BROS: Hires Michael Best & Friedrich LLP as Counsel
-----------------------------------------------------------
Kroskob Bros Farms & Trucking, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Michael
Best & Friedrich LLP as counsel.

The firm will render these services:

     (a) advise and represent the Debtor in connection with the
general administration of the estate;

     (b) confirm any proposed plan of reorganization and all other
contested and adversary matters that arise in this case;

     (d) investigate and litigate any avoidance or other action the
estate may have; and

     (e) perform other legal services for the Debtor related to or
arising out of contested matters in this bankruptcy case.

The firm's professionals will be paid at these hourly rates:

     Patrick Vellone        $775
     Jeffrey A. Weinman     $750
     Lance Henry            $595
     Partners               $475 to $750
     Associates             $350 to $450
     Paralegals             $225 to $300

The firm received a pre-petition retainer of $64,740 from the
Debtor.

Lance Henry, Esq., an attorney with Michael Best, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Lance Henry, Esq.
     Michael Best & Friedrich LLP
     675 15th Street, Suite 2000
     Denver, CO 80202
     Telephone: (720) 240-9515  
     Email: lance.henry@michaelbest.com

              About Kroskob Bros Farms & Trucking, Inc.

Kroskob Bros Farms & Trucking, Inc., based in Merino, Colorado,
operates an agricultural business focused on hay and crop
production along with trucking services supporting farm logistics.
The company manages cultivation and transportation of agricultural
products through its farm and trucking operations.

Kroskob Bros Farms & Trucking, Inc. in Merino, CO, sought relief
under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. D. Colo Case No.
26-12777) on April 22, 2026, listing as much as $10 million to $50
million in both assets and liabilities. Brandon Kroskob as
president, signed the petition.

Judge Thomas B Mcnamara oversees the case.

MICHAEL BEST & FRIEDRICH serve as the Debtor's legal counsel.


LINDSLEY EXCAVATING: Court Extends Cash Collateral Access to May 19
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of New York
entered a second interim order allowing Lindsley Excavating, LLC to
continue using cash collateral.

Under the second interim order, the Debtor is authorized to use
cash collateral in accordance with a budget through May 19.

As adequate protection, the Debtor must pay $1,300 monthly to
Caterpillar Financial Services Corporation until a Chapter 11
reorganization plan takes effect or the secured debt is fully
paid.

Additionally, Caterpillar and other secured creditors with interest
in the cash collateral will be granted continuing replacement liens
on and security interests in post-petition collateral, maintaining
the same priority as their pre-petition liens.

Creditors retain the ability to challenge lien validity and the
Debtor retains the right to contest creditor claims.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/ETOhT from PacerMonitor.com.

The next hearing is scheduled for May 19.

Founded in 2015 and later inherited by Shawn Lindsley after the
original owner's death, Lindsley Excavating filed for Chapter 11
with $2.5 to $3 million in debt after setbacks including COVID-era
slowdowns, poor project estimates, underused equipment purchases,
difficulty securing profitable work, and severe winter weather in
2025 to 2026 that delayed projects and reduced revenue.

                   About Lindsley Excavating LLC

Lindsley Excavating, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-30263-5-pgr) on
April 3, 2026. In the petition signed by Shawn Lindsley, president,
the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Patrick G. Radel oversees the case.

Peter A. Orville, Esq., at Orville & McDonald Law, P.C., represents
the Debtor as legal counsel.


LIVEONE INC: Issues 1MM Shares to BMI to Settle Royalty Obligations
-------------------------------------------------------------------
LiveOne, Inc. disclosed in a regulatory filing that the Company,
its, wholly owned subsidiary Slacker, Inc., and Broadcast Music,
LLC, entered into a Shares Issuance Agreement pursuant to which the
Company agreed to issue to BMI or its designee 1,000,000 shares of
its common stock, $0.001 par value per share, at a deemed issued
price of $7.50 per share.

The Shares will be issued as payment in full satisfaction of any
payment and music royalty payment obligations due through March 31,
2027 under the Slacker Music Service Music Performance License Fee
Agreement, dated as of November 20, 2024, and the Final License Fee
Agreement and Release, dated as of November 20, 2024, each as
amended on April 17, 2026, between BMI and Slacker. Pursuant to the
Amendment, the parties also agreed to extend the term of the
License Agreements through December 31, 2027, and thereafter the
License Agreements will automatically renew on a calendar
year-to-year basis. To the extent any obligations under the License
Agreements remain payable to BMI for any period subsequent to April
1, 2027, Slacker will pay such remaining amounts to BMI in
immediately available funds.

Pursuant to the Shares Issuance Agreement, BMI has agreed (for
itself and on behalf of its designee) not to sell on any trading
day an aggregate amount of Shares in excess of 5% of the average
daily trading volume for the Company's common stock for the
preceding 20 consecutive trading days (excluding from such average
any index rebalancing days). Notwithstanding the foregoing,
regardless of the ADTV, BMI (and its designee) is permitted to sell
on any trading day at least 3,500 Shares.

The Shares will be issued to BMI or its designee pursuant to the
Company's effective shelf Registration Statement on Form S-3 (File
No. 333-284916), which was filed with the U.S. Securities and
Exchange Commission on February 13, 2025, and a prospectus
supplement relating to the offering of the Shares filed with the
SEC on April 23, 2026. The Company will not receive any cash
proceeds from the offering of the Shares.

A full text copy of the Shares Issuance Agreement is available
athttps://tinyurl.com/yrwrteef

The legal opinion, including the related consent, of Foley Shechter
Ablovatskiy LLP, the Company's outside corporate and securities
counsel are available at https://tinyurl.com/ym7kfvrc

                           About LiveOne

Headquartered in Beverly Hills, California, LiveOne, Inc. --
www.liveone.com -- is a creator-first, music, entertainment and
technology platform focused on delivering premium experiences and
content worldwide through memberships and live and virtual events.
The Company is a pioneer in the acquisition, distribution and
monetization of live music events, Internet radio,
podcasting/vodcasting and music-related membership, streaming and
video content. Through its comprehensive service offerings and
innovative content platform, it provides music fans the ability to
listen, watch, attend, engage and transact. Serving a global
audience, the Company's mission is to bring the experience of live
music and entertainment to consumers wherever music and
entertainment is watched, listened to, discussed, deliberated or
performed around the world.

New York, New York-based Macias Gini & O'Connell LLP, the Company's
auditor since 2022, a "going concern" qualification dated July 15,
2025, attached to the Company's Annual Report on Form 10-K for the
fiscal year ended March 31, 2025. Macias Gini & O'Connell cited
that the Company has suffered recurring losses from operations,
negative cash flows from operating activities and has a net capital
deficiency. These matters raise substantial doubt about the
Company's ability to continue as a going concern.

As of December 31, 2025, the Company had $52.3 million in total
assets, $62.8 million in total liabilities, and $10.5 million in
total stockholders' deficit.


LUMENTUM HOLDINGS: S&P Upgrades ICR to 'B+' on AI-Driven Growth
---------------------------------------------------------------
S&P Global Ratings raised its ratings on optical and photonics
products producer Lumentum Holdings Inc. to 'B+' and revised the
outlook to positive.

The positive outlook on Lumentum reflects the potential that strong
topline growth, increasing profitability, and strategic investments
could significantly improve its financial metrics over the next
12-24 months.

The upgrade reflects Lumentum's emergence as a leading optical and
photonics components supplier for rapidly expanding AI data
centers. Following a solid fiscal 2025, S&P now forecasts
Lumentum's revenue to grow about 75% in fiscal 2026 (ending June
30, 2026) and more than 55% in fiscal 2027, reaching about $4.6
billion by fiscal-year-end 2027, driven by the customers'
significant demand for most of Lumentum's AI-related product
portfolio.

Lumentum also announced a $2 billion strategic investment from
NVIDIA, making Lumentum a key laser supplier for co-package optics
(CPO) switch platforms. The company's cloud and AI business is now
a primary driver of revenue and demand is spread out across major
hyper scalers.

The company set new records in 100G and 200G electro-absorption
modulated laser (EML) shipments during the second quarter of 2026,
with 200G EMLs contributing about 10% of datacom chip revenue.
Lumentum is also growing its optical circuit switches (OCS)
business faster than expected, leading to current backlog exceeding
$400 million and full capacity utilization through 2027.

S&P expects growth and profitability improvements projected to
drive significant improvements in financial metrics. After multiple
years of challenging business conditions which led to very high
leverage, demand for Lumentum's datacom products has resulted in
improving financial metrics. EML and OCS businesses have been
driving margin upside. Lumentum's EBITDA margins have meaningfully
improved in the first half of fiscal 2026. The company expects
further margin gains from new 1.6T transceivers and bringing laser
production in-house.

Lumentum's ability to secure long-term contracts with customers,
supported by strong demand, allows for favorable pricing and
production planning. S&P said, "Due to these tailwinds, we
anticipate Lumentum to deleverage rapidly from the 10x area in
fiscal 2025 to the 4x area by the end of fiscal 2026 and
potentially below 2x by fiscal 2027. While we project negative free
cash flow over the next 12 months due to elevated capital
expenditure (capex), we expect it will turn positive during fiscal
2028 and improve meaningfully thereafter as capex normalizes."

S&P expects Lumentum to maintain its strong liquidity, while it
navigates a period of elevated investment. It expects capex to grow
to up to $1 billion annually as the company responds to the
opportunity to become a key laser supplier for NVIDIA's CPO switch
platforms. Lumentum is focused on expanding its Thailand facility,
and it has already seen an eightfold increase in EML output since
2023. The company is also increasing its Indium Phosphide (InP)
chip manufacturing capacity, aiming for an additional 50% increase
in InP output between late 2025 and 2026 and is preparing to begin
operation of its new Greensboro fab by 2028.

These investments are underpinned by the $2 billion equity
investment from NVIDIA, alongside multi-billion-dollar purchase
commitments, providing crucial demand visibility. Despite the
elevated spend, Lumentum benefits from strong liquidity with over
$1.15 billion in cash as of the second quarter of fiscal 2026, a
$400 million unused revolver, on top of the $2 billion NVIDIA
investment.

The positive outlook on Lumentum reflects the potential for the
rating to be raised if the company delivers strong revenue and
EBITDA growth driven by demand in its datacom business that results
in significantly improved financial metrics over the next 12-24
months.

S&P could revise its outlook on Lumentum to stable if demand
conditions sour, tariffs become an overhang, the company is unable
to execute on the datacom growth opportunity, or the company
becomes more acquisitive such that:

-- Balance sheet cash drops to under $500 million and S&P
anticipates that leverage could remain more than 4x; or

-- S&P doesn't see a path to free cash flow turning positive.

S&P could upgrade Lumentum if the company can take advantage of the
AI opportunity and grow revenues and EBITDA, such that leverage
falls under 4x, balance sheet cash remains above $500 million, and
it sees a path to free cash flow turning positive following
near-term elevated capex investments.



MACROFIT INC: Gregory Jones Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at
Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for
Macrofit, Inc.

Mr. Jones will be paid an hourly fee of $650 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.  

Mr. Jones declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Gregory K. Jones, Esq.
     Stradling Yocca Carlson & Rauth, PC
     10100 N. Santa Monica Boulevard, Suite 1400
     Los Angeles, CA 90067
     Telephone: (424) 214-7000
     Facsimile: (424) 214-7010
     Email: gjones@stradlinglaw.com

                        About Macrofit Inc.

Macrofit, Inc. is a health and fitness company that provides
nutrition planning, wellness programs, and lifestyle solutions
designed to support personal fitness goals.

Macrofit sought relief under Chapter 11 of the U.S. Bankruptcy Code
((Bankr. C.D. Calif. Case No. 26-13505) on April 11, 2026. In its
petition, the Debtor reports estimated assets of $100,001 to
$1,000,000 and estimated liabilities of $1 million to $10 million.

Honorable Bankruptcy Judge Barry Russell handles the case.

The Debtor is represented by Thomas B. Ure, Esq., at Ure Law Firm.


MADISON IAQ: S&P Upgrades ICR to 'BB-' on Debt Reduction
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Madison IAQ
LLC (Madison Air) to 'BB-' from 'B'.

S&P said, "Concurrent with the upgrade and a revision to our
recovery rating on the company's secured debt to '2' from '4', we
also raised our issue-level ratings on the company's secured debt
to 'BB' from 'B' and its unsecured debt to 'B' from 'CCC+'. The
recovery rating on its unsecured debt remains '6'.

"The stable outlook reflects our view that Madison's debt leverage
will remain at about 3x over the next 12 months and below 4x in
most market conditions, supported by financial policy decisions."

Madison IAQ LLC (Madison Air) raised almost $2.7 billion of equity
through a partial IPO, which represents 15%-20% of the ownership by
its parent Madison Industries.

The company used almost the entire proceeds (proceeds less
associated fees) to repay outstanding debt. As a result, pro forma
leverage is close to 3x, and S&P expects it to remain near this
level over the next 12-24 months.

The transaction reduces balance sheet debt and maturity risk and
improves liquidity. Madison Air used $2.43 billion of the almost
$2.70 billion in proceeds to repay its first-lien term loan B due
June 2028. The company also prepaid $200 million of debt
outstanding on its $1.546 billion first-lien term loan due May
2032. This materially lowers balance sheet debt by almost 50% and
eliminates a near-term maturity.

At the same time, Madison is proposing to increase its revolving
credit facility commitment to $1.3 billion from $340 million, which
improves the company's liquidity profile. The remaining capital
structure includes a $1.546 billion term B due May 2032 ($1.346
billion outstanding), $700 million of senior secured notes due June
2028, and $1.035 billion of senior unsecured notes due June 2029.

S&P said, "We expect debt leverage to remain at about 3x over our
forecast, compared with 6.0x-6.5x in 2025. The improvement is
mainly because of the $2.6 billion debt reduction, contributions
from the April Aire acquisition, and organic growth. Over the next
12 months, we expect growth from both volume and price increases
with good demand in data center, health care, and education end
markets, reflected by order and backlog increases in 2025."

The company's EBITDA growth and margins should also continue to
benefit from cost management, productivity efforts, and a good
sales/product mix including higher aftermarket sales, resulting in
S&P Global Ratings-adjusted EBITDA margins remaining at about 26%,
which we consider above average.

Madison Air should continue to generate good free operating cash
flow (FOCF) over the next 12-24 months. The company's larger EBITDA
base should drive continued good unadjusted FOCF generation of $350
million-$400 million in 2026, improving to $500 million-$550
million in 2027. S&P's forecast assumes working capital is modest
use of cash through 2027 to support revenue growth, and total
capital expenditures (capex) increase to support growth-related
projects and a larger revenue base.

S&P said, "We assume the company will use its FOCF to pay term loan
amortization, to pursue bolt on acquisitions, and for shareholder
rewards. We expect these uses will total about $300 million
annually over the next two years. Despite these assumptions, we
expect debt leverage will remain at about 3x.

"We view Madison Air's competitive position as fair. This is based
on its solid market positions in niche markets, above-average
margins, and decent end market diversity, which is somewhat offset
by its participation in cyclical end markets and limited product
and geographic diversity."

Madison Air generated about $3.3 billion in revenues and $850
million-$875 million in S&P Global Ratings-adjusted EBITDA in 2025.
In 2026, the company will have a full-year benefit from the April
Aire acquisition, which, along with organic growth, should result
in revenues of slightly over $3.5 billion and EBITDA of $900
million-$950 million. The company's increased scale supports
purchasing synergies, and its solid market positions in several
niches, such as residential healthy air systems including
ventilation, purification, dehumidification, humidification sensors
& controls, should provide a bit of pricing power. This should
offset periods of high input costs on materials such as copper,
steel, and aluminum.

S&P views Madison Air's geographic diversity as limited and its
scope as somewhat narrow because the company derives roughly 95% of
its revenue from customers in North America. While its products are
limited to the indoor air quality industry, it competes in some
cases with much larger competitors such as Carrier Global Corp. and
Vertiv Group Corp.

That said, its end-market mix is good (with residential
construction and repair and remodeling comprising about 31% of
revenue), and its product mix within the indoor air quality
industry is varied--residential ventilation, bath fans, and range
hoods account for 25% of revenues, air handling units 11%, and
dehumidification 10%. In addition, the company maintains some
revenue concentration (about 38% of revenue) in the North American
residential market. S&P believes this may drive some EBITDA
volatility over time since changes in consumer spending, interest
rates, housing starts, and existing home sales affect demand in
this market.

S&P said, "The stable outlook reflects our view that Madison Air's
debt leverage will remain about 3x over the next 12 months and
below 4x in most market conditions, supported by financial policy
decisions.

"We could lower our ratings if Madison Air's S&P Global
Ratings-adjusted leverage approaches 4x. Although unlikely given
the recent debt paydown, this could occur if macroeconomic
conditions weaken materially from our base-case assumptions
resulting in EBITDA declining 20%-25% from our forecast.

"Although unlikely over the next 12 months, we could raise our
rating on Madison Air if it pursues acquisitions that expand its
scale and diversity in line with 'BB'-rated peers, and we believe
it would sustain debt leverage comfortably below 3x in most market
conditions."


MAFIA INC: Gets Interim OK to Use Cash Collateral
-------------------------------------------------
The Mafia, Inc. received interim approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina, Greenville
Division, to use cash collateral to fund operations.

Under the interim order, the Debtor is authorized to use cash
collateral in line with its budget and make expenditures of up to
10% more than the budgeted amount.

The Debtor had $55,859 in cash on hand, which was moved into
debtor-in-possession accounts immediately after filing, along with
additional unencumbered personal property including receivables,
inventory, equipment, furnishings, and raw materials valued at
roughly $37,100. The Debtor needs continued access to these funds
to maintain operations and expects cash levels to be replenished
through ongoing restaurant revenue.

Operationally, the Debtor has established two DIP bank accounts:
one for operating funds and another for receivables, with all
pre-petition funds segregated into the operating account. It plans
to pay expenses from these accounts only as authorized by the court
and necessary to continue operations.

The Debtor listed the U.S. Small Business Administration as the
primary potentially secured creditor with an interest in its cash
collateral based on a 2022 security agreement and UCC filing. The
SBA has not yet consented to the use of cash collateral.

As protection for the Debtor's use of their cash collateral, the
SBA and other potential
secured creditors will receive a replacement lien on the Debtor's
cash and inventory. In addition, the SBA will receive $679.08 in
monthly payments beginning this month, consistent with expected
plan payments.  

The Debtor's authority to access cash collateral will terminate
upon cessation of operations or any default under the interim
order.

The order is available at https://is.gd/X6szEx from
PacerMonitor.com.

The next hearing will be held on May 19.

                        About The Mafia Inc.

The Mafia, Inc. operates a casual dining restaurant in Washington,
North Carolina.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-01779-5-JNC) on April
21, 2026. In the petition signed by Nicholas Fritz, president, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.

Judge Joseph N. Callaway oversees the case.

Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the
Debtor as legal counsel.


MARKUS CORP: Court Allows $11,574.76 in Attorneys' Fees, Costs
--------------------------------------------------------------
Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the
Northern District of Illinois issues his findings of fact and
conclusions of law in support of the order awarding to
Arthur Corbin, attorneys for Markus Corp., for allowance and
payment of interim compensation and reimbursement of expenses.

TOTAL FEES REQUESTED: $11,575.00
TOTAL COSTS REQUESTED: $249.76

TOTAL FEES REDUCED: $250.00
TOTAL COSTS REDUCED: $0.00

TOTAL FEES ALLOWED: $11,325.00
TOTAL COSTS ALLOWED: $249.76

TOTAL FEES AND COSTS ALLOWED: $11,574.76

The Court may impose a 10% penalty on entries that appear to be
"lumping."

The total of disallowed amounts for lumping is $250.

A copy of the Court's Findings of Fact and Conclusions of Law dated
April 28, 2026, is available at https://urlcurt.com/u?l=hM7KAc from
PacerMonitor.com.

                    About Markus Corporation

Markus Corp is an owner and operator of three semi-trucks and hauls
cargo for its client.

Markus Corp filed Chapter 11 petition (Bankr. N.D. Ill. Case No.
25-03310) on March 4, 2025, listing up to $100,000 in assets and up
to $1 million in liabilities. Markus President Marek Kusmierczyk
signed the petition.

Judge Timothy A. Barnes oversees the case.

Arthur Corbin, Esq., at Corbin Law Firm, LLC, represents the Debtor
as bankruptcy counsel.

Village Bank & Trust, N.A., as secured lender, is represented by:

   Jeffrey S. Burns, Esq.
   Markoff Leinberger, LLC
   200 S. Wacker Drive, FL 31
   Chicago, IL 60606
   Tel: (312) 589-7600
   E-mail: jeff@markleinlaw.com


MAVIS TIRE: S&P Rates $775MM First-Lien Term Loan 'B-'
------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to Mavis Tire Express Services TopCo Corp.'s
proposed $775 million non-fungible incremental first-lien term loan
due May 2033. The '3' recovery rating indicates its expectation for
meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in
the event of a payment default. All S&P's ratings on Mavis,
including the 'B-' issuer credit rating, are unchanged. The stable
outlook reflects its expectation for continued growth in sales and
adjusted EBITDA leading to S&P Global Ratings-adjusted leverage in
the mid-7x area and S&P Global Ratings-adjusted EBITDA interest
coverage in the high-1x area over the next 12 months.

Mavis will use the net proceeds from this term loan to redeem
convertible preferred equity, pay associated fees, and add $6
million in cash to its balance sheet. Pro forma for the
transaction, S&P expects S&P Global Ratings-adjusted leverage will
be 7.4x by fiscal year-end 2026 compared with 7.7x at fiscal
year-end 2025.

S&P said, "Our ratings on Mavis continue to reflect its leading
scale and operating capabilities as well as its aggressive
financial policy. We expect revenue to increase approximately
7.5%-8% annually over the next two years, following a 6.5% gain in
2025. Our projections reflect a low-single-digit percent increase
in demand for tire replacement and automotive services along with
125-150 new stores annually. The acquisition of Midas in June 2025
significantly expanded Mavis' geographic footprint, particularly in
the Western U.S., and added a high-margin, asset-light revenue
stream because of its franchise model. Mavis acquired its largest
Midas franchisee--Max Auto Supply Co.--in December 2025.
Furthermore, Mavis' self-distribution model is a competitive
strength, helping to support its market position while enabling
tight cost controls and mitigating inflationary pressures. We
forecast Mavis' S&P Global Ratings-adjusted EBITDA margin will
improve to about 22% by year-end 2026, driven by the aforementioned
factors, increased operating leverage, and additional sales
penetration of its higher-margin private-label offering. In 2025,
the S&P Global Ratings-adjusted EBITDA margin increased by 210
basis points to 21.5%. We forecast S&P Global Ratings-adjusted
leverage to decline to the mid-7x area in 2026 and the high-6x area
in 2027 from 7.7x in 2025."

Issue Ratings--Recovery Analysis

Key analytical factors

-- Mavis' capital structure consists of an $800 million revolving
credit facility due May 2028, a $3.63 billion first-lien term loan
due May 2028, a proposed $775 million non-fungible incremental
first-lien term loan due May 2033, and $720 million senior
unsecured notes due May 2029.

-- S&P updated its estimated enterprise value (EV) to reflect the
expansion in Mavis' EBITDA base due to the increase in its scale
through organic and M&A related growth.

-- Though the recovery rating on the company's existing first-lien
debt remains unchanged, S&P revised its rounded estimate to 65%
from 50%, reflecting a higher estimated EV at emergence.

-- S&P simulated default assumes significantly reduced EBITDA
stemming from a protracted decline in the economy, intensified
competition from tire retailers and automotive service providers,
and management missteps in executing its growth strategy. This
leads to a default in 2028.

-- In S&P's simulated bankruptcy, S&P assumes Mavis would
reorganize as a going concern to maximize its lenders' recovery
prospects.

-- S&P's view reflects its market position and good cash flow
conversion profile. S&P therefore values the company as a going
concern by applying a 6x multiple to its projected emergence-level
EBITDA.

-- S&P said, "Our issue-level and recovery ratings on the
company's credit facilities primarily reflect the value we
attribute to the company derived from our projected simulated
default scenario, our estimated emergence valuation, and the
respective facilities' priority in the capital structure."

Simulated default assumptions

-- Simulated year of default: 2028
-- EBITDA at emergence: $607 million
-- EBITDA multiple: 6x
-- Gross enterprise value: $3.64 billion

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $3.46
billion

-- Secured first-lien debt claims: $5.14 billion

    -- Recovery expectations: 50%-70% (rounded estimate: 65%)

-- Senior unsecured claims: $743 million

    -- Recovery expectations: 0%-10% (rounded estimate: 0%)

Note: All debt amounts include six months of prepetition interest.



MAWSON INFRASTRUCTURE: Board OKs Name Change to Big Digital Energy
------------------------------------------------------------------
Mawson Infrastructure Group Inc. announced that it has submitted
the relevant documentation with the State of Delaware to update its
name to Big Digital Energy, Inc., effective April 24, 2026, and
that, subject to approval by Nasdaq, its common stock will trade on
The Nasdaq Capital Market under the ticker symbol "BGDE". The
Company's CUSIP number will remain unchanged, and no action is
required from stockholders in relation to this change.

The Board of Directors of the Company approved the Name Change
pursuant to Section 242 of the General Corporation Law of the State
of Delaware. In accordance with the DGCL and the provisions of the
Company's organizational documents, approval of the Company's
stockholders was not required to effectuate the Name Change, and
the Name Change will not affect the rights of the Company's
security holders.

Phil Stanley, Chief Executive Officer of Mawson, commented, "The
transition to Big Digital Energy and our new ticker symbol 'BGDE'
marks a pivotal new chapter for the Company. Our rebranding is more
than a name change; it's a commitment from our Board and Executive
Team to focus investments on energy infrastructure to support the
computing needs of the future and position Big Digital for
sustainable growth. This renewed focus and investment is aligned
with our commitment to accountability, disciplined execution, and
delivering long-term value for our shareholders. The management
team has hit the ground running, visiting our operating sites,
engaging directly with capital partners, and identifying the
highest-quality assets to drive near and long-term growth. We are
energized by the opportunities ahead and expect to provide
meaningful updates on all fronts in the near future"

Separately, Mawson also announced that on April 17, 2026, it
received a delist determination from Nasdaq based upon
stockholders' equity of less than $2.5 million, as required by
Nasdaq Listing Rule 5550(b)(1), as of December 31, 2025. The
Company plans to timely request a hearing before the Nasdaq
Hearings Panel to present its plan to evidence compliance with the
Rule. The request will stay any suspension or delisting action by
Nasdaq at least pending the hearing and the expiration of any
compliance period that may be granted by the Panel.

Mr. Stanley commented on the determination. "The Company believes
it is already in compliance with Nasdaq's listing requirements,
which we will demonstrate in the plan submitted to the Panel. The
determination received is a vestige of prior management and does
not reflect the Company's current financial position or operational
trajectory. Under the new leadership team, we have moved swiftly to
restore compliance and are focused on continuing to strengthen the
business and deliver value to our shareholders."

New Nasdaq Ticker Symbol

In connection with the Name Change, the Company's common stock, par
value $0.001 per share, is expected to commence trading on The
Nasdaq Capital Market under the new trading symbol "BGDE" and will
cease trading under the trading symbol "MIGI".

There will be no change in the CUSIP number for the Company's
Common Stock in connection with the Name Change or Symbol Change.

New Corporate Website

Further in connection with the Name Change, the Company will launch
a new corporate website: www.bigdigital.energy. The new corporate
website will include, among other things:

      (a) the Company's investor relations information, including
press releases and links to the Company's filings with the
Securities and Exchange Commission

      (b) the Company's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K, and
amendments to these reports filed or furnished pursuant to Section
13(a) or 15(d) of the Exchange Act, and the Company's corporate
governance documents, including the charters of the committees of
the Board and the Company's Code of Business and Ethics, and

      (c) any amendments to or waivers of the Company's Code of
Business and Ethics.

A full text of the Certificate of Amendment is available at
https://tinyurl.com/yyycw5hu

               About Mawson Infrastructure Group

Mawson is a U.S.-based technology company that designs, builds, and
operates next-generation digital infrastructure platforms.

Boston, Massachusetts-based Wolf & Company, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated March 31, 2026, attached to the Company's Annual
Report on Form 10-K for the year ended December 31, 2025, citing
that the Company has incurred net losses since its inception, and
had negative working capital and will need additional funding to
continue operations. This raises substantial doubt about the
Company's ability to continue as a going concern.

As of December 31, 2025, the Company had $57.4 million in total
assets, $60.6 million in total liabilities, and $3.1 million in
total stockholders' deficit.


MAXUM GENESIS: Hires Spotts Fain PC as Bankruptcy Counsel
---------------------------------------------------------
Maxum Genesis Group, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Virginia to employ Spotts Fain PC
as bankruptcy counsel.

The firm will provide these services:

     a. advising the Debtor of its rights, powers, and duties as a
debtor and debtor-in-possession while operating and managing its
business and property under Chapter 11 of the Bankruptcy Code;

     b. preparing on behalf of the Debtor all necessary and
appropriate applications, motions, proposed orders, other
pleadings, notices, schedules, and other documents, and reviewing
all financial and other reports to be filed in its Chapter 11
Case;

     c. advising the Debtor concerning, and preparing responses to,
applications, motions, other pleadings, notices, and other papers
that may be filed by other parties in the Chapter 11 Case;

     d. advising the Debtor with respect to, and assisting in the
negotiation and documentation of any necessary financing agreements
and related transactions;

     e. reviewing the nature and validity of any liens asserted
against the Debtor's property and advising the Debtor concerning
the enforceability of such liens;

     f. advising the Debtor concerning executory contracts and/or
unexpired lease assumptions, assignments, and rejections as well as
contract restructurings and recharacterizations;

     g. advising the Debtor in connection with the formulation,
negotiation and promulgation of a plan of reorganization, and
related transactional documents;

     h. assisting the Debtor in reviewing, estimating, and
resolving claims asserted against the Debtor's estate;

     i. commencing and conducting litigation necessary and
appropriate to asset rights held by the Debtor, protect assets of
the Debtor's Chapter 11 estate, or otherwise further the goal of
completing the Debtor's successful reorganization; and

     j. providing non-bankruptcy services for the Debtor to the
extent requested by the Debtor and necessary for the proper and
efficient administration of the bankruptcy case.

The firm will be paid at these rates:

   Robert S. Westermann, Of Counsel        $590 per hour
   Neil E. McCullagh, Partner              $450 per hour
   Christopher A. Hurley, Partner          $350 per hour
   Emily E. G. Anderson, Legal Assistant   $175 per hour

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The firm received from the Debtor a retainer of $8,500.

Mr. Westermann disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Robert S. Westermann, Esq.
     Christopher A. Hurley, Esq.
     Spotts Fain PC
     411 East Franklin Street, Suite 600
     Richmond, VA 23219
     Telephone: (804) 697-2000
     Facsimile: (804) 697-2100
     Email: rwestermann@spottsfain.com
            churley@spottsfain.com

              About Maxum Genesis Group, Inc.

Maxum Genesis Group, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Va. Case No. 26-31259-BFK) on March 25, 2026. The
Debtor hires Spotts Fain PC as bankruptcy counsel.


MAZAIA HB: Hires eXp Commercial as Real Estate Broker
-----------------------------------------------------
Mazaia HB, LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ eXp Commercial of
California, Inc. as real estate broker.

The firm will market and sell the Debtor's real property located at
20042 Beach Boulevard, Huntington Beach, CA 92646.

As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Zhaoyi Feng
     2603 Camino, Suite 200
     San Ramon, CA 94583
     Tel: (949) 740-3308

              About Mazaia HB, LLC

Mazaia HB LLC is a privately held company engaged in business and
investment activities in California, focusing on managing financial
and operational assets.

Mazaia HB LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 26-12045) on March 4, 2026. In its
petition, the Debtor reports estimated assets between $0 and
$100,000 and estimated liabilities between $1 million and $10
million.

The Debtor is represented by Robert S. Altagen, Esq. of Law Offices
of Robert S. Altagen.

Cathay Bank, as lender, is represented by Gerrick M. Warrington,
Esq., at Frandzel Robins Bloom and Csato, LC.



MAZAIA HB: Hires Law Offices of Robert S. Altagen as Counsel
------------------------------------------------------------
Mazaia HB, LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ the Law Offices of
Robert S. Altagen, Inc. as counsel.

The firm will provide these services:

     (a) advise the Debtor with respect to its powers and duties in
the continued operation of its business and management of its
property;

     (b) consult the Detor, the United States Trustee and other
parties-in-interest in the administration of the case;

     (c) investigate the acts, conduct, liabilities, assets and any
other matter relevant to the case;

     (d) prepare on behalf of the Debtor all necessary legal
papers;
  
     (e) prepare the Debtor's formulation of a Plan of
Reorganization and any amendments thereto, if required, and to
collect and file with the Court acceptances and/or rejection of
said Plan(s);

     (f) provide general legal representation of the Debtor in all
aspects relating to its bankruptcy proceeding; and

     (g) perform such other services as are appropriate regarding
attorney's capacity as counsel in this case.

The firm will be paid at these rates:

     Robert Altagen, Esq.   $600 per hour
     Associates             $300 per hour
     Paralegals             $250 per hour

The firm received an initial retainer of $20,000 from the Debtor.

Mr. Atlagen disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Robert S. Atlagen, Esq.
     Law Offices of Robert S. Altagen, Inc.
     1111 Corporate Center Dr., Suite 201
     Monterey Park, CA 91754
     Telephone: (323) 268-9588
     Facsimile: (323) 268-8742
     Email: robertaltagen@altagenlaw.com

              About Mazaia HB, LLC

Mazaia HB LLC is a privately held company engaged in business and
investment activities in California, focusing on managing financial
and operational assets.

Mazaia HB LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 26-12045) on March 4, 2026. In its
petition, the Debtor reports estimated assets between $0 and
$100,000 and estimated liabilities between $1 million and $10
million.

The Debtor is represented by Robert S. Altagen, Esq. of Law Offices
of Robert S. Altagen.

Cathay Bank, as lender, is represented by Gerrick M. Warrington,
Esq., at Frandzel Robins Bloom and Csato, LC.



MG LOGISTICS: Court Extends Cash Collateral Access to June 26
-------------------------------------------------------------
MG Logistics Incorporated received seventh interim approval from
the U.S. Bankruptcy Court for the Northern District of Illinois to
use cash collateral.

The seventh interim order authorized the Debtor to use the cash
collateral of its secured lenders from April 24 through June 26,
for the disbursements set forth in the budget.

The Debtor projects total operational expenses of $388,725.01 for
May and $309,144 for June.

Existing protections from prior orders continue for all secured
lenders, including PNC Bank and Daimler Truck Financial Services
USA, LLC.

As adequate protection for the Debtor's use of their cash
collateral, lenders will be granted a security interest in and lien
on all assets of the Debtor, including assets acquired by the
Debtor after its Chapter 11 filing, with the same priority as the
lenders' pre-bankruptcy lien.

These replacement liens do not apply to any causes of action under
the Bankruptcy Code and are subject only to (i) any lien on the
Debtor's assets that the court may approve in the future as being
senior to a lender's lien; (ii) valid, perfected, and enforceable
pre-bankruptcy liens, which are senior to the lenders' respective
liens or security interests as of the petition date; (iii) the
payment of the U.S. trustee's fees; and (iv) the amount of the
Debtor's professionals' fees and disbursements accrued as of the
date of the termination of the Debtor's use of cash collateral.

As further protection, the court approved the following payments to
lenders: (i) a monthly payment of $7,500 to M&T Equipment Finance
Corp. during the fifth interim period; and (ii) a monthly payment
of $40,000 to Bank Midwest during the fifth interim period (and
subsequent months). The Debtor agrees Bank Midwest's claim is fully
secured, valued at $2,214,347.89 as of August 1.

The next hearing is set for June 23.

A copy of the interim order is available at
https://shorturl.at/P4AGQ from PacerMonitor.com.

Bank Midwest is represented by:

   Benjamin J. Court, Esq.
   Stinson LLP
   50 South Sixth Street, Suite 2600
   Minneapolis, MN 55402
   Phone: 612-335-1500
   Fax: 612-335-1657
   benjamin.court@stinson.com

M&T is represented by:

   Kenneth D. Peters, Esq.
   Dressler Peters, LLC  
   101 W. Grand Ave., Suite 404
   Chicago, IL 60654
   Phone: 312-602-7360
   Fax: 312-637-9378
   kpeters@dresslerpeters.com
   jmmertz@michaelbest.com

                 About MG Logistics Incorporated

MG Logistics Incorporated provides freight transportation services
across the U.S. The Company operates from Huntley, Illinois, and
is
authorized for interstate trucking.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4,
2025. In the petition signed by Vassil Bayraktarov, authorized
representative of the Debtor, the Debtor disclosed up to $50
million in both assets and liabilities.

Judge Donald R. Cassling oversees the case.

Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP, represents
the Debtor as legal counsel.


MIC MANAGEMENT: Hires Orantes Law Firm P.C. as Counsel
------------------------------------------------------
MIC Management LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ The Orantes Law
Firm, P.C. as counsel.

The firm will provide these services:

   (a) advise the Debtor regarding matters of bankruptcy law and
concerning the requirement of the Bankruptcy Code, and Bankruptcy
Rules relating to the administration of this case, and the
operation of the Debtor's estate as a debtor in possession;

   (b) represent the Debtor in proceedings and hearings in the
court involving matters of bankruptcy law;

   (c) assist in compliance with the requirements of the Office of
the United States Trustee;

   (d) provide the Debtor legal advice and assistance with respect
to the Debtor's powers and duties in the continued operation of the
Debtor's business and management of property of the estate;

   (e) assist the Debtor in the administration of the estate's
assets and liabilities;

   (f) prepare necessary applications, answers, motions, orders,
reports and/or other legal documents on behalf of the Debtor;

   (g) assist in the collection of all accounts receivable and
other claims that the Debtor may have and resolve claims against
the Debtor's estate;

   (h) provide advice, as counsel, concerning the claims of secured
and unsecured creditors, prosecution and/or defense of all
actions;

   (i) prepare, negotiate, prosecute and attain confirmation of a
plan of reorganization; and

   (j) other compensation arrangements.

Giovanni Orantes will receive an hourly rate of $695, and an hourly
rate of $160 to 180 applies to paralegals and law clerks.

Prior to the petition date, the firm received from the Debtor a
retainer of $11,786.

In addition, the firm will seek reimbursement for its out-of-pocket
expenses.

The Orantes Law Firm, P.C. is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code, according to
court filings.

The firm can be reached at:

   Giovanni Orantes, Esq.
   The Orantes Law Firm, P.C.
   3435 Wilshire Blvd. 27th Floor
   Los Angeles, CA 90010
   Telephone: (213) 389-4362
   Facsimile: (877) 789-5776
   E-mail: go@gobklaw.com

              About MIC Management LLC

Mic Management LLC is a business management and consulting firm
that provides operational, administrative, and financial management
services to various enterprises. The company focuses on supporting
business efficiency and organizational oversight.

Mic Management LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-12147) on March 23, 2026. In
its petition, the Debtor reports estimated assets between $1
million and $10 million and estimated liabilities between $1
million and $10 million.

Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the
case.

The Debtor is represented by Giovanni Orantes, Esq., of Orantes Law
Firm PC.


MII AVIATION: Seeks Cash Collateral Access
------------------------------------------
MII Aviation Services, LLC and its affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for authority to use
cash collateral.

The Debtors seek to significantly modify their original motion for
debtor-in-possession financing. While the original motion sought a
formal DIP loan, the Debtors have determined that such a loan is no
longer necessary. Instead, they are now seeking a more
cost-effective approach: the exclusive use of cash collateral.

This pivot is driven by two major liquidity events expected within
the next 30 days. First, the acquisition of Infinidat Ltd. by
Lenovo Group Limited is expected to yield approximately $3.5
million for the Debtors. Second, the Debtors anticipate receiving
and liquidating shares in eToro Group Ltd., which are valued at an
additional $3 million to $3.5 million. Consequently, the Debtors
believe they can fund their Chapter 11 cases entirely through these
proceeds rather than incurring new debt.

The Debtors request authorization to use this cash collateral
(which is subject to the pre-petition liens of Scintilla Fund, LP)
to fund working capital, general corporate needs, and the
administrative costs of the bankruptcy proceedings. This use is
strictly governed by a 13-week budget, which includes allocations
for the chief restructuring officer, U.S. Trustee fees, Israeli
counsel, and mediation expenses for ongoing disputes. The request
includes a permitted variance and establishes a carveout to ensure
that professional fees and statutory expenses are protected even if
the lender eventually exercises remedies upon a default.

To compensate the pre-petition lender, Scintilla Fund, for the
potential diminution in the value of its collateral, the Debtors
propose a robust adequate protection package. This includes:

   1. Granting the lender post-petition replacement liens on all
currently owned and hereafter acquired property of the Debtors.

   2. Assigning the lender a superpriority administrative expense
claim that takes priority over virtually all other unsecured and
administrative claims.

   3. An immediate payment of $50,000 to cover the lender's
post-petition legal and professional fees.

The proposed interim order contains significant stipulations where
the Debtors acknowledge the validity and extent of their
pre-petition debt, which totals not less than $48.6 million.

The Debtors set a "challenge deadline" of June 1 for the creditors'
committee or other parties to investigate and potentially contest
the validity or perfection of Scintilla Fund's liens. If no
challenge is successfully brought by this date, the lender's claims
and liens will be deemed permanently allowed and non-avoidable,
effectively shielding the lender from future litigation regarding
the prepetition debt.

The events of default include failing to comply with the approved
budget, the conversion of the Debtors' Chapter 11 cases to Chapter
7, or the appointment of a trustee. If a default occurs and is not
cured, the lender may deliver a "carveout trigger notice," which
limits the Debtors' ability to continue using cash and allows the
lender to seek enforcement of its liens.

A copy of the motion is available at https://urlcurt.com/u?l=eJYp1X
from PacerMonitor.com.

                  About MII Aviation Services LLC

MII Aviation Services, LLC is an aviation services company that
provides aircraft maintenance, repair, and related technical
support services to commercial and private aviation clients.

MII Aviation Services sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-10123) on February 1, 2026. In
its petition, the Debtor reported estimated assets between $1
million and $10 million and estimated liabilities ranging from $10
million to $50 million.

Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.

The Debtor is represented by Mark L. Desgrosseilliers, Esq., at
Chipman Brown Cicero & Cole, LLP.


MILLENKAMP CATTLE: Judge Slashes O'Melveny & Myers Fee Request
--------------------------------------------------------------
Chief Judge Noah G. Hillen of the U.S. Bankruptcy Court for the
District of Idaho ruled on the final application of O'Melveny &
Myers LLP for allowance and payment of compensation and
reimbursement of expenses in the bankruptcy case of Millenkamp
Cattle Inc.  OMM represented the official committee of unsecured
creditors.

Two objections to the Fee Application were filed by:

     -- the United States Trustee, objecting to the interim fee
application and the final fee application; and
     -- Land View, Inc., a creditor.

On May 14, 2024, the UST appointed an official committee of
unsecured creditors pursuant to 11 U.S.C. Sec. 1102(a), after which
OMM filed an application for employment as counsel for the
Committee.

On July 22, 2024, the Court approved OMM's application to serve as
lead counsel for the Committee pursuant to Sec. 327 and indicated
any award of compensation would be governed by Sec. 330.

On October 16, 2025, OMM filed its final Fee Application.  The
Court conducted a hearing on November 13, 2025, which was continued
to December 11, 2025.  In the interim, OMM and the UST reached an
agreement by which OMM agreed to reduce the fees requested by
$125,000, attributable to a $75,000 reduction for work performed in
connection with investigating liens and a $50,000 reduction to
address the instances of overstaffing, where more than one attorney
participated in hearings or meetings.  Moreover, on the day prior
to the continued hearing, OMM and Land View reached an agreement by
which OMM would further reduce its fees by $100,000, thereby
resolving Land View's objections to the Fee Application.

Pursuant to the Fee Application, OMM sought an order allowing
$1,385,637.05 in total fees and $36,244.91 in total expenses. After
deducting the voluntary reductions according to the agreements made
with the UST and Land View, OMM's total fee request was
$1,160,637.02.  Of that amount, OMM asserts that it has been paid
$838,041.07 in fees and $23,935.24 in expenses.  Following
supplementation filed on April 6, 2026, OMM now seeks payment of
the outstanding balance in the amount of $322,595.95 in fees and
$12,295.07 in expenses for a total of $334,891.02.

The Court and the UST both had concerns about two aspects of OMM's
fee request:

     (1) the time spent investigating liens and lien perfection
issues, and

     (2) duplicative staffing, including multiple attorneys
attending weekly calls with debtors' counsel and the Committee, as
well as hearings.

To resolve the UST's objections on both issues, OMM agreed to
reduce its fee request by a total of $125,000, consisting of
$75,000 for the lien work and $50,000 for the duplicative efforts.
Although OMM's invoices reflect at least $210,158 billed for
lien-related work alone, the Court will not impose further
reductions for either issue beyond what OMM has already conceded.

In its objection to the Fee Application, Land View expressed
trepidation about the billing rates of OMM attorneys, and the Court
shares that concern.  In fact, the Court expressed its uneasiness
with the proposed billing rates at the time OMM was appointed and
several times since.

By comparison, much of OMM's counsel charged more than three times
what debtors' counsel did.  Notably, OMM's paralegals billed at a
higher hourly rate than either of the debtors' attorneys.

The Court cannot find that OMM's rates are reasonable in this
district, even in a large case such as this one and where the
various parties spanned the country.  Moreover, the Court concludes
OMM's requested compensation is not wholly reasonable in light of
the role it played.

OMM argues that its fees fell within the debtors' monthly cash
collateral budget, citing this as evidence of reasonableness.  The
Court disagrees.  Whether fees fit within a budgeted amount is
simply not relevant to the Sec. 330(a) reasonableness analysis and
carries little persuasive weight.

Pursuant to the Court's duty under Sec. 330 to assure the
reasonableness of professional fees to be paid by a debtor in
bankruptcy, the Court has reviewed the invoices submitted by OMM in
detail and has determined that the hours and rates sought are not
supported by the circumstances of this case. Accordingly, the Court
will reduce the hourly fees to more closely align the fee award
with what is reasonable in a case such as this in the District of
Idaho.  Additionally, the Court finds certain of the costs and
expenses to be unreasonable. OMM will be allowed total fees of
$762,700.26 and expenses in the amount of $28,330.  As such,
according to the Court's calculation, debtor has overpaid OMM for
attorney fees in the amount of $75,340.81 but owes a balance of
$4,394.76 in costs, resulting in a total overpayment of
$70,946.05.

A copy of the Court's Memorandum of Decision dated April 27, 2026,
is available at https://urlcurt.com/u?l=cb0Y9u from
PacerMonitor.com.

                    About Millenkamp Cattle

Millenkamp Cattle Inc., is part of a family-owned agriculture
business that can produce more than 1 million pounds of milk per
day.

Millenkamp Cattle Inc. and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Lead Case
No. 24-40158) on April 2, 2024. In the petitions filed by William
J. Millenkamp, manager, Millenkamp Cattle estimated assets between
$10 million and $50 million and estimated liabilities between $500
million and $1 billion.

Judge Noah G. Hillen oversees the cases.

The Debtors tapped Matthew T. Christensen, Esq., at Johnson May,
PLLC, as bankruptcy counsel and Givens Pursley as special counsel.

O'Melveny & Myers LLP represented the official committee of
unsecured creditors.

The Court on June 27, 2025, entered an Order confirming the
Debtors' Fifth Amended Plan of Reorganization.


MOHAWK DRIVE: To Sell Leominster Property to New England Wire
-------------------------------------------------------------
Mohawk Drive Corp. seeks approval from the U.S. Bankruptcy Court
for the District of Massachusetts, Central Division, to sell
Property, free and clear of liens, claims, interests, and
encumbrances.

The Debtor wants to sell at private sale all of the Debtor's right,
title and interests in certain real property with the improvements
located at 25 Mohawk Drive, Leominster, Massachusetts.

The Debtor entered into a conditional Purchase and Sale Agreement
for the sale of the Property to New England Wire Products Inc. or
its nominee for the sum of $6,400,000.00.

The Property is a commercial building that is tenanted with
multiple tenants in various units, with the proposed Buying being
an existing tenant in the Property.

The sale of the Property proposed is to be free and clear of all
liens, claims, interests, and encumbrances, with such liens,
claims, interests, and encumbrances to attach to the proceeds in
the order of their priority.

The lienholders of the Property are City of Leominster, MA and
Avidia Bank.

The Buyer is the holder of an option to purchase the Debtor's
property.

The Buyer has no relation to the Debtor, other than that the Buyer
is a current tenant of the Debtor's Property.

The Debtor has submitted and filed a Notice of Intended Private
Sale for purposes of solicitation of higher offers and,
counteroffers, and objections.

           About Mohawk Drive Corp.

Mohawk Drive Corp. owns the real property located at 25 Mohawk
Drive, Leominster, MA having a current value of $6 million.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 24-40250) on March 15,
2024. In the petition signed by Kevin Crowley, treasurer, the
Debtor disclosed $6,522,513 in assets and $1,664,799 in
liabilities.

Judge Christopher J. Panos oversees the case.

Michael B. Feinman, Esq., at Feinman Law Office, represents the
Debtor as bankruptcy counsel.


NDG NEW: Hires Law Office of David R. Herzog as Counsel
-------------------------------------------------------
NDG New Dating Game Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Law Office of
David R. Herzog, LLC as counsel.

The firm will provide these services:

   (a) give the Debtor legal advice with respect to its duties,
powers, and responsibilities as a debtor-in-possession;

   (b) assist the Debtor in the negotiation, formulation, and
drafting of a plan of reorganization;

   (c) appear for, prosecute, defend, and represent the Debtor's
interests in matters arising in or related to this case;

   (d) prepare all necessary pleadings, orders, applications,
reports, and other legal papers as may be necessary in connection
with this case; and

   (e) perform such other legal services as may be required.

The firm will be paid at the rate of $450 per hour.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Herzog disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     David R. Herzog, Esq.
     Law Office Of David R. Herzog, LLC
     53 W. Jackson Blvd., Suite 1442
     Chicago, IL 60604
     Telephone: (312) 977-1600
     E-mail: drh@dherzoglaw.com

              About NDG New Dating Game Inc.

NDG New Dating Game, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04816) on March
18, 2026, with up to $500,000 in assets and up to $1 million in
liabilities.

Kenneth E. Kaiser, Esq., represents the Debtor as counsel.


NEP/NCP HOLDCO: Moody's Alters Outlook on 'B3' CFR to Negative
--------------------------------------------------------------
Moody's Ratings affirmed NEP/NCP Holdco., Inc.'s (NEP) B3 Corporate
Family Rating, the B3-PD Probability of Default Rating, the B3
ratings on the company's backed senior secured first lien bank
credit facilities issued by NEP and its subsidiary NEP Europe Finco
B.V. (Finco). Moody's changed NEP and Finco's outlooks to negative
from stable.

The rating actions follow NEP's release of its 2026 budget, which
reflects a materially lower 2026 revenue and earnings outlook than
expected at the time of the October 2025 refinancing, as well as
weaker than expected 2025 operating results. The company revised
2026 EBITDA down approximately 15% or $73 million (company
definition) and revenue down 5% or $91 million as it faces a
combination of geopolitical, competitive and inflationary
pressures. NEP's budget revision cite high exposure to the factors
outside of company's control, such as headwinds from the Middle
East conflict ($20 million of the $74 million annual reduction),
weakness in film and TV markets and softer music touring activity
alongside company-specific factors such as the impact of
lower-priced contract renewals, evolving contract mix uncertainty
about timing of certain events and operating cost increases.
Consequently, Moody's expects a slowdown in delevering and
break-even rather than positive free cash flow this year. NEP's
full year 2025 revenue and EBITDA came in weaker than forecast by
5% and 4%, respectively.

The negative outlook reflects Moody's views that declines in
revenue and profitability in 2026 will weaken credit metrics and
create uncertainty about NEP' ability to profitably grow revenue
and free cash flow beyond 2026. The company has lowered its budget
or underperformed it in the past, indicating limited visibility
into future revenue and earnings due to the project-based nature of
its contracts.

RATINGS RATIONALE

The B3 CFR reflects the company's concentrated market scope,
capital-intensive business model that constrains free cash flow,
high leverage and high cost preferred equity. NEP's focus on
clients in the media and entertainment sector leaves the company
exposed to a growing, but somewhat cyclical market that has
exhibited elements of softness in prior economic downturns.

NEP's credit profile is supported by its strong global position in
the niche video production industry, diversified blue-chip customer
base with long-standing relationships and low customer
concentration. NEP's fleet of mobile broadcast trucks and
engineering expertise provide for a strong value proposition to its
customers and lends tangible asset value, supporting the rating.
Furthermore, NEP facilitates the viewing of live events, a service
Moody's considers key to content producers and content
distributors. This positions the company well regardless of how the
consumption and delivery of media evolves and therefore supports
sustainability of earnings.

Moody's expects that NEP will operate with Moody's adjusted
leverage of around 5x to 5.5x over the next 12-18 months, when
calculated giving 100% equity credit to preferred equity.
Considering $1,299 million in preferred equity outstanding (which
includes Series B $700 million raised in October 2025), NEP's (Debt
+ Preferred)/EBITDA is roughly 8.3x, including Moody's adjustments.
Moody's do not expect this ratio to improve from current level due
to preferred equity accretion (at a rate of SOFR +15% on Series B
preferred and 15% on Series A), even in a scenario with a
mid-single digit EBITDA growth through 2027 per Moody's estimates.

The divident on the $700 million Series B preferred equity (raised
in connection with the 2025 refinancing) will increase by 1.5% each
year beginning on the third anniversary and continuing until the
fifth anniversary, with a maximum cap set at 23%. Moody's believes
that NEP may consider refinancing the preferred over time to lower
its cost of capital, which introduces event risk.

Moody's views NEP's liquidity as adequate over the next year,
supported by approximately $49 million of cash as of December 31,
2025, access to a fully available $300 million 5-year revolver, and
Moody's expectations of operating cash flow in the $250 - $290
million range this year. Free cash flow is constrained by high cash
outlays to meet capex needs, which are expected to be around 9%-10%
of annual revenue. NEP's next debt maturity is in 2030 when the
revolver comes due. NEP's term loans are not subject to financial
maintenance covenants but the revolver has a springing maintenance
covenant, a maximum net first lien leverage test of 7x when more
than 35% of revolving credit facility is drawn. Moody's expects
adequate cushion of at least 20% or more under its net debt
financial covenant requirement over the next 12-18 months.

The B3 instrument rating on the senior secured bank credit
facilities (revolver, US term loan B and Euro term loan B) reflects
the B3-PD probability of default rating of the company, an average
expected family recovery rate of 50% given there is only one class
of debt and the term loans do not have financial maintenance
covenants.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade is unlikely over the next 12-18 months given negative
outlook. Over time, the ratings could be upgraded if NEP improves
and sustains FCF/Debt above 5%, consistently grows organic revenue
at mid-single digit percent rate or better and refinances high cost
preferred equity at the parent while sustaining leverage under 5x
(all metrics Moody's adjusted).

The ratings could be downgraded if weak operating performance or
more aggressive financial policies lead to Debt/EBITDA (Moody's
adjusted) sustained above 6x or free cash flow is negative.

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Based in Pittsburgh, PA, NEP/NCP Holdco., Inc. (NEP) is an indirect
subsidiary of NEP Group, Inc., a provider of outsourced media
services necessary for the delivery of live broadcast of sports and
entertainment events to television and cable networks, television
content providers and sports/entertainment producers. The company
is owned primarily by affiliates of the Carlyle Group. NEP's 2025
revenue was approximately $1.78 billion.


NEWPORT OVERLOOK: Hires Myers Brettholtz & Company as Accountant
----------------------------------------------------------------
Newport Overlook Association, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Rhode Island to employ Myers
Brettholtz & Company, PA as accountant.

The firm will assist in auditing the Debtor's various financial
statements, including annual balance sheets and related statements
of revenue, expenses and changes in fund balance and cash flows, as
well as preparing the Debtor's federal and state tax returns.

The Debtor has agreed to compensate the firm by an up-front, lump
sum payment of $6,050 per year.

Mr. Coleman disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Jennifer Coleman
     Myers Brettholtz & Company, PA
     12671 Whitehall Drive
     Fort Myers, FL 33907-3626
     Tel: (239) 939-5775
     Fax: (239) 939-3032

              About Newport Overlook Association, Inc.

Newport Overlook Association provides real estate brokerage
services, assisting clients in buying, selling, and leasing
residential and commercial properties.

Newport Overlook Association, Inc. in Jamestown, RI, sought relief
under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. D.R.I. Case No.
25-11000) on Dec. 17, 2025, listing $1 million to $10 million in
assets and $100,000 to $500,000 in liabilities. Amy Houle Caruso as
president, signed the petition.

Judge John A Dorsey Jr. oversees the case.

CHASE RUTTENBERG & FREEDMAN, LLP serve as the Debtor's legal
counsel.


NORHART INVEST: Cherry Bekaert LLP Raises Going Concern Doubt
-------------------------------------------------------------
Norhart Invest LLC filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 1-K for the fiscal year ended
December 31, 2025, reporting a net loss of $59,545 for the year
ended December 31, 2025, compared to a net loss of $1,118,428 for
the year ended December 31, 2024.

Total income for the year ended December 31, 2025, was $326,814
compared to $174,656 in the prior period.

Cherry Bekaert LLP, the Company's independent registered public
accounting firm for the fiscal year ended December 31, 2025, has
included an explanatory paragraph in their opinion that accompanies
its audited consolidated financial statements for the year ended
December 31, 2025, indicating that the Company continues to operate
at a significant net loss and has note payables maturing within one
year from the date the financial statements are available to be
issued with insufficient liquidity on hand to repay the notes which
raise substantial doubt about its ability to continue as a going
concern.

NOTES PAYABLE

As of December 31, 2025 and 2024, the Company had an outstanding
principal balance of $1,597,900 and $1,738,023 of notes payable
respectively with varying terms and interest rates. The interest
rates on these notes range from 7.6% to 10.0%.

As of December 31, 2025 and 2024, accrued interest on the notes was
$140,654 and $98,642, respectively. As of December 31, 2025 and
2024, $33,618 and $55,283, were included in Notes payable, current
portion on the balance sheets, respectively, and $107,036 and
$43,359, were included in Notes payable net of current portion on
the balance sheets, respectively.

The Company regularly assesses its liquidity position and
refinances or repays notes payable as necessary to manage its debt
obligations.

Management intends to fund operations by capital obtained from the
members or from Norhart Invest. Further, management intends to
repay the notes payable amounts through new financing arrangements.
However, there are no assurances that the Company can be successful
in obtaining the additional capital or such financing will be on
terms favorable or acceptable to the Company or Norhart Invest.

A full text copy of the Company's Form 1-K is available at
https://tinyurl.com/588pf9ej

                       About Norhart Invest

Norhart Invest LLC is a Minnesota limited liability company that
raises capital to make investments into certain real estate and
real estate related investments. The Company maintains and operates
an online investment platform available through the Company's
website -- www.norhart.com/invest/ -- for use by Norhart to build
and manage real estate.

As of December 31, 2025, the Company had $2,741,807 in total
assets, $2,123,557 in total liabilities, and $618,250 in total
members' equity.


NORTH AMERICAN CONSTRUCTION: DBRS Confirms BB(high) Issuer Rating
-----------------------------------------------------------------
DBRS Limited (Morningstar DBRS) confirmed North American
Construction Group Ltd.'s (NACG or the Company) Issuer Rating and
Senior Unsecured Notes credit rating at BB (high) with Stable
trends.

KEY CREDIT RATING CONSIDERATIONS

In 2025, the Company's revenue increased by 10%, supported by
growth primarily in Australia and steady demand in Canada. In the
same year, Morningstar DBRS' adjusted EBITDA fell to $333 million
from $350 million in 2024, an EBITDA margin reduction to 25.8% from
29.4%, partially because of weather impacts in Australia causing
reduced utilization and higher recovery costs. The margin impacts
also reflect operational disruptions and demobilization resulting
from reduced scopes at the Syncrude mine in Alberta.

Despite lower-than-predicted 2025 margins, the credit ratings
confirmations reflect Morningstar DBRS' expectations that the
Company will continue to execute its growth strategy and manage its
leverage to lower than 3.0 times (x). NACG's solid market position
as a service provider in the Canadian oil sands as well as its
entrance into the more diversified Australian mining services
market continue to support this expectation. The credit ratings
reflect NACG's contracted revenue streams, long-term customer
relationships, strong safety record, fleet size, and maintenance
capabilities that provide significant barriers to entry, as well as
its relatively conservative financial management practices. The
credit ratings also reflect the Company's considerable spending
requirements for fleet maintenance, the risks associated with
customer concentration as well as weakness in commodity prices, and
uncertainties around the marketability of the Company's assets and
future contract growth.

CREDIT RATING DRIVERS

A positive credit rating action could occur if NACG materially
strengthens its business risk profile, primarily through increasing
its size as well as its customers and resource diversification. In
this scenario, a positive credit rating action could occur without
necessarily requiring an improvement in key credit metrics to do
so. Conversely, a negative credit rating action could occur if key
credit metrics materially deteriorate in aggregate for a sustained
period (e.g., debt-to-EBITDA increases toward 3.5x) because of
weaker-than-expected operating performance and/or more aggressive
financial management.

EARNINGS OUTLOOK

Morningstar DBRS anticipates NACG's earnings profile will steadily
improve, benefitting from its strong backlog as well as growth
following the acquisition of Iron Mine Contracting (IMC), which
closed on April 7, 2026, and has an economic effective date of
January 1, 2026. The acquisition of IMC expands the Company's
operating footprint in Western Australia, adding geographic,
customer, and commodity diversification with increased exposure to
gold, iron ore, and lithium.

Morningstar DBRS forecast revenues of approximately $1.45 billion
for 2026, versus $1.28 billion in 2025, excluding contributions
from joint ventures and affiliates. Looking past 2026, Morningstar
DBRS expects the Company's revenue growth to be primarily driven by
growth in Australia and key contract renewals. Morningstar DBRS'
base case forecast 2026 EBITDA margins of 26%, with the Company
continuing to manage major project pursuits, weather-related
uncertainty, and equipment utilization. As such, adjusted EBITDA is
expected to increase to roughly $380 million for 2026 from $333
million in 2025 and to approach $400 million in the near term.

FINANCIAL OUTLOOK

Morningstar DBRS expects NACG's financial profile to gradually
improve over the near term as the Company focuses on the
integration of IMC as well as debt repayment. Morningstar DBRS
expects operating cash flows to largely support the Company's
considerable capital expenditure (capex) requirements for fleet
maintenance and contract growth support. Cash flow from operations
(before changes in working capital and principal lease payments) is
forecast to continue to grow in line with earnings. Capex is
expected to reduce in 2026 relative to 2025, resulting in a
positive free cash flow position. Morningstar DBRS expects leverage
to improve to roughly 2.9x in 2026 from 3.1x in 2025 and to
gradually reduce thereafter.

CREDIT RATING RATIONALE

Comprehensive Business Risk Assessment (CBRA): bb/bbl
NACG's CBRA of bb/bbl reflects the Company's solid market position
in the Canadian oil sands and expansion into the more fragmented
Australian mining services market. The CBRA takes into account
NACG's contracted revenue streams, strong safety record, and large
heavy equipment holdings, while also reflecting the considerable
spending requirements related to fleet maintenance, risks
associated with customer concentration, and uncertainties around
existing contract renewals and future contract growth as well as
relevant ESG considerations (see below for further details).

Comprehensive Financial Risk Assessment (CFRA): bbb
NACG's CFRA of bbb reflects the Company's relatively conservative
financial management practices (e.g., forecast debt-to-EBTIDA of
approximately 2.9x in 2026). Morningstar DBRS expects NACG's
financial profile to gradually improve in 2026 and 2027. The
Company has material capex requirements for fleet maintenance.
Near-term growth capex is largely directed toward support for
contract growth in Australia. Morningstar DBRS anticipates capex
needs will continue to be largely self-funded. Based on forecast
metrics, Morningstar DBRS anticipates the Company's CFRA will
remain above the current credit rating category in the near to
medium term, providing sufficient cushion for the credit ratings.

Intrinsic Assessment (IA): bbh

The IA of bbh is within the IA range and is based on the CBRA and
CFRA, taking into consideration peer comparisons, among other
factors.

Additional Considerations

The credit ratings include no further negative or positive
adjustments resulting from additional considerations.

Recovery Rating
The Recovery Rating of RR4 on the Senior Unsecured Notes assumes a
fully drawn Secured Revolver and reflects the Secured Revolver's
first-lien position.

As a service provider to large oil, natural gas, and resource
companies, NACG is subject to downstream and upstream customer
environmental regulations and compliance requirements relating to
carbon dioxide emissions. Current regulations could tighten further
in the future, which may cause significant financial burden for the
Company. The Company is also exposed to weather-related risks and
operational volatility, which may adversely affect financial
performance.

There were no Social or Governance factors that had a significant
or relevant effect on the credit analysis.

Notes:
All figures are in Canadian dollars unless otherwise noted.


NU STYLE: Amends Construction Business Sale to Elevated Landscape
-----------------------------------------------------------------
Nu Style Landscape & Development, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to sell substantially
all Assets to Elevated Landscape Group LLC, free and clear of
liens, claims, interests, and encumbrances.

The Debtor is a Colorado limited liability company which operates
commercial landscaping and construction business, which jobs
ranging from $15,000.00 to $1,500,000.00, which has been operating
since October of 2005.

On February 13, 2026, the Debtor filed its Motion for Entry of an
Order Establishing Bidding Procedures for the Sale of Substantially
All of the Debtor's Assets.

On March 18, 2026, the Court entered its Order establishing Bidding
Procedures for the sale of substantially all of the Debtor’s
assets.

Following entry of the Bidding Procedures Order, the Debtor
undertook commercially reasonable marketing and notice efforts to
maximize the reach of the sale process and attract the broadest
possible pool of prospective bidders.

As a result of the Debtor's efforts, the Debtor received
expressions of interest from three separate parties. Of those
parties, one submitted a bid by the Bid Deadline of April 13, 2026.


That bid was submitted by Elevated Landscape Group LLC, a Colorado
limited liability company, with a proposed purchase price of
$850,000.00 in cash for substantially all of the Debtor's Assets,
accompanied by a duly
executed Asset Purchase Agreement and a good faith deposit of
$50,000.00.

Because the Debtor did not receive more than one Qualified Bid by
the Bid Deadline, no Auction was conducted, and the sole Qualified
Bid submitted by Elevated Landscape Group LLC has been designated
as the Successful Bid, and
Elevated Landscape Group LLC has been designated as the Successful
Bidder, in accordance with the Bidding Procedures. There is no
Back-Up Bidder.

The Debtor discloses that the Successful Bidder’s president, Nate
Moilanen, is the Vice President of the Debtor and the son of
Michael Moilanen, the CEO and owner of the Debtor. The Bid and
related materials have been provided to the Committee, whose review
is ongoing.

A summary of the Asset Purchase Agreement is also provided.

As the Court recognized in the Bidding Procedures Order, the sale
process was designed to maximize the value of the Assets for the
benefit of the Debtor's estate. The Debtor has now completed that
process, and the result is a
purchase price that exceeds the Debtor's appraised going-concern
value. There is no basis to believe that conversion could produce
any better result.

About NU Style Landscape & Development

Nu Style Landscape & Development, LLC, a company in Denver, Colo.,
filed Chapter 11 petition (Bankr. D. Colo. Case No. 23-14475) on
Oct. 2, 2023, with $1 million to $10 million in both assets and
liabilities. Michael Moilanen, managing member, signed the
petition.

Judge Thomas B. McNamara oversees the case.

Allen Vellone Wolf Helfrich & Factor, PC, serves as the Debtor's
legal counsel.


OAK GROVE: Amends Terms of Georgia Properties Sale to Salo Elbaum
-----------------------------------------------------------------
Oak Grove Stor-All LLC seeks permission from the U.S. Bankruptcy
Court for the Northern District of Georgia, Gainesville Division,
to amend the sale of Property, free and clear of liens, claims,
interests, and encumbrances.

The Debtor is a Georgia limited liability company. Debtor owns
commercial real properties in Lumpkin County, Georgia located at
935 Oak Grove Rd, Dahlonega, GA 30533 and 975 Oak Grove Rd,
Dahlonega, GA 30533. The Property is used for the operation of a
storage unit facility.

On April 9, 2026, Debtors filed its Emergency Motion for Authority
to Sell Property Free and Clear of Liens or Interests, seeking
authority to sell the Property pursuant to the Purchase and Sale
Agreement with Salo Elbaum or his assignee or entity for the
purchase price of $1,200,000.00.

The Sale Motion came before the Court for a hearing on April 14,
2026. On April 17, 2026, the Court entered an order granting the
Motion and approving the sale of the Property for a purchase price
of $1,200,000.00.

Upon receiving Court approval of the Sale, the Buyer engaged in due
diligence. The Buyer requested a price concession following the
conclusion of due diligence, including regarding certain vacancies
on the Property.

The Debtor and the Buyer negotiated in good faith and have agreed
to a reduced price of $1,110,000.00.

Further, Debtor and Buyer agreed to credit all pre-paid rents and
deposits received by Debtor prior to closing for the period after
the closing against the Purchase Price. Such prepaid rents and
deposits total approximately $11,769.75.

The Sale was originally scheduled to close on April 30, 2026.
Debtor and the Buyer wish to close the Sale as soon as practicable
upon receipt of this Court's approval of the Amendment.

The Debtor shows that the transaction represents the highest and
best offer available and that the Purchase Price represents the
fair market value of the Real Property.

                  About Oak Grove Stor-All LLC

Oak Grove Stor-All, LLC operates a storage facility in Dahlonega,
Georgia.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20015) on January 5,
2026. In the petition signed by Blair Housley, chief executive
officer, the Debtor disclosed up to $1 million in both assets and
liabilities.

Judge James R. Sacca oversees the case.

Bethany Strain, Esq., at Jones & Walden LLC, represents the Debtor
as legal counsel.


OCOEE BOTANICALS: Elisabeth Donnovin Named Subchapter V Trustee
---------------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Elisabeth B.
Donnovin at Johnson & Mulroony, P.C. as Subchapter V trustee for
Ocoee Botanicals, LLC.

Ms. Donnovin will be paid an hourly fee of $325 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.  

Ms. Donnovin declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Elisabeth B. Donnovin
     Johnson & Mulroony, P.C.
     428 McCallie Avenue
     Chattanooga, TN 37402
     Phone: (423) 266-2300
     Email: edonnovin@johnsonmulroony.com

                    About Ocoee Botanicals LLC

Ocoee Botanicals, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-11036) on April
20, 2026, with $500,001 to $1 million in assets and liabilities.

Judge Nicholas W. Whittenburg presides over the case.

Roy Michael Roman, Esq. at Rmr Legal PLLC represents the Debtor as
legal counsel.


ORBCOMM INC: S&P Withdraws 'B-' Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings withdrew all its ratings on Orbcomm Inc.,
including the 'B-' issuer credit rating, following the refinancing
of its outstanding debt. The company secured the $460 million
refinancing deal backed by a group of private credit lenders. As
part of the transaction, Orbcomm repaid all of its existing debt
and no longer has any rated debt outstanding. As a result, S&P
withdrew the ratings.

At the time of the withdrawal, the outlook was negative.



ORGANON & CO: Moody's Puts 'Ba3' CFR Under Review for Upgrade
-------------------------------------------------------------
Moody's Ratings placed the ratings of Organon & Co. ("Organon") on
review for upgrade following an announcement by Sun Pharmaceutical
Industries Limited ("Sun Pharma"; NR), that it has entered into a
definitive agreement to acquire Organon. The ratings placed under
review for upgrade include the Ba3 Corporate Family Rating, Ba3-PD
Probability of Default Rating, Ba2 rating on the senior secured
first lien bank credit facilities, Ba2 rating on the senior secured
notes, and B2 rating on the senior unsecured notes. The Speculative
Grade Liquidity Rating (SGL) is unchanged at SGL-1. Previously, the
outlook was negative.

On April 26, 2026, Sun Pharma announced that it has entered into a
definitive agreement to acquire Organon for an enterprise value of
$11.75 billion. The transaction was approved by Organon and Sun
Pharma's Board of Directors, and is still subject to shareholders
and regulatory approvals. The companies expect the deal to close in
early 2027.

The review for upgrade reflects Moody's expectations that, should
the acquisition by Sun Pharma close, Organon will become part of a
larger company and will benefit from greater scale and diversity
with potentially lower financial leverage. The review for upgrade
also reflects that regulatory and shareholder approvals are
required for the deal to close. The review will focus on the
likelihood and timing of the transaction, the final capital
structure, as well as Sun Pharma's plans for the existing debt at
Organon, including whether its debt will be repaid, guaranteed or
legally assumed by Sun Pharma. The ratings could be withdrawn if
Organon's debt instruments are repaid on or before the transaction
closes.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

Excluding the ratings review, the Ba3 Corporate Family Rating
reflects Organon's niche position in the global pharmaceutical
industry, offering women's health products, biosimilars, and
established off-patent products. Organon has good diversity at the
product and geographic level. The established brands have good name
recognition in global markets. The women's health franchise
benefits from favorable demographic trends including rising demand
for fertility treatments.

These strengths are offset by limited organic growth owing to the
nature of established brands which face ongoing pricing and volume
pressure. At the same time, Organon's women's health business will
continue to face headwinds from reduced public funding for certain
products including contraceptives. Organon's free cash flow will
also remain somewhat constrained by costs associated with planned
exits from supplier arrangements. However, free cash flow will
continue to improve as these costs decline over time. There is
event risk of acquisitions as the company is likely to pursue
initiatives to improve earnings growth.

Organon's SGL-1, Speculative Grade Liquidity rating, signifies very
good liquidity. Excluding the proposed transaction with Sun Pharma,
Moody's anticipates that Organon will generate substantial positive
annual free cash flow. Organon also has full availability of $1.3
billion under its revolving credit facility as of December 31,
2025. Moody's anticipates good cushion under the 4.75x net
debt/EBITDA covenant under the revolving credit facility.

Excluding the proposed transaction with Sun Pharma, upgrade factors
include building a sustained management track record, improvement
in organic growth, substantial and consistent free cash flow
generation that is unburdened by one-time costs, and/or debt/EBITDA
sustained below 3.5x.

Factors that could lead to a downgrade include a prolonged decline
in organic growth, changes to strategic and financial policies that
slow deleveraging, debt-financed acquisitions, and/or debt/EBITDA
sustained over 4.5x for a sustained period.

Headquartered in Jersey City, New Jersey, Organon & Co. is a global
pharmaceutical company with expertise in women's health,
established brands and biosimilars. Revenues in the last twelve
months ending December 31, 2025 totaled approximately $6.2
billion.

The principal methodology used in these ratings was Pharmaceuticals
published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


OSCAR LUIS ANGELES: Motion to Withdraw Reference Denied as Moot
---------------------------------------------------------------
Judge Sheri Polster Chappell of the U.S. District Court for the
Middle District of Florida denied as moot the motion to withdraw
the reference filed by Oscar Luis Angeles In the case captioned as
OSCAR LUIS ANGELES, Plaintiff, v. ADISLEY CORTEZ-RODRIGUEZ, United
States Trustee, Defendant, Case No. 2:26-cv-364-SPC (M.D. Fla.).
The clerk of court is directed to close the case.

Oscar Luis Angeles filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Case No. 25-2275) on November 17, 2025.  He
subsequently filed a motion to withdraw the reference under 28
U.S.C. Sec. 157(d) in this court. But since filing the present
motion, the bankruptcy court dismissed Plaintiff's bankruptcy
petition. Thus, Plaintiff's motion to withdraw the reference is
moot.

The bankruptcy case was dismissed on March 30, 2026.


OSTENDO TECHNOLOGIES: Seeks Cash Collateral Access
--------------------------------------------------
Ostendo Technologies, Inc. asks the U.S. Bankruptcy Court for the
Central District of California, San Fernando Valley Division, for
authority to use cash collateral and provide adequate protection.

The Debtor had previously been authorized to use cash collateral
through February 28, 2026, but now requests permission to use
remaining funds—approximately $1.32 million derived from a $2.5
million asset sale to Rowen Innovations, LLC—to cover expenses
incurred from March 1 through July 31, 2026. These expenses,
totaling about $352,674, include salaries (at reduced rates for key
personnel), rent, insurance, utilities, SBA loan servicing, taxes,
cleanup costs, administrative fees, and other operational and
non-operational costs. The Debtor emphasizes that even after these
expenditures, sufficient funds will remain to fully satisfy the
secured claims of the only creditors with liens on these
proceeds—the U.S. Small Business Administration and Rowen—whose
claims total far less than the available cash.

The Debtor outlines that prior court-approved disbursements from
the sale proceeds have already covered professional fees, rent,
prior operating expenses, and cleanup costs, leaving the remaining
balance available for current needs. The Debtor proposes a budget
with a permitted variance of up to 10% (excluding salaries) and
argues that the use of these funds is necessary to maintain the
estate, complete administrative obligations, and move toward
confirming a Chapter 11 reorganization plan by July 31, 2026.

As adequate protection for the SBA and Rowen, the Debtor offers
replacement liens on post-petition assets (excluding avoidance
actions) with the same priority and validity as their prepetition
liens, along with continued debt service payments to the SBA. The
Debtor also notes that other secured creditors either do not hold
liens on the intellectual property proceeds or have agreed not to
assert such claims, and some outstanding liens appear to relate to
obligations that have already been satisfied.

A hearing on the matter is set for May 13.

A copy of the motion is available at https://urlcurt.com/u?l=VBNycS
from PacerMonitor.com.

                About Ostendo Technologies Inc.

Ostendo Technologies, Inc. develops advanced display and imaging
technologies, including micro-LED and quantum photonic imagers. It
operates in the semiconductor sector and maintains facilities in
California.

Ostendo Technologies sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11111) on June 24,
2025. In its petition, the Debtor reported estimated assets between
$1 million and $10 million and estimated liabilities between $10
million and $50 million.

Honorable Bankruptcy Judge Victoria S. Kaufman handles the case.

The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo &
Golubchik, LLP as legal counsel and Sherwood Partners, Inc. as
restructuring advisor.


OUISI INCORPORATED: Section 341(a) Meeting of Creditors on June 1
-----------------------------------------------------------------
On April 24, 2026, Ouisi Incorporated filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of New York. According to court filings, the Debtor reports between
$1 million and $10 million in debt owed to 1–49 creditors.

A meeting of creditors under Section 341(a) to be held on June 1,
2026 at 12:30 PM at Zoom.us - USTrustee 4: Meeting ID 161 9371
8283, Passcode 4427423184, Phone 1 (202) 804-6344.

                 About Ouisi Incorporated

Ouisi Incorporated is a business entity, though specific details
regarding its operations are not disclosed in the bankruptcy
filing.

Ouisi Incorporated sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-35436) on April 24, 2026. In
its petition, the Debtor reports estimated assets ranging from $0
to $100,000 and estimated liabilities ranging from $1 million to
$10 million.

Honorable Bankruptcy Judge Kyu Young Paek handles the case.

The Debtor is represented by Justin S. Krell, Esq. of Bond,
Schoeneck & King, PLLC.


OXFORD FINANCE: Fitch Assigns 'BB-(EXP)' Rating on Sr. Unsec Notes
------------------------------------------------------------------
Fitch Ratings has assigned Oxford Finance LLC (Oxford) and its
wholly owned, debt-issuing subsidiary, Oxford Finance Co-Issuer II
Inc.'s, proposed issuance of senior unsecured notes an expected
rating of 'BB-'(EXP). The final amount, coupon and maturity will be
determined at the time of issuance.

The transaction is expected to be leverage neutral as proceeds from
the issuance will be used to repay the existing unsecured notes as
well as borrowings under secured facilities. Pro forma for the
expected $500 million issuance, Oxford's unsecured debt would
improve to approximately 12% of total debt compared to 10% at YE
2025.

Oxford has a Long-Term Issuer Default Rating (IDR) of 'BB'. The
Rating Outlook is Stable.

Key Rating Drivers

Solid Franchise: The rating reflects Oxford's solid direct
origination franchise in the healthcare/life sciences sectors, a
well-laddered and diversified funding profile, focus on senior
lending, relatively consistent operating performance through market
cycles and an experienced management team. Additionally, Fitch
expects an expanding managed funds business to support fee income
growth.

Higher Leverage a Constraint: Rating constraints include higher
leverage than business development company (BDC) peers and a
largely secured funding profile. This reduces funding flexibility
during stress. Other constraints include the potential effect on
liquidity and leverage from elevated charge-offs and large draws on
portfolio company revolver commitments. Both typically increase
during market downturns. Oxford's healthcare and life sciences
focus is less diversified than most BDCs and commercial lender
peers. Artificial intelligence poses a disruption risk for software
companies. However, software represented 3.1% of Oxford's portfolio
at YE 2025, below BDC peers.

Stable Outlook: The Stable Outlook reflects Fitch's expectation
that Oxford will retain underwriting discipline given the
competitive market conditions, demonstrate sound credit
performance, manage leverage within the targeted range and maintain
sufficient liquidity to fund potential draws on unfunded
commitments.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A reduction in the unsecured funding mix to 0%;

- Material deterioration in asset quality;

- An inability to maintain sufficient liquidity to fund operating
expenses and revolver draws;

- Sustained increase in leverage above the targeted range of 3.5x;
and/or

- A change in the perceived risk profile of the portfolio or damage
to the firm's franchise which negatively impacts access to deal
flow and industry relationships.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Improved funding flexibility, as evidenced by unsecured debt
approaching 20% of total debt;

- Growth of the franchise including the managed funds business
becoming a significant contribution to earnings, or increased
portfolio diversification by sector and issuer;

- Strong and differentiated credit performance of recent vintages;

- Consistent operating performance and a sufficient liquidity
profile; and/or

- Maintenance of leverage below 3.0x.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The expected senior unsecured debt rating is one notch below the
Long-Term IDR given the high balance sheet encumbrance and the
largely secured funding profile, which indicates weaker recovery
prospects under a stress scenario.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The expected unsecured debt rating is expected to move in tandem
with the Long-Term IDR. However, a material increases in the
proportion of unsecured funding or the creation of a sufficient
unencumbered asset pool, which alters Fitch's view of the recovery
prospects for the debt class, could result in the unsecured debt
rating being equalized with the IDR.

SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS

The ratings of Oxford Finance Co-Issuer II Inc. are equalized with
the parent. Oxford Finance Co-Issuer II Inc. is a wholly owned
subsidiary and co-issuer on the existing unsecured debt with no
material operations of its own.

SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES

Oxford Finance Co-Issuer II Inc's ratings would be expected to move
in tandem with the parent's.

Date of Relevant Committee

30 October 2025

ESG Considerations

Unless disclosed in this section, the highest level of ESG credit
relevance is a score of '3'. This 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 of the materiality
and relevance of ESG factors in the rating decision.

   Entity/Debt             Rating           
   -----------             ------           
Oxford Finance LLC

   senior unsecured        LT BB-(EXP)  Expected Rating

Oxford Finance
Co-Issuer II Inc.

   senior unsecured        LT BB-(EXP)  Expected Rating


OXFORD FINANCE: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba3'
------------------------------------------------------------------
Moody's Ratings has assigned a Ba3 rating to Oxford Finance LLC's
(Oxford) proposed $500 million senior unsecured notes due 2031.
Oxford will use the proceeds from the new notes to redeem its
existing Ba3-rated $400 million senior unsecured notes due 2027, as
well as paydown $90 million of outstanding senior secured debt ($10
million in estimated fees and expenses). The rating action does not
affect Oxford's Ba2 corporate family rating or its existing Ba3
senior unsecured rating. The outlook remains unchanged at stable.

RATINGS RATIONALE

The Ba3 rating assigned to Oxford's proposed senior unsecured notes
is consistent with the company's existing senior unsecured rating.
The Ba3 senior unsecured rating is one notch below Oxford's Ba2
CFR, which reflects the substantial amount of secured debt incurred
by Oxford that is given priority ranking in the firm's capital
structure relative to the unsecured notes.

The proposed transaction will result in a modest improvement to
Oxford's secured debt to gross tangible assets ratio because the
firm will be replacing roughly $90 million of outstanding secured
debt with the unsecured notes. However, Moody's expects the
reduction in secured debt to be temporary, and that borrowings from
its various secured funding facilities may vary moderately from
quarter to quarter. Oxford's proposed unsecured notes will mature
in 2031, which addresses the upcoming December 2027 maturity of the
existing notes, a credit positive.

Oxford's Ba2 CFR reflects its continued growth and good performance
in its healthcare and life science niche, as well as strong
profitability and solid capitalization. The company earns high net
income, reporting an annualized ratio of net income to average
managed assets usually above 3% each quarter over the past several
years. Also, the company's capitalization remains solid, with
tangible common equity (TCE) to tangible managed assets (TMA)
typically between 20% and 28% (23.2% as of December 31, 2025).
Moody's expects the company's debt-to-equity ratio to hover around
3.25x, similar to past levels. Pro forma for the transaction,
debt-to-equity leverage will remain between 3.20x and 3.30x
assuming a $90 million paydown of senior secured borrowings.

Credit challenges include Oxford's concentrated loan portfolio in
the healthcare finance market and the company's high reliance on
secured funding. The company's credit performance has been
historically solid, but problem loans can fluctuate due to
sector-wide risks that could result in asset quality deterioration.
However, this is partially offset by a relatively granular
portfolio with top 10 exposures being approximately 17% of total
loans. Oxford relies heavily on confidence-sensitive secured
funding at about 67% of gross tangible assets. Loan growth has
somewhat weakened the company's liquidity coverage over the next 12
months.

The stable outlook reflects Moody's expectations that Oxford will
maintain stable profitability, asset quality, funding, and
liquidity in the next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The ratings could be upgraded if Oxford significantly improves the
diversification of its loan portfolio, leading to a sustained
reduction in sector and borrower concentrations, while maintaining
sound asset quality and underwriting standards. The ratings could
also be upgraded if the company meaningfully improves its
capitalization while also reducing its reliance on secured funding
and improving liquidity coverage.

The ratings could be downgraded if the company reports a
significant deterioration in asset quality, profitability, or
liquidity coverage. The ratings could also be downgraded if
Oxford's leverage as measured by the company's debt (including
non-recourse facilities) to equity ratio increases and remains
above 3.5x. The senior unsecured rating could be downgraded if the
company's funding mix were to shift more toward secured debt on a
sustained basis.

The principal methodology used in this rating was Finance Companies
published in July 2024.


PAP-R PRODUCTS: Plan Exclusivity Period Extended to June 30
-----------------------------------------------------------
Judge Mary E. Lopinot of the U.S. Bankruptcy Court for the Southern
District of Illinois extended Pap-R Products Company's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to June 30 and Sept. 1, 2026, respectively.

As shared by Troubled Company Reporter, the Debtor explains that
its reorganization is proceeding at a pace consistent with the size
of the case and the complex and difficult issues confronting
Debtor. Debtor's landlord for its Martinsville plant has a contract
to sell the property, which is expected to close in April, 2026.
Debtor is in the process of moving out of the Martinsville property
and reducing its expenses. The landlord is a related party, and the
sale will reduce indebtedness for which Debtor is arguably
responsible.

In addition, Debtor is working to sell its Colorkraft assets, which
would further reduce its expenses and the proceeds of which would
reduce secured debt. These two sales are scheduled to close in
April, 2026. Both transactions will benefit Debtor's estate and
will form the basis for Debtor to file a plan of reorganization by
June 30.

The Debtor asserts that although the company has made progress in
laying the groundwork for a plan of reorganization, it does require
additional time to formulate, finalize and file its chapter 11 plan
provided that the transactions described close. Debtor needs
additional time to build a consensual plan, which will be the focus
of discussions with its secured creditors and other interested
parties.

The Debtor further asserts that an extension of the Exclusive
Periods as requested herein will not prejudice any party in
interest, but rather will afford Debtor an opportunity to achieve
and propose a confirmable chapter 11 plan. Failure to extend the
Exclusive Periods as requested herein would defeat the very purpose
of section 1121 of the Bankruptcy Code -- i.e., to provide Debtor
with a meaningful and reasonable opportunity to negotiate with
creditors and other parties in interest and propose a confirmable
chapter 11 plan.

Pap-R Products Company is represented by:

     Larry E. Parres, Esq.
     Lewis Rice LLC
     600 Washington Ave., Suite 2500
     St. Louis, MO 63101
     Telephone: (314) 444-7600
     Facsimile: (314) 612-7660
     Email: lparres@lewisrice.com

                    About Pap-R Products Company

Founded in 1947, PAP-R Products specializes in a wide range of coin
and currency wrapping solutions. The Company's product lineup
includes flat coin wrappers, automatic coin rolls, currency bands,
and specialized wraps for items such as napkins and canceled
checks. All products are crafted from high-quality Kraft paper and
adhere to ABA standards when applicable. The company also offers
custom imprinting services for most products, excluding basic bill
bands and storage boxes.

Pap-R Products Company sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3,
2025, listing up to $50 million in both assets and liabilities.
The petition was signed by Kenneth Scott Ware as president.

Larry E. Parres, at Lewis Rice LLC, serves as the Debtor's counsel.



PAREX RESOURCES: S&P Assigns 'B+' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to Parex
Resources Inc., a Calgary, Canada-based public exploration and
production (E&P) oil and natural gas company with operations in
Colombia.

S&P said, "We also assigned our 'B+' issue-level rating to the
unsecured notes. Based on Parex's Colombia-based operations, we
have applied notching analysis to rate the proposed debt issuance.
Due to the issuance of the proposed notes at the rated parent
company and secured debt of less than 50% of total debt
outstanding, we do not see a risk of subordination of the senior
unsecured notes. Therefore, the issue-level rating is in line with
the issuer credit rating.

"The stable outlook reflects our expectation of debt to EBITDA
around 1.0x-1.5x and funds from operations (FFO) to debt above 60%
post the transactions. The outlook also reflects our expectation
that Parex will successfully integrate the Frontera assets, which
should increase free operating cash flow (FOCF)."

Parex Resources Inc., a Calgary, Canada-based public exploration
and production (E&P) oil and natural gas company with operations in
Colombia, has launched a $500 million senior unsecured notes
offering. S&P expects the company to use proceeds to finance its
proposed acquisition of the Colombian E&P assets of Frontera Energy
Corp. (B/Stable) and general corporate purposes.

The rating reflects Parex's relatively small scale and limited
geographic diversity, which the high oil content in its production
mix partially offsets. Parex's operations are entirely focused in
Colombia with its principal land holdings in the Llanos Basin and
additional exposure to the Magdalena and Putumayo basins. Parex's
total production was roughly 45,000 barrels of oil equivalent per
day (boe/d) in 2025 with approximately 97% liquids.

On March 10, 2026, Parex announced it had entered into a definitive
agreement with Frontera Energy Corp. to acquire its Colombian E&P
assets for upfront cash consideration of $500 million plus the
assumption of $225 million of net debt. A contingent payment of $25
million is payable within 12 months, pending the extension of one
of Frontera's production sharing contracts. The Frontera assets
will add approximately 35,000-40,000 boe/d (98% oil) to Parex's
production. With the transaction expected to close in the second
quarter of 2026, S&P expects total 2026 production of 65,000-70,000
boe/d, increasing in 2027 to 80.000-85,000 boe/d. Parex's proved
reserves are expected to increase by about 80%, totaling
approximately 207 million boe. The company will use proceeds from
the new debt offering to finance the transaction and for general
corporate purposes.

S&P said, "We believe Frontera's assets are lower quality, more
mature, and higher cost compared with Parex's existing portfolio,
heightening integration and execution risk, despite Parex's larger
size and scale. We believe Parex to be a strong and experienced
operator in the region and believe it can achieve synergies,
including blending and marketing opportunities. We anticipate
legacy Frontera assets to generate FOCF that Parex will then invest
in its higher return existing portfolio.

"However, we believe the risk associated with the Frontera assets,
such as the low reserve replacement rates in recent years, will
take time to mitigate. We will monitor the company's ability to
successfully reduce decline rates on the acquired assets under
significantly lower capital spending levels and demonstrate more
stable profitability at the combined portfolio.

"We expect Parex's S&P Global Ratings adjusted debt will increase
to approximately $1.3 billion in 2026 (which also includes about
$150 million of asset retirement obligations and an $80 million
Chevron prepayment associated with the Frontera assets), compared
with $100 million at year-end 2025. Our base-case reflects FFO to
debt of above 60% and debt to EBITDA of about 1.0x-1.5x over the 12
to 24 months following the completion of the acquisition.

"The significant increase in debt and higher cost Frontera assets
could increase credit metric volatility, as reflected in our
financial risk assessment. We recognize Parex management team's
track record of conservative financial policies, under which the
company has historically operated with very low leverage.
Additionally, we view favorably the company's plan to prioritize
excess cash flows for debt reduction following the acquisition,
targeting debt to EBITDA of below 1x over the next 12 months.

"The stable outlook reflects our expectation of debt to EBITDA of
about 1.0x-1.5x and FFO to debt of above 60%, as Parex integrates
the recently acquired Frontera assets which, in addition to current
oil price environment, should contribute to FOCF generation of $250
million to $450 million over the next 12 to 24 months.

"We could lower our ratings on Parex, if debt to EBITDA increases
above 3x or FFO to debt declines below 30% for a sustained period.
This could occur if commodity prices decline sharply, resulting in
weaker-than-anticipated earnings and profitability or if the
company undertakes are more aggressive financial policy resulting
in debt funded shareholder returns or acquisitions, without a
corresponding improvement in competitive position.

"We could raise our ratings on Parex if it increases proved
reserves and production more in line with higher rated peers and
improves profitability on a sustained basis, which would most
likely occur if the company is able to successfully integrate and
improve capital efficiency on the Frontera assets. In addition, we
would expect debt to EBITDA to remain about 1.5x and FFO to debt
above 60%."



PAT MCGRATH: Court Okays Opt-Out Provisions Under Chapter 11 Plan
-----------------------------------------------------------------
Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida issued a Memorandum Opinion explaining
in more detail its ruling with respect to why the opt-out
provisions in Pat McGrath Cosmetics LLC's Chapter 11 plan (with
some exceptions) are approved.

This matter came before the Court to consider confirmation of the
Debtor's First Amended Plan of Reorganization filed on March 10,
2026, as modified by the Debtor's Expedited Motion(s) to Modify
Plan of Reorganization, and final approval of the First Amended
Disclosure Statement. After a contested confirmation hearing held
on April 13, and continued to April 15 and 17, the Court confirmed
the Plan.

The Court holds that, subject to certain conditions, the use of an
opt-out mechanism to obtain consent to the consensual third-party
releases in a chapter 11 plan is permissible.  The Court approves
the Holder Release, including reliance on the opt-out process to
bind creditors to its terms.

The Court has separately entered an order confirming the Plan.

Article VIII.C of the Plan -- Releases by Holders of Claims and
Interests (the "Holder Release") -- contains "opt-out third-party
releases".  This section provides that a Holder of a Claim or
Interest who does not want to be bound by the Holder Release must
indicate that the Holder "opts out" of that release.

Under the Plan, any Holder that:

     -- votes for the Plan,
     -- votes to reject the Plan but does not check an "opt-out"
box on the ballot, or
     -- does not submit a ballot or an "opt-out" form (provided to
all non-voting Holders of Claims and Interests),

is deemed to have consented to the Holder Release.

As the Court ruled in the Confirmation Order, "the Holder Release
is appropriate under the circumstances of this Chapter 11 Case and
consistent with the Bankruptcy Code, the Bankruptcy Rules, the
Local Rules, and all other applicable laws, rules, and regulations.
The mechanism by which Holders of Claims and Existing Equity
Interests were allowed to opt out of the Holder Release constituted
a consensual release under Federal bankruptcy law because such
releases and the opportunity to opt out were conspicuously
disclosed in the Confirmation Hearing Notice, the Ballots and the
Disclosure Statement, and Holders of Claims and Existing Equity
Interests were given due and adequate notice of their opportunity
to opt out of such releases.  Thus, such releases are appropriate
and consistent with the Bankruptcy Code, the Bankruptcy Rules, the
Local Rules, and all other applicable laws, rules, and regulations
and not prohibited by Harrington v. Purdue Pharma L.P., 603 U.S.
204 (2024). However, as set forth on the record at the Confirmation
Hearing, any party who (i) affirmatively voted to reject the Plan,
(ii) was in a class that was conclusively deemed to reject the
Plan, or (iii) voted to accept the Plan but nevertheless checked
the box to opt out, shall not grant the Holder Release."

The United States Trustee objected to the Holder Release on several
grounds, including that consent to a third-party release is
governed by state law, and that the Plan's opt-out procedure does
not comply with either New York or Florida law.  The United States
Trustee also objected to the location of the opt out language on
the ballot at page 4, arguing that the opt-out language was not in
an obvious enough location on the ballot.  For the reasons stated
on the record at the Confirmation Hearing, the Court overrules the
objection.

The Court finds that the Plan's use of opt out to determine consent
to the Holder Release is permissible and that the Holder Release
can be approved, with certain limitations.  

The Plan proposed that all parties who failed to opt out of the
Holder Release are bound by the Holder Release, including those
creditors who rejected the Plan but failed to check the "opt-out
box".  This is not reasonable, according to the Court.  A party in
interest who rejects a plan, or has a claim or an interest in a
class that is deemed to reject the plan, cannot be bound to a
release provision in the absence of expressly opting out. Thus,
approval of the opt-out provisions only applies to creditors in
class 6 who either voted in favor of the plan and did not opt-out
of the Holder Release, or creditors in class 6 who did not vote.

As set forth in the Confirmation Order, the Court finds that the
Holder Release is necessary and appropriate for confirmation.  The
Court finds that it was appropriate to use "opt-out" rather than
another method to determine consent due to the number of creditors
in the case.

The Court finds that the solicitation materials clearly disclose
the Holder Release, identify the released parties, explain the
opt-out right in understandable terms, and provide a meaningful
opportunity to exercise that right. The mechanism is not hidden,
confusing, or coercive. While the actual opt-out "box" appeared on
page 4 of the ballot, the second page of the ballot clearly advises
of the Holder Release.  

The certificates of service submitted in support of confirmation
indicate that all creditors received the Plan, the Disclosure
Statement, and all proper notice relating to the Holder Release.

On this record, the Court is satisfied that affected parties were
afforded adequate notice that satisfies due process. Because class
6 voted in favor of the Plan, those creditors in class 6 who did
not opt out of the Holder Release, as well as those creditors in
class 6 who did not vote, may properly be treated as having
consented to the Holder Release.

A copy of the Court's Memorandum Opinion dated April 21, 2026, is
available at https://urlcurt.com/u?l=YhID3r from PacerMonitor.com.

                About Pat McGrath Cosmetics LLC

Pat McGrath Cosmetics LLC offers cosmetic products.

Pat McGrath Cosmetics LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10772) on Jan.
22, 2026. In its petition, the debtor reports estimated assets of
$50 million-$100 million and estimated liabilities of $50 million
$100 million.

The Honorable Bankruptcy Judge Laurel M. Isicoff handles the case.

The Debtor is represented by Jessey J. Krehl, Esq.


PENN ENTERTAINMENT: S&P Alters Outlook to Pos., Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'B' issuer credit rating to U.S. gaming operator PENN
Entertainment Inc.

S&P also raised its issue-level rating on PENN's unsecured debt to
'B' from 'B-' and revised the recovery rating to '4' from '5'.

The positive outlook reflects our expectation that narrowing losses
in PENN's interactive segment, EBITDA growth from real estate
development projects, and lower capital expenditure (capex) will
likely increase cash flow and reduce leverage below 6.5x.

PENN Entertainment's significant moderation in interactive losses,
stable operating performance in its regional gaming segment, and
earnings from development projects should drive leverage below our
6.5x upgrade threshold this year.

The outlook revision reflects that PENN will likely reduce leverage
below 6.5x. PENN reported EBITDA increased approximately 53% year
over year in the first quarter of 2026, mostly because of
significantly lower losses in its interactive segment following
termination of its exclusive U.S. online sports betting partnership
with ESPN. In its 2026 guidance, the company expects interactive
EBITDA will be an approximately $20 million loss compared with a
$268 million loss in 2025 as it replaces fixed media advertising
spending with regionally targeted, performance-based marketing
prioritizing U.S.-based iCasino states and Canada operations.
PENN's retail portfolio also outperformed our expectations in the
first quarter, with segment EBITDAR increasing 3% year over year,
and the ramp-up of its relocated Hollywood Joliet casino and
recently opened hotel tower at the M Resort supported stable casino
performance.

S&P said, "In 2026, we expect revenue will improve 5%-7% and S&P
Global Ratings-adjusted EBITDA margin by over 400 basis points
(bps) on lower interactive losses. We expect low-single-digit
percent performance at its casinos, a full year of the new
land-based Hollywood Joliet property (opened August 2025), M Resort
hotel tower (opened December 2025), and June 2026 openings of its
Hollywood Aurora relocation and Hollywood Columbus Hotel Tower will
drive revenue and EBITDA growth in its retail portfolio. We expect
revenue increases in its interactive segment will be supported by
continued growth in existing markets. We assume interactive segment
losses will moderate substantially but may modestly exceed PENN's
guidance, as the rebranding of its legacy ESPNBET platform to
theScore Bet and its shift toward regionally targeted marketing
introduce risks of customer attrition.

"We also expect PENN's free cash flow will increase substantially
in 2026 as capex moderate and construction concludes on its
projects opening in June. Our forecast EBITDA and cash flow growth
will likely lead PENN's S&P Global Ratings-adjusted leverage to the
low-6x area in 2026, below our 6.5x upgrade threshold and
supporting the positive outlook.

"Macroeconomic uncertainty and higher gas prices are risks for
casino visitation and spending. Our macroeconomists believe the
Middle East conflict increases the risk of an energy shock that
could reduce consumer spending. Higher gasoline and utility bills
act like a tax on real incomes, typically compressing consumers'
discretionary consumption and delaying big ticket purchases. Energy
inflation has the same effect because it hits necessities, which
have limited short-run substitutes, and absorbs a larger share of
lower-income consumer budgets. PENN said on its earnings call that
most of its customers reside within a 30-minute drive of its
properties, which could mitigate the risk of higher gas prices.
Furthermore, its diversified geographic footprint and focus on
regional gaming markets insulate it from broader economic
fluctuations.

"Financial policy decisions could delay deleveraging. We expect
PENN will prioritize investing in its interactive business,
completion of its retail portfolio development projects, and debt
repayment. However, we believe PENN will continue to
opportunistically repurchase shares as it improves its cash flow
base. While not in our base case, we believe PENN could pursue
acquisitions to expand its brick-and-mortar portfolio, which could
increase leverage relative to our base case.

"The positive outlook reflects our expectation that narrowing
losses in interactive segment, returns from expansion projects in
its retail portfolio, and lower capex will increase cash flow and
reduce leverage below 6.5x by the end of this year."

S&P could revise its outlook to stable if it no longer believe PENN
will sustain S&P Global Ratings-adjusted leverage below 6.5x. This
could occur if:

-- Interactive losses don't moderate sufficiently to improve
leverage below 6.5x, which could stem from greater investments in
customer acquisition or retention, additional investments that
exceed management's plans, or greater-than-anticipated volatility
in hold rates;

-- Economic and competitive pressures facing PENN's
brick-and-mortar casinos exceed the assumptions in our base case;
or

-- It unexpectedly takes a more aggressive posture toward
developing its portfolio or pursues material leveraging
acquisitions or shareholder returns.

S&P could raise its rating on PENN if S&P expects it will sustain
S&P Global Ratings-adjusted debt to EBITDA below 6.5x,
incorporating operating volatility, interactive investments,
development spending, and shareholder returns.


PETER F. DIPAOLO: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Peter F. DiPaolo, MD, PA
        1225 McBride Ave, Suite 111
        Woodland Park, NJ 07424

        Business Description: Peter F. DiPaolo, MD, PA is a private
orthopedic practice located in Woodland Park, New Jersey. Led by
board-certified orthopedic surgeon Peter F. DiPaolo, M.D., the
practice provides orthopedic services including minimally invasive
surgery, traumatic injury treatment, pain management solutions,
joint replacement, spine surgery, arthroscopic knee and shoulder
surgery, and fracture treatment. The practice serves patients with
accident-related injuries and orthopedic conditions such as
arthritis, hip pain, neck pain, knee pain, sciatica, shoulder pain,
and lower back pain.

Chapter 11 Petition Date: April 29, 2026

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 26-14807

Debtor's Counsel: Richard D. Trenk, Esq.
                  TRENK ISABEL SIDDIQI & SHAHDANIAN P.C.
                  290 W. Mt. Pleasant Avenue
                  Suite 2370
                  Livingston, NJ 07039
                  Tel: (973) 533-1000
                  Fax: (973) 533-1111
                  Email: rtrenk@trenkisabel.law

Total Assets: $10,034

Total Liabilities: $4,547,728

The petition was signed by Peter F. DiPaolo as sole shareholder.

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/43JZVTQ/Peter_F_DiPaolo_MD_PA__njbke-26-14807__0001.0.pdf?mcid=tGE4TAMA


PODS LLC: S&P Rates New First‑Lien Term Loan B and Sec. Notes 'B-'
--------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue rating and '3' recovery
rating to PODS LLC's proposed $900 million first-lien term loan B
and $500 million senior secured notes due 2031. The '3' recovery
rating reflects its expectation of meaningful recovery (50%-70%;
rounded estimate: 50%) in the event of a default.

S&P said, "We expect PODS to use the proceeds from the term loan B
and senior secured notes primarily to refinance its existing $1.4
billion first‑lien term loan B due 2028, resulting in a
meaningful extension of the maturity profile. In addition, the
transaction includes a new $150 million five‑year revolving
credit facility, which further enhances liquidity and financial
flexibility. Taken together, we view the transaction as a credit
positive that reduces near‑term refinancing risk. We do not
expect material drawings on the revolver at closing.

"We view the transaction as largely leverage-neutral and do not
expect it to materially affect interest coverage. We expect EBIT
interest coverage will remain below 1x and funds from operations to
debt below 10% through 2026 and 2027.

"We expect operating performance to modestly improve over the next
12–24 months as housing market activity gradually recovers and
PODS continues to benefit from its scaled network, strong brand
position, and disciplined cost structure."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's 'B-' issue ratings and '3' recovery ratings (50%-70%;
rounded estimate: 50%) on the first-lien term loan B and senior
secured notes reflect its expectation for meaningful recovery in
the event of a payment default.

-- The first-lien term loan B will rank pari passu with the senior
secured notes. The capital structure includes a $150 million
revolving credit facility that also ranks at the same seniority.

-- S&P's simulated default scenario assumes a payment default in
2028 due to reduced rental demand, rental rates, and utilization.
These factors would contribute to a significant decline in EBITDA,
eventually leading PODS to default on its obligations.

-- PODS' market position, strong brand, and customer relationships
make it a viable business. Therefore, S&P would expect the company
to reorganize rather than liquidate. It values the company on a
going-concern basis based on an EBITDA multiple approach.

  Simulated default assumptions

-- Simulated year of default: 2028
-- EBITDA at emergence: $171 million
-- EBITDA multiple: 5x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $813
million

-- Value available to first-lien term loan and senior secured
debt: $806 million

-- First-lien term loan and senior secured debt claims: $1.54
billion

    --Recovery expectations: 50%-70% (rounded estimate: 50%)



POWER REIT: Bradley & Daytona Holds 6.1% Stake
----------------------------------------------
Bradley & Daytona Railway & Land Co. LLC disclosed in a Schedule
13D/A (Amendment No. 2) filed with the U.S. Securities and Exchange
Commission that as of April 24, 2026, it beneficially owns 20,680
shares of Power REIT's Series A Cumulative Redeemable Perpetual
Preferred Stock, Liquidation Preference $25 per Share, representing
6.1% of the 336,944 shares of Series A Preferred Stock outstanding
as of December 31, 2025, as disclosed by the Company in its Annual
Report on Form 10-K for the year ended December 31, 2025, filed
with the SEC on March 31, 2026.

The reporting person may be reached through:

     Alexander Kachmar
     Bradley & Daytona Railway and Land Co. LLC
     5753 Highway 85 N PMB 5974
     Crestview, FL 32536
     Tel: (973) 979-1329

A full-text copy of Bradley & Daytona Railway and Land Co. LLC's
SEC report is available at: https://tinyurl.com/muebuv2w

                          About Power REIT

Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled,
internally managed real estate investment trust that owns a
portfolio of real estate assets related to transportation, energy
infrastructure, and Controlled Environment Agriculture in the
United States.

Houston, Texas-based MaloneBailey, LLP, the Trust's auditor since
2015, issued a "going concern" qualification in its report dated
March 31, 2026, attached to the Annual Report on Form 10-K for the
year ended December 31, 2025, citing that the Trust has suffered
recurring losses, recurring negative cash flow from operations and
reduced revenues that raise substantial doubt about its ability to
continue as a going concern.

As of December 31, 2025, the Company had $26.9 million in total
assets, $21.8 million in total liabilities, and $5.1 million in
total equity.


PREMIUM CUTS: L. Todd Budgen Named Subchapter V Trustee
-------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen,
Esq., a practicing attorney in Longwood, Fla., as Subchapter V
trustee for Premium Cuts Barbers, LLC.

Mr. Budgen will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Mr. Budgen declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     L. Todd Budgen, Esq.
     P.O. Box 520546
     Longwood, FL 32752
     Tel: (407) 232-9118
     Email: Todd@C11Trustee.com

                  About Premium Cuts Barbers LLC

Premium Cuts Barbers, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02737) on April
17, 2026, with up to $50,000 in assets and $100,001 to $500,000 in
liabilities.

Chad T. Van Horn, Esq., at Van Horn Law Group PA represents the
Debtor as bankruptcy counsel.


PRESTIGE HEALTHCARE: Hires Smeed CPA Inc. as Accountant
-------------------------------------------------------
Prestige Healthcare Resources, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Maryland to employ Smeed CPA,
Inc. as tax and accounting service provider.

The firm will provide these services:

   (a) assist with the Debtor's transition from an S-Corporation to
C-Corporation for the 2026 calendar year;

   (b) prepare all tax returns required to be filed by the Debtor
during the course of this proceeding;

   (c) advise as to the tax consequences of any proposed plan of
reorganization;

   (d) advise on choosing the cash or accrual basis of accounting
for tax filings;

   (e) calculate and provide guidance regarding quarterly estimated
federal and state income tax payments;

   (f) attend quarterly meetings with the Debtor's CFO and staff to
ensure the accuracy of financial statements;

   (g) provide ongoing tax advice and services necessary for
ordinary business operations;

   (h) provide accounting and tax assistance regarding the
preparation of financial statements and reports for creditor and
Office of the United States disclosure;

   (i) assist in providing tax accounting records and advice as
requested by the Office of the U.S. Trustee, if applicable;

   (j) assist in the preparation of required periodic tax reports
of operations; and

   (k) provide any other tax-related services as requested by the
Debtor.

The firm will be paid at these rates:

    Michael Uadiale, CPA, Managing Partner          $425 per hour
    Janet Haro, CPA, Tax Manager                    $375 per hour
    Gary Haile, CPA, Senior Tax Associate           $295 per hour
    Zoraya Garcia, Engagement Manager               $220 per hour
    Angela Morrison, Tax Administration Associate   $80 per hour

The firm will be paid a monthly retainer of $4,500.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Uadiale disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Michael Uadiale
     Smeed CPA Inc.
     3341 Walnut Boulevard, Suite 304
     Brentwood, CA, 94513
     Tel: (925) 634-2344
     Email: clientservices@smeedcpa.com

              About Prestige Healthcare Resources, Inc.

Prestige Healthcare Resources Inc., incorporated in Maryland in
2009, operates as a behavioral health core service agency providing
mental health and related support services to individuals in
Washington, D.C., Prince George's County, and Baltimore City,
Maryland, and is recognized as a certified provider in the
behavioral health sector, offering therapy, mental health
rehabilitative services, substance use disorder programs, elderly
and persons with physical disabilities waiver case management,
non-medical respite, problem gambling assistance, and assertive
community treatment team services.

Prestige Healthcare Resources Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case
No. 26-10955) on January 29, 2026, listing $1 million to $10
million in both assets and liabilities. The petition was signed by
John S. Smith, Jr. as president.

Joseph Selba, Esq., at Tydings Rosenberg, LLP serves as the
Debtor's legal counsel.



PROTHODONTICS AND DENTAL: Court Directs U.S. Trustee to Appoint PCO
-------------------------------------------------------------------
Judge Enrique Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico directed the U.S. Trustee to appoint a
patient care ombudsman for Prothodontics and Dental Implant
Solutions PSC.

The bankruptcy judge finds that the provisions of Section 333(a)(1)
of the Bankruptcy Code for appointment of a patient care ombudsman
apply to Prothodontics and Dental Implant after having filed its
bankruptcy petition, indicating that it operates a health care
business.   

         About Prothodontics and Dental Implant Solutions

Prothodontics and Dental Implant Solutions PSC sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case
No. 26-01632) on April 13, 2026, with $500,001 to $1 million in
assets and $1,000,001 to $10 million in liabilities.

Maria Soledad Lozada Figueroa, Esq. at Lozada Law & Associates
represents the Debtor as legal counsel.


PURDUE PHARMA: $5.5B Plea Deal Reached Amid Survivor Outcry
-----------------------------------------------------------
Carla Baranaukas of Law360 reports that Purdue Pharma LP, the maker
of OxyContin, has been ordered to pay a $3.5 billion fine and
surrender another $2 billion, according to a ruling issued Tuesday,
April 28, 2026,  by a federal judge in New Jersey.

The penalties follow Purdue's guilty plea entered more than five
years ago, in which the company admitted to criminal conduct linked
to its role in the opioid crisis. Prosecutors said the company's
practices contributed to widespread misuse of prescription opioids,
the report relays.

The ruling finalizes a substantial portion of the financial
consequences stemming from the case, reinforcing ongoing efforts to
address the impact of the opioid epidemic through enforcement
actions, according to report.

                About Purdue Pharma LP

Purdue Pharma L.P. and its subsidiaries
--http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs
ofhealthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD)
andrelated disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the re-imagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19
23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities. U.S. Bankruptcy Judge Robert
Drain
oversees the cases.  

The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.

David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.

                           *     *     *

U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals, and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.

Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.

In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion. The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.


QVC GROUP: Preferred Holders Push for Equity Committee in Ch. 11
----------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that Preferred
shareholders of QVC Group Inc. are pressing for the formation of an
official equity committee, warning that the company's bankruptcy
plan would wipe out their holdings. The investors say the
restructuring unfairly favors certain creditor groups.

According to a filing in the US Bankruptcy Court for the Southern
District of Texas, the plan channels all available value to
creditors tied to a subsidiary, leaving preferred equity holders
without compensation. The investors argue this allocation is
inequitable and legally flawed.

The motion was brought by Cygnus Capital along with individual
investors William Pulman and Kevin Barnes. They maintain that the
company's prepackaged plan fails to satisfy confirmation
requirements under bankruptcy law, the report states.

They are seeking court approval for an equity committee to advocate
on behalf of preferred shareholders. Such a committee, they argue,
would help examine the company’s valuation and ensure that equity
investors receive fair consideration in the restructuring process,
according to Bloomberg.

                     About QVC Group

QVC Group, Inc., formerly known as Qurate Retail, Inc. --
https://www.qvcgrp.com/ -- owns interests in subsidiaries and other
companies which are primarily engaged in the video and online
commerce industries. Through its subsidiaries and affiliates, the
Company operates in North America, Europe and Asia. Its principal
businesses and assets include its consolidated subsidiaries QVC,
Inc., Cornerstone Brands, Inc., and other cost method investments.

QVC Group sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its
petition, the Debtor reports more than $1 billion in assets and
estimated liabilities of $6.6 billion.

Honorable Bankruptcy Judge Alfredo R. Perez handles the case.

The Debtor is represented by Jason S. Brookner, Esq. and Lydia R.
Webb of Gray Reed & McGraw LLP.


RAD DIVERSIFIED: Seeks to Sell Idaho Property at Auction
--------------------------------------------------------
RAD Diversified REIT Inc. and its affiliates, along with applicable
Debtor, DHI Holdings LP, seek permission from the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division, to sell
Property at auction, free and clear of liens, claims, interests,
and encumbrances.

The Debtor's Property is located at  1611 West Sales Yard Road
Emmett, Idaho.

The Property is currently occupied pursuant to an oral agreement by
7 Rivers Livestock Commission, LLC and 7 Rivers Auction House LLC,
which are affiliates of the Debtor. Occupants are not paying rent
to the Debtor. 7 Rivers Livestock Commission, LLC is licensed by
the Idaho Department of Agriculture to operate a livestock auction
on the premises. Because Occupants' livestock business is not
profitable, the Occupants have ceased operations.

The Property consists of 11.89 acres, improved with a feed barn and
certain other improvements.

The Title Report reflects that Joseph Hudson and The Joseph Patrick
Hudson Living Trust have filed a lis pendens against the Property
in connection with an action filed in Gem County, Idaho.

The Gem County Treasurer/Tax Collector may assert an interest in
the Property for unpaid real property taxes for 2025 in the amount
of $5,464.29, and accrued 2026 taxes.

The Debtor, by and through its Chief Restructuring Officer, Katie
Goodman, in an exercise of her reasonable business judgment, has
determined that it is in the best interests of the Debtor and the
estate to sell the Property at public auction on the terms set
forth in this Motion.

The Debtor employs  Soldnow, LLC d/b/a Tranzon Driggers (TD) as
auctioneer.

The Debtor seeks authority to sell the Property through an Auction
and related sale process, subject to the Debtor’s right to seek
an alternative course of action to maximize the value of its
estate.

TD will conduct an extensive and robust marketing process designed
to maximize the number of auction participants, bidders, and
purchase price.

The only lien against the Property is for ad valorem taxes, and
such taxes will be paid by the buyer at closing.

The sale of the Property pursuant to the auction procedures will
utilize a competitive and transparent marketplace that facilitates
an arm's-length sale without fraud or collusion.

           About RAD Diversified REIT Inc

RAD Diversified REIT, Inc are a group of entities engaged in
acquiring, managing, renovating, repositioning, and operating real
estate, primarily single-family residential properties and vacant
lots across Florida, Pennsylvania, Texas, and New Jersey, with
certain affiliates holding other types of real estate. RAD
Diversified OZ Fund, LP, a Delaware limited partnership, focuses on
investments in Qualified Opportunity Zone properties, while RAD
Diversified REIT, Inc., a Maryland corporation, is structured to
qualify as a real estate investment trust under U.S. tax law.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 26-01636) on March
1, 2026. In the petition signed by Katie S. Goodman, chief
restructuring officer, the Debtor disclosed up to $100 million in
both assets and liabilities.

Judge Catherine Peek Mcewen oversees the case.

Joseph Pack, Esq. and Jessey J. Krehl, Esq at PACK LAW, represents
the Debtor as legal counsel.

The Debtors tapped KAPILAMUKAMAL, LLP as forensic accountant,
financial analyst and financial advisor, EPIQ CORPORATE
RESTRUCTURING, LLC as noticing and claims agent, and GGG PARTNERS,
LLC as operations advisor.


RANA REAL ESTATE: Andrew Layden Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Andrew Layden as
Subchapter V trustee for Rana Real Estate, LLC.

Mr. Layden will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Mr. Layden declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Andrew Layden
     200 S. Orange Avenue, Suite 2300
     Orlando, FL 32801
     Telephone: 407-649-4000
     Email: alayden@bakerlaw.com

                     About Rana Real Estate LLC

Rana Real Estate, LLC is a Florida-based real estate holding
company with principal assets concentrated in a single residential
rental property in Kissimmee, Florida.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02678) on April 15,
2026, with $1 million to $10 million in both assets and
liabilities. Ali Mazhar Rana, manager, signed the petition.

Judge Grace E. Robson presides over the case.

Kenneth D. Herron, Jr., Esq. at Herron Hill Law Group, PLLC
represents the Debtor as bankruptcy counsel.


RAZIF MANAGEMENT: Seeks Cash Collateral Access Until June 4
-----------------------------------------------------------
Razif Management, Inc. asks the U.S. Bankruptcy Court for the
Northern District of Illinois, Eastern Division, for authority to
use cash collateral through June 4.

The Debtor seeks to use cash collateral, specifically including
funds held in a Chase Bank account, in order to continue ongoing
business operations during its bankruptcy case.

The Debtor has outstanding loans with multiple secured lenders,
including BayFirst, Fundbox, FundPro, Legends Advance Funding,
Lendistry SBLC, and OnDeck, all of which allegedly hold security
interests in the cash collateral. Fundbox initiated post-judgment
collection actions pre-petition that resulted in a hold being
placed on the Debtor's Chase bank account. The Debtor reports that
it has over $400,000 in funds tied up in that account and requires
access to those funds to meet ongoing business obligations.

The Debtor argues that secured creditors will not be harmed by the
proposed use of cash collateral because they will receive adequate
protection in the form of replacement liens on post-petition assets
and proceeds, limited to the value of collateral used, subject to
verification of lien validity and extent.

A hearing on the matter is set for May 5.

A copy of the motion is available at https://urlcurt.com/u?l=B0Yx2Q
from PacerMonitor.com.

                     About Razif Management Inc.

Razif Management Inc., a Melrose Park, Illinois-based general
contractor, provides residential interior remodeling services in
the Chicago area. The Company specializes in construction and
renovation projects for homeowners, with a focus on countertops,
bathrooms and kitchens.

Razif Management Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-14280) on September
17, 2025. In its petition, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities between $1
million and $10 million.

Honorable Bankruptcy Judge Timothy A. Barnes handles the case.

The Debtor is represented by Saulius Modestas, Esq., at Modestas
Law Offices, P.C.


RIVERSEDGE ADVANCED: Labor Dept Seeks Receiver over ERISA Breach
----------------------------------------------------------------
Lori Chavez-DeRemer, Secretary of Labor, United States Department
of Labor, filed an unopposed motion with the U.S. District Court
for the Western District of Pennsylvania, seeking the appointment
of Paul Cordero of Campbell & Levine, LLC, as receiver for
RiversEdge Advanced Retirement Solutions, LLC in accordance with
the Employee Retirement Income Security Act of 1974 (ERISA). The
Labor Secretary also requests that the Court grant her pending
unopposed motion to approve and enter Consent Judgment with
Jennifer Palguta, adjudicate $1 million in insurance proceeds
interpleaded to the Court, and issue guidance for AMI Benefit Plan
Administrators, Inc. and Receivership Management, Incorporated to
complete their work as court-appointed independent fiduciaries.

On January 26, 2024, the Labor Secretary filed this action against
RiversEdge and its sole member and manager, Paul Palguta. The
Complaint alleged that the RiversEdge Defendants violated ERISA by
misappropriating assets from 14 ERISA-covered retirement plans. The
Complaint also alleged misappropriation from three non-ERISA
retirement plans. The Complaint referred to these 17 plans
collectively as the "Mismanaged Plans." It alleged that the
RiversEdge Defendants transferred plan assets from the Mismanaged
Plans' trust accounts into a payment account called #RERREBTE, and
then into other Mismanaged Plans' trust accounts or into a
RiversEdge account at PNC Bank.

On February 5, 2024, the Court granted the Labor Secretary's motion
seeking a temporary restraining order and appointment of a
fiduciary for the Mismanaged Plans. The Court concluded that the
RiversEdge Defendants' apparent ERISA violations required their
immediate removal as fiduciaries and appointed RMI as fiduciary to
the Mismanaged Plans.

One of the Mismanaged Plans was the RiversEdge 401(k) Profit
Sharing Plan, which was a retirement plan sponsored by RiversEdge.
The RiversEdge Defendants had served as fiduciaries to the
RiversEdge Plan. The Court removed the RiversEdge Defendants as
fiduciaries and appointed AMI as an independent fiduciary for the
RiversEdge Plan.

On February 20, 2024, the Court issued a Preliminary Injunction
against the RiversEdge Defendants. The Court found that the
Secretary had established a substantial likelihood of success on
the merits of the allegation that the RiversEdge Defendants had
misappropriated ERISA plan assets.

Pursuant to its appointment, RMI conducted an accounting of the
Mismanaged Plans' assets. On July 19, 2024, RMI filed its
accounting report, which identified missing securities valued at
$20,376,269.53. The accounting also calculated each Mismanaged
Plan's pro rata share of total losses.

On July 29, 2024, the attorney representing the RiversEdge
Defendants signed a proposed consent judgment confessing liability
in the amount determined by RMI to be owed to the Mismanaged Plans:
$20,376,269.53.

In November 2024, Paul Palguta passed away. On November 25, 2024,
the Court substituted Paul Palguta's widow, Jennifer Palguta, as a
defendant pursuant to Federal Rule of Civil Procedure 25(a)(1).

On August 25, 2025, Jennifer Palguta, the Labor Secretary, and the
Rule 19 Parties submitted a proposed Consent Judgment under which,
inter alia, Jennifer Palguta would immediately pay $2 million in
proceeds from the sale of her house, 73 Thorn Street, Sewickley, PA
15143, for distribution to the Mismanaged Plans on a pro rata basis
in accordance with RMI's accounting, with the remaining proceeds
paid to Jennifer Palguta. The proposed Consent Judgment would
resolve the Secretary's claims against Jennifer Palguta
individually.

If the Court approves the proposed Consent Judgment with Jennifer
Palguta, then RiversEdge will be the sole remaining Defendant in
this matter. With Paul Palguta deceased, RiversEdge lacks any
member, manager, or other authorized representative capable of
acting on its behalf, because Paul Palguta was RiversEdge's sole
member and manager. At this time, there is no one authorized to
take the next steps necessary to finalize any judgment between
RiversEdge and the Secretary, pay the judgment, or otherwise take
control of RiversEdge's assets, which are inextricably intertwined
with its significant diversion and mishandling of ERISA assets
through Paul Palguta.

Pending final resolution of this action, the Court took necessary
steps to preserve ERISA plan assets. To ensure that sufficient
funds were available to pay RMI and AMI, the TRO required the
RiversEdge Defendants to deposit $238,918.00 with the Clerk of the
Court for deposit into the Court Registry Investment System. The
Court ordered Paul Palguta to pay the full balance of his
individual bank accounts and to pay the remainder from the
RiversEdge account at PNC Bank ending in 6665.

On February 8, 2024, the Clerk of the Court confirmed receipt of
$195,615.51 from the PNC Account and $43,302.49 from Paul Palguta's
personal account. The Clerk deposited those funds into the CRIS
account.

In accordance with the TRO, some of those funds were used to pay
RMI to account for the assets of the Mismanaged Plans.

The Court froze the remaining funds in the PNC Account and the
RiversEdge Corporate Paying Account, Account Number RERREBTE, held
at Mid Atlantic Trust Company.  The #RERREBTE account served as a
central paying account through which RiversEdge was supposed to
process legitimate plan transactions. In addition to processing
legitimate transactions, the RiversEdge Defendants used this
account as a vehicle for misappropriating plan assets, transferring
funds from the Mismanaged Plans' trust accounts into #RERREBTE and
then to unauthorized destinations, including unrelated plans' trust
accounts, the RiversEdge corporate account at PNC Bank, and Paul
Palguta's personal accounts. The RERREBTE account remains frozen in
the custody of MATC.

In the Preliminary Injunction, the Court ordered the RiversEdge
Defendants to pay the balance of the PNC Account, $259,098.05, to
the Clerk of Court for deposit into the CRIS Account. Although
RiversEdge did not immediately comply with that Order, the account
remained frozen. As a result, any checks drawn on that account were
rejected; nor could RiversEdge pay any bills from the account.

Following Paul Palguta's death, this Court issued an order
authorizing PNC to pay the amount held in its RiversEdge account
ending in 6665 into the CRIS Account. PNC deposited those funds on
December 12, 2024.

On March 3, 2025, this Court froze two accounts at Thread Bank
believed to contain ERISA plan assets:

         A. View From the Rocks, LLC, Account #200000044XXXX (last
known balance $8,843.33); and

         B. Riverview Rocks, LLC, Account #2000046XXXX (last known
balance $18,183.11).

On August 4, 2025, Federal Insurance Company (d/b/a Chubb)
interpleaded $1 million in proceeds from RiversEdge's commercial
insurance policy into the CRIS Account. Claims have been filed on
behalf of all seventeen Mismanaged Plans seeking their pro rata
shares of these interpleaded funds in accordance with RMI's
accounting.

On October 31, 2024, the United States filed a criminal information
against Paul Palguta in the U.S. District Court for the Western
District of Pennsylvania, charging him with wire fraud and
embezzlement from employee benefit plans. The criminal complaint
detailed Palguta's scheme to embezzle plan assets and identified
various assets believed to constitute proceeds of the embezzlement.
Palguta's death terminated the criminal proceedings.

Based on the Labor Secretary's investigation, the criminal
information filed against Paul Palguta, and records obtained from
RiversEdge, these assets are believed to contain ERISA plan assets
intermingled with other assets:

         A. The right to payments from AJS Holdings, LLC relating
to a loan from RiversEdge;

         B. The right to payments from J&D Landscaping, LLC
relating to a loan from RiversEdge;

         C. Two college 529 savings accounts for Paul and Jennifer
Palguta's children; and

         D. More than $185,000 in cash that Paul Palguta withdrew
from the #RERREBTE account in January 2024.

In addition to the assets of the Mismanaged Plans, the Subject
Assets are believed to include plan assets of other retirement
plans for which RiversEdge provided recordkeeping and third-party
administration services. Before this Court entered the TRO on
January 24, 2024, RiversEdge had served as a third-party
administrator and/or recordkeeper for at least 240 retirement
plans, most of which were governed by ERISA. This was RiversEdge's
principal business function. Although no evidence indicates that
RiversEdge embezzled funds from any retirement plans other than the
Mismanaged Plans, RiversEdge's role as third-party administrator
required it to forward payments on behalf of retirement plans,
including benefit payments to retirees and fee payments to service
providers such as investment managers. Those plans' funds would be
included in the frozen bank accounts if they were in transit when
the accounts were frozen.

On February 27, 2026, after a status conference, the Court ordered
the Secretary to file this Omnibus Motion addressing these issues:

     -- A Motion to Appoint Receiver in a court of appropriate
jurisdiction,

     -- A motion that provides for the adoption of the proposed
Consent Judgment and the global distribution of the non-Riversedge
assets, comprising the Consent Judgment assets and insurance
proceeds, and

     -- Resolution of outstanding issues related to RMIs
receivership and records retention.

The Omnibus Motion addresses each of these issues.  First, the
Secretary moves this Court to appoint Paul Cordero as a receiver
for RiversEdge. "This Court is the appropriate jurisdiction for the
receivership because of its broad equitable authority to redress
violations of ERISA, as well as its equitable authority to appoint
a corporate receiver under the circumstances present here. Because
this Court has exclusive jurisdiction over the ERISA plan assets
that are intermingled with other funds in the Subject Assets, it
can and should exercise its broad equitable authority to appoint
the receiver that will have power to locate and marshal those ERISA
plan assets, which also requires that the receiver be invested with
authority over RiversEdge, including the ability to investigate and
analyze the accounts and records that reflect its and Paul
Palguta's handling of those ERISA assets," the Secretary says.

The Secretary also requests that the Court grant her unopposed
motion to approve the Consent Judgment with Jennifer Palguta, which
provides a $2 million recovery from Jennifer Palguta's personal
assets from the sale of her residence. In addition, the Secretary
moves the Court to distribute the $1 million in interpleaded funds,
plus interest, to the Mismanaged Plans pro rata in accordance with
RMI's accounting, and to give additional guidance to RMI and AMI
about completing their tasks as Court-appointed independent
fiduciaries.

No party opposes this Omnibus Motion, and a Joint Proposed Order
agreed to by all named parties in this case has been submitted.

The Secretary contends Paul Palguta's death left RiversEdge without
a manager to make decisions in this litigation, and its counsel
withdrew for that reason. But Paul Palguta's death did not
terminate the Secretary's claims against RiversEdge. The capacity
of a corporation to sue or be sued shall be determined "by the law
under which it was organized."

Although RiversEdge is a Pennsylvania corporation that likely has
creditors who could assert federal and/or state law claims against
it, this Court has equitable discretion to put the company into
federal receivership, the Secretary asserts. The Secretary also
points out RiversEdge has confessed liability for the
$20,376,269.53 computed by RMI when its attorney signed a proposed
consent judgment before Paul Palguta's death. This amount far
exceeds the value of the Subject Assets. Fraudulent conduct
occurred in this case, and it significantly impairs the Court's and
the parties' ability to identify the ERISA plan assets that the
RiversEdge repeatedly intermingled with other assets, including the
Subject Assets. Also, receivership is necessary to secure the ERISA
plan assets and obtain a judgment against RiversEdge. This Court
already recognized the danger of property being lost, concealed,
injured, diminished in value, or squandered during litigation when
it froze the Subject Assets, the Secretary continues.

The Secretary proposes that this Court should appoint Paul Cordaro
of Campbell & Levine, LLC, to act as the receiver for RiversEdge
and the Subject Assets. Selection and compensation of a receiver in
an equity proceeding is committed to the sound discretion of the
District Court.  The Secretary says Cordaro would be an appropriate
receiver in this complex matter. Cordaro has been a member of
Campbell & Levine, LLC, a Pittsburgh, Pennsylvania law firm, since
2011, where he has worked as an attorney since 2002. His practice
"is focused on commercial workouts, bankruptcy reorganization,
receiverships, and insolvency matters," and he has experience
serving as a court-appointed receiver. Cordaro's hourly rate is
$650.00, but, in appropriate circumstances, he would delegate some
of the work to lower-paid partners, counsel, associates, and
paralegals. Cordaro's bid proposes a fee cap of $120,000.00 for the
required investigation, claims resolution process, and distribution
of assets required in this matter.

As fiduciary for the RiversEdge Plan, AMI is responsible for
allocating the recoveries in this case to individual plan
participants, distributing those funds to the participants, and
terminating the plan. Within 90 business days of receipt of the
RiversEdge Plan's share of the funds distributed by MATC, AMI will
distribute those funds to the participants and beneficiaries,
withholding a reserve to cover the costs of terminating the plan
and distributing any additional monetary recoveries from the
receivership. AMI will file a fee notice within 30 business days of
completing those duties and may also file an interim fee notice. If
any party objects to AMI's fee notice(s) within 15 business days of
its filing, the Court shall hold a hearing on the matter and the
compensation, fees, and expenses described in the fee notice shall
be paid by this Court only to the extent approved by the Court. If
no objection is timely filed, the compensation, fees, or expenses
shall be paid to AMI from the CRIS account. After Court approval of
the Receiver's distribution plan, AMI shall distribute to the
participants and beneficiaries of the RiversEdge Plan any
additional funds received from the receivership. AMI will pay its
reasonable compensation, fees, and expenses incurred in connection
with such distribution and termination from the reserve, and shall
distribute any unused portion of the reserve to participants and
beneficiaries. AMI shall then terminate the RiversEdge Plan in
accordance with the requirements of ERISA and the Court's Order
Appointing Independent Fiduciary to the RiversEdge 401(k) Profit
Sharing Plan. After completing its duties, AMI shall file a brief
motion for discharge and release, and proposed order.

RMI will complete its duties as follows. Plan Sponsors of each
Mismanaged Plan are entitled to request data relating to their
Plans currently held by RMI within 30 business days from the date
of entry of this Order, but RMI shall not be required to produce
data that it is unable to access or review due to software or
technical limitations. The Receiver shall receive a copy of that
request. Fees and expenses for RMI's segregation, production, and
delivery of those documents shall be borne solely by the Sponsor of
the Mismanaged Plan and not the Mismanaged Plans themselves. RMI
shall respond to any such requests within 30 business days of
receipt of payment in full from the Plan Sponsor. Within 30
business days of completion of its duties under the Consent
Judgment and this Order, RMI shall file its final fee notice.

       About RiversEdge Advanced Retirement Solutions, LLC

RiversEdge Advanced Retirement Solutions, LLC, is a Pennsylvania
retirement company.

RiversEdge and Jennifer Palguta are facing a receivership case
captioned as Lori Chavez-Deremer v. Riversedge Advanced Retirement
Solutions, LLC., Jennifer Palguta v. Mid Atlantic Trust Company dba
American Trust Custody, Beaver County Deferred Compensation Plan,
Christian Aid Mission 403(B) Plan, and LCBC Church 403(B) Plan,
Case No. 2:24-cv-00104 (W.D. Pa.), before the Hon. Marilyn J.
Horan. The case was filed on Jan. 26, 2024.

Riversedge Advanced Retirement Solutions, LLC and the Palgutas are
represented by:

Michael A. Comber, Esq.
Tina Miller, Esq.
Devin M. Misour, Esq.
Comber Miller LLC
Tel: (412) 894-1380
E-mail: mcomber@combermiller.com
        tmiller@combermiller.com
        dmisour@combermiller.com

Mid Atlantic Trust Company is represented by:

Susan Kessler, Esq.
Jones Day
Tel: (412) 394-7234
E-mail: skessler@jonesday.com

     - and -

Andy Stanton, Esq.
Jones Day
Tel: (412) 391-3939
E-mail: astanton@jonesday.com

     - and -

William J Delany, Esq.
Groom Law Group, Chartered
Tel: (202) 861-6643
E-mail: wdelany@groom.com

Christian Aid Mission 403 (B) Plan is represented by:

Richard Hooper Ottinger, Esq.
Woods Rogers Vandeventer Black
Tel: (757) 446-8600
E-mail: richard.ottinger@wrvblaw.com

LCBC Church 403 (B) Plan is represented by:

William C. Boak, Esq.
Barley Snyder LLP
Tel: (717) 399-1563
E-mail: wboak@barley.com

     - and -

Justin A. Tomevi, Esq.
Barley Snyder LLP
Tel: (717) 846-8888
E-mail: jtomevi@barley.com

     - and -

Paul W. Minnich, Esq.
Barley Snyder LLP
Tel: (717) 846-8888
E-mail: pminnich@barley.com

Plaintiff may be reached at:

U.S. Department of Labor
Office of the Regional Solicitor
1835 Market Street
Mailstop SOL/22
Philadelphia, PA 19103-2968
Tel: (215) 861-5128
E-mail: luby.andrea@dol.gov


ROBLEDO FAMILY: Gets Interim OK to Use Cash Collateral Until May 8
------------------------------------------------------------------
Robledo Family Winery, Inc. received interim approval from the U.S.
Bankruptcy Court for the Northern District of California to use
cash collateral to fund operations.

Under the interim order, the Debtor is authorized to use cash
collateral through May 8 in accordance with its budget, subject to
a 10% variance.

The budget, which covers the period from April through October,
projects gradual improvement in cash balances that the Debtor
believes will help protect secured creditors' interests.

The Debtor's cash collateral consists of funds subject to security
interests held by creditors, including the U.S. Small Business
Administration, Unity Bank, CT Corporation, and Navitas Credit,
each with liens established between 2020 and 2026.

As protection for the use of their cash collateral, creditors will
receive replacement liens on post-petition assets of the same type
and with the same priority and extent as their pre-petition liens.

The order is available at https://is.gd/ObW752 from
PacerMonitor.com.

The next hearing is set for May 8.

Robledo Family Winery is the only corporate debtor among seven
related entities and individuals connected to the Robledo family's
wine and vineyard business operations. Founded in 1997 in Sonoma,
California, the winery operates a tasting room and distributes wine
through direct-to-consumer sales, wholesalers, and a wine club. Its
broader business network includes affiliated entities responsible
for vineyard development, farming, property ownership, and
operations, with certain family members holding real estate
interests.

Robledo Family Winery's bankruptcy filings were driven by prolonged
financial distress in the wine industry, including declining prices
and market demand, which strained cash flow and were compounded by
the entities' debt structure. The immediate trigger for filing was
a lawsuit by Unity Bank seeking the appointment of a receiver over
the businesses.

                  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.


ROGERS HEALY: Scott Seidel Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter
V trustee for Rogers Healy and Associates, LLC.

Mr. Seidel will be paid an hourly fee of $520 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Mr. Seidel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Scott Seidel
     6505 West Park Blvd., Suite 306
     Plano, TX 75093
     214-234-2500-main
     214-234-2503-direct
     Email: scott@scottseidel.com

               About Rogers Healy and Associates LLC

Rogers Healy and Associates, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41687) on
April 15, 2026, with $0 to $50,000 in assets and $100,001 to
$500,000 in liabilities.

Judge Edward L. Morris presides over the case.

Joyce W. Lindauer, Esq. at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as legal counsel.


S & H SYSTEMS: Hires Wooley Auctioneers Inc. as Auctioneer
----------------------------------------------------------
S & H Systems, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Arkansas to employ Wooley Auctioneers,
Inc. as auctioneer.

The firm will market and auction the these assets of the Debtor
located at 5904 Kreuger Rd., Jonesboro, AR 72401:

   -- 3 Intralox 57000 Systems; and

   -- 1 incomplete Intralox 57000 System.

The firm will be paid a buyer's premium of 15 percent.

As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Brad Wooley
     Wooley Auctioneers, Inc.
     7513 Beck Rd.
     Little Rock, AR 7223
     Tel: (501) 868-4877
     Email: brad@wooleyauctioneers.com

              About S & H Systems, Inc.

S & H Systems, Inc. designs, installs, and maintains material
handling and automation systems for distribution centers,
warehouses, and manufacturing and fulfillment facilities, providing
services that include operational analysis, systems design
engineering and estimating, and controls and software integration.
The Company delivers conveyor systems, goods-to-person solutions,
automated storage and retrieval systems, autonomous mobile
robotics, robotic and pick/put wall solutions, and warehouse
control systems, supporting both new and retrofit operations across
the United States. S & H Systems is headquartered in Jonesboro,
Arkansas, and employs approximately 180 people.

S & H Systems sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Ark. Case No. 26-10365) on February 2, 2026. In
the petition signed by Mark Donovan, chief financial officer, the
Debtor disclosed $41,717,420 in total assets and $62,495,282 in
total liabilities.

Judge Phyllis M. Jones oversees the case.

The Debtor is represented by Kevin P. Keech, Esq., at Keech Law
Firm, PA.


SABERT CORP: S&P Rates Proposed $412MM Term Loan B 'BB-'
--------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '2'
recovery rating to Sabert Corp.'s (B+/Stable/--) proposed $412
million term loan B due 2028. The '2' recovery rating indicates its
expectation for substantial (70%-90%; rounded estimate: 70%)
recovery in the event of a default.

Sabert intends to use the proceeds to refinance its existing term
loan B. As part of the transaction, the company will also refinance
its existing asset-based lending (ABL) facility with a new $140
million ABL due 2028. The refinancing alleviates Sabert's near term
maturity risk, with the capital structure set to mature in December
2026. The refinancing does not affect S&P's 'B+' issuer credit
rating on the company.

The stable outlook on Sabert reflects S&P's expectation that the
company will continue to generate EBITDA margins above 20% and
maintain prudent financial policies, resulting in S&P Global
Ratings-adjusted debt to EBITDA near 3.0x through 2026.

Issue Ratings--Recovery Analysis

Key analytical factors

S&P said, "Our simulated default scenario envisions a default
occurring in 2030 due to declining volumes from the company's food
service and retail end markets because of ongoing weak economic
conditions. We also assume Sabert's largest competitors exert
significant pricing pressure and win market share because they have
larger scales of operations and greater pricing flexibility."

Simulated default assumptions

-- Simulated year of default: 2030
-- EBITDA multiple: 5x
-- EBITDA at emergence: $88 million
-- Jurisdiction: U.S.

Simplified waterfall

-- Net enterprise value at default (after 5% administrative
costs): $419 million

-- Valuation split (obligors/nonobligors): 80%/20%

-- Priority claims: $86 million

-- Value available to first-lien debt (collateral/noncollateral):
$307 million/$20 million

-- Secured first-lien debt claims: $415 million

    --Recovery expectations: 70%-90% (rounded estimate: 70%)

Note: S&P said, "Debt amounts include six months of accrued
interest that we assume will be owed at default. Collateral value
includes asset pledges from obligors (after priority claims) plus
equity pledges in nonobligors. We generally assume usage of 60% for
ABL revolvers at default."


SAINT AUGUSTINE'S: Seeks Chapter 11 Bankruptcy with Over $50MM Debt
-------------------------------------------------------------------
Rick Archer of Law360 reports that Saint Augustine's University has
sought Chapter 11 bankruptcy protection in North Carolina,
reporting liabilities of up to $100 million as it continues to
grapple with the fallout from losing its accreditation last year.

The historically Black university has struggled with declining
enrollment and financial strain since the accreditation loss,
prompting the need for court-supervised restructuring. The filing
is aimed at preserving the institution while it works to reorganize
its finances, the report states.

Officials say the process will provide a framework to address debt
obligations and position the university for recovery, including
efforts to regain accreditation and rebuild student enrollment.

              About Saint Augustine's University

Saint Augustine's University is a private historically Black
university located in Raleigh, North Carolina. Founded in 1867 by
the Episcopal Diocese of North Carolina, the institution was
established to provide education to formerly enslaved individuals
and has maintained a mission focused on academic excellence and
leadership development.

Saint Augustine's University sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01864) on April
27, 2026. In its petition, the Debtor reports estimated assets
between $100 million and $500 million and estimated liabilities
between $50 million and $100 million.

Honorable Bankruptcy Judge David M. Warren handles the case.

The Debtor is represented by Ciara L. Rogers, Esq., Kevin L. Sink,
Esq., and Jennifer B. Lyday, Esq. of Waldrep Wall Babcock & Bailey
PLLC.


SAKS GLOBAL: Paul Weiss, Porter Hedges Amend Rule 2019 Statement
----------------------------------------------------------------
In the Chapter 11 bankruptcy cases of Saks Global Enterprises LLC
and its debtor-affiliates, Paul, Weiss, Rifkind, Wharton & Garrison
LLP, and Porter Hedges LLP filed with the United States Bankruptcy
Court for the Southern District of Texas, Houston Division, an
amended Verified Statement pursuant to Bankruptcy Rule 2019 to
inform the Court that both firms represent the ad hoc group of
certain unaffiliated holders of:

     (a) the SGUS First Out DIP Loans,

     (b) the SGUS Second Out DIP Loans,

     (c) the SGUS Third Out DIP Loans,

     (d) the Prepetition SGUS Notes,

     (e) the Prepetition OpCo Second Out Notes,

     (f) the Prepetition OpCo Third Out Notes, and

     (g) the Prepetition Initial Notes.

According to the Verified Statement:

     1. The Ad Hoc Group retained Paul, Weiss to represent as
counsel in connection with a potential restructuring of the
Debtors. Subsequently, the Ad Hoc Group retained Porter Hedges to
serve as local counsel with respect to such matters.

     2. On February 20, 2026, the Bankruptcy Court for the Southern
District of Texas entered the Final DIP Order.

     3. The information provided is based upon information provided
to Counsel by the members of the Ad Hoc Group and is intended only
to comply in accordance with Bankruptcy Rule 2019.

     4. No member of the Ad Hoc Group has or is a party to any
agreement to act as a group or in concert with respect to its
interests in the Debtors, and each member of the Ad Hoc Group has
the unrestricted right to act as it chooses in respect of such
interests without respect to these actions or interests of any
other party. In addition, neither the Ad Hoc Group nor any member
of the Ad Hoc Group (a) assumed any fiduciary or other duties to
any other creditor or person or (b) purports to act, represent, or
speak on behalf of any other entities in connection with the
Chapter 11 Cases.

     5. Nothing contained in this Verified Statement is intended
to, or should be construed as:
        
        (a) a limitation upon, or waiver of any right to assert,
file, and/or amend its claims in accordance with applicable law and
any orders entered in these Chapter 11 Cases by any member of the
Ad Hoc Group; or

        (b) an admission with respect to any fact or legal theory.

     6. The Ad Hoc Group reserves the right to amend or supplement
this Verified Statement as necessary for that or any other reason
in accordance with the requirements outlined in Bankruptcy Rule
2019.

The names, addresses, and disclosable economic interests as of
April 24, 2026, of all of the members of the Ad Hoc Group, are:

     1. Anchorage Capital Advisors, L.P.
        610 Broadway, 6th Floor
        New York, NY 10012
        
        SGUS First Out DIP Loans
        $10,359,168.28
        
        SGUS Second Out DIP Loans
        $5,410,925.24

        SGUS Third Out DIP Loans
        $0

        Prepetition SGUS Notes
        $0

        Prepetition OpCo Second Out Notes
        $19,677,500.00

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $0

        Total Principal Amount
        Beneficially Owned
        $35,447,593.52

     2. Certain funds and/or accounts, or
        subsidiaries of such funds and/or accounts
        managed, advised, or controlled by
        BlackRock Advisors, LLC, or a subsidiary
        or an affiliate thereof
        50 Hudson Yards
        New York, NY 10001

        SGUS First Out DIP Loans
        $84,947,944.61

        SGUS Second Out DIP Loans
        $55,874,285.04

        SGUS Third Out DIP Loans
        $41,855,725.86

        Prepetition SGUS Notes
        $0

        Prepetition OpCo Second Out Notes
        $61,638,536.00  

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $0

        Total Principal Amount
        Beneficially Owned
        $244,316,491.51

     3. Certain funds and/or accounts, or
        subsidiaries of such funds and/or accounts
        managed, advised, or controlled by Fidelity
        Management & Research Company LLC or
        a subsidiary or an affiliate thereof
        245 Summer Street
        Boston, MA 02210

        SGUS First Out DIP Loans
        $0

        SGUS Second Out DIP Loans
        $0

        SGUS Third Out DIP Loans
        $0

        Prepetition SGUS Notes
        $0

        Prepetition OpCo Second Out Notes
        $10,017,887.00  

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $0

        Total Principal Amount
        Beneficially Owned
        $10,017,887.00

     4. FFI Fund Ltd.
        888 Boylston St., Suite 1500
        Boston, MA 02199

        SGUS First Out DIP Loans
        $220,236,049.12

        SGUS Second Out DIP Loans
        $147,618,286.27

        SGUS Third Out DIP Loans
        $92,088,014.27  

        Prepetition SGUS Notes
        $8,449,000.00

        Prepetition OpCo Second Out Notes
        $84,921,856.00

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $0

        Total Principal Amount
        Beneficially Owned
        $553,313,205.66

     5. FYI Ltd.
        888 Boylston St., Suite 1500
        Boston, MA 02199

        SGUS First Out DIP Loans
        $48,787,416.99  

        SGUS Second Out DIP Loans
        $32,911,987.16

        SGUS Third Out DIP Loans
        $20,817,783.28

        Prepetition SGUS Notes
        $1,959,000.00  

        Prepetition OpCo Second Out Notes
        $19,197,773.00

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $0

        Total Principal Amount
        Beneficially Owned
        $123,673,960.43

     6. Certain funds and/or accounts, or
        subsidiaries of such funds and/or accounts
        managed, advised, or controlled by
        GoldenTree Asset Management LP, or a
        subsidiary or an affiliate thereof
        300 Park Avenue, 21st Floor
        New York, NY 10022

        SGUS First Out DIP Loans
        $251,941,339.14  

        SGUS Second Out DIP Loans
        $0

        SGUS Third Out DIP Loans
        $0

        Prepetition SGUS Notes
        $0

        Prepetition OpCo Second Out Notes
        $0

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $0

        Total Principal Amount
        Beneficially Owned
        $251,941,339.14

     7. Olifant Fund, Ltd.
        888 Boylston St., Suite 1500
        Boston, MA 02199

        SGUS First Out DIP Loans
        $47,474,555.73

        SGUS Second Out DIP Loans
        $31,857,927.14

        SGUS Third Out DIP Loans
        $19,923,279.26  

        Prepetition SGUS Notes
        $1,837,636.00

        Prepetition OpCo Second Out Notes
        $18,372,878.00

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $0

        Total Principal Amount
        Beneficially Owned
        $119,466,276.13

     8. Pentwater Capital Management LP
        1001 10th Avenue
        South Suite 216
        Naples, FL 34102

        SGUS First Out DIP Loans
        $455,959,393.95

        SGUS Second Out DIP Loans
        $337,122,830.18  

        SGUS Third Out DIP Loans
        $269,760,524.26  

        Prepetition SGUS Notes
        $0

        Prepetition OpCo Second Out Notes
        $179,570,816.00

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $5,000,000.00  

        Total Principal Amount
        Beneficially Owned
        $1,247,413,564.39

     9. Certain funds advised or controlled by
        Readystate Asset Management, LP.
        360 North Green Street, Suite 1400
        Chicago, IL 60607

        SGUS First Out DIP Loans
        $106,226,572.19

        SGUS Second Out DIP Loans
        $106,280,204.61

        SGUS Third Out DIP Loans
        $52,276,904.44

        Prepetition SGUS Notes
        $0

        Prepetition OpCo Second Out Notes
        $28,000,000.00

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $0

        Total Principal Amount
        Beneficially Owned
        $292,783,681.24

    10. XYQ US, LLC
        251 Little Falls Drive
        Wilmington, DE 19808

        SGUS First Out DIP Loans
        $0

        SGUS Second Out DIP Loans
        $0

        SGUS Third Out DIP Loans
        $215,142,048.10

        Prepetition SGUS Notes
        $0

        Prepetition OpCo Second Out Notes
        $198,400,000.00

        Prepetition OpCo Third Out Notes
        $0

        Prepetition Initial Notes
        $0

        Total Principal Amount
        Beneficially Owned
        $413,542,048.10

Co-Counsel to the Ad Hoc Group of Secured Noteholders and DIP
Lenders:

John F. Higgins, Esq.
M. Shane Johnson, Esq.
Megan N. Young-John, Esq.
James A. Keefe, Esq.
PORTER HEDGES LLP
1000 Main Street, 36th Floor
Houston, TX 77002
Tel: (713) 226-6000
Fax: (713) 228-1331
E-mail: jhiggins@porterhedges.com
        sjohnson@porterhedges.com
        myoung-john@porterhedges.com
        jkeefe@porterhedges.com

     - and -

Andrew N. Rosenberg, Esq.
Robert A. Britton, Esq.
Christopher J. Hopkins, Esq.
Douglas R. Keeton, Esq.
Jessica I. Choi, Esq.
Martin J. Salvucci, Esq.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
1285 Avenue of the Americas
New York, NY 10019
Tel: (212) 373-3000
Fax: (212) 757-3990
E-mail: arosenberg@paulweiss.com
        rbritton@paulweiss.com
        chopkins@paulweiss.com
        jchoi@paulweiss.com
        msalvucci@paulweiss.com

                         About Saks Global

Saks Global is the largest multi-brand luxury retailer in the
world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf
Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio
includes 70 full-line luxury locations, additional off-price
locations and five distinct e-commerce experiences. With talented
colleagues focused on delivering on our strategic vision, The Art
of You, Saks Global is redefining luxury shopping by offering each
customer a personalized experience that is unmistakably their own.
By leveraging the most comprehensive luxury customer data platform
in North America, cutting-edge technology, and strong partnerships
with the world's most esteemed brands, Saks Global is shaping the
future of luxury retail.

Saks Global Properties & Investments includes Saks Fifth Avenue and
Neiman Marcus flagship properties and represents nearly 13 million
square feet of prime U.S. real estate holdings and investments in
luxury markets.

On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC
and 112 affiliated debtors filed voluntary petitions for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 26-90103). The jointly administered cases are
pending before the Honorable Alfredo R. Perez.

Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving
as legal counsel, PJT Partners LP is serving as an investment
banker, Berkeley Research Group is serving as the financial
advisor, and C Street Advisory Group is serving as a strategic
communications advisor to the Company. Stretto is the claim agent.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal
counsel, Lazard Freres & Co, LLC is serving as investment banker,
FTI Consulting, Inc. is serving as financial advisor, and Kekst and
Company, Inc., is serving as a strategic communications advisor to
an ad hoc group of debt holders. Hilco Global Professional
Services, LLC, is the real property advisor to the Ad Hoc Group.

Bank of America, N.A., is the administrative agent and collateral
agent under the $1.5 billion asset-based revolving credit
facility.

U.S. Bank Trust Company, National Association, is the
administrative agent and collateral agent under the $2.56 billion
SGUS DIP Facility, a term loan facility with new money and roll-up
components. U.S. Bank is also the agent under the $1.75 billion
OpCo DIP Facility, a term loan facility to be used for refinancing
existing debt.

Barclays Bank, PLC serves as the fronting lender of the SGUS First
Out DIP Loans.  It is advised by Dentons US LLP.

Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose
Fulbright US LLP serves as counsel to the ABL DIP Agent; M3
Advisory Partners, LP, is the financial advisor to the ABL DIP
Agent; and Great American serves as its inventory valuation
consultant.

Seward & Kissel LLP serves as counsel to the SGUS DIP Agent.

On Jan. 27, 2026, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases.  The committee retained Morrison & Foerster LLP
as counsel; Cole Schotz, PC as local counsel; Houlihan Lokey
Capital, Inc. as investment banker; and AlixPartners, LLP as
financial advisor.


SALT HOUSE: Seeks to Extend Plan Exclusivity to July 27
-------------------------------------------------------
Salt House, Inc., asked the U.S. Bankruptcy Court for the District
of Delaware to extend its exclusivity periods to file a plan of
reorganization and obtain acceptance thereof to July 27 and Sept.
28, 2026, respectively.

This Motion is the Debtor's first request to extend the Exclusive
Periods. In the four months since the Petition Date, the Debtor has
addressed critical case management issues in an effort to maximize
the value of the Debtor's estate and sell substantially all of the
Debtor's assets. The complexity of the various issues addressed,
and the time, effort, and planning required to obtain the progress
made thus far, warrant the requested extension of the Exclusive
Periods.

The Debtor explains that it has made significant and material
progress in this chapter 11 case. The achievements were the result
of the extensive efforts of the Debtor, its management, and its
professional advisors, in cooperation with various parties in
interest in this chapter 11 case, to maximize the value of the
Debtor's estate. Accordingly, the Debtor submits that this factor
weighs in favor of extending the Exclusive Periods.

The Debtor believes that, in light of the progress that the Debtor
and other professionals have made in this chapter 11 case over the
past four months, and the Debtor's demonstrated efforts to work
cooperatively with its stakeholders, it is reasonable and
appropriate that the Debtor be granted an extension of the
Exclusive Periods. Accordingly, the Debtor submits that this factor
weighs in favor of extending the Exclusive Periods.

The Debtor asserts that it has endeavored to establish and maintain
cooperative working relationships with its primary creditor
constituencies throughout this chapter 11 process. Importantly, the
Debtor is not seeking the extension of the Exclusive Periods to
delay administration of this chapter 11 case or to exert pressure
on its creditors, but rather to continue the orderly, efficient,
and cost-effective chapter 11 process. Thus, this factor also
weighs in favor of the requested extension of the Exclusive
Periods.

The Debtor further asserts that termination of the Exclusive
Periods would adversely impact the company's efforts to preserve
and maximize the value of the estate and the progress of this
chapter 11 case. In effect, if the Court were to deny the Debtor's
request for an extension of the Exclusive Periods, any party in
interest would be free to propose an alternative chapter 11 plan
for the Debtor. Terminating the Exclusive Periods would only foster
a chaotic environment and cause opportunistic parties to engage in
counterproductive behavior in pursuit of alternatives that are
neither value-maximizing nor feasible under the circumstances of
this chapter 11 case.

Salt House Inc. is represented by:

     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     Michael R. Nestor, Esq.
     Kara Hammond Coyle, Esq.
     Elizabeth S. Justison, Esq.
     Andrew M. Lee, Esq.
     Brynna M. Gaffney, Esq.
     James C. Diver, Esq.
     Rodney Square
     1000 N. King Street
     Wilmington, Delaware 19801
     Telephone: (302) 571-6600
     Emails: mnestor@ycst.com
             kcoyle@ycst.com
             ejustison@ycst.com
             alee@ycst.com
             bgaffney@ycst.com
             jdiver@ycst.com

                          About Salt House Inc.

Salt House Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr.  D. Del. Case No. 25-12277) on Dec. 29,
2025, with $1,000,001 to $10 million in assets and $10,000,001 to
$50 million in liabilities.

Judge Laurie Selber Silverstein presides over the case.

Michael R. Nestor, Esq. at Young Conaway Stargatt & Taylor
represents the Debtor as legal counsel.


SANTIN AUTO: Trustee Hires Greg T. Murray P.L.L.C. as Accountant
----------------------------------------------------------------
Eric Terry, the Trustee of Santin Auto and Truck Repair Center, LLC
seeks approval from the U.S. Bankruptcy Court for the Western
District of Texas to employ Greg T. Murray, P.L.L.C. as
accountant.

The firm will advise the Trustee regarding accounting and related
matters affecting the Estate, including inspecting and analyzing
Debtor's books and records, preparing monthly operating reports.

The firm will be paid at these rates:

     Greg T. Murray      $275 to $325 per hour
     Paraprofessionals   $100 per hour

In addition, the firm will seek reimbursement for its out-of-pocket
expenses.

Mr. Murray disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Greg T. Murray
     Greg T. Murray, P.L.L.C.
     1503 Tarton Ln
     San Antonio, TX 78231

           About Santin Auto and Truck Repair Center, LLC

Santin Auto and Truck Repair Center LLC provides comprehensive
repair and maintenance services for light, medium, and heavy-duty
vehicles, including cars, trucks, buses, RVs, and construction
equipment. Based in San Antonio, Texas, the company offers in-shop
and mobile 24/7 roadside services, specializing in diesel repair,
fleet maintenance, engine and transmission work, and heavy
equipment repair. Its team of ASE-certified technicians combines
over 65 years of experience with modern diagnostic and repair
technology to serve San Antonio and surrounding areas.

Santin Auto and Truck Repair Center LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50372)
on February 13, 2026. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Craig A. Gargotta oversees the case.

The Debtor is represented by Stephen W. Sather, Esq., at Barron &
Newburger, PC.

Eric Terry is appointed as trustee in this Chapter 11 case. The
trustee tapped Graves Dougherty Hearon & Moody, PC as bankruptcy
counsel and Mark Kiehne Law, PLLC as special counsel.


SCV GRAPHIC: Amends Equipment Sale to Parallax Digital
------------------------------------------------------
SCV Graphic Productions, Inc., seeks permission from the U.S.
Bankruptcy Court for the Northern District of Georgia, Newnan
Division, to sell certain equipment, free and clear of liens,
claims, interests, and encumbrances.

The Debtor operates a graphic design and production company that
creates realistic graphics, architectural pieces, and theme park
installations. The Debtor maintains equipment at a facility located
at 500 Sandy Creek Road, Building 2005, Fayetteville, Georgia
30214, leased from Trilith PropCo, LLC.

On January 22, 2026, the Debtor filed its Motion for Authority to
Sell Certain Equipment attached as Exhibit A at
https://urlcurt.com/u?l=RBbRzS

The Original Sale Motion sought authority to sell certain equipment
for an amount equal to or greater than
$180,000.00, as reflected in the offer letter from 360 Creative
Solutions Group, LLC.  

On March 9, 2026, the Court entered its Order Granting Motion for
Authority to Sell Certain Equipment. The Sale Order authorized the
Debtor to sell the equipment for not less than $180,000.00 to 360
Creative, with net proceeds allocated as follows: $100,000.00 to
Mitsubishi HC Capital America, Inc.; $50,000.00 to Banc of America
Leasing & Capital, LLC; and $30,000.00 to Wells Fargo Bank, N.A.,
in each case less any surcharge.

Following entry of the Sale Order, the proposed sale to 360
Creative did not close and no asset purchase agreement was ever
executed. The Debtor subsequently received a new and better offer
to purchase the Equipment. In the exercise of its business
judgment, the Debtor determined to proceed with the new offer, and
identified Parallax Digital Studios, Inc. as a qualified purchaser.


On April 24, 2026, the Debtor and Parallax executed an Agreement of
Sale, for a purchase price of $220,000.00, payable in cash at
closing.

The Kuka 4-Axis Router (RMC60 Base System Package), the Magforms
Helios P800 SLA 3D Printer, and the 2020 MercedesBenz Sprinter Van
are excluded from the proposed sale and are identified as
Non-Included Assets in the Parallax APA.

Parallax may negotiate directly with the applicable secured
creditors regarding any of these assets independently of this
transaction. No sale proceeds under this Motion are allocated to
the secured creditors holding liens on the Non-Included Assets.

The net proceeds will be distributed to Mitsubishi, Banc of
America, and Wells Fargo.

The Parallax transaction was the product of arm's length and
good-faith negotiations between the Debtor and Parallax. Parallax
has no affiliation with the Debtor or its principals.

             About SCV Graphic Productions Inc.

SCV Graphic Productions Inc., operating as Dangling Carrot
Creative, is a custom graphics and display manufacturing company
that specializes in manufacturing custom displays, signage, and
creative installations using materials such as composites,
plastics, and foams, alongside printing and imaging technology.
The
company maintains operations in both Fayetteville, Georgia and
Valencia, California, with its principal place of business located
in Georgia.

SCV Graphic Productions Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-10613) on April
28, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

The Debtor is represented by Benjamin R. Keck, Esq. at Keck Legal,
LLC.


SE COSMOS: S&P Assigns Prelim 'BB+' Rating on Senior Secured Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB+' rating to SE
Cosmos LLC's (Cosmos) proposed senior secured notes. The recovery
rating is '2', which indicates the likelihood of substantial
(70%-90%; rounded estimate: 85%) recovery in an event of default.

The negative outlook reflects S&P's view that SoftBank's credit
quality will affect that of the lease guarantor, SBGC, which will
constrain the rating on the project, regardless of performance.

S&P said, "Our preliminary rating assumes the project's isolation
from the parent entity's insolvency risk—that is, we have
assessed Cosmos as delinked for purposes of the parent linkage
analysis under our criteria. This reflects our expectation, based
on representations made to us by Cosmos management, that prior to
the assignment of the final rating, we will be receiving a
non-consolidation opinion that supports our assessment of
separateness and Cosmos will be putting in place an independent
director whose vote will be required to commence voluntary
bankruptcy proceedings. Otherwise, the final rating would need to
account for, and be capped by, the credit quality of Cosmos'
parent, which could have negative implications for the rating."

Cosmos is raising $999 million in senior secured notes maturing in
April 2031. The proceeds, along with about $182 million in equity,
will be used to refinance a bridge facility of around $342 million
(the facility was used to purchase land and fund the initial
construction costs) and fund the remaining construction costs of a
50-megawatt (MW) data center. Proceeds will also cover debt service
during construction, fund the debt service reserve account, and pay
transaction expenses.

The project's construction phase is significantly de-risked given
the date-certain rent commencement irrespective of whether
construction milestones are achieved except in the case of a
casualty event.

The project's operating risk profile reflects its highly stable and
resilient cash flows from a 15-year triple-net lease with the
tenant, Silver Bands 3 (US) Corp. (Silver Bands 3; not rated).
SoftBank Group Capital Ltd. (SBGC), a subsidiary of SoftBank Group
Corp. (SoftBank; BB+/Negative), is unconditionally guaranteeing the
tenant's obligations under the lease, which underpins S&P's
analysis.

Cosmos is converting a former corporate R&D facility into a
single-tenant wholesale data center with a 50-MW critical IT load
in Austin, Texas. The five-story facility will comprise three data
halls, associated office space, a bench lab, a visitor lab, and
storage areas, with equipment yards and an ancillary parking area
on the wider site. These data halls will be used for R&D for
SoftBank's AI strategy. Cosmos is indirectly owned by SB Energy.

Cosmos has entered into a construction contract with Turner
Construction Company (Turner) with a defined guaranteed maximum
price. The City of Austin d/b/a Austin Energy (Austin Energy) is
the utility provider and will be making upgrades to the existing
substation in phases.

The project is a highly contracted asset, with strong long-term
cash-flow visibility. The data center will be leased to Silver
Bands 3 for 15 years. There is also one 10-year extension option
that the tenant can exercise at its discretion. The base rent under
the lease is fixed though also based on a yield-to-cost formula.
This increases the base rent, with a cap at around $22 million per
MW, based on the construction cost of the project, including
financing costs. This mechanism is designed to ensure that any
potential and unmitigated cost overruns are factored into the rent
and recovered via future revenues, preserving the project's debt
service capability over the term of the lease. The base rate under
the lease also increases by 3% annually.

Under the triple-net lease structure, the tenant is responsible for
all operating and maintenance expenses (including power costs) and
insurance and property taxes. In addition, the project is not
subject to service level requirements. S&P considers these factors
to be highly credit supportive.

Construction phase is significantly de-risked. Rent commences on
the lease outside dates, regardless of whether milestones are
achieved except in the case of a casualty event. Moreover, even in
the case of force majeure (FM) events, the tenant isn't exempt from
paying rent. S&P notes that in addition to typical definitions such
as natural disasters, pandemics, wars, FM events also include
delays relating to supply chain issue delays or delays in obtaining
materials, permits, or approvals.

The lease agreement also specifies that the tenant has no lease
termination rights (only self-help rights) due to construction or
delivery delays.

Austin Energy is the utility provider. Power is being provided in
phases by making upgrades to the existing substation. While utility
non-performance isn't included in the FM definition, according to
the lease, missing milestone deadlines caused by the utility delays
is an exception to the tenant's self-help rights, and the tenant
can't abate rent due to the utility provider failing to supply
electricity.

S&P said, "We believe the GMP structure mostly transfers cost risks
to Turner. Turner is leading the construction of the data center
and supplementary infrastructure under an EPC contract. The
lender's technical advisor noted Turner has the capabilities and
expertise to deliver under this project, and we don't see
significant differences with other rated transactions in this
sector that could pose additional risks."

Under the GMP structure, Turner bears the cost-escalation risk,
except in some contractually permitted scenarios, such as approved
change orders, FM events, and tenant-caused delay. In addition,
it's S&P's understanding that the equipment is within the GMP
value, and there's a reasonable amount of contingency (total of
about 4.3% of GMP) to absorb cost escalations. To further support
cost certainty, the tenant takes on cost overruns related to
tariffs. If Turner is unable to achieve the target access dates as
defined in the leases, it will pay to project liquidated damages
(LD), which are capped at 50% of contractor fee (defined as 3.75%
of cost of the works).

Construction began in February 2026. As of April 2026, structural
steel enforcement is ongoing, parking garage demolition has begun,
and the remaining subcontractors are being onboarded and mobilized.
The design is 100% complete through Issue for Permit version. The
final Issue for Construction set is anticipated to be published
shortly.

The sponsor is also providing a customary completion guarantee,
which requires it to provide funds necessary to ensure the
achievement of the final commencement date in the events that the
debt proceeds and other available funds are insufficient to do so.

Lack of delay start up and business interruption insurance could
pose liquidity concerns. The project doesn't intend to procure
delay start up or business interruption insurance given rent
payment certainty. However, base rent and operating expenses will
be abated during the repair period following a casualty event. The
mitigating factor is that in the case of a partial-damage scenario,
the base rent and operating expenses are only abated to the extent
of the partial inability to use. In addition, the project will have
access to the six-month debt service reserve account (DSRA) for
liquidity support.

The tenant can terminate the lease if, following a casualty event,
the estimated repair period is longer than 365 days (or, during the
last year of the term, longer than half of the remaining term). The
lender's insurance advisor (LIA) modeled a highly remote EF5
tornado scenario in which multiple buildings are affected
simultaneously after alterations to the buildings have been made
and all buildings are fully operational. The LIA expects that in
such an extreme event, the repair period will be longer than 365
days and thus may trigger a lease termination event. That said,
this is a 1-in-500-year scenario, and management believes the
restoration period will likely be materially less than the initial
construction period. In addition, project will maintain physical
damage coverage across the construction property policy and the
operational property policy. The policies provide a combined
sublimit that exceeds the losses estimated by LIA in the remote EF5
tornado scenario.

The project's ability to raise debt remains a risk. There are
provisions under the indenture that allow the project to raise
incremental debt. While some incremental debt conditions are
customary and represent routine business activities, the project
can raise additional debt subject to certain criteria. For example,
it can raise up $25 million plus 50% of its net operating income
for the past four quarters (which translates to about $95
million-$125 million). Cosmos also can raise incremental debt
subject to a loan-to-cost ratio of 95% (incremental debt of around
$123 million).

While S&P generally expects sponsors to utilize these baskets
prudently, their presence nonetheless reflects the risk of future
leveraging.

There is refinancing risk. Given the term of the proposed senior
notes is five years, the project is exposed to refinancing risk at
the time of debt maturity. Refinancing prospects and credit spreads
can be affected by factors that are outside of project control,
such as the general macroeconomic situation, industry conditions,
and market appetite for the asset class. Under our downside case,
the project can sustain a minimum DSCR of 1.07x with a refinancing
rate of 9.75%. We believe this represents a reasonable downside
cushion, but this factor remains a risk.

The rating is capped at the rating on the lease guarantor. Our
analysis hasn't factored in any market risk but relies on the lease
guaranty, which supports the tenant's lease obligations, including
paying base rents and operating expenses. As a result, S&P views
SBGC as a material and irreplaceable revenue counterparty, and its
creditworthiness caps the project rating. SBGC's parent, SoftBank,
has a negative outlook. Any rating action on the parent would
trigger the same rating action on the project.

The negative outlook reflects S&P's view that the credit quality of
SoftBank will affect that of the lease guarantor, SBGC, which will
constrain the rating on the project irrespective of performance.

S&P said, "If SoftBank is downgraded, we will downgrade the
project. In addition, we could take negative rating action if the
project suffers from a casualty event, leading to substantial rent
abatement which cannot be covered by the DSRA, or if the actual
refinancing rate is much higher than our assumption of 7.5%.

"We could revise the outlook on SBGC to stable if we revise
SoftBank's outlook to stable and the project is performing in line
with our expectations."


SEDILLO REALTY: Unsecured Creditors Will Get 8.9% of Claims in Plan
-------------------------------------------------------------------
Sedillo Realty LLC filed with the U.S. Bankruptcy Court for the
District of Arizona a Disclosure Statement describing Plan of
Reorganization dated April 20, 2026.

The Debtor is a real estate holding company owned by Justin
Sedillo, which currently owns real property located at 704 West
11th St., Casa Grande, AZ 85122 (the "Property"), purchased on or
about September 8, 2022.

The Property is a triplex consisting of three units that each
contain two bedrooms and one bathroom, that have been extensively
renovated within the three years prior to the bankruptcy filing.
The total costs to renovate the property was approximately
$110,000. The three units are presently fully leased out on yearly
leases.

All secured and unsecured creditors will be paid over time out of
the operations income from the Property and all administrative and
priority creditors, and any funding shortfalls will be paid by the
Interest Holders. The Debtor intends to pay all secured and
unsecured creditors over time.

Under the Plan, all secured, administrative, and priority creditors
will be paid in full, with a return of $5,000 to general unsecured
creditors over the life of the Plan which is a return of 8.9%. If
the Debtor were liquidated, the Debtor anticipates that only the
senior secured debt on the Property would receive any recovery.

Mr. Sedillo anticipates the total amount of Allowed Unsecured
Claims in this Class will be approximately $56,027.07 owed for
business-related debt, although the Debtor is presently reviewing
these claims.

Class 2 consists of Allowed Unsecured Claims of Creditors. The
creditors with allowed unsecured claims in Class 2 shall be paid
funds paid into the Plan Fund after all administrative and priority
claims are paid in full and concurrently with any continuing
payments to secured creditors. Each allowed unsecured claimant
shall receive its pro-rata share of $5,000.00.

The unsecured claims shall receive payments on a pro-rata basis
after all Allowed Administrative Claims and Allowed Priority Claims
have been paid in full, and simultaneously with payments as
provided herein to Allowed Secured Claims. The Debtor anticipates
that unsecured claims will be paid in the last year of the Plan.

Class 3 consists of Allowed Interests of the Debtor. Pursuant to
Sections 1129(a)(15) and (b)(2)(B)(ii) of the Bankruptcy Code,
Allowed Interests in the Debtor shall retain their interest in all
estate property in consideration of their funding of the Allowed
Claims. This funding will pay Allowed Administrative and Allowed
Priority Claims, such that the funding from the operations of the
Debtor will be used for payments to secured claims and unsecured
claims as provided herein.

Allowed Interests shall not receive any distribution until all
administrative, priority, secured, and unsecured claims are paid as
provided herein, and shall thereafter receive a pro-rata
distribution, based upon their interest percentage, after all costs
of operations, and allowed administrative, priority, secured, and
unsecured creditors are paid in full.

The Debtor is continuing to operate and pay its expenses, including
utilities. These operations will be the source for payment of all
secured and unsecured claims. The Debtor's interest holders will be
the source for payment of all administrative and priority claims
and any funding shortfalls under the Plan.

A full-text copy of the Disclosure Statement dated April 20, 2026
is available at https://urlcurt.com/u?l=vlKy8C from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     D. Lamar Hawkins, Esq.
     Karen Bentley, Esq.
     Guidant Law, PLC
     402 E. Southern Ave.
     Tempe, AZ 85282
     Telephone: (602) 888-9229
     Facsimile: (480) 725-0087
     E-mail: lamar@guidant.law
     E-Mail: karen.bentley@guidant.law

                      About Sedillo Realty LLC

Sedillo Realty LLC, a real estate holding company, sought
protection for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Ariz. Case No. 26-00534) on Jan. 20, 2026, listing
$100,001 to $500,000 in both assets and liabilities.  Judge Eddward
P Ballinger Jr presides over the case.  D. Lamar Hawkins, at
Guidant Law, PLC, is the Debtor's counsel.


SERENADE NEWPORT: Sell Corona del Mar Property to Highest Bid
-------------------------------------------------------------
Thomas H. Casey, the Chapter 11 Trustee of  Serenade Newport, LLC,
seeks approval from U.S. Bankruptcy Court for the Central District
of California, Santa Ana Division, to sell Property, free and clear
of liens, claims, interests, and encumbrances.

The Debtor's Property is located at 1501 Serenade Terrace, Corona
del Mar, California.

Serenade Newport, LLC, a California limited liability corporation.


The sole asset of the Estate is a single family residence located
at 1501 Serenade Terrace, Corona del Mar, California.

The Trustee has marketed the Property aggressively in an effort to
liquidate the asset and provide a fund for payment of valid secured
claims, approved administrative claims, and general unsecured
claims of the Estate.

The lienholders of the Property are PPRF REIT LLC, Stilani Holdings
LLC, Mahesh Tilokani, and Property Taxes.

The Property was shown to multiple interested and qualified parties
on an appointment basis, and several open house showings were
conducted. After ample exposure to the market, the Trustee accepted
an all-cash offer of $8,200,000 from Jacob Sweidan.

The purchase is "As-is" in its present physical condition.

The sale is subject to overbids by third parties who have provided
a deposit to Seller equivalent to the Proposed Buyer's Deposit.
Minimum initial overbid to be at least $10,000 higher than the
purchase price between Seller and Proposed Buyer, with subsequent
bids in the amount of not less than $5,000.

In the event of any qualified overbids, the Trustee may conduct an
auction between Proposed Buyer and any qualified overbidders to
occur at the Sale Hearing before the Court. Overbidder to match all
terms and conditions of Seller's Agreement with Proposed Buyer.
Each bid must be all cash, non-contingent and include a cash
deposit of $246,000.

If a successful overbidder is accepted and confirmed by the Court,
then the successful overbidder is to reimburse the Proposed Buyer
up to $5,000.00 for costs incurred.

The Trustee believes that the offer by the Proposed Buyer is
generally reflective of the current fair market value of the
Property.

The Trustee and the Proposed Buyer understand and agree that the
Sale Agreement and proposed sale are subject to overbid and request
that the Court approve the bidding procedures or increments set
forth in the Sale Agreement.

                 About Serenade Newport LLC

Serenade Newport LLC is a single-asset real estate company with
property located at 1501 Serenade Terrace in Corona Del Mar,
California.

Serenade Newport LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11898) on July 11,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Mark D. Houle handles the case.

The Debtors are represented by Robert P. Goe, Esq. at Goe Forsythe
& Hodges LLP.


SERVICE PROPERTIES: Moody's Ups CFR to B3, Outlook Stable
---------------------------------------------------------
Moody's Ratings upgraded Service Properties Trust's (SVC) corporate
family rating to B3 from Caa1, and the guaranteed and
non-guaranteed senior unsecured ratings to B3 and Caa1 from Caa1
and Caa2, respectively. In addition, Moody's upgraded the senior
secured rating to B3 from Caa1. The speculative grade liquidity
rating was upgraded to SGL-3 from SGL-4, and the outlook remains
stable.

The upgrades of SVC's ratings reflect a modest decline in its net
debt/EBITDA, reduced refinancing risk, improved covenant cushion,
and strengthened liquidity. These improvements were achieved
through a reduction in debt from the proceeds of sales of a
substantial number of the REIT's hotels, a sizable equity offering
and proactive financing and liability management.

The stable outlook reflects Moody's expectations that SVC will
effectively manage its debt maturity profile and maintain adequate
liquidity. Moody's also expects stability in credit metrics as the
REIT maintains discipline in managing its capital structure and its
earnings modestly improve.

RATINGS RATIONALE

SVC's B3 CFR reflects its meaningful scale and largely unencumbered
portfolio of assets, mainly net lease service and necessity-based
retail properties and hotels, which provide diversification of cash
flows. SVC's credit profile also benefits from well-laddered lease
expirations that will help mitigate the effects of lease renewal
risk. Net debt/EBITDA declined to 9.8x at the end of 2025, from
10.5x at the end of 2024, as the REIT retired debt with some of the
$859 million of proceeds from the sale of various hotel properties.
On a pro forma basis, net debt/EBITDA further declined to 9.1x at
the end of 2025 when reflecting the refinancing of SVC's $700
million of 8.375% senior unsecured notes and the retirement of
other debt from the proceeds of $745 million from new mortgage
notes issued in February 2026 and a $542 million equity offering in
April 2026. The effects of these transactions have reduced
refinancing risk and strengthened the REIT's liquidity, including
by improving the cushion with financial covenants. Moody's projects
net debt/EBITDA to range between 8x-9x through 2027 as earnings
modestly improve.

SVC's operating profile will remain constrained by weak operating
performance in its hotel portfolio, despite reduced exposure
through asset sales. Hotel EBITDA for the retained hotels declined
by 13%, falling from $163.8 million in 2024 to $142.6 million in
2025, as operating cost inflation, particularly labor and overhead
expenses, outpaced revenue growth.

The net lease portfolio continues to provide diversification to
cash flows and is supported by long lease terms. However, tenant
concentration remains a constraint. TravelCenters of America
represents the dominant net lease exposure, and its rent coverage
is only 1.2x, on average. This risk is partially mitigated by the
limited guarantee of payments under each of SVC's TravelCenters of
America leases by its parent company, BP p.l.c. (A1, Stable).

SVC's SGL-3 rating reflects adequate liquidity. The REIT held $347
million in cash on December 31, 2025, and had full availability on
its $650 million senior secured revolver, which expires in June
2027 and includes two six-month extension options. Moody's expects
the revolver to remain undrawn. Projected breakeven to modestly
positive free cash flow generation from lower capital investment
through 2027 will also support the REIT's liquidity. The next debt
maturity is the $580 million, zero-coupon senior secured notes
maturing in September 2027. Alternate sources, primarily a still
large unencumbered property pool, remain significant
notwithstanding the recent asset sales and rounds of secured
financings.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

SVC's ratings could be upgraded if the REIT demonstrates solid
operating performance in the net lease and hotel portfolio and net
debt/EBITDA falls below 8.0x on a sustained basis. EBITDA/interest
expense sustained above 2.25x, combined with an increasing cushion
with all bank and bond covenants, could also support a ratings
upgrade.

SVC's ratings could be downgraded if operational performance
deteriorates, if net debt/EBITDA rises above 10x or EBITDA/interest
expense is sustained below 1.5x. Ratings could also be downgraded
if there is a weakening in liquidity, including a failure to
address upcoming debt maturities in a timely manner.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in March 2026.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Service Properties Trust is a real estate investment trust (REIT)
that owns a diverse portfolio of net lease service and
necessity-based retail properties and hotels across the United
States, in Puerto Rico and in Canada. SVC is managed by the
operating subsidiary of The RMR Group Inc., an alternative asset
management company headquartered in Newton, MA. SVC owned 760
service focused retail net lease properties and 94 hotels at the
end of 2025.


SHAYN REALTY: Seeks to Sell NY Residential Apartments at Auction
----------------------------------------------------------------
Shayn Realty, LLC, and its affiliates, Zevh Realty LLC (Zevh) and
Rache Realty LLC (Rache), seek permission from the U.S. Bankruptcy
Court for the Eastern District of New York, to sell Property at
auction, free and clear of liens, claims, interests, and
encumbrances.

The Debtors are affiliated single asset real estate entities which
separately own the residential apartment buildings in Brooklyn, New
York making up the Properties, each of which is encumbered by a
separate mortgage lien securing an individual loan from the Lender.


Shayn owns the building at 420 Avene F, Brooklyn, NY (approximately
55 units) subject to a mortgage securing a loan from the Lender in
the initial principal amount of $9,550,000, with a balance claimed
to be due in the total amount $8,863,621.91 as of October 21, 2025,
including principal in the sum of $8,427,310.62, together
with interest, fees and costs.

Zevh owns the building at 2302 85th Street, Brooklyn, NY
(approximately 42 units) subject to a mortgage securing a loan from
the Lender in the initial principal amount of $6,790,000, with a
balance claimed to be due in the total amount of $6,357,204.57 as
of October 21, 2025, including principal in the sum of
$5,991,786.24, together with interest, fees and costs.

Rache owns the building at 320 Ocean Parkway, Brooklyn, NY
(approximately 48 units) subject to a mortgage securing a loan from
the Lender in the initial principal amount of $8,660,000, with a
balance claimed to be due in the total amount $7,951,997.68 as of
October 21, 2025, including principal in the sum of $7,641,950.53,
together with interest, fees and costs.

The Debtors employ Greg Corbin of Northgate Real Estate Group as
real estate broker.

The Debtors seek to sell residential apartment buildings located at
Brooklyn, New York in a public auction, free and clear of all
liens, claims, interests but subject to the credit bid rights of
CoonectOne Bank (Lender).

The Sale will be conducted in conjunction with the Lender, which
retains credit bid rights.

The Debtors designed the attached Bid Procedures in consultation
with the Broker and the Lender to govern the marketing and sale
process and encourage all entities to submit their best bids and
create sufficient competitive tensions to maximize the value of the
Properties through a competitive process, which will inure to the
benefit for all stakeholders. https://urlcurt.com/u?l=sJY5QP

Given the extent of the secured debt, the proposed sale with the
Lender's support provides the best opportunity to maximize the
value of the Properties, and thus is in the best interests of the
Debtors' estates.

                 About Shayn Realty LLC

Shayn Realty LLC is a single asset real estste company.

Shayn Realty LLC and its affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40286) on
January 21, 2026. In its petition, Shayn Realty reports estimated
assets of $1 million to $10 million and estimated liabilities of $1
million to $10 million.

Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.

The Debtors are represented by Kevin J. Nash, Esq., at Goldberg
Weprin Finkel Goldstein LLP.


SHIFT4 PAYMENTS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Shift4 Payments, Inc. (Shift4) and
Shift4 Payments, LLC's (Shift4 LLC) Long-Term Issuer Default
Ratings (IDRs) at 'BB'. Fitch has also affirmed Shift4 LLC's senior
unsecured issuances, co-issued by Shift4 Payments Finance Sub,
Inc., at 'BB' with a Recovery Rating of 'RR4', and Shift4 LLC's
senior secured term loan and revolving credit facility at
'BBB-'/'RR1'. The Rating Outlook is Stable.

Shift4's IDR reflects continued growth in the U.S. and
internationally, which should increase EBITDA and support strong
FCF generation. EBITDA growth should support leverage of about 4.0x
in 2026 and potentially below that level thereafter, while
maintaining strong cash flow debt metrics. The rating also
considers Shift4's exposure to discretionary spending, stiff
competition, its acquisitive nature and recent improvements in
governance.

Key Rating Drivers

Sound Growth Prospects: Fitch expects Shift4 to continue its rapid
growth as it adds merchants to its integrated payment platform in
the U.S. and internationally and expands through new verticals and
acquisitions. Fitch expects gross revenue to grow in the high-teen
range in 2026, with EBITDA surpassing $1.1 billion compared to
around $950 million in 2025. Gross revenue could grow in the
low-to-mid teen range thereafter, with EBITDA margins in the 23%
range.

Strong FCF Generation: Shift4's FCF should increase as the company
scales up. Fitch projects annual FCF will grow to about $500
million over the next several years, compared with the high-$300
million range in 2025 and 2026. Fitch forecasts cash flow leverage,
measured as cash flow from operations (CFO) minus capex to total
debt, in the 8% to 10% range over the next several years, which is
solid for its rating. The company could use excess cash flow for
shareholder returns or potentially to finance bolt-on
acquisitions.

Manageable Leverage: Fitch expects Shift4's leverage to be in the
high 3.0x to low 4.0x range, which is manageable given its growing
scale and good FCF generation. Fitch forecasts leverage to decline
to around 4.0x in 2026 and be at or below 4.0x thereafter, from
4.9x in 2025 and 4.5x in 2024. The primary driver of deleveraging
in Fitch's base case is EBITDA growth, as the company could
continue to use incremental debt to at least partially finance
M&A.

Acquisitive Growth Strategy: Shift4's acquisitive growth strategy
supports expansion into new geographies and verticals, but it also
introduces risks. Acquisitions such as Global Blue, completed in
2025, expand Shift4's offerings and increase geographic
diversification, but also add complexity through integration risks
and operations in multiple jurisdictions. This strategy could also
lead to higher leverage than Fitch projects, which could pressure
the rating.

Exposure to Discretionary Spending: Shift4 generates most of its
revenue from integrated payment processing solutions for mid-sized
to large businesses in the restaurant, hospitality and
entertainment industries, as well as from global tax-free shopping.
These industries are exposed to discretionary spending, which could
lead to cash flow volatility if growth slows during a recession.
Although Shift4 is expanding internationally, Fitch expects the
company to continue generating most of its revenue from the U.S.

Competitive Industry: Shift4 operates in highly competitive end
markets characterized by technology disruption and pricing
competition from legacy financial technology companies, large
technology providers and younger software-centric fintech
companies. Key competitors include JPMorgan (AA-/Sta), through
Chase Paymentech, Fiserv, Adyen, Block (BBB-/Pos) and Toast. The
company is well positioned as an integrated payment platform, but
it will continue to face emerging competition.

Improved Governance Structure: In early 2026, Shift4 collapsed its
multi-class share structure into a single Class A share class. The
company no longer qualifies as a controlled company under New York
Stock Exchange standards, which subjects it to full-board
independence.

Peer Analysis

Fitch rates Shift4 relative to a range of fintech and services
issuers including Block, Inc. (Block; BBB-/Positive) and, to a
lesser extent, NCR Voyix Corporation (NCR Voyix; BB/Stable), WEX,
Inc. (BB+/Stable) and Global Payments, Inc. (Global Payments;
BBB/Stable).

Global Payments and Block are significantly larger and more
diversified. Fitch projects both will maintain lower leverage than
Shift4, with Global Payments having much higher cash flow
profitability. Both Shift4 and Block have high growth profiles.
Shift4 is growing revenue and earnings more rapidly relative to NCR
Voyix and WEX Inc. and will have more meaningful scale over the
next several years, but leverage could be modestly higher.

Fitch’s Key Rating-Case Assumptions

- Gross revenue grows in high-teens percentage range in 2026 and
low-to-mid-teen range in 2027, supported by inorganic growth;

- EBITDA margins around 23% over the forecast;

- Capex in the 5%-6% range of gross revenue annually;

- Excess cash allocated to fund share buybacks or acquisitions;

- Floating-rate debt assumes SOFR of 3.65%.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb+, Lower), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (bb, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bb+,
Moderate), Financial Structure (bb, Higher), and Financial
Flexibility (bb+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'bb'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage consistently above 4.5x;

- Significant fundamental shifts in the business that negatively
affect revenue, EBITDA and/or FCF;

- (CFO-capex)/debt expected to be below 4% on a sustained basis.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDA leverage sustained at or below 3.5x ;

- (CFO-capex)/debt expected to be sustained at 8% or above;

- Greater scale or diversity leading to more stable cash flow.

Liquidity and Debt Structure

Shift4's liquidity is supported by FCF generation in the high $300
million to $500 million range annually, cash and cash equivalents
of $964 million (approximately $365 million was held outside the
U.S) as of Dec 31, 2025, and an undrawn $550 million revolving
credit facility maturing Sept. 5, 2029.

As of Dec. 31, 2025, Shift4 had around $4.6 billion of debt
outstanding, consisting of $633 million of 2027 convertible notes
due Aug. 1, 2027, $997 million of Term Loan B due July 3, 2032,
$1.650 billion of 2032 senior notes due Aug. 15, 2032, and around
$1.3 billion of 2033 Euro Notes due May 15, 2033. During 2025,
Shift4 issued $1.0 billion of 6.00% Series A Mandatory Convertible
Preferred Stock, which Fitch does not treat as debt.

Issuer Profile

Shift4 provides software and payment processing solutions in the
U.S. and internationally to businesses primarily in the restaurant,
hospitality and entertainment industries.

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 Shift4Payments, Inc

ESG Considerations

Fitch has revised Shift4's ESG relevance score to '3' from '4' as a
result of collapsing its multi-class share structure into a single
Class A share class in early 2026.

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
   -----------                ------           --------   -----
Shift4 Payments
Finance Sub, Inc.

   senior unsecured     LT     BB   Affirmed    RR4       BB

Shift4 Payments, Inc.  

                        LT IDR BB   Affirmed              BB

Shift4 Payments, LLC   

                        LT IDR BB   Affirmed              BB
   senior unsecured     LT     BB   Affirmed    RR4       BB
   senior secured       LT     BBB- Affirmed    RR1       BBB-


SIBANYE-STILLWATER LIMITED: Fitch Alters Outlook on IDR to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Sibanye-Stillwater
Limited's (Sibanye) Long-Term Issuer Default Rating (IDR) to Stable
from Negative, and affirmed the IDR at 'BB'. Fitch has also
affirmed the senior unsecured rating of the bonds issued by
Stillwater Mining Company (guaranteed by Sibanye) at 'BB'. The
Recovery Rating is 'RR4'.

The Outlook revision to Stable reflects an improved financial
profile due to a material ongoing EBITDA gross leverage reduction
and its expectation that EBITDA net leverage will remain at about
zero even at normalized platinum group metals (PGM) and gold
prices. The start-up of Keliber project should enhance commodity
diversification into battery metals, while operations improvements
will support earnings. A mid-ranking cost position on average for
Sibanye PGMs amongst South African and North American producers
(third quartile on the global cost curve) and a substantial, though
decreasing, exposure to PGMs remain the key weaknesses in the
credit profile.

Key Rating Drivers

Material Debt Reduction: Sibanye's updated capital allocation
implies that cash flow from operations will be equally distributed
among shareholder returns, debt reduction and organic growth
projects. The company aims to reduce debt by 50% from USD2.2
billion at end-2025 (before Fitch's adjustments). Fitch forecasts
that Sibanye will achieve its target in 2026, reducing debt by
about USD1.0 billion, having already repaid USD150 million of its
South African rand-denominated revolving credit facility (RCF).
Sibanye also plans to reduce bonds outstanding by USD250-300
million in 1H26 and through the conversion to equity of its USD500
million convertible bond at the end of 2026.

High Prices Support Earnings: Fitch expects EBITDA to rise to
USD3.1 billion in 2026 from USD2.2 billion in 2025, driven by high
gold and PGM prices. Coupled with substantial debt reduction, Fitch
expects EBITDA net leverage to fall to 0.1x (EBITDA gross leverage:
0.6x) in 2026. Fitch expects gold and PGM prices to normalise
towards mid-cycle levels and, therefore, forecast EBITDA to decline
to USD0.8 billion by 2029-2030. Under its mid-cycle price
assumptions, Fitch expects net debt to be close to zero and EBITDA
gross leverage to be 1.5x-1.8x, supported by substantial debt
reduction and positive free cash flow (FCF).

The company aims to maintain net debt/EBITDA below 1.0x, when
commodity prices moderate from their peak. Flexibility in dividend
payments, at 25%-35% of normalised earnings, the ability to adjust
the capex and low debt provide a substantial rating headroom when
metal prices moderate. During the market trough, Sibanye took
decisive measures to reduce cash outflows, including no dividend
payments in 2024-2025.

PGM Prices Uptick: After a drop in 2023-2024, PGM prices started
recovering, with platinum trading above USD2,000/oz and palladium
above USD1,500/oz since the start of 2026. Investor interest has
increased as PGMs offer an alternative to gold and silver. Fitch
believes current prices are not supported by supply-demand
dynamics, and assume they will revert to mid-cycle levels of
USD1,100/oz and USD900/oz, respectively. Platinum has stronger
supply-demand, as it can substitute gold in jewellery and is
exposed to a broader range of end-markets. Palladium and rhodium
are mainly used in catalytic converters. Possible sanctions on
Russian PGM exports also support prices.

Ongoing Portfolio Improvements: Sibanye has been making a broad
restructuring across its South African and US operations having
reduced production at its least profitable mines by about 300,000
oz/year in 2025 versus 2023. The company is working on performance
improvement through enhancing mechanised operations in South Africa
and the US. Fitch assumes a mid-ranking cost position on average
for Sibanye PGMs amongst South African and North American producers
(third quartile position on the global cost curve (after factoring
in Norilsk Nickel's PGM production as by-product). Gold assets
remain firmly in the fourth quartile of the respective global cost
curves.

US PGM Optimisation: Sibanye is working towards improving the cost
position of its US PGM operations, aiming to reduce all-in
sustaining costs (AISC) to USD1,100/oz (in 2024 real terms), pre-US
Section 45X tax credits, from an expected USD1,520-1,580/oz in
2026. These tax credits, which will cover 10% of mining and
recycling costs, will translate into about USD100 million cash
inflows per year and are valid until 2032. Fitch has included tax
credits in its forecasts for 2026, as the company expects to start
receiving them soon.

Battery Metals Diversification: Sibanye is progressing with
Keliber, a EUR759 million lithium greenfield project in Finland, to
diversify its earnings base beyond PGMs. Due to the recent soft
market conditions on the lithium market, the project will be
started up in a staged way, starting from mining and concentrator
stages. The refinery is planned to start towards end-2026 if prices
remain supportive. The mining operations started in 1Q26, Fitch
expects positive FCF contribution from 2027. Based on mid-cycle
prices, Fitch expects Keliber to contribute about 10% to the
company's total EBITDA. Sibanye estimates AISC at Keliber at
USD10,793/tonne.

Lithium Prices Rebound: Lithium prices have been supported by
tightening supply and demand, as well as stronger-than-expected
demand for energy storage systems and supply disruptions, including
mining permit cancellations in China. However, prices are likely to
remain highly volatile, reflecting concerns about a potential
demand pullback, along with supply constraints in major producing
countries, including China and Zimbabwe.

US Country Ceiling Applied: Fitch now applies the Country Ceiling
of the US (AAA) to Sibanye compared to South Africa's Country
Ceiling (BB) before as cash flow generation from the US is now
sufficient to cover HC gross interest expense. This reflects the
substantial ongoing gross debt repayment and corresponding
reduction in interest expense, along with improvements in the
performance of US operations, support from the US Section 45X tax
credits and the acquisition of US-based PGM recycler Metallix
Refining.

Peer Analysis

Sibanye's peers include Harmony Gold Mining Company Limited
(BB/Stable), Endeavour Mining plc (BB/Positive), AngloGold Ashanti
plc (BBB-/Stable) and Kinross Gold Corporation (BBB/Stable).

Endeavour is a gold miner that operates across countries in West
Africa, including Cote d'Ivoire, Senegal and Burkina Faso, and has
the highest country risk among peers. Fellow gold miner AngloGold
also has exposure across Africa, along with Brazil and Australia.
Like Harmony Gold, the majority of Sibanye's earnings come from
South Africa; however, the company's operating environment benefits
from operations in the USA, Australia and its lithium project in
Finland. Kinross's operating environment reflects that most of its
operations are based in the US, Chile and EMEA, along with the
lower-rated Brazil.

Sibanye's gold assets are the highest cost among peers, located in
the fourth quartile of the global cost curve by Wood Mackenzie,
while Kinross, Endeavour and AngloGold have more favourable
positions across the second and third quartiles. Better cost
positions and the benign gold price environment are reflected in
peers' EBITDA margins and improved leverage relative to Sibanye.
However, Fitch expects Sibanye's EBITDA net leverage to reduce from
0.8x in 2025 and to remain below 0.5x through its forecast period,
supported by management's focus on deleveraging, including the
downsizing of bonds maturing this year and early repayment of a
portion of the 2029 notes.

Fitch’s Key Rating-Case Assumptions

- Prices for gold, platinum and palladium in line with Fitch's
March 2026 price assumptions

- USD/ZAR at 16.50 in 2026 and at 17.00 in 2027-2029

- Dividends reducing to ZAR731 million in 2029 from ZAR7 billion in
2026

- Capex of ZAR18.3 billion in 2026, ZAR18.4 billion in 2027,
ZAR14.6 billion in 2028 and ZAR14.2 billion in 2029

- Successful refinancing and downsizing of the November 2026 notes
with a new USD500 million bond

- Conversion to equity of Sibanye's ZAR11.2 billion outstanding
convertible notes in 2H26

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bb+, Lower),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb, Higher), Profitability (bb-,
Higher), Financial Structure (a-, Moderate), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 10% for the forecast year
2027, 20% for the forecast year 2028, 25% for the forecast year
2029 and 25% for the forecast year 2030.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb-' results in no
adjustment.

- The SCP is 'bb'.

To derive the IDR:

- Country Ceiling considerations apply and result in an adjustment
of 0 notch(es).

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA net leverage above 1.5x (EBITDA gross leverage above 2.0x)
on a sustained basis

- EBITDA interest coverage below 6.0x on a sustained basis

- Ongoing negative FCF linked to high capex/dividends or share
buybacks/M&A activity

- Political risks, labour disputes or power-supply disruptions in
South Africa negatively affecting cash flow generation for an
extended period of time

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Material improvement to mid-ranking position on the global cost
curve

- Conservative financial policy leading to gross debt repayment
with through the cycle EBITDA net leverage below 0.5x on a
sustained basis (EBITDA gross leverage below 1.0x)

- Proportion of EBITDA and FCF generated outside South Africa or in
more supportive operating environments to exceed over a third on a
sustained basis

- Application of the US Country Ceiling or sufficient offshore
structural enhancements to rate above South African Country
Ceiling

- Positive FCF through the cycle

Liquidity and Debt Structure

At end-2025, Sibanye had ZAR17 billion of cash and ZAR23 billion of
undrawn facilities available, equivalent to USD2 billion of
available liquidity. The company plans to refinance its USD675
million bond that matures in November 2026 and downsize it to
USD500 million, and to repay part of the 2029 notes.

This is part of Sibanye's goal to reduce end-2025 gross debt of
ZAR39 billion by 50% over the next three years, which Fitch expects
it to achieve already in 2026.
Sibanye plans to maintain liquidity at about two months of opex and
capex, roughly equivalent to ZAR20 billion.

Issuer Profile

Sibanye is a leading international precious metals mining company,
with a diverse portfolio of PGM operations in South Africa and the
US, as well as gold operations in South Africa. The company is also
developing a lithium project in Finland.

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 Sibanye.

ESG Considerations

Fitch has revised Sibanye's ESG Relevance Score from '4' to '3' for
Employee Wellbeing due to the improvement in safety records at the
production sites.

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
   -----------                 ------         --------   -----
Stillwater Mining
Company

    Guaranteed           LT     BB Affirmed    RR4       BB

Sibanye-Stillwater
Limited                  LT IDR BB Affirmed              BB


SLEEP NUMBER: Obtains $25MM Term Loan; Revises Credit Deal
----------------------------------------------------------
Chakradhar Adusumilli of Bloomberg News reports that Sleep Number
Corp. has secured a deal with its lenders to access $55 million in
added liquidity and obtain relief from key covenant requirements.
The move aims to support operations during a critical sales
period.

Under the agreement, the company will receive a $25 million term
loan and benefit from a waiver of its $30 million minimum liquidity
covenant until early July. These measures provide short-term
breathing room for the balance sheet.

Lenders also agreed to forbear from enforcing financial covenant
breaches as Sleep Number pursues a potential strategic transaction.
The arrangement helps the company maintain operational continuity
while reviewing its options, the report states.

Executive Amy O'Keefe said the company welcomes the added
flexibility and capital, noting it will help fund product launches
and marketing initiatives ahead of the Memorial Day sales season,
according to Bloomberg.

                   About Sleep Number Corp.

Sleep Number Corp. is a furniture company based in Minneapolis,
Minnesota.


SLX - I DRIVE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: SLX - I Drive, LLC
        1101 Schutz Avenue
        Winter Park, FL 32789

Business Description: SLX - I Drive, LLC is a Winter Park,
Florida-based real estate holding company that owns a redevelopment
site at 6603 International Drive in Orlando, Florida. The property,
located along the International Drive corridor, has been associated
with a proposed mixed-use project involving multifamily, retail,
restaurant and service-space uses.

Chapter 11 Petition Date: April 28, 2026

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 26-03078

Debtor's Counsel: Melissa Youngman, Esq.
                  MELISSA YOUNGMAN PA
                  PO Box 303
                  Winter Park, FL 32790
                  Email: my@melissayoungman.com

Total Assets: $4,474,992

Total Liabilities: $5,628,785

The petition was signed by Anthony DelGuidice 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/MK4PLAY/SLX_-_I_Drive_LLC__flmbke-26-03078__0001.0.pdf?mcid=tGE4TAMA


SPECIALTY BUILDING: S&P Downgrades ICR to 'B-', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings lowered our issuer credit rating on Specialty
Building Products Holdings LLC (SBP) and issue-level ratings on its
debt to 'B-' from 'B'. The '4' recovery rating on the company's
first-lien term loan is unchanged, indicating its expectation for
average (30%-50%; rounded estimate: 40%) recovery in the event of a
payment default.

The stable outlook reflects S&P's expectation that the company's
specialty product offering should be more stable than industry
peers with more commoditized products. As such, it forecasts
adequate liquidity and leverage about 8.5x-9.0x in 2026 and about
8x in 2027.

SBP's leverage remained higher than expected amid low new
construction activity and the OrePac acquisition, resulting in debt
to EBITDA above S&P Global Ratings' 7x downside threshold.

The downgrade reflects S&P's expectation that leverage will remain
high given slow industry demand and a largely debt-funded
acquisition. SBP completed the acquisition of OrePac on Nov. 4,
2025, for total consideration of $550 million, with an additional
earnout of $50 million contingent upon performance to be paid over
the next 3.5 years. SBP financed the acquisition through a $50
million promissory note to the seller, a $150.0 million equity
contribution made to the parent company from certain of its equity
owners, and an approximately $350.0 million draw under its
asset-based lending (ABL) credit facility.

S&P said, "This additional debt, coupled with lower-than-expected
volume in second half of 2025, increased our measure of the
company's pro forma leverage to 8.9x. we expect leverage will
remain above 8x over at least the next 12 months given our
expectation of modest organic growth in 2026 and only partial
benefit from cost synergies.

"We expect SBP to generate a modest free operating cash flow (FOCF)
deficit over the next 12 months. This is primarily due to higher
working capital consumption. We expect SBP will need to increase
inventory to support sales growth in the second half of 2026. Even
with modestly lower capital expenditure (capex), we expect an FOCF
deficit of about $20 million in 2026. However, SBP generated about
$55 million in FOCF in 2024, and we estimate it generated $90
million-$100 million in 2025, driven by implemented efficiency
initiatives, including reductions in SG&A, that helped reduce
expenses. This, along with a forecast EBITDA interest coverage of
about 1.7x, mitigates some of the challenges with the company's
weakened financial performance."

The company has 18 months to improve its performance and credit
metrics before its debt becomes current. In 2025, SBP temporarily
alleviated upcoming maturities by extending the maturities of its
senior secured notes and ABL revolving credit facility.
Nevertheless, the company's term loan B matures in November 2028,
and we believe it needs to demonstrate strong operating performance
driven by sales growth and synergy realization to better position
itself for refinancing before the loan becomes current in November
2027. Given that the 2025 refinancing only extended the notes and
ABL to 2029, the company may need to refinance its entire capital
structure over the next few years

S&P said, "The stable outlook reflects our expectation that the
company's specialty product offering should be more stable than
industry peers with more commoditized products. As such, we
forecast adequate liquidity and leverage about 8.5x-9.0x in 2026
and about 8x in 2027.

"We could lower the ratings if, in our view, SBP's capital
structure becomes unsustainable, interest coverage falls to the
low-1x area, or we expect it to sustain FOCF at or below break-even
levels." This could occur due to:

-- Not extending its term loan before it becomes current in late
2027;

-- Persistent low demand for its products because of a weak new
construction market or market share losses; or

-- Missteps integrating OrePac or higher-than-expected costs to
achieve the company's synergy targets.

While unlikely over the next 12 months, S&P could raise its ratings
if SBP can extend its upcoming maturities, successfully decrease
its leverage below 6.5x while sustaining interest coverage above 2x
and generating positive reported FOCF. This could occur if the
company:

-- Benefits from an improvement in demand or by taking market
share from competitors;

-- Successfully integrates OrePac and achieves target revenue
synergies its higher costs through price increases without damaging
existing customer relationships; or

-- Uses excess cash to repay outstanding debt.



SPI ENERGY: Seeks Chapter 15 Recognition of Cayman Liquidation
--------------------------------------------------------------
Emily Lever of Law360 reports that SPI Energy Co., Ltd. is seeking
Chapter 15 recognition in the U.S. of a Cayman Islands wind-down,
according to a filing in bankruptcy court.

The company told the court that the foreign proceeding is designed
to oversee the liquidation of certain entities and streamline the
resolution of claims. Chapter 15 recognition would enable
coordination between the Cayman court and U.S. proceedings.

Through the request, SPI Energy aims to safeguard assets and ensure
that creditors are treated equitably while the wind-down progresses
under court supervision.

                          About SPI Energy Co., Ltd.

SPI Energy Co., Ltd., headquartered in McClellan Park, California,
provides photovoltaic (PV) solutions for commercial, residential,
government, and utility customers globally. The Company develops
solar PV projects for sale to third-party operators or for
self-operation to supply electricity to the grid across Asia, North
America, and Europe, and in Australia primarily sells PV components
to retail customers and project developers. SPI Energy also began
roofing and solar system installation in the U.S. in 2021,
initiated pilot production of "Made-in-America" solar modules in
2022, and engaged in sales and leasing of zero-emission electric
vehicles in the U.S. from 2020 until September 2023.

SPI Energy Co., Ltd. sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 26-10536) on April 17,
2026.

Honorable Bankruptcy Judge Mary F. Walrath handles the case.

The Debtor is represented by Zhao Liu, Esq. of The Rosner Law Group
LLC.


SPIRIT AIRLINES: Lenders Push Back as U.S. Rescue Talks Stall
-------------------------------------------------------------
Soma Biswas, Ryan Gould, and Reshmi Basu of Bloomberg News report
that a proposed $500 million U.S. rescue financing deal for Spirit
Aviation Holdings Inc. has hit a standstill, with lenders including
Citadel resisting terms that could sharply reduce their
recoveries.

The lender group has recently advanced a counteroffer designed to
address those concerns, but negotiations appear to have stalled,
according to individuals familiar with the discussions. The parties
declined to be identified given the sensitivity of the talks, the
report states.

Spirit entered Chapter 11 in August and has since pursued a
restructuring strategy to stabilize its operations and address its
debt load. The company said in March it had reached a restructuring
agreement with key creditor groups and submitted a plan to the
court, according to report.

The impasse highlights ongoing tensions between lenders and other
stakeholders as they negotiate the structure of a potential rescue
and the distribution of value under the plan, Bloomberg Law cites.

                    About Spirit Airlines

Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to
delivering the best value in the sky by offering an enhanced travel
experience with flexible, affordable options. Spirit serves
destinations throughout the United States, Latin America and the
Caribbean with its Fit Fleet, one of the youngest and most
fuel-efficient fleets in the U.S. On the Web:
http://wwww.spirit.com/                       

Spirit Airlines and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after
reaching terms of a pre-arranged plan with bondholders.

At the time of the filing, Spirit Airlines reported $1 billion to
$10 billion in both assets and liabilities. Judge Sean H. Lane
oversees the case.

The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel;
Alvarez & Marsal North America, LLC, as financial advisor; and
Perella Weinberg Partners LP as investment banker. Epiq Corporate
Restructuring, LLC, is the claims agent.

Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel
for the Ad Hoc Group of Convertible Noteholders.

Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC
represent the Ad Hoc Group of Senior Secured Noteholders.

The official committee of unsecured creditors retained Willkie Farr
& Gallagher LLP as counsel.

Citigroup Global Markets, Inc., is serving as financial advisor and
Latham & Watkins LLP is serving as legal counsel to Frontier.

                       2nd Attempt

Spirit Airlines and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its
petition, the Debtors reports estimated assets and liabilities
between $1 billion and $10 billion each.

Honorable Bankruptcy Judge Sean H. Lane handles the case.

The Debtor is represented by Marshall Scott Huebner, Esq. and
Darren S. Klein, Esq. at Davis Polk & Wardwell LLP.


SPIRIT AVIATION: Vladimir and Angelica Galkin Hold 5% Equity Stake
------------------------------------------------------------------
Vladimir Galkin, Angelica Galkin, and Angelica Galkin Revocable
Trust, dated April 21, 2018, disclosed in a Schedule 13G filed with
the U.S. Securities and Exchange Commission that as of April 23,
2026, they beneficially own 1,420,000 shares of Spirit Aviation
Holdings, Inc.'s Common Stock, par value $0.0001 per share,
representing 5% of the 28,320,815 shares outstanding as of March 4,
2026, as reported on the Company's Annual Report on Form 10-K filed
with the SEC on March 16, 2026. The 1,420,000 shares are held by
the Angelica Galkin Revocable Trust, dated April 21, 2018, of which
Angelica Galkin is the sole trustee and beneficiary. Vladimir
Galkin has shared voting and dispositive power over these shares as
the husband of Angelica Galkin.

The reporting persons may be reached through:

      Vladimir Galkin
      10900 NW 97th Street, #102
      Miami, FL 33178

A full-text copy of Vladimir Galkin's SEC Report is available at
https://tinyurl.com/5abrj75e

                  About Spirit Aviation Holdings

Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit
Airlines, a U.S.-based low-cost carrier providing air
transportation services across the United States, Latin America,
and the Caribbean. They employ approximately 25,000 direct
employees and independent contractors.

Spirit Aviation Holdings and its subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 25-11897) on Aug. 29, 2025. In the petition signed by
Frederick Cromer, authorized signatory, Spirit Aviation Holdings
disclosed $8,576,287,000 in assets and $8,096,842,000 in
liabilities as of June 30, 2025.

Judge Sean H. Lane oversees the cases.

The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy
counsel; PJT Partners LP as investment banker; FTI Consulting, Inc.
as restructuring, fleet and communications advisor; Debevoise &
Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell,
LLP as conflicts counsel, and Ernst & Young, LLP as its audit and
tax services provider. Epiq Corporate Restructuring, LLC is the
claims, noticing, solicitation and administrative agent.

The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Willkie Farr & Gallagher, LLP as legal counsel;
Alton Aviation Consultancy, LLC as specialized aviation advisor;
Jefferies. LLC as investment banker; and AlixPartners, LLP as
financial advisor.

Citibank N.A., as the Administrative Agent under the Debtors'
Revolving Credit Facility, is represented by Milbank LLP.

                       2024 Restructuring

Spirit Airlines and its affiliates previously sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024,
after reaching terms of a pre-arranged plan with bondholders. At
the time of the filing, Spirit Airlines reported $1 billion to $10
billion in both assets and liabilities. Judge Lane also presided
over the 2024 case.

The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel;
Alvarez & Marsal North America, LLC, as financial advisor; and
Perella Weinberg Partners LP as investment banker. Epiq Corporate
Restructuring, LLC, is the claims agent.

Paul Hastings, LLP and Ducera Partners, LLC served as legal counsel
for the Ad Hoc Group of Convertible Noteholders.

Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC
represented the Ad Hoc Group of Senior Secured Noteholders.

The official committee of unsecured creditors retained Willkie Farr
& Gallagher LLP as counsel.

Citigroup Global Markets, Inc., served as financial advisor and
Latham & Watkins LLP served as legal counsel to Frontier.


START TO FINISH: Jill Durkin Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Jill Durkin, Esq.,
at Durkin Law, LLC as Subchapter V trustee for Start to Finish
Installations LLC.

Ms. Durkin will be paid an hourly fee of $325 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.   

Ms. Durkin declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Jill E. Durkin, Esq.
     Durkin Law, LLC
     401 Marshbrook Road
     Factoryville, PA 18419
     Phone number: (570) 881-4158
     Email: jilldurkinesq@gmail.com

              About Start To Finish Installations LLC

Start To Finish Installations LLC is a Pennsylvania-based
playground installation and construction company.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-01055) on April 17,
2026. In the petition signed by Jeromy Snyder, member, the Debtor
disclosed up to $500,000 in assets and up to $1 million in
liabilities.

Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky
PC, represents the Debtor as legal counsel.


STG LOGISTICS: Clears Path to Ch.11 Exit with $1B+ Debt Reduction
-----------------------------------------------------------------
STG Logistics Inc., one of the nation's largest providers of
integrated port-to-door services and supply chain solutions for
cargo owners and logistics providers, announced that it has
completed its court-supervised marketing process and reached a
settlement regarding the litigation related to the Company's 2024
liability management transaction, paving the way for a fully
consensual emergence from chapter 11 in the near-term. STG intends
to seek approval of the Recapitalization Transaction outlined in
its Restructuring Support Agreement and Plan of Reorganization at
its confirmation hearing in the coming weeks.

As part of its chapter 11 process, STG entered the RSA with its
lenders under which the lenders would assume majority ownership of
the Company in exchange for a comprehensive restructuring of its
capital structure, including a reduction of more than $1 billion in
outstanding debt obligations and up to $150 million in new capital.
As required by the RSA, STG undertook a formal marketing process to
confirm the Transaction represented the best outcome for the
Company and its stakeholders. That process is now complete and
validated the RSA Transaction, which will strengthen the Company's
balance sheet and position STG for long-term success.

"The completion of our marketing process and resolution of the LME
litigation are key milestones that unlock our expected emergence
from chapter 11 in the near future," said Geoff Anderman, Chief
Executive Officer of STG Logistics. "The transaction we are moving
forward with is the optimal solution to secure a strong future for
STG and reflects investor confidence in our strategy and long-term
prospects. With the support of all our key stakeholders, we are
moving forward swiftly with a consensual confirmation process and
will emerge as a strong, well-capitalized company, well-positioned
to serve our customers, partners, and employees well into the
future."

Upon emergence, STG will be majority-owned by a group of leading
financial institutions led by funds managed by Fortress Investment
Group and Invesco Senior Secured Management, Inc. The group has
significant experience in the logistics industry and supports STG's
go-forward strategy to provide market-leading transportation and
logistics services in support of its customers. STG's operations
will continue in the ordinary course throughout this process, with
full continuity of its integrated port-to-door service offerings.

                      About STG Logistics

STG Logistics Inc. is a North American logistics and supply chain
solutions provider, known as the largest fully integrated
port-to-door service provider in the United States and Canada.

STG Logistics and several affiliated entities sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No.
26-10258) on January 12, 2026. In its petition, STG Logistics
listed up to $10 billion in both assets and liabilities.

The Honorable Bankruptcy Judge Mark Edward Hall handles the cases.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Cole Schotz P.C. as local bankruptcy counsel;
AlixPartners, LLP as financial advisor; PJT Partners, LP as
investment banker; KPMG, LLC as tax service provider; Gordon
Brothers Realty Services, LLC as real estate consultant and
advisor; and Epiq Corporate Restructuring, LLC as claims, noticing,
and solicitation agent and administrative advisor.

White & Case, LLP serves as independent counsel to Reception
Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception
Purchaser, LLC, acting at the direction of each of the special
committees.

Wilmington Savings Fund Society, FSB serves as agent for the DIP
lenders and is advised by ArentFox Schiff.

The ad hoc group of existing lenders is represented by Gibson, Dunn
& Crutcher, LLP as legal counsel and Evercore Group, LLC as
financial advisor.

White & Case, LLP serves as counsel to the special committee of STG
Logistics' board of managers.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. The committee tapped McDermott Will & Schulte, LLP and
Kelley Drye & Warren, LLP as legal counsel; and Province, LLC as
financial advisor.


STONEYBROOK SPIRITS: Court Extends Cash Collateral Access to May 21
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, issued a second interim order authorizing
Stoneybrook Spirits, LLC to use cash collateral through May 21.

Under the second interim order, the Debtor is authorized to use
cash collateral for ordinary business expenses in accordance with
an approved budget, with a variance of up to 10% per line item.
Additional expenditures may be made with creditor consent (not to
be unreasonably withheld) or by further court approval. The Debtor
must also pay U.S. Trustee fees and can seek expedited hearings if
disputes arise over proposed expenses.

The Debtor projects total operational expenses of $76,796 for the
period from February to May.

As adequate protection, secured creditors will be granted
post-petition replacement liens on cash collateral, maintaining the
same validity, priority, and extent as their pre-petition liens.

The Debtor is also required to maintain insurance coverage and
comply with all obligations imposed on a debtor-in-possession under
the Bankruptcy Code and court orders.

The order is entered without prejudice, preserving the rights of
all parties to seek additional relief, challenge liens, or request
changes to cash collateral use.

A continued preliminary hearing is scheduled for May 21.

The order is available at https://is.gd/XIZez0 from
PacerMonitor.com.

                   About Stoneybrook Spirits LLC

Stoneybrook Spirits, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
26-01060) on February 17, 2026, with $500,001 to $1 million in
assets and $1 million to $10 million in liabilities. Andrew Layden
is the Subchapter V trustee.

Judge Grace E. Robson oversees the case.

Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor
as legal counsel.


TEHUM CARE: Creditor Groups Target Texas Two-Step Ch. 11 Strategy
-----------------------------------------------------------------
Emily Lever of Law360 Bankruptcy Authority reports that two
creditor trusts tied to Tehum Care's Chapter 11 proceedings have
brought litigation against company affiliates and former
executives, alleging that the bankruptcy was structured as a "Texas
two-step" designed to avoid creditor obligations.

The trusts claim the transaction improperly allocated liabilities
to a separate entity while preserving assets within the reorganized
business, reducing the pool available for recovery. They describe
the structure as an abuse of the bankruptcy system, the report
states.

The complaint asks the court to scrutinize the restructuring and
provide remedies for what the trusts characterize as an unfair
separation of assets and liabilities, according to Law360.

             About Tehum Care Services

Tehum Care Services Inc., doing business as Corizon Health Services
Inc., is a privately held prison healthcare contractor in the
United States. It is based in Brentwood, Tenn.

Tehum Care Services filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb.
13, 2023. In the petition filed by Russell A. Perry, as chief
restructuring officer, the Debtor reported assets between $1
million and $10 million and liabilities between $10 million and $50
million.

Judge Christopher M. Lopez oversees the case.

The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel;
Bradley Arant Boult Cummings, LLP, as special litigation counsel;
and Ankura Consulting Group, LLC, as financial advisor. Russell A.
Perry, senior managing director at Ankura, serves as the Debtor's
chief restructuring officer. Kurtzman Carson Consultants, LLC, is
the claims, noticing and solicitation agent.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Stinson, LLP and Dundon Advisers, LLC, serve as the committee's
legal counsel and financial advisor, respectively.


TPG RE FINANCE: S&P Assigns 'B+' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit and issue-level
ratings to TPG RE Finance Trust Inc. (TRTX) and its proposed term
loan B.

The stable outlook reflects S&P's expectation that TRTX will
maintain adequate liquidity and its asset quality will not
deteriorate meaningfully from current levels, despite increasing
leverage to the 4.0x area as the company continues to ramp up
originations.

TRTX's proposed term loan B will diversify its liability structure,
while maintaining adequate liquidity amid accelerated loan
origination activity.

Improved conditions in the commercial real estate (CRE) sector
provide a tailwind for continued solid performance and a rebound in
transaction activity with the gradual return of liquidity to the
market, indicating improving overall sentiment.

S&P said, "We expect TRTX's proposed term loan B will address much
of its near-term debt maturities and help maintain adequate
liquidity. TRTX is undertaking a leverage-neutral transaction
involving a new $100 million five-year revolving line of credit
(undrawn and unrated at close), a $400 million seven-year term loan
B, and a $156 million draw from an incremental $350 million secured
credit facility. TRTX will use the proceeds to redeem a $527
million TRTX 2022-FL5 and partially repay existing secured credit
facilities, diversifying the company's liability structure and
supporting future growth. Pro forma for the transaction, we expect
TRTX will maintain debt to equity at somewhat above current level
(mid-3x range) and reduce recourse leverage. The company expects
the transaction to close by May 15.

"Pro forma for the transaction, TRTX will have approximately $273
million of available near-term liquidity. This includes $92 million
of cash, $40 million of undrawn capacity on secured credit
agreements and secured revolving credit facility, $41 million of
CLO reinvestment proceeds, and the new $100 million revolving
facility. We think TRTX has sufficient liquidity to cover future
funding obligations of $173 million, as well as preferred and
common stock dividends of about $90 million. We think capital
expenditure (capex), tied to TRTX's real estate-owned (REO)
properties, is manageable, at about $6 million per year.

"We expect that TRTX will continue to ramp up its origination
activity in 2026, while maintaining leverage within our rating
expectations. TRTX's leverage, measured by debt to adjusted total
equity (ATE), increased to 3.8x as of March 31, 2026, from 3.1x as
of March 31, 2025, as new originations exceeded repayments.
"However, leverage is expected to remain below our downside
threshold of 4.5x. During the trailing 12 months (TTM) ended March
31, 2026, the company originated new first mortgages with total
loan commitments of $1.9 billion (versus $532 million in the entire
2024). The company is shifting its focus to multifamily and
industrial sectors (the combined exposure rose to more than 73% of
the current balance sheet from 30% in 2022). Total loan repayments
were $1.09 billion in TTM ended March 31, 2026 (versus $672 million
in the entire 2024). We expect robust origination activity for the
remainder of 2026 thanks to a healthy pipeline, increased clarity
around rates, and favorable credit spreads, such that leverage will
remain within the 3x-4x range for the next two years.

"Despite ongoing macroeconomic challenges, we do not anticipate
systemic stress to TRTX's CRE portfolio as in the past few years,
given that the company is managing its REO portfolio amid improving
investment market dynamics. As interest rates and cap rates remain
higher than previously experienced over the past few years, TRTX's
and other CRE lenders' asset valuations could continue to feel some
pressure. However, the extent of the impact will depend on
location, property type, and the underwriting quality of the
properties securing their loans. As of March 31, 2026, TRTX's
portfolio totaled $4.1 billion, increasing from $3.3 billion year
on year (YOY), while its office exposure dropped to 10.6% from
17.3% YoY, with further reductions anticipated through repayments,
asset sales, and the shift to targeted sectors.

"TRTX's asset quality improved by not reporting any loans with a
risk rating of 5 since the end of 2023. Also non-accrual loans
represented only 1% of total portfolio as of Mar. 31, 2026. As a
result, the company has not booked specific reserves against
problem assets. The Current Expected Credit Loss reserve was $77.1
million (1.8% of loans held for investment) as of Mar. 31, 2026, a
21% YOY increase, though not linked to underperforming assets.
However, company holds $236.4 million in REO properties, comprising
25% of ATE as of March 31, 2026, consisting of two office and four
multifamily assets. During the three months ended March 31, 2026,
TRTX did not acquire or sell any REO properties, and the REO
portfolio generated distributable earnings with modest capex
requirements. While manageable, we will continue to monitor REO
exposure."

Portfolio composition is shifting toward more recent originations.
Approximately 60% of the commercial portfolio was originated
post-2022 (up from 22% at the end of 2024).

TRTX's balance sheet is significantly encumbered by secured
funding, offering limited exposure to margin calls. As of March,
31, 2026, TRTX's loan investments were financed through a
diversified funding stack totaling $3.4 billion (excluding the
preferred equity that S&P treats as debt, all of which is secured).
This amount consists of three CRE CLOs representing 76.1% of total
borrowings, followed by secured credit agreements and a revolving
credit facility (22.1%), and asset-specific financing (1.8%). This
reliance on CLOs introduces structural complexity but also benefits
from non-mark-to-market financing, constituting 77.9% of the total,
and has no margin call risk, which mitigates immediate balance
sheet volatility.

Notably, the secured facilities carry varying degrees of recourse
to the holding company, given that most secured facilities are 25%
recourse, except the revolving credit facility that's fully (100%)
recourse. This structure concentrates potential losses at the
holdco level for the revolving credit facility (undrawn as of March
31, 2026), warranting close monitoring of its use and compliance
with covenants. Overall, TRTX's funding profile appears reasonably
well structured, but it requires ongoing assessment of collateral
eligibility and holdco-level recourse obligations amid the CRE
sector's subdued conditions.

The stable outlook on TRTX reflects S&P's expectation that it will
maintain sufficient liquidity to meet its ongoing funding needs in
the next 12 months, its asset quality won't deteriorate from
current levels, and leverage will remain around 4.0x, as the
company continues to ramp up originations.

S&P could lower the rating in the next 12 months if:

-- Asset quality deteriorates, as indicated by nonaccruals,
meaningful migration in risk ratings, increased provisions for loan
losses, or real estate-owned;

-- Liquidity deteriorates, in S&P's view;

-- Leverage increases and is sustained well above 4.5x; or

-- Covenant cushions erode.

An upgrade is unlikely in the next 12 months. S&P could raise the
rating if:

-- Overall asset quality continues to improve by reducing exposure
to troubled asset classes and liquidity remains adequate;

-- TRTX's leverage improves to below 3.5x on an S&P Global
Ratings-adjusted basis, including preferred securities as debt,
while the CRE market's conditions and asset quality remain
relatively stable; and

-- The company continues to diversify its funding mix with a focus
on issuing unsecured debt.


TRILLION ENERGY: Launches $2M Offering With 5:1 Share Consolidation
-------------------------------------------------------------------
Trillion Energy International Inc. announced that it intends to
complete, subject to the approval of the Canadian Securities
Exchange, a non-brokered private placement to issue up to
13,333,333 units, on a post-Consolidation basis, of the Company for
gross proceeds of up to $2,000,000.

The Offering may include certain debt settlements on the same
terms. Each Unit will be issued at a price of $0.15 per Unit
(post-Consolidation) and will consist of one common share in the
capital of the Company and one half of one common share purchase
warrant exercisable at $.25. Each Warrant shall be exercisable for
a period of one (1) year from the date of issue.

The Company may pay cash commissions to qualified finders or agents
for up to 8% of the Units sold under the Offering.

The Offering is designed to fund near-term work obligations under
the Company's Definitive Farm-In Agreement on the M47 Concession,
Parts C3 and C4, in Southeastern Turkiye – an asset that Chapman
Hydrogen and Petroleum Engineering Ltd. recently evaluated at 2C
Contingent Resources of 27.6 MMbbl with an unrisked NPV-10 of
US$733.5 million net to Trillion's 29% working interest. The
concurrent 5:1 share consolidation reduces Trillion's outstanding
share count from approximately 208 million to approximately 41.6
million Common Shares, aligning the Company's capital structure
with industry peers and strengthening its positioning ahead of an
active drilling season.

"This financing provides the near-term capital needed to meet our
M47 commitments and advance what we believe is one of the most
compelling light oil exploration opportunities in Turkiye today,"
said Scott Lower, President of Trillion Energy. "The simultaneous
share consolidation is a deliberate capital markets decision –
reducing our share count to bring our structure in line with peers
and create a cleaner foundation as we execute our 2026 and 2027
drilling programs. We welcome both new and existing shareholders to
participate at what we view as an attractive entry point ahead of
active newsflow."

Proceeds from the Offering will be applied toward the following
priorities:

     (i) contractual work program obligations on the M47 Concession
under the Definitive Farm-In Agreement, being the principal asset
in the Company's portfolio (USD$250,000–$400,000, representing a
portion of the US$9.5 million 2026 funding tranche);

    (ii) investor relations activities (CAD$20,000);

   (iii) expenses related to the Offering; and

    (iv) general working capital and corporate purposes.

In the event the Offering is not fully subscribed, proceeds will be
applied first to satisfy work obligations on M47 and general
working capital purposes.

The Company is making the Offering available to subscribers under a
number of available prospectus exemptions, including the accredited
investor exemption, family and close personal friends and business
associates of directors and officers of the Company. The Offering
is also available to all existing shareholders of Trillion who, as
of the close of business on April 17, 2026, held shares (and who
continue to hold such shares as of the closing date) in accordance
with the provisions of the "existing security holder exemption"
contained in the various corresponding blanket orders and rules of
participating jurisdictions.

The Company advises that there are conditions and restrictions when
subscribers are relying upon the Existing Shareholder Exemption,
including, among other criteria:

     (a) the subscriber must be a shareholder of the Company on the
Record Date (and still be a shareholder),

     (b) be purchasing the Units as a principal - for his or her
own account and not for any other party, and

     (c) may not purchase more than $15,000 value of securities
from the Company in any 12-month period. There is an exception to
the $15,000 subscription limit.

In the event that a subscriber wishes to purchase more than a
$15,000 value of securities, then he or she may do so provided that
the subscriber received suitability advice from a registered
investment dealer, and, in this case, subscribers will be asked to
confirm the registered investment dealer's identity and employer.
Subscribers purchasing Units using the Existing Shareholder
Exemption will need to represent in writing that they meet the
requirements of the Existing Shareholder Exemption. There is no
minimum subscription amount. As the Existing Shareholder Exemption
contains certain restrictions and is only available in certain
jurisdictions in Canada, others that do not qualify under the
Existing Shareholder Exemption may qualify to participate under
other prospectus exemptions, such as the accredited investor
exemption. Any existing shareholders interested in participating in
the Offering should contact the Company pursuant to the contact
information set forth below.

Additionally, the Company is also relying on the Exemption for
Sales to Purchasers Advised by Investment Dealers, it confirms that
there is no material fact or material change related to the Company
which has not been generally disclosed. Unless the Company
determines to increase the gross proceeds of the Offering, if
subscriptions received for the Offering based on all available
exemptions exceed the maximum Offering amount of $2,000,000, Units
will be allocated pro rata among all subscribers qualifying under
all available exemptions. The Company retains the right to accept
or reject subscriptions. Should the Offering be oversubscribed it
is possible that a shareholder's subscription may not be accepted
by the Company. Additionally, in the event of an imbalance of large
subscriptions compared to smaller subscriptions, management
reserves the right in its discretion to favor large subscriptions
over smaller shareholder subscriptions.

The Common Shares and Warrants issued pursuant to the Offering will
be subject to a four month and one day hold period. Completion of
the Offering remains subject to the approval of the CSE.

Consolidation

Additionally, the Company wishes to announce that prior to the
completion of the Offering, it will proceed with a consolidation of
its outstanding Common Shares on the basis of five (5)
pre-consolidation Common Shares for one (1) post-consolidation
Common Share. Any resulting fractional Common Share that is held by
a holder of Common Shares will be cancelled, and the aggregate
number of Common Shares held by such holder will be rounded down to
the nearest whole number of Common Shares.

Currently, a total of 208,122,285 Common Shares are issued and
outstanding. Accordingly, when the Consolidation is put into
effect, a total of approximately 41,624,457 post-Consolidation
Common Shares would be issued and outstanding, assuming there are
no other changes in the issued capital of the Company. All
outstanding convertible instruments (including convertible
debentures, options and warrants) will be adjusted on the
equivalent ratio of the Consolidation.

The Board of Directors believes that the Consolidation is a
necessary and value-enhancing step in repositioning the Company as
a focused oil exploration Company. By reducing the outstanding
share count from approximately 208 million to approximately 41.6
million Common Shares, the Consolidation brings Trillion's capital
structure in line with comparable junior oil exploration companies
and is expected to improve per-share metrics, broaden the pool of
institutional and international investors eligible to hold the
stock, and reduce per-share price friction ahead of the Company's
active M47 drilling program. There is no name change in conjunction
with the Consolidation, and the Company's trading symbol will
remain the same.

                      About Trillion Energy

Trillion Energy International Inc. and its consolidated
subsidiaries is a Canadian based oil and gas exploration and
production Company.

Calgary, Canada-based MNP LLP, the Company's auditor since 2022,
issued a "going concern" qualification in its report dated April
30, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company has a
negative working capital position, has accumulated deficits, and
negative cash flows from operations, which raise substantial doubt
about its ability to continue as a going concern.

As of September 30, 2025, the Company had $51.1 million in total
assets, $42.4 million in total liabilities, and $8.7 million in
total stockholders' equity.


TRIWAYS INC: Case Summary & Six Unsecured Creditors
---------------------------------------------------
Debtor: Triways Inc.
        11201 Iberia Street Suite B
        Mira Loma, CA 91752

        Business Description: Triways, Inc. is a privately owned
California corporation based in Mira Loma, California. Founded in
1978 as a local drayage carrier operating within the Los Angeles
basin, the company provides third-party logistics services
including transportation, trucking, warehousing, storage,
distribution, e-commerce fulfillment, and pick and pack services.
Triways operates its own fleet and offers specialized warehousing
that includes food-grade warehousing and liquor warehousing. The
company serves manufacturers and distribution needs connected to
national retail chains, with service areas including Southern
California, Arizona, and Nevada.

Chapter 11 Petition Date: April 28, 2026

Court: United States Bankruptcy Court
       Central District of California

Case No.: 26-13355

Judge: Hon. Magdalena Reyes Bordeaux

Debtor's Counsel: Michael Jay Berger, Esq.
                  LAW OFFICES OF MICHAEL JAY BERGER
                  9454 Wilshire Boulevard, 6th Floor
                  Beverly Hills, CA 90212
                  Tel: (310) 271-6223
                  Fax: (310) 271-9805
                  E-mail: michael.berger@bankruptcypower.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Juan M. Jauregui as president.

A full-text copy of the petition, which includes a list of the
Debtor's six unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/I6J63ZI/Triways_Inc__cacbke-26-13355__0001.0.pdf?mcid=tGE4TAMA


TRIWAYS INC: Commences Chapter 11 Bankruptcy in California
----------------------------------------------------------
On April 28, 2026, Triways Inc filed for Chapter 11 protection in
the U.S. Bankruptcy Court for the Central District of California.
According to court filings, the Debtor reports between $1,000,000
and $10,000,000 in debt owed to 50–99 creditors.

                About Triways Inc

Triways Inc is a corporate entity engaged in transportation or
logistics-related services.

Triways Inc sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. Case No. 26-13355) on April 28, 2026. In its petition,
the Debtor reports estimated assets of $0 to $100,000 and estimated
liabilities of $1,000,000 to $10,000,000.

Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the
case.

The Debtor is represented by Michael Jay Berger, Esq.


TURNING POINT SCHOOL: S&P Affirms 'BB' Rating on 2024 Revenue Bond
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term rating on the
California Municipal Finance Authority's $13.3 million series 2024
education revenue bonds to be issued for Turning Point School
(TPS).

The outlook is stable.

S&P Global Sustainable1 data shows that Los Angeles County,
relative to other locations nationally, faces elevated exposure to
seismic activity and wildfire risks. S&P said, "In our view, based
on TPS' location, the elevated exposure to seismic risk could pose
future challenges to the school's existing infrastructure, which
could become material to our view of creditworthiness. However, we
believe this risk is partly mitigated by strong state building
codes. Although the region is exposed to elevated wildfire risks,
in our view, this is partly mitigated by TPS' urban location.
Consequently, we consider the physical risk exposure as neutral in
our credit rating analysis. We consider TPS' social and governance
factors neutral in our credit rating analysis."

S&P Said, "The stable outlook reflects our view that TPS will
maintain stable enrollment and demand trends, and sufficient
financial resource consistent with the rating. We expect operating
performance will continue to reflect deficits on a full-accrual
basis, although we expect some incremental improvement in fiscal
2026.

"We could consider a negative rating action if TPS' enrollment
projections aren't met or demand weakens, further straining
operating performance, or a deterioration of financial resources.

"We could take a positive rating action over the longer term if TPS
can strengthen demand metrics and grow enrollment, and improve
financial performance and financial resources, all while moderating
its debt burden."



UNIFIED PROTECTIVE: Gregory Jones Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at
Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for
Unified Protective Services, Inc.

Mr. Jones will be paid an hourly fee of $650 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.  

Mr. Jones declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Gregory K. Jones, Esq.
     Stradling Yocca Carlson & Rauth, PC
     10100 N. Santa Monica Boulevard, Suite 1400
     Los Angeles, CA 90067
     Telephone: (424) 214-7000
     Facsimile: (424) 214-7010
     Email: gjones@stradlinglaw.com

               About Unified Protective Services Inc.

Unified Protective Services, Inc., based in Hawthorne, California,
provides armed and unarmed guard services, mobile patrol, access
control, and site monitoring for commercial, residential,
construction, and event clients. The company serves property
managers, private businesses, and event organizers across Los
Angeles County and other parts of Southern California.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-13660) on April 15,
2026, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Sherif Antoon, president, signed the
petition.

Judge Neil W. Bason presides over the case.

Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger
represents the Debtor as bankruptcy counsel.


VANDERBILT MINERALS: Committee Taps Province as Financial Advisor
-----------------------------------------------------------------
The official committee of unsecured creditors of Vanderbilt
Minerals, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of New York to employ Province, LLC as financial
advisor.

The firm's services include:

   a. becoming familiar with and analyzing the Debtor's DIP/Cash
Collateral budget, assets and liabilities, and overall financial
condition;

   b. reviewing financial and operational information furnished by
the Debtor;

   c. monitoring the sale process, interfacing with the Debtor's
professionals, and advising the Committee regarding the sale
process;

   d. identifying and evaluating potential debtor-in-possession
financing sources, conducting preliminary vetting and assessment of
such parties, and, where appropriate, facilitate introductions
between the suitable parties and the Debtors;

   e. identifying and evaluating potential purchasers in connection
with any sale, conducting preliminary vetting and assessment of
such parties, and, where appropriate, facilitate introductions
between the suitable parties and the Debtors;

   f. scrutinizing the economic terms of various agreements,
including, but not limited to, various professional retentions;

   g. analyzing the Debtor's proposed business plans and developing
alternative scenarios, if necessary;

   h. assessing the Debtor's various pleadings and proposed
treatment of unsecured creditor claims therefrom;

   i. preparing, or reviewing as applicable, avoidance action and
claim analyses;

   j. assisting the Committee in reviewing the Debtor's financial
reports, including, but not limited to, statements of financial
affairs, schedules of assets and liabilities, DIP/Cash Collateral
budgets, and monthly operating reports;

   k. advising the Committee on the current state of this chapter
11 case;

   l. advising the Committee in negotiations with the Debtor and
third parties as necessary;

   m. estimating the quantity and value of present and future
personal injury claims related to the Debtors' talc-, asbestos-,
and other chemical compound related liabilities;

   n. developing claims procedures and financial models of payments
and assets to be used in the development of a claims resolution
trust;

   o. analyzing and responding to issues relating to draft trust
distribution procedures;

   p. assisting the Committee's investigation of the acts, conduct,
assets, liabilities and financial condition of the Debtors and
their affiliates, including certain transactions preceding the
bankruptcy filing and the formation of the Debtors;

   q. analyzing and valuing claims against the Debtors and
non-Debtor affiliates;

   r. assisting and advising the Committee and counsel regarding
the identification and prosecution of estate claims, including in
connection with any issues regarding the filing of the Case and the
propriety of the filing;

   s. assisting and advising the Committee in its review and
analysis of, and negotiations with the Debtors and non-Debtor
affiliates related to, intercompany transactions and claims;

   t. preparing, or reviewing as applicable, avoidance action and
claim analyses;

   u. evaluating and analyzing any proposed proofs of claims, bar
dates, notice procedures, discovery and other information and
sources of information obtained in the bankruptcy case, and
analyzing data from proofs of claim and other information and forms
concerning claims against the Debtors;

   v. analyzing insurance coverage and related issues;

   w. if necessary, participating as a witness in hearings before
the Court with respect to matters upon which Province has provided
advice; and

   x. other activities as are approved by the Committee, the
Committee's counsel, and as agreed to by Province.

The firm will be paid at these rates:

   Managing Directors and Partners                  $900-$1,600
   Vice Presidents, Directors, and Senior Directors $700-$1,050
   Analysts, Associates, and Senior Associates      $370-$750
   Paraprofessional/Admin /Interns                  $270-$380

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Atkinson disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Michael Atkinson
     Province, LLC
     2360 Corporate Circle, Suite 340
     Henderson, NV 89074
     Tel: (702) 685-5555

              About Vanderbilt Minerals, LLC

Vanderbilt Minerals, LLC supplies mineral and chemical products.
The Company offers ceramics, clay binders, mineral fillers, floor
finishes, paints, concrete, and lubricants. Vanderbilt Minerals
serves rubber, plastics, petroleum, paper, pharmaceutical,
agricultural, ceramics, adhesives, wire and cable, and cosmetics
industries worldwide.

Vanderbilt Minerals sought sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-60110 (WAK)) on February
16, 2026).

Charles J. Sullivan at Bond, Schoeneck & King, PLLC represents the
Debtor as legal counsel.

Kurtzman Carson Consultants, LLC (operating as Verita Global, LLC)
serves as claims agent. R.T. Vanderbilt Holding Company, Inc. is
the sole equity holder, owning 100% of the company.


VANDERBILT MINERALS: Wins Approval of Global Settlement
-------------------------------------------------------
Judge Wendy A. Kinsella of the U.S. Bankruptcy Court for the
Northern District of New York granted the motion filed by
Vanderbilt Minerals, LLC for entry of an order approving a global
settlement between the Debtor and R.T. Vanderbilt Holding Co., Inc.
and certain of its subsidiaries.

Before the Court is the Settlement Motion filed by Vanderbilt
Minerals, LLC, at the sole direction of its Independent Manager and
the Sole Member of the Independent Special Committee, Ben
Pickering. The United States Trustee and the Official Committee of
Unsecured Creditors each filed objections to the Motion.

The Motion seeks approval of a global settlement between the Debtor
and its RTV affiliates:

     -- R.T. Vanderbilt Holding Company, Inc. ("Holdings"),
     -- Vanderbilt Chemicals, LLC ("Chemicals"),
     -- Vanderbilt Global Services, LLC ("Global Services"),
     -- Vanderbilt Worldwide, LLC ("Worldwide"), and
     -- Advanced Milling Technologies, LLC ("AMT")

The Global Settlement resolves intercompany claims due to the
Debtor in exchange for the transfer of certain assets to the Debtor
to be included in a pending section 363 sale of the Debtor's
business as a going concern.  The primary disputes are:

   (a) whether the Global Settlement, as an insider transaction,
meets the heightened standard for approval under Rule 9019 and the
Iridium factors; and

   (b) whether the Debtor's broad release of claims against RTV is
permissible and appropriate.

The UCC and UST allege the Debtor is seeking to release the talc
claimants' Alter Ego Claims against the non-debtor affiliates
without their consent.  The UCC argues that the Motion "should be
rejected to the extent that it seeks to settle and release the tort
claimants' state law claims, rights and remedies against non-debtor
parties." The Debtor counters that the Alter Ego Claims are
property of the estate that it has authority to settle and release.


In this case, the record is clear that any direct claims by talc
claimants against the parties to the Global Settlement are not
being released. In addition, the record demonstrates that direct
claims against officers and directors are not being released.
Therefore, in the event that talc claimants intend to assert direct
claims against Holdings, non-debtor affiliates or directors and
officers of the Debtor, those rights are preserved. Thus, the UST
and UCC's position that the approval of the settlement would
violate the ruling in Purdue Pharma is in error as talc claimant's
direct claims are not being released without their consent.

In the Second Circuit, the analysis to determine whether a
settlement is fair and equitable is dictated by the Iridium
factors. The Iridium factors consider:

   (1) a comparison between the possibility of success and the
benefits offered by the settlement;  
   (2) the likelihood of complex and protracted litigation in the
absence of a settlement;  
   (3) the interests of creditors, including "the degree to which
creditors either do not object to or affirmatively support the
proposed settlement;"  
   (4) whether other parties in interest support the settlement;  
   (5) the competency and experience of counsel supporting the
settlement and the experience of the bankruptcy judge in reviewing
the settlement;  
   (6) the nature and breadth of the releases to be obtained by
officers and directors; and  
   (7) the extent to which the settlement is the result of
arm's-length bargaining.

The Debtor argues that all Iridium factors are met in this case. By
contrast, the UST and UCC argue none of the Iridium factors are
met.

In balancing the litigation success and settlement factor, the
Debtor contends the settlement provides a mechanism to continue
operations, consummate a sale and maximize the recovery to
creditors such that the benefits from the settlement outweigh the
potential for recovery if the claims were litigated. The time, cost
and uncertainty in prosecuting the claims balanced against the
terms of the settlement weigh in favor of the settlement.  The UST
argues that the "record does not provide a sufficient basis for the
Court to determine whether the consideration being provided exceeds
the potential value of the claims being released."

After concluding the Outstanding RTV Obligations remained as the
only viable claims, Mr. Pickering provided an in depth assessment
of the possibility of success along with the risks of litigation,
and the time and expenses involved. In light of Mr. Pickering's
thorough analysis and credible testimony, the Court finds this
factor weighs in favor of approval of the settlement.

The Debtor contends that "avoiding costly litigation that would
unnecessarily waste resources is in the best interests of the
estate."  Further, the benefits and certainty derived from the
Global Settlement outweighs the potential limited recovery in the
event litigation is successful. The UST repeats the argument that
the Debtor is relying on speculative and generalized assertions.
The record reflects that protracted litigation is highly likely if
the Global Settlement is not approved.  While the litigation may
not be complex, there are sufficient unsettled issues to drag it
out, and the likelihood of significant additional recovery is
limited.  As a result, the Court finds this factor also weighs in
favor of settlement approval.

The UST argues that the Global Settlement is a sub rosa plan that
is an attempt to circumvent the Bankruptcy Code.

At the Hearing, the Debtor disputed that the Global Settlement is a
sub rosa plan, as even if the Motion and subsequent Sale Motion are
granted, there are still a large number of insurance policies that
would remain in the estate, in addition to the proceeds from the
sale of the Settlement Assets. The Court agrees with this position.
After applying heightened scrutiny to the Global Settlement and
balancing the Iridium factors, the Court finds the factors weigh in
favor of granting the Motion.

A copy of the Court's Memorandum Decision dated April 27, 2026, is
available at https://urlcurt.com/u?l=erFDfa from PacerMonitor.com.

                  About Vanderbilt Minerals LLC

Vanderbilt Minerals, LLC supplies mineral and chemical products.
The Company offers ceramics, clay binders, mineral fillers, floor
finishes, paints, concrete, and lubricants. Vanderbilt Minerals
serves rubber, plastics, petroleum, paper, pharmaceutical,
agricultural, ceramics, adhesives, wire and cable, and cosmetics
industries worldwide.

Vanderbilt Minerals sought sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-60110 (WAK)) on February
16, 2026)

Charles J. Sullivan at Bond, Schoeneck & King, PLLC represents the
Debtor as legal counsel.

Kurtzman Carson Consultants, LLC (operating as Verita Global, LLC)
serves as claims agent. R.T. Vanderbilt Holding Company, Inc. is
the sole equity holder, owning 100% of the company.


VC GB HOLDINGS I: Moody's Affirms 'B2' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings affirmed VC GB Holdings I Corp.'s ("Visual
Comfort") B2 corporate family rating, B2-PD probability of default
rating, and B2 senior secured first lien term loan rating. The
outlook is maintained at stable.

Proceeds from the $100 million senior secured term loan add-on,
along with cash from the balance sheet, will be used to fund two
acquisitions, one of which has closed in Q2 2026, while the other
is expected to close in the first half of 2026. Moody's expects
acquired EBITDA will support leverage of 6x debt/EBITDA in 2027,
despite the increased debt load.

The affirmation of the B2 CFR reflects Visual Comfort's consistent
free cash flow generation, which along with improving gross
margins, supports deleveraging through 2027.

The stable outlook reflects Moody's expectations that Visual
Comfort will be able to maintain its improved margins and further
improve its interest coverage metrics over the next 12-18 months.

RATINGS RATIONALE

The company's ratings reflect its high debt leverage, exposure to
cyclical end markets, the highly competitive nature of the lighting
industry and the inherent elasticity of demand for lighting
products. The risk of potential shareholder-friendly returns
stemming from the company's private equity ownership is also a
rating constraint. Counterbalancing these risks is the company's
good liquidity, lack of near-term debt maturities, history of free
cash flow generation, and strengthening market position in the
fragmented lighting market.

Moody's expects Visual Comfort to maintain good liquidity over the
next 12 to 18 months. Liquidity is supported by the company's
consistent solid free cash flow generation, flexibility under its
springing fixed charge coverage covenant, a cash balance of $94
million and full availability on its $150 million ABL revolving
credit facility at September 30, 2025. However, liquidity is
somewhat constrained by quarterly volatility of cash flows due to
working capital needs and new product introductions.

Moody's expects Visual Comfort to generate $30 to $40 million of
free cash flow in 2026. In the LTM period ended September 30, 2025,
the company generated about $73 million in free cash flow, up from
the same period in prior years as the company has worked down
inventory levels after a buildup in early 2025 amid tariff
uncertainty. Capital expenditures are expected to remain consistent
or increase slightly in 2026 relative to 2025 as Visual Comfort
continues its showroom expansion plans and IT infrastructure
investment projects.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company expands its size and
scale, reduces its leverage sustainably below 5.0x, increases
EBITDA less capex to interest expense above 2.5x, while maintaining
solid operating margins, conservative financial policies, and good
liquidity, including positive free cash flow.

The ratings could be downgraded if the company does not make
consistent progress in deleveraging toward 6.0x, if operating
margin weakens, including due to softness in the end markets, or if
EBITDA less capex to interest coverage remains below 1.5x.
Aggressive financial policies in a form of shareholder returns or
debt-funded acquisitions, or a deterioration in liquidity,
including weakening in free cash flow such that cash flow does not
cover debt amortization, could also lead to a downgrade.

The principal methodology used in these ratings was Consumer
Durables published in December 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


VIA MIZNER: Seeks to Extend Plan Exclusivity to Aug. 20
-------------------------------------------------------
Via Mizner Owner II, LLC, and Via Mizner Pledgor II, LLC asked the
U.S. Bankruptcy Court for the Southern District of Florida to
extend their exclusivity periods to file a plan of reorganization
and obtain acceptance thereof to Aug. 20 and Sept. 20, 2026,
respectively.

The Debtors explain that Factors support a showing of "cause." The
Debtors have only been in bankruptcy for slightly more than three
months.

The Debtors claim that this is a large case; TIG Romspen US Master
Mortgage LP ("Romspen"), Via Mizner Owner II, LLC's senior secured
lender, possesses a substantial claim amount of roughly $198
million. Further, Via Mizner Owner II, LLC has unsecured claims
totaling about $118 million. The real property (the "Property") is
estimated at a value in excess of $450 million.

The Debtors assert that they have assumed a Restructuring Support
Agreement with Romspen, which provides for a cooperative process
for this case. Pursuant to the Restructuring Support Agreement, the
Debtors have an exclusive period to seek refinancing prior to
engaging in a concurrent sale process for the Property. The Debtors
have obtained post-petition financing to maintain the ongoing costs
and expenses VMO's property and have pivoted towards securing
bidders for a potential sale of the Property.

The Debtors further assert that the results of the companies'
refinancing and sale efforts will determine their next steps in
crafting a comprehensive chapter 11 plan for Romspen and their
other creditors. Notwithstanding the Debtors' proposal of bidding
procedures, refinancing remains a possibility. In the event of a
sale, the Debtors expect to present a viable plan to distribute the
proceeds of the sale. Refinancing and the sale are unresolved
contingencies necessary to propose a viable plan.

Via Mizner Owner II, LLC is represented by:

     Bradley S. Shraiberg, Esq.
     Samuel W. Hess, Esq.
     SHRAIBERG PAGE, P.A.
     2385 NW Executive Center Drive, Suite 300
     Boca Raton, Florida 33431
     Telephone: 561-443-0800
     Facsimile: 561-998-0047
     Email: bss@slp.law
     Email: shess@slp.law

                  About Via Mizner Owner II LLC

Via Mizner Owner II, LLC is a real estate development company
overseeing a luxury mixed-use project in Boca Raton, Florida. The
company serves as the owner and developer of the proposed Mandarin
Oriental Boca Raton hotel and adjoining residential development.

Via Mizner Owner II sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25197) on Dec. 23,
2025.  In its petition, the Debtor reported between $100 million
and $500 million in assets and liabilities.

Bankruptcy Judge Mindy A. Mora handles the case.

The Debtor is represented by Samuel W. Hess, Esq.


VICTORIA'S KITCHEN: Hires Mike Assad P.C. as Legal Counsel
----------------------------------------------------------
Victoria's Kitchen LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to employ Law Office
of Mike Assad P.C. as counsel.

The firm will provide these services:

   a. advise the Debtor of its rights, powers, and duties as a
debtor-in-possession in continuing to operate and manage its
assets;

   b. advise the Debtor concerning, and assisting in the
negotiation and documentation of cash collateral and
debtor-in-possession financing, debt restructuring and related
transactions;

   c. review the nature and validity of agreements relating to the
Debtor's business and advise the Debtor in connection with them;

   d. review the nature and validity of liens, if any, asserted
against the Debtor and advise as to the enforceability of such
liens;

   e. advise the Debtor concerning the actions it might take to
collect and recover property for the benefit of its estate;

   f. prepare on the Debtor's behalf all necessary and appropriate
applications, motions, pleadings, orders, notices, petitions,
schedules, and other documents, and review all financial and other
reports to be filed in this case;

   g. advise the Debtor concerning, and preparing responses to,
applications, motions, pleadings, notices and other papers which
may be filed in this case; and

   h. perform all other legal services for and on behalf of the
Debtor which may be necessary or appropriate in the administration
of this case.

The firm will be paid at these rates:

     Michael I. Assad       $475 per hour
     Paralegals             $250 per hour

The firm will be paid a retainer in the amount of $10,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Assad disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Mike Assad, Esq.
     Law Office of Mike Assad P.C.
     121 South Broad Street, Suite 1507
     Philadelphia, PA 19107
     Tel: (609) 808-3300

              About Victoria's Kitchen LLC

Victoria's Kitchen, LLC is a food service business based in
Philadelphia, Pennsylvania.

Victoria's Kitchen sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on
August 26, 2025, listing between $1 million and $10 million in
assets and liabilities. Holly Miller, Esq., at Gellert Scali
Busenkell & Brown, LLC serves as Subchapter V trustee.

Judge Derek J. Baker oversees the case.

The Debtor is represented by Michael Assad, Esq., at Sadek Law
Offices.


VILLAGE HOMES: To Sell Walsh Property to John & Karen Mittenthal
----------------------------------------------------------------
Village Homes, L.P. seeks permission from the U.S. Bankruptcy Court
for the Northern District of Texas, Fort Worth Division, to sell
Property, free and clear of liens, claims, interests, and
encumbrances.

The Debtor is a Texas limited partnership formed in 1996. The
Debtor's general partner is DH Management, Inc., a Texas
corporation, which holds a 1% general partner interest. The Debtor
has two limited partners: Michael Dike and James R. Harris.

The Debtor is engaged in the construction of single-family homes,
acquisition of single-family residential lots and options to
acquire lots, and in the marketing and sale of the completed homes.
The Debtor's real properties are located in various subdivisions in
Tarrant and Parker Counties, Texas.

To finance its homebuilding operations, the Debtor maintains
various credit and borrowing facilities with several financial
institutions, including Valliance Bank.  

The Lenders are granted liens in the Lots for which they make
advances for the acquisition thereof or for construction of homes
thereon, or both. The Existing Credit Facilities presently in place
ensure that no two Lenders advance funds secured by the same Lots.
Thus, as between the Lenders, there are no concerns of competing
liens on each Lender’s collateral.

The Debtor entered into a Village Homes Purchase Agreement with two
prospective buyers, John and Karen Mittenthal, for the sale of an
almost-completed townhome with an address of 14408 Walsh Ave.,
Aledo, Texas 76008 (Walsh Property).

The purchase price of the Property is $575,000.

Neither Buyer is related nor known to the Debtor and its principals
prior to the Buyers’ offer to purchase the Walsh Property.

The Walsh Agreement was negotiated between the Debtor and Buyers at
armlength and in good faith. The Buyers are providing value to the
estate by paying the Purchase Price as set forth in the Walsh
Agreement.

The Walsh Property is one of the Contract Lots included in the Lis
Pendens. As a result, the Buyers conditioned the effectiveness of
the Walsh Agreement expressly upon the Debtor obtaining an order
from the Court approving the Proposed Transaction pursuant to the
terms of the Walsh Agreement, and providing that the Walsh Property
shall be sold free and clear of liens and lis pendens of VilHom.

The lienholders of the Property is Valliance Bank.

The Debtor believes Valliance Bank consents to the Debtor retaining
the net sale proceeds from closing of the Proposed Transaction
after payment of the Release Price and after payment of the normal
and customary closing costs, and that the Debtor is authorized to
use such net proceeds for business operations and administration of
the Chapter 11 Case.

                   About Village Homes for Fort Worth

Village Homes for Fort Worth was established in 1996 and has grown
into a trusted homebuilder in Fort Worth, Texas, known for its
inspired designs and dedication to quality. With almost three
decades of experience, the company has fulfilled the dreams of over
1,500 homeowners while collaborating closely with the region's top
architects, craftsmen, and vendors.

KC 117 LLC sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on
October 1, 2025.

Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as
legal counsel of the Debtor.


VOLITIONRX LTD: NYSE Accepts Compliance Plan Through August 2027
----------------------------------------------------------------
VolitionRx Limited announced that the NYSE American LLC accepted
the Company's plan of compliance for continued listing on the
exchange.

As previously reported, on February 6, 2026, the Company received a
notice from the NYSE American stating that the Company is not in
compliance with the NYSE American continued listing standards set
forth in Section 1003(a)(i) of the NYSE American Company Guide
requiring a company to have stockholders' equity of at least $2.0
million if it has reported losses from continuing operations and/or
net losses in two of its three most recent fiscal years, Section
1003(a)(ii) of the Company Guide requiring a company to have
stockholders' equity of at least $4.0 million if it has reported
losses from continuing operations and/or net losses in three of its
four most recent fiscal years, and Section 1003(a)(iii) of the
Company Guide requiring a company to have stockholders' equity at
least $6.0 million if it has reported losses from continuing
operations and/or net losses in its five most recent fiscal years.
The notice also indicated that the Company was not currently
eligible for any exemption in Section 1003(a) of the Company Guide
(including the exemption provided for companies with total value of
market capitalization exceeding $50 million among other things).

The Company was required to submit a plan to the NYSE American by
March 8, 2026, advising of actions it has taken or will take to
regain compliance with the continued listing standards by August 6,
2027. The Company submitted a plan prior to the deadline.

On April 22, 2026, the Company received a notification from the
NYSE American that the Company's previously submitted plan to
regain compliance with the NYSE American's listing standards was
accepted. In the Acceptance Letter, the NYSE American granted the
Company until August 6, 2027 to regain compliance with the
continued listing standards.

During the Plan Period, the Company will be subject to periodic
review by the NYSE American on its progress with the goals and
initiatives outlined in the Plan. The Company intends to take all
reasonable measures available to regain compliance with Sections
1003(a)(i), (ii) and (iii) of the Company Guide during the Plan
Period. If the Company does not regain compliance with the NYSE
American listing standards by August 6, 2027, or if the Company
does not make sufficient progress consistent with the Plan during
the Plan Period, then NYSE American may initiate delisting
proceedings.

The Acceptance Letter has no immediate impact on the listing of the
Company's shares of common stock, which will continue to be listed
and traded on the NYSE American during the Plan Period, subject to
the Company's compliance with the other listing requirements of the
NYSE American. The Acceptance Letter does not affect the Company's
ongoing business operations or its reporting requirements with the
Securities and Exchange Commission.

                           About Volition

Henderson, Nev.-based VolitionRx Limited is a multinational
epigenetics company. It has patented technologies that use
chromosomal structures, such as nucleosomes, and transcription
factors as biomarkers in cancer and other diseases.

Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated March 31, 2026, attached to the Company's Annual
Report on Form 10-K for the year ended December 31, 2025, citing
that the Company suffered recurring losses from operations,
negative cash flows from operations, and minimal revenues, which
raises substantial doubt about its ability to continue as a going
concern.

As of December 31, 2025, the Company had $6.9 million in total
assets, $42.5 million in total liabilities, and $35.6 million in
total stockholders' deficit.


WATER OAKS: Gets Court OK to Use Cash Collateral Until May 20
-------------------------------------------------------------
Water Oaks Apartments, LLC got the green light from the U.S.
Bankruptcy Court for the Middle District of North Carolina,
Winston-Salem Division, to use cash collateral.

At the recently held hearing, the court authorized the Debtor's
interim use of cash collateral through May 20.

The Debtor, owned equally by Srinivas Portluri and Bulliammayi
Potluri, needs immediate access to rental income to continue
operating its property during reorganization.

The Debtor identifies U.S. Bank Trust Company as the primary
secured creditor, holding a deed of trust and assignment of rents
securing an obligation of approximately $1.674 million, along with
a UCC filing covering substantially all assets, including rents,
accounts, deposit accounts, fixtures, equipment, and general
intangibles. The Debtor acknowledges that rental proceeds likely
constitute cash collateral under Section 363 of the Bankruptcy
Code.

Water Oaks's financial difficulties stem from a deterioration in
property performance following city code enforcement actions and
lender enforcement activity initiated by U.S. Bank Trust Company,
NA, which declared defaults in 2024. A state court receiver was
appointed in June 2024 after an expedited hearing, and under
receivership the property's occupancy declined significantly --
from approximately 94% in mid-2024 to 48% by August 2025, and
further down to 38% by January 2026, with only 19 occupied units
reported. The Debtor attributes this decline to lack of leasing
activity, increased vacancies, and ongoing management and
receivership costs. Meanwhile, the lender pursued foreclosure, with
multiple upset bids occurring between March and April 2026,
escalating the property valuation up to $2,205,000.

              About Water Oaks Apartments LLC

Water Oaks Apartments LLC operates a 50-unit multifamily apartment
complex in Winston-Salem, North Carolina.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. N.C. Case No. 26-50308) on April 22,
2026. In the petition signed by Srinivas Potluri, managing member,
the Debtor disclosed up to $10 million in both assets and
liabilities.

William Kroll, Esq., at Gaskins Hancock Tuttle Hash LLC, represents
the Debtor as legal counsel.




WATER OAKS: Hires Gaskins Hancock Tuttle as Counsel
---------------------------------------------------
Water Oaks Apartments LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of North Carolina to employ Gaskins
Hancock Tuttle Hash LLP to serve as bankruptcy counsel.

The firm will provide these services:

   (a) undertake any and all steps and actions necessary to
authorize the use of cash collateral pursuant to section 363 of the
Bankruptcy Code, if applicable;

   (b) advise the Debtor with respect to its powers and duties as
debtor-in-possession in the continued management, operation, and
reorganization of its business;

   (c) review any and all claims asserted against the Debtor by its
creditors, equity holders, and parties in interest;

   (d) represent the Debtor's interests at the meeting of creditors
under section 341 of the Bankruptcy Code and at any other hearing
or conference scheduled in the bankruptcy case;

   (e) attend meetings, conferences, and negotiations with
representatives of creditors and other parties in interest;

   (f) review and examine, if necessary, transfers that may be
avoided as preferential or fraudulent transfers;

   (g) take actions necessary to protect and preserve the Debtor's
estate, including prosecution and defense of litigation and
objections to claims;

   (h) prepare motions, applications, answers, orders, reports, and
pleadings necessary to the administration of the bankruptcy
estate;

   (i) prepare any plan of reorganization, disclosure statement,
and related documents and seek confirmation and approval;

   (j) represent the Debtor in connection with any potential
post-petition financing;

   (k) advise the Debtor in connection with the sale or liquidation
of assets;

   (l) appear before the Court, any appellate court, and the Office
of the Bankruptcy Administrator;

   (m) represent the Debtor with respect to general corporate or
transactional matters arising during the case; and

   (n) assist and advise the Debtor with respect to negotiation,
documentation, implementation, consummation, and closing of
corporate transactions, including asset sales.

The firm will be paid at these rates:

     William H. Kroll      $425 per hour
     James M. Hash         $425 per hour
     Andrew Simpson        $275 per hour
     Paralegals            $175 per hour

As of the filing of the petition, the firm has $9,177.50 in its
trust account.

Mr. Kroll disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     William H. Kroll, Esq.
     Gaskins Hancock Tuttle Hash LLP
     220 Fayetteville Street, Suite 300
     Raleigh, NC 27602
     Telephone: (919) 755-0025
     Facsimile: (919) 755-0009
     E-mail: bill@ghthlaw.com

              About Water Oaks Apartments LLC

Water Oaks Apartments LLC is a real estate entity typically engaged
in the ownership and operation of multifamily residential
properties, including apartment communities. Companies of this type
focus on leasing, property management, and maintaining residential
housing assets.

Water Oaks Apartments LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No.
26-50308) on April 22, 2026. In its petition, the Debtor reports
estimated assets of $1,000,000 to $10,000,000 and estimated
liabilities of $1,000,000 to $10,000,000.

The Debtor is represented by William Howard Kroll, Esq. of Gaskins
Hancock Tuttle Hash LLP.


WEST SEATTLE: Gets Interim OK to Use Cash Collateral Until May 26
-----------------------------------------------------------------
West Seattle Natural Energy, LLC received interim approval from the
U.S. Bankruptcy Court for the Western District of Washington, at
Seattle, to use cash collateral to fund operations.

Under the interim order, the Debtor is authorized to use cash
collateral through May 26 in accordance with its budget, with a
permitted 15% variance.

The Debtor has approximately $434,844 in cash collateral,
consisting of bank balances and accounts receivable (including
older receivables and disputed bad debt accounts). Creditors
including the U.S. Small Business Administration, Kapitus
Servicing, and ByzWash claim perfected security interests in the
cash collateral totaling approximately $241,463.

As adequate protection, the secured creditors will receive
replacement liens on the cash collateral, with the same validity,
priority and extent as their pre-bankruptcy liens.

In addition, the SBA and Kapitus will receive monthly payments of
$204 and $1,700, respectively.

The order is available at https://is.gd/L4qDNU from
PacerMonitor.com.

The final hearing is scheduled for May 22.

West Seattle Natural Energy is a small, family-owned electrical and
solar contractor founded in 2008, now operated by the founders'
family after the original owner's retirement. It reported severe
liquidity constraints caused by rising costs and long-uncollected
accounts receivable, which previously forced reliance on
high-interest financing and contributed to unpaid vendor
obligations and liens.

               About West Seattle Natural Energy LLC

West Seattle Natural Energy, LLC, dba West Seattle Electric and
Solar, is a family-owned electrical and solar contractor.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-11279-TWD) on April
20, 2026. In the petition signed by Amy Beaudoin, member, the
Debtor disclosed up to $1 million in both assets and liabilities.

Judge Timothy W. Dore oversees the case.

Kathryn P. Scordato, Esq., at Scordato Law, PLLC, represents the
Debtor as legal counsel.




WHITE RHINO: Hires Ascendant Law Group LLC as Counsel
-----------------------------------------------------
White Rhino Productions, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to employ
Ascendant Law Group LLC as counsel.

The firm will provide these services:

     (a) advise the Debtor with respect to its powers and duties in
the continued management and operation of its businesses and
properties;

     (b) represent the Debtor at all hearings and matters
pertaining to its affairs;

     (c) attend meetings and negotiate with representatives of the
Debtor's creditors and other parties-in-interest;

     (d) take all necessary action to protect and preserve the
Debtor's estate;

     (e) prepare on behalf of the Debtor all necessary and
appropriate legal papers necessary to the administration of its
estate;

     (f) review applications and motions filed in connection with
the Debtor's bankruptcy case;

     (g) negotiate and prepare on the Debtor's behalf any plan of
reorganization, disclosure statement, and all related agreements
and/or documents, and take any necessary action on its behalf to
obtain confirmation of such plan;

     (h) advise the Debtor in connection with any potential sale or
sales of assets or its business, or in connection with any other
strategic alternatives;

     (i) review and evaluate the Debtor's executory contracts and
unexpired leases, and represent it in connection with the
rejection, assumption or assignment of such leases and contracts;

     (j) represent the Debtor in connection with any adversary
proceedings or automatic stay litigation which may be commenced by
or against the Debtor;

     (k) review and analyze various claims of the Debtor's
creditors and treatment of such claims, and prepare, file, or
prosecute any objections thereto; and

     (l) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with its
bankruptcy case.

The firm will be paid at these hourly rates:

     Jesse Redlener, Member        $450
     Lee Harrington, Member        $450
     Matthew Ginsburg, Member      $450

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received from the Debtor a retainer of $40,000.

Mr. Redlener disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Jesse Redlener, Esq.
     Ascendant Law Group LLC
     2 Dundee Park Dr., Ste. 102
     Andover, MA 01810
     Telephone: (978) 393-0850

              About White Rhino Productions, Inc.

White Rhino Productions, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D. Mass. Case No. 26-10909) on April 22, 2026. The
Debtor hires Ascendant Law Group LLC as counsel.


WHITE ROCK: No Supply Concerns, PCO Report Says
-----------------------------------------------
Susan N. Goodman, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Southern District of Texas her report
regarding the quality of patient care provided by White Rock
Medical Center, LLC and affiliates.

Under White Rock Medical Center, LLC, the Debtors employ healthcare
personnel that provide patient care services at two locations:
White Rock Medical Center – Dallas, located at 9440 Poppy Drive,
Dallas, Texas 75218 ("WRMC"); and, White Rock Medical Center, LLC
d/b/a The Heights Hospital, located at 1917 Ashland Street,
Houston, Texas 77008 ("Heights").

Heights is only licensed as a 44 bed hospital despite being a
six-story building. Patient care delivery was provided in three
locations: (1) the fourth floor, with a 34 bed unit leased to PAM
Health, an inpatient rehabilitation provider, (2) the fifth floor,
with twelve private rooms utilized for hospital-based
detoxification with professional services support provided through
an arrangement with The Haven Texas, and (3) the first floor, with
the ED area utilized as the medical screening area for arriving
detox patients before moving to the fifth floor inpatient unit.

At the time of PCO's site visit, Haven leadership reported the
staffing model for both locations was one nurse, and one patient
care technician caring for up to eight patients. At the time of
PCO's site visit, the maximum number of patients cared for on the
5th floor Heights unit was twelve. The hurdle for increasing
patient census was reported as resting with Debtors
facility/maintenance completion of outstanding maintenance items to
get the additional four rooms ready for patients.

The PCO interacted with Debtors full-time hospital pharmacy
technician who denied concerns. The technician reported receiving
support from the pharmacist in charge ("PIC") and another
supervising pharmacist. PCO spoke with the supervising pharmacist
by phone who reported visiting the facility at least 1-2 times per
week.

In addition to pharmacy, PCO interacted with the dietary services
aid who prepared meals in a warming kitchen that was located on the
sixth floor (along with pharmacy and materials management). The
dietary aid denied having equipment, supply, and food sourcing
challenges. Dietician services were reported as shared with the
Dallas location.

During the site visit, the PCO toured the central supply area.
Sufficient supplies were noted. In addition to personal care items
utilized for the detox patient population, PCO noted the presence
of various disposable surgical supplies that remained in the
materials department beyond the cessation of the Heights surgical
program. PCO did not tour the surgical services area as chains had
been placed across the doors to this area by a buyer.

At report filing, PCO spoke to Haven leadership who confirmed that
all detox patients were discharged from Heights. The Haven also
indicated that record storage responsibilities remained with the
hospital since the detox patients were hospital patients, not Haven
patients.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=XJnzjT from Epiq, claims agent.

The ombudsman may be reached at:

     Susan N. Goodman
     Pivot Health Law, LLC
     P.O. Box 69734 | Oro Valley, AZ 85737
     Ph: 520.744.7061|Fax: 520.575.4075
     Email: sgoodman@pivothealthaz.com

               About White Rock Medical Center LLC

White Rock Medical Center, LLC operates a healthcare facility
providing medical and hospital services to patients in Texas.

White Rock Medical Center sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-90115) on January 20,
2026. In its petition, the Debtor reports estimated assets ranging
from $10 million to $50 million and estimated liabilities between
$50 million and $100 million.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed
Smith, LLP.


WIDEOPENWEST FINANCE: Moody's Affirms 'B3' CFR, Outlook Stable
--------------------------------------------------------------
Moody's Ratings affirmed WideOpenWest Finance, LLC (WOW!)'s ratings
including its B3 Corporate Family Rating, B3-PD Probability of
Default Rating, Ba3 rating on the super priority first out senior
secured term loan, and Caa1 ratings on the super senior second out
senior secured term loan and revolving credit facility. The outlook
remains stable and the SGL-3 Speculative Grade Liquidity Rating
(SGL) was withdrawn.

WOW! plans to upgrade approximately 80% of its hybrid fiber-coaxial
network to DOCSIS 4.0 over the next three to four years, add
roughly 50,000 annual greenfield fiber passings, and wind down its
Video business by the end of 2027.

Proceeds from the add-on will initially be used to partially repay
revolver borrowings, creating capacity to be redrawn in 2026 to
help fund the network upgrade and expansion strategy. Moody's
expects the majority of the remaining capital required over the
next three to four years to be provided through equity
contributions from sponsors DigitalBridge and Crestview.

Debt/EBITDA (Moody's adjusted) is expected to remain elevated at
approximately 7.7x and 7.9x at the end of 2026 and 2027, driven by
the term loan add-on and revolver borrowings in 2026, margin
pressure associated with the exit from the video business, and the
lag before operating cost initiatives are fully reflected in
profitability and cash flow. However, Moody's expects sponsor
support, via equity injections, will limit further leverage
deterioration during this transition period. Moody's expects
Debt/EBITDA (Moody's adjusted) to decline to approximately 6.8x in
2028, following the full exit from video and the maturing of
planned revenue and operating cost initiatives.

The Speculative Grade Liquidity Rating (SGL) was withdrawn as
WideOpenWest Finance, LLC is no longer a public entity.

RATINGS RATIONALE

WideOpenWest Finance, LLC's B3 Corporate Family Rating is
constrained by high leverage, meaningful execution risk in a
challenging operating environment for cable, and small-scale. The
Company's high speed data (HSD) segment continues to face pressure,
with subscriber declines of just under 5% in 2025 as customers
migrate to other cable providers as well as fiber and fixed
wireless. However, ARPU growth from fiber customers and higher-tier
service tiers has partially offset these declines, limiting HSD
revenue decline in 2025 to approximately $2 million.

Over the near term, Moody's expects WOW!'s strategy to reposition
itself as a challenger brand with more competitive pricing, along
with changes to customer service and sales organization, to result
in low single-digit HSD revenue declines, as improved churn is
offset by lower ARPU. Beyond 2027, Moody's expects HSD revenue
growth as these initiatives mature, ARPU returns to growth, and the
increasingly upgraded network strengthens the Company's competitive
positioning.

The US broadband market is saturated, with competition intensifying
across cable, fiber, and fixed wireless providers. Execution risk
is high during this period of network investment, as Moody's
expects competitors to continue deploying aggressive acquisition
and retention strategies including promotional pricing, long-term
discounts, gift cards, and bundled mobile offers across WOW!'s
markets.

Supporting the credit profile is the Company's large base of
recurring HSD revenue, underpinned by secular demand for broadband.
The continued mix shift away from video and toward high-speed data
is expected to support longer-term profitability and cash flow
generation following completion of planned network upgrades.

Strong sponsor support, particularly from DigitalBridge, is also
credit positive, as Moody's expects a majority of the funding for
cash flow burn over the next three years to be provided through
equity injections. This support is reinforced by DigitalBridge's
experience in executing and financing digital infrastructure
buildouts. Additionally, the planned DOCSIS 4.0 upgrade should
enhance the Company's competitive positioning against fiber and
larger-scale cable providers over the longer term.

WideOpenWest Finance, LLC has adequate liquidity, with $66 million
of cash on the balance sheet as of 2025, and Moody's expectations
that projected free cash flow deficits of $290 and $250 million in
2026 and 2027, driven by growth capital expenditures, will be
majority funded by equity injections from the sponsors. The Company
has a $250 million super senior second out senior secured revolving
credit facility expiring in September 2028 with $197 million drawn
at the end of 2025. Though proceeds from the add-on will be used to
partially repay the facility, Moody's expects it to be drawn upon
again in H2 2026 ending the year with a balance of $240 million.
The Company is subject to a maximum secured net leverage covenant
of 5.6x, tested quarterly. Moody's believes the likelihood of a
covenant breach is low as the calculation allows for significant
add-backs to consolidated EBITDA, the credit agreement provides
equity cure rights Moody's believes the sponsors would support if
needed, and the Company has flexibility to scale back growth
capital expenditures if needed. The Company also has fiber and
cable assets it could sell.

The stable outlook reflects Moody's expectations for stabilizing
HSD subscriber trends under new management's sales and customer
service strategies and sponsor support to fund cash flow deficits
as a result of growth capital expenditures and profitability
initiatives not being fully realized.

The super priority first out senior secured term loan is rated Ba3,
three notches above the CFR, reflecting its payment priority at
default to all other debt. The super senior second out term loan
and revolver are rated Caa1, one notch below the CFR, reflecting
the payment subordination to the first out credit facility. The
instrument ratings reflect the B3-PD Probability of Default Rating
of the Company and an average expected family recovery rate of 50%
at default.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could consider an upgrade of the ratings if the Company
demonstrates a sustained track record of conservative financial
policies and organic revenue and EBITDA growth such that
Debt/EBITDA (Moody's adjusted) is sustained below 4.5x, and free
cash flow to debt (Moody's adjusted) sustained in the low to
mid-single digit percent range.

Moody's could consider a downgrade of the ratings if Moody's
expectations for sequential data subscriber stabilization does not
occur, Debt/EBITDA (Moody's adjusted) increases beyond Moody's
expectations, Moody's expects slower than projected deleveraging in
2028 or liquidity weakens.

Headquarter in Englewood, Colorado, WideOpenWest Finance, LLC
provides residential and commercial video, high speed data, and
telephony services to 18 markets, across 6 Midwestern and
Southeastern states in the United States. The Company passed
approximately 2.0 million homes and reported approximately 450
thousand subscribers and 550 thousand revenue generating units as
of December 31, 2025. The Company is privately owned by
DigitalBridge, Inc. and Crestview Partners following a take-private
transaction that closed December 31, 2025. Revenue for the last 12
months ended December 31, 2025 was approximately $579 million, down
from $631 million for the last 12 months ended December 31, 2024.

The principal methodology used in these ratings was
Telecommunications Service Providers published in December 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


WILLIAM SHOCINSKI: Court Dismisses Chapter 11 Bankruptcy Case
-------------------------------------------------------------
Chief Judge Katherine A. Constantine of the U.S. Bankruptcy Court
for the District of Minnesota dismissed the bankruptcy case of
William Shocinski.

According to the Court, what was filed as the petition was actually
the List of Creditors who have the 20 Largest Unsecured Claims,
which is Official Form 104, and is required to be filed with the
petition under Fed. R. Bankr. P. 1007(d). No petition was filed and
nothing has been filed as of the time of this order.

The Court finds the Debtor did not meet the requirements to file
this case and the filing is considered void ab initio.

A copy of the Court's Order dated April 28, 2026, is available at
https://urlcurt.com/u?l=7iDlwp from PacerMonitor.com.

William Shocinski filed for Chapter 11 bankruptcy protection
(Bankr. D. Minn. Case No. 26-31371) on April 27, 2026, listing
under $1 million in both assets and liabilities. The Debtor is
represented by Yury Suponitsky, Esq., at Generations Law Firm.


WINE COUNTRY: Gets Interim OK to Use Cash Collateral
----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Washington
granted Wine Country Store, LLC interim approval to use cash
collateral.

Under the interim order, the Debtor is authorized to use cash
collateral to fund operations strictly in accordance with an
approved budget. Any payments made under the order will be free and
clear of the liens held by Banner Bank, the secured lender, unless
otherwise provided.

The Debtor projects total operational expenses of $15,180 for the
week ending May 11; $2,998 for the week ending May 18; $15,180 for
the week ending May 25; $2,998 for the week ending June 1; $15,237
for the week ending June 8; $3,055 for the week ending June 15;
$15,481 for the week ending June 22; $3,055 for the week ending
June 29; $15,457 for the week ending July 6; and $3,032 for the
week ending July 13.

As adequate protection for the use of cash collateral, the secured
lender will be granted post-petition replacement liens on the
Debtor's assets, including proceeds and after-acquired property,
maintaining the same priority and validity as its pre-petition
liens. These liens are automatically perfected without further
filings but are limited to the extent of cash collateral used or
any decline in value of the original collateral.

The Debtor is required to maintain insurance coverage on its assets
and comply with all terms of the order.

The order preserves all rights of the secured lender, including the
ability to seek additional protection or assert claims under the
Bankruptcy Code.

As of the petition date, the Debtor owes the lender $1,755,134.96,
inclusive of fees
and costs assessed by the U.S. Department of Treasury.

A final hearing is scheduled for May 13.

The order is available at https://is.gd/CumEdm from
PacerMonitor.com.

                  About Wine Country Store LLC

Wine Country Store, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Was. Case No. 26-00697) on April
21, 2026, with $500,001 to $1 million in assets and $1 million to
$10 million in liabilities. The petition was signed by Benjamin
Kleban as manager.

Judge Hon. Whitman L. Holt oversees the case.

The Debtor is represented by:

   Shane E. Creason, Esq.
   Bush Kornfeld, LLP
   Tel: 913-534-4960
   Email: screason@bskd.com


WISER SOLUTIONS: Deadline for Panel Questionnaires Set for May 13
-----------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Wiser Solutions,
Inc.
       
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://www.justice.gov/ust/media/1438921/dl?inline
and return by email it to Asher Bublick  and Meredyth A. Kippes --
asher.bublick@usdoj.gov and meredyth.kippes@usdoj.gov. -- at the
Office of the United States Trustee so that it is received no later
than 4:00 p.m., on Wednesday, May 13, 2026.
       
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.

             About Wiser Solutions Inc.

Wiser Solutions, Inc. is a U.S.-based technology company
specializing in retail analytics and pricing intelligence
solutions
for brands and retailers.

Wiser Solutions Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-80002) on April 26,
2026. In its petition, the Debtor reports assets in the range of
$50 million to $100 million and liabilities between $100 million
and $500 million.

Honorable Bankruptcy Judge Scott W. Everett handles the case.

The Debtor is represented by Katharine Battaia Clark, Esq. of
Thompson Coburn LLP.


WISER SOLUTIONS: Secures Interim Court OK to Tap $34.2MM DIP
------------------------------------------------------------
Clara Geoghegan of Law360 reports that a Texas bankruptcy court has
given interim approval to a $34.2 million DIP loan for Wiser
Solutions, Inc., unlocking $4.2 million in immediate funding.

The financing package is expected to help the company maintain
operations and fund restructuring efforts as it navigates its
Chapter 11 proceedings, according to report.

The company is also gearing up for a June auction under the
supervision of the bankruptcy court, aiming to sell its assets or
business as part of its restructuring strategy, the report states.

                About Wiser Solutions Inc.

Wiser Solutions, Inc. is a U.S.-based technology company
specializing in retail analytics and pricing intelligence solutions
for brands and retailers.

Wiser Solutions Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-80002) on April 26,
2026. In its petition, the Debtor reports assets in the range of
$50 million to $100 million and liabilities between $100 million
and $500 million.

Honorable Bankruptcy Judge Scott W. Everett handles the case.

The Debtor is represented by Katharine Battaia Clark, Esq. of
Thompson Coburn


WORKHORSE GROUP: Reaches $4.3MM Settlement in Coulomb Suit
----------------------------------------------------------
Workhorse Group Inc. disclosed in a regulatory filing that it
entered into a binding settlement term sheet with Coulomb
Solutions, Inc. to resolve the previously disclosed legal action
captioned Coulomb Solutions, Inc. vs. Workhorse Technologies, Inc.,
Case No. 2:24-cv-11048 filed in the United States District Court
for the Eastern District of Michigan.

The Term Sheet provides for, among other things, the final
dismissal of the Litigation with prejudice in exchange for the
Company's payment of $4.3 million. Final dismissal of the
Litigation is subject to the finalization of a definitive
settlement agreement not inconsistent with the Term Sheet and the
Company's payment of the Settlement Amount no later than May 28,
2026.

The Company expects to fund the payment of the Settlement Amount
through borrowing under its existing credit facilities.

                         About Workhorse Group

Workhorse Group Inc. -- http://www.workhorse.com-- is an American
technology company with a vision to pioneer the transition to
zero-emission commercial vehicles. The Company designs, develops,
manufactures and sells fully electric ground and air-based electric
vehicles.

Palm Beach Gardens, Florida-based Carr, Riggs & Ingram, L.L.C., the
Company's auditor since 2026, 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
from operations, has a working capital deficiency, and an
accumulated deficit that raises substantial doubt about its ability
to continue as a going concern.

As of December 31, 2025, the Company had $117.9 million in total
assets, $74.9 million in total liabilities, and $43 million in
total stockholders' equity.


[] Fitch Affirms Ratings on Three North American Media Issuers
--------------------------------------------------------------
Fitch Ratings has affirmed three North American media companies'
and their related subsidiaries' ratings:

1. USA TODAY Co., Inc
2. Snap Inc.
3. Teads Holding Co.

These actions follow the update of Fitch's "Corporate Rating
Criteria" and the "Sector Navigators Addendum to the Corporate
Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

USA TODAY Co., Inc

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb-, Lower), Sector Characteristics (b-,
Higher), Market and Competitive Positioning (b-, Moderate),
Diversification and Asset Quality (b-, Moderate), Company
Operational Characteristics (b-, Higher), Profitability (b,
Moderate), Financial Structure (bb+, Lower), and Financial
Flexibility (b+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'b-'.

Snap Inc.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (b+,
Moderate), Market and Competitive Positioning (b+, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb-, Moderate), Profitability (bb,
Higher), Financial Structure (bb, Higher), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'a' results in no
adjustment.

- The SCP is 'bb'.

Teads Holding Co.

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 (ccc+, Higher), Sector Characteristics (b-,
Moderate), Market and Competitive Positioning (b, Moderate),
Diversification and Asset Quality (b-, Moderate), Company
Operational Characteristics (ccc+, Moderate), Profitability (b-,
Moderate), Financial Structure (ccc, Higher), and Financial
Flexibility (ccc+, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'ccc+'.

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 Gannett, Snap, and Teads.

RATINGS

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
Teads Holding Co.

                        LT IDR CCC+ Affirmed              CCC+

USA TODAY Co., Inc    

                        LT IDR B-   Affirmed              B-

Snap Inc.           

                        LT IDR BB   Affirmed              BB
   senior unsecured     LT     BB   Affirmed    RR4       BB

Gannett Holdings LLC

                        LT IDR B-   Affirmed              B-
   senior secured       LT     BB-  Affirmed    RR1       BB-

OT MidCo Inc.  

                        LT IDR CCC+ Affirmed              CCC+
   senior secured       LT     CCC+ Affirmed    RR4       CCC+


[] Jerry Levin Joins CriticalPoint as Restructuring MD in New York
------------------------------------------------------------------
CriticalPoint announced the addition of Jerry Levin as Managing
Director, further strengthening the firm's restructuring and
special situations capabilities within its Investment Banking
platform. Based in New York, Mr. Levin brings over 25 years of
experience advising companies and stakeholders through
transformative transactions, including restructurings,
recapitalizations, and mergers & acquisitions, both in and out of
bankruptcy.

Drawing on a career spanning investment banking, restructuring, and
asset management, Mr. Levin offers clients a differentiated
perspective on complex situations. He currently serves as
President-Elect of the Turnaround Management Association (TMA) New
York City chapter, underscoring his leadership within the
restructuring community and deep connectivity across key market
participants.

"Jerry's deep restructuring expertise and proven ability to
navigate complex situations make him an outstanding addition to
CriticalPoint," said Matt Young, Founder and Chief Executive
Officer at CriticalPoint. "We are excited to welcome him as we
continue to expand our special situations capabilities and deliver
exceptional outcomes for our clients."

Prior to joining CriticalPoint, Mr. Levin led company-side
engagements within the Restructuring and Turnaround Services group
at Riveron, where he focused on maximizing stakeholder value,
primarily through distressed sale transactions both in and out of
bankruptcy. Previously, he served as a Managing Director at Naomi
Road Capital Advisors, acting as an interim CFO and corporate
finance advisor to a range of clients.

Earlier in his career, Mr. Levin was Senior Vice President and
Chief Operating Officer of the Recapitalization and Restructuring
Group at Jefferies. He also served as a Portfolio Manager at PRS
Group, a $2 billion fund of hedge funds, where he focused on
arbitrage and event-driven strategies, and began his career in
investment banking at Jefferies and Bear Stearns.

"CriticalPoint's integrated platform and expansive relationships
enable thoughtful, solutions-oriented advice and execution in
complex situations. I'm excited to join during a period of growth
and expand our presence in the Northeast. I look forward to
maximizing stakeholder value and connecting clients with an engaged
network of catalyst-driven capital providers."

Mr. Levin strengthens CriticalPoint's Investment Banking Special
Situations team, further expanding the firm's presence in New York
and across the East Coast.

About CriticalPoint

CriticalPoint provides tailored financial solutions through a
trusted platform, combining the best of Investment Banking and
Private Capital. Backed by decades of diverse transaction
experience, the CriticalPoint team delivers the insights clients
and stakeholders need to achieve superior outcomes. Founded in 2012
by senior M&A professionals with a passion for deal-making,
CriticalPoint stands out for its deep expertise in Investment
Banking--including mergers and acquisitions, capital markets, deal
sourcing, special situations, and valuation advisory--as well as in
Private Capital investing, with a focus on corporate divestitures
and special situations. When business owners, management teams,
private equity firms, and corporate sellers reach a defining moment
across a range of industries, they rely on CriticalPoint's proven
expertise. For more information, visit criticalpoint.com.


[] Lawmakers Push Bill to Curb Chapter 11 in Sex Abuse Cases
------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that the members of
U.S. Congress are advancing a bipartisan proposal aimed at
tightening the rules for using Chapter 11 bankruptcy to resolve
child sex abuse claims, particularly in large-scale liability
cases.

The bill would introduce enhanced disclosure requirements and
stricter oversight for debtors, while also strengthening creditor
voting standards to ensure more meaningful participation in
restructuring decisions, the report states.

A key provision would require 90% approval from claimants before
granting liability protections to nondebtors, limiting the ability
of affiliated parties to obtain releases without broad support. The
measure builds on recent Supreme Court guidance regarding creditor
consent, Bloomberg relays.

The legislation also would allow certain abuse claims to proceed
outside the automatic stay, require forensic evaluation of debtor
assets, and provide victims with a greater voice in proceedings.
The proposal is part of a wider push to reform bankruptcy practices
in mass tort cases, the report states.


                            *********

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.

                            *********

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Peter A. Chapman, Editors.

Copyright 2026.  All rights reserved.  ISSN: 1520-9474.

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